Connect with us

Business

Prosecutor seeking Trump’s taxes cites probe of his business – World News

Published

on

The Canadian Press – | Story: 306950

A New York City prosecutor fighting to get President Donald Trump’s tax returns told a judge Monday he was justified in demanding them because of public reports of “extensive and protracted criminal conduct at the Trump Organization.”

Manhattan District Attorney Cyrus R. Vance, Jr. is seeking eight years of the Republican president’s personal and corporate tax records, but has disclosed little about what prompted him to request the records, other than part of the investigation related to payoffs to two women to keep them quiet about alleged affairs with Trump.

In a court filing Monday, attorneys for Vance, a Democrat, said the president wasn’t entitled to know the exact nature of the grand jury probe, which they called a “complex financial investigation.”

They noted, though, that at the time the subpoena for the tax filings was issued to Trump’s accountants, “there were public allegations of possible criminal activity” at the president’s company “dating back over a decade.”

They cited several newspaper articles, including one in which the Washington Post examined allegations that Trump had a practice of sending financial statements to potential business partners and banks that inflated the worth of his projects by claiming they were bigger or more potentially lucrative than they actually were.

Another article described congressional testimony by Trump’s former lawyer, Michael Cohen, who said the president would overstate the value of his business interests to impress people or lenders, but then deflate the value of assets when trying to reduce his taxes.

The attorneys also cited reports of past non-criminal investigations by New York regulators into whether the conduct described by Cohen amounted to bank or insurance fraud.

“These reports describe transactions involving individual and corporate actors based in New York County, but whose conduct at times extended beyond New York’s borders. This possible criminal activity occurred within the applicable statutes of limitations, particularly if the transactions involved a continuing pattern of conduct,” the lawyers said.

Trump’s legal team has argued that the subpoena for his tax filings was issued in bad faith and amounted to harassment of the president.

Speaking to reporters later Monday, Trump called the district attorney’s investigation another attempt by Democrats to damage him.

“This is just a continuation of the witch hunt. It’s Democrat stuff. They failed with Mueller. They failed with everything. They failed with Congress. They failed at every stage of the game. This has been going on for three and a half, four years,” Trump said, referring to special counsel Robert Mueller’s investigation of alleged Russian interference in the 2016 election.

The Canadian Press – Aug 4, 2020 / 6:29 am | Story: 306949

Spain’s former monarch, Juan Carlos I, is leaving Spain to live in another, unspecified, country amid a financial scandal, according to a letter published on the royal family’s website Monday.

The letter from Juan Carlos to his son, King Felipe VI, said: “I am informing you of my considered decision to move, during this period, out of Spain.”

Juan Carlos, in the letter, said he made the decision against the backdrop of “public repercussions of certain episodes of my past private life.”

He said he wanted to ensure he doesn’t make his son’s role difficult, adding that “my legacy, and my own dignity, demand that it should be so.” Juan Carlos’ current whereabouts were not known.

Spain’s prime minister recently said he found the developments about Juan Carlos — including investigations in Spain and Switzerland — “disturbing.”

Since Spain’s Supreme Court opened its probe earlier this year, Spanish media outlets have published damaging testimony from a separate Swiss investigation into millions of euros (dollars) that were allegedly given to Juan Carlos by Saudi Arabia’s late King Abdullah.

Juan Carlos allegedly then transferred a large amount to a former companion in what investigators are considering as a possible attempt to hide the money from authorities. The companion, Corinna Larsen, is a Danish-German businesswoman long linked by Spanish media to the former king. Spanish prosecutors have asked her to provide testimony in the case in September in Madrid.

The 82-year-old former king is credited with helping Spain peacefully restore democracy after the death of dictator Francisco Franco in 1975.

But marred by scandals in the later years of his reign, Juan Carlos in 2014 abdicated in favour of his son Felipe VI, losing the immunity from prosecution Spain’s Constitution grants to the head of state.

After media reports claimed Felipe was a beneficiary of an offshore account holding an alleged 65 million-euro gift ( $76 million) from Saudi Arabia to Juan Carlos, Felipe renounced any future personal inheritance he might receive from the former king. Felipe also stripped his father of his annual stipend of 194,232 euros ($228,000.)

The royal house has denied that Felipe had any knowledge of his father’s alleged financial irregularities.

The royal website said in a statement that Felipe respected his father’s decision.

