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Russia has nothing against Ukraine joining the EU

The two Americans captured in Ukraine committed “crimes,” Moscow claims

Two Americans captured in Ukraine fighting with Kiev’s forces “endangered” Russian soldiers and “should be held accountable for these crimes,” Kremlin spokesman Dmitry Peskov said Monday in an interview with American broadcaster NBC News .

According to NBC, this is the Kremlin’s first comment on the case of these two former American soldiers, Alexander Drueke and Andy Huynh.

“They are mercenaries and were involved in illegal activities on the territory of Ukraine,” Dmitry Peskov said in English. “They were involved in shootings and bombings” by Russian soldiers, “they risked their lives,” he continued.

“They must be held accountable for the crimes they committed,” added the Kremlin spokesman. “These crimes must be investigated.”

When asked about the nature of the crimes the two Americans were accused of, Dmitry Peskov admitted that the characteristics of their crimes were not yet known, but made sure they did not fall under the Geneva Conventions on Prisoners of War.

The two men “do not belong to the Ukrainian army, so they are not subject to the Geneva Conventions,” he argued.

Last week, Russian public television released videos of Alexander Drueke and Andy Huynhe on social media.

The circumstances under which the two former soldiers are being held and who is holding them are unclear. Mr. Peskov contented himself with saying that they were in the hands of the “authorities”.

Whether they face the death penalty, the Russian spokesman said: “It depends on the investigation.”

US President Joe Biden said on Friday he did not know the whereabouts of the two men, who had joined other foreign volunteer fighters in addition to the Ukrainian army.

A State Department spokesman confirmed Saturday that he had seen the photos and videos of the two American citizens “allegedly captured by Russian forces in Ukraine.” “We are monitoring the situation closely,” he told the AFP news agency.

Also asked about the detention of American basketball star Brittney Griner in Russia for transporting narcotics, Mr Peskov dismissed the idea that she was being held hostage: “We cannot consider her a hostage. Why should we call her a hostage? She broke Russian law and is now being prosecuted.”

Brittney Griner was arrested at Moscow airport in February after “vaping” and “a liquid with a peculiar smell” of cannabis oil were found in her carry-on luggage, according to Russia’s Federal Customs Service. You face up to 10 years in prison.

In May, Washington said Russia was “unfairly” detaining the basketball player. His case is now on the American side with the United States’ special envoy, who is responsible for the hostage-taking. His detention was extended until July 2 by a court near Moscow.

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Morgan Stanley Stocks with strong balance sheets and attractive yields

