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Credit Suisse investors slam failures as chairman apologizes

Published Tue, 25 Feb 2025 01:34:36 GMT

ZURICH (AP) — Credit Suisse shareholders on Tuesday upbraided the Swiss bank’s leaders for years of mismanagement, scandal and obfuscation that sent its stock price into the gutter, while executives apologized and insisted that the only way forward for the once-venerable lender was a government-engineered takeover by rival UBS. A largely polite — if at times boisterous, emotional, angry and even humorous — mood pervaded at the first in-person shareholder meeting in four years and likely the last in the bank’s 167-year history: Credit Suisse is set to be swallowed by its crosstown competitor in the coming months in a deal that was forced through without a shareholder vote. Despite speech after speech airing concerns ranging from Switzerland’s role in global finance to environmental impact to wiped-out pension savings, shareholders narrowly approved a compensation plan for last year that will pay out millions to executives and board members. Investors also reelected board ...

Student aid startup founder arrested on fraud charges

Published Tue, 25 Feb 2025 01:34:36 GMT

NEW YORK (AP) — The founder of Frank, a student loan assistance startup company that J.P. Morgan Chase acquired for $175 million two years ago, has been arrested on charges that she duped the financial giant by dramatically inflating the number of customers her company had, authorities said Tuesday.Charlie Javice, 31, of Miami Beach, Florida, was arrested Monday night in New Jersey on conspiracy, wire and bank fraud charges.A charging document in Manhattan federal court said she claimed her company had over four million users when it had fewer than 300,000 customers.Authorities said Javice, who appeared on the Forbes 2019 “30 Under 30” list, would have earned $45 million from the fraud.A message seeking comment was sent to an attorney for Javice, who was expected to make an initial appearance in court later in the day.In a release, U.S. Attorney Damian Williams said Javice “engaged in a brazen scheme” to defraud the acquiring financial company by fabricating data to support li...

Philippines warns of possible waves after offshore quake

Published Tue, 25 Feb 2025 01:34:36 GMT

MANILA, Philippines (AP) — A strong offshore earthquake jolted eastern Philippine provinces on Tuesday night and seismologists warned villagers to stay away from the coast because it could generate waves of less than a meter (3 feet) in height.There were no immediate reports of injuries or damage from the earthquake, which the U.S. Geological Survey said measured magnitude 6.2 and was located at a depth of 15 kilometers (9 miles). The Philippines Institute of Volcanology and Seismology said it was centered 120 kilometers (75 miles) east of Gigmoto town on the island province of Catanduanes.The Philippines lies along the Pacific “Ring of Fire,” an arc of faults around the Pacific Ocean where many of the world’s earthquakes occur. It is also lashed by about 20 typhoons and tropical storms each year, making it one of the world’s most disaster-prone countries.A magnitude 7.7 quake killed nearly 2,000 people in the northern Philippines in 1990.The Associated Press

S&P/TSX composite down in late-morning trading, U.S. stock markets also lower

Published Tue, 25 Feb 2025 01:34:36 GMT

TORONTO — Canada’s main stock index was in the red in late-morning trading, as losses in the base metals sector helped lead the market lower, while U.S. stock markets also moved down.The S&P/TSX composite index was down 28.43 points at 20,249.85.In New York, the Dow Jones industrial average was down 187.66 points at 33,413.49. The S&P 500 index was down 22.68 points at 4,101.83, while the Nasdaq composite was down 61.34 points at 12,128.11.The Canadian dollar traded for 74.33 cents US compared with 74.42 cents US on Monday.The May crude contract was down three cents at US$80.39 per barrel and the May natural gas contract was down less than a penny at US$2.09 per mmBTU.The June gold contract was up US$36.40 at US$2,036.80 an ounce and the May copper contract was down six cents at US$3.98 a pound.This report by The Canadian Press was first published April 4, 2023.Companies in this story: (TSX:GSPTSE, TSX:CADUSD=X)The Canadian Press

Anti-war officer from Putin’s elite security team defects

Published Tue, 25 Feb 2025 01:34:36 GMT

LONDON (AP) — On October 14, a Russian engineer named Gleb Karakulov boarded a flight from Kazakhstan to Turkey with his wife and daughter. He switched off his phone to shut out the crescendo of urgent, enraged messages, said goodbye to his life in Russia and tried to calm his fast-beating heart.But this was no ordinary Russian defector. Karakulov was an officer in President Vladimir Putin’s secretive elite personal security service — one of the few Russians to flee and go public who have rank, as well as knowledge of intimate details of Putin’s life and potentially classified information.Karakulov, who was responsible for secure communications, said moral opposition to Russia’s invasion of Ukraine and his fear of dying there drove him to speak out, despite the risks to himself and his family. “Our president has become a war criminal,” he said. “It’s time to end this war and stop being silent.”Karakulov’s account generally conforms with others that paint the Russian president as a o...

