Ƶ

Donald Trump has posted a $175 million bond to avert asset seizure as he appeals NY fraud penalty

Former US President Donald Trump speaks to the press after attending the wake for New York Police Department (NYPD) Officer Jonathan Diller in Massapequa, Long Island, New York, on March 28, 2024. (AFP)
Former US President Donald Trump speaks to the press after attending the wake for New York Police Department (NYPD) Officer Jonathan Diller in Massapequa, Long Island, New York, on March 28, 2024. (AFP)
Short Url
Updated 02 April 2024

Donald Trump has posted a $175 million bond to avert asset seizure as he appeals NY fraud penalty

Donald Trump has posted a $175 million bond to avert asset seizure as he appeals NY fraud penalty
  • The court ruled after Trump’s lawyers complained it was “a practical impossibility” to get an underwriter to sign off on a bond for the $454 million, plus interest, that he owes

NEW YORK: Donald Trump posted a $175 million bond on Monday in his New York civil fraud case, halting collection of the more than $454 million he owes and preventing the state from seizing his assets to satisfy the debt while he appeals, according to a court filing.
A New York appellate court had given the former president 10 days to put up the money after a panel of judges agreed last month to slash the amount needed to stop the clock on enforcement.
The bond Trump is posting with the court now is essentially a placeholder, meant to guarantee payment if the judgment is upheld. If that happens, the presumptive Republican presidential nominee will have to pay the state the whole sum, which grows with daily interest.
If Trump wins, he won’t have to pay the state anything and will get back the money he has put up now.
Until the appeals court intervened to lower the required bond, New York Attorney General Letitia James had been poised to initiate efforts to collect the judgment, possibly by seizing some of Trump’s marquee properties. James, a Democrat, brought the lawsuit on the state’s behalf. Her office declined to comment Monday.
The court ruled after Trump’s lawyers complained it was “a practical impossibility” to get an underwriter to sign off on a bond for the $454 million, plus interest, that he owes.
The company that underwrote the bond is Knight Specialty Insurance, which is part of the Knight Insurance Group. The chairman of that company, billionaire Don Hankey, told The Associated Press that both cash and bond were used as collateral for Trump’s appellate bond.
Trump is fighting to overturn a judge’s Feb. 16 finding that he lied about his wealth as he fostered the real estate empire that launched him to stardom and the presidency. The trial focused on how Trump’s assets were valued on financial statements that went to bankers and insurers to get loans and deals.
Trump denies any wrongdoing, saying the statements actually lowballed his fortune, came with disclaimers and weren’t taken at face value by the institutions that lent to or insured him.
The state courts’ Appellate Division has said it would hear arguments in September. A specific date has not been set. If the schedule holds, it will fall in the final weeks of the presidential race.
Under New York law, filing an appeal generally doesn’t hold off enforcement of a judgment. But there’s an automatic pause — in legalese, a stay — if the person or entity obtains a bond guaranteeing payment of what’s owed.
Courts sometimes grant exceptions and lower the amount required for a stay, as in Trump’s case.
Trump’s lawyers had told the appeals court more than 30 bonding companies were unwilling to take a mix of cash and real estate as collateral for a $454 million-plus bond. Underwriters insisted on only cash, stocks or other liquid assets, the attorneys said.
They said most bonding companies require collateral covering 120 percent of the amount owed.
Trump recently claimed to have almost a half-billion dollars in cash — along with billions of dollars worth of real estate and other assets — but said he wanted to have some cash available for his presidential run.
Recent legal debts have taken a sizable chunk out of Trump’s cash reserves.
In addition to the $175 million he had to put up in the New York case, Trump has posted a bond and cash worth more than $97 million to cover money he owes to writer E. Jean Carroll while he appeals verdicts in a pair of federal civil trials. Juries found that he sexually assaulted her in the 1990s and defamed her when she went public with the allegation in 2019. He denies all the allegations.
In February, Trump paid the $392,638 in legal fees a judge ordered him to cover for The New York Times and three reporters after he unsuccessfully sued them over a Pulitzer Prize-winning 2018 story about his family’s wealth and tax practices.
In March, a British court ordered Trump to pay to pay legal fees of 300,000 pounds ($382,000) to a company he unsuccessfully sued over the so-called Steele dossier that contained salacious allegations about him. Trump said those claims were false.
Trump could eventually generate cash by selling some of the nearly 60 percent of stock he owns in his newly public social media company, Trump Media & Technology Group — but that would be a longer-term play. Trump’s stake could be worth billions of dollars, but a “lock-up” provision prevents insiders like him from selling their shares for six months.


