S&P downgrade signals Russia heading for historic default
BOSTON (AP) — Rating agency Standard & Poor’s has downgraded its assessment of Russia’s ability to repay its foreign debt. This indicates that Moscow may soon default on its external borrowings for the first time in more than a century. S&P Global Ratings issued the downgrade to “selective default” on Friday night after Russia arranged to make foreign bond payments in rubles on Monday when they were due in dollars. He said he did not expect Russia to be able to convert rubles to dollars within a 30-day grace period. Tougher sanctions imposed on Russia this week prevent it from using foreign exchange reserves held in US banks for debt payment.
Amazon seeks to overturn union victory, says vote tainted
Amazon is seeking to overturn the historic labor victory at one of its New York warehouses. The e-commerce giant listed 25 objections in a legal filing obtained Friday by The Associated Press. The retailer said the Federal Labor Board must order a new election. The company says the National Labor Relations Board acted in a way that tainted the results. He accused organizers of the nascent Amazon Labor Union of intimidating workers into voting for the union. A lawyer representing the union called the claim “patently absurd”. The company also accused the labor board of undue influence.
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Deceptive Accounts: Email Scam, Costliest Type of Cybercrime
RICHMOND, Va. (AP) — Business email compromise scams are a type of crime where criminals hijack email accounts, pretend to be someone they’re not, and trick victims into sending email. money to unwanted places. These crimes get far less attention than the massive ransomware attacks that sparked a powerful government response, but BEC scams have been the costliest type of cybercrime in the United States in years. The huge payoffs and low risks associated with BEC scams have attracted criminals from all over the world. Some flaunt their ill-gotten wealth on social media, posing in photos next to Ferraris, Bentleys and stacks of cash.
Ex-Goldman Sachs banker convicted of conspiracy to plunder 1MDB fund
NEW YORK (AP) — A former Goldman Sachs banker has been convicted of bribery and other corruption charges accusing him of participating in a $4.5 billion scheme to loot the Malaysian state investment fund, 1MDB. A jury found Roger Ng guilty on all counts on Friday in a US trial where jurors heard testimony about tens of millions of dollars in kickbacks and kickbacks. The embezzlement funded lavish spending on jewelry, art, superyacht and luxury real estate. Ng’s lawyers claimed he was becoming a “fall boy” for a senior Goldman banker who pleaded guilty and testified for the government.
Live Updates | Zelenskyy committed to peace, needs guns now
Ukrainian President Volodymyr Zelenskyy told The Associated Press on Saturday that he was determined to pursue peace, despite Russian attacks on civilians that have stunned the world. Zelenskyy said in an interview that no one wants to negotiate with people who have tortured their nation, but he says they don’t want to lose opportunities for a diplomatic solution. Zelenskyy said he was confident Ukrainians would accept peace despite the horrors they had witnessed. But as Russian troops regroup for an expected surge in eastern Ukraine, Zelenskyy renewed his call for more weapons. He says they must fight now, for life – not “for dust when there is nothing and no one”.
Air traffic controllers protest delays flights in Warsaw
WARSAW, Poland (AP) — Polish air transport authorities are warning travelers of possible flight delays and cancellations at Warsaw airport due to a protest and the resignation of some flight controllers. The protest is a reaction to changes in the workings of Poland’s flight regulator amid allegations that it was failing to properly secure airspace. The controllers also criticize the new salary system. One in five controllers resigned. A number of arrivals and departures were delayed by an average of 30 minutes at Warsaw Chopin Airport on Saturday. Poland’s state audit body found irregularities in the regulator’s work and a new boss was appointed on March 31. Talks with the controllers’ unions are continuing.
Food prices hit record highs following wartime disruption in Ukraine
ROME (AP) — The United Nations says prices for global foodstuffs like grains and vegetable oils have risen to their highest levels on record because of Russia’s war in Ukraine. The Food and Agriculture Organization of the United Nations said on Friday that its food price index, which tracks monthly changes in the international prices of a basket of basic commodities, averaged 159.3 points last month, up 12.6% from February. As things stand, the February index was the highest level since its inception in 1990. The FAO says war in Ukraine is largely responsible for the 17.1% rise in grain prices , including wheat. Russia and Ukraine together account for about 30% and 20% of world wheat and maize exports, respectively.
Pressure mounts on Sri Lankan leader to step down as crisis deepens
COLOMBO, Sri Lanka (AP) — Thousands of Sri Lankans gathered in the country’s main business district and Christian clergy marched through the capital to observe a day of protest calling on the nation’s debt-ridden president to resign . Protesters carrying national flags and placards called out President Gotabaya Rajapaksa and his administration for mishandling the crisis. He stood firm in refusing to step down even after most of his cabinet resigned and loyal lawmakers rebelled. This has narrowed his path as he seeks to negotiate with international lending institutions. For months, Sri Lankans have lined up to buy fuel, cooking gas, food and medicine as the Indian Ocean nation faces bankruptcy, saddled with a $25 foreign debt billion over the next five years.
Russia cuts interest rates as ruble settles despite sanctions
LONDON (AP) — Russia’s central bank said it was lowering a key interest rate and said more cuts could be on the way. Friday’s central bank decision indicates it believes tight capital controls and other tough measures are stabilizing Russia’s currency and financial system despite heavy pressure from Western sanctions over the war in Ukraine. The bank said it cut its benchmark by 20% to 17%, effective Monday. He raised the rate by 9.5% on February 28, four days after the invasion, to support the falling ruble exchange rate. A currency crash would worsen already high inflation for Russian buyers by skyrocketing the cost of imported goods.
President of a Russian metallurgical company calls for an investigation into Bucha
LONDON (AP) — The chairman of the board of Russian metals company Rusal has called for an investigation into events in the kyiv suburb of Bucha, where Ukrainian officials say Russian troops killed civilians . Rusal chairman Bernard Zonneveld did not specify who was responsible or say directly that anyone had been killed in Bucha, where Ukrainian forces and journalists discovered dozens of bodies on the streets and in mass graves. after the withdrawal of Russian troops. Zonneveld said Bucha’s reports “shocked us” and that “we support an objective and impartial investigation into this crime.” The statement stood out because Russian businesses have generally remained silent on the war amid a harsh crackdown on opposition by Russian authorities and state-controlled media narratives.
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