Russian money laundering scandal widens
Bloomberg suggests that “almost daily revelations” show that several European banks are implicated in money-laundering allegations “centered on dirty Russian money”. The scandal that first hit Danske Bank now involves Raiffeisen Bank International in Austria and a number of Dutch banks. Business Insider also has details of the so-called “Troika Laundromat” scandal that implicates Citigroup and Deutsche Bank. In a separate article, Bloomberg says that a lack of unified anti-money laundering system in the EU has allowed criminal activity and channelling of illicit funds from Russia to the west. The Guardian says shares are being hit and that there are more surprises to come.
Warning on Chinese economy
CNBC reports on research by Capital Economics that suggests China’s economic growth could fall to 2% from this year’s expected 6% within 10 years. The research cites changing demographics, the country’s debt problems, a declining work force, and “increasingly weaker drivers of productivity” as potential risks. The report contradicts IMF forecasts of continued growth of between 5 and 6% over the next decade.
US may ramp up North Korea sanctions
Amid reports, from the BBC and The Guardian among others, that North Korea is restoring a rocket launch site, the US is considering imposing even more economic sanctions. Reuters cites US national security adviser John Bolton as saying that “we’ll look at ramping those sanctions up”.
Explosive devices found in London
Packages containing explosive devices capable of igniting a small fire were discovered on Tuesday at Waterloo railway station, City airport and in the grounds of Heathrow airport. The Guardian says Irish police are helping the Metropolitan police’s counter-terrorism command investigate the packages because at least two of them bore Irish postage stamps.
Anti-Semitic carnival float
The BBC reports that a carnival float in a parade in Aalst in northern Belgium at the weekend has been criticised as being anti-Semitic. Aalst hosts one of the oldest and biggest carnival parades in the country--it is even recognized by UNESCO. The float was described as featuring “grinning figures of Orthodox Jews standing on large piles of money.” Back in 2013 the carnival was blighted by a group dressed up in SS-uniforms.
Air India crew urged to “hail motherland”
Air India has reportedly instructed crew members to end each inflight announcement with the words “Jai Hind”, which translates as “hail motherland”, CNBC reports.
Booze cruise surge
UK residents are streaming across the Channel to stock up on cheap alcohol ahead of Brexit, The Guardian reports. So-called booze cruises involve taking a vehicle on ferry from Dover to Calais to buy beer, wine and spirits at superstores in the French port town. The phenomenon started in the 1990s, but sales had slowed down until recently. One store owner said they have “gone ballistic” as the 29 March Brexit deadline approaches.
Today’s breakfast briefing was written by Duncan Roberts