UN climate chief asks G20 leaders for boost as finance talks lag

UN climate chief asks G20 leaders for boost as finance talks lag
Updated 20 sec ago

UN climate chief asks G20 leaders for boost as finance talks lag

UN climate chief asks G20 leaders for boost as finance talks lag
  • Negotiators at the COP29 conference in Baku struggle in their negotiations for a deal intended to scale up money to address the worsening impacts of global warming
BAKU: The UN’s climate chief called on leaders of the world’s biggest economies on Saturday to send a signal of support for global climate finance efforts when they meet in Rio de Janeiro next week. The plea, made in a letter to G20 leaders from UN Framework Convention on Climate Change Executive Secretary Simon Stiell, comes as negotiators at the COP29 conference in Baku struggle in their negotiations for a deal intended to scale up money to address the worsening impacts of global warming.
“Next week’s summit must send crystal clear global signals,” Stiell said in the letter.
He said the signal should support an increase in grants and loans, along with debt relief, so vulnerable countries “are not hamstrung by debt servicing costs that make bolder climate actions all but impossible.”
Business leaders echoed Stiell’s plea, saying they were concerned about the “lack of progress and focus in Baku.”
“We call on governments, led by the G20, to meet the moment and deliver the policies for an accelerated shift from fossil fuels to a clean energy future, to unlock the essential private sector investment needed,” said a coalition of business groups, including the We Mean Business Coalition, United Nations Global Compact and the Brazilian Council for Sustainable Development, in a separate letter.
Success at this year’s UN climate summit hinges on whether countries can agree on a new finance target for richer countries, development lenders and the private sector to deliver each year. Developing countries need at least $1 trillion annually by the end of the decade to cope with climate change, economists told the UN talks.
But negotiators have made slow progress midway through the two-week conference. A draft text of the deal, which earlier this week was 33-pages long and comprised of dozens of wide-ranging options, had been pared down to 25 pages as of Saturday.
Sweden’s climate envoy, Mattias Frumerie, said the finance negotiations had not yet cracked the toughest issues: how big the target should be, or which countries should pay.
“The divisions we saw coming into the meeting are still there, which leaves quite a lot of work for ministers next week,” he said.
European negotiators have said large oil-producing nations including Ƶ are also blocking discussions on how to take forward last year’s COP28 summit deal to transition the world away from fossil fuels.
Ƶ’s government did not immediately respond to a request for comment. Progress on this issue has been dire so far, one European negotiator said.
Uganda’s energy minister, Ruth Nankabirwa, said her country’s priority was to leave COP29 with a deal on affordable financing for clean energy projects.
“When you look around and you don’t have the money, then we keep wondering whether we will ever walk the journey of a real energy transition,” she said.

Protesters’ biggest day expected at UN climate talks, where progress is slow

Protesters’ biggest day expected at UN climate talks, where progress is slow
Updated 41 min 53 sec ago

Protesters’ biggest day expected at UN climate talks, where progress is slow

Protesters’ biggest day expected at UN climate talks, where progress is slow
  • Several experts have said $1 trillion a year or more is needed both to compensate for such damages and to pay for a clean-energy transition that most countries can’t afford on their own