Felipe acknowledged the historic importance of his father’s reign, the statement said, but also “reaffirmed the principles and values on which it stood, in the framework of our Constitution and the rest of our legal system.”

A statement from Spain’s general prosecutor’s office in June said it was investigating whether Juan Carlos received millions of dollars in kickbacks from Saudi Arabia during the construction of a high-speed railway there by a Spanish consortium.

Are you looking for a wholesome Instagram account to follow? Look no further than @titotheraccoon – an account dedicated to rescue raccoons that can paint. 

You read that correctly, raccoons that paint – in fact, the humans that house these little critters have set up a website dedicated to selling the artwork created by the rescues

The account showcases three rescue bandits; Tito was the first to be adopted back in 2017, then came Cheeto in 2019 and earlier this month Piper was added to the clan. 

Along with the three raccoons, the family also consists of four ferrets, six cats (who are also on Instagram), a dog and hedgehog – talk about a variety show. 

The team also documents their adventures on YouTube, showcasing how they came into the lives of their rescuers and day-to-day fun like Cheeto trying a Cheetos for the first time. 

According to their Instagram page, they’re working towards opening a rehab centre for orphaned raccoons as people are contacting them to adopt raccoons they’ve found in their neighbourhood. 

The account has over 536,000 subscribers on YouTube and over 112,000 followers on Instagram.


159308

The Canadian Press – Aug 3, 2020 / 3:25 pm | Story: 306931

Seven St. Louis Cardinals players and six staff members have tested positive for COVID-19, causing Major League Baseball to postpone the team’s four-game series at Detroit.

The series was to have been played at Comerica Park from Tuesday through Thursday.

“You think about how quickly something like this can spread,” Cardinals general manager John Mozeliak said. “Until it touches you, you sometimes might not believe it, but needless to say we know this is very real and we know it moves quickly and it moves silently, but it can infect a lot of people fast.”

Mozeliak said that five of those who tested positive did not show symptoms. Mozeliak said the others did — headaches, cough, sniffles, low-grade fever.

“And of those eight, it’s a variety of symptoms but nothing at this point requiring anything like hospitalization,’ Mozeliak said.

St. Louis has been in quarantine since Thursday in Milwaukee, where the Cardinals’ last series was also postponed due to positive tests. While all the members of the Cardinals’ travelling party who tested positive have been returned home, the rest of them remain isolated in their Milwaukee hotel rooms.

The team is being tested daily.

“The hope would be to travel back to St. Louis Wednesday morning, work out Wednesday afternoon and allow players to get their feet moving again, their bodies moving again,” Mozeliak said. “And then on Thursday have a more robust workout and then play Friday.”

St. Louis last played July 29 at Minnesota and is tentatively set to resume its schedule this Friday at home against the Chicago Cubs.

Mozeliak said he wasn’t sure how the team might reschedule some of these games that have been wiped out with two series getting postponed.

“I haven’t really even thought about our schedule much other than hopefully playing Friday,” Mozeliak said. “It’s hard to think about the future when you’re literally trying to just get through the day.”

The Cardinals are the second team sidelined by the novel coronavirus since the season started July 23.

The Miami Marlins are set to resume play Tuesday in Baltimore following an outbreak in their travelling party that sidelined half the players. Miami has not played since July 26.

Because the outbreak occurred in the visiting clubhouse at Citizens Bank Park, the Phillies were sidelined for a week while they were tested daily.

In another virus development, the Field of Dreams game in Iowa was postponed until 2021. The game at a new ballpark on the cornfield adjacent to the site of the 1989 movie had been planned for Aug. 13 in Dyersville.

The Chicago White Sox originally were to host the New York Yankees, who were replaced by St. Louis because of MLB’s new schedule. The White Sox will be one of the teams next year. The opponent has not been determined.

The Canadian Press – Aug 3, 2020 / 11:33 am | Story: 306922

The U.S. Navy is investigating an incident in which dogs attacked a “Colin Kaepernick stand-in” during a K-9 demonstration during a 2019 fundraiser at the Navy SEAL Museum in Florida.

The Navy said in a statement posted on Twitter that officials became aware of the video on Sunday.

Kaepernick is a former San Francisco 49ers quarterback who began kneeling during the playing of “The Star Spangled Banner” before games to protest social injustice and police brutality. He played his final NFL game in January 2017. He offered support to those protesting the death of George Floyd at the hands of Minneapolis police officers in May, and the NFL’s commissioner has apologized for not listening earlier to players’ concerns about social injustice.