Morgan Stanley: Stocks with strong balance sheets and attractive yields

According to Morgan Stanley, European companies have never been richer and are ready to inject the cash – including paying out some of it to shareholders. The Wall Street bank has named a number of stocks that have strong balance sheets, stable cash flows, and will return excess cash to shareholders through buybacks and dividends. “With uncertainty high and the MSCI Europe down 13.5% year-to-date, strong balance sheets, ample liquidity and resilient free cash flow are the focus of investors,” Morgan Stanley strategists led by Todd Castagno said on June 17 . “Companies with such attributes should be able to weather any sustained storm, deploying capital effectively and capitalizing on opportunities that come their way,” they added. Now the MSCI Europe is even deeper in the red. The index is down more than 20% for the year and could see further downside as central banks around the world hike interest rates to curb rising inflation. With the stock market being a tough hunt these days, Morgan Stanley has attempted to compile a list of stocks with strong balance sheets and attractive returns for shareholders. “When there is a lot of uncertainty and volatility, investors tend to go back to fundamentals, the most fundamental of which are cash and free cash flow. Cash levels are a good indicator of how companies perceive the business environment, and uncertain times tend to lead to increases in cash,” Castagno said. The bank noted that MSCI Europe companies collectively hold about 1.2 trillion euros ($1.26 trillion) in cash in the first quarter of this year, with nearly half of the companies showing an increase in cash over the same reporting period of the previous year. Strong Balance Sheets Morgan Stanley looked for companies with “cash and cash equivalents to operate and service debt; and … [the] Ability to meet long-term commitments with relatively comfortable levels of debt, leverage and interest coverage.” Stocks that popped up on screen include technology consultancy Capgemini, food giant Compass Group, food giant Nestle, Ferrari, Airbus and luxury giant LVMH. All will bank rated overweight Read more These global stocks with low volatility and low dividends are outperforming the market — and could rise Goldman Sachs says these global companies are poised to return more cash to shareholders These battered global tech stocks have strong fundamentals — and Analysts Love Them Resilient Cash Flow Morgan Stanley also likes companies with resilient free cash flow Free cash flow – the cash flow generated by a company after accounting for operating and capital expenditures – is used as a measure of financial health and profitability ability is an important measure of the amount of capital that can be returned to shareholders through dividends and/or buybacks. “Cas Rich companies with high free cash flow yields should also have better downside protection while offering upside potential if management is able to use its cash effectively,” Castagno said. The bank looked for stocks that are expected to grow its free cash flow by more than 7% over the next two years. The stocks are also expected to increase their return on invested capital — a measure of how well a company is using its capital to generate earnings metrics — by more than 10%. Overweight stocks that popped up on the bank’s screen include oil companies BP and Shell, shipping company AP Moller-Maersk, mining company Rio Tinto and delivery company Deutsche Post. Attractive total returns Companies can return capital to shareholders in a variety of ways, including through dividend payments and share buybacks. Stock buybacks are when a company buys back its own stock from the stock market. This increases the company’s earnings per share given the smaller tally of outstanding shares and potentially increases the value of the stock. Morgan Stanley noted that net buybacks and dividends have accelerated over the past 12 months, with 397 billion euros returned to shareholders over the period. That’s a 66% increase from a year earlier, the bank noted. “Companies with sustainable cash flows could benefit from low valuations and accelerate shareholder returns,” Castagno said. Stocks that appeared on the bank’s stock list with attractive total shareholder returns include mining company Glencore, insurer AXA, French supermarket chain Carrefour, German specialty chemicals company Evonik, French tire maker Michelin and German industrial group Siemens. Only two stocks appeared on all three screens – automaker Stellantis and Norwegian renewable energy company Norsk Hydro. Both stocks have strong balance sheets, stable cash flows, and offer attractive total returns, according to Morgan Stanley.

Morgan Stanley: Stocks with strong balance sheets and attractive yields Read More »

