Monday, December 7, 2015

California shooters 'radicalised for quite some time': FBI

California shooters 'radicalised for quite some time': FBI

[SAN BERNARDINO] The husband and wife behind the shooting in California that left 14 people dead were radicalised for "quite some time" and both went for target practice before the massacre, authorities said on Monday.
The update from the FBI on the terror probe into the December 2 rampage in San Bernardino came after President Barack Obama vowed to destroy the Islamic State group and hunt down its followers, in an address to a jittery nation.
The self-proclaimed Islamic State has praised the California attackers - Syed Farook and Tashfeen Malik - as "soldiers" of its self-proclaimed caliphate but did not say they were members of the group.
"As the investigation has progressed, we have learned and believe that both subjects were radicalised and have been for quite some time," David Bowdich, the FBI's assistant director in Los Angeles, told reporters on Monday.
"The question for us is how and by whom and where were they radicalised?" he said.
"Maybe there's not a by whom. Often times it's on the Internet." He said the couple, killed in a shootout with police following the gun attack on a year-end office party, went for target practice in ranges around the Los Angeles area, including in the days before the tragedy.
On Sunday, Mr Obama said the attack was an "act of terrorism," and the Federal Bureau of Investigation is investigating it as such.
Authorities have, however, said there is no indication the couple was part of an organised larger group or cell.
In addition to two rifles and two handguns used in the attack at the party organised by Farook's employer - the San Bernardino County health department - investigators found an impressive arsenal at their home.
"The threat from terrorism is real, but we will overcome it. We will destroy (IS) and any other organisation that tries to harm us," Mr Obama said on Sunday, in only his third address from the Oval Office since taking office in 2009.
Farook, an American citizen, and his Pakistani wife met on an online dating site. Last year, he traveled to Saudi Arabia, where she lived, and they married. They left behind a six-month-old daughter.
On Monday, ABC News broadcast a snapshot of the couple taken by immigration as they entered the United States as newlyweds in July 2014. It shows them both dressed in traditional Muslim clothing.
Malik is wearing a black hijab that covers her head, and Farook is seen in a white tunic and skullcap.
Farook's family have said they were at a loss to explain the couple's rampage and have added that though both were devout Muslims, there was no indication they had become radicalised.
Farook's co-workers also were dumbfounded. They said he had attended the holiday party and then left, only to return with his wife, both dressed in black military-style clothing and heavily armed.
In an interview with the Italian daily La Stampa, however, Farook's father said his son approved of IS ideology and was fixated on Israel.
"He said he agreed with (IS chief Abu Bakr) al-Baghdadi's ideas for creating the Islamic State, and he was obsessed by Israel," La Stampa quoted the father of the shooter, also named Syed Farook, as saying.
"I always used to say to him, 'Be calm, patience, in two years' time Israel will no longer exist,'" he said, in remarks reported in Italian.
But family attorney David Chesley said on Monday that he had spoken with the father, who denied making those statements.
"He's on four or five medications and he's saying he didn't make those statements," Chesley told CNN. "He didn't recall saying any of that."
AFP

China's November exports fall 3.7% in yuan-denominated terms

China's November exports fall 3.7% in yuan-denominated terms

[BEIJING] China's November exports fell 3.7 per cent from a year earlier in yuan-denominated terms, while imports fell 5.6 per cent, data showed on Tuesday.
That left the country with a trade surplus of 343.10 billion yuan for the month, the General Administration of Customs said.
Dollar-denominated figures have not yet been published.
Economists had expected an export decline of 5.0 per cent in dollar terms after a 6.9 per cent drop in October, with imports seen declining 12.6 per cent following an 18.8 per cent slide the previous month.
China is widely expected to post its slowest economic growth in a quarter of a century this year as activity is weighed down by weak demand at home and abroad, factory overcapacity, high debt levels and cooling investment.
REUTERS

