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Thursday, May 13, 2010

Currency exchanges offices in the United Kingdom have today stopped the sale of €500 notes after an investigation by the Serious Organised Crime Agency (SOCA) concluded that up to 90% of the notes were being used by money launderers and other organised criminals. Ian Cruxton, deputy director of SOCA, said that the Euro had been chosen as the currency of choice by criminal gangs due to the large denomination of the notes, adding “[i]t should now be impossible now to buy a €500 note over the counter from one of the suppliers. And that’s going to have an effect on the criminals — it means they are going to have to find other means of trying to move their money.”

The note was introduced by the European Central Bank in 2002, when the currency itself officially entered into circulation. The notoriety of the note’s criminal uses has earned it the nickname “the Bin Laden” after Al-Qaeda suspect Osama bin Laden — something that everyone knows is out there, but law-abiding people rarely see. The Euro is the official currency of 16 European countries, colloquially known as the Eurozone, as well as unofficially in a further 4 nations.

Since its introduction, there has been mounting international concern over criminal use of the large denomination note, which facilitates money laundering by allowing large concentrations of cash to be concealed in small spaces, for example, €20,000 can be concealed in a cigarette packet and £1 million in €500 notes weighs 2.2kg while the equivalent in £20 notes weighs 50kg. The highest denomination note in Sterling is £50, making high-value denominations in other currencies, such as the Euro, tempting for those wishing to move large amounts of money.

When asked if criminal demand for the note would simply be displaced to other high-value notes, such as the €200 note (the next-highest denomination), Ian Cruxton, deputy director of SOCA said he believed that would be the case, however, with less of the €200 note in circulation, their movements would be easier to track than those of the €500.

Tourists returning to the UK from holidays in Europe will still be able to change their €500 notes for Sterling but will be unable to purchase them. The European Central Bank has no plans for a withdrawal of the note, given the legitimate demand for it in countries such as Germany and Italy, where cash is used far more frequently than alternatives such as credit cards.

Sunday, April 24, 2005

New York Stock Exchange (NYSE) announced last Wednesday that it has agreed definitively to merge with Chicago-based Archipelago Exchange (ArcaEx) and form a new publicly traded, for-profit company known as NYSE Group. This announcement was followed two days later by NASDAQ®, which independently announced a definitive agreement to purchase Instinet Group.

Archipelago and Instinet are innovative e-trading (electronic trading) companies, and formerly were the two largest American rivals to NYSE and NASDAQ, in recent years taking increasingly large portions of their market share. The Securities and Exchange Commission (SEC) and other regulatory agencies still have to review and approve the transactions, particularly with respect to US securities law and antitrust law, in order to ensure that the marketplace remains lawful and competitive.

Other pending issues for NASDAQ include obtaining the approval of Instinet shareholders, as well as customary closing conditions. NYSE must obtain the approval of its members and Archipelago shareholders.

These changes, a reaction to increased e-trading competition and a changed regulatory environment, will result in NASDAQ and NYSE trading each other’s shares and attempting to grab market share, which many hope will drive down transaction costs and ultimately benefit consumers. However, at least one commentator, Dan Ackman writing in Forbes, has noted that the trading commission at the NYSE currently averages less than a nickel (US$0.05) per share, and was less enthusiastic about potential efficiency gains from electronic trading at the exchange.

The transactions are also intended to make the two leading American stock exchanges more globally competitive with such exchanges as the London Stock Exchange, the Frankfurt Stock Exchange, the Toronto Stock Exchange, and the Australian Stock Exchange located in Sydney.

Tuesday, April 9, 2013

File:Amir Philly 2.jpg

Iran has been operating a nuclear program for years and announced opening a new uranium facility on Tuesday. Its claims over nuclear enrichment are for a nuclear power program, although this requires 5% enrichment as opposed to the 20% enrichment level they claim the right to pursue which is more commonly used in nuclear bombs.

Wikinews interviewed Amir Abbas Fakhravar, the President of the Iranian Freedom Institute which is based in Washington DC, United States, also a research fellow at the The Institute of World Politics, about the Iranian nuclear program in light of recent talks with this week with the P5+1 group of countries.

((Wikinews)) What is your role at the Iranian Freedom Institute?

Amir Abbas Fakhravar: I am the President and Founder of the Iranian Freedom Institute.

((WN)) Iran seems unwilling to give up its nuclear programme, do you think they will eventually given the UN [United Nations] sanctions?

AAF: The only way Islamic Regime in Iran will give up its nuclear program is either full operation and military attack by the West or total oil sanctions. 85–90% of the the Islamic Republic’s money comes from crude oil sales. This money does not go to the Iranian people, but instead funds the nuclear program, the Revolutionary Guards, basijis, Hezbollah, and other terror operations worldwide. The Islamic Republic will be forced into abandoning its nuclear program when oil sanctions dry up the money supply.

((WN)) Do you feel the Islamic Republic of Iran is trying to provoke a response from the Western nations (USA, UK, France, Germany)?

AAF: A limited military response from the West which will not be for a regime change would be a gift to the Islamic Republic, and would feed the narrative of “overreaching, imperialistic Western governments” perpetuated by the regime. The IR is well aware of the rapid decline in support from the Iranian people and is looking for a way to gain back some of that support, even superficially. An attack from the west would buoy the regime and damage the work being done by the opposition.

