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Coinbase targeted by SEC in latest shot at crypto firms for allegedly skirting securities laws

Published Mon, 11 Nov 2024 11:09:59 GMT

By MICHELLE CHAPMAN (AP Business Writer)NEW YORK (AP) — Coinbase has been targeted by U.S. regulators in a new lawsuit Tuesday that alleges the cryptocurrency platform is operating as an unregistered securities platform and brokerage service. The lawsuit from the Securities and Exchange Commission comes only a day after it filed charges against Binance, the world’s largest crypto exchange, and its founder Changpeng Zhao are accused of misusing investor funds, operating as an unregistered exchange and violating a slew of U.S. securities laws.Coinbase shares plunged nearly 15% early Tuesday. In its complaint, the SEC said Coinbase made billions acting as the middle man for cryptocurrency buyers and sellers but did not give investors lawful protections while acting as a broker. “Coinbase has for years defied the regulatory structures and evaded the disclosure requirements that Congress and the SEC have constructed for the protection of the national securities markets ...

PGA Tour, Europe to merge with Saudi Arabia golf and end LIV litigation

Published Mon, 11 Nov 2024 11:09:59 GMT

The most disruptive year in golf ended Tuesday when the PGA Tour and European tour agreed to a merger with Saudi Arabia’s golf interests, creating a commercial operation designed to unify professional golf around the world.As part of the deal, the sides are dropping all lawsuits involving LIV Golf against each other effective immediately.Still to be determined is how players like Brooks Koepka and Dustin Johnson, who defected to Saudi-funded LIV Golf for nine-figure bonuses, can rejoin the PGA Tour after this year.Also unclear was what form the LIV Golf League would take in 2024. Commissioner Jay Monahan said in a memo to players that a thorough evaluation would determine how to integrate team golf into the game.The agreement combines the Public Investment Fund’s golf-related commercial businesses and rights — including LIV Golf — with those of the PGA and European tours. The new entity has not been named.“They were going down their path, we were going down ours, a...

Chris Iannuzzi gets the ball for Stevenson. He doesn’t take that lightly. ‘I bleed green for these guys.’

Published Mon, 11 Nov 2024 11:09:59 GMT

Chris Iannuzzi went to the mound one more time for his Stevenson teammates on Monday.After the Class 4A Schaumburg Supersectional at Wintrust Field, the senior right-hander tried to put into words what that meant to him.“I bleed green for these guys,” he said.Dressed in a gray uniform trimmed with the school’s green and gold, Iannuzzi did his part against New Trier, allowing one run over 3 ⅔ innings and getting one of the Patriots’ six hits.But the Trevians pulled out a 2-0 win behind 6-foot-5 junior right-hander Justin Wood, the son of assistant coach and former Chicago Cubs star Kerry Wood.“That was a real good New Trier team we played out there, but we gave it all we had and just came up short,” Iannuzzi said. “I would do anything for my guys, and I’m just upset we couldn’t get one more victory to get to state.”Stevenson (30-10) couldn’t get a run across against Justin Wood, who allowed five hits over 4 ͕...

Normandy marks D-Day’s 79th anniversary, honors World War II veterans

Published Mon, 11 Nov 2024 11:09:59 GMT

ON OMAHA BEACH, France (AP) — An overwhelming sound of gunfire and men’s screams. That’s how World War II veteran Marie Scott described D-Day, as Tuesday’s ceremonies got underway in honor of those who fought for freedom in the largest naval, air and land operation in history.This year’s tribute to the young soldiers who died in Normandy also reminds veterans, officials and visitors what Ukraine faces today.On Tuesday, the whistling sound of the wind accompanied many reenactors who came to Omaha Beach at dawn to mark the 79th anniversary of the assault that led to the liberation of France and Western Europe from Nazi control. Some brought bunches of flowers; others waved American flags.Scott lived it all through her ears. She was just 17 when she was posted as communication operator in Portsmouth, England. Her job was to pass on messages between men on the ground and Gen. Dwight D. Eisenhower and senior officers who were supervising the operation.“I was in the war. I cou...

Teck Resources receives indications of interest for steelmaking coal business

Published Mon, 11 Nov 2024 11:09:59 GMT

VANCOUVER — Teck Resources Ltd. says it has received a number of indications of interest regarding potential transactions involving the company’s steelmaking coal business as it works to split the operations from its base metals business.The Vancouver-based company says its board and independent special committee will consider and evaluate the proposals received to determine whether they are in the best interests of Teck’s shareholders and other stakeholders.Teck called off a shareholder vote in April on a plan to split the company into Teck Metals and a new company to be named Elk Valley Resources that would own the coal business after it became apparent it did not have the required support for the proposal.Swiss commodities giant Glencore made an unsolicited takeover bid for the company earlier this year, but the Teck board rejected the offer that would have seen shareholders receive a stake in a combined metals company as well as a choice of cash or shares in a company that...