Tech stock picks for EV boom UBS on EV related stocks

Tech stock picks for EV boom: UBS on EV-related stocks

UBS has selected its top tech stocks to power the electric vehicle revolution. “As EV penetration increases and autonomous driving emerges, we are seeing exponential growth within tech supply chains,” UBS analysts led by Grace Chen said June 17. They expect 2026 to be a “tipping point” for electric vehicles, when the global EV market will surpass the combined market size of PCs, smartphones, and servers. And increasing electrification and automation will drive electronic content per vehicle — offering tech companies a key growth opportunity, Chen said. Within the technology sector, UBS believes semiconductor vendors are likely to benefit the most given the significant increase in semi-content in an electric vehicle. The bank expects global semi sales to more than triple from $30 billion in 2015 to $109 billion in 2030, driven by advanced driver assistance systems (ADAS) and powertrains. Stock picks Within the power semi-area, UBS likes Infineon, which it believes is “one of the biggest and best placed” beneficiaries of the coming EV revolution. It also likes Nvidia in the ADAS range. The bank views the stock as a core stock for any growth portfolio and sees cars as a “rich playing field” for the company. It also sees “rich opportunities” for the company to repeat its partnerships with Mercedes and Jaguar Land Rover. Delta Electronics from Taiwan is also on the UBS list. The bank believes that Delta is “ahead of many Taiwanese hardware competitors” when it comes to electric vehicles and expects the company to post 19% year-over-year earnings growth in 2022, largely driven by its electric vehicle portfolio is. UBS said it is bullish on Japanese electric motor maker Nidec as it focuses on the EV motor business. The bank also sees opportunities for the company in new areas such as machine tools for EV parts. French auto supplier Valeo is another stock UBS likes. The company believes that the company is one of the best positioned automotive suppliers to expand market share in EV powertrains. Another analyst favorite is Irish auto parts maker Aptiv, which UBS ranks as one of the highest-quality names in autos. The bank also believes the company is well positioned to capitalize on the strength of the US market. The German automotive supplier Vitesco Technologies is also on the list. The bank noted that the company has completed its transition to electrification and now has one of the largest electrification product portfolios. Eyes on Apple According to UBS, more than 50% of the materials used in an electric vehicle relate to electronic content, compared to just 10% in a conventional internal combustion engine vehicle. The bank believes tech companies will benefit as EV brands increasingly work directly with them, while the emergence of open platforms will allow tech companies to establish their presence in the EV ecosystem. “We expect technology companies to accelerate their investment in the automotive industry as IT products continue to grow, thereby gaining market share in the automotive sector from a low base,” said Chen. UBS is also keeping an eye on Apple should the tech giant decide to enter the EV market. The bank said the company will most likely stick to an asset-light strategy that could turn EVs into a smartphone-like supply chain, according to Chen.

Tech stock picks for EV boom: UBS on EV-related stocks Read More »

The Warriors parade in large

The Warriors parade in large

The Golden State Warriors have been accustomed to taking home the Larry O’Brien Trophy and winning their fourth championship in eight years for a number of years. However, they hadn’t marched the streets of California since 2018. It was a gift of joy – and booze – that they feasted with their supporters on Monday.

• Also read: A special championship for Stephen Curry and the Warriors

Gary Payton II went shirtless for most of the parade, Canadian Andrew Wiggins made sure to douse as many people as possible with alcohol and Draymond Green slammed all his critics.

“What can I tell you? That we’re the best? It’s been an incredible year since Green first took off, and his remarks were picked up by the ESPN network. I told you let’s not win a championship, but of course nobody could stop us.

Contrary to tradition, the Warriors players did not give an interview in front of the public before the start of the parade, but did so during a ceremony in front of friends and families, as well as team staff, during a private ceremony and on television.

“We’re here to represent you. The energy and the inspiration you give us, all those things are important, mentioned an emotional Stephen Curry. So we do this to entertain you, to give you a team to cheer for and be passionate about. It gives us a platform to do things that have never been done before in history.”

The Warriors parade in large Read More »

1655778395 What it will be like to sit in economy on

What it will be like to sit in economy on Qantas’ 20-hour flights

Editor’s note – monthly card is a travel series from CNN that explores some of the most fascinating topics in the world of travel. In June we take off to take a look at the latest developments in aircraft interiors, including the people working to change the way we fly.

(CNN) — The World’s Longest Flight: Non-stop, 20 hours as you settle back in your wide armchair and decide whether to relax with the very best champagne, enjoy a chef-curated meal with a travel companion across the street, or get the crew to make your wonderfully soft bed with fresh linens.

That’s what the six first-class passengers aboard Qantas’ direct Project Sunrise to Sydney flights from London and New York will be able to do in three years from now, and they can expect to pay the largest five-figure sum for it.

What about the 140 Economy Class passengers who will be seated in the back of the 12 Airbus A350-1000s that the airline has ordered for the service?

Qantas says nothing. “We don’t have any updates at the moment, but we aim to keep you informed and will share more when we have it,” a spokesman told Us.

However, we do know that Qantas is already planning a Wellbeing Zone, which looks like an area around one of the galley kitchens where you can stretch, maybe do some yoga poses and possibly just stand around for a while.

