CAPITALI$M IS NOT DEMOCRACY

Xi Gets Serious on Boosting Private Sector as Economy Slumps

Bloomberg News
Fri, July 14, 202


(Bloomberg) -- Chinese President Xi Jinping finally appears to be extending an olive branch to private businesses battered in recent years by regulatory crackdowns and the world’s most restrictive Covid-19 policies.
Officials have made a series of high-profile actions designed to telegraph the Chinese government’s backing for private firms, as the nation’s post-pandemic recovery risks being caught in a confidence trap. The Chinese leader has vowed to treat foreign investors better and called for greater opening up in recent weeks.

That mission has seen top officials roll out the red carpet for Elon Musk and other executives, draw a line under a tech crackdown that tanked the world’s biggest IPO, and even visit US-based Bain & Company’s Shanghai office in an apparent end to immediate worries about a probe into consultancies that spooked global investors.

The Hang Seng Tech Index is on track for its best week this year following Beijing’s positive signals to the sector, although the gauge fell about 0.2% Friday afternoon in Hong Kong.

China’s outreach comes as the nation’s post-pandemic recovery loses steam. The nation’s property market is showing signs of weakness, exports are shrinking and deflationary risks loom. Without “the lure of a rapidly growing economy,” China’s is finding it difficult to attract Western business, said Diana Choyleva, chief economist at Enodo Economics, a London-based research firm focused on China.

“Deflationary signs add to the impression of a troubled economy, making it harder for Beijing to recruit foreign capital to its efforts to counter US power,” she added.

Perhaps China’s clearest signal of a shift in attitude toward the private sector was the praise heaped this week on tech companies, which have seen billions in market value wiped out due to Xi’s regulatory crackdown.

Chinese Premier Li Qiang called Internet firms the “trailblazers of the era” in a meeting on Wednesday with senior executives from Alibaba Group Holding Ltd. and ByteDance Ltd. Meanwhile, the nation’s top economic planning agency praised major online platforms for supporting the nation’s technological innovation.

China’s efforts to convince investors the tech sector is open for business will be hampered by recent moves to insert Communist Party officials on boards and reduce big firms’ market shares, said Andrew Collier, a managing director at Orient Capital Research Inc.

“Investors know there are sharp limits on growth for tech firms and, therefore, investing in them is highly risky,” he said. “There will be some opportunities for new listings and short-term trading options but the overall sector is no longer as attractive as it once was.”

Still, the recent gestures at least imply authorities want to help create more jobs, bolster the real economy and drive the country’s competitive edge internationally, said Willer Chen, an analyst at Forsyth Barr Asia.

Another sign of encouragement for foreign investors: Chinese financial regulators have invited some of the world’s biggest investors to a symposium next week, Reuters reported, citing three unidentified people.

Renewed Exchanges

China has already removed one major barrier to international business exchanges in the form of Covid controls that closed borders for three years. Members of China’s powerful Politburo met with Musk and Jamie Dimon, chief executive officer of JPMorgan Chase & Co., in May, signaling that the return of such executives is welcome.

Business delegations from Japan and France have also visited this year, while the chief executive officers of Intel Corp. and Mastercard Inc., as well as senior representatives from Western Digital Corp. and Qualcomm Inc., are in China this week, according to an agenda seen by Bloomberg News.

Xi himself greeted US billionaire Bill Gates in Beijing last month calling him “the first American friend I’ve met in Beijing this year.” That warm message contrasted with the tougher meetings the Chinese leader and other officials had with US Secretary of State Antony Blinken days later.

The world’s largest economies are locked in a trade war that’s seen both sides impose export controls. A survey by the American Chamber of Commerce in China earlier this year found that the Asian giant is no longer a top three investment priority for a majority of US firms, as geopolitical tensions simmer.

There are some early signs frictions are easing. US Treasury Secretary Janet Yellen said her meetings with Chinese officials in Beijing last week had put ties on a “surer footing.” Still, Yellen told her counterparts in Beijing that “coercive” and “punitive” actions against US firms in China were a major concern for businesses.

Earlier this year, China conducted a series of raids on consultancy firms relied on by foreign investors. US consultancy Bain & Company said this week it had “warmly” welcomed a visit by top Shanghai officials days before Yellen’s trip. That marked officials’ first known visit to the firm since a wider probe of the industry over national security concerns.

Despite China’s efforts Alicia Garcia Herrero, chief Asia Pacific economist at Natixis, said private sector “confidence has clearly not been restored.” She identified three main lingering problems: muted domestic demand, tighter national security regulations and the US and European Union stepping up exports controls to China.

“Being present in China is becoming a liability – rather than an asset – as far as global investors’ reactions are concerned,” she added.

Tian Xuan, a Tsinghua University professor, said the government should formulate red lines so companies can operate with confidence in a frontpage article Wednesday in the state-run Securities Times.

Distilling what was at stake for Xi’s government, Tian said: “What is the most important problem in the private economy now? It’s the lack of confidence among private entrepreneurs.”

--With assistance from Charlotte Yang and Lucille Liu.

