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South African police were in a standoff Friday with hundreds of illegal miners believed to be underground in a disused shaft, after a cabinet minister said the government was trying to “smoke them out.”Police have been trying for weeks to empty the abandoned gold mine in the North West province as part of a crackdown on illegal mining, which has plagued South Africa for decades through small-time pilfering and organized criminal networks.More than 1,000 illegal miners resurfaced after police cut off their food and water supplies, but a police spokesperson said hundreds more could still be underground. South African police officers escort community members to a mine shaft to negotiate with artisanal miners in Stilfontein on Wednesday. Emmanuel Croset / AFP via Getty ImagesA decomposed body was brought up on Thursday, with pathologists on the scene, spokesperson Athlenda Mathe said. On Wednesday, asked whether the government would send help to the zama-zamas — a local term for illegal miners from the Zulu expression for “taking a chance” — Minister in the Presidency Khumbudzo Ntshavheni said: “We are not sending help to criminals. Illegal gold mining costs South Africa’s government and industry hundreds of millions of dollars annually in lost sales, taxes and royalties, according to an estimate by a mining industry body.
Persons: Emmanuel Croset, Athlenda Mathe, Khumbudzo Ntshavheni Organizations: ” Police, Getty, ” Senior Locations: North West, South Africa, Stilfontein, AFP
And before you ask, no, he doesn't feel bad about it, especially when he pilfers from Whole Foods. AdvertisementBut there's also a lot we don't know about retail theft. "No, I don't feel bad about stealing from Jeff Bezos," one 20-something occasional shoplifter in Washington, DC, told me. "It doesn't feel like a world in which I can really get by and build a life very easily anymore, " he said. Advertisement"If most of this is happening in Walgreens and Walmart and places like that, I don't know, is it a problem?"
Persons: Carson's, he's, Carson, He's, shoplifts, Jeff Bezos, there's, it's, Joshua Jacobson, California who's, , that's, Ernesto Lopez, they've, Jeff Prusan, Joe Schmoes, they're, Keith, shoplifter, That's, Donovan, Donovan's, snagging, she's, Jacobson, Jeff Bezos isn't, David Johnston, we're, hasn't, Emily Stewart Organizations: Walmart, Foods, Amazon, National Association of, Criminal, Atlantic, Depot, Target, Guardian, National Retail Federation, Business Locations: New York, California, Washington ,, Atlanta, Texas, Illinois, Walgreens
However, the system that workers rely on to collect unemployment benefits is at risk of buckling — as it did during the Covid-19 pandemic — if there's another economic downturn, experts say. Unemployment insurance provides temporary income support to laid-off workers, thereby helping prop up consumer spending and the broader U.S. economy during downturns. There's also wide variation among states — which administer the programs — relative to factors like benefit amount, duration and eligibility, according to the report, authored by more than two dozen unemployment insurance experts. Why the unemployment insurance program buckledJoblessness ballooned in the pandemic's early days. Claims for unemployment benefits peaked at more than 6 million in early April 2020, up from roughly 200,000 a week before the pandemic.
Persons: Joe Raedle, Michele Evermore, There's, Andrew Stettner, NASI, Stettner, haven't, Indivar Dutta, Gupta Organizations: Getty, The Century Foundation, U.S . Labor Department's, National Academy of Social Insurance, Labor, Labor Department, Roosevelt Institute Locations: Florida, Sunrise , Florida, U.S
John Fitzpatrick, a hotelier who owns two four-star hotels in Midtown Manhattan, has had to troubleshoot a number of issues during his career. Guests wouldn’t stop stealing his hand towels, emblazoned with an “F” for Fitzpatrick Hotel Group, so he removed the lettering, and the pilfering stopped. During the height of the pandemic, Mr. Fitzpatrick took away the magazines he normally provided in his hotel rooms so guests wouldn’t worry about strangers having touched what they were reading. Now, Mr. Fitzpatrick and his team are brainstorming ideas for how to deal with a new problem: replacing the small plastic toiletry bottles that will be banned in larger hotels throughout New York State beginning Jan. 1, 2025. “In this day and age, we have to watch our carbon footprint, and we have to stop using plastics and all sorts of stuff as best we can,” Mr. Fitzpatrick said.
