Mexican President Assures Ally of No Surveillance

On Tuesday, Mexican President Andrés Manuel López Obrador acknowledged that he had been informed that the government’s top human rights official, Alejandro Encinas, was being spied on. However, he sought to downplay the surveillance, saying “we do not spy.”

The New York Times revealed that Encinas was hacked by the world’s most notorious spyware, Pegasus, while he was investigating abuses by the country’s military. Pegasus can infiltrate cellphones without leaving any trace of an intrusion and extract every piece of data from them.

The only entity that has access to Pegasus in Mexico is the military, according to five people familiar with the contracts for the spyware. Encinas leads the government’s truth commission into the 2014 disappearance of 43 students, one of the worst human rights violations in the country’s recent history.

Several rights groups condemned López Obrador’s comments, with the Centro Prodh tweeting, “We regret that the president minimizes the espionage his administration carries out.” A group of independent experts conducting an inquiry into the 43 students’ disappearance called for the attorney general’s office to investigate the cyber attacks on Encinas.

The Israeli Ministry of Defense has ordered several countries to be disconnected from Pegasus, but did not cancel the Mexican army’s license and later extended it. NSO Group, the spyware’s manufacturer, has opened an investigation into the reported abuses of Pegasus in Mexico.

It remains to be seen how this inquiry will affect the fate of the spyware in Mexico, where Pegasus has been used against human rights defenders and journalists for years with almost no accountability.

Roc360 Acquires Real-Estate Lending Unit from PacWest – WSJ

PacWest Bancorp has announced the sale of its real-estate lending arm, Civic Financial Services, to Roc360. The sale price was not disclosed.

The move is seen as a way to bolster the bank’s finances and shore up investor confidence in the regional banking sector, which has been hit hard by the collapse of three regional banks since March.

Roc360 will assume Civic’s business operations, including data, intellectual property, brand and workforce. However, the firm will not inherit the company’s previously extended loans or loan-servicing operations.

PacWest had previously announced that it was exploring strategic asset sales to sharpen focus on its core business segments. The sale of Civic Financial Services is the first step in this process.

The bank and Roc360 did not immediately respond to requests for comment.

Nikkei Index Predicted to Drop to 30,000 by End of Year – Reuters Survey

Japan’s Nikkei 225 share average is expected to drop 4% from its 33-year highs, returning to the psychologically key 30,000 level by year-end and trading around the same level in mid-2024, according to the median estimates of analysts polled by Reuters.

The range of forecasts varied widely, however, revealing a deep split over the outlook for the benchmark index. Bulls cited the Tokyo Stock Exchange’s push for stronger corporate governance and the outlook for continued ultra-easy monetary policy from the Bank of Japan, while bears highlighted the importance of corporate earnings and the risk of a sputtering post-lockdown recovery in China.

Four analysts set a target of precisely 30,000 for year-end, indicating a 3.1% fall from Tuesday’s close. The range was also wide for the ten mid-2024 forecasts, spanning 25,000 to 35,100, with two calls at exactly 30,000.

The Nikkei’s path in the coming three months is uncertain, with four analysts expecting narrow range-bound trading, two favouring rallies of 10% or more, and two seeing a 10% correction as the most likely outcome.

Overall, the outlook for the Nikkei remains uncertain, with analysts split over whether the index will continue its ascent or take a breather.

CFTC Commissioner: No Effective Means of Curbing Cryptocurrency Fraud

The U.S. Commodity Futures Trading Commission (CFTC) is tackling the issue of cryptocurrency fraud head-on. According to CFTC Commissioner Christy Goldsmith Romero, cryptocurrency cases account for around 20% of the agency’s portfolio. The CFTC has recently taken civil action against the exchanges Binance and FTX, and is seeking greater authority from lawmakers to oversee spot crypto markets.

Goldsmith Romero warned crypto companies not to view the CFTC as a “light touch regulator”, and emphasized that the agency is taking the issue of fraud seriously. The CFTC has filed a complaint against Binance and its founder Changpeng Zhao, and is accusing FTX and its founder Sam Bankman-Fried of causing the loss of more than $8 billion in customer deposits.

The CFTC is working hard to ensure that cryptocurrency fraud is addressed and that investors are protected. It is clear that the agency is taking the issue seriously and is committed to ensuring that the crypto industry is regulated and safe.

Dow Gains as Intuit Shares Drop Following Earnings Report

Investors were cautious during Tuesday’s session as ongoing debt-ceiling negotiations and quarterly earnings results weighed on sentiment. The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite all closed lower, with Intuit, Urban Outfitters, Palo Alto Networks, Agilent Technologies, NVIDIA Corporation, American Eagle Outfitters, Snowflake Inc and Kohl’s Corp all releasing earnings results.

