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Health

Criminals attempt to revenue from journey restrictions

Health workers perform a PCR test at a Covid-19 diagnostic center at El Alto International Airport in Bolivia on January 28, 2021.

AIZAR RALDES | AFP | Getty Images

According to Europol, illegal sales of fake negative Covid-19 test results are becoming more common as criminals seek to take advantage of travel restrictions imposed during the pandemic.

The EU law enforcement agency reported an increase in cases of fraudulent Covid-19 test certificates sold to travelers on Monday. More and more countries in the European Union and beyond are obliging travelers to present a negative coronavirus test in order to gain access when traveling from a high-risk area.

In its latest early warning message, issued by Europol to alert EU member states to new or increasingly widespread forms of criminal activity, the agency said the latest case of the crime was discovered at Luton Airport in the UK, where a man was arrested while trying was selling false coronavirus test results. Elsewhere in the UK, scammers have been caught selling fake Covid-19 test documents for £ 100 ($ 137).

There have also been previous reports of similar activities in other European countries.

For example, a counterfeit ring at Charles de Gaulle Airport in Paris was “dismantled” after it was discovered that fake negative test results were being sold to passengers, Europol said. The amount for the forged test documents ranged from 150 to 300 euros (181 and 363 US dollars).

Another scammer was arrested in Spain for selling false negative test certificates online for 40 euros, and scammers were discovered in the Netherlands selling fake negative test results for 50-60 euros via messaging apps.

“As long as there are travel restrictions due to the Covid-19 situation, it is very likely that the production and sale of fake test certificates will have priority,” added Europol.

“Given the widespread technological means available in the form of high-quality printers and various software, fraudsters can produce high-quality forged, forged or forged documents.”

Fake test results are just one example of a range of fraudulent activities that emerged during the pandemic. Counterfeit coronavirus test kits were sold and online fraud increased during the health crisis. Criminals exploit millions of people who now work from home.

Other criminals have tried to use government programs to assist people during the pandemic, such as vacation payment systems. In September last year, the UK Revenue Service announced that payments up to £ 3.5 billion could have been fraudulently claimed or made in error under the UK job retention scheme.

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World News

Citigroup earnings This autumn 2020 beat revenue estimates

Jane Fraser, General Manager for Latin America at Citigroup Inc., speaks during the Milken Institute Global Conference in Beverly Hills, California on Monday, April 29, 2019.

Kyle Grillot | Bloomberg via Getty Images

Citigroup released fourth quarter results on Friday that beat analysts’ earnings estimates as the company partnered with rival JPMorgan Chase to free up reserves for credit losses.

Earnings fell 7% to $ 4.63 billion, or $ 2.08 per share, compared to $ 1.34 per share expected by analysts surveyed by Refinitiv, according to Citigroup. Company-wide revenue declined 10% to $ 16.5 billion, below the estimate of $ 16.7 billion.

The bank released $ 1.5 billion in reserves for loan losses, a move larger than analysts expected. That compares with a reserve build-up of $ 436 million in the third quarter and $ 253 million a year ago. As a result, borrowing costs for the period were more than $ 2 billion lower than a year ago.

Over the past year, banks have allocated tens of billions of dollars in provisions for loan losses in the expectation that shutdowns caused by the Covid shutdown would force customers large and small to default on credit. Now it seems like the industry has turned a corner and will begin releasing some of those reserves, increasing earnings and their ability to buy back stocks this year.

“As a sign of the strength and longevity of our diversified franchise, our sales remained unchanged through 2019 despite the massive economic impact of COVID-19,” said outgoing CEO Mike Corbat in the press release.

Citigroup shares fell 6.2%.

Citigroup made history when it announced that Jane Fraser would take over the running of the company. This made it the first major Wall Street bank to be run by a woman. Weeks before her successor at Corbat, Fraser spoke to investors and analysts for the first time on Friday. Shareholders wanted to know how Fraser, a former McKinsey partner who led Citi’s Latin American operations before becoming president in 2019, will improve the company’s bottom line.

Fraser said she is embarking on a review of the company’s strategy to best position it to meet its ROI targets and meet regulatory requirements.

“We’re taking a clinical look at our strategic positioning and assessing which companies can achieve leading market positions in a much more digitalized world,” said Fraser. “Like any true Scot, I believe there is value in unlocking by simplifying the company.”

Citigroup, the third largest US bank by assets, was hurt by relatively poor performance when compared to competitors such as JPMorgan Chase. The results have frustrated investors, including activist hedge fund ValueAct. The bank is also working on a government agency agreement to improve its internal risk controls after it accidentally sent nearly $ 900 million to Revlon lenders last year.

Citigroup has announced that trading sales will increase 15% year over year in the fourth quarter, while investment banking fees should increase 10% to 15%.

The shares of the New York-based bank fell 23% last year, compared with the KBW Bank Index’s 4.3% decline.

Here are the numbers:

  • Earnings: $ 2.08 per share versus $ 1.34 per share for analysts surveyed by Refinitiv.
  • Revenue: $ 16.5 billion versus an estimate of $ 16.7 billion.

JPMorgan on Friday reported fourth quarter earnings and sales that were above estimates.

Categories
World News

revenue possible rose in fourth quarter

The Samsung logo can be seen on an Android phone.

Omar Marques / SOPA Pictures | LightRocket | Getty Images

SINGAPORE – Samsung Electronics announced Friday that operating income for the quarter ended December was expected to increase 26% year over year to Korean won 9 trillion (US $ 8.22 billion).

According to Refinitiv SmartEstimate, this was largely in line with analysts’ estimate of 9.1 trillion won.

Samsung Electronics’ shares in South Korea rose 7.12% on Friday.

The company announced that consolidated sales were expected to reach 61 trillion won in the fourth quarter, an increase of nearly 2% year over year. Samsung has not broken down the performance of each business unit, including the main profitable semiconductor business.

Full results for the December quarter are expected later this month.

Korean won and smartphone sales

According to Daniel Kim, senior research analyst at Macquarie Equities Research, Samsung’s forecast fell short of analysts’ expectations for two reasons.

“A strong Korean won against (a) some major currencies like the US dollar and the euro,” he said on CNBC’s Squawk Box Asia on Friday. The other reason is “disappointing” smartphone sales, which have been quite unpredictable over the past few quarters, Kim said.

But the analyst is bullish about the stock. He pointed out that memory chip prices are expected to change this quarter, and average sales prices are expected to rise – this would benefit the semiconductor business.

“The memory surge is likely to last much longer than many people think. So I’m very pleased with my outperformance rating of the stock,” said Kim, adding that Samsung “remains one of the cheapest semiconductor stocks in the world.” “”

Both operating income and consolidated sales were down from the previous quarter, based on Friday’s guidance.