Wirecard’s Philippine Business Partners Under Probe, FT Says
Philippine regulators are investigatingWirecard AG’s local partner businesses which could establish the full extent of the Southeast Asian nation’s exposure to one of Europe’s worst accounting scandals, the Financial Timesreports.
The probe will examine Wirecard’s partners including PayEasy Solutions, Centurion Online Payment International and ConePay International, FT reports, citing Mel Georgie Racela, executive director at the nation’s Anti-Money Laundering Council. The entities were among those identified in the FT’s report last year that appeared, on paper at least, to do substantial business with the German company.
“We have included [around five] business partners of Wirecard as persons and entities of interest,” Racela told the FT report. “We also need to dig further in on the directors and officers of these business partners.”
“We are willing to talk to all parties involved to clean up this mess,” said Benjamin Diokno, the Philippine central bank governor, the FT reported citing an interview with him.
Carlyle To Buy 20% Stake in Piramal’s Pharmaceutical Business
Carlyle Group will purchase a 20% stake in Indian billionaire Ajay Piramal’s pharmaceutical business,according to an exchange filing.
The private equity fund will pay $490 million for the holding, valuing the business at an enterprise value of $2.7 billion. In addition to helping expand capacity of the pharmaceutical operations, the Piramal group will use the money to repay some of parentPiramal Enterprises Ltd.’s debt, the filing said.
“This infusion of funds will further strengthen our balance sheet and provide us with a war chest for the next phase of our strategy,” Ajay Piramal, chairman of Piramal Enterprises, said in the filing.
In May, Carlyleagreed to buy up to 74% of SeQuent Scientific, the largest pure-play animal healthcare company in India.
Hong Kong Police Ban July 1 March Amid Tension Over Security Law
Hong Kong police have declined to permit one of the city’s largest annual marches as Chinese lawmakers finalize a sweeping national security law for the former British colony.
The march planned for the July 1 anniversary of Hong Kong’s return to Chinese sovereignty is against the city’s social distancing rules and may cause violence, the police said in a statement Saturday circulated by its organizer Civil Human Rights Front. The group has arranged some of the city’s largest-ever protests, including peaceful marches against a controversial extradition bill last year that attracted more than a million people and helped lead to the proposal’s ultimate withdrawal.
The rejection came amid rekindled political tension in Hong Kong triggered by the national security law that some fear could damage freedom of expression and the rule of law. The city has already been hit by months of social unrest that started in June last year against China’s tightening grip over Hong Kong, as well as the Covid-19 pandemic that has paralyzed retail and tourism.
Civil Human Rights Front said it will appeal Sunday against the decision. The police have already issued an unprecedented ban against an annual candlelight vigil on June 4 marking the Chinese military crackdown on pro-democracy protesters in Tiananmen Square in 1989.
Singapore and Malaysia to Create Rules for Cross-Border Travel
Singapore and Malaysia agreed to establish reciprocal arrangements for essential business travel and periodic commuting, following a call between their respective prime ministers on Friday.
The Reciprocal Green Lane will “facilitate cross-border travel for essential business and official purposes,” according to a statement from Singapore’s Ministry of Foreign Affairs, which was published on Saturday. A Periodic Commuting Arrangement will allow Singapore and Malaysia residents with long-term immigration passes to periodically return to their home countries.
It’s one of the world’s first agreements to allow cross-border travel following the coronavirus crisis, and will be seen as a model for other nations. Similar agreements with low affected countries like Australia and New Zealand have also been considered.
Both prime ministers told their officials to “work expeditiously on the operational details” of the arrangements, which are expected to include additional rules around public health.
Chris Hayes Demands Donald Trump Resign With Damning Review Of His Presidency
Chris Hayes on Friday delivered a damning assessment of Donald Trump’s time in office and his failures over the coronavirus pandemic as he explained in detail why the president should quit.
Trump has “failed definitively” with his fumbled handling of the public health crisis, argued the host of MSNBC’s “All In.” “And it is an urgent matter of public health, of public safety at this moment for the president, Donald Trump to resign.”
Hayes said the United States is “in the midst of one of the worst governing failures in American history” and “no country on Earth this far into this pandemic that has bungled it this badly.”
He described Trump’s entire presidency as “terrible,” noting his “lawlessness to his incompetence, what he has done to immigrants and immigrant children, what happened with Hurricane Maria in Puerto Rico” and for “putting his personal interest ahead of the country, which was what he was impeached for.”
The U.S. has “reached a new depth,” said Hayes, “as coronavirus cases race back up, the president ignored warnings from his public health experts that resulted in tens of thousands of preventable deaths. And we’re looking at tens of thousands more.”
“If this presidency had creditors, the virus’ resurgence this week would have been a default event. Only it is not his creditors who are suffering. It is us,” he added.
Check out Hayes’ full monologue above.