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Canadian • Man accused in huge Rexall Place theft arrested by Interpol
Man accused in huge Rexall Place theft arrested by Interpol in UK
Edmonton police say Alvin Goh will soon be returned to Canada
BY JANA G. PRUDEN, EDMONTON JOURNAL JUNE 5, 2013 12:06 AM
Edmonton resident Alvin Goh is listed as a wanted person on the Interpol website.
EDMONTON – An Edmonton man accused of stealing at least $700,000 while working at Rexall Place has been arrested by Interpol after fleeing to the United Kingdom, the Journal has learned.
Alvin Jackson Goh, 37, was arrested May 25 in Manchester, England, and remains in custody in the U.K, police spokeswoman Clair Seyler confirmed Tuesday.
An international warrant was issued for Goh after he failed to turn himself in to Edmonton police on May 17 as had been arranged through his lawyer, and Seyler said he appears to have fled the jurisdiction.
Goh remains in custody in the U.K., as police in Edmonton finalize plans to bring him back to Canada to face the criminal charges. Seyler said that is expected to happen shortly.
Goh is currently charged with theft over $5,000, possession of property obtained by crime and laundering the proceeds of crime.
Seyler said the charges relate to more than 200 incidents of theft from Dominion Sportservice Corp., the company that provides food service at Rexall Place, where Goh previously worked as a bartender and, after receiving a promotion, operations manager. The current charges allege more than $700,000 was stolen over a period of about four years.
Goh was first charged in March 2012 with theft and possession of stolen property. The charges were stayed a few months later but were then recommenced this year, along with the additional charge of laundering proceeds of crime.
Seyler said the charges are the result of a long, complex investigation, and there’s a possibility more charges may be laid.
“It was a very involved investigation and it took a long time,” she said. “It was an exhaustive investigation.”
The thefts are alleged to have occurred between April 2008 and January 2012, when Goh was put on paid administrative leave as police and Goh’s employer investigated an alleged theft from the company.
Photographs posted by Goh on the Internet in February 2012 show tourist sites in and around England, including Stonehenge, Oxford University, and Harrod’s department store.
A statement of claim filed by Dominion Sportservice against Goh in 2012 alleged he had taken bags of money containing about $470,000 from a company vault and had stolen another $600,000 while he was working as a bartender. The $1-million lawsuit contained allegations of lavish spending, and included an affidavit that said Goh convinced a co-worker to get an American Express card in his name, then ran up huge bills with international travel, tickets to shows by Taylor Swift and Jerry Seinfeld, and a 10-day trip to London that cost more than $32,000. Goh’s statement of defence denied the allegations.
http://www.edmontonjournal.com/news/acc … story.html
Statistics: Posted by yoda — Wed Jun 05, 2013 12:35 am
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International News • Huge gay marriage protest turns violent in Paris
Huge gay marriage protest turns violent in Paris
About 400,000 traditionalists take to streets to oppose new law
John Lichfield Sunday 26 May 2013
1 / 1Activists against same-sex marriage took to the streets in ParisGetty images
Riot police fought running battles with hard-right protesters in the heart of Paris at the end of a mostly peaceful demonstration against gay marriage.
About 200 young people, many of them masked, pelted police lines with bottles, stones, fireworks and flares. The crowd – led bizarrely at one stage by a lone bagpiper – chased and beat up TV crews and press photographers. Police and gendarmes responded with tear gas and baton charges.
There were surreal battle scenes on the Esplanade des Invalides beside the foreign ministry as 200 gendarmes in riot gear formed into defensive squares to beat off attacks from running bands of protesters. Although a hard core of about 200 hard-right youths started the fighting, many hundreds of other, soberly dressed, middle-class protesters cheered them on.
Priests in long cassocks observed the battles without attempting to intervene. Other, more peaceful demonstrators stood in lines or circles nearby holding hands, praying and singing as tear gas and red smoke from flares swirled around them.
Earlier about 400,000 people, including many children, had defied warnings of possible far-right violence and marched in peaceful protest against France’s newly enacted law permitting same-sex marriage. Twenty members of a xenophobic far-right group, "Génération Identitaire", clambered on to the roof terrace of the headquarters of the Socialist party during the afternoon and unfurled a banner calling for the resignation of President François Hollande. They were rapidly dislodged and arrested by police.