Bloomberg Businessweek

CRIMINAL CAPITALI$M

Singapore minister, tycoon arrested in rare high-level graft probe


Billionaire hotelier Ong Beng Seng attends a news conference in Singapore

Updated Fri, July 14, 2023

SINGAPORE (Reuters) -A Singapore government minister and a property tycoon were arrested this week, the anti-graft body said on Friday, without giving details of what prompted the rare high-level probe that has gripped the city state.

Transport Minister S. Iswaran and managing director of Hotel Properties Ong Beng Seng were arrested on Tuesday and subsequently released on bail, the Corrupt Practices Investigation Bureau (CPIB) said in an emailed response to a Reuters query.

The CPIB said on Wednesday that it had launched an investigation into Iswaran.

The case is rare in Singapore, a top Asian financial hub that prides itself on a corruption-free government. Cabinet ministers are paid handsomely to discourage graft, with some ministers' annual salaries exceeding S$1 million ($758,000).

Ong is known for bringing Formula One races to the city-state and his company said he is cooperating with the anti-graft agency.

Iswaran's passport has been impounded, but the CPIB allowed Ong to travel out of Singapore on Friday.

"CPIB assessed and acceded to Ong’s request to travel overseas. Ong’s bail quantum was also increased to S$100,000. Upon his return, Ong is required to report to CPIB and surrender his passport to the bureau," said the anti-graft body.

The Singapore-listed Hotel Properties Ltd said in a statement no charges had been filed against Ong, adding that he was asked by the CPIB to provide information on his interactions with the transport minister.

Prime Minister Lee Hsien Loong on Wednesday said he had instructed Iswaran to take a leave of absence until the investigations are completed.

The Prime Minister's Office said on Thursday that Iswaran was not allowed to leave Singapore during the investigation and he would have no access to any official resources or government buildings, local media reported.

The 79-year-old Ong's company has around 38 hotels and resorts operating under brands that include COMO, Four Seasons, Hard Rock Hotels and Concorde, according to the London Stock Exchange's Refinitiv Eikon.

Shares in Hotel Properties Ltd fell as much as 7% on the news and were last down 4.4%, heading for their worst session in more than two years.

Malaysia-born Ong and his wife, Christina, had a net worth of $1.75 billion in 2022, according to Forbes.

(Reporting by Reuters staff and Xinghui Kok; Writing by Kanupriya Kapoor; Editing by Martin Petty, Raju Gopalakrishnan and Nick Macfie)

Singapore Arrests Minister, Property Tycoon in Graft Probe

Chanyaporn Chanjaroen, Faris Mokhtar and Philip J. Heijmans
Fri, July 14, 2023

(Bloomberg) -- Singapore said it arrested Transport Minister S. Iswaran and property tycoon Ong Beng Seng earlier this week in a graft probe that has challenged the city-state’s reputation for clean governance.

Both were arrested on July 11 and subsequently released on bail, the Corrupt Practices Investigation Bureau said in a statement late Friday in response to queries by Bloomberg News. Their passports were impounded, but Ong was allowed to travel overseas on Friday after a request was approved.

The probe came to light earlier this week when Prime Minister Lee Hsien Loong ordered Iswaran to go on leave. Billionaire Ong, the managing director of Hotel Properties Ltd., was asked to provide information on his interactions with Iswaran, according to a company statement to the Singapore stock exchange Friday.

While officials have yet to spell out the scope of their investigation, it’s the first time since 1986 that a Singapore graft probe has involved a senior minister. It comes at a particularly tricky time for the ruling People’s Action Party, which has long championed its corruption-free image. The party has faced a series of controversies in recent months as it navigates a leadership transition and voter unhappiness over rising living costs.

“When it comes to corruption, I think it’s a mother of all issues,” said Bilveer Singh, deputy head of the department of political science at the National University of Singapore. “The pressure on the prime minister to act and get to the bottom of it is so strong.”

Singapore is preparing for a presidential election to be held by September, allowing its citizens to vote on a largely ceremonial role. A general election must be held by 2025. The ruling party, which has been in power since Singapore’s independence in 1965, is also laying the ground work for a new generation of leaders to take over. Deputy Prime Minister Lawrence Wong is being primed to succeed Lee, who has been premier since 2004.

“We will be upfront and transparent,” Wong said in a Facebook post earlier this week. “We will not sweep anything under the carpet, even if they are potentially embarrassing or damaging.”

Iswaran and Ong would have interacted over the years as a matter of course, with the minister’s roles in trade and transport intersecting with the property tycoon known for helping bring the Formula One Grand Prix to Singapore. Iswaran, 61, has long championed the Singapore F1 night race in his various capacities.

The corruption agency, which reports directly to the prime minister, hasn’t specified what wrongdoing was involved. No charges have been filed, though Iswaran has been barred access to official resources and government buildings.

The country’s senior public officials are among the world’s best paid, a strategy Singapore’s political leaders say has helped to stave off corruption. Ministers earn about S$1.1 million ($822,000) a year, according to the Public Service Division’s website. The city-state is ranked as the fifth-least corrupt country in the world, according to the Transparency International Corruption Perceptions Index.

Ong is cooperating with the CPIB and posted bail of S$100,000 ($76,000), his company said Friday. He was to travel from Friday and will surrender his passport to CPIB when he returns to Singapore, according to the statement, which didn’t specify his exact whereabouts. Shares of Hotel Properties slumped as much as 7%, the largest intraday drop since March 2020, before closing 2.6% lower.