IMF funds 'not necessary' for Greek bailout: Tsipras

IMF funds 'not necessary' for Greek bailout: Tsipras

[ATHENS] IMF funds are no longer necessary for an international bailout of Greece due to reduced loan requirements and the Washington-based lender's "unconstructive" position, the country's prime minister argued on Monday.
"I have the impression that IMF funding is not necessary" for the bailout, Greek premier Alexis Tsipras said in an interview with public broadcaster Et1.
Greece in July obtained a three-year 86-billion-euro (S$131 billion) rescue from its eurozone partners. The International Monetary Fund has so far not contributed to the aid programme, and has said it could decide in January whether it will do so.
The bailout included 25 billion euros to recapitalise Greece's cash-starved banks, but the final figure required turned out to be dramatically lower than that, and as a result, "it therefore needs less money", said Mr Tsipras.
He added that "the IMF position is unconstructive", blaming the financial institution for demanding tough reforms and guarantees.
The IMF said last week that it could decide in January whether it would put money into an aid programme for Greece that until now has been financed entirely by the eurozone.
It teamed up with the European Union on the first two bailouts for Greece, but held back on a decision this time amid insufficient reform pledges from the Greek authorities and European reluctance on restructuring the country's debt.
Mr Tsipras's remarks came ahead of an upcoming visit to Greece by representatives of its so-called quartet of creditors - the European Commission, the European Central Bank, the International Monetary Fund and the EU's bailout fund, the European Stability Mechanism.
The visit by the four representatives is to oversee the launch of a new series of measures, including the acceleration of privatisations and the regulation of corporate debt, which the government has pledged to put to a vote in mid-December to clinch a new tranche of bailout funds.
AFP

US, Cuba to negotiate billions in claims against each other

US, Cuba to negotiate billions in claims against each other

[HAVANA] Cuban and US officials on Tuesday will begin to untangle one of the most complex obstacles to normalisation of relations between the two countries: the claims of Americans whose property was nationalized after the 1959 revolution and Cuban counterclaims for damages caused by the US trade embargo.
The talks in Havana are the latest in a series of bilateral meetings since the two former Cold War adversaries restored diplomatic ties in July this year.
Some 5,913 US corporations and individuals have been awarded US$1.9 billion worth of claims for factories, farms, homes and other assets that were nationalized in Cuba after Fidel Castro's rebels came to power on Jan 1, 1959.
Those claims, registered with the US Justice Department's Foreign Claims Settlement Commission, are now worth roughly US$8 billion when including 6.0 percent annual interest.
Cuban law ties the settlement of the claims to US reparations for damages resulting from the embargo and other acts of US aggression against Cuba. Cuban estimates of that damage range from US$121 billion to more than US$300 billion.
Neither side is eager to pay the full value, setting up a negotiation. "The meeting is the first step in what we expect to be a long and complex process, but the United States views the resolution of outstanding claims as a top priority for normalisation," the US State Department said in a statement on Monday.
Cuba nationalised all foreign businesses and reached settlements with owners from other countries.
The government recognises the US claims but it cut off negotiations in response to the decision by former President Dwight Eisenhower to suspend Cuba's sugar quota in 1960.
The claims sat dormant for half a century as a result of the US-Cuba estrangement, which ended a year a ago when US President Barack Obama and Cuban President Raul Castro announced detente.
Many of the nationalised companies no longer exist and individual claims have been passed to heirs.
The largest claim, by the Cuban Electric Company for more than US$267 million, has changed hands several times due to mergers and acquisitions and is held by Office Depot, itself a takeover target of Staples Inc pending antitrust review.
With interest that claim is now worth more than US$1 billion.
Other major claimants include Starwood Hotels, Coca-Cola, the former International Telephone & Telegraph Co, now ITT Corp, and various oil, sugar and financial interests.
REUTERS

Top China bank says president quit, after probe report

Top China bank says president quit, after probe report

[SHANGHAI] The president of one of China's "big four" state-owned banks has resigned for personal reasons, the company said, after reports he had been taken away in a corruption investigation, as probes widen in the country's financial sector.
Zhang Yun had stepped down from Agricultural Bank of China, the bank said in a statement to the Hong Kong stock exchange, where it is listed.
The announcement came a month after China's news portal Sina reported that Zhang, 56, had been taken away for questioning.
On Sunday, meanwhile, China's biggest brokerage Citic Securities told the Hong Kong exchange it had lost contact with two members of its executive committee - Chen Jun and Yan Jianlin - and they might be assisting an investigation.
But some other employees of the brokerage had returned to work after being summoned for questioning by police, it added.
Chinese authorities have launched a series of investigations into the financial sector after a debt-fuelled stock market bubble - encouraged by authorities - burst in the summer in a rout that wiped out trillions of dollars of market capitalisations.
Citic Securities said two weeks ago that the company itself was being probed by the market regulator, the China Securities Regulatory Commission, following police investigations into several company executives for insider trading and leaking inside information.
Agricultural Bank closed down 0.91 per cent in Shanghai on Monday but added 0.34 per cent in Hong Kong, while Citic Securities dropped 1.86 per cent in Shanghai and 0.33 per cent in Hong Kong.
AFP