And of course, Qantas will work hard to offer you a wide range of films and TV shows on large new in-flight entertainment screens, as well as food and drink specially designed for your comfort on longer flights.

But it probably is.

Ian Petchenik, host of the AvTalk aviation podcast, told CNN: “While a lot of attention has been given to Qantas First Class for Project Sunrise, I think the real differentiator for passengers in the back of the plane will be the soft product.

“You can only improve nine-abreast economy seating so much that when you find ways to make a 20-hour flight in one of those seats palatable, it matters what else Qantas has to offer those passengers.”

I’m a dedicated aviation journalist with over a decade digging deep with all sorts of people at airlines, aircraft manufacturers, designers and seat makers to find out how every inch of the aircraft is being used. And since Qantas isn’t speaking, here are my professional conclusions on what’s likely to be on offer on board.

First of all, there is not much chance of anything truly revolutionary. The three years to 2025 is not a long time in aviation, especially when it comes to seats. Unless Qantas plans some kind of big berth unveiling – which would require an enormous amount of safety certification work – it seems pretty certain that economy passengers will only be seated in regular seats.

knees and shins

The A350 is one of the most comfortable economy class options.

The A350 is one of the most comfortable economy class options.


Getting back to basic principles, the level of comfort in economy class seats is based primarily on seat style, pitch and width.

In terms of seating style, Qantas can be expected to take the very best economy class seats on the market from leading design and engineering firms such as Recaro or Collins Aerospace.

These are called full-featured seats, with comfortable, engineered seat foams covered in special fabrics, a substantial recline, substantial headrest, an underseat footrest, and in the case of Qantas, a small foot hammock.

In recent years, designers and engineers have worked intensively on the backrests and bases of aircraft seats so that they offer the occupant enough space – especially for the knees and shins.

They figured out how to articulate the chair’s cushioned underside, known as the seat shell, when reclined and alter the pressure points on the sitter’s body when they recline.

Qantas’ Boeing 787-9 Dreamliners, launched in 2016, used an adapted version of the CL3710 seat from German manufacturer Recaro.

The CL3710 dates back to 2013 and Recaro has been making updates every year, but it wouldn’t be surprising if they were working on a special version for Qantas.

There might even be a brand new seat – from Recaro or someone else – with even more comfort. This means that Qantas could start flying at the end of 2025.

Extra legroom

In 2019, Qantas conducted experimental research flights to test the London-Sydney route. CNN’s Richard Quest reports from the cockpit of one such ultra-long-haul flight.

The second comfort factor is the incline, which measures the point on a seat to the point on the same seat immediately in front of it, so it’s not quite legroom as it includes an inch or two of seatback structure.

Qantas has promised its Economy Class seats on board will offer 33 inches (84 centimeters) of seat pitch.

That’s an inch more than the 2016 Dreamliner seats, and by 2025 I would expect the seat design to have narrowed the seat structure by up to an inch to allow for more knee room.

It wouldn’t be a surprise if Qantas also offered extra legroom sections that could extend to 35 or 36 inches, much like United’s Economy Plus or Delta’s Comfort Plus – not premium economy, just regular economy seats with extra legroom.

What about the width?

Passengers are in for either great or terrible news, depending on how many seats Qantas adds to each row of the A350.

The large twin-aisle aircraft can accommodate either nine seats per row, which has been the standard offered by full-service airlines such as Qantas, Delta and Singapore Airlines, or 10 seats per row, which is mostly aboard ultra-low -Cost was and leisure airlines such as France’s Air Caraïbes and French Bee.

In width, with a seat width of over 18 inches, the A350 is one of the most comfortable economy class options in the air. At 10-across, it’s one of the least comfortable, with seats that barely scrape 17 inches and super-narrow aisles.

One would imagine – and the cutaway released by Qantas certainly shows it – that a full-service airline like Australia’s flagship would naturally choose the nine-axle configuration.