Subjects on bail can make requests to travel overseas, the CPIB said Friday.

“CPIB will assess such requests on a case-by-case basis,” it said. “CPIB assessed and acceded to Ong’s request to travel overseas” while his bail quantum was increased, the agency said.

Ong, the media-shy Malaysia-born businessman, was instrumental in bringing the Formula One Grand Prix to Singapore and is a key player in some of the island’s most significant corporate moments. Last year, a consortium led by Ong and units of state investment firm Temasek Holdings Pte won a bidding war to buy the property assets of the city’s main publisher. In 2003, Ong and tycoon Oei Hong Leong were engaged in a tussle over steel-miller NatSteel Ltd.

Ong is worth about $1 billion, according to the Bloomberg Billionaires index.

This isn’t the first time Ong has been entangled in controversies surrounding politicians from Singapore’s ruling party. In 1996, Prime Minister Lee, then a deputy prime minister, and his father Lee Kuan Yew, were cleared in an inquiry over claims of impropriety related to discounted purchases of four high-end apartments developed by Hotel Properties.

Ong’s business has a portfolio of nearly 40 hotels and resorts across 15 countries including the Four Seasons in Singapore and the Maldives, according to its website. It also builds luxury condominiums and owns malls.

Iswaran will remain in Singapore during his leave, according to a statement from the Prime Minister’s Office.

The long-time PAP stalwart was elected as a member of parliament in 1997 and was appointed to the cabinet in 2006. As transport minister, his key focus is to rebuild Singapore as an air hub in the aftermath of the pandemic and boost the nation as a maritime center. He’s also Singapore’s minister-in-charge of trade relations.

--With assistance from Natalie Choy, Ishika Mookerjee, Philip J. Heijmans, Ranjeetha Pakiam, Joyce Koh, Low De Wei and Shamim Adam.

 Bloomberg Businessweek


Who is Ong Beng Seng, a billionaire tycoon involved in Singapore's graft probe?

One of Singapore's richest men, Ong Beng Seng has been served with a notice of arrest by the Corrupt Practices Investigation Bureau (CPIB).


Sandy Pramuji
·Contributor
Fri, July 14, 2023 

Billionaire hotelier Ong Beng Seng at a news conference in Singapore on 11 May 2007. (PHOTO: REUTERS/Vivek Prakash)

SINGAPORE — One of Singapore's richest men, Ong Beng Seng, has been served with a notice of arrest by the Corrupt Practices Investigation Bureau (CPIB).

The billionaire hotelier, who is also reported to have played a key role in bringing the Formula 1 Singapore Grand Prix into the city-state in 2007, is allegedly linked to the corruption probe involving Transport Minister S. Iswaran.

Hotel Properties Limited (HPL), of which Ong is a co-founder and managing director, said on Friday (14 July) that no charges have been filed and the 77-year-old has posted bail of S$100,000. Ong, HPL said, will be traveling from 14 July and will be surrendering his passport to CIPB upon his return to Singapore.
Who is Ong Beng Seng?

Ong Beng Seng was born in 1946 in Teluk Anson, Sabah, Malaysia. Popularly known by his initials OBS, the hotel and property tycoon – together with his his Singaporean wife, Christina Ong – ranked 24th in the 2022 Forbes Singapore's 50 Richest list with an estimated net worth of US$1.75 billion (S$2.3 billion).

Born into a rich family, according to Singapore Infopedia, Ong moved to Singapore in 1950. He then studied in the UK and earned a degree in insurance. He earned his fortune then by selling shipping insurance.

Ong married Christina Fu in 1972 and then joined Kuo International, an oil grading company owned by his father-in-law Peter Fu Yun Siak, in 1975. He's known for his accurate predictions of the ups and downs of oil prices and that helped him earned enough money to finance his foray into the hospitality business.

What are Ong's business dealings?

Ong formed Hotel Properties Limited in 1980 to lead Kuo International's acquisition of the Hilton hotel brand. Two years later, HPL was listed in Singapore, and Ong's property, hotel, retail and lifestye conglomerate truly began.

As of today, HPL reportedly holds a portfolio of 38 hotels and resorts across 15 countries. The company runs the Hard Rock Hotel brand name in Bali, Pattaya and Penang. It also runs Hard Rock Cafe outlets in Singapore, Malaysia, Indonesia and Thailand.

HPL also owns and operates hotels under the brands of Four Seasons, COMO Hotels & Resorts, InterContinental Hotels Group, Six Senses, Marriott International and Concorde, as well as malls that include the Forum The Shopping Mall in Singapore.

Como Hotels & Resorts, retail empire Club 21 and London-listed handbag maker Mulberry.

Christina Ong runs retail empire Club 21 and London-listed handbag maker Mulberry.

Last May, HPL, in partnership with units of Singapore's state-owned investment firm Temasek, also bought the real estate assets of Singapore Press Holdings for US$2.8 billion.

Did he bring F1 to Singapore?

Ong Beng Seng of Singapore GP speaks with F1 supremo Bernie Ecclestone in the pit lane ahead of the Singapore Formula One Grand Prix at the Marina Bay Street Circuit on 19 September 2013 in Singapore. (PHOTO: Getty)

Yes, he did. After a year of negotiation, and helped by his friendship with F1 boss Bernie Ecclestone, Ong – as the man behind Singapore GP – clinched the deal to bring the F1 race to Singapore. The event, held on the Marina Bay street circuit, became the first night race in F1 history.