The videos show four dogs attacking a man, who is wearing a red Kaepernick football jersey over heavily padded gear as people stand nearby watching. In a second video, the man is laying on the ground when he’s approached by men wearing fatigues and holding rifles, saying, “On your belly.” The man replies, “Oh, man, I will stand,” as he rolls over, followed by laughing from the crowd.

The videos were apparently posted on Instagram last year and resurfaced over the weekend.

“The inherent message of this video is completely inconsistent with the values and ethos of Naval Special Warfare and the U.S. Navy,” the statement said.

The Navy said the “initial indications” are that no active duty personnel or equipment were used in the demonstration at the “independent organization’s event.”

The Navy SEAL Museum is located in Fort Pierce, Florida, which is north of West Palm Beach on the state’s Atlantic Coast. According to its website, the National Navy UDT-SEAL Museum is the only museum dedicated solely to preserving the history of the U.S. Navy SEALs and their predecessors.

The Canadian Press – Aug 3, 2020 / 9:30 am | Story: 306914

The Electric Daisy Carnival in Las Vegas will not be happening this year.

Organizers of the electronic dance music festival announced Sunday that the event will be pushed back to 2021. Typically held in May at the Las Vegas Motor Speedway, the festival was postponed initially until October because of the coronavirus pandemic.

Insomniac CEO and Founder Pasquale Rotella says it’s now slated for May 21-23 of next year. Tickets for this year’s festival will be honoured. Anyone who can’t make the new dates can fill out an online form.

In an Instagram post, Rotella said organizers were trying to set up a way for attendees to be tested for COVID-19 before coming to Las Vegas and again at the venue.

“Unfortunately, we just learned that the medical advances necessary to pull this off will not be ready in time,” Rotella wrote.

More than 150,000 people attend each night of the carnival, which features more than 200 performers on eight stages.

The Canadian Press – Aug 3, 2020 / 6:32 am | Story: 306906

A popular online spoof of the children’s favourite “Goodnight Moon,” reworked for the coronavirus, will be published by Penguin Random House this fall.

The Penguin imprint Philomel Books announced Monday that “Good Morning Zoom,” written by Lindsay Rechler and illustrated by June Park, is scheduled for Oct. 6. Currently self-published, “Good Morning Zoom” takes Margaret Wise Brown’s beloved bedtime story and turns it into a narrative about Zoom, bread baking, home schooling and other familiar parts of life during the pandemic. The book’s fans include talk show host James Corden, who read from it on “The Late, Late Show.”

Rechler is a banking executive and mother of two who lives in Manhattan. Park is a graphic designer and illustrator who lives in Brooklyn. All author net proceeds will be donated to coronavirus relief charities.

“COVID-19 is a difficult topic, especially for young children,” Rechler said in a statement. “I wanted to tell my children a relatable story — a story that would help them become familiar with their new everyday lives and within that story, touch upon what was happening in the outside world. I thought a lot about the contrast between quarantining safely inside versus what was happening outside my window.”

The Canadian Press – Aug 2, 2020 / 12:47 pm | Story: 306882

UPDATE 2:15 p.m.

Bands of heavy rain from Isaias lashed Florida’s east coast Sunday while officials dealing with surging cases of the coronavirus kept a close watch on the weakened tropical storm.

Isaias was downgraded from a hurricane to a tropical storm Saturday afternoon, but was still threatening to bring heavy rain and flooding as it crawled just off Florida’s Atlantic coast.

“Don’t be fooled by the downgrade,” Florida Gov. Ron DeSantis warned at a news conference after the storm — pronounced ees-ah-EE-ahs — spent hours roughing up the Bahamas.

Upper-level winds took much of the strength out of Isaias, said Stacy Stewart, senior hurricane specialist at the National Hurricane Center in Miami. The storm also slowed down considerably.

“We were expecting a hurricane to develop and it didn’t,” Stewart said Sunday. “It’s a tale of two storms. If you live on the west side of the storm, you didn’t get much. If you live east of the storm, there’s a lot of nasty weather there.”

Florida is on the west side of Isaias.

Authorities closed beaches, parks and virus testing sites, lashing signs to palm trees so they wouldn’t blow away. DeSantis said the state is anticipating power outages and asked residents to have a week’s supply of water, food and medicine on hand. Officials wrestled with how to prepare shelters where people can seek refuge from the storm if necessary, while also safely social distancing to prevent the spread of the virus.