Downtown Toronto schools on lockdown after reports of person with gun in area

Published Mon, 11 Nov 2024 11:09:59 GMT

Two downtown Toronto schools have been placed on lockdown after reports of a person with a gun in the area of Shaw Street and Harbord Street on Tuesday morning.Central Toronto Academy and Horizon Alternative Senior High School were both placed on lockdown just after 10:00 a.m., and police are on the scene investigating.PERSON WITH A GUN:Central Toronto Academy & Horizon Alternative SR– reports of person with a gun– school is currently in lockdown– police o/s investigating– no reported injuries– will update#GO1289511^sc— Toronto Police Operations (@TPSOperations) June 6, 2023No injuries have been reported from the incident.

Internal docs suggest Trudeau wants China blocked from Pacific Rim trade deal

Published Mon, 11 Nov 2024 11:09:59 GMT

OTTAWA — An internal document suggests Prime Minister Justin Trudeau wants China kept out of a Pacific Rim trade bloc, despite the Liberals publicly insisting it would welcome anyone who meets the trade deal’s standards.China has been trying since 2019 to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, a trade bloc that includes Canada and multiple countries in Asia and Latin America.Trade Minister Mary Ng reiterated Canada’s stance on China joining the group last week, saying Ottawa would be open to the idea if Beijing meets labour and environmental standards.But a document The Canadian Press obtained through an access-to-information request attributes Trudeau as saying that high standards are helpful as they make it make it too hard for China to join the group.His comments stem from an internal summary of a call Trudeau held last summer with former U.K. prime minister Liz Truss, shortly after she started her term.The Chinese embassy in O...

Conservative filibuster threatens potential citizenship for children born abroad

Published Mon, 11 Nov 2024 11:09:59 GMT

OTTAWA — Advocates for would-be Canadians born abroad say Conservative efforts to filibuster amendments to the Citizenship Act are threatening their hopes of passing their nationality on to their children and grandchildren.As it stands, Canadian parents who were born abroad cannot pass their citizenship down to their child unless the child was born in Canada.The NDP and Liberals proposed a change that would allow those parents to pass down Canadian citizenship if they can prove they’ve spent at least three years in the country.The new rule was tacked onto a private member’s bill at the House of Commons immigration committee. The committee has until June 14 to finish reviewing the amended bill, or else it will be sent back to the House of Commons without the new changes. Advocate Carol Sutherland-Brown says the amendments gave her hope that her grandchildren will one day qualify for Canadian citizenship, but the Conservatives’ filibuster at committee has dashed that...

David Johnston expected to begin public meetings on foreign interference next month

Published Mon, 11 Nov 2024 11:09:59 GMT

OTTAWA — Former governor general David Johnston says he will begin holding public meetings next month on foreign interference attempts in Canada’s elections.  Johnston, whom Prime Minister Justin Trudeau appointed to investigate the issue, is appearing before a parliamentary committee today for a marathon three hours of testimony.Johnston released a report last month that found significant shortcomings in the way the federal government handles intelligence about alleged foreign meddling. Opposition parties agree that the 2019 and 2021 federal election results were not compromised, but they still say a public inquiry is the only way for Canadians to feel confident in their electoral system.Johnston says a public inquiry is not the right path because making secret information public would run the risk of breaching the trust of Canada’s security allies and endangering intelligence sources. Johnston says that during his hearings, the public will be able to hear from governme...

New head of Austrian opposition party takes helm after leadership fiasco

Published Mon, 11 Nov 2024 11:09:59 GMT

BERLIN (AP) — The new head of Austria’s Social Democrats vowed to move the party past “one of its bitterest moments” Tuesday after a bizarre mix-up that initially saw his rival declared the winner in a leadership contest.The center-left opposition party, the second-biggest in Austria’s parliament, announced on Monday that Andreas Babler — the mayor of the town of Traiskirchen, who was viewed as an outsider — had in fact won the leadership. At a party convention Saturday, Hans Peter Doskozil, a provincial governor and former defense minister, had been declared the winner.The party said the two candidates’ votes had been counted correctly but switched when the results were entered in an Excel spreadsheet. Before accepting the leadership, Babler called for a recount with a notary present, which took place Tuesday — confirming that he took 317 votes to Doskozil’s 280.The head of the Social Democrats’ electoral commission, Michaela Grubesa, resigned Tuesday. Her s...