Even before the violence broke out, the government said that there had been 96 arrests, mostly for possession of weapons.
The "marriage-for-all" law, allowing gay couples to marry in town halls and adopt children, passed its final legal and constitutional hurdles earlier this month.
The first officially recognised same-sex marriage in France will take place between two men in Montpellier on Wednesday.
The passage of the law, and warnings of possible violence, had been expected to dampen the ardour of protesters for what was billed as the "last demonstration" in a series of half a dozen large rallies that began in December. Police put the turn-out at 150,000. The organisers claimed 1,000,000. Other organisers estimated over 400,000, which seemed closest to the mark.
Same-sex marriage has provoked the most prolonged and powerful right-wing demonstrations in France for three decades. Since the law was passed, the movement has begun to splinter into moderate and extremist wings.
One of the principal leaders of the protests, the satirist turned activist Frigide Barjot stayed away from her own demonstration after receiving a flurry of death threats from extremist homophobes who accused her of being too moderate and a government "stooge".
"Frigide was wrong not to come," said Alain, 38, a lawyer who was demonstrating with his wife and two young sons. "The threat of violence is nothing in comparison to the threat we face from this law. This is just the beginning of a programme of legislation to impose the socialist ideology of one gender and to destroy the foundations of the family."
Many of the banners and signs in the protests made similarly apocalyptic claims about the importance of the law. The largest of the marches, starting in the well-heeled 16th arrondissement of Paris, was led by a 30ft-wide banner that proclaimed: "No to a change of civilisation."
The marchers insist that the real damage will come not from gay marriage but from allowing same-sex couples to adopt.
This, they say, will trample the fundamental principle that every child should have a mother and a father. It will also, they insist, blur or destroy the concept of "filiation" or parental origins and lead to a shallow, rootless, immoral society. As a result, many slogans appeared to complain about adoption or single-parent families as much as against gay marriage. "No, to the anonymity of origins" said one large banner held by 20 people.
http://www.independent.co.uk/news/world … 32878.html
Statistics: Posted by yoda — Sun May 26, 2013 7:38 pm
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Agriculture • Wheat prices dip after US foresees huge world crop
Wheat prices dip after US foresees huge world crop
Wheat prices extended losses after US farm officials lifted the bar on estimates for this year’s world harvest of the grain, and cautioned over heightened competition among exporters to secure orders.
The US Department of Agriculture, in its first forecasts for 2013-14 season, pegged the world wheat harvest at a record 701.10m tonnes, lifted by a sharp recovery in former Soviet Union harvest, and increases in Australia, Canada and the European Union too.
"Production is projected higher in all of the world’s major exporting countries," the USDA said in its benchmark Wasde report on world crop supply and demand.
Indeed, the Russian harvest was seen rebounding 49% from last year’s drought-affected levels to 56.0m tonnes, narrowly overtaking US production.
The world figure was above forecasts from other commentators, including a 695m-tonne forecast from the United Nations Food & Agriculture Organization on Thursday, and a 680m-tonne estimate from the International Grains Council.
Export competition
With all major world wheat exporting enjoying strong harvests, the US itself faced a drop of nearly 10% in its own shipments, to 25.2m tonnes (925m bushels).
Wasde wheat estimates, change on last and (on market forecast)
2012-13 US carryout stocks: 731m bushels, unchanged, (-2m bushels)
2012-13 world carryout stocks: 180.17m tonnes, -2.089m tonnes, (-1.36m tonnes)
2013-14 US carryout stocks: 670m bushels, N/A, (+12,000 bushels)
2013-14 world carryout stocks: 186.38m tonnes, N/A, (+2.01m tonnes)
Sources: USDA, ThomsonReuters
"Large crops for major export competitors limit opportunities for US wheat," the USDA said.
The impact was exacerbated by strong crops in many importing nations, with Middle Eastern purchases, for instance, expected to drop more than 20%.
"Also affecting global trade prospects are year-to-year production increases for major importers, the Middle East and North Africa, where weather has been favourable for winter crops since seeding last fall," the USDA said.
http://www.agrimoney.com/news/wheat-pri … -5823.html
Statistics: Posted by yoda — Sun May 12, 2013 12:37 pm
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Huge Value-Added Tax Increases in Europe Show Why Washington Politicians Should Never Be Given a New Source of Tax Revenue
Daniel J. Mitchell
The most important, powerful, and relevant argument against the value-added tax in the short run is that we can balance the budget in just five years by capping spending so it grows at the rate of inflation, a very modest level of fiscal restraint.