Driver faces 1st-degree murder charges in Quebec pedestrian deaths

Published Tue, 25 Feb 2025 01:34:36 GMT

The Quebec man charged after a pickup truck crashed into pedestrians last month is now facing three counts of first-degree murder.According to charges filed Tuesday in Amqui, Que., Steeve Gagnon also faces nine counts of attempted murder stemming from the March 13 incident.Police allege the accused drove down a main street in Amqui, hitting several groups of pedestrians in what investigators have described as an intentional act.Three people were killed: Gerald Charest, 65, and Jean Lafreniere, 73, and Simon-Guillaume Bourget, 41.More coming.

Federal spending on staff grew rapidly during pandemic: parliamentary budget officer

Published Tue, 25 Feb 2025 01:34:36 GMT

OTTAWA — The parliamentary budget officer says the federal government’s spending on employees saw record growth during the COVID-19 pandemic. A newly published report says federal spending on personnel increased by almost 31 per cent between the 2019-20 and 2021-22 fiscal years. Spending on salaries, pensions and other employee compensation rose from $46.3 billion to $60.7 billion over that time period. The report says the public service expanded by the equivalent of 31,227 full-time employees between April 2020 and March 2022, with the government spending an average of 6.6 per cent more on each full-time worker.The Parliamentary Budget Office says the increase in salaries was the largest contributor to the rise in total compensation, but spending on pensions, overtime and bonuses also grew at a faster rate.The PBO says expenditure could rise further, with 26 out of 28 bargaining groups currently negotiating collective agreements.This report by The Canadian Press was first pub...

‘He’s a war criminal’: Elite Putin security officer defects

Published Tue, 25 Feb 2025 01:34:36 GMT

LONDON (AP) — On October 14, a Russian engineer named Gleb Karakulov boarded a flight from Kazakhstan to Turkey with his wife and daughter. He switched off his phone to shut out the crescendo of urgent, enraged messages, said goodbye to his life in Russia and tried to calm his fast-beating heart.But this was no ordinary Russian defector. Karakulov was an officer in President Vladimir Putin’s secretive elite personal security service — one of the few Russians to flee and go public who have rank, as well as knowledge of intimate details of Putin’s life and potentially classified information.Karakulov, who was responsible for secure communications, said moral opposition to Russia’s invasion of Ukraine and his fear of dying there drove him to speak out, despite the risks to himself and his family. He said he hoped to inspire other Russians to speak out also.“Our President has become a war criminal,” he said. “It is time to end this war and stop being silent.” Karakulov’s account general...

Warning, watch issued as severe weather moves into area

Published Tue, 25 Feb 2025 01:34:36 GMT

CHICAGO — A potential for a severe weather threat is expected for the Chicago area Tuesday afternoon into Wednesday morning.There is a Severe Thunderstorm Warning in effect for LaSalle County until 11:45 a.m. Additionally, a Severe Thunderstorm Watch is in effect for Cook, Grundy, Kendall, Ogle, DeKalb, Kane, LaSalle, Will, DuPage, Lake (IN) and Kankakee counties until 3 p.m. Scattered showers and thunderstorms are in the forecast Tuesday, with more potent storms —strong to severe — anticipated in the afternoon. Winds: E 10-15, G25 mph. High: 64. Interactive Radar: Track showers and storm here Mostly cloudy tonight with showers and thunderstorms expected, some strong to severe. Winds: S 15-25, G40 mph. Low 61.Wednesday Forecast: Some morning showers and thunderstorms are expected for Wednesday morning's commute, then clearing and colder temperatures with very windy conditions. Winds: SW 20-30, G50mph. High 70 early and then falling temps.Extended outlook calls for cooler tem...

Suburban man accused of exposing himself to 2 girls near playground

Published Tue, 25 Feb 2025 01:34:36 GMT

BATAVIA, Ill. — A suburban man was arrested Monday after he allegedly exposed himself to two pre-teen girls near a Batavia playground.On Sunday at around 4:30 p.m., a man reported to police that his daughter and another girl encountered a man who exposed himself to the girls near the playground at H.C. Storm School, located in the 300 block of North Van Nortwick Avenue.The man was last seen riding a bicycle southbound on the same street, police said.The next day, Matthew Mroz, 36, of St. Charles, was arrested by a Batavia police officer. ‘Covered with soap’: Driver accused of fleeing to car wash after Portage crash Following an investigation, he was charged with two counts of sexual exploitation of a child, public indecency within 500 feet of a school, public indecency and disorderly conduct.Anyone with more information on the incident can call police at 630-454-2500.