Saturday, May 19, 2012

Lai Changxing, dubbed the Bandit King, has been given a life sentence for years of smuggling and corruption that added up to billions of US dollars or Pounds sterling. The Chinese court described the values as “massive”.

Lai smuggled goods worth more than £2 billion into Xiamen, bypassing more than £1 billion in import duty. He paid 64 local officials a total of almost £4 million in bribes, giving him effective control of the city from 1995 to 1999. He fled China after becoming a wanted man in 1999 and went to Canada via Hong Kong; the following year, Premier Zhu Rongji said “If Lai was executed three times over, it would not be too much”.

As head of the Yuanhua Group, Lai smuggled in cars, chemicals, oil, cigarettes, and other goods. He distributed bundles of cash to the poor, owned and played for his local football team, built stadia, owned a bulletproof Mercedes that once belonged to President Jiang Zemin, and attempted to construct a tower that would have been the nation’s tallest building. He attained local popularity for funding construction projects including schools, hundreds of tower blocks, and the local airport.

As well as money, officials were offered alcohol and prostitutes. Many were offered time at Lai’s seven-storey brothel, the Red Mansion, and feasted at a replica of the Forbidden City.

State TV has broadcast footage depicting a banquet table with a tiger skin laid upon it, cars given to officials, a young woman alleged to have been donated as a lover, and a sackful of gold rings. The case’s prominence was such that Liu Liying, boss of the national Central Discipline Inspection Committee, took charge of bringing Lai down.

Subsequent investigations have examined more than 1,000 suspects with police at one stage turning over an entire hotel to the probe, filling rooms with suspects. National newspaper The People’s Daily has suggested it is the most serious economic crime in modern Chinese history. He was the nation’s top car importer and one of the main traders in oil and imported cigarettes.

Hundreds of officials have been convicted and it is estimated hundreds more remain. Fellow life-sentence prisoners from the case include the city’s deputy mayor and its head of customs. The nation’s former vice-minister for security, Li Jizhou, has a suspended death sentence. Other suspects have killed themselves.

Upon his escape from the nation Lai became China’s most-wanted fugitive. Twelve years of negotiations ended with a Chinese promise Lai would be spared the death penalty, and Canada extradited him last year. Numerous lower-ranking members of Lai’s empire have already been given life imprisonment or death sentences. With execution off the table, the court gave Lai the highest sentence possible: in addition to the life term, he received fifteen years for bribery and had all his possessions confiscated.

The court justified the “double sentence” on the grounds “the sums involved are unusually large, and the details are extraordinarily serious”. “The crimes involve massive sums and particularly serious circumstances,” court officials told Xinhua. Lai had denied corruption at his trial, although he accepted exploiting loopholes to avoid import duty.

“I don’t have a good family background,” Lai said previously in a press interview. “I have to do things step by step by myself. That’s how people came to respect me. I never fussed about big money.” Lai was born as one of eight siblings in the midst of famine.

Thursday, July 23, 2009

Sophie Lavers, a 24-year-old woman from Canberra, has been crowned Miss World Australia in Sydney. She defeated nineteen other finalists to take the prize and will represent Australia at the Miss World event in South Africa.

The entrants were judged based on several categories including best talent, healthy body image, sports and fitness and beauty with a purpose. An aspiring actress, she is completing an acting course and hopes to build a career in film and television. She is also a qualified fitness instructor and has worked as a Kings Cross waitress.

She has been described in the media as having an “amazing figure” and it has been rumoured that she has used this for modelling work. However, Lavers has said that her body has only been modelled for a good cause: “Some do think that, but I have only ever modelled for charity.”

She also doubts much will change for her, at least in the near future. “I’ll still get up and probably have peanut butter on toast for breakfast but after that I’m not sure what’s happening. I guess I won’t be going to work tomorrow.”

She explained that all the girls who entered were dedicated to making a difference. “I just think it’s like having little angels out there through the country helping in all different areas whether it’s with children, or blind people, or the homeless.” Lavers also complained that non-stop smiling for the event has left here mouth sore. “I’m not used to smiling for hours on end.”

Lavers is now set to head to Johannesburg for the December 12 global competition. “I’ve got to get a month of outfits ready and get a talent and another speech and everything. Oh goodness.”

Wednesday, November 15, 2006

In an unexpected move, US Airways has placed a $8 billion bid for Delta in the morning of November 15, 2006, rallying the Dow Jones Industrial Average, which closed at 12,251.71, a record high.

The offer to buy Delta once the Atlanta-based airline emerges from bankruptcy protection by the middle of 2007 would give Delta’s unsecured creditors $4 billion in cash and 78.5 million shares of US Airways stock. Delta has yet to file its own plan of reorganization.

If completed, the deal would combine two of the oldest and most storied airlines in the United States. Delta started as a crop duster in the 1920s and grew to make its base at Atlanta-Hartsfield the nation’s largest airport. US Air started as a mail carrier in the 1930s and has gone through several mergers and two bankruptcies.

“Consumers will have more choice and more reach, and a carrier that has a cost structure of a low-fare carrier,” US Air CEO Doug Parker said in a phone interview.

The last airline deal of this magnitude, United Airline’s proposed purchase of US Airways, was blocked by the Justice Department on antitrust grounds in 2001, just before the Sept. 11 terrorist attack.