Persons: John Fitzpatrick, wouldn’t, , Fitzpatrick, Mr Organizations: Fitzpatrick Hotel Group, New York State, Locations: Midtown Manhattan, New York
Read previewSome Tesla shareholders allege Elon Musk has been draining Tesla dry in an act of "brazen disloyalty" to his company. The group of shareholders filed a new lawsuit against Musk and Tesla in Delaware, where the company is incorporated, on Thursday. In it, the shareholders accuse Musk of diverting critical AI talent and resources away from Tesla and into his new AI-focused company, xAI. The plaintiffs allege in the suit that Musk has recently touted Tesla as more of an AI company than simply an electric car company. AdvertisementAs for Tesla's board of directors, the shareholders allege they are just bowing down to Musk.
Persons: , Elon Musk, Musk, hasn't, Tesla, xAI, It's, that's, Musk's Organizations: Service, Musk, Tesla, Business, SEC, Nvidia Locations: Delaware, Tesla
Ippei Mizuhara faces a federal charge of bank fraud after making unauthorized transfers from Ohtani’s bank account from November 2021 until January 2024, US Attorney Martin Estrada said Thursday. “We expect that the court will order Mr. Mizuhara released on bond,” Mrozek said in a written statement. Ippei Mizuhara, left, the then-interpreter for Los Angeles Dodgers star Shohei Ohtani, right, leave a news conference on March 16. But “over time, Mr. Mizuhara’s bets became more and more frequent. Major League Baseball issued a statement Thursday in response to news about Mizuhara’s federal charge.
Persons: Ohtani, Ippei, Martin Estrada, Mizuhara, Thom Mrozek, ” Mrozek, , , Ohtani –, ” Estrada, , Ippei Mizuhara, Shohei Ohtani, Lee Jin, Estrada, Mizuhara’s, Mr, “ Mr, “ Ohtani, CNN’s Nick Watt Organizations: CNN, US, Office, Central, Central District of, Los Angeles Dodgers, Dodgers, MLB, ESPN, Los Angeles Times, Major League Baseball Locations: Central District, Central District of California, Los Angeles, Japan, United States, South Korea
Ippei Mizuhara, the former translator for Shohei Ohtani who was fired late last month amid allegations he stole millions of dollars from the baseball star’s bank account to cover debts that Mizuhara owed to an illegal bookmaker, is in negotiations to plead guilty to federal crimes in connection with the purported theft, according to three people briefed on the matter. The investigation, which began about three weeks ago after news of the alleged theft broke while Ohtani’s team, the Los Angeles Dodgers, was opening its season with two games in South Korea, is rapidly nearing a conclusion, according to the people, who spoke on the condition of anonymity because the inquiry is continuing. A guilty plea from Mizuhara before a federal judge — likely to include an admission of a range of facts related to any illegal conduct — could confirm the account that Ohtani gave to reporters two weeks ago, in which he said he had no knowledge of what happened to the money. Those briefed on the matter claim that prosecutors have uncovered evidence that Mizuhara may have stolen more money from Ohtani than the $4.5 million he was initially accused of pilfering, the people said. In particular, the authorities think they have evidence that Mizuhara was able to change the settings on Ohtani’s bank account so Ohtani would not receive alerts and confirmations about transactions, the three people said.
