Banks or Ponzi schemes?

On this episode of The Modus Operandi, host Manila Chan delves into the latest controversy surrounding some of the largest banking institutions in the world, including Switzerland’s Credit Suisse. Manila sits down with financial analyst and former Credit Suisse employee David Tawil to find out the root cause of the monetary disaster and why some major US bank institutions are still facing runs in the 21st Century.

SOURCE: RUSSIA TODAY

Facebook ‘disappears’ RT Arabic

Mark Zuckerberg’s flagship social network has deleted the page for RT Arabic, rejecting all appeals and handing the address to another user, the channel’s head Maya Manna said on Thursday.

“Two weeks we fought with Facebook to restore the suspended page of RT Arabic, with 17 million subscribers,” Manna said on her Telegram channel. “We tried to get an explanation of what triggered the shutdown, because we never got any strikes or comments.”

After several awkward non-explanations, Facebook’s customer service “simply wished us luck, closed our case, and turned over the URL to another user,” Manna wrote. “Internet democracy in all its glory!”

Facebook blocked the page on March 15, without any explanation or advance warning. Attempts to access the page resulted in the message, “this content isn’t available right now.”

Manna protested the move, calling it proof that the West doesn’t believe in free speech, only “total censorship and blocking.” By way of example, she brought up the EU ban on all “Russian state media” after the military operation in Ukraine began in February 2022, including all of RT’s channels.

“Apparently, this is not enough – the very fact that we exist does not allow them to sleep peacefully,” Manna added.

YouTube was quick to apply the EU ban globally, but continued operating in Russia, its CEO at the time, Susan Wojcicki, told the World Economic Forum in Davos last May. The Ukraine conflict showed that information had “a key role” and “can be weaponized,” said Wojcicki, so YouTube wanted to “help [Russian] citizens know what’s going on and have perspectives from the outside world.”

In November last year, after Facebook’s parent company Meta amended its “violent speech” rules to allow calls of “death to Russians” in the West, the Russian Justice Ministry added it to the register of extremist organizations. The decision affected Facebook and Instagram, but not the messaging platform WhatsApp, because it fell under a different legal category.

SOURCE: RUSSIA TODAY

Kremlin comments on arrest of WSJ correspondent

Wall Street Journal (WSJ) correspondent Evan Gershkovich was caught “red-handed” trying to obtain Russian state secrets, Kremlin spokesman Dmitry Peskov has claimed. The Federal Security Service (FSB) announced on Thursday that the reporter had been detained in the city of Ekaterinburg on suspicion of espionage.

Speaking to journalists via conference call, Peskov was asked to comment on the arrest of the American citizen and whether Russia will cooperate with US security services on the issue. The spokesperson stated that he does not know the full details of the case and that the matter remains in the hands of the FSB.

However, Peskov claimed that as far as he was aware, Gershkovich had been caught in the act of trying to collect intelligence about a defense facility, in violation of Russian laws on state secrets. The correspondent, who covers news from Russia, Ukraine, and the former USSR, could face between 10 and 20 years in prison if charged with espionage.

Although Gershkovich had obtained the necessary journalistic credentials from the Foreign Ministry to work in Russia, the FSB alleges that he “acted in the interest of the US government” when he was caught during “an attempt to receive” classified intelligence.

Asked if the incident could provoke a response from US authorities regarding Russian journalists working in America, Peskov said that Moscow hopes no such retaliation will follow because “we are not talking about allegations here. He was caught in the act.”

The WSJ has reacted to the incident by stating that it is “deeply concerned for the safety of Mr Gershkovich.”

Russian Deputy Foreign Minister Sergey Ryabkov has said that the issue of potentially exchanging the WSJ journalist in a swap deal has not been raised.

Meanwhile, Russian Foreign Ministry spokeswoman Maria Zakharova has claimed that whatever Gershkovich was doing when he was detained by the FSB, it had “nothing to do with journalism.” She argued that the status of correspondent had previously been used as cover by other Western nationals attempting to obtain classified Russian intelligence.

SOURCE: RUSSIA TODAY

RT News – March 30 2023 (20:00 MSK)

A Wall Street Journal reporter faces 20 years in prison after he’s arrested by Russian authorities, amid claims he may have been spying on behalf of the American government. The US Congress rejects legislation to increase oversight of the tens of billions sent to Ukraine, despite the concerns of regular Americans about why their taxpayer dollars are being sent overseas. Brazil and China strike a deal to bypass the dollar, turning to their own currencies for use in bilateral trade.

