Latest news with #EdmondDeRothschild
Free Malaysia Today
23-05-2025
- Business
- Free Malaysia Today
Luxembourg bank fined €25mil over 1MDB scandal
Edmond de Rothschild bank said the employees involved in the events that took place 15 years ago are no longer part of the organisation. (Reuters pic) LUXEMBOURG : A Luxembourg court fined Edmond de Rothschild bank €25 million (RM120.66 million) on Thursday for its role in a money-laundering scandal in which Malaysian wealth fund 1MDB lost billions of dollars. 'This is the first time that a Luxembourg banking establishment has been convicted in a money laundering case,' the Grand Duchy's judicial authorities noted following the punishment involving the misappropriation of money from 1MDB. The fund, created in 2009 as then prime minister Najib Razak sought to modernise Malaysia, soon found itself embroiled in corruption allegations, leading to a swathe of investigations notably in Switzerland, Singapore and the US. 'A very large portion of the funds raised by 1MDB was siphoned off … particularly between 2009 and 2013, by the prime minister, Malaysian officials, and others,' the court stated. In Luxembourg, which hosts the European subsidiary of Switzerland's Edmond de Rothschild bank, dozens of accounts opened at the establishment by an Emirati national in the name of a slew of different companies were used to divert money away from the fund. An investigation that was opened in the Grand Duchy in 2016 'established that through complex international financial flows, funds from 1MDB were ultimately credited to the bank accounts of several of these entities'. Before arriving in the accounts, the cash moved through a number of different financial jurisdictions, including Caribbean tax havens, the court said. The bank stressed in a statement that the events had taken place '15 years ago' and had led to the 'implementation of a comprehensive remediation plan … (which was) completed in 2019.' 'The employees involved are no longer part of the organisation,' the statement read. Najib, 71, who served as prime minister from 2009 to 2018, was found guilty two years later of abuse of power and misappropriation of funds. The 1MDB scandal essentially cost him the 2018 general election as well. He was initially sentenced to 12 years in prison in 2020 but the sentence was halved by a pardons board in February last year. The former prime minister is currently seeking to have his jail term converted to house arrest. Thursday's judgment closes the case regarding criminal liability of the bank. Two other investigations are ongoing, one concerning the Emirati client and his companies, and the other targeting executives and employees of Edmond de Rothschild Europe.
CNA
23-05-2025
- Business
- CNA
Luxembourg bank fined over Malaysian 1MDB fund scandal
LUXEMBOURG: A Luxembourg court on Thursday (May 22) fined Edmond de Rothschild bank €25 million (US$28 million) for its role in a money-laundering scandal in which a Malaysian wealth fund lost billions of dollars. "This is the first time that a Luxembourg banking establishment has been convicted in a money laundering case," the Grand Duchy's judicial authorities noted following the punishment in the so-called 1MDB affair, which involved the misappropriation of money from 1Malaysia Development Berhad. The fund, created in 2009 as then Prime Minister Najib Razak set out to modernise Malaysia, soon found itself embroiled in corruption allegations, leading to a swathe of investigations notably in Switzerland, Singapore and the United States. "A very large portion of the funds raised by 1MDB was siphoned off ... particularly between 2009 and 2013, by the prime minister, Malaysian officials, and others," the court stated. In Luxembourg, which hosts the European subsidiary of Switzerland's Edmond de Rothschild bank, dozens of accounts opened at the establishment by an Emirati national in the name of a slew of different companies were used to divert money away from the fund. The investigation, which opened in the Grand Duchy in 2016, "established that through complex international financial flows, funds from 1MDB were ultimately credited to the bank accounts of several of these entities". Before arriving in the accounts, the cash moved through a number of different financial jurisdictions, including Caribbean tax havens, the court said. The bank stressed in a statement that the events had taken place "15 years ago" and had led to the "implementation of a comprehensive remediation plan ... completed in 2019". "The employees involved are no longer part of the organisation," the statement read. Najib, 71, who served as prime minister until 2018, was found guilty two years later of abuse of power and misappropriation of funds - a case that essentially cost him the 2018 elections. He was initially sentenced to 12 years' imprisonment in 2020 but the sentence was halved by a pardons board in February last year. The former prime minister is currently seeking to have his jail term converted to house arrest. Thursday's judgment closes the case regarding criminal liability of the bank.