Persons: Ippei Mizuhara, Shohei Ohtani, Mizuhara, , Ohtani, pilfering Organizations: Los Angeles Dodgers Locations: South Korea, Mizuhara
A Chinese citizen who recently quit his job as a software engineer for Google in California has been charged with trying to transfer artificial intelligence technology to a Beijing-based company that paid him secretly, according to a federal indictment unsealed on Wednesday. Prosecutors accused Linwei Ding, who was part of the team that designs and maintains Google’s vast A.I. supercomputer data system, of stealing information about the “architecture and functionality” of the system, and of pilfering software used to “orchestrate” supercomputers “at the cutting edge of machine learning and A.I. technology.”From May 2022 to May 2023, Mr. Ding, also known as Leon, uploaded 500 files, many containing trade secrets, from his Google-issued laptop to the cloud by using a multistep scheme that allowed him to “evade immediate detection,” according to the U.S. attorney’s office for the Northern District of California. Mr. Ding was arrested on Wednesday morning at his home in Newark, Calif., not far from Google’s sprawling main campus in Mountain View, officials said.
Persons: Linwei Ding, Ding, Leon Organizations: Google, Prosecutors, Northern, Northern District of Locations: California, Beijing, Northern District, Northern District of California, Newark , Calif, Mountain View
Government exhibit in the case against former FTX CEO Sam Bankman-Fried. Lawyers representing the bankruptcy estate of FTX told a judge in Delaware last week that they expect to fully repay customers and creditors with legitimate claims. After the dust settled from FTX's bankruptcy, Solana saw a huge run-up in its price, and it continued to rally after the September report. The bankruptcy estate of FTX has been looking to sell its Anthropic stake, according to a court filing this month. For FTX customers, being made whole, according to a judge's ruling, means getting the cash equivalent of what their crypto was worth in November 2022.
Persons: Sam Bankman, Fried, FTX, Andrew Dietderich, , Joseph Bankman, Barbara Fried, Brendan Mcdermid, John Ray III, Michael Kives, Braden Perry, FTX's, Ray, we're, It's, Solana, Lewis Kaplan, Elizabeth Williams, Michael Lewis, Lewis, IOUs, Perry, SBF, Renato Mariotti, Mariotti Organizations: Bankman, Federal Court, Reuters, K5 Global, SpaceX, Commodity Futures Trading Commission, CNBC, Alameda Research, U.S . Justice Department's Securities, Commodities, SEC Chari Locations: FTX, Delaware, Plenty, Palo Alto , California, New York City, U.S, Bankman, Solana, Alameda, FTX's, Anthropic, New York, Brooklyn
Roger Lynch, Condé Nast’s chief executive, told senators that current AI models were built using “stolen goods,” with chatbots scraping and displaying news articles from publishers without their permission or compensation. News organizations, Lynch said, seldom have a say in whether their content is used to train AI or is output by the models. To avoid the pilfering of news publishers’ content and, thereby, their coffers, Lynch proposed AI companies use licensed content and compensate publishers for content being used for training and output. Coffey also noted AI models have introduced inaccuracies and produced so-called hallucinations after scraping content from less-than-reputable sources — which runs the risk of misinforming the public or ruining a publication’s reputation. “The risk of low-quality [generative] AI content dominating the internet is amplified by the drastic economic decline of news publications over the past two decades,” Coffey said.
Persons: ChatGPT, Roger Lynch, Condé, Lynch, , they’ve, Sarah Silverman, Margaret Atwood, Dan Brown, Michael Chabon, Jonathan Franzen, George R, Martin, ” Lynch, Danielle Coffey, Coffey, ” Coffey, ” Curtis LeGeyt, ” LeGeyt Organizations: CNN, The New York Times, News Media Alliance, National Association of Broadcasters
The stress of the scheme left a key executive 'suicidal for days'Nishad Singh testified against his former boss in court. Jane Rosenberg/ReutersNishad Singh, the head engineer at FTX, testified against Bankman-Fried and spoke to the intense pressure of the scheme. As customers began to withdraw their deposits, FTX didn't have enough liquid cash to actually give them their funds. Instead of working together to solve the issue, executives blamed each other, Singh testified. "In response, Sam said something like, 'We were bulletproof last year, but we're not bulletproof this year,'" Yedidia testified.
