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Community remembers the life of Louis Tudor, longtime Roanoke business owner, coach

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ROANOKE, Va. – One of the Star City’s brightest is still shining even after his death.

The Roanoke community is honoring the life of longtime business owner, swimming coach and father Louis Tudor.

His family said he took his own life this week after struggling with mental health issues caused by the coronavirus pandemic.

“He was a mentor, a coach; he was an all-around family man, incredible hard worker, so devoted to anything he did,” said Louis Tudor’s daughter, Hannah Tudor.

Whether it was coaching swim lessons or running the longtime downtown staple “Tudors Biscuit World,” which closed its doors in 2012, Tudor left a long-lasting impression on so many.

“He had a certain virility and passion that was so causal in his life, like running his restaurant and everything he did, he made it seem so simple and you almost don’t realize how amazing it was until it’s not there anymore,” said Louis Tudor’s son, Shane Tudor.

Louis Tudor’s family said he started having mental health issues around the beginning of the pandemic. As more outlets for him were taken away, he started to struggle more.

“He never struggled with this; he never had these underlying feelings…just the last couple of months took a toll on him and just from someone who never had those problems or that disease, just having it all of the sudden, it is such a disease and we just wanted to bring to light that there should never be a stigma about it,” Hannah Tudor said.

Friends like James Farmer and Wilton Kennedy said Tudor always felt right at home when coaching swim lessons and teams, and he struggled with not having an outlet to rely on.

“I think being away from that for two and a half months was really a difficult thing for him and I really do think that had a big impact on his mental health and the state that he was in,” Tudor’s friend James Farmer said.

“He had a gift for teaching people to swim who could not swim and a passion for helping people who could swim,” Tudor’s friend Wilton Kennedy said.

Hannah Tudor and her siblings Erin, Nick, and Shane, said their family wants to shed a light on the mental health impacts the COVID-19 pandemic is causing.

“I just want everyone to know that people are struggling, and we hear you and we feel for you and the Tudors are here for anybody that may be feeling this way,” Hannah Tudor said.

At the end of the day, Louis Tudor’s family wants the community to remember him for who he was: A loving father, friend and coach.

“If he were here, he would be here for anyone that needed him, and that’s just who Louis Tudor was,” Hannah Tudor said.

A sunrise service will be held for Louis Tudor on Sunday at the Hunting Hills Country Club pool. It’s open to anyone who wishes to honor Tudor’s legacy.

Tudor’s struggle with mental health is something many people are facing right now because of the pandemic. That’s why Family Health Services of Roanoke is offering up to four short-term therapy sessions to anyone experiencing anxiety, depression or fear caused by coronavirus.

You can talk with someone tele-health or the phone from now to September.

“A lot of our tried and true networks for support may have gone away because everybody’s been at home, so I don’t think people necessarily have their networks in place anymore, so I think its really important to have people who will listen,” Director of Mental Health Services at Family Service of Roanoke Karen Pillis said.

Sessions will be by video or phone call. To make an appointment, you can call Family Service of Roanoke Valley at 540-563-5316 ext 4653.

The National Suicide Prevention Lifeline can be reached at 1-800-273-8255.

Copyright 2020 by WSLS 10 – All rights reserved.

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AIG settles lawsuit for more than CA$500 million

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AIG settles lawsuit for more than CA$500 million

American International Group (AIG) has settled a tax shelter lawsuit, related to seven cross-border transactions made during the mid-1990s – transactions designed to generate bogus foreign tax credits, a US attorney said.

According to the acting US attorney for the Southern District of New York, AIG has agreed to pay a 10% penalty and disallow more than $400 million (around CA$526 million) in foreign tax credits.

The settlement ends a US investigation into the tax shelters; prosecutors said those shelters allowed AIG to create phony foreign tax credits and reduce its taxes in the US. In 2009, AIG filed a suit seeking a refund based on claimed credits for 1997. But the federal government determined that the transactions “lacked any meaningful economic substance” or legitimate business purpose.