Management of Delta have not endorsed the deal, stating they wish to prevail as independent. On Wall Street, however, US Air (up $6.64 to $57.57) investors welcomed the proposal, sending the carrier’s stock soaring more than 12 percent in midday New York Stock Exchange trading. Investors also were pleased with Delta, with shares soaring 19 percent but then going back to modest gains. If the deal is completed the airline would operate under the name of Delta but nothing is set in stone.

Sunday, June 21, 2009

Red Bull Racing driver, Sebastian Vettel won the FIA Formula One 2009 Santander British Grand Prix from pole at the Silverstone Circuit, Northamptonshire, England. His teammate, Mark Webber, came second.

As the current leader of this season Jenson Button started sixth on the grid of his home Grand Prix, his Brawn–Mercedes teammate Rubens Barrichello took third joining Red Bull’s drivers on the podium.

Felipe Massa came fourth for Ferrari) despite starting eleventh. Jenson Button came very close to Massa and and Nico Rosberg from Williams but was unable to pass them and came only sixth gaining three points for the Brawn team.

Jarno Trulli (Toyota) and Kimi Räikkönen (Ferrari) closed the top eight.

Trulli’s teammate, Timo Glock came ninth with Giancarlo Fisichella on his back – a good result for the Force India team.

Jenson Button still leads the drivers’ standings with 64 points so far, 23 points ahead of his teammate and 25 ahead of Vettel. The constructor’s championship is topped by Brawn GP with more than a hundred points, Red Bull follows 30.5 points behind.

This year the British Grand Prix was expected to be the last held at Silverstone as Donington Park continues reconstruction to meet Formula One next year.

Monday, December 2, 2013

Police in the West Midlands in England today said nearly 200 kilograms worth of drugs with value possibly as great as £30 million (about US$49 million or €36 million) has been seized from a unit in the town of Brownhills. In what an officer described as “one of the largest [seizures] in the force’s 39 year history”, West Midlands Police reported recovering six big cellophane-wrapped cardboard boxes containing cannabis, cocaine, and MDMA (“ecstasy”) in a police raid operation on the Maybrook Industrial Estate in the town on Wednesday.

The seized boxes, which had been loaded onto five freight pallets, contained 120 one-kilogram bags of cannabis, 50 one-kilogram bags of MDMA, and five one-kilogram bricks of cocaine. In a press release, West Midlands Police described what happened after officers found the drugs as they were being unloaded in the operation. “When officers opened the boxes they discovered a deep layer of protective foam chips beneath which the drugs were carefully layered”, the force said. “All the drugs were wrapped in thick plastic bags taped closed with the cannabis vacuum packed to prevent its distinctive pungent aroma from drawing unwanted attention.” Police moved the drugs via forklift truck to a flatbed lorry to remove them.

Detective Sergeant Carl Russell of West Midlands Police’s Force CID said the seizure was the largest he had ever made in the 24 years he has been in West Midlands Police and one of the biggest seizures the force has made since its formation in 1974. “The impact this seizure will have on drug dealing in the region and the UK as a whole cannot be underestimated”, he said. “The drugs had almost certainly been packed to order ready for shipping within Britain but possibly even further afield. Our operation will have a national effect and we are working closely with a range of law enforcement agencies to identify those involved in this crime at whatever level.”

Expert testing on the drugs is ongoing. Estimates described as “conservative” suggest the value of the drugs amounts to £10 million (about US$16.4 million or €12 million), although they could be worth as much as £30 million, subject to purity tests, police said.

Police arrested three men at the unit on suspicion of supplying a controlled drug. The men, a 50-year-old from Brownhills, a 51-year-old from the Norton area of Stoke-on-Trent in Staffordshire, and one aged 53 from Brownhills, have been released on bail as police investigations to “hunt those responsible” continue. West Midlands Police told Wikinews no person has yet been charged in connection with the seizure. Supplying a controlled drug is an imprisonable offence in England, although length of jail sentences vary according to the class and quantity of drugs and the significance of offenders’ roles in committing the crime.

Tuesday, September 12, 2006

Hurricane Florence was positioned at 35.8 N 63.9 W, at 11 p.m. EDT (UTC – 4 hr), with maximum winds blowing at 85 mph and gusts of up to 105 mph. The hurricane is moving in a north-easterly direction at 18 mph and is showing signs of weakening.

The government of Bermuda has discontinued the Tropical Storm warning it issued only after it blew away window panes, glasses and roofs. No deaths have been reported though there are reports of minor injuries. The hurricane has knocked out power supply to thousands of people.

The Bermuda Electric Light Company (BELCO) expects the restoration of supply to be complete in few days.

Wednesday, February 20, 2008

Dutch financial institution ING Group reported today in its quarterly results an impairment charge of €194 million euros (approximately US$285.6 million). However, as a result of selling an equity stake in rival ABN AMRO, the net profit of €2.48 billion, was 18% higher than last year.

The impairment charge is a result of risky investments, including RBMS (mortgage) investments backed by subprime loans and Alt-A loans, which are made to borrowers with a slightly better credit profile than those in the subprime category, as well as from collateral debt obligations (CDOs).

CEO Michel Tilmant said that “solid risk management” shields ING from the worst effects of the financial crisis. “ING’s exposure to the riskiest assets is limited, and the RMBS investments we selected have a high level of structural credit protection to absorb significant losses as the U.S. housing crisis deepens,” added Tilmant.