The most important, powerful, and relevant argument against the value-added tax in the long run is that more than 100 percent of America’s long-term fiscal problem is too much spending.
So why even consider giving politicians a new source of revenue such as the VAT, particularly since this hidden form of national sales tax helped cause the European fiscal crisis by facilitating a bigger welfare state?*
And now Europeans are doubling down on that failed approach, thus confirming that politicians will rarely make necessary spending reforms if they think more revenue can be squeezed from taxpayers.
Here’s a chart taken from the recent European Commission report on taxation trends in the EU. As you can see, the average VAT rate in Europe has jumped by nearly 2 percentage points in just five years.
As I explained last week, European politicians also have been increasing income tax rates, so taxpayers are getting punished when they earn their income and they’re getting punished when they spend their income.
Which helps to explain why much of Europe is suffering from economic stagnation. Given the perverse incentives created by redistributionist fiscal policy, it makes more sense to climb in the wagon of government dependency.
For more information, here’s my video that describes the VAT and explains why it’s a bad idea.
*The same thing is now happening in Japan.
P.S. I don’t know if you’ll want to laugh or cry, but the tax-free bureaucrats at the Organization for Economic Cooperation and Development actually argue that the VAT is good for jobs and growth.
View full post on Cato @ Liberty
Agriculture • Canadian farmers planning huge wheat plantings
Canadian farmers planning huge wheat plantings
Canadian farmers are planning even bigger switch to wheat this year than had been thought, at the expense of barley and rapeseed – although the late spring could yet thwart their ambitions.
Growers in Canada, the world’s third-ranked wheat exporter after the US and the European Union, intend to hike sowings of the grain by 12.3% to 26.6m acres (10.77m hectares), an official survey showed.
Some increase in area had been expected from last year, thanks to price signals, with Canada’s farm ministry last week flagging the incentive offered by "good prices, low carry-in stocks and a shift out of canola", of which yields last year proved very disappointing.
However, the extent of the increase in Wednesday’s Statistics Canada report proved far larger than the 7% rise to 25.23m acres that the farm ministry forecast.
Investors had expected a figure of 24.4m acres.
Assuming a 2% abandonment rate, and a typical yield of 1.1-1.2 tonnes per hectare, the StatsCan figure implies a potential harvest of some 30m tonnes, the highest in 23 years.
‘Trade is somewhat sceptical’
However, the data prompted some disbelief among analysts, with Richard Feltes, at Chicago based broker RJ O’Brien, saying the "trade is somewhat sceptical of the much-higher-than expected StatsCan wheat area, especially in light of delayed start to 2013 seeding".
Plantings of spring crops in much of North America have been slowed by cold and overly wet weather, but particularly in the northern US and Canada, much of which is still covered with snow, which presents a flooding risk with melt expected to speed up with the onset of warmer temperatures this weekend.
US Department of Agriculture officials in North Dakota, the country’s main spring wheat state, on Monday reported that snow cover averaged 5.9 inches across the state, and forecast that farmers would not begin fieldwork until May 5, at which time growers have usually planted more than one-third of their crop.
StatsCan said in its report that "farmers may modify their plans prior to planting time as a result of environmental conditions.
"Some farmers reported that they were still undecided about their final strategies for 2013 as snow lingered in fields in most parts of Canada at the time of the survey," undertaken around the turn of month.
Rapeseed prices rise
Farmers intend to draw the extra wheat area from an even bigger drop in canola plantings than had been thought after last year’s result, when yields tumbled nearly 20%, hurt by poor weather and disease pressures encouraged by repeated sowings.
The canola area was pegged at 19.133m acres (7.74m hectares), a drop of 11.1% year on year.
The farm ministry last week pegged plantings of the rapeseed variant at 21.25m acres, with analysts forecasting a 20.3m-acre figure.
The immediate market impact was to send Winnipeg canola prices 0.5% higher to $642.50 a tonne, for May delivery.
In Paris, rapeseed for May touched E487.75 a tonne, among the highest prices for a spot contract in the last six months, before easing back to E468.25 a tonne as of 16:20 local time (15:20 UK time), a gain of 0.9%.