But Airbus has hatched a quiet plan to add an inch or two of extra space by slimming down the cabin’s sidewalls. That has prompted some full-service airlines, including Abu Dhabi-based Etihad, to plan to install 10-angle seating on some future A350s.

Non-stop vs. stopover

more exercises qantas

On an experimental flight from London to Sydney in 2019, passengers received onboard exercise classes.

James D Morgan/Qantas

Qantas plans to add 140 economy class seats to its A350s. That would be 14 rows of 10, but that number doesn’t neatly break down into nine, even if you try to add some extra seats on the sides or in the middle.

It would still be surprising if Qantas did, especially on these super long flights. But the airline installed seats almost as narrow as its Dreamliner seats, which fly non-stop from London to Perth for almost as long, so watch this space for details.

At the end of the day, every inch counts when it comes to economy class comfort. Many passengers, myself included, cringe at the thought of a 20+ hour flight, even in business class.

I did something almost as long in business class on the Singapore Airlines non-stop flight from Newark to Singapore about 10 years ago, but it wasn’t much fun, even with the ability to switch from film to sleep and back again .

Whenever we talk about it, people always bring up the other option, a midway route from New York to Sydney in Los Angeles or San Francisco, or one of the dozen prime airports in Asia between Sydney and London.

But people have always flinched at sitting there longer: first at the idea of ​​a single-hop flight on the Kangaroo Route, then at the idea of ​​a flight that lasts 12, 14, or 16 hours.

Before the pandemic, there were dozens of flights that were longer, with regular economy class seats at the back, and people seemed ready to sit in them.

The question is how much of a difference that extra three or four hours compared to the Qantas 787 Dreamliner flight from London to Perth will make for passengers – and, crucially, for their perception.

What it will be like to sit in economy on Qantas’ 20-hour flights Read More »

Erik Bazinyan at an intersection

Erik Bazinyan at an intersection

Eye of the Tiger Management protégé Erik Bazinyan’s next fight against veteran Marcelo Esteban Coceres will be crucial for the rest of his career.

• Also read: Another foreign fight for Artur Beterbiev?

This fight will be presented at the Cabaret du Casino de Montréal in the finale of a gala scheduled on June 23 to celebrate Quebec’s National Day. Bazinyan (27-0-0, 21 KOs) faces his biggest challenge of his career after ending 12 of his last 13 fights early.

“It’s a good experience to assess myself at the highest possible level before fighting a world champion,” the 27-year-old boxer said during a media session on Monday. I don’t want to be surprised when I compete in the World Cup. I want to be ready.”

Bazinyan will be defending his North American Boxing Federation super middleweight title for the third time and seeking the vacant North American Boxing Association belt. The knockout meets Coceres (30-3-1, 16 KOs), a boxer who has suffered just one defeat under such circumstances.

“We will have a good idea of ​​where Erik Bazinyan’s career is headed,” said his coach Marc Ramsay. It’s that critical. He knows this is a real test. We have an opponent who is not only technically good, but also very tough. He can take hits, he can keep going in a very tough fight. He’s a good veteran and opponent in every way.”

A mental battle

In his last fight, Coceres held off the mighty Edgar Berlanga for 10 rounds in Las Vegas. He also did well before retiring in the 11th round to England’s Billy Joe Saunders, who lost just one career fight to a certain Canelo Alvarez.

In short, we can bet the Argentine doesn’t want to play an extra role in this 10-round clash. According to Bazinyan, he has never met an opponent who is as well equipped as his closest opponent.

“When I know someone is dangerous and has good experience, I don’t want to make mistakes and I’m more focused,” continued the Armenian-born athlete. The most important thing to avoid getting beaten for nothing is to stay smart. I’ll adapt to see what I can do in this fight.

Ramsay agrees; between the ears his stallion must win the fight.

“It will be important to box well and stay in the game. [Coceres] is a veteran, a guy who has almost 35 fights behind him. He can easily knock you out of your game plan. [La clé] will be to demonstrate maturity in battle.”