The race has been held annually in Singapore except for a two-year hiatus during the COVID-19 pandemic. It returned last October with a new deal signed for Singapore to host the night race for another seven years through 2028.
Are there other scandals that involved Ong?

Before the current notice of arrest, Ong's name had been mentioned in two incidents involving top politicians.

In 1996, Ong's company sold four luxury condominium units to Senior Minister Lee Kuan Yew and his son, then Deputy Prime Minister Lee Hsien Loong. The units, part of the Nassim Jade and Scotts 28 condominiums, were allegedly sold at special discounts.

However, then Prime Minister Goh Chok Tong cleared the Lees and Ong of any wrongdoing.

Then in 2018, there was allegations of corruption involving Ong in the leasing of two islands in the Maldives that was reported by the Organized Crime and Corruption Reporting Project (OCCRP).

HPL, the report said, was involved in a scheme by then-Maldives president Abdulla Yameen to sidestep Maldivian laws to lease out dozens of Maldives islands and lagoons to tourism developers without public tender.

GE has a wild plan to ‘vacuum’ air pollution right out of our skies — here’s how the mind-blowing idea would work



Nick Paschal
Sat, July 15, 2023 

It’s been decades since General Electric (GE) made vacuums, but now, it’s getting back in the game — only this time, the company will be vacuuming carbon pollution out of the air.

GE announced the successful test of its direct air capture (DAC) prototype and is planning larger-scale demonstrations in 2024. If the company can successfully scale its DAC system, it could be a massive weapon in the fight against our overheating planet.
What is direct air capture?

Direct air capture uses chemical reactions to remove carbon dioxide from the air. When air moves over the chemicals, it selectively traps the carbon, leaving the other parts of the air to pass through.

Once the carbon is successfully sucked out of the air and removed from the chemicals — typically by applying heat — it can be injected deep into the ground in geologic formations, never to be seen again, or used in products like concrete or plastic that will hold on tight to that carbon for a very long time.
How can direct air capture help?

There is more carbon dioxide in the atmosphere than we need.

The concentration of atmospheric carbon pollution has increased by 47% since the beginning of the Industrial Age. And if that stat isn’t crazy enough, half of the increase in the last 300 years has happened since 1980.

Transitioning to clean energy like solar, wind, and electric vehicles is vital to reducing air-polluting gases, but just slowing down how much carbon we pump into the air isn’t enough — and that’s where DAC comes in.

Nature’s way of pulling carbon from the air is filtering it through plants and trees, so cutting back on cutting down trees is important — but again, it’s not enough. That’s why companies and scientists have been focused on carbon removal.

DAC is one of many solutions needed to pull enough carbon out of the atmosphere to slow the devastating impacts of planet-warming gases. Unlike other forms of carbon removal — like reforestation — DAC uses relatively little space and has few restrictions on where it can be located.

The DAC space is mostly full of startups and incumbent energy companies. But a behemoth like GE has the ability to produce DAC systems on a large enough scale to make a real difference.

“One thing … that we bring to bear is this ability to scale and scale rapidly,” David Moore, a top GE carbon management official, told Axios. “GE is arguably the best company in the world, at least one of the best companies in the world when it comes to moving large quantities of air.”

It’s too early to tell if DAC will grow to the size of the vacuum in “Spaceballs,” but getting GE into the mix will give it a much better chance.

CRIMINAL CAPITALI$M;BUSINESS AS USUAL

Cantor Fitzgerald Failed to Report Large Traders for Years, SEC Alleges

Austin Weinstein
Fri, July 14, 2023 



(Bloomberg) -- Cantor Fitzgerald LP agreed to pay $1.4 million to settle allegations from the US Securities and Exchange Commission that it failed to properly let the regulators know about clients who were considered to be large traders.

Over several years, Cantor seldom submitted required forms that identify which clients can have significant sway over the market, the SEC said. Cantor failed to pinpoint more than 100 accounts with significant daily and monthly transactions, the Wall Street regulator said.

The brokerage didn’t admit or deny the SEC’s allegations as part of the settlement. A representative for Cantor didn’t immediately respond to a request for comment.

She's 47, anorexic and wants help dying. Canada will soon allow it

Lisa Pauli is choosing MAiD (Medical Assistance in Dying)

Anna Mehler Paperny
Sat, July 15, 2023 
By Anna Mehler Paperny

TORONTO (Reuters) - Lisa Pauli wants to die.

The 47-year-old has wrestled with the eating disorder anorexia for decades; she says she has had a warped relationship with her body since age 8.

These days, Pauli says, she weighs 92 pounds and may go days without eating solid food. She says she is too weak to carry groceries home without stopping for breaks.

"Every day is hell," she said. "I'm so tired. I'm done. I've tried everything. I feel like I've lived my life."

Pauli cannot legally get medical help to die - yet.

An expansion of the criteria for medically assisted death that comes into force in March 2024 will allow Canadians like Pauli, whose sole underlying condition is mental illness, to choose medically assisted death.