BAKU: The United Nations climate talks neared the end of their first week on Saturday with negotiators still at work on how much wealthier nations will pay for developing countries to adapt to planetary warming. Meanwhile, activists planned actions on what is traditionally their biggest protest day during the two-week talks.
The demonstration in Baku, Azerbaijan is expected to be echoed at sites around the world in a global “day of action” for climate justice that’s become an annual event.
Negotiators at COP29, as the talks are known, will return to a hoped-for deal that might be worth hundreds of billions of dollars to poorer nations. Many are in the Global South and already suffering the costly impacts of weather disasters fueled by climate change. Several experts have said $1 trillion a year or more is needed both to compensate for such damages and to pay for a clean-energy transition that most countries can’t afford on their own.
Panama environment minister Juan Carlos Navarro told The Associated Press he is “not encouraged” by what he’s seeing at COP29 so far.
“What I see is a lot of talk and very little action,” he said, noting that Panama is among the group of countries least responsible for warming emissions but most vulnerable to the damage caused by climate change-fueled disasters. He added that financing was not a point of consensus at the COP16 biodiversity talks this year, which suggests to him that may be a sticking point at these talks as well.
“We must face these challenges with a true sense of urgency and sincerity,” he said. “We are dragging our feet as a planet.”
The talks came in for criticism on several fronts Friday. Two former top UN officials signed a letter that suggested the process needs to shift from negotiation to implementation. And others, including former US Vice President Al Gore, criticized the looming presence of the fossil fuel industry and fossil-fuel-reliant nations in the talks. One analysis found at least 1,770 people with fossil fuel ties on the attendees list for the Baku talks.
Progress may get a boost as many nations’ ministers, whose approval is necessary for whatever negotiators do, arrive in the second week.


US plane hit by gunfire on Dallas runway: aviation agency

US plane hit by gunfire on Dallas runway: aviation agency
Updated 16 November 2024

US plane hit by gunfire on Dallas runway: aviation agency

US plane hit by gunfire on Dallas runway: aviation agency

WASHINGTON: A Southwest Airlines plane was hit by gunfire while taking off from an airport in the US city of Dallas on Friday, the Federal Aviation Administration said.
“While taxiing for takeoff at Dallas Love Field Airport, Southwest Airlines Flight 2494 was reportedly struck by gunfire near the cockpit,” a statement on the FAA’s website said.
“The Boeing 737-800 returned to the gate, where passengers deplaned.”
The incident happened at around 8:30 p.m. Friday (0230 GMT Saturday), with the flight headed from Dallas, Texas, to Indianapolis, Indiana.
There were no reported injuries, according to a statement from Dallas Love Field Airport on social media platform X.
 


Investigation reveals a Russian factory’s plan to mix decoys with a new deadly weapon in Ukraine

Investigation reveals a Russian factory’s plan to mix decoys with a new deadly weapon in Ukraine
Updated 16 November 2024

Investigation reveals a Russian factory’s plan to mix decoys with a new deadly weapon in Ukraine

Investigation reveals a Russian factory’s plan to mix decoys with a new deadly weapon in Ukraine
  • Unarmed decoys now make up more than half the drones targeting Ukraine and as much as 75 percent of the new drones coming out of the factory in Russia’s Alabuga Special Economic Zone

