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Regulator’s review of over 30 Swiss banks finds shortcomings in money-laundering controls

Published Mon, 04 Nov 2024 23:58:05 GMT

GENEVA (AP) — Switzerland’s financial markets authority said Thursday that an in-depth review of more than 30 banks conducted this spring found that “a large number” failed to meet basic requirements for analyzing the risk of money laundering. The authority, known as FINMA, said the review was prompted by repeated signs of shortcomings in money-laundering risk analysis during its regular visits to financial institutions. The poor assessment of the banks — which were not identified by name — is significant because Switzerland ranks No. 1 worldwide in wealth management. Consulting firm Boston Consulting Group, in its Global Wealth Report 2023 released in late June, projected that Hong Kong is poised to eclipse Switzerland as a booking center for wealth by 2025.Switzerland has long had a reputation for banking secrecy, though some money-laundering experts say it has at least partially cleaned up its act in recent years — such as by exchanging more information to help combat...

As Toronto faces budget pressures in billions, Mayor Chow and committee to talk new taxes

Published Mon, 04 Nov 2024 23:58:05 GMT

Toronto Mayor Olivia Chow is set to convene publicly Thursday with some of her closest council allies for a special meeting to review the city’s long-term budget woes, with a new surtax on luxury homes and higher on-street parking fees up for discussion.The executive committee will meet for the first time under Chow to talk through a major report outlining Toronto’s budgetary outlook, which details a combined $46.5 billion in operating and capital pressures over the next decade.The city, which is facing an immediate $1.5 billion hole, is looking at how it can increase revenue in the wake of major deficits stemming from the COVID-19 pandemic.In a bid to tackle Toronto’s daunting financial forecast, the report from the city manager and interim chief financial officer considers several new revenue measures, including a progressive surtax on the luxury homes and hiking the vacant home tax from one to three per cent.The report also recommends asking the province to perm...

A Pakistani court delays ruling on ex-Prime Minister Imran Khan’s conviction appeal

Published Mon, 04 Nov 2024 23:58:05 GMT

ISLAMABAD (AP) — A court in Pakistan’s capital delayed for a day a crucial ruling that was expected Thursday on an appeal from the country’s imprisoned former Prime Minister Imran Khan against his recent conviction and three-year sentence in a graft case, one of his lawyers said. The Islamabad High Court will resume hearings on Khan’s appeal on Friday, his attorneys said. The former cricket star and top opposition leader was found guilty of concealing assets after selling state gifts he received while in office and was convicted and sentenced on Aug. 5 by another court. Khan, through his legal team, requested his release, saying the trial court sentenced him in haste. The 70-year-old Khan, who was ousted in a no-confidence vote in April 2022, is currently being held at a high-security Attock prison in eastern Punjab province. Even if Khan’s conviction is set aside, his release is unlikely as other courts have canceled his bail in multiple cases.He has denied the charges of cor...

Jailed WSJ reporter Evan Gershkovich’s arrest is extended by a Moscow court, state news agency says

Published Mon, 04 Nov 2024 23:58:05 GMT

MOSCOW (AP) — A Moscow court ruled Thursday that Wall Street Journal reporter Evan Gershkovich must stay in jail on espionage charges until the end of November, Russian state news agency Tass reported.Gershkovich has been sitting in jail since the end of March when he was detained in the city of Yekaterinburg, almost 2,000km (1200 miles) east of Moscow, while on a reporting trip. The latest ruling means he faces spending at least eight months in prison. Gershkovich, a 31-year-old U.S. citizen, arrived at the Moscow court Thursday in a white prison van and was led out handcuffed, wearing jeans, sneakers and a shirt. He appeared in court to hear the result of the prosecution’s motion to extend his arrest from Aug. 30. Journalists outside the court were not allowed to witness the proceedings. Tass said the hearing was held behind closed doors because details of the criminal case are classified.Russia’s Federal Security Service said Gershkovich, “acting on the instructions of the Americ...

RBC reports $3.87B Q3 profit, up from $3.58B a year ago, looks to trim jobs

Published Mon, 04 Nov 2024 23:58:05 GMT

TORONTO — Royal Bank of Canada reported its third-quarter profit rose compared with a year ago and said it remained focused on reducing costs and expected to continue to trim jobs.The bank says its number of full-time equivalent employees was down one per cent from last quarter and that it expects to further reduce it by about one to two per cent next quarter. RBC had 93,753 full-time equivalent employees in its most recent quarter.The bank reported its net income amounted to $3.87 billion or $2.73 per diluted share for the quarter ended July 31, up from $3.58 billion or $2.51 per diluted share in the same quarter last year. Revenue totalled $14.49 billion, up from $12.13 billion a year earlier.Provisions for credit losses amounted to $616 million, up from $340 million in the same quarter last year.On an adjusted basis, RBC says it earned $2.84 per diluted share in its latest quarter, up from $2.55 a year earlier.The average analyst estimate had been for a profit of $2.71 per share,...