Isaias put another burden on communities already hit by other storms and sickness.

In Palm Beach County, about 150 people were in shelters, said emergency management spokeswoman Lisa De La Rionda. The county has a voluntary evacuation order for those living in mobile or manufactured homes, or those who feel their home can’t withstand winds.

“We don’t anticipate many more evacuations,” she said, adding that the evacuees are physically distant from each other and are wearing masks, due to the virus.

In Indian River County, north of West Palm Beach, Florida, emergency shelters were clearing out Sunday after Isaias was downgraded to a tropical storm.

Officials told TCPalm newspapers that 38 people registered at three schools used as shelters. Those areas now must be cleaned to ensure no traces of the coronavirus remain as teachers and staff report Monday to prepare for the upcoming school year.

No one checked in with COVID-19 symptoms. Temperature checks were done at the door, officials said, and isolation rooms were designated in case anyone came in with symptoms.

The storm’s maximum sustained winds declined steadily throughout Saturday, and were at 65 mph (100 kph) at 2 p.m. EDT Sunday, the U.S. National Hurricane Center said. The storm’s centre was located about 45 miles (75 kilometres) east-southeast of Vero Beach, Florida.

The centre of the storm was forecast to travel near the state’s eastern coast throughout the day, and fluctuations in strength are possible into Tuesday, forecasters said.

Heavy rain, flooding and high winds could batter much of the East Coast this week as the system is forecast to track up or just off the Atlantic seaboard.

The storm did not affect the successful return of two astronauts aboard the SpaceX Dragon capsule, which splashed down into calm waters in the Gulf of Mexico off the coast of Pensacola. Test pilots Doug Hurley and Bob Behnken rode the capsule back to Earth less than a day after departing the International Space Station and two months after blasting off from Florida.

Isaias already has caused destruction in the Caribbean: On Thursday, before it became a hurricane, it uprooted trees, destroyed crops and homes and caused widespread flooding and small landslides in the Dominican Republic and Puerto Rico. One man died in the Dominican Republic. In Puerto Rico, the National Guard rescued at least 35 people from floods that swept away one woman, whose body was recovered Saturday.

Isaias snapped trees and knocked out power as it blew through the Bahamas on Saturday.

A tropical storm warning was in effect from Hallandale Beach, Florida, to South Santee River, South Carolina, and for Florida’s Lake Okeechobee. A storm surge watch is in effect for Jupiter Inlet to Ponte Vedra Beach, and from Edisto Beach, South Carolina, to Cape Fear, North Carolina.

With coronavirus cases surging in Florida recently, the added menace of a storm ratcheted up the anxiety. State-run virus testing sites closed in areas where the storm might hit because the sites are outdoor tents, which could topple in high winds.

Natalie Betancur, stocking up at a grocery in Palm Beach Gardens, said that the storm itself doesn’t cause her a great amount of concern.

“The hurricane is not that serious, but I feel that the public is really panicking because it’s a hurricane and we’re in the middle of a pandemic,” she said.

Meanwhile, officials in the Bahamas opened shelters for people in Abaco island to help those who have been living in temporary structures since Dorian devastated the area, killing at least 70 people in September 2019.


ORIGINAL – 12:47 p.m.

Bands of heavy rain from Isaias lashed Florida’s east coast Sunday while officials dealing with surging cases of the coronavirus kept a close watch on the weakened tropical storm.

Isaias was downgraded from a hurricane to a tropical storm Saturday afternoon, but was still threatening to bring heavy rain and flooding as it crawled just off Florida’s Atlantic coast.

“Don’t be fooled by the downgrade,” Florida Gov. Ron DeSantis warned at a news conference after the storm — pronounced ees-ah-EE-ahs — spent hours roughing up the Bahamas.

Upper-level winds took much of the strength out of Isaias, said Stacy Stewart, senior hurricane specialist at the National Hurricane Center in Miami. The storm also slowed down considerably.

“We were expecting a hurricane to develop and it didn’t,” Stewart said Sunday. “It’s a tale of two storms. If you live on the west side of the storm, you didn’t get much. If you live east of the storm, there’s a lot of nasty weather there.”

Florida is on the west side of Isaias.