The adopted Montrealer will at least have the advantage of playing “at home” to a full house. The fight will also be available to the general public on TVA Sports, which he sees as an added motivator.

“I always enjoy fighting here,” he concluded. I always like to give a good spectacular fight and I don’t like it [ennuyant]. But I just want to win. I don’t know if it will be in the second round, the 10th or the decider.

A completely different context for Oganesyan

Artem Oganesyan (13-0, 11 KOs) will defend his North American Boxing Federation super welterweight belt for the first time against Mexican Dante Jardon (34-8, 25 KOs) on June 23 at the Cabaret du Casino de Montréal.

Since the last victory of the boxer from Moscow by knockout. Technique, against Stephan Danyo. Despite that positive result, Oganesyan was struggling under very different circumstances, having just moved to Montreal to develop under Marc Ramsay’s aegis.

“The last fight had come three or four weeks earlier, Ramsay told media during a practice session on Monday. We hadn’t really had time to work together. A new environment in Quebec, the language… Many elements were [en sorte] that his preparation was not optimal. We had to stabilize all of that and make sure he was comfortable.

Oganesyan says today he is “very happy” in La Belle province. He feels he learned a lot from his last fight. The 22-year-old added that he was very happy with his training camp ahead of his fight with ‘Crazy’ Jardon. The latter also debuted in professional boxing when Oganesyan was only six years old.

“I’m learning every day that Boxer started from Eye of the Tiger Management. I feel like my boxing style has evolved every day. That’s the best thing for me at the moment.”

Erik Bazinyan at an intersection Read More »

When customers say their money was stolen on cell banks

When customers say their money was stolen on cell, banks often refuse to pay

Argelys Oriach was on his way home from a shopping spree one evening in March when he was robbed at gunpoint. The thief asked for his iPhone and passcode. Mr. Oriach turned her over and fled.

The next morning, Mr. Oriach, who lives in Brooklyn, said he discovered the thief had withdrawn $8,294 from his Capital One bank accounts using multiple money-transfer apps, includingzelle. He contacted Capital One with the full expectation that the bank would return the stolen cash to him, as required by federal law. The bank only refunded $250 and said it found no evidence the rest of the money was stolen. Lord Oriach was stunned.

“I filed a police report, identified the suspect at a precinct and even testified before a grand jury,” he said. “But none of that seems to have helped my case.”

After the New York Times asked Capital One about Mr Oriach’s case, bank officials said they had determined it was fraud and would pay him back. “We have reached out to the customer to apologize for the additional stress this matter has caused,” Capital One said in an emailed statement.

Over the past few years, payment apps like Celle, Venmo, and Cash App have become the preferred way for millions of customers to transfer money from one person to another. Last year, people sent $490 billion through cell, the country’s most popular payment app, and $230 billion through Venmo, its closest competitor.

But the same reasons that drew customers to these apps — they’re free, fast, and convenient — have made them easy targets for scammers and thieves. While banks argue they shouldn’t refund customers who accidentally gave a scammer permission to use their accounts, they’ve also often been reluctant to refund customers like Mr Oriach, whose money was stolen. This could be a possible violation of the law.

Under a 1978 federal regulation called Regulation E, banks are required to compensate customers when their money is stolen from a consumer account by an electronic payment initiated by someone else, as in the case of Mr. Oriach.

Because Reg E was written long before payment apps existed, the Consumer Financial Protection Bureau issued guidelines last year saying the law covers all online person-to-person payments. The bureau clarified that all unauthorized online money transfers – meaning any payment initiated by anyone other than the customer and made without the customer’s permission – are the bank’s responsibility.

“When a consumer notifies a financial institution that money has been stolen from the consumer’s account, the institution must demonstrate that the transfer of funds from the consumer’s account was authorized by the consumer,” said Raul Cisneros, a spokesman for the bureau.