Barley area to decline?
Canadian growers also intend to cut sowings to barley, down 2.2% to 7.2m acres according to the StatsCan report, contrasting with the rise to 7.78m acres expected by the farm ministry.
However, sowing delays would tend to favour barley, which has a shorter growing season than wheat.
Canadian farmers intent to plant record areas for corn, up 2.0% at 2.3m acres, and soybeans, up 3.4% at 4.3m acres, according to StatsCan.
http://www.agrimoney.com/news/canadian- … -5764.html
Statistics: Posted by yoda — Wed Apr 24, 2013 10:13 am
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Max Baucus, ObamaCare’s Lead Author, Sees ‘Huge Train Wreck Coming Down’
Michael F. Cannon
I should probably just turn this one over to Sam Baker at The Hill:
Sen. Max Baucus (D-Mont.) said Wednesday he fears a “train wreck” as the Obama administration implements its signature healthcare law.
Baucus, the chairman of the powerful Finance Committee and a key architect of the healthcare law, said he’s afraid people do not understand how the law will work.
“I just see a huge train wreck coming down,” Baucus told Health and Human Services Secretary Kathleen Sebelius at a Wednesday hearing. “You and I have discussed this many times, and I don’t see any results yet.”
Baucus pressed Sebelius for details about how HHS will explain the law and raise awareness of its key provisions, which are supposed to take effect in just a matter of months.
“I’m very concerned that not enough is being done so far — very concerned,” Baucus said.
He pressed Sebelius to explain how her department will overcome entrenched misunderstandings about what the healthcare law does.
“Small businesses have no idea what to do, what to expect,” Baucus said.
Citing anecdotal evidence from small businesses in his home state, Baucus asked Sebelius for specifics about how it is measuring public understanding of the law.
“You need data. Do you have any data? You’ve never given me data. You only give me concepts, frankly,” Baucus told Sebelius.
Sebelius said the administration is not independently monitoring public awareness of specific provisions, but will be embarking on a substantial education campaign beginning this summer.
Baucus is facing a competitive reelection fight next year, and Republicans are sure to attack him over his role as the primary author of the healthcare law.
A messy rollout of the law’s major provisions, just months before Baucus faces voters, could feed into the GOP’s criticism.
Wednesday’s hearing wasn’t the first time Democrats — including Baucus — have raised concerns about the implementation effort. But while other lawmakers have toned down their public comments as they’ve gotten answers from Sebelius, Baucus said Sebelius has not addressed his fears.
“I’m going to keep on this until I feel a lot better about it,” Baucus told Sebelius…
Enrollment in the healthcare law’s insurance exchanges is slated to begin in October, for coverage that begins in January. Baucus, though, said he’s worried exchanges won’t be ready in time.
“For the marketplaces to work, people need to know about them,” Baucus said. “People need to know their options and how to enroll.”
Who knew that running the health care sector would be hard.
View full post on Cato @ Liberty
International News • BANKS SET FOR HUGE FINES IN SWAPS PROBE
BANKS SET FOR HUGE FINES IN SWAPS PROBE
UK banks could be set for another scandal, this time involving complex financial products
Friday February 1,2013
BRITISH banks are heading for another scandal that could cost the industry billions of pounds after small firms were mis-sold complex financial products.
A pilot study by the Financial Services Authority found that in 90 per cent of cases the sale of so-called interest rate hedging products, known as swaps, broke at least one rule.
It is estimated that as many as 40,000 rate swaps have been sold to small businesses since 2001.
The watchdog yesterday said that Barclays, HSBC, Lloyds and Royal Bank of Scotland had agreed to carry out a full review of sales of such swaps and to calculate how much compensation should be paid.
We believe that our work will ensure a fair and reasonable outcome for small and unsophisticated businesses
Martin Wheatley, chief executive designate of the Financial Conduct Authority
It follows last summer’s finding by the FSA that banks had shown “serious failings” in the sale of the products. Analysts think the total bill for the sector could amount to between £1billion and £10billion.
So far the big four banks have jointly set aside £650million but RBS, which had previously set aside £50million, yesterday said it would “meaningfully increase its provision”.
Other banks are likely to be drawn into the investigation and the FSA said it was also reviewing the sale of swaps by Allied Irish Bank, Bank of Ireland, Clydesdale and Yorkshire banks, Co-operative Bank and Santander.
