[CNBC] Danske Bank's chief executive Thomas Borgen quit on Wednesday in a money laundering scandal which involved 200 billion euros ($234 billion) flowing through its Estonian branch between 2007 and 2015, most of which was suspicious.
"It is clear that Danske Bank has failed to live up to its responsibility in the case of possible money laundering in Estonia. I deeply regret this," Borgen said in a statement which detailed failings in compliance, communication and controls.
Regulators and the financial community will scrutinise the Danske Bank report, which follows calls by Brussels for a new European Union watchdog to crack down on financial crime after a series of scandals involving anti-money laundering controls.
A third of Danske Bank's stock market value has been wiped out in the last six months, mainly driven by concerns over a possible inquiry by U.S. authorities and the penalties this could entail.
Danske Bank said its investigation into the affair concluded that Borgen, Chairman Ole Andersen and the board of directors "did not breach their legal obligations towards Danske Bank."
While Danske said it was not able to provide an accurate estimate of the suspicious transactions through its Estonian branch, it said the non-resident portfolio included customers from Russia, Azerbeijan, Ukraine and other ex-Soviet states.
The report found that Danske Bank failed to take proper action in 2007 when it was criticised by the Estonian regulator and received information from its Danish counterpart that pointed to "criminal activity in its pure form, including money laundering" estimated at "billions of roubles monthly".
And when a whistleblower raised problems at the Estonian branch in early 2014 the allegations were not properly investigated and were not shared with the board, Danske said.
While it took measures to get its Estonian business under control in 2014, these were insufficient, the report said.
Danske Bank also said it had decided not to migrate its Baltic banking activities onto its IT platform, because it would be too expensive. Accordingly, the Estonian branch did not employ Danske's anti-money laundering procedures.
U.S. authorities earlier this year accused Latvia's ABLV of covering up money laundering and the bank was promptly denied U.S. dollar funding, leading to its collapse.
While Danske does not have a banking licence in the United States, banning U.S. correspondent banks from dealing with it would amount to shutting it out of the global financial network.
The bank, whose shares fell as much as 5 percent following the release of the report, also lowered its expectations for annual net profit to 16-17 billion Danish crowns, from a previous range of 18-20 billion.
#1
If the central banks weren't propping up these zombies it would be an easy short to zero.
These "banks" are ruining the economy with malinvestemnt in zero productivity areas such as pushing up land prices. The plan seems to be to bail out the establishment at taxpayer cost.
[PRESSTV] A Chinese naval medical vessel has traveled for the first time to the Venezuelan port of La Guaira, amid apparently growing ties between Beijing and Caracas.
The hospital ship, named Daishan Dao, also known as the Peace Ark, arrived on Saturday for an eight-day stop, Xinhua news agency reported on Sunday.
The ship has the capacity for 300 beds, 20 ICU beds, and eight operating rooms.
Forty major surgeries a day can be done on it, in addition to X-ray, ultrasound, and CT scanning. It also has a communications system to allow teleconferencing with doctors and specialists at other hospitals.
During the stay, the navy ship’s commander is to conduct "friendly visits" with Venezuelan officials, according to Xinhua. The news agency said the ship’s commander would be visiting military and political officials and inspecting Venezuelan military and medical facilities.
The Chinese visit comes after President Nicolas Maduro’s trip to Beijing earlier this month.
Posted by: Fred ||
09/24/2018 00:00 ||
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#1
Prediction: the Chinese will buy Venezuela when it goes up for sale on eBay sometime in the middle of next year.
#3
I would be delighted to see a third serious space power. It would stimulate the competitive instincts of both Russia and America, from which all mankind would benefit.
[DAWN] Police in the Maldives raided the main campaign office of the opposition presidential candidate on Saturday, the eve of an election viewed as a referendum on whether democracy will survive in the country.
The move is a sign of a government crackdown against the opposition that has raised fears that Sunday’s election may be rigged to favour President Yameen Abdul Gayoom’s party.
Police front man Ahmed Shifan told The News Agency that Dare Not be Named that police raided Ibrahim Mohammed Solih’s campaign office late Saturday and that the raid was ongoing. He said police would share details of the raid after it was over.