Authorities closed beaches, parks and virus testing sites, lashing signs to palm trees so they wouldn’t blow away. DeSantis said the state is anticipating power outages and asked residents to have a week’s supply of water, food and medicine on hand. Officials wrestled with how to prepare shelters where people can seek refuge from the storm if necessary, while also safely social distancing to prevent the spread of the virus.

Isaias put another burden on communities already hit by other storms and sickness.

In Palm Beach County, about 150 people were in shelters, said emergency management spokeswoman Lisa De La Rionda. The county has a voluntary evacuation order for those living in mobile or manufactured homes, or those who feel their home can’t withstand winds.

“We don’t anticipate many more evacuations,” she said, adding that the evacuees are physically distant from each other and are wearing masks, due to the virus.

In Indian River County, north of West Palm Beach, Florida, emergency shelters were clearing out Sunday after Isaias was downgraded to a tropical storm.

Officials told TCPalm newspapers that 38 people registered at three schools used as shelters. Those areas now must be cleaned to ensure no traces of the coronavirus remain as teachers and staff report Monday to prepare for the upcoming school year.

No one checked in with COVID-19 symptoms. Temperature checks were done at the door, officials said, and isolation rooms were designated in case anyone came in with symptoms.

The storm’s maximum sustained winds declined steadily throughout Saturday, and were at 65 mph (100 kph) at 2 p.m. EDT Sunday, the U.S. National Hurricane Center said. The storm’s centre was located about 45 miles (75 kilometres) east-southeast of Vero Beach, Florida.

The centre of the storm was forecast to travel near the state’s eastern coast throughout the day, and fluctuations in strength are possible into Tuesday, forecasters said.

Heavy rain, flooding and high winds could batter much of the East Coast this week as the system is forecast to track up or just off the Atlantic seaboard.

The storm did not affect the successful return of two astronauts aboard the SpaceX Dragon capsule, which splashed down into calm waters in the Gulf of Mexico off the coast of Pensacola. Test pilots Doug Hurley and Bob Behnken rode the capsule back to Earth less than a day after departing the International Space Station and two months after blasting off from Florida.

Isaias already has caused destruction in the Caribbean: On Thursday, before it became a hurricane, it uprooted trees, destroyed crops and homes and caused widespread flooding and small landslides in the Dominican Republic and Puerto Rico. One man died in the Dominican Republic. In Puerto Rico, the National Guard rescued at least 35 people from floods that swept away one woman, whose body was recovered Saturday.

Isaias snapped trees and knocked out power as it blew through the Bahamas on Saturday.

A tropical storm warning was in effect from Hallandale Beach, Florida, to South Santee River, South Carolina, and for Florida’s Lake Okeechobee. A storm surge watch is in effect for Jupiter Inlet to Ponte Vedra Beach, and from Edisto Beach, South Carolina, to Cape Fear, North Carolina.

With coronavirus cases surging in Florida recently, the added menace of a storm ratcheted up the anxiety. State-run virus testing sites closed in areas where the storm might hit because the sites are outdoor tents, which could topple in high winds.

Natalie Betancur, stocking up at a grocery in Palm Beach Gardens, said that the storm itself doesn’t cause her a great amount of concern.

“The hurricane is not that serious, but I feel that the public is really panicking because it’s a hurricane and we’re in the middle of a pandemic,” she said.

Meanwhile, officials in the Bahamas opened shelters for people in Abaco island to help those who have been living in temporary structures since Dorian devastated the area, killing at least 70 people in September 2019

SpaceX confirmed via Twitter that their crew has successfully returned home after months of exploration in outer space. 

Crew Dragon touched down on earth Sunday afternoon after Falcon 9 took to orbit back on May 30

Nasa two astronauts, Col. Doug Hurley and Col. Bob Behnken, manned the rocket ship and were welcomed back to earth just prior to noon pacific time. 

Splashdown happened off the coast of Pensacola, Florida in the Gulf of Mexico. 

SpaceX is owned by billionaire entrepreneur Elon Musk and sent the first manned private rocket ship into orbit from the United States. 

The Canadian Press – Jul 31, 2020 / 9:08 pm | Story: 306835

President Donald Trump says he will take action as soon as Saturday to ban Chinese-owned video app TikTok from the United States.

Trump made the announcement to reporters Friday on Air Force One as he returned from Florida.

“As far as TikTok is concerned, we’re banning them from the United States,” Trump said.

