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 […]

Who Is Christine Lagarde? 6 Things To Know About The IMF Chief Found Guilty Of Negligence

International Monetary Fund Managing Director Christine Lagarde may soon lose her job. A French court found her guilty of criminal negligence charges Monday, based on her preferential treatment of a businessman in 2008, when she was serving as France’s finance minister, Reuters reported. The court did not, however, hand Lagarde any sentence, with the main judge on the case noting that “the context of the global financial crisis in which Madame Lagarde found herself should be taken into account,” according to the newswire. Read on for five facts about the possibly outgoing IMF chief. Her predecessor was ousted for much worse. Elected to the managing director position in 2011, Lagarde replaced […]

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 […]

Climate Change: Arctic Report Card Shows Global Air Conditioner Is Failing

The Arctic got its report card Tuesday and it looks like someone is due for detention. It showed the Arctic is in failing health with temperatures at their highest since recordkeeping started more than a century ago, leading to a decline in snowpack and sea ice, ocean acidification and other environmental ills. “What happens in the Arctic doesn’t stay in the Arctic,” said Jeremy Mathis, director of NOAA’s Arctic research program. The lack of ice and snow could affect jet stream patterns across the Northern Hemisphere, leading to weird weather patterns. Our global air conditioner appears to be breaking down. An addendum to the annual assessment, which usually just covers […]