Shauna Aminath, a spokeswoman for the opposition, said police were "not letting us go inside. They have not told what is happening". "No court warrant was produced. Police raided the building unlawfully, citing reports of illegal activity," Aminath said, adding that Solih was not in the building at the time of the raid.
Since Sunday’s election was announced, opposition leaders have feared the vote may be rigged. The European Union ...the successor to the Holy Roman Empire, only without the Hapsburgs and the nifty uniforms and the dancing... said on Friday that it was not sending election observers because the Maldives had failed to meet the basic conditions for monitoring.
Posted by: Fred ||
09/24/2018 00:00 ||
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[DAWN] LAHORE: A young man died after the string of a stray kite slit his throat in Bhati Gate area late on Friday. Pakistain is the only country I've ever heard of that has kite fatalities. India and, I believe Iran, celebrate the same festival with kites and the corpse count appears to be minimal.
According to Wikipedia, kite fighting is particularly associated with Afghanistan, Bangladesh, India, Indonesia, Nepal, Pakistan, Vietnam, Korea, Thailand, and Brazil. Lahore claims to be the kite flying capital of south Asia.
Faisal, 30, was returning home on his cycle of violence when the string of a stray kite slit his throat, leaving him in a pool of blood, the police said quoting witnesses. He was rushed to the Mayo Hospital where he departed this vale of tears.
His family and other relatives blamed the police for the death alleging that the citizens blatantly violated Section 144 imposed by the government during the last three days or so. They alleged that hundreds of citizens were seen flying kites in the city, particularly in the Walled City and adjoining areas.
They alleged that the business of selling strings and kites in the Walled City was going on unchecked.
Posted by: Fred ||
09/24/2018 00:00 ||
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#1
Often kite battles ensue.
Broken glass is glued to the kite string and the combat involves attempts at cutting an opponents kite free. The empty string then falls into the uplifted faces of the crowd below.
[DAWN] LAHORE: Activists of the Young Doctors Association (YDA) They're all named Malone.
forced closure of the outpatient departments of five teaching hospitals in Lahore on Saturday to protest against an incident of alleged harassment of a woman medical officer at the Sheikh Zayed Hospital of Rahim Yar Khan.
However, there's more than one way to stuff a chicken... the Mayo Hospital administration succeeded in keeping its OPD open throughout the day.
The OPDs of Services, Jinnah, General, Children’s hospitals and the Punjab 1.) Little Orphan Annie's bodyguard
2.) A province of Pakistain ruled by one of the Sharif brothers
3.) A province of India. It is majority (60 percent) Sikh and Hindoo (37 percent), which means it has relatively few Moslem riots.... Institute of Cardiology continued to wear a deserted look throughout Saturday, the first working day after two days of public holiday on account of Youm-e-Ashur.
Closure of OPDs caused inconvenience to hundreds of patients, especially those who had come from far-flung districts of the province.
A group of young doctors did come to get all the doors of Mayo Hospital OPD closed and bar the paramedical staff, deputed to issue prescription slips to patients, besides the patients from entering the premises. However, there's more than one way to stuff a chicken... due to presence of senior doctors inside the OPD they left the premises while raising slogans against the hospital administration and the Punjab Health Department.
A YDA Punjab chapter office-bearer, Dr Aasim, told newsmen outside the OPD of Services Hospital that the young doctors would stop working at the indoor wards of the public hospitals if doctors were not provided foolproof security under an Act of parliament.
"This is not the first incident of harassment of lady doctors. At least four such incidents have been reported to the high-ups of health department during the last one-and-a-half months. Every now and then attendants of patients attack doctors at the emergency and other wards. Enough is enough," he said.
Meanwhile, ...back at the pond, the enormous newt was trying to decide if Gloria was edible... Minister for Health Dr Yasmin Rashid said a majority of young doctors rejected the strike call by a group of young doctors in outpatient departments of government hospitals on Saturday.
"Majority of junior doctors along with their seniors continued examining patients with a spirit of service to ailing humanity by providing medical treatment to thousands of patients in tertiary care hospitals," said the minister while regretting that a group of young doctors was making hue and cry for ulterior motives.
Posted by: Fred ||
09/24/2018 00:00 ||
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Top down devolution. This should devolve nicely.