 

Canada legalized assisted death in 2016 for people with terminal illness and expanded it in 2021 to people with incurable, but not terminal, conditions. The legal changes were precipitated by court rulings that struck down prohibitions on helping people to die.

The new mental health provision will make Canada one of the most expansive countries in the world when it comes to medical assistance in dying (MAID), according to an expert panel report to Canada's parliament.

Proponents of assisted death - which is still a novel concept in many parts of the world - say it is an issue of personal autonomy.

But six disability rights and religious advocates told Reuters that the pace of the planned changes to the assisted death framework in Canada brings additional risks of people opting for MAID because they are unable to access social services - that lack of which could exacerbate their suffering.

Canada's Justice Minister, David Lametti, dismissed criticism that the country was moving too fast or opening up the system to abuse. Some disability advocates have demanded rolling back the current framework because they argue it puts people with disabilities at risk.

"We have gotten where we are through a number of very prudent steps," Lametti said in an interview with Reuters in June. "It's been a slow and careful evolution. And I'm proud of that."

In 2021, the most recent year available, 10,064 people died through medically assisted death, about 3.3% of deaths in Canada that year. That compared to 4.5% in the Netherlands and 2.4% in Belgium, where assisted dying has been legal since 2002, according to each country's official data.

The vast majority of assisted deaths in Canada conformed to the legal rules but provincial authorities deemed a small number worthy of investigation, according to previously unreported provincial government data. Provinces and territories are responsible for health care in Canada.

In 2021-22, Quebec found 15 assisted deaths, 0.4% of the total, did not follow the rules. The province referred the cases to Quebec's self-governing medical body and medical facilities, provincial spokesperson Marie-Claude Lacasse said. In six of those cases, the person did not have a serious and incurable condition, according to a provincial commission.

In British Columbia, government officials have referred 19 assisted death cases to regulatory bodies and a further two to law enforcement since 2018, according to a provincial spokesperson who did not provide further details.

None of the referrals in the two provinces resulted in disciplinary action for doctors, regulatory bodies said, declining to provide further details.

Four other provinces reported no problematic cases of medically assisted death. Other provinces and territories including Ontario, Canada's most populous province, did not respond.

30,000 MEDICALLY ASSISTED DEATHS

More than 30,000 people have died with medical assistance in Canada since 2016, more than 10,000 of them in 2021 when the law was expanded to people whose deaths were not "reasonably foreseeable." Even after the change in the legislation, about 98% of the assisted deaths in 2021 were people deemed near their natural death, according to Health Canada data.

"So far nothing I see would suggest that we need to worry about having gone too far," Lametti said.

The procedure is only available to people covered by a Canadian healthcare program. It requires a written application and assessments from two independent medical practitioners, including at least one specialized in their condition if the applicant is not near their natural death. The procedure frequently involves an injection administered at home.

Lametti said the federal government is considering recommendations from a parliamentary committee to allow advance requests and "mature minors" - people under 18 deemed capable of making this decision - to access assisted death.

Quebec passed a law June 7 that would allow people to make advance requests for assisted death that would go into effect when they reach a predetermined point of incapacity due to Alzheimer's or similar conditions.

But Georges L'Esperance, president of the Quebec Association for the Right to Die with Dignity, said it could take up to two years for the provision to go into effect.

Dying With Dignity Canada has organized nearly 10,000 letters this year to government officials seeking to legalize advance requests across Canada, spokesperson Sarah Dobec said.

Lametti did not say whether the federal government – which is responsible for administering the criminal code - would challenge Quebec's law in the courts. When it comes to minors and advance requests, he said: "We need more time" to gauge public opinion and address policy questions.

Pauli first raised the idea of assisted death with psychiatrist Justine Dembo in April 2021.

Dembo served on an expert panel on assisted death and mental illness that presented a report to Canada's parliament last year. She assesses people for MAID although on that visit Pauli was seeing her for body dysmorphic disorder.

Pauli has tried a multitude of treatments and been hospitalized twice but said she still thinks constantly about what she has eaten; what she will eat.

Dembo told Pauli she could be eligible for assisted death once Canada's law changes.

"She's undergone very high-quality treatments and they just have not made an impact," she said.

When Dembo assesses people for MAID, she said, she treats it as "a last resort," and tries to determine whether they have received all available medical and social supports.

Pauli says she plans to apply for MAID once she is eligible. When Pauli first broached the possibility of getting help dying, her mother Mary Heatley could not accept it.

"The wind knocked out of me. … I just couldn't imagine her not being in this world," she said in an interview.

But Heatley talked to her daughter and realized what she was going through.

"She just could not foresee another 10, 20, whatever years of this, living with this eating disorder," she said.

"I say to myself, 'You have to try and remember. This is what she wanted. It's her life.' … And I would just have to go on without her."

MEDICAL CRITERIA

Some medical experts say mental illness alone should not be a criterion for assisted death. It can be difficult to determine whether a mental illness is truly irremediable, as the law requires, and to differentiate between pathological suicidality and a rational desire to die, says Sonu Gaind, chief psychiatrist at Toronto's Sunnybrook Health Sciences Centre.

"We don't even understand the biology of most mental illnesses," he said.

Six activists said Canada's expansion of assisted death puts people with intellectual and physical disabilities, low incomes or other vulnerabilities at risk.

