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Millions Missing From Usain Bolt’s Account, Jamaica Launches Probe

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Jamaican financial authorities have launched an investigation into a company holding investments for eight-times Olympic gold medalist Usain Bolt after reports that he may have lost millions to large scale fraud.

Jamaica’s Financial Services Commission (FSC) said in a statement that it had placed the firm, Stocks and Securities Limited (SSL), in “enhanced oversight” while it conducts the probe.

Bolt’s manager Nugent Walker told the Jamaica Gleaner newspaper that the retired sprinter, one of the greatest athletes of all time, has had investments with the company for over a decade.

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All the relevant steps have been taken to come to the bottom of this,” Walker told the paper, saying the athlete had noticed discrepancies with his account on Wednesday.

“He’s been with this entity over 10 years… His entire portfolio is being reviewed,” he added.

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The newspaper said millions of dollars were reported missing from Bolt’s account. Walker was not immediately available for comment.

SSL did not respond to calls made to their office on Friday.

The FSC said it was “aware of reports of allegations of fraud at one of its licensees, Stocks and Securities Limited (SSL).”

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The FSC has issued Directions to SSL. These Directions which were dispatched to the company on Thursday January 12, 2023 are a supervisory tool to allow the FSC to engage an entity in a process of enhanced oversight,” the body said in their statement.

The FSC said the oversight process would allow them to have a “full view of the integrity of the transactions being conducted, including the movement of funds, and of securities into and out of SSL.”

“The FSC will simultaneously continue its investigations into matters related to SSL,” they added.

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Bolt retired from athletics in 2017 after a stellar career which in addition to eight Olympic golds included 11 World Championship gold medals.

READ ALSO: Nigerian Woman Jailed In UK For Stealing £20,000

Bolt sprung to global fame at the Beijing Olympics in 2008 when he won the 100m and 200m sprints, setting new world records in both races.

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The Jamaican went on to win both races in the 2012 London and 2016 Rio Games.

Bolt’s 100m time of 9.572, set in Berlin in 2009, remains the world record and he also retains the fastest time in 200m.
AFP

 

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Antitrust Trial: US Asks Court To Break Up Google’s Ad Business

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Google faces a fresh federal court test on Monday as US government lawyers ask a judge to order the breakup of the search engine giant’s ad technology business.

The lawsuit is Google’s second such test this year, following a similar government demand to split up its empire that was shot down by a judge earlier this month.

Monday’s case focuses specifically on Google’s ad tech “stack” — the tools that website publishers use to sell ads and that advertisers use to buy them.

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In a landmark decision earlier this year, Federal Judge Leonie Brinkema agreed with the US Department of Justice (DOJ) that Google maintained an illegal grip on this market.

READ ALSO:Google Fined $36m In Australia Over Anticompetitive Search Deals

Monday’s trial is set to determine what penalties and changes Google must implement to undo its monopoly.

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According to filings, the US government will argue that Google should spin off its ad publisher and exchange operations. The DOJ will also ask that after the divestitures are complete, Google be banned from operating an ad exchange for 10 years.

Google will argue that the divestiture demands go far beyond the court’s findings, are technically unfeasible, and would be harmful to the market and smaller businesses.

We’ve said from the start that DOJ’s case misunderstands how digital advertising works and ignores how the landscape has dramatically evolved, with increasing competition and new entrants,” said Lee-Anne Mulholland, Google’s Vice President of Regulatory Affairs.

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READ ALSO:Google Introduces Initiative To Equip 1,000 Nigerian Developers

In a similar case in Europe, the European Commission, the EU’s antitrust enforcer, earlier this month fined Google 2.95 billion euros ($3.47 billion) over its control of the ad tech market.

Brussels ordered behavioral changes, drawing criticism that it was going easy on Google as it had previously indicated that a divestiture may be necessary.

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This remedy phase of the US trial follows a first trial that found Google operated an illegal monopoly. It is expected to last about a week, with the court set to meet again for closing arguments a few weeks later.

The trial begins in the same month that a separate judge rejected a government demand that Google divest its Chrome browser, in an opinion that was largely seen as a victory for the tech giant.

That was part of a different case, also brought by the US Department of Justice, in which the tech giant was found responsible for operating an illegal monopoly, this time in the online search space.

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READ ALSO:Iran Hackers Target Harris And Trump Campaigns – Google

Instead of a major breakup of its business, Google was required to share data with rivals as part of its remedies.

The US government had pushed for Chrome’s divestment, arguing the browser serves as a crucial gateway to the internet that brings in a third of all Google web searches.