Banks risk losing graduates to technology firms: Deloitte

Banks risk losing graduates to technology firms: Deloitte

[LONDON] The world's biggest banks risk losing out to technology companies as lenders fail to attract holders of business degrees in the wake of the financial crisis, according to research from Deloitte.
The popularity of a career in software and computer services has risen by 4.1 percentage points between 2008 and 2015, while banking fell by 4.3 percentage points over the same period, according to a survey of more than 200,000 business students in 30 countries published by the accounting firm on Monday. Based on current trends, software and computer services will overtake banking in popularity by 2022, Deloitte said.
Banks across the globe are fighting to improve public trust and opinion among prospective employees after their reputations took a battering in the financial crisis. They also need graduates with computer skills as they push to fend off financial-technology startups and improve information-technology systems, creaking from years of under-investment at some banks.
The "popularity of banks among business students has been in decline since 2011," said Neil Tomlinson, Deloitte's UK head of banking. "With innovative talent more attracted to other industries such as software and computer services, it may challenge the banks' ability to respond to threats from non-bank challengers such as fintechs and tech titans."
BLOOMBERG

China FX reserves fall in Nov to US$3.44t, down US$87.2b from Oct

China FX reserves fall in Nov to US$3.44t, down US$87.2b from Oct


[BEIJING] China's foreign exchange reserves, the world's largest, fell by US$87.2 billion in November to US$3.44 trillion, central bank data showed on Monday.
The value of China's gold reserves stood at US$59.52 billion at the end of November, down from US$63.26 billion at the end of October, the People's Bank of China said on its website.
China's International Monetary Fund (IMF) reserve position was at US$4.60 billion, down from US$4.64 billion the previous month. It held US$10.18 billion of IMF Special Drawing Rights at the end of last month, compared with US$10.36 billion at the end of October.
The central bank in July shifted to reporting its foreign exchange reserves on a monthly basis after adopting the IMF's Special Data Dissemination Standard (SDDS). The bank had previously released the data on a quarterly basis.
REUTERS

SGX reorganises to emphasise product lines over operational functions

SGX reorganises to emphasise product lines over operational functions

SINGAPORE Exchange (SGX) is reorganising its business to emphasise product lines over operational functions from Jan 1, the market operator announced on Monday after the market closed.
Current chief operations and technology officer Tim Utama will also be leaving after the transition.
Functions that are currently run by the sales and clients unit, which will no longer exist, and by the listings division, will now be split and subsumed under the newly created equities and fixed income division, to be headed by current sales and clients head Chew Sutat; and under the promoted derivatives unit, which will continue to be led by Michael Syn.
The securities unit, which is led by Jenny Chiam, will become part of Mr Chew's unit, instead of reporting to SGX president Muthukrishnan Ramaswami.
Wholly owned Energy Market Co, which operates Singapore's power market, will now be part of the derivatives business.
The market data and connectivity business will continue to develop data and index services as well as connectivity solutions, and will continue to report to Mr Ramaswami.
SGX's international offices in China, Hong Kong, India, Japan and the United Kingdom will now be consolidated under the single unit of membership and international coverage, which will also report to the president. Current head of China business Lawrence Wong will relinquish his role as head of listings.
SGX did not say why Mr Utama is leaving, or when, but it stated that Mr Utama will stay on to oversee the transition and to see through the implementation of the Board Committee of Inquiry recommendations that were made following a major market disruption in 2014.
Mr Ramaswami will take on the increased responsibilities of overseeing the operations and technology units.
"The changes we are taking will create a simpler and flatter structure, making us more efficient and better equipped to take on challenges and opportunities," SGX chief executive Loh Boon Chye said in a statement. "As we continue to focus on building innovative and sustainable markets, investors and companies can expect from SGX a more solution-driven and customer-centric approach to their investing, risk management and fund-raising needs."

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