"My biggest fear is that we go to this absolute terminal end and people die but we haven't invested time, money, people in putting the things in place that would mean that people don't want to consider" assisted death, Michelle Hewitt, co-chair of the advocacy group Disability Without Poverty, said in an interview.

Hewitt pointed to a widely reported case of a British Columbia man, Sean Tagert, with amyotrophic lateral sclerosis (ALS) or Lou Gehrig's disease who opted for medically assisted death in 2019 after he struggled to get 24-hour care.

"[H]e was very clear on what he wanted - more care hours at home - and when he was told he would have to move to a care facility a distance from his family, particularly his young son, he used MAID," Hewitt wrote in an email.

Social media posts by Tagert's family said that finding care was "a constant struggle and source of stress for Sean".

The reported cases of people resorting to medically assisted death in part due to lack of supports are "tragic," Lametti said.

But "you can't get MAID simply because you're having some social challenges or economic challenges. ... Unless they fall into the medical criteria, they can't access."

While the reported numbers of problematic assisted deaths in Canada are low, some opponents of assisted death in other jurisdictions are using the country's experience as a cautionary tale, three people involved in the debate in Britain told Reuters.

"Canada is being used primarily as an argument against us, not an argument in favour," said Charles Falconer, a British Labour peer who supports assisted death for people with a terminal illness in Britain, where it is not legal.

"It does in one sense [represent a slippery slope], doesn't it, because it started off with terminal illness and it's ended up with non-terminal illness and mental illness."

($1 = 1.3211 Canadian dollars)

(Reporting by Anna Mehler Paperny; Editing by Denny Thomas and Suzanne Goldenberg)

AT LEAST ONCE A DECADE

Jack the Ripper's identity 'revealed' by newly discovered medical records

Dalya Alberge
Sat, July 15, 2023 

Hyam Hyams, photographed at Colney Hatch Lunatic Asylum in 1899, has been named as a key suspect in the Jack the Ripper murders - London Metropolitan Archives

A former police volunteer claims to have discovered the identity of the figure behind some of the most shocking crimes in British history, unmasking the 19th-century murderer who terrorised the nation as Jack the Ripper.

Sarah Bax Horton – whose great-great-grandfather was a policeman at the heart of the Ripper investigation – has unearthed compelling evidence that matches witness descriptions of the man seen with female victims shortly before they were stabbed to death in 1888 in the East End of London.

Her detective work has led her to Hyam Hyams, who lived in an area at the centre of the murders and who, as a cigar-maker, knew how to use a knife. He was an epileptic and an alcoholic who was in and out of mental asylums, his condition worsening after he was injured in an accident and unable to work. He repeatedly assaulted his wife, paranoid that she was cheating on him, and was eventually arrested after he attacked her and his mother with “a chopper”.

Significantly, Ms Bax Horton gained access to his medical records and discovered dramatic details. She told The Telegraph: “For the first time in history, Jack the Ripper can be identified as Hyam Hyams using distinctive physical characteristics.”

Sarah Bax Horton has researched medical records in her quest to find Jack the Ripper 

- HENRY HARRISON

Witnesses described a man in his mid-thirties with a stiff arm and an irregular gait with bent knees, and Ms Bax Horton discovered that the medical notes of Hyams – who was 35 in 1888 – recorded an injury that left him unable to “bend or extend” his left arm as well as an irregular gait and an inability to straighten his knees, with asymmetric foot dragging. He also had the most severe form of epilepsy, with regular seizures.

The victims were prostitutes or destitute. Their throats were cut and their bodies butchered in frenzied attacks with the authorities received taunting anonymous notes from someone calling himself Jack the Ripper. They are some of the most infamous unsolved crimes.

At least six women Martha Tabram, Polly Nichols, Annie Chapman, Elisabeth Stride, Kate Eddowes and Mary Jane Kelly – were killed in or near Whitechapel between August and November 1888.

Hyams’ medical notes, taken from various infirmaries and asylums, reveal that his mental and physical decline coincided with the Ripper’s killing period, escalating between his breaking his left arm in February 1888 and his permanent committal in September 1889.

“That escalation path matched the increasing violence of the murders,” said Ms Bax Horton. “He was particularly violent after his severe epileptic fits, which explains the periodicity of the murders.”

She added: “In the files, it said what the eyewitnesses said – that he had a peculiar gait. He was weak at the knees and wasn’t fully extending his legs. When he walked, he had a kind of shuffling gait, which was probably a side-effect of some brain damage as a result of his epilepsy.”

An 1888 Illustrated Police News front page reports on the murders - alamy

Witness accounts of the man’s height and weight were similar to the details in Hyams’ medical files, Ms Bax Horton discovered.

“They saw a man of medium height and build, between 5ft 5in. and 5ft 8in. Tall, stout and broad-shouldered. Hyams was 5 foot 7 and a half inches, and weighed 10 stone 7 lbs… His photograph demonstrates that he was noticeably broad-shouldered,” she said.

She has concluded that Hyams’ physical and mental decline – exacerbated by his alcoholism – triggered him to kill. The murders stopped at the end of 1888, around the time Hyams was picked up by the police as “a wandering lunatic”. In 1889, he was incarcerated in the Colney Hatch Lunatic Asylum, north London, until his death in 1913. Jack the Ripper never struck again.