But despite the updated guidance, in many cases banks are refusing to reimburse customers who claim – often with receipts – that money has been stolen from their accounts. Banks rarely provide clear explanations for their decisions, leaving aggrieved customers few options.

The Consumer Authority’s updated guidelines “have caused a lot of fear and confusion among banks,” said Peter Tapling, a payments advisor. “Regulation E was never intended for instant money movement products.”

In early February, Chuck Ruoff said a thief transferred his cell phone number to another device through an attack technique called “SIM swapping.” The thief then used Mr. Ruoff’s number to break into his Bank of America accounts and withdraw $3,450 through cell. Mr Ruoff reported the theft as soon as he discovered it, but his claim was denied. The bank said the transaction appeared to be unauthorized.

Mr. Ruoff sent the bank additional documentation, including a police report and a letter from Verizon describing what happened and asking for the case to be re-examined. He was told to wait 45 days for a reply. When that time limit expired, he was told to continue waiting. Mr. Ruoff spent hours on the phone, calling every few days to keep himself updated on his claim.

“I kept saying, ‘I’ve never used cell. I never authorized that,’” said Mr. Ruoff, who has been a Bank of America client for 34 years. “I once said to the lady I spoke to, do you think I would go to the police and make a false report? That is a crime.”

After the Times contacted Bank of America, they refunded Mr. Ruoff’s money. The bank is already reconsidering its decision and paying the claim after considering additional information from Mr. Ruoff, said Bill Halldin, a spokesman for the bank.

Cell, the most popular payment app, is owned and operated by Early Warning Services, a company based in Scottsdale, Arizona. Early Warning is owned by seven banks – Bank of America, Capital One, JPMorgan Chase, PNC, Truist, US Bank and Wells Fargo. But each of the 1,600 banks and credit unions that offer cell to their customers uses their own security settings and policies.

Neither the banks nor Early Warning publish data on fraud publicly, so it’s hard to tell how widespread fraud and theft is at Zelle. Incidents like those described by Mr Oriach and Mr Ruoff are “rare” and account for a small proportion of activity on the platform, said Meghan Fintland, a spokeswoman for Early Warning.

In a survey of nearly 1,400 people whose accounts were accessed without their consent last year, a quarter said cell or other person-to-person payment services had been used to make unauthorized money transfers, according to a report by Shirley Inscoe, a consultant at Aite – Novarica Group, a financial services consultant. That was second only to fraudulent credit card transactions.

Bob Sullivan, a journalist and longtime consumer advocate, compared the current spate of fraud and theft — and banks’ reluctance to absorb the resulting losses — to the early days of online banking, when phishing and other tricks were used to gain access to the Getting customer credentials and passwords was an epidemic and banks routinely denied customer claims. In 2005, it took a Federal Reserve order to make it clear to banks that they were expected to cover such cases.

Outright theft is just one aspect of the much larger fraud problem at cell and other payment apps. In March, The Times reported that scammers and other scammers often trick people into making payments themselves — for example, by impersonating bank employees or selling fraudulent goods. In these cases, banks typically refuse refunds, arguing that the transfer is not “unauthorized” within the meaning of the law because the customer initiated the transfer themselves.

Some lawmakers are beginning to take notice.

When asked by the House Financial Services Committee about the rise in online payment fraud following the Times report, Rohit Chopra, director of the Consumer Bureau, said it was high on the bureau’s radar. “Fraud is piling up and it’s a big problem,” Mr Chopra said.

Rep. Stephen F. Lynch, Democrat of Massachusetts, raised concerns about consumer protection in cell transmissions at the hearing. “The banks are fundamentally responsible,” said Lynch.

Senator Elizabeth Warren, a Democrat from Massachusetts, recently criticized the big banks that cell owns. “Reports of widespread fraud harming Zelle consumers are deeply concerning, especially as the parent company and the big banks that own it accept no responsibility,” said Ms. Warren, who sits on the Senate Banking Committee.