Martin Wheatley, chief executive designate of the Financial Conduct Authority, said: “We believe that our work will ensure a fair and reasonable outcome for small and unsophisticated businesses.”
Rate swaps were sold as protection against a rise in interest rates.
However, after looking at 173 cases, the FSA raised concerns that many customers did not understand the risks involved.
The British Bankers’ Association said: “Any business which is currently facing financial distress and is seeking a suspension of payments should get in touch with their bank immediately.”
Swaps expert Alison Loveday at solicitors Berg warned: “This isn’t the end of the battle, this is the start of a very messy war.
“In simple terms, we now have a small business version of PPI in terms of impact.”
http://www.express.co.uk/posts/view/374 … waps-probe
Statistics: Posted by yoda — Fri Feb 01, 2013 12:41 am
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American • Deutsche Bank Made Huge Profit on Libor Bets
Deutsche Bank Made Huge Profit on Libor Bets
Bank, on whose advisory board sits Chuck Hagel, is also being investigated for Iran sanctions violations
BY: Washington Free Beacon Staff
January 10, 2013 11:43 am
Deutsche Bank, on whose board sits President Barack Obama’s secretary of defense nominee Chuck Hagel, made major profits in 2008 on bets related to the London interbank offer rate (Libor).
Deutsche Bank made at least $654 million in 2008 from trades pegged to the Libor currently being investigated by regulators, the Wall Street Journal reported.
The German bank’s trading profits resulted from billions of euros in bets related to the London interbank offered rate, or Libor, and other global benchmark rates.
Regulators have been investigating allegations that more than a dozen banks, including Deutsche Bank, rigged Libor and other interest rates underpinning trillions of dollars in loans and other financial contracts. …
So far, an internal inquiry by Deutsche Bank aimed at uncovering evidence of Libor manipulation has found misconduct by just a few individuals, people close to the bank said. As part of its cooperation with investigators, Deutsche Bank still is checking all the trades for any suspicious signs.
Regulators have alleged a conspiracy by global banks to rig interest rates, with some traders brazenly boasting about their prowess at moving the influential rates up or down at their whims. Libor is determined daily using bank-submitted estimates of how much it would cost the banks to borrow in different currencies and over different time periods.
The Free Beacon reported in December that Hagel sits on the board of Deutsch Bank. This is not the first time the bank has been investigated for shady dealings.
The bank is also under investigation for allegedly violating a United States trade embargo on Iran’s oil and energy sector, which is believed to play a key role in Tehran’s nuclear enrichment program.
http://freebeacon.com/deutsche-bank-mad … ibor-bets/
Statistics: Posted by yoda — Thu Jan 10, 2013 11:46 am
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Agriculture • Huge sales by speculators fuelled wheat price dip
Huge sales by speculators fuelled wheat price dip
A massive sell-off by speculators fuelled a decline in values of US wheat which has left the grain looking amongst the cheapest in the world, challenging Indian supplies on price.
Managed money, a proxy for speculators, cut it net long position in Chicago wheat futures and options by more than 22,000 contracts, the biggest sell-down since January, regulatory data showed.
The data were for the week to December 11 – a day marked by the US Department of Agriculture’s 50m-bushel cut to its forecast for US wheat exports in 2012-13, a downgrade which sent prices of the grain tumbling to their lowest since July.
Indeed, by late last week US soft wheat "had become just about the cheapest in the world, possibly even undercutting Indian exports of somewhat dubious quality", grain traders at a major European commodities house said.
State-run trading houses PEC and MMTC last week received offers of about $324 a tonne for Indian milling wheat, equivalent to some $8.80 a bushel.
‘Large long liquidation’
Speculators also cut their bets on rises in Kansas hard red wheat futures and options – by more 4,000 contracts to the lowest net long position since early summer – although, at 36,715 lots, it represents significantly more optimistic positioning than that in Chicago soft red winter wheat derivatives.
And, in Chicago corn, managed money cut its net long position by more than 50,000 contracts, marking a week which Paul Georgy at broker Allendale said witnessed "the largest long liquidation in corn by funds in 18 months".
Many investors are also downbeat on US corn export prospects, with South Korean tenders last week highlighting the competitiveness of Argentine and Brazilian offers, despite supplies there supposed to be running low.
