Sheinbaum Ally Hit by Scandal Over Alleged Ties to Drug Cartels
The leftist Morena party's Senate leader, Adán Augusto López, finds himself at the center of the storm, after an arrest warrant was issued for his top security official when López previously served as governor of southern Tabasco state. The warrant cites alleged links to organized crime.
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News24
a day ago
- News24
Trump says tariffs will start from 15%; some African countries may get 10%
For more financial news, go to News24 Business front page. US President Donald Trump suggested that he would not go below 15% as he sets so-called reciprocal tariff rates ahead of an August 1 deadline, an indication that the floor for the increased levies was rising. 'We'll have a straight, simple tariff of anywhere between 15% and 50%,' Trump said Wednesday at an AI summit in Washington. 'A couple of — we have 50 because we haven't been getting along with those countries too well.' Trump's comment declaring that the tariffs would begin at 15% represented the latest twist in his effort to impose duties on nearly every US trading partner, and the latest indication that Trump was looking to more aggressively impose the levies on exports from countries outside the small group that so far has been able to broker trade frameworks with Washington. Trump earlier this month said that more than 150 countries would receive a letter including a tariff rate of 'probably 10 or 15%, we haven't decided yet.' Commerce Secretary Howard Lutnick told CBS News on Sunday that small countries including 'the Latin American countries, the Caribbean countries, many countries in Africa' would have a baseline tariff of 10%. And at the first announcement of the tariffs in April, Trump unveiled a universal tariff of 10% on nearly every country. While Trump and his advisers initially expressed hopes of securing multiple deals, the president has been touting the tariff letters themselves as 'deals' and suggesting that he is uninterested in back-and-forth negotiations. Still, he has left the door open for countries to make agreements that could lower those rates. On Tuesday, Trump announced he was reducing a threatened 25% tariff on Japan to 15% in exchange for the country removing restrictions on some US products, as well as offering to back a $550 billion investment fund. The White House has also discussed a similar fund with South Korea, a nation also focused on reaching a 15% rate including on autos, according to people familiar with the matter. And the Philippines is aiming to bring down its own tariff rate to the 15% level from the current 19% rate, according to the country's Ambassador to the US Jose Manuel Romualdez. Meantime, officials in Vietnam are weighing the likely cost of their deal. Hanoi estimates its exports to the US could decline by as much as a third if higher tariffs announced by Trump take effect, an internal government assessment shows. Other nations, including India and members of the European Union, are still pushing for an agreement before the heightened tariffs go into effect. On Wednesday, Trump said he would 'have a very, very simple tariff for some of the countries' because there were so many nations that 'you can't negotiate deals with everyone.' He said talks with the European Union were 'serious.' 'If they agree to open up the union to American businesses, then we will let them pay a lower tariff,' Trump said.
CBS News
a day ago
- CBS News
Mexico busts cartel-linked extortion ring in historic crackdown; exotic animals and cars seized
Mexico's government said Wednesday it had dismantled a criminal group behind a massive extortion scheme in the biggest such operation to date. The gang, with ties to a major drug cartel, had operated out of the central State of Mexico, extorting companies and individuals in 14 municipalities and controlling labor unions in the construction, mining, agriculture and parcel delivery industries. "Combating this criminal group was an urgent need to protect the local economy and the peace of thousands of families," said Mexico's Security Secretary Omar Garcia Harfuch. The crackdown — dubbed Operation "Liberacion" — saw nearly 3,000 security personnel carry out 52 raids, resulting in eight arrests of people believed to be the gang's leaders, Garcia Harfuch said on social media. Police also seized stolen farm and exotic animals, meat, tons of construction materials, and vehicles. Garcia Harfuch said it was "the largest" operation ever carried out against extortion gangs, which are notorious and widespread in Mexico. "This case is a clear example of what we can achieve when there is willingness, collaboration and a shared commitment to justice," Garcia Harfach said in a statement. A video released by authorities showed officers carrying out multiple raids across Mexico on July 21. Cartels in many parts of Mexico have expanded into kidnapping and extortion to increase their income, demanding money from residents and business owners and threatening to kidnap or kill them if they refuse. Last July, a Mexican fisheries industry leader who complained of drug cartel extortion and illegal fishing was shot to death in the northern border state of Baja California. The killing in the port city of Ensenada came just hours after Pérez complained of widespread competition from illegal fishing. Ordinary citizens are also targeted with extortion. Last January, a cartel in the embattled central Mexico state of Michoacan set up its own makeshift internet antennas and told locals they had to pay to use its Wi-Fi service or they would be killed, prosecutors said. Dubbed "narco-antennas" by local media, the cartel's system involved internet antennas set up in various towns built with stolen equipment. The Associated Press contributed to this report.