In April, she along with another Democrat, Senator Bob Menendez of New Jersey, sent a scathing letter to Early Warning Services, denouncing the company and its owners for creating a “confusing and unfair” situation for victims.

Customers have filed separate lawsuits seeking class action status against Bank of America, Capital One and Wells Fargo, alleging that lenders did not do enough to protect consumers from fraud that occurred at Zelle. Wells Fargo and Capital One declined to comment. Bank of America said it disagreed with the allegations.

Changing regulatory policies have the potential to change the outcome for victims of theft. In May 2020, Martin Bronson, an 80-year-old retiree in Florham Park, NJ, received a call from a man claiming to be an Amazon customer service representative. Mr. Bronson gave the man access to his computer using TeamView, a remote control app. The caller then went into his Bank of America account and used cell to transfer $3,316.

Mr. Bronson sent his police report to the bank. His claim was rejected.

After the Consumer Bureau issued guidelines clarifying that Reg E covered all unauthorized person-to-person transfers — and after The Times called Bank of America about Mr. Bronson’s case last month — he got good news. The bank refunded him the money.

“We decided the claim based on the facts and current Regulation E guidance, as we would with any client claim,” said Mr. Halldin, spokesman for Bank of America.

In January, Carla Lisio, a therapist in White Plains, NY, discovered $4,750 missing from her checking account with Chase. She said she notified the bank and found the money had been sent via cell to a Gmail account she didn’t recognize. Ms Lisio insists that she did not make the transfer.

The bank has repeatedly denied their refund requests, saying they found no evidence of fraud. “The device used matches your history, no new devices have been added and there have been no invalid login attempts,” the bank wrote to her in March.

Ms. Lisio said she was shocked that her impeccable 25-year history as a Chase customer seemed to be worth nothing. “They call me a liar and they call me a criminal because they say I’m trying to steal $4,750 from the bank,” she said. “I really just want to tell them, I can’t explain what happened. All I can tell you is that I didn’t do that. And all you can tell me is that you don’t believe me.”

When the Times contacted Chase, it stood by its decision.

Jack Begg contributed to the research.

When customers say their money was stolen on cell, banks often refuse to pay Read More »

Tissue Paper Sherbrooke could become an important industrial center

Tissue Paper: Sherbrooke could become an important industrial center

Kruger has taken another step towards its goal of making Sherbrooke a major center for the production of high quality tissue paper products with a brand new expansion project.

• Also read: Another visit from Legault to Sherbrooke

During the official inauguration of the Sherbrooke plant, which will be commissioned in 2021, the company launched its expansion project. Therefore, a second tissue paper mill will be built on a site adjacent to the current mill.

“We are extremely proud to be able to achieve our vision with this expansion project to make Sherbrooke a major center for tissue paper manufacturing in North America as well as an exceptional technology showcase that showcases the company, region and expertise of empowers our people,” said Dino Bianco, Chief Executive Officer of Kruger Products LP.

With this new project, representing investments of US$351.5 million, the company has invested nearly US$1 billion in Estrie since 2018. Built in the Brompton area of ​​the city, the Kruger Products plant in Sherbrooke will have enabled several jobs to be created during and after construction.

“The pulp and paper industry has evolved rapidly in recent years and it is thanks to companies like Kruger that Quebec remains at the forefront of this field,” said Minister for Economy and Innovation Pierre Fitzgibbon.

The expansion project includes the construction of a double-width tissue paper machine with LDC technology and the installation of two additional processing lines. This enables the company to produce more than 130,000 tons of tissue paper products for the Cashmere UltraLuxe, Scotties and SpongeTowels Ultra Pro brands.

“Kruger is a good example of what we want to achieve in Quebec: drive innovation to adapt to changing economies, develop new technologies domestically, make our businesses more competitive and productive, narrow our wealth gap with Ontario, said the Premier of Quebec, François Legault, who was present at the event.

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