KYIV: A high-tech factory in central Russia has created a new, deadly force to attack Ukraine: a small number of highly destructive thermobaric drones surrounded by huge swarms of cheap foam decoys.
The plan, which Russia dubbed Operation False Target, is intended to force Ukraine to expend scarce resources to save lives and preserve critical infrastructure, including by using expensive air defense munitions, according to a person familiar with Russia’s production and a Ukrainian electronics expert who hunts them from his specially outfitted van.
Neither radar, sharpshooters nor even electronics experts can tell which drones are deadly in the skies.
Here’s what to know from AP’s investigation:
A deadly mix
Unarmed decoys now make up more than half the drones targeting Ukraine and as much as 75 percent of the new drones coming out of the factory in Russia’s Alabuga Special Economic Zone, according to the person familiar with Russia’s production, who spoke on condition of anonymity because the industry is highly sensitive, and the Ukrainian electronics expert.
The same factory produces a particularly deadly variant of the Shahed unmanned aircraft armed with thermobaric warheads, the person said.
During the first weekend of November, the Kyiv region spent 20 hours under air alert, and the sound of buzzing drones mingled with the boom of air defenses and rifle shots. In October, Moscow attacked with at least 1,889 drones – 80 percent more than in August, according to an AP analysis tracking the drones for months.
On Saturday, Russia launched 145 drones across Ukraine, just days after the re-election of Donald Trump threw into doubt US support for the country.
Since summer, most drones crash, are shot down or are diverted by electronic jamming, according to an AP analysis of the Ukrainian military briefings. Less than 6 percent hit a discernible target, according to the data analyzed by AP since the end of July. But the sheer numbers mean a handful can slip through every day – and that is enough to be deadly.
The drone lab
Tatarstan’s Alabuga zone, an industrial complex about 1,000 kilometers (600 miles) east of Moscow, is a laboratory for Russian drone production. Originally set up in 2006 to attract businesses and investment to Tatarstan, it expanded after the 2022 invasion of Ukraine and some sectors switched to military production, adding new buildings and renovating existing sites, according to satellite images analyzed by The Associated Press.
In social media videos, the factory promoted itself as an innovation hub. But David Albright of the Washington-based Institute for Science and International Security said Alabuga’s current purpose is purely to produce and sell drones to Russia‘s Ministry of Defense. The videos and other promotional media were taken down after an AP investigation found that many of the African women recruited to fill labor shortages there complained they were duped into taking jobs at the plant.
Russia and Iran  signed a $1.7 billion deal for the Shaheds in 2022, after President Vladimir Putin invaded neighboring Ukraine, and Moscow began using Iranian imports of the unmanned aerial vehicles, or UAVs, in battle later that year. Soon after the deal was signed, production started in Alabuga.
The most fearsome Shahed adaptation so far designed at the plant is armed with thermobarics, also known as vacuum bombs, the person with knowledge of Russian drone production said.
The plan to develop unarmed decoy drones at Alabuga was developed in late 2022, according to the person with knowledge of Russian drone production. Production of the decoys started earlier this year, said the person, who agreed to speak only on condition of anonymity. Now the plant turns out about 40 of the unarmed drones a day and around 10 armed ones, which are more expensive and take longer to produce.
The vacuum bomb
From a military point of view, thermobarics are ideal for going after targets that are either inside fortified buildings or deep underground. They create a vortex of high pressure and heat that penetrates the thickest walls and, at the same time, sucks out all the oxygen in their path.
Alabuga’s thermobaric drones are particularly destructive when they strike buildings, because they are also loaded with ball bearings to cause maximum damage even beyond the superheated blast.
Serhii Beskrestnov, a Ukrainian electronics expert and more widely known as Flash whose black military van is kitted out with electronic jammers to down drones, said the thermobarics were first used over the summer and estimated they now make up between 3 percent and 5 percent of all drones.
They have a fearsome reputation because of the physical effects even on people caught outside the initial blast site: Collapsed lungs, crushed eyeballs, brain damage, according to Arthur van Coller, an expert in international humanitarian law at South Africa’s University of Fort Hare.
For Russia, the benefits are huge.
An unarmed drone costs considerably less than the estimated $50,000 for an armed Shahed drone and a tiny fraction of the cost of even a relatively inexpensive air defense missile. One decoy with a live-feed camera allows the aircraft to geolocate Ukraine’s air defenses and relay the information to Russia in the final moments of its mechanical life. And the swarms have become a demoralizing fact of life for Ukrainians.


Ten babies die in fire at Indian hospital’s neonatal unit

Ten babies die in fire at Indian hospital’s neonatal unit
Updated 16 November 2024

Ten babies die in fire at Indian hospital’s neonatal unit

Ten babies die in fire at Indian hospital’s neonatal unit
  • The blaze broke out late on Friday at the Maharani Laxmibai Medical College in Jhansi district

LUCKNOW: Ten newborn babies died from burns and suffocation after a fire swept through a neonatal intensive care unit in northern India, a government official said on Saturday.
The blaze broke out late on Friday at the Maharani Laxmibai Medical College in Jhansi district about 285 km (180 miles) southwest of Lucknow, the capital of Uttar Pradesh state.
Emergency responders rescued 38 newborns from the ward, which housed 49 infants at the time of the incident, said state Deputy Chief Minister Brajesh Pathak.
“Seventeen of the injured are receiving treatment in different wings and some private hospitals,” Pathak told reporters in Jhansi. Seven of the deceased infants have been identified, while the authorities are working to identify the remaining three, he said.
One infant remains missing, said a government official who asked not to be identified as he is not authorized to speak to media.
The cause of the fire remains unknown. Uttar Pradesh Chief Minister Yogi Adityanath ordered an inquiry into the incident.
Indian Prime Minister Narendra Modi expressed condolences over the “heart-wrenching” incident.
“My deepest condolences to those who lost their innocent children in this,” Modi posted on the X platform. “I pray to God to give them the strength to bear this immense loss.”