“AIG created an elaborate series of sham transactions that were designed to do nothing — and in fact did nothing — other than generate hundreds of millions of dollars in ill-gotten tax benefits for AIG,” said US attorney for the Southern District of New York Audrey Strauss.

Bloomberg reported that the settlement deal was approved last Thursday by US District Judge Louis Stanton.

“After already reaching and disclosing our January 2018 agreement in principle regarding these transactions that date to the 1990s, we are pleased to put this longstanding matter behind us,” an AIG spokesperson said in an email statement.

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Business reports that can change the world in the fight against climate change

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The FSB, at the request of the G20, created the Task Force on Climate-related Financial Disclosures to create a framework of recommendations. In 2017 the TCFD published a guide whose purpose was to ensure that disclosures are consistent, reliable, and clear. Thus, businesses will be ready to face new challenges as they emerge while providing the necessary information to allow investors to assess the company’s climate performance.

This task force is led by Michael Bloomberg (former Mayor of New York) and includes prominent figures such as Mary Schapiro, head of the Secretariat, or Christian Thimann, former co-chair of UNEP FI. These recommendations are backed by governments, investors and financial leaders and were recently translated into Spanish to foster broader adoption across the Spanish-speaking business community.

TCFD reports must comply with the following points:

  • They must be adoptable by all organizations, financial and non-financial.
  • They must be included in financial filings, turning the annual report into an integrated report.
  • The report should be designed to solicit decision-useful, forward-looking information on financial impacts.

The TCFD established that reports should be structured around four core elements: These must be related to governance, strategy, risk management, and metrics and targets.

Regarding governance, it noted that reports should clearly state the position of the board and the organization’s management in the assessment of climate-related risks and threats. The entire organization must be aligned in this regard.

As for the strategy, reports should disclose the current and potential impact of risks and opportunities on business and financial planning. In addition, they should also define the company’s resilience, i.e. its ability to overcome the climate-related challenges.

Regarding risk management, the recommendations emphasize that reports should identify, assess and manage climate-related risks. Finally, the recommendations establish the need to report on the metrics and data analyzed and used to reach the above conclusions.

Another key aspect that the Task Force singled out is that reports should collect and disclose the risks and opportunities facing the organization, as well as their estimated financial impact. those related to the transition to a low emission and energy sustainable economy; and those risks related to the physical impacts of climate change.

BBVA and the TFCD recommendations

As one of the early-adopters of the sustainable strategies promoted by the United Nations, BBVA observes the recommendations set forth in 2017 by the TCFD both in its decision making processes and the disclosure of their impact in its annual reports. In 2018, it described all the actions and financial impact related to climate change in its annual report, under the heading ‘Sustainable Finance’, which also included the organization’s Global Eco-efficiency Plan. This action plan is included in BBVA’s Pledge 2025.

Likewise, the bank was recognized as Best Sustainable Bank in Spain 2020 by Capital Finance International, print journal news and online resource reporting on international business, economics, and finance. In reaching its verdict, the jury cited the initiatives adopted by the bank around this matter, which includes the fight against climate change. For 2025, the goal is to mobilize €100 billion. As of June 30, 2020, the bank had already reached 40 percent of this overall target.

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Apple’s Booming Services Business Could Be Hit in Google Antitrust Battle

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The Justice Department’s attempt to punish Google for its competitive practices in internet search could end up taking a major toll on a different tech giant:

Apple Inc.


AAPL -0.61%

A multibillion-dollar deal in which Google pays to be the default search engine on Apple’s iPhones and other devices is at the heart of the case the U.S. government filed last week against Google. That deal is also at the heart of Apple’s services unit, which has been the biggest contributor to its growth over the past several years.

The government has pointed to the deal, whose history dates back 15 years, as an example of how Google, a unit of

Alphabet Inc.,


GOOG 1.59%

uses its giant profits to block out competition—a contention Google denies. For Apple, it has been a lucrative illustration of the value of access to the more than 1 billion global users of its devices. And while the outcome of the Justice Department’s suit—which could take years to play out—is far from clear, analysts and investors say losing that deal could be a sizable blow to Apple, given estimates that Google’s payments account for up to a fifth of the iPhone maker’s overall profit.