U.S. lawmakers have raised intelligence and privacy concerns about the company’s ownership. The company has denied allegations that it shares user data with the Chinese government.

The move comes as Trump has ratcheted up tensions with China during the coronavirus pandemic and stalled trade negotiations between the two nations.

The company’s operations in the U.S. has been under review by the secretive Committee on Foreign Investment in the United States.

Trump said he could use emergency economic powers or an executive order to enforce the action, insisting, “I have that authority.”

___

Miller reported from Washington.

Beer has been infused with many different types of food, but this is the first time you can get a cold one brewed with mustard.

French’s is teaming up with Colorado-based brewery Oskar Blues to bring this unconventional beverage to masses for a limited time. The beer is being released for National Mustard Day, which falls on Aug. 1.

“We’re stoked on bold flavors at Oskar Blues Brewery and we never shy away from a challenge,” said Oskar Blues Head Brewer, Juice Drapeau. “With French’s Mustard Beer we elevated the Classic Yellow Mustard flavor with tangy lemon and lime to create a tropical wheat ale I’d pair with a loaded hot dog on the hottest day of the year.”

The French’s Mustard Beer will be released at the brewery’s taprooms in Colorado, but they will also be available online for a limited time at craftshack.com.

If you would like to learn more about the creation of mustard beer, you can check out French’s ‘Making Mustard Beer’ video below.

The Canadian Press – Jul 31, 2020 / 6:15 pm | Story: 306831

California health officials reported the state’s first coronavirus death of a child on Friday as the statewide tally of fatalities surpassed 9,000, saying the victim was a teenager who had other health conditions.

The teenager’s death occurred in the Central Valley, but officials at the state Department of Public Health released no other details, citing privacy rules. The Central Valley is the state’s major agricultural region and recently has become one of California’s hot spots for the virus.

It’s extremely rare for children to die of the coronavirus. As of mid-July, the Centers for Disease Control and Prevention said 228 children had died of the disease in the U.S., less than 0.2% of the nation’s deaths at the time.

In California, more than 9,000 people have now died from the virus, and three-quarters were 65 and older. Only about 9% of California’s nearly half-million confirmed virus cases are children, and very few have suffered conditions serious enough for hospitalization, according to state data.

Scientists still aren’t certain why children don’t seem to be as seriously affected by the virus as adults.

In March, Los Angeles County officials said a 17-year-old boy died of the virus. At the time it was believed to be the first death of a child, but days later local health officials walked back the initial finding, saying it was possible he died from something else. County health officials said the case would need to be evaluated by the Centers for Disease Control.

Rex Parris, the mayor of Lancaster, said the boy from his city died from septic shock after being admitted to the hospital with respiratory issues.

How likely children are to contract and spread the virus is a key question as leaders in California and elsewhere determine if and how to safely reopen schools this fall. Most California counties are now on a state monitoring list because of rising virus cases and and may not reopen schools for in-person instruction until they are off the list for 14 days.

Statewide, 96 deaths were reported in the last day, according to figures released Friday. Cases are still increasing by the thousands each day, but the curve appears to be flattening. The average number of new cases per day over the past week was 8,322, compared to 9,881 in the previous week.

The average percentage of people testing positive dropped to 6.5% over the past seven days, compared to 7.2% over 14 days.

Gov. Gavin Newsom pledged more support for the Central Valley on Monday, including $52 million in federal money for eight counties to improve testing and find places for people to isolate or quarantine if they can’t do so at home. The eight counties, including Fresno and Kern, home to major cities, had positive test rates between 11% and 18% at the beginning of the week.

For many people, the coronavirus causes no symptoms and for others only mild or moderate illness, such as fever and cough that clear up in two to three weeks. For some, especially older adults and people with existing health problems, the virus can cause more severe illness, including pneumonia, and be fatal.

More World News



Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Integrating circuits – How Nvidia’s purchase of Arm could open new markets | Business

Published

on

By

WHEN SOFTBANK, a Japanese technology group, paid $32bn for Arm in 2016, it was the biggest deal in chipmaking history. That record held until September 13th, when Nvidia, a big American chipmaker, announced its intention to buy the Britain-based chip-designer for $40bn.

Although they share an industry, Arm and its prospective owner are very different. Nvidia makes GPUs: pricey, specialised accelerator chips for gamers and artificial-intelligence number-crunching in data centres. Arm licenses blueprints for general-purpose chips used in everything from smartphones to cars and computerised gizmos that make up the “Internet of Things” (IoT). Customers ship more than 20bn Arm-designed chips every year.