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Shares in Google-parent Alphabet have skyrocketed by more than 20 percent since that decision.

Judge Brinkema has said in pre-trial hearings that she will closely examine the outcome of the search trial when assessing her path forward in her own case.

These cases are part of a broader bipartisan government campaign against the world’s largest technology companies. The US currently has five pending antitrust cases against such companies.

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Google Faces Court Battle Over Breakup Of Ad Tech Business

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Google faces a fresh federal court test on Monday as US government lawyers ask a judge to order the breakup of the search engine giant’s ad technology business.

The lawsuit is Google’s second such test this year after the California-based tech juggernaut saw a similar government demand to split up its empire shot down by a judge earlier this month.

Monday’s case focuses specifically on Google’s ad tech “stack” — the tools that website publishers use to sell ads and that advertisers use to buy them.

Advertisement

In a landmark decision earlier this year, Federal Judge Leonie Brinkema agreed with the US Department of Justice (DOJ) that Google maintained an illegal grip on this market.
Monday’s trial is set to determine what penalties and changes Google must implement to undo its monopoly.

According to filings, the US government will argue that Google should spin off its ad publisher and exchange operations. The DOJ will also ask that after the divestitures are complete, Google be banned from operating an ad exchange for 10 years.

READ ALSO:Google Fined $36m In Australia Over Anticompetitive Search Deals

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Google will argue that the divestiture demands go far beyond the court’s findings, are technically unfeasible, and would be harmful to the market and smaller businesses.

We’ve said from the start that DOJ’s case misunderstands how digital advertising works and ignores how the landscape has dramatically evolved, with increasing competition and new entrants,” said Lee-Anne Mulholland, Google’s Vice President of Regulatory Affairs.

In a similar case in Europe, the European Commission, the EU’s antitrust enforcer, earlier this month fined Google 2.95 billion euros ($3.47 billion) over its control of the ad tech market.
Brussels ordered behavioral changes, drawing criticism that it was going easy on Google as it had previously indicated that a divestiture may be necessary.

Advertisement

This remedy phase of the US trial follows a first trial that found Google operated an illegal monopoly. It is expected to last about a week, with the court set to meet again for closing arguments a few weeks later.

READ ALSO:Perplexity AI Makes $34.5bn Surprise Bid For Google’s Chrome Browser

The trial begins in the same month that a separate judge rejected a government demand that Google divest its Chrome browser, in an opinion that was largely seen as a victory for the tech giant.

Advertisement

That was part of a different case, also brought by the US Department of Justice, in which the tech giant was found responsible for operating an illegal monopoly, this time in the online search space.
Instead of a major breakup of its business, Google was required to share data with rivals as part of its remedies.

The US government had pushed for Chrome’s divestment, arguing the browser serves as a crucial gateway to the internet that brings in a third of all Google web searches.
Shares in Google-parent Alphabet have skyrocketed by more than 20 percent since that decision.

Judge Brinkema has said in pre-trial hearings that she will closely examine the outcome of the search trial when assessing her path forward in her own case.

Advertisement

These cases are part of a broader bipartisan government campaign against the world’s largest technology companies. The US currently has five pending antitrust cases against such companies.

Continue Reading

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Peru Anti-government Protesters Clash With Police

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Hundreds of anti-government protesters clashed with police in the Peruvian capital Lima on Saturday, throwing stones and sticks as officers fired tear gas on the demonstrators, AFP journalists reported.

The protest, organized by a youth collective called “Generation Z”, is part of growing social unrest in Peru against organized crime, corruption in public office, and a recent pension reform.

“Today, there is less democracy than before. It’s getting worse… because of fear, because of extortion,” said 54-year-old protester Gladys, who declined to give her last name.

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Around 500 people gathered in the city center, under heavy police presence.

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Congress has no credibility, it doesn’t even have the approval of the people… It is wreaking havoc in this country,” said protester Celene Amasifuen.

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The clashes broke out as demonstrators tried to approach executive and congressional buildings in Lima.

The radio station Exitosa said that its reporter and a cameraman were hit by pellets, commonly fired by law enforcement.

READ ALSO:‘Over 7,000 Nigerians Sought Asylum In Sweden In 24 Years’

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Police said at least three officers were wounded.

Approval ratings for President Dina Boluarte, whose term ends next year, have plummeted amid rising extortion and organized crime cases.

Several opinion polls show the government and conservative-majority Congress are seen by many as corrupt institutions.

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This week, the legislature passed a law requiring young adults to join a private pension fund, despite many facing a precarious working environment.

AFP

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