Zawya
07-05-2025
- Business
- Zawya
Euro zone bond yields inch down ahead of Fed policy meeting
Euro zone government bonds dipped slightly on Wednesday, as traders awaited the Federal Reserve's policy meeting later in the day, its first since U.S. President Donald Trump's early April tariff announcement rattled financial markets. Germany's 10-year bond yield, the euro area's benchmark, slid 2 basis point to 2.51%, down from three-week highs touched on Tuesday. German politics was in focus a day after conservative leader Friedrich Merz was elected chancellor by parliament in a second round of voting following an unprecedented defeat in the first attempt, which got his coalition government off to a wobbly start. Investors are closely watching Merz's policy plans. His early March announcement of a historic change to Germany's debt brake and a massive spending programme sent Germany's 10-year yield up above 2.9% before it retreated in April on safe-haven flows following Trump's tariff plans. The focus is now shifting to how soon Germany can ramp up spending and borrowing. Nabil Milali, a strategist at Edmond de Rothschild Asset Management, said there were doubts around the ability of this coalition to put in place fiscal measures in 2025, with the majority of the spending most likely to happen in 2026. "And so for the bond market, in the short term, it's not a game changer in terms of supply. It's not a game changer in terms of growth for Germany," Milali said. Also important for bond markets was Wednesday's Fed rate decision which comes against a backdrop of concern about the outlook for the U.S. economy given heightened trade uncertainty. Chair Jerome Powell has also said he thinks Trump's tariffs would be inflationary, further complicating policy making, and leaving them in wait and see mode until economic data can indicate the scale of the impact on growth or inflation. As a result, market pricing reflects expectations the Fed keeps rates unchanged on Wednesday but cuts later this year . Any hints about the timing of those cuts could move bond markets in the U.S. as well as around the world. The Bank of England, the Riksbank and Norges Bank meet on Thursday. Italy's 10-year yield was down 4 basis point at 3.60%, leaving the spread between it and Germany's Bund yield at 106 basis points. (Reporting by Linda Pasquini; editing by Dhara Ranasinghe, Andrew Heavens and Ed Osmond)
Scoop
23-04-2025
- Scoop
How To Get Access To Israel's Best Wine
Article – Hugh Grant Israel has 120 indigenous grape varieties in addition to the species imported. Marawi, Bittuni, and Argaman have grown in popularity as wine exports. Israel has quickly become a major factor in satisfying American demand for wines. The unique climates of Israel have made it a hotspot for growing numerous different types of wine. Being geographically located near the Mediterranean Sea, Israel also has very many types of soil to support different growing conditions for wine. Located in the far North of Israel are the Golan Heights and Galilee regions. These areas are home to limestone and volcanic tuff, which provides a much more humid climate for certain species of wine grapes. Along the western coast of Israel is the Coastal Plains region, which has a clay terrain. Because this coast is near the Mediterranean Sea, the air there is much more humid, which can help support wine grapes that need a moist environment and allow the grapes to grow fuller. Towards Central Israel, the Central Mountains are home to a chalk soil type. Slightly west of the Central Mountains is a small fertile area with terra rossa as the soil type. Finally, near the South of Israel, loam soil is available for growing wine grapes. Across the country, these temperatures range from 14 degrees Fahrenheit to 91 degrees Fahrenheit, and the amount of rainfall can be as little as 100 millimeters in the South and 1,100 millimeters in the North. But where does Israel trace its wine making roots? As early as 4,000 BCE, wine trading was established between Mesopotamia and Egypt. Thousands of years later, wine in this area is referenced several times throughout the biblical literature with a variety of uses. During the medieval era, winemaking was temporarily suspended by Muslims during 637 AD. Near 1,000 AD, the Crusaders revived the practice of winemaking by planting vines in Bethlehem and Nazareth. This resurgence would only be revitalized for a century later, where the crusaders returned to this area with grape varieties from around the Jewish temple. During the Industrial Revolution era, the first documented wineries in Israel began appearing. In 1882, Baron Edmond De Rothschild grew the winemaking scene by importing grape varieties, planting new vineyards, building wineries with deep underground cellars, and being the first to use electricity in an Israeli winery. Nearly 100 years later in 1980, independent winemakers from California and Canada brought their knowledge and skills to revolutionize the way Israel was making wine. Nowadays, there are more than 300 wineries located throughout Israel, and over 220 are boutique and medium-sized. This equates to hundreds of thousands of bottles that are produced yet cannot be exported in a timely manner. Moreover, Israel has 120 indigenous grape varieties in addition to the species imported. Marawi, Bittuni, and Argaman have grown in popularity as wine exports. In addition to consumers, wine judges have also supported this increase in popularity. In the 2024 Decanter World Wine Awards, Israeli wine received 6 golds, 31 silvers, and 21 bronze awards. Because of the recent turn of events, much of Israel's top-quality wine is sold before they are even considered for international sale. So with the increasing recognition of this wine, how is it possible to get access to these wines? Fortunately, it's easy to make sure you're at the forefront of finding the best wines in Israel. The Cork & Cellar Club offers you an exclusive network of access to the finest Israeli spirits and delivers wine, beers, and other liquors straight from Israel to your door. They even offer you a monthly newsletter and exclusive access to Israeli wine to keep you abreast of what Israel's wine industry has to offer. To make sure you get your taste of Israel's wine, Cork & Cellar makes it easy to get your hands on the finest wine Israel has to offer.