“There’s a risk, if you play it out, that there actually could be more financial impact to Apple than there is for Google,” said Toni Sacconaghi, an analyst for Bernstein. He estimates that Apple’s stock could fall as much as 20% if the deal with Google were to be eliminated entirely. At the same time, he and others say, any damage could be far less if Apple is able to offset it through other deals involving Google and its competitors, as many investors and analysts say could happen.

Investors seemed to shrug off the threat last week when the Justice Department’s lawsuit against Google was revealed. Apple’s shares rose that day.

Google’s Search Dominance

Mark Stoeckle, chief executive of Adams Funds, which counts Apple among its largest holdings, says that it could be a long time before the legal case is decided, and questions whether what Google is doing with Apple is any different than a consumer-goods company paying a grocery store for better placement on its shelves.

“There is no question that if this arrangement were to end it would be a negative for” Apple, he said in an email, but at this point he thinks the risk for Apple is manageable.

Apple didn’t respond to a request for comment on the Justice Department’s lawsuit, which doesn’t accuse it of wrongdoing. Google has disputed the lawsuit’s claims, saying users turn to its search engine because it is the best and not because they can’t find alternatives.

Last week, Kent Walker, Google’s chief legal officer, said in a blog post that the Apple relationship is “no different from the agreements that many other companies have traditionally used to distribute software.”

The two companies first struck a deal in 2005, when Steve Jobs was still Apple’s CEO, to make Google the default in Apple’s Safari web browser on Mac computers. The deal expanded with the arrival of the iPhone two years later, according to the government’s lawsuit.

The companies have never made public the exact terms of the deal. Information about large payments from Google to Apple emerged in 2016 during an unrelated court fight involving the search giant, during which it was mentioned in court proceedings that Apple received $1 billion in 2014 as part of the arrangement.

The number grew sharply after that, analysts say, though they vary on its exact size. The government’s lawsuit points to public estimates that Google pays between $8 billion and $12 billion annually for the arrangement, and said it represents 15% to 20% of Apple’s profit.

Apple reported $55.26 billion in profit for the fiscal year through September 2019, a number analysts estimate grew slightly in the past year. The company is scheduled to report its fiscal 2020 results on Thursday.

Google also has much at stake if the government’s antitrust action were to disrupt its Apple deal. Apple devices originated almost 50% of its search traffic last year, according to the government filing. Analysts including Mr. Sacconaghi have speculated that Apple might develop its own search business to compete for advertising dollars, perhaps through the acquisition of DuckDuckGo Inc., a small search engine that—like Apple—emphasizes privacy. Any such move would add a potentially powerful new competitor for Google, which overwhelmingly dominates search rivals including

Microsoft Corp.’s

Bing and DuckDuckGo.

DuckDuckGo didn’t immediately respond to a question about Apple.

The revenue stream from its Google deal, which is essentially pure profit, has bolstered Apple CEO Tim Cook’s effort to redirect the company as it has faced stagnating sales of iPhones, which make up about half of the company’s revenue. The number of iPhones sold peaked in fiscal 2015, while revenue peaked in fiscal 2018 at $167 billion.

The Google deal accounts for a big chunk of Apple’s so-called services business, which has soared to what analysts estimate to be $53 billion in the past fiscal year from about $20 billion in fiscal 2015.

Daniel Morgan, a senior portfolio manager who focuses on technology at Synovus Trust Co., which counts Apple among its largest holdings, said there may still be a way for Apple to collect some of the money in a scenario that might have multiple search engines paying for placement.

In Europe, for example, Google now gives users of Android phones the option of which search engine to use after losing a fight with regulators there.

Write to Tim Higgins at Tim.Higgins@WSJ.com

Copyright ©2020 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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