SOURCE: RUSSIA TODAY

Swiss bank helping rich Americans dodge taxes – Senate

Swiss bank Credit Suisse is complicit in an ongoing scheme by wealthy Americans to evade taxes, despite an earlier commitment to a crackdown, the US Senate Finance Committee claimed on Wednesday.

Credit Suisse pleaded guilty in 2014 to criminal charges for helping rich US clients hide assets in offshore accounts to avoid paying taxes. As part of the plea agreement, the bank pledged to crack down on tax dodgers.

However, according to the results of a two-year investigation by the committee, the bank failed to comply.

The probe claims to have uncovered “major violations of that plea agreement, including a previously unknown, ongoing and potentially criminal conspiracy involving the failure to disclose nearly $100 million in secret offshore accounts belonging to a single family of American taxpayers.”

According to the report, the total amount concealed in violation of the 2014 plea agreement is more than $700 million.

“Credit Suisse got a discount on the penalty it faced in 2014 for enabling tax evasion because bank executives swore up and down they’d get out of the business of defrauding the United States. This investigation shows Credit Suisse did not make good on that promise,” said Senate Finance Committee Chairman Ron Wyden.

Credit Suisse had to be rescued by the Swiss government earlier this month following multibillion-dollar losses, among other issues. The bank was purchased by rival UBS for about $3.25 billion.

SOURCE: RUSSIA TODAY

Russian Muslims issued trading ban

Russian Muslims have been prohibited from acquiring shares in companies that do not comply with Sharia law, according to a ruling by the Council of Ulema issued on Wednesday. It also banned margin trading and short transactions.

Margin trading is when investors borrow money to buy stock at interest. A “short” position is generally the sale of stock the investor does not own, with the belief the stock will decrease in value. Both are considered risky trading.

The statement on the council’s website adds that believers are no longer allowed to loan or lease company shares.

“It is forbidden to acquire and conduct transactions with shares of companies related to Sharia-prohibited activities, such as alcohol production, pig farming, gambling, etc.,” the document reads.

Security shareholders are now obligated to pay zakat or the annual Muslim tax in favor of the needy. The ruling also advised not to conduct transactions with shares of foreign organizations or companies that do not publish financial statements.

At the same time, it allowed acquisition and transactions with shares of companies engaged in a permitted type of activity and doing business without placing or raising funds at usurious interest. Islamic law prohibits usury – or the collection and payment of interest.

“These can be, for example, shares of construction, automotive and oil companies, but subject to a number of conditions,” the Council specified.

The Islamic financial system has the same tools as the conventional one, but the percentage basis is replaced with the provision of shares in the company, and, hence, income. This means the bank shares all the risks with its borrower. Therefore, lending under Islamic banking is purpose-oriented.

Usury or any other activity that involves receiving interest income is unacceptable in Islam. Financial transactions should be based on real trade or business and should not be connected with activities prohibited by Sharia law, such as gambling or alcohol.

SOURCE: RUSSIA TODAY

EU country considering Olympic boycott

Warsaw could boycott the Olympic Games if the International Olympic Committee (IOC) allows Russian and Belarusian athletes to compete, Polish Sports Minister Kamil Bortniczuk has stated.

The IOC issued a set of “recommendations” to international sports federations on Tuesday regarding athletes from Russia and Belarus, who were banned from competition shortly after the outbreak of the conflict in Ukraine last February.

Olympic bosses suggested that Russians and Belarusians should be allowed to take part in tournaments abroad under a neutral flag, provided they have no links to the military or security agencies, and haven’t vocally supported Russia’s military operation. The guidelines only refer to individual athletes, not teams, which should still be banned, they said.

Speaking to RMF24 radio on Thursday, Bortniczuk claimed those “recommendations” would have been far more lenient towards Russian and Belarusian athletes if Poland had not threatened the IOC with a boycott. “I know what this statement was originally supposed to be and what it ended up being,” he stated.

“The issue of the boycott must remain central in our contacts with the IOC because they’re afraid of it,” the sports minister added.

However, Bortniczuk said he was “99% convinced that the boycott will not be necessary.” Warsaw, which has been one of Kiev’s strongest backers amid its conflict with Moscow, “will win this fight” without resorting to such harsh measures, he claimed.

Poland is scheduled to host a stage of the Fencing World Cup in Poznan in April, in which the International Fencing Federation (FIE) has allowed Russian athletes to compete under neutral status.