Persons: Sam Bankman, , Fried, Caroline Ellison, Gary Wang, Nashad Singh, SBF, Ellison, he'd, Nishad Singh, Jane Rosenberg, Reuters Nishad Singh, Singh, I'd, Wang, FTX's, Bankman, Sam, Adam Yedidia, Yedidia, FTX didn't, FTX, Michael M, Ellison Yedidia, Caroline, Getty, Alameda's, — Ellison, Christian Drappi, Drappi, Alameda — Ellison Organizations: Service, Prosecutors, Alameda Research, Street, Reuters, Bankman, NEW, Manhattan Federal Court, Getty, FTX, MIT, Alameda Locations: Manhattan, Brooklyn, FTX, Bankman, Alameda, United States, Bahamas, New York City, China, Alameda's Hong Kong
FTX founder Sam Bankman-Fried will take the stand to testify in his own defense, his attorney said in a conference call Wednesday. The decision by his legal team sets him up for a cross-examination by federal prosecutors, who will be able to press him on the collapse of his crypto exchange FTX. Bankman-Fried's decision to testify came after federal prosecutors and his defense team were able to secure the alleged fraudster an adequate supply of his ADHD medication. The defense will also call three other witnesses besides Bankman-Fried to the stand, defense attorney Mark Cohen said on the call. Bankman-Fried stands accused of fraud and money laundering of his role in the collapse of the multi-billion dollar crypto exchange FTX.
Persons: Sam Bankman, Mark Cohen, Nishad Singh, Caroline Ellison, Fried, Dawn Giel Organizations: Prosecutors, Federal Bureau of, Alameda Research
Older adults, many of whom have saved their entire careers for retirement, can have the most to lose. The Covid pandemic was a disproportionate threat to older adults, keeping Americans indoors and quickly pushing them online. Outcomes hinge on a complex web of federal and state rules that govern banking and elder financial fraud. Such "heightened procedures" to protect older adults are part of the bank's duty of care relative to older customers, the lawsuit said. Scammers had her wire funds from her PNC bank account to an account at the now-defunct Signature Bank in New York.
Persons: Marjorie Bloom, she'd, Bloom, Roth, Ester, Ester Bloom, Rebecca Keithley, , they'd, I'm, Kathy Stokes, Keithley, General Merrick Garland, she'll, Marjorie Bloom Bloom, trekked, Mount, Kriangkrai, I've, There's, Sergio Flores, scammers —, Carla Sanchez, Adams, Sanchez, Banks, Marve Ann Alaimo, Porter Wright Morris, Arthur, Alaimo, Cryptocurrency, Scammers, scammers, it's, Patrick Wyman, Wyman, Al Drago Organizations: PNC Bank, Finance, CNBC, Federal Bureau of Investigation, PNC, FBI, Social, Department of Justice's, Vanguard Group, Federal, Consumer Finances, AARP, Microsoft, Department of Energy, Guaranty Corporation, U.S, North Dakota ., Everest Base, Social Security, North Bethesda Camera, PNC Bank —, District of Columbia, Bloomberg, Getty, National Consumer Law, Signature Bank, Asset Unit Locations: Chevy Chase , Maryland, U.S, Vietnam, Mount Everest, North Dakota, liquidating, Nepal, Marjorie Bloom Maryland, District, , Maryland, PNC, New York, Cayman Islands, Washington ,
Chef's Table at Brooklyn Fare, the iconic three-Michelin-star tasting restaurant by chef César Ramirez, quietly ceased operations in July. Chef's Table at Brooklyn Fare is one of New York's most hallowed culinary institutions. A former employee at Chef's Table at Brooklyn FareBut beneath the restaurant's pristine stainless-steel surface, chaos was brewing. By 2011, Chef's Table had become one of only 138 restaurants worldwide to boast three Michelin stars. This year, Chef's Table at Brooklyn Fare was the highest-ranked US restaurant on the 2023 World's 50 Best Restaurants' list.