((WN)) What is the need for Iran to have a nuclear programme, are they doing it for energy or for weapons?

AAF: Iran makes clear its intentions for the nuclear program through its actions. The regime expresses desire to annihilate Israel almost daily, and has repeatedly refused negotiation and inspection of its nuclear sites. Also you can find several type of energies in Iran and at all they don’t need to have this expensive and dangerous nuclear energy. For sure Islamic republic of Iran wants to have Nuclear bomb.

((WN)) If Iran does not listen and change course with regards to its nuclear program, do you think that the United Nations will apply more sanctions?

AAF: It took a very long time to sanction the Islamic Republic to the extent it is now, and since the UN continues to send negotiators to the table to discuss Iran’s nuclear program, tighter sanctions at this point in time are unlikely. It is our responsibility at Iranian opposition to inform United Nations about this regime’s threat to international community. We should move much more organize[d] and faster to cut Islamic Republic’s diplomatic relationship with the world. Our campaign on oil sanctions showed us it is possible.

((WN)) Do you think that the United States is particularly unhappy and international relations are poor considering that Iran recently captured a drone and refused to return it?

AAF: While a failure militarily and with regard to foreign policy, the captured drone incident is a relatively small event in the context of ongoing tensions between the United States and the Islamic Republic.

Friday, December 31, 2010

A memorial service was held Thursday for Adrienne Nicole Martin, the model found dead two weeks ago in the Missouri, US mansion of former Anheuser-Busch CEO August Busch IV. Martin, of Native American ethnicity, was 27 years old when she died of unknown causes, said investigators.

Martin, who had been dating the 46-year-old Busch for “the last several months” according to friends, was a native of Springfield. She had previously been married to 45-year-old doctor Kevin J. Martin until February 2009, when they divorced, and had joint custody of their eight-year-old son. Adrienne Martin had a profile on iStudio, a modeling website, where she said she wanted to become an art therapist. She also expressed a desire to “to do beer advertising” and work in the modeling industry. At the time of her death, Martin had been working toward a master’s degree in art therapy.

The memorial service for Martin was held at South Haven Baptist Church in Springfield. Busch was not among the estimated 100 people attending the service, nor was he mentioned during it. The only speaker was the church’s pastor, Scott Watson, who read letters from Martin’s friends. Her son and other relatives sat in the front row while she was remembered as a gifted artist and dedicated mother. Lacy Elet, one of Martin’s friends, later said Martin was happy that “her life was finally in order.” Her obituary in the Springfield News-Leader called Busch “the love of her life.” However, one of Martin’s uncles, Andy Eby, said after the service, “There are too many questions and not enough answers.”

Martin was found unconscious by Michael Jung, who worked at Busch’s mansion, at 12:30 p.m. local time (18:30 UTC) on December 19. At 1:12 p.m., Jung called emergency services, saying, “This girl’s just not waking up.” When asked if she was breathing, Jung responded with, “We don’t know. It’s dark back there. I’m gonna get a light and try and see.” At 1:26 p.m., Martin was pronounced dead at the scene by emergency workers. Law enforcement officials said the room was dark because there were blackout “curtains drawn in the bedroom.”

An autopsy on Martin’s body did not find any trauma-related injuries, and the official cause of death has not been established by investigators. A toxicology report, expected to take several weeks, will likely be used to determine the reason Martin died. Police said Martin’s body did not exhibit any “apparent signs of trauma or other indications of cause of death.” According to her ex-husband, Adrienne Martin had a rare heart condition, called Long QT syndrome, which can cause palpitations and sudden cardiac death. Kevin Martin said his ex-wife never sought medical advice on her condition and did not talk about it with friends.

Police said that Busch was home at the US$2 million mansion when Martin was discovered, and that the ongoing investigation is being handled by the Frontenac Police Department and the St. Louis County Medical Examiner’s Office. Art Margulis, a lawyer for August Busch IV, said Martin was visiting the Huntleigh residence and that there is “absolutely nothing suspicious” surrounding her death.

Wednesday, August 29, 2007

According to the state of Wisconsin, Wal-Mart has avoided paying millions of dollars in state taxes by paying rent on 87 Wisconsin properties. The Wisconsin State Department of Revenue call this behavior “abusive and distortion of income.”

Wal-Mart is doing this by setting up one subsidiary to run all its stores and setting up another subsidiary to own its real estate. The operating subsidiary then pays the rental cost to the real estate subsidiary and takes a tax deduction for the rent. This money will, however, end up in the corporation’s own pocket.

As a result of Wal-Mart’s actions, the state tax auditors say that Wal-Mart owes more than $17.7 million in back corporate income taxes, interest and penalties from 1998-2000.

The Wal-Mart corporation claims that they are doing nothing wrong, rather they are taking advantage of an overlap of state and federal tax laws in an effort to reduce their taxes and costs.

Thursday, October 4, 2007

Glenn Crowe is running for the NDP in the Ontario provincial election, in the Bramalea-Gore-Malton riding. Wikinews’ Nick Moreau interviewed him regarding his values, his experience, and his campaign.

Crowe did not reply to various questions asked.

Stay tuned for further interviews; every candidate from every party is eligible, and will be contacted. Expect interviews from Liberals, Progressive Conservatives, New Democratic Party members, Ontario Greens, as well as members from the Family Coalition, Freedom, Communist, Libertarian, and Confederation of Regions parties, as well as independents.