Looking ahead to Wednesday, investors will be keeping an eye on FOMC meeting minutes and a speech from Treasury Secretary Yellen, while earnings is set to continue with several companies scheduled to release results. U.S. 10-Year rates were at 3.698%.

Exploring the Madeleine McCann Mystery: A Look at the Facts

This week, the case of Madeleine McCann, a British girl who disappeared 16 years ago at the age of 3 from a vacation apartment in Portugal, returned to the headlines. Portuguese police have resumed searching for the girl in the Algarve region, where she vanished in 2007 while on vacation with her family. A German man has been named as a suspect in the case.

The disappearance of the girl triggered an outpouring of public interest and grief, with her face printed on “Missing” posters and T-shirts. The Portuguese police did not produce concrete results but drew widespread criticism after Madeleine’s parents were named as suspects. In 2020, German authorities said a German sex offender was under investigation on suspicion of murder.

This week, the police focused on a peninsula near a reservoir, and a police motorboat was sent into the water basin. Officers used pickaxes, chain saws and rakes to search the peninsula and the surrounding woods. The BBC said the police had deployed sniffer dogs along the bank of the reservoir and that they were expecting the operation to last a few more days.

The search has revived a case that has gripped Europe for years, prompted an international search effort, become the subject of books, front pages and a Netflix documentary series, while generating infinite speculation, empty hopes and tips. The family of Madeleine McCann still awaits a breakthrough.

Purdue Pharma Agrees to Sell Consumer Division for $397 Million

Purdue Pharma, the maker of OxyContin, received a U.S. judge’s permission on Tuesday to sell its consumer health business for $397 million to a subsidiary of Arcadia Consumer Healthcare. The sale is part of Purdue’s effort to liquidate its assets while it awaits a final ruling on a $10 billion settlement that would devote the company’s remaining resources to combating the U.S. opioid epidemic.

The company’s creditors’ committee has pushed for the proceeds from the sale to be used to compensate victims of the opioid crisis and fund addiction treatment programs. Purdue attorney Eli Vonnegut said at Tuesday’s hearing that the company supports that goal, but will need to build consensus among various stakeholders in its bankruptcy first.

Avrio Health, the consumer health business being sold, has never been involved in Purdue’s opioid business. It sells over-the-counter antiseptics and laxatives. Purdue initially planned to sell the business as part of its post-bankruptcy transition to a nonprofit company devoted to combating opioid overdoses and opioid use disorder.

The 2nd U.S. Circuit Court of Appeals is yet to rule on an appeal challenging the company’s effort to shield its owners, members of the wealthy Sackler family, from liability in exchange for a $6 billion contribution to Purdue’s settlement.

Retailer Retreats from LGBTQ Merchandise Following Customer Complaints

Target (NYSE:TGT) is facing customer backlash after making “adjustments” to its LGBTQ merchandise, including pulling some product from stores. A company spokesperson said that the criticism has been widespread and that people are reaching out with feedback.

One of the LGBTQ brands being pulled is Abprallen, which makes T-shirts, sweaters and bags. Its British designer, Eric Carnell, has come under social media scrutiny for designing merchandise with images of pentagrams, horned skulls and other Satanic products.

Target is committed to creating an inclusive environment for all customers and employees and is taking steps to ensure that its merchandise reflects that commitment. The company is listening to customer feedback and making changes to ensure that its products are in line with its values.

Musk Announces Tesla to Select Site for New Factory in 2021

Tesla Inc CEO Elon Musk has revealed that the company is likely to pick a location for a new factory by the end of this year. When asked if India was an interesting option, Musk said “Absolutely”. Last week, India’s deputy minister for technology told Reuters that Tesla is “serious” about its plans to establish a manufacturing base in the country.

In addition, Musk also floated the idea of creating an educational institution that would control most of his votes. He also revealed that he has identified a successor to the board in case something happens to him unexpectedly.

Tesla is pushing to expand its global output and recently announced that it would open a gigafactory in Mexico. With the potential new factory in India, Tesla is looking to further expand its presence in the global market.

out UBS Negotiating Loss Protection with Swiss Government for Credit Suisse Acquisition

UBS Group AG is the largest bank in Switzerland and one of the world’s leading financial services companies. The bank has been in talks with the Swiss government to agree to terms and negotiate a definitive loss protection agreement related to its acquisition of Credit Suisse. The agreement would provide UBS with additional capital and liquidity requirements for the combined firm.

UBS Group AG is confident that the agreement will be finalized soon and that it will be beneficial for both parties. The agreement will provide UBS with additional capital and liquidity requirements, which will help the bank to better manage its risk and ensure its long-term success.