Persons: César Ramirez, hasn't, Ramirez, Moneer, Moe, Issa, I'd, Ramirez's, Conti, David Bouley's, Le Bernardin, Per, Chef César Ramirez, Jamie McCarthy, WireImage, Joshua David Stein, Grub, Ramirez freaked, he'd, didn't, Pete Wells, Issa didn't, Adriana, Issa's, Heidi, , Domaine, disrespected, Spencer Platt, Cesar, Issa wouldn't, commenter Organizations: Brooklyn, Brooklyn Fare, Manhattan Fare Corp, Chef's, Pepsi, GQ, Michelin, Madison, New York Press, Guardian, Staff, New York Times, York, Madison Park Locations: Hokkaido, Los Angeles, New York, Brooklyn, Burgundy, Israeli, Hill, Mexican, Chicago, West, Madison, Masa, Kaluga Queen, Russia, Asia, Kings County, Clinton Hill, Taiwan, York
The SEC alleged he touted the investments as a "pathway to grandiose wealth." But the SEC alleged that the 38% annual return that Schueler touted was nothing more than cover for an elaborate scheme. Schueler faces three charges of securities fraud in civil court. Schueler misappropriated at least $12 million of investor funds, the SEC alleged, to purchase a 555-carat black diamond, high-end vehicles, and luxury watches. A $550,000 Rolex Daytona, an $800,000 Rolex GMT Master II and another unspecified $1.38 million Rolex watch were among his watch purchases, the SEC said.
Persons: Gary Gensler, Richard Schueler, Richard Heart, Schueler, pare Organizations: SEC, U.S . Treasury, The Securities, Exchange Commission, Rolex, of Locations: Washington ,, United States, Finland, Eastern, of New York
Intern pay on Wall Street is on the rise. The median wage for interns at Citadel and Citadel Securities is reportedly $120 an hour. There's lots to be concerned about working on Wall Street these days. Median intern pay has risen by 19% among some of the top finance firms, according to a Bloomberg report citing data from Levels.fyi. (Insider's Emmalyse Brownstein has you covered on all things Wall Street internships, from how to nab a return offer to what to wear to the office.)
Persons: Ken Griffin, Insider's Paige Hagy, Brownstein, that's, Alex Morrell Organizations: Citadel, Citadel Securities, Bloomberg, Take, nab, Bank of America Locations: New York City
Hey Dad, Can You Help Me Return the Picasso I Stole?
  + stars: | 2023-06-15 | by ( Dan Barry | ) www.nytimes.com   time to read: +1 min
It was a pain in our butt.”Fortunately, Rummel knew a guy. The Case of the Missing Picasso, revealed here for the first time, goes back. Back before the much more notorious theft of 13 works of art from Boston’s Isabella Stewart Gardner Museum in 1990. Back, in a sense, to a time before Picasso had even painted the piece in question. Back to the 1950s of Waterville, Maine, where the Rummel boys — Bill and his younger brother, Whit — were testing their hometown’s Yankee forbearance.
Persons: , Rummel, Boston’s Isabella Stewart Gardner, Picasso, Bill, Whit — Organizations: Boston’s Isabella Stewart Gardner Museum, Yankee Locations: Waterville , Maine, Woolworth’s
And yet, the Grand Canyon remains yoked to the present in one key respect. The Colorado River, whose wild energy incised the canyon over millions of years, is in crisis. Down beneath the tourist lodges and shops selling keychains and incense, past windswept arroyos and brown valleys speckled with agave, juniper and sagebrush, the rocks of the Grand Canyon seem untethered from time. The Grand Canyon is a planetary spectacle like none other — one that also happens to host a river that 40 million people rely on for water and power. At Mile 0 of the Grand Canyon, the river is running at around 7,000 cubic feet per second, rising toward 9,000 — not the lowest flows on record, but far from the highest.