Warsaw had earlier warned that it could cancel the event altogether in protest over the move. Bortniczuk now says Russians will be permitted to compete in Poznan, but only if they “sign a certain declaration” in which they reject Moscow’s military operation and condemn what he called Russian “war crimes” in Ukraine.

Moscow is also dissatisfied with the IOC’s recommendations. Russian Olympic Committee (ROC) President Stanislav Pozdnyakov described them as a “human rights abuse” and a breach of Olympic principles and the UN charter. “We consider the proposed conditions unreasonable, legally void and excessive,” he said.

SOURCE: RUSSIA TODAY

Russian MP makes promise to conscripts

Conscripts called up for mandatory military service in April will not be sent to any of the new Russian territories bordering Ukraine, the head of the State Duma Defense Committee announced on Wednesday.

Andrey Kartapolov added that there would be no conscription in the near future in the Donetsk and Lugansk People’s Republics, nor in Zaporozhye and Kherson regions, which became part of Russia in late September.

“The reasons are clear,” the MP told journalists. “There is a special military operation going on there, they have nothing to do there. When the situation is normal, then we will return to the issue of the possibility of conscription from these regions.”

Kartapolov’s comments followed rumors that Russian conscription centers were preparing for a second wave of mobilization with a view to deploying new troops to the conflict zone in Ukraine.

These rumors have been repeatedly dismissed by a number of top government officials, with Moscow Mayor Sergey Sobyanin describing them as “purely the work of the enemy.” He explained that the military commissariats were doing routine preparations for the upcoming annual spring conscription.

In an interview with Interfax, Kartapolov also addressed the planned increase in the military age in Russia. He said the recently introduced draft law on the gradual increase in the age of conscription would not be implemented in spring because the State Duma, Russia’s lower chamber of parliament, only plans to consider the bill after April 17.

The bill was introduced earlier this month and proposes to raise the minimum and maximum age of conscription in Russia. Currently, able-bodied men between the ages of 18 and 27 are required to undergo mandatory military service. However, under the draft legislation, this range would increase over several years, reaching 21 to 30 in 2026.

The idea of increasing the conscription age was proposed by Defense Minister Sergey Shoigu in December. During a report for President Vladimir Putin, he also suggested raising the strength of the Russian standing army to 1.5 million, citing the threat posed by NATO in Europe.

SOURCE: RUSSIA TODAY

Major exporter to stop shipping Russian grain – media

Global commodities trader Cargill will stop exporting Russian grain in the new crop year, which starts on July 1, business daily RBK reported on Wednesday, citing a letter sent by the company to Russia’s Agriculture Ministry.

The Russian unit of the American corporation named “earlier discussions on grain export issues and the recommendations of the Agriculture Ministry” as the reason for halting exports, but stressed that the shipments planned for the current 2022/2023 exporting season will be made “in full compliance with the existing quota,” RBK writes.

According to the outlet, in the current export season Cargill’s share in the total export volume of Russian grain stands at around 4%, or 2.2 million tons.

The Russian subsidiary of Cargill has also begun to review of its portfolio of grain export-related assets, according to RBK.

Cargill’s agricultural supply chain activities in Russia include processing and distribution of grain and oilseeds for domestic and export markets. The company owns a river terminal that handles grain export and transit from various areas of Russia and Kazakhstan via ports on the Black Sea and the Sea of Azov, Cargill Russia’s website says.

The cessation of export activities by the US company will not affect the volume of Russian grain shipments abroad, Reuters reported on Wednesday.

“The company’s grain export assets will continue to operate regardless of who manages them,” the news agency quoted Russia’s Agriculture Ministry as saying.

Cargill stopped investing in Russia in March 2022 as part of international sanctions pressure on the country, but its local facilities continued to operate. RBK’s sources in the industry suggest Cargill decided to stop grain exports from Russia due to increased regulation of the market.

SOURCE: RUSSIA TODAY

RT News – March 30 2023 (09:00 MSK)

The US Congress rejects an initiative for increased oversight of the massive funding for Ukraine, despite concerns by regular Americans about why billions of their taxpayer dollars are being sent overseas. Kenya is also engulfed by a wave of protests, with buildings set on fire, businesses shut down amid fears of looting, and police violently dispersing crowds. A former Australian soldier is granted bail after he is accused of the war crime of murdering an unarmed Afghan farmer, as the court believes his life could be in ‘potential danger’ if he is sent to jail.

SOURCE: RUSSIA TODAY