Arm’s keystone position was SoftBank’s rationale for buying the firm. But it has languished under Japanese ownership. Revenues have stagnated, and the firm has made a small but persistent loss (see chart). Geoff Blaber at CCS Insight, a firm of analysts, blames a slowdown in the smartphone market, and low margins on IoT gear. Arm’s $40bn valuation is only 25% higher than when SoftBank bought it—and just 5% higher if you deduct the $1.5bn Nvidia has offered Arm employees to stop them from leaving and a mysterious $5bn cash or stock payout that SoftBank may qualify for under some conditions. Meanwhile, Nvidia’s market capitalisation, four years ago not much bigger than what SoftBank paid for Arm, now stands at $309bn. Its sales have surged.

One motive for Nvidia’s purchase is a desire to expand beyond its existing markets. Arm’s technology could help it build its own versions of the general-purpose processors that power the data-centre computers into which Nvidia’s accelerators are installed, a lucrative market dominated by Intel, the world’s biggest chipmaker by revenue. Nvidia, for its part, hopes that baking its GPU expertise into Arm’s designs will make them more attractive to the firm’s customers.

Those customers, which include Apple, Qualcomm and Samsung, have kept a stony silence. Arm’s business model relies on being what Hermann Hauser, one of its founders, has described as “the Switzerland of the semiconductor industry”—ie, not competing with its customers by selling chips or gadgets itself. Nvidia’s purchase will threaten that neutrality if it tweaks Arm’s products to favour its own goals, or gives itself preferential access to Arm designs.

Nvidia has vowed to keep Arm’s business model intact. Having given such public assurances, says Patrick Moorhead, a chip-industry analyst, Jensen Huang, Nvidia’s boss, is unlikely to risk the opprobrium—or possible lawsuits from aggrieved licensees—that could arise from breaking them. But other analysts point out that Arm’s licensing revenues are, by Nvidia’s standards, small beer. If the Arm deal can be used to vault Nvidia into new markets, then cold commercial logic may encourage Mr Huang to push his luck. Custodians of RISCV, a set of freely available designs, lost no time in noting that it remains independent and free of such conflicts.

Regulatory problems loom, too. Britain’s government is in an interventionist mood and is likely to attach strings, such as keeping Arm’s headquarters in the country. China may also object. It is already upset over American attempts to strangle its technology firms (see article). A takeover by Nvidia would bring Arm—a crucial supplier—firmly under American control. Even in normal times, says Mr Blaber, China might balk at such a prospect. It will be even less keen in the middle of a technological cold war.

This article appeared in the Business section of the print edition under the headline “Integrating circuits”

Reuse this contentThe Trust Project

Source link

Continue Reading

Business

Eshkawkogan featured in Top 100 Magazine of country’s business professionals

Published

on

By

Kevin Eshkawkogan, the president and CEO of Indigenous Tourism Ontario, is featured in an issue of The Top 100 Magazine for Canadian business professionals. – Photo supplied

By Sam Laskaris

LITTLE CURRENT – Kevin Eshkawkogan had a simple request when he was approached to be featured in a prestigious magazine.

Eshkawkogan, the president and CEO of Indigenous Tourism Ontario (ITO), was asked to be in an issue of The Top 100 Magazine. The issue focusses on the Top 100 Canadian business professionals.

“They reached out to me,” said Eshkawkogan, a member of M’Chigeeng First Nation who lives in Little Current on Manitoulin Island. “They saw my name coming up in multiple places.”

Though flattered by the interest, Eshkawkogan stressed he was not interested in an article strictly about him. He wanted the focus to be on the ITO.

“They wanted to do the story on me, just as an individual,” he said. “But the work I do is not for my well-being, it’s for the community good. I didn’t think it should just be a celebration of the work I do. It’s a celebration of the Indigenous tourism work we do.”

Besides being a member of M’Chigeeng First Nation, Eshkawkogan also has plenty of connections with a pair of other First Nations on Manitoulin Island.

His mother is from the Aundeck Omni Kaning First Nation, which is also where his current business office is located. And his father is from Wiikwemkoong Unceded Territory, while his stepfather is a M’Chigeeng First Nation member.

As of this year, the ITO had more than 550 Indigenous tourism business members. The association also has about 300 members that represent non-Indigenous tourism businesses.

