![]() The three European governments in March 2022 froze over $130m in assets linked to the probe. He has insisted that his wealth comes from his previous job as an investment banker at Merrill Lynch, inherited properties, and investments. ![]() Salameh, 72, who has held his post for almost 30 years, has repeatedly denied all allegations against him. This dramatic move comes after Salameh failed to attend a hearing in Paris today, they say.ĪFP report that Salameh was due to be questioned on corruption charges, adding:Ī European judicial team from France, Germany and Luxembourg is conducting a corruption probe into an array of financial crimes, including illicit enrichment and alleged laundering of $330m, implicating the Lebanese governor, Riad Salameh. Reuters are reporting that French prosecutors have issued an arrest warrant for the central bank governor of Lebanon, Riad Salameh. Lebanon's Central Bank Governor Riad Salameh at a news conference in 2019. “Our economy would suddenly find itself in an unprecedented economic and financial storm….Īnd the resulting income shock could lead to a recession that destroys many American jobs and businesses. “It is very conceivable that we’d see a number of financial markets break - with worldwide panic triggering margin calls, runs and fire sales.” The accompanying financial crisis could multiply the severity of the downturn, she said in remarks prepared for delivery, adding, Yellen told a gathering of community bankers that the unprecedented economic and financial crisis would be exacerbated by possible disruptions to the federal government’s operations, including air traffic control, law enforcement, border security and national defense, and telecommunications systems. Investors have noted warnings from US Treasury Secretary Janet Yellen today that a default on government debt would likely leave millions of Americans without income payments, potentially triggering a recession that could destroy many American jobs and businesses. Germany’s DAX and France’s CAC are down around 0.2%. The blue-chip index is being dragged down by Vodafone, which has now lost over 8% today after announcing 11,000 job cuts this morning. In London, the FTSE 100 index is down 31 points or 0.4% at 7746. 15.49 BST Yellen warns of worldwide panic if debt ceiling not raisedĮuropean stock markets are ending the day in the red, as fears over the US debt ceiling ripple across trading floors. The UK has always encouraged, and it’s the CMA’s duty to support and encourage, open and competitive markets.īokkerink questions whether confidence in the UK will be helped by “turning a blind eye to anti-competitive mergers”. The two are not the same, Bokkerink points out, saying: I believe that strong competition is a very positive signal for the UK’s reputation externally.ĬMA chair Marcus Bokkerink wades in to support this point.īokkerink tells MPs that all businesses know that there’s a big difference between building a business, or investing in a start-up, and buying an already well-established firm with established positions. But ‘absolutely, the CMA thinks about the impact of its decisions when it considers its role strategically.Ĭardell hits back against the claim that the CMA has undermined the UK’s reputation, saying: ![]() Individual cases need to be decided on their merits, Cardell insists. Q: Everyone’s in favour of competition in markets… do you consider our international reputation at all in your decisions, and whether the UK looks ‘open to business’? You want to have strong competition in markets, it promotes growth and promotes innovation. The CMA’s chief executive explains to the Business and Trade committee that:Ĭompetition is a keystone, an absolutely foundational block of UK competitiveness. Sarah Cardell says the CMA absolutely committed to support competitive markets in a way that is “absolutely good” for the UK and its economy. This is a clear reference to Microsoft president Brad Smith’s claim that the CMA’s decision to block the Activision deal was “bad for Britain”, and that the EU was a better place to start a business. Q: Do you consider the implications of your decisions on the UK’s international reputation as a place to do business? 11.39 BST CMA hits back against criticism of MS-Activision decision
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