FBI Alerts Public to 'Courier Scam' Targeting Seniors' Life Savings
Published: Friday, 26 July 2024 02:45 | 
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The FBI is warning about a widespread scam targeting seniors and others, where fraudsters convince victims that their bank accounts are compromised.
The scammers then persuade victims to withdraw large sums of cash or purchase gold bars, which are collected by fake couriers posing as officials. This scheme has resulted in significant financial losses for victims, often amounting to hundreds of thousands or even millions of dollars.
The FBI is actively investigating these cases and urging the public, especially seniors, to be vigilant against such fraudulent activities.
Fed Hints at Possible September Rate Cut
Published: Friday, 26 July 2024 11:47 | |
| According to a Bloomberg survey of economists, the Federal Reserve is expected to signal its intention to cut interest rates in September at its upcoming July 30-31 meeting.
While keeping rates unchanged at this meeting, the Fed is likely to use either its policy statement, Chair Powell's press conference, or both to indicate the upcoming rate cut. This move is anticipated to initiate a series of quarterly rate reductions through 2025, reflecting the Fed's growing confidence in inflation control and a balanced labor market.
However, some economists believe the Fed may wait until later, possibly at the Jackson Hole symposium in August, to solidify this message.
Canada's MSB Registry Under Scrutiny: A Loophole for Financial Crime?
Published: Friday, 26 July 2024 11:39 | |
| An investigation by IJF and CTV National News has uncovered a concerning trend in Canada where multiple money services businesses (MSBs) are registered at the same address, often without the knowledge or consent of the actual occupants.
This practice, which includes foreign currency dealers, money transfer businesses, and cryptocurrency exchanges, raises red flags for potential money laundering and terrorist financing. Financial crime experts warn that this goes against the spirit of Canada's registration requirements for high-risk businesses, with some of these MSBs allegedly involved in fraudulent investment schemes.
The investigation highlights critical gaps in Canada's enforcement regime, allowing potential financial criminals to exploit the system.
China's Commodity Hoarding: Implications for Global Markets and Security
Published: Friday, 26 July 2024 11:10 | |
| China's extensive stockpiling of commodities, driven by geopolitical concerns and supply chain disruptions, has reached unprecedented levels. Despite economic challenges, China's imports of essential resources like bauxite, cobalt, natural gas, crude oil, and soybeans have surged. This strategy includes expanding storage capacities and building substantial reserves, raising concerns about potential inflationary impacts on global commodity prices and strategic implications. Analysts warn that China's actions could reshape global trade dynamics and challenge the dominance of the U.S. dollar, particularly through initiatives like promoting a gold-backed renminbi.
Gold at Two-Week Low, Copper Below $9,000/t
Published: Friday, 26 July 2024 10:59 | |
| Gold and silver prices have experienced significant declines, with gold reaching a two-week low, due to stronger U.S. economic data reducing expectations for interest rate cuts.
This has led to a decrease in the probability of a September rate cut. Copper prices have also fallen below $9,000/t, driven by weakening demand outlook in China, particularly in the property sector.
While physical gold demand may increase in India due to import duty cuts, the overall sentiment in the metals market remains bearish, with steel inventories in China rising and crude steel production declining.