Yahoo
a day ago
- Yahoo
Morgan Stanley under probe for wealth management client vetting issues
Morgan Stanley is currently facing an investigation by the Financial Industry Regulatory Authority (FINRA) concerning its wealth management client vetting processes related to potential money-laundering risks, as reported by the Wall Street Journal (WSJ). The inquiry is examining the firm's client risk assessments and related practices from October 2021 to September 2024. This investigation adds to existing scrutiny from federal authorities regarding Morgan Stanley's anti-money-laundering protocols. FINRA has sought extensive information about both domestic and international clients within the firm's wealth-management sector and its trading operations. Among the specific details requested by the regulator are records pertaining to politically exposed individuals, which include senior foreign political figures and their close associates, as well as the Morgan Stanley representatives managing these accounts. The investigation is part of a comprehensive review by FINRA, which, while not a governmental body, oversees broker-dealers and has the authority to impose penalties for regulatory breaches. Morgan Stanley has been addressing concerns raised by the Federal Reserve regarding its client-screening processes. The firm has reportedly closed numerous accounts, scaled back its operations in Venezuela and other Latin American countries, and tightened its criteria for accepting new clients. Previous reports have highlighted significant deficiencies in Morgan Stanley's due diligence, particularly in attracting clients from regions associated with financial misconduct and drug trafficking. A document from 2023 indicated that many accounts in its wealth-management division exhibited characteristics associated with money laundering and tax evasion. A spokesperson for Morgan Stanley told the WSJ that the firm has invested heavily in its anti-money-laundering and client-vetting initiatives, which have had a positive impact on its operations. The spokesperson also noted that the ongoing examinations by regulators are standard practice and do not necessarily reflect issues within the firm's business operations. FINRA's investigation is particularly focused on the risk profiles of clients for whom Morgan Stanley has managed or executed trades, including inquiries about clients on its digital trading platform E*Trade, its private banking services, and its institutional securities group. Morgan Stanley has received multiple requests from FINRA for large volumes of data, including recent requests for organisational charts related to its anti-money-laundering and financial-crimes teams. Internal concerns have been raised regarding the completeness of the information provided to FINRA, prompting the firm to submit additional data following feedback from the regulator. In addition to the FINRA investigation, the Justice Department and the Treasury Department's Financial Crimes Enforcement Network are also looking into the bank's anti-money-laundering practices, particularly within its wealth-management division. Some federal investigations have reportedly found that Morgan Stanley retained clients despite clear indications of risk, such as media reports suggesting involvement in illegal activities. On a more positive note, the Federal Reserve has reportedly approved the client identity verification processes of E*Trade and the deposit-taking arms of the digital trading platform. However, the Office of the Comptroller of the Currency has identified that many wealth management accounts lacked sufficient enhanced due diligence. By late last year, Morgan Stanley acknowledged having clients that did not conform to its internal risk-appetite guidelines. As part of the ongoing FINRA investigation, information has also been requested regarding the firm's risk-scoring tool for clients, which was not activated for E*Trade clients until early 2024, following a prior deactivation after the acquisition of the trading platform. "Morgan Stanley under probe for wealth management client vetting issues – report" was originally created and published by Private Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