Scoop
22-04-2025
- Scoop
How To Get Access To Israel's Best Wine
Israel has quickly become a major factor in satisfying American demand for wines. The unique climates of Israel have made it a hotspot for growing numerous different types of wine. Being geographically located near the Mediterranean Sea, Israel also has very many types of soil to support different growing conditions for wine. Located in the far North of Israel are the Golan Heights and Galilee regions. These areas are home to limestone and volcanic tuff, which provides a much more humid climate for certain species of wine grapes. Along the western coast of Israel is the Coastal Plains region, which has a clay terrain. Because this coast is near the Mediterranean Sea, the air there is much more humid, which can help support wine grapes that need a moist environment and allow the grapes to grow fuller. Towards Central Israel, the Central Mountains are home to a chalk soil type. Slightly west of the Central Mountains is a small fertile area with terra rossa as the soil type. Finally, near the South of Israel, loam soil is available for growing wine grapes. Across the country, these temperatures range from 14 degrees Fahrenheit to 91 degrees Fahrenheit, and the amount of rainfall can be as little as 100 millimeters in the South and 1,100 millimeters in the North. But where does Israel trace its wine making roots? As early as 4,000 BCE, wine trading was established between Mesopotamia and Egypt. Thousands of years later, wine in this area is referenced several times throughout the biblical literature with a variety of uses. During the medieval era, winemaking was temporarily suspended by Muslims during 637 AD. Near 1,000 AD, the Crusaders revived the practice of winemaking by planting vines in Bethlehem and Nazareth. This resurgence would only be revitalized for a century later, where the crusaders returned to this area with grape varieties from around the Jewish temple. During the Industrial Revolution era, the first documented wineries in Israel began appearing. In 1882, Baron Edmond De Rothschild grew the winemaking scene by importing grape varieties, planting new vineyards, building wineries with deep underground cellars, and being the first to use electricity in an Israeli winery. Nearly 100 years later in 1980, independent winemakers from California and Canada brought their knowledge and skills to revolutionize the way Israel was making wine. Nowadays, there are more than 300 wineries located throughout Israel, and over 220 are boutique and medium-sized. This equates to hundreds of thousands of bottles that are produced yet cannot be exported in a timely manner. Moreover, Israel has 120 indigenous grape varieties in addition to the species imported. Marawi, Bittuni, and Argaman have grown in popularity as wine exports. In addition to consumers, wine judges have also supported this increase in popularity. In the 2024 Decanter World Wine Awards, Israeli wine received 6 golds, 31 silvers, and 21 bronze awards. Because of the recent turn of events, much of Israel's top-quality wine is sold before they are even considered for international sale. So with the increasing recognition of this wine, how is it possible to get access to these wines? Fortunately, it's easy to make sure you're at the forefront of finding the best wines in Israel. The Cork & Cellar Club offers you an exclusive network of access to the finest Israeli spirits and delivers wine, beers, and other liquors straight from Israel to your door. They even offer you a monthly newsletter and exclusive access to Israeli wine to keep you abreast of what Israel's wine industry has to offer. To make sure you get your taste of Israel's wine, Cork & Cellar makes it easy to get your hands on the finest wine Israel has to offer.