Various suspects have previously been suggested as the man behind the killings, including the artist Walter Sickert, who painted gruesome pictures of a murdered prostitute.

Hyams had been on a “long list” of around 100 culprits, but Ms Bax Horton said he had been discounted because he had been misidentified. “When I was trying to identify the correct Hyam Hyams, I found about five. It took quite a lot of work to identify his correct biographical data. Hyam Hyams has never before been fully explored as a Ripper suspect. To protect the confidentiality of living individuals, two of the Colney Hatch Asylum files on patients, including Hyams, were closed to public view until 2013 and 2015.”

What makes her research particularly extraordinary is that it was prompted by her chance discovery in 2017 that her own great-great-grandfather, Harry Garrett, had been a Metropolitan Police sergeant at Leman Street Police Station, headquarters of the Ripper investigation. He was posted there from January 1888 – the murders’ fateful year – until 1896.

Sergeant Harry Garrett, who worked on the Jack the Ripper case

Ms Bax Horton, who read English and modern languages at Oxford University, is a retired civil servant who volunteered with the City of London Police for almost two decades until 2020. She had no idea of her ancestor’s history until she began researching her family and found herself studying the Ripper case.

She will now present her extensive evidence in a forthcoming book, titled One-Armed Jack: Uncovering the Real Jack the Ripper, to be published by Michael O’Mara Books next month.

It is written in tribute to her ancestor and his police colleagues.

Paul Begg, a leading Ripper authority, has endorsed it. “This is a well-researched, well-written, and long-needed book-length examination of a likely suspect. If you have an idea of the sort of man Jack the Ripper might have been, Hyam Hyams could be it,” he said.

CRIMINAL CAPITALI$M

Ontario men allegedly behind $3 million investment scam face string of charges after years-long probe

Police believe there are more victims, after investors were scammed in respect to projects that involved the installation of electrical generators.


Corné van Hoepen
·Contributor, Yahoo News Canada
Sat, July 15, 2023 

Instances of fraud continue to rise at an alarming rate across Canada.

 (Credit: Richard Buchan/The Canadian Press)

Two Ontario men have been arrested and face multiple charges after a three-year police investigation revealed the duo had allegedly been running an investment scam, pocketing over $3 million in the form of loans from private investors.

Halton Police said an investigation was launched by their Fraud Unit after receiving reports from 20 complainants who had invested in Oakville-based "OOM Energy," also known as "MCS Energy."

"OOM Energy misled victims to believe that their investments were guaranteed by an insurance program, and were also supplied with forged insurance documents," Halton Police said in a press release.

Investigators say over $3 million was loaned to OOM Energy by private investors in respect to projects that involved the installation of electrical generators.

Oakville-resident Craig Hugh Clydesdale, owner of OOM Energy, and Markham-resident Thomas Craig McBeath, who worked as an insurance broker for the business, were arrested on June 16, 2023.

Both men have been charged with multiple counts of fraud over $5,000 and forgery related offences.

"It is believed that there may be more victims and witnesses in the community," said the Halton Police statement. "Anyone with further information is asked to contact D/Cst. Ed Spence of the Halton Police Regional Fraud Unit at (905) 465-8746."

How can you protect yourself against similar scams?

As Canadians spend an increasing amount of time online to shop, work or communicate, data released by the Canadian Anti-Fraud Centre (CAFC) reveals that fraud, identity crimes and associated cybercrime are growing at an alarming rate.



During 2022, CAFC received fraud reports totalling a staggering $531M in victim losses — a drastic increase from the $379 million reported during 2021 by the same agency.

So what are some steps you can take to determine if a business or organization you want to invest into is a scam or legitimate?

CAFC defines an investment scam as the "solicitation for investments into false or deceptive investment opportunities. These opportunities falsely promise higher-than-normal returns. However, investors lose most or all their money."

Some examples of these include:

Cryptocurrency


Fixed income


The "pump and dump"


Initial coin offerings


Pyramid


Franchise/business opportunity

If you are offered unsolicited investment opportunities (even from friends and family), higher-than-normal returns, websites that appear to be fake or requests for cryptocurrency payments, your suspicions should be raised.

To protect your assets from potential scammers, CAFC warns if you choose to invest or partner with a business you are not familiar with, do the research yourself and look for possible scam alerts about the investment being offered. You can also report any fraud, even if it resulted in no money lost, to the CAFC.

India’s JSW Steel Said to Mull Bid for Stake in Teck Coal Unit

Vinicy Chan and Swansy Afonso
Sat, July 15, 2023 


(Bloomberg) -- JSW Steel Ltd., India’s largest producer, is considering a bid for as much as a 20% stake in Teck Resources Ltd.’s steelmaking coal business, people with knowledge of the matter said.

JSW has expressed preliminary interest, said the people, who asked not to be named because the information is confidential. Mumbai-based JSW also is in discussions with banks over potential financing for the acquisition, which may total about $2 billion, they said.

Deliberations are at an early stage, and details such as price and timing could change, the people said.

JSW didn’t immediately respond to queries sent outside normal business hours. Teck declined to comment.

India Plans More Steel Products in Manufacturing Incentive Plan

The Vancouver-based miner had planned to carve out its coal business but was forced back to the drawing board after canceling a shareholder vote on a spinoff in late April because of a lack of support.