"US corn is still priced at a $30-a-tonne premium to South American offers," Brian Henry at Benson Quinn Commodities said.
Soybean sell-down stalls
Speculators’ turn bearish on grains contrasted with a more positive view on soybean futures and options, in which the managed money net long position increased for the first time since October.
Soybean prices, boosted by strong US exports and domestic processing volumes, have continued to recover from November lows below $14 a bushel, and returned back above $15 a bushel on Monday for the first time in six weeks.
And, among soft commodities, speculators continued to rebuild a net long position in cotton, in which the USDA last week reduced its estimate for US stocks at the close of 2012-13 by 400,000 bales to 5.4m bales.
‘Getting oversold’
However, they returned to selling down New York raw sugar, in which their net long fell nearly to 10,000 lots, the lowest in five years.
Indeed, the extent of the sell-down, on ideas of a large world production surplus in 2012-13, has raised concerns over speculators’ appetite for further liquidation, and was seen as fuelling a rebound of 0.8% to 19.16 cents a pound in March futures in early deals on Monday.
"The perception was that the market was getting oversold," Nick Penney at Sucden Financial said.
However, he added that "we have seen these [investor positioning] induced rallies before and suspect once this is fully digested normal service on the downside will be resumed".
http://www.agrimoney.com/news/huge-sale … -5338.html
Statistics: Posted by yoda — Mon Dec 17, 2012 11:08 am
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Agriculture • Weather woes hit hopes for huge SA corn, soy crops
Weather woes hit hopes for huge SA corn, soy crops
Hopes for big South American crops buyers are relying on to fill supply gaps left by drought-hit US harvests took a knock with the first talk that a difficult sowing season had curtailed yield harvest.
The run of upgrades to Brazil’s soybean crop went into reverse as Michael Cordonnier, the respected crop scout, trimmed his forecast to 80m tonnes, from 81m-83m tonnes, albeit still a record high.
He warned that a downgrade was on the way to his forecast for Argentine corn too, following persistent rains which have left "fields two-feet deep in water as far as the eye can see".
And, separately, Oil World cautioned that "there is now a higher risk that initial estimates of a sharp increase in [South American] soybean production… will not fully materialise".
The analysis group has pegged the continent’s 2012-13 soybean output at 153.5m tonnes, a rise of 36m tonnes year on year.
‘Very troublesome’
The downgrades follow a further period of weather extremes, following last season’s drought, which has landed much of Argentina and southern Brazil with excessive rain, while leaving many central and northern parts of Brazil with too little moisture.
"Excessive rainfall has reportedly been received on roughly 50% of the total Argentine oilseed and grain area," Oil World said.
Dr Cordonnier, noting that Argentine corn sowings were 38% complete, some 20 points behind last year, said that "planting is very troublesome", adding that the slow rate of seedins was "becoming a big issue".
"Argentina is not going to get a lot of corn planted any time soon,"
While this could boost production of soybeans, as farmers switch to a crop which can be later planted, it was not clear that farmers "will not have problems planting soybeans as well", he told Agrimoney.com.
‘Very hot and very dry’
In Brazil, soybean sowings were also running behind, by as much as 20 points in Goias, where weather has been "very hot and very dry", with temperatures reaching 103 degrees Fahrenheit, Dr Cordonnier, at Soybean and Corn Advisor, said.
Oil World said that Brazil’s soybean sowings were lagging by 1.3m-1.5m hectares, as of October 19, adding that it was likely that "in the first or second week of November there will be headlines circulating in newswires about alarming soybean planting delays of around 3m hectares behind last year’s pace in Argentina and Brazil combined".
The problem for the central and northerly regions was that in some areas, such as the western part of top soybean-growing state Mato Grosso, the first rains arrived on schedule last month, prompting farmers to make a start on sowings.
"But they never got the second rains" needed to support the crop, Dr Cordonnier said.
Germination rates were, at 25-35%, poor, meaning many farmers were "waiting for rain, and will then replant".
‘Spotty start’
Rains are in fact forecast for the next two days, which could have a significant influence.
"it’s time to get the stuff in the ground. It has been a spotty start to the growing season."
http://www.agrimoney.com/news/weather-w … -5158.html
Statistics: Posted by yoda — Tue Oct 30, 2012 9:49 am
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