Citi and Mercuria reach settlement over Qingdao

Citi and Mercuria have reached a settlement over the metals financing fraud in Qingdao which took place in 2014. The amount is undisclosed, but Citi confirmed the news in a statement that read: “Citi and Mercuria are pleased to confirm that they have reached a commercial resolution in respect of all issues between them relating to the historic base metal transactions in Qingdao and Penglai. This brings to an end the legal dispute between them.” Commodity trading house Mercuria confirmed the arrangement, publishing the same statement over social media. The pair had been embroiled in a legal battle over a repurchasing agreement (repo) worth $270 million US, which saw them slug […]

Scientists Create Artificial Leaves That Can Serve As ‘Mini-Factory’ For Drugs

A garden filled with “plants” that manufacture medicines on demand might sound like an idea straight out of the fevered imagination of a science fiction writer, but a team of Dutch researchers has now taken the first step toward making it real. In a study, published Thursday in the journal Angewandte Chemie, researchers from the Eindhoven University of Technology described the creation of a “mini-factory” of drugs contained within artificial leaves. These structures, which don’t necessarily need to be shaped like leaves, utilize the unique characteristics of luminescent solar concentrators (LSCs) — materials capable of capturing sunlight much like real leaves, converting it to a specific color, and guiding it to […]

U.S. charges Platinum Partners execs with $1 billion fraud

NEW YORK Top executives of New York-based hedge fund manager Platinum Partners were arrested on Monday and charged with running a $1 billion fraud that federal prosecutors said became “like a Ponzi scheme” as its largest investments lost much of their value. Led by Mark Nordlicht, Platinum was known for years for producing exceptionally high returns — about 17 percent annually in its largest fund — by taking an unusually aggressive approach to investing and fund management, as detailed by a Reuters Special Report in April. ( Nordlicht, Platinum’s founding partner and chief investment officer, was arrested at his home in New Rochelle, New York. Federal prosecutors accused him and […]

New War In Congo? Protests, Violence Raise Fears Of Fresh Conflict In Sub-Saharan Africa’s Largest Country

Demonstrations erupted Monday in cities across the Democratic Republic of Congo as authorities attempted to contain public resistance toward President Joseph Kabila’s refusal to step down from office after his term expires at midnight. Security forces reportedly responded by deploying in large numbers, arresting scores of activists and suspending the country’s internet service. Protests struck the eastern city of Guma and the capital, where authorities faced off with crowds waving red cards against Kabila at Kinshasa University. In the northeastern city of Butembo, armed militias raided a jail in an attempt to free prisoners. The resulting clashes killed a police officer, five attackers and a South African U.N. peacekeeper, sparking fears that the […]