Hospital services in the UK come to a standstill as thousands of senior doctors strike again

Published Mon, 04 Nov 2024 23:58:05 GMT

LONDON (AP) — Hospital care across England is expected to come to a standstill on Thursday as senior doctors launch another 48-hour strike amid an ongoing pay dispute between medics and the British government. Thousands of hospital doctors say they will only provide emergency care, and the National Health Service warned patients to expect major disruption during the two-day strike.Thursday’s action is the latest in a series of strikes staged by doctors, nurses and other clinical staff in recent months and part of a wave of disruptive industrial action by public sector workers to demand better pay amid the U.K.’s cost-of-living crisis.Julian Hartley, chief executive of NHS Providers, said the latest walkouts are a “massive headache” for the public health service because they are timed just before the late August three-day public holiday weekend, when demand at hospital emergency departments is typically higher. That means many services will in effect be out of action for ...

Trump set to surrender at Georgia jail on charges he sought to overturn 2020 election

Published Mon, 04 Nov 2024 23:58:05 GMT

Donald Trump is set to surrender Thursday to authorities in Georgia on charges that he schemed to overturn the 2020 election in that state, a booking process expected to yield a historic first: a mug shot of a former American president.Trump’s arrival follows a presidential debate featuring his leading rivals for the 2024 Republican nomination, a contest in which he remains the leading candidate despite accelerating legal troubles. His presence in the state, though likely brief, is expected to swipe the spotlight at least temporarily from his opponents in the aftermath of a debate in which other candidates sought to seize on his absence to elevate their own presidential prospects.The Fulton County prosecution is the fourth criminal case against Trump since March, when he became the first former president in U.S. history to be indicted. Since then, he’s faced federal charges in Florida and Washington, and this month he was indicted in Atlanta with 18 others — including hi...

Excessive Heat Warning remains in effect as dangerous temps continue across Chicago area

Published Mon, 04 Nov 2024 23:58:05 GMT

CHICAGO — An Excessive Heat Warning remains in effect across until 8 p.m. Thursday as dangerous conditions continue across the Chicago area.Potential for record-high temperatures are expected, with a heat index even higher than Wednesday. The City of Chicago Office of Emergency Management and Communications is advising residents to stay indoors if possible and to be prepared for the hot weather.Chicago cooling centers are open to help residents stay safe and cool.Temps will reach 100 degrees in most parts, with feel-like temps around 105-116 degrees. Mostly humid and sunny conditions are in the forecast along with a 20 percent storm chance. Interactive Radar: Track showers and storm here CPS has activated its Heat Action Plan and has urged teachers to keep rooms cool by drawing shades and turning off unused computers. CPS will also hold recess and physical education indoors. Partly cloudy conditions Thursday night with a 20 percent storm chance. Winds: NNE...

What to expect at Trump's surrender in Georgia

Published Mon, 04 Nov 2024 23:58:05 GMT

Former President Trump plans to surrender in Atlanta on Thursday after being indicted on 13 counts stemming from his efforts to overturn the 2020 election in Georgia. Reports suggest he’s eyeing the prime time evening hour to do so in order to maximize media coverage, which has so far been beneficial to his GOP run for president, according to polls of likely Republican voters who believe the charges against him are politically motivated. Trump has denied any wrongdoing. Unlike his previous three surrenders, Trump won’t be immediately arraigned after he is processed at the Fulton County jail and he also is likely to take a mugshot before being released. Here’s what to expect at Trump’s surrender.Will Trump get a mugshot?Marking a change from his previous surrenders, Trump is likely to have a mugshot taken upon arrival at the Fulton County jail.Just prior to Trump’s indictment, Fulton County Sheriff Pat Labat reportedly suggested that mugshots would be taken of Trump an...

POLLS CLOSED: Anderson wins 2023 Taco Shack Bowl spirit competition against McCallum

Published Mon, 04 Nov 2024 23:58:05 GMT

AUSTIN (KXAN) — Pour the salsa and season the beef, it's Taco Shack Bowl spirit competition time!The 22nd annual rivalry game featuring Anderson and McCallum kicks off at 7:30 p.m. Thursday from House Park. But before the game on the gridiron, the spirit competition pits the cheer squads from both schools in an old-fashioned cheer-off with early-morning pep rallies at two Taco Shack locations on North Lamar Boulevard and West Anderson Lane.MORE THAN THE SCORE: Stay up to date on sports stories like these, and sign up for our More than the Score sports newsletter at kxan.com/newslettersThe schools decorated their respective Taco Shack locations in school colors Wednesday.You, the fans, got to decide the winner of the spirit competition. A total of 27,842 people voted in the poll. Anderson pulled in 50.5% of the vote, with 14,477 submissions. McCallum got 14,163 votes. Last year's poll was a nail-biter, with McCallum winning by 17 votes.KXAN was at both locations Thursday morning duri...