Rival Glencore Plc subsequently proposed buying the unit for cash. Teck confirmed it was engaging with Glencore on the preliminary, nonbinding proposal, among others.

Those talks come after Teck rejected Glencore’s unsolicited $23 billion takeover bid. The commodity giant has said its offer remains on the table.

--With assistance from Jacob Lorinc.

Chevron opted to buy vs build US LNG processing - gas executive

Curtis Williams
Fri, July 14, 2023 


By Curtis Williams

(Reuters) - Chevron Corp is comfortable with buying U.S. liquefied natural gas (LNG) on long-term contracts rather than constructing its own U.S. domestic export facility, said Freeman Shaheen, the company's head of global gas.

The second largest U.S. oil and gas producer in June 2022 signed agreements with LNG developers Cheniere Energy and Venture Global LNG for a combined 4 million tonnes per annum (MTPA) of the super-chilled natural gases. The deals will give it more gas and diversify its risk, he said.

Chevron owns stakes in LNG projects in Angola, Australia and has taken early steps with partners to advance a floating LNG project off the coast of Israel that would process gas from the Leviathan field.

The Cheniere and Venture Global LNG deals will provide an outlet for natural gas flowing from its Permian Basin shale holdings in West Texas and New Mexico. The company holds about 2.2 million acres in the largest U.S. shale field.

As Chevron's production in the Permian has grown, it has had to decide how much gas output would stay in the U.S. and how much should be exported, said Shaheen. It opted not to build an export terminal in the U.S., where several major plants are already under construction.

The company had to balance the investment needed to build an LNG facility in the U.S. against drilling more oil and gas wells in the Permian, or investments in the Eastern Mediterranean, Argentina or West Africa, Shaheen said.

Shaheen said startup problems at Venture Global LNG's Calcasieu Pass plant that sparked disputes with other major gas producers over the delays in receiving their commercial cargoes has not unduly worried Chevron.

"That is always a concern with any project that you do. ... So we have to weigh that in the balance in terms of how we manage our sales and our portfolio," Shaheen told Reuters at the LNG 2023 conference this week.

Top LNG traders Shell (SHEL.L) and BP (BP.L) separately filed for arbitration against Venture Global LNG for failing to supply contracted cargoes, even as it sold to non-contract customers as prices soared last year.

(Reporting by Curtis Williams in Houston; Editing by Josie Kao)

WORKERS CAPITAL
JAPAN
World’s Biggest Pension Fund GPIF Boosts Its Treasuries Holdings

WHO HOLDS U$ DEBT?!

Masaki Kondo and Yumi Teso
Fri, July 14, 2023 




(Bloomberg) -- Japan’s Government Pension Investment Fund boosted its holdings of Treasuries to a three-year high as the dollar’s strength against the yen offset losses on the securities.

Resilient demand from GPIF, as the world’s biggest pension fund is known, suggests that elevated yields and a weak yen may support Japanese appetite for Treasuries, even if US interest rates are coming off recent highs as the Federal Reserve’s monetary tightening campaign nears its peak.

GPIF holds ¥200 trillion ($1.4 trillion) worth of assets — a hoard about as big as Spain’s economy — and what it does has huge ramifications for Japanese portfolio flows, given that many of the nation’s other funds follow its lead. And investors from the Asia nation are the biggest foreign holders of Treasuries, with $1.1 trillion of the securities as of April.

The fund increased US government bonds and bills to 43.3% of its foreign debt holdings in the 12 months through March from 40.8% previously, according to an analysis by Bloomberg of the latest data released this month. That’s the highest since the allocation reached 47.4% in March 2020, and also came despite currency-hedging costs hovering around the highest in more than two decades.

While easing inflation in the US means that Treasury yields may start to fall sooner than rates in other bond markets, they are likely to remain attractive to Japanese investors, according to Kiyoshi Ishigane, chief fund manager at Mitsubishi UFJ Kokusai Asset Management Co. in Tokyo. “As long as the yen doesn’t strengthen, Japanese investors will benefit both from income and capital gains in Treasuries,” he said.

Rebalancing flows resulting from fluctuations in exchange rates should continue to partly offset both depreciation and appreciation pressures on the yen, strategists at Barclays Plc, including Shinichiro Kadota, wrote in a research note.

To be sure, the yen has rebounded recently and there are plausible scenarios that could extend the rally and affect flows into Treasuries: Signs of long-awaited inflationary pressure in Japan could trigger an earlier-than-expected shift in the Bank of Japan’s loose monetary policy, the Federal Reserve appears to be nearing the peak of its rate-hiking cycle, and global recession risks highlight the yen’s value as a haven.

In the 12 month’s in question though, the dollar jumped 9.2% against Japan’s currency while Treasuries lost 4.5%. GPIF’s holdings of US government bonds and bills increased 8.2% in yen terms to ¥21.6 trillion.

It should also be noted that GPIF’s asset allocation doesn’t directly reflect its market view. The fund outsources investment to managers such as BlackRock Inc. and Sumitomo Mitsui Trust Asset Management Co., with 86% of foreign bonds passively invested to track benchmarks. GPIF’s assets are also equally divided into foreign and local equities as well as bonds.