[DAWN] Prime Minister Imran Khan ... aka Taliban Khan, who ain't the sharpest bulb on the national tree... , on his visit to Lahore on Sunday, declared that strengthening local bodies is the primary agenda of the Pakistain Tehrik-e-Insaf ...a political party in Pakistan. PTI was founded by former Pakistani cricket captain and philanthropist Imran Khan. The party's slogan is Justice, Humanity and Self Esteem, each of which is open to widely divergent interpretations.... led government.
To discuss the establishment of local bodies, the premier chaired a meeting attended by Information Minister Fawad Chaudhry, Punjab 1.) Little Orphan Annie's bodyguard
2.) A province of Pakistain ruled by one of the Sharif brothers
3.) A province of India. It is majority (60 percent) Sikh and Hindoo (37 percent), which means it has relatively few Moslem riots.... Governor Chaudhry Sarwar, Punjab Chief Minister Usman Buzdar, Khyber-Pakhtunkhwa Governor Shah Farman and senior party leadership.
Addressing the meeting, PM Khan said that devolution of power is the only way to empower the masses. He added that the local body system would pave the way for future leadership and break the status quo.
Senior minister Aleem Khan, who is also heading a special task force, is expected to come up with a viable LG system to be introduced in the province.
Later, while briefing the media, Chaudhry said that in the next 48 hours, the participants of the meeting will decide the number of members to be included in village and union councils. The participants will also decide if direct elections should be held on the tehsil level or district level.
Posted by: Fred ||
09/24/2018 00:00 ||
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#1
They're goin DEVO
Posted by: Rex Mundi ||
09/24/2018 1:52 Comments ||
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#2
Accelerate the empowerment of an elitist caste.
[DAWN] An Indian bishop accused of raping a nun was refused bail on Saturday, and ordered to remain in police custody to face questioning in a case that has fired up the rubes among clergy.
Bishop Franco Mulakkal was tossed in the slammer Don't shoot, coppers! I'm comin' out! in southern Kerala state on Friday after Pope Francis relieved him from duty over the scandal that has sparked days of angry protests by clergy over police inaction.
Mulakkal, who heads the Roman Catholic diocese of Jalandhar in the northern state of Punjab, is accused of raping the nun 13 times between 2014 and 2016.
The nun, who has not been named, first accused Mulakkal in June but police only started formal questioning this month as fury over the case mounted.
Police asked for more time on Saturday to question the 52-year-old, who has denied the accusations.
In its submission to the court in Kerala, police said Mulakkal had illegally confined the victim in a guesthouse and subjected her "to rape and unnatural sex 13 times in the same room", The Times of India newspaper reported.
Mulakkal has called the scandal a conspiracy by those opposed to the Roman Catholic Church.
The Catholics Bishops’ Conference of India has said Mulakkal’s arrest was a "sad moment for all of us".
"As said before we expect the law to take its course and for the truth to emerge. At his moment our prayer is for healing," it said in a statement on Friday.
Posted by: Fred ||
09/24/2018 00:00 ||
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#1
"to rape and unnatural sex 13 times in the same room"
Could have been worse.
Could have been a 13 y/o with an iron bar on the back of a bus while everybody watched.
A multi-volume chronology and reference guide set detailing three years of the Mexican Drug War between 2010 and 2012.
Rantburg.com and borderlandbeat.com correspondent and author Chris Covert presents his first non-fiction work detailing
the drug and gang related violence in Mexico.
Chris gives us Mexican press dispatches of drug and gang war violence
over three years, presented in a multi volume set intended to chronicle the death, violence and mayhem which has
dominated Mexico for six years.
Rantburg was assembled from recycled algorithms in the United States of America. No
trees were destroyed in the production of this weblog. We did hurt some, though. Sorry.
Danske Bank's chief executive Thomas Borgen quit on Wednesday in a money laundering scandal which involved 200 billion euros ($234 billion) flowing through its Estonian branch between 2007 and 2015, most of which was suspicious.
Police 
[DAWN] LAHORE: A young man died after the string of a stray kite slit his throat in Bhati Gate area late on Friday.
[DAWN] LAHORE: Activists of the Young Doctors Association (YDA) 
[DAWN] An Indian bishop accused of raping a nun was refused bail on Saturday, and ordered to remain in police custody to face questioning in a case that has 