Persons: windswept, Davis, John Weisheit, , , Mead Hoover, Powell, Daniel Ostrowski, Victor R, Baker, . Baker, Lake Powell, Dr, Ed Keable, wouldn’t, Jack Schmidt, Schmidt, , Alma Wilcox, “ There’s, we’ve, Nicholas Pinter Organizations: Rockies, York Times, University of California, Utah Glen, Lake, Mead, Recreation, Hualapai, CALIF, ARIZ . Utah Glen, Lake Mead, Area, Forest Utah, Engineers, University of Arizona, of Reclamation, National Park Service, Center, Colorado River Studies, Utah State University Locations: Colorado, The Colorado, North America, Utah, Powell, Lake Mead, Arizona, . UTAH COLO, N.M, ARIZ . Utah, Mead, NEV . UTAH COLO, Glen, ARIZ, Hopi, Nevada, Lake Powell, Arizona , California , Nevada, Mexico, Davis, Little Colorado, tamarisk, gesturing
Red alert recession signals
  + stars: | 2023-03-26 | by ( Matt Turner | Dave Smith | ) www.businessinsider.com   time to read: +4 min
On the agenda today:But first: Everyone is back to talking about a recession. This week's dispatchFed Chair Jerome Powell Joshua Roberts/Reuters2023 started with fresh hope that the US could avoid a recession. That has big name investors and market signals predicting a recession, and soon. "Red alert recession signals," Gundlach said. Even Powell's preferred bond-market indicator says a recession is on the way this year.
In November, one of the world's most consequential hedge funds announced a shake-up at the top of its power structure. In an internal memo, the founder of Millennium Management, Izzy Englander, said that Bobby Jain would be vacating the co-CIO role. "You can't readily find that managerial experience at other hedge funds and Goldman is a perfect place to look for those people." 8 former Goldman Sachs leaders are now Millennium execsEnglander isn't alone — firms rarely are in the copycat world of multistrats. In a statement to Insider, Abbey Collins, a spokesperson for Goldman Sachs, said, "Goldman Sachs has always been and remains a talent magnet.
Some hedge funds, wealth managers, and asset managers are still hiring. Recruiters told us what roles are in demand and what skills can help you land them. Big-name hedge funds like Citadel, D. E. Shaw, and Millennium Management posted double digits in a year that many other investment managers would rather soon forget. Alternative asset managers, meanwhile, are hiring in the private-wealth-management businesses they've spent recent years building out. … if you're in or interested in wealth managementDespite the market downturn, wealth managers are in high demand.
Some hedge funds, wealth managers, and asset managers are still hiring. Layoffs across industries have been dominating headlines in January, and Wall Street has been no exception. Big-name hedge funds like Citadel, D. E. Shaw, and Millennium Management posted double digits in a year that many other investment managers would rather soon forget. Alternative asset managers, meanwhile, are hiring in the private-wealth-management businesses they've spent recent years building out. Emily Landon, the CEO of the Chicago-based headhunting firm The Crypto Recruiter, pointed to the job board Crypto Careers, which has over 2,400 openings.
GoFundMe says it took down a 2016 fundraiser for a dying dog that was linked to George Santos. GoFundMe told Insider it has a "zero tolerance policy" for the misuse of its services. As first reported by Patch, a military veteran is accusing Santos of taking $3,000 worth of GoFundMe funds meant for the man's sick dog. The platform told Insider that it has a "zero tolerance policy" for misuse of its services. Rich Osthoff, a veteran who lives in New Jersey, is accusing Santos of pilfering the GoFundMe funds.
We talked to several workplace experts to gain their insight on phrases you shouldn't say to your boss, even if you're close. 'I can't'A can-do attitude is always a valued trait, and just because you're friends, it doesn't mean you'll get called on the next time an important project comes up. It's fine if you have to leave early, but don't say it's because "things are slow" or you have "nothing to do." 'I'm going to be out these days,' or 'I'm leaving early tomorrow'Just because you're friends, it doesn't mean you should tell your boss you're going on vacation or leaving the office early. "Your boss hopes you're honest 100% of the time, and what you're about to say is not an aberration," said Taylor.
The U.S. House’s Jan. 6 committee has performed its task with a dignity that verges on parody. They are doing criminal referrals while Rome burns. I think the criminal referrals are completely appropriate and, if anything, fail to capture the true scope of his malfeasance. He said as much himself in response to the Jan. 6 committee referral. One of the strongest grounds for prosecuting Trump for Jan. 6 is that only accountability will prevent something like it from happening again.
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