Eshkawkogan admits the coronavirus disease 2019 (COVID-19) pandemic has been a tremendous blow to many ITO members this year.

Restrictions forced many of those businesses to close their doors for months. And even many of those that have been able to recently open up again are facing significant losses and financial difficulties.

“Businesses are still closing, basically daily,” Eshkawkogan said. “We’re crossing our fingers some of these will be temporary.”

Indigenous tourism businesses in Ontario cover many sectors, including restaurants and businesses offering cultural experiences, camping, hotels, lodges and tours.

Eshkawkogan believes there is and will continue to be a great need for Indigenous tourism businesses in the province. And he’s confident that one day, the industry will once again be a booming one.

“Indigenous people are very resilient people,” he said. “And Indigenous tourism businesses are resilient. We’ve got a great recipe to come back even stronger.”

As an example, Eshkawkogan mentioned Anishinaabe/Algonquin chef Johl Whiteduck Ringuette, who closed his popular NishDish restaurant in Toronto recently.

“He’s very much a forward-thinker,” Eshkawkogan said. “I know they’re going to come back.”

Eshkawkogan realizes, however, it is going to take some time for the Indigenous tourism industry to recover in the province.

ITO has created a five-year strategic and COVID-19 recovery plan.

“We will be back, stronger than ever,” he said.

Eshkawkogan added the ITO officials have realized since March how much of an impact the pandemic will have on the Indigenous tourism industry in the province.

The ITO released information on the potential economic impacts the pandemic would have in both March and April. And ITO released its recovery plan in June.

“We’re proud of the work we do with Indigenous tourism businesses in Ontario,” he said.

Eshkawkogan is also heavily involved in hockey. He is currently the District 7 council director for the Northern Ontario Hockey Association.



Source link

Continue Reading

Business

Bruce Power recertified at highest level by Canadian Council for Aboriginal Business

Published

on

By

Bruce Power has been awarded a Gold level certification for the third time by Canadian Council for Aboriginal Business (CCAB) for excellence in Indigenous relations.

This is the highest level of recognition offered by the CCAB. Bruce Power was awarded gold in 2014 and 2017, and the company is one of only 18 in Canada to have received the designation.

“We’re honoured to have received this recognition for a third time, and we are grateful to Canadian Council for Aboriginal Business for its recognition of our efforts,” said David Abbott, Bruce Power’s Director, Indigenous Relations and Business Partnerships. “We’ve spent many years forging a strong relationship with the Indigenous communities which host our site upon their traditional territories. We have listened to and learned from each other, and have collaborated on many projects that will have lasting benefits for Indigenous communities.”

The Progressive Aboriginal Relations (PAR) Program is a comprehensive initiative offered by CCAB that supports improvement and best practices in Indigenous relations. A gold-certified company means the PAR criteria is ingrained at all levels of the business, driven through policy, strategy, mature processes and innovative enhancements over a number of years. A gold organization has a high level of appreciation of the significance of positive Indigenous relations. They are a role model for Indigenous relations with a continuous-improvement philosophy, with positive results and good support from Indigenous communities.

“We are thrilled that yet again, Bruce Power has demonstrated its commitment to Indigenous prosperity and economic reconciliation supported by our PAR program,” said Tabatha Bull, president and CEO, Canadian Council for Aboriginal Business. “This gold certification demonstrates the company’s dedication to Indigenous relations through all aspects of their business.

“Congratulations on your hard work, Bruce Power.”

Bruce Power submitted its PAR application in June, the details of which were then verified by an independent third party in August. Bruce Power’s outcomes and initiatives in four performance areas – employment, business development, community investment and community engagement – were reviewed by a jury of Indigenous business people before the gold designation was granted.

“I want to congratulate Bruce Power for its third recertification by CCAB for their exceptional relationships with Indigenous communities across the province,” said Greg Rickford, Ontario’s Minister of Energy, Northern Development and Mines, and Minister of Indigenous Affairs. “Bruce Power continues to develop meaningful partnerships with Indigenous businesses and communities across the province, helping to build a robust nuclear industry and supply chain here in Ontario.”

To learn more about the CCAB visit www.ccab.com. To learn more about Bruce Power’s Indigenous Relations program, visit www.brucepower.com/in-the-community/community-programs/indigenous-relations/.

Source link

Continue Reading

Trending