World

US Virgin Islands demands $190 mln from JPMorgan to resolve Epstein lawsuit

The US Virgin Islands said it wants JPMorgan Chase to pay at least $190 million, and possibly much more, to resolve its lawsuit accusing the largest US bank of ignoring the disgraced late financier Jeffrey Epstein’s sex trafficking.

In a Friday filing in federal court in Manhattan, the territory said it wants JPMorgan to pay a $150 million civil fine, and give up at least $40 million from its 15-year relationship with Epstein.

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It also wants JPMorgan to pay damages to compensate Epstein’s victims, pay punitive damages, separate its business and compliance functions, and hire a compliance consultant.

“Financial penalties, as well as conduct changes, are important to make sure that JPMorgan Chase knows the cost of putting its own profits ahead of public safety,” US Virgin Islands Attorney General Ariel Smith said in a statement.

In a statement, JPMorgan acknowledged efforts to resolve the case, but said the filing “does not reflect the nature of settlement conversations.”

The bank also called the US Virgin Islands’ arguments for damages “misdirected” and “not well founded.”

Friday’s filing marks the first time the US Virgin Islands has put a dollar figure on its lawsuit.

The territory wants JPMorgan held liable for providing banking services to Epstein from 1998 to 2013, enabling him to pay his victims, and ignoring internal warnings and other red flags because it valued him as a wealthy client.

It said even the $40 million amount excludes the “difficult to quantify” value of Epstein allegedly introducing JPMorgan to famous people like Britain’s Prince Andrew and former Israeli Prime Minister Ehud Barak.

Epstein, who died by suicide in August 2019, had owned two neighboring islands within the territory, including one that authorities said he bought to keep people from spying on him as he sexually abused young women and girls on the other.

A trial is scheduled for October 23.

Large payouts

The lawsuit is the largest unresolved Epstein-related case.

JPMorgan agreed last month to pay $290 million to settle a lawsuit by dozens of Epstein accusers, while Deutsche Bank , where Epstein was also a client, agreed in May to a $75 million settlement. Both accords await final court approval.

Epstein’s estate, meanwhile, has paid out more than $125 million to the financier’s accusers, and more than $105 million to the US Virgin Islands.

The financier’s former girlfriend, Ghislaine Maxwell, was convicted in December 2021 for aiding in his abuses.

In the US Virgin Islands case, JPMorgan has sought to shift blame.

It accused the territory of “actively facilitating” Epstein by giving him tax incentives and waiving sex offender monitoring requirements, in exchange for cash or gifts to local police and top officials like former first lady Cecile de Jongh.

JPMorgan is separately suing Jes Staley, a former private banking and investment banking chief once close to Epstein, to cover its losses in the two lawsuits it faces.

Staley has expressed regret for his friendship with Epstein and repeatedly denied knowing about his sex trafficking. He left JPMorgan a few months after Epstein, and was British bank Barclays’ chief executive from 2015 to 2021.

The case is US Virgin Islands v. JPMorgan Chase Bank NA, US District Court, Southern District of New York, No. 22-10904.

Jeffrey Epstein got $300 mln in US Virgin Islands tax incentives, JPMorgan says

Jeffrey Epstein’s death: New details surface on conditions two weeks prior to suicide

World

Crown Prince of Abu Dhabi meets with CEOs of leading Norwegian companies

H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, has met with a group of CEOs from leading Norwegian companies, as part of their participation in the UAE-Norway Investment Forum, held alongside his official visit to the Kingdom of Norway.

During the meeting, H.H. Sheikh Khaled bin Mohamed bin Zayed underscored the UAE leadership’s commitment to strengthening economic cooperation with its international partners.

He highlighted that investment in innovation and knowledge is a cornerstone for achieving sustainable development, noting that enhancing collaboration with Norwegian companies across key sectors will open new avenues for mutual economic growth between the two countries.

The UAE-Norway Investment Forum, taking place in Oslo, aimed to highlight available investment opportunities and strengthen trade relations between the UAE and Norway, fostering shared interests and supporting innovation and knowledge-based economic visions.

-wam

World

At the Indonesia International Book Fair 2024, TRENDS inaugurates 10th global office, releases four books

As part of its Asian research tour, partnership with Aletihad News Center, and
primary sponsorship of the Indonesia International Book Fair 2024, TRENDS
Research & Advisory inaugurated its office in Jakarta, marking its 10th location
worldwide. It also released four books in Indonesian.
The inauguration event was attended by ambassadors of the UAE, Bahrain, and
Jordan to Indonesia, chairpersons of the UAE and Indonesian Publishers’
Associations, the Director of TRENDS’ Jakarta office, and a group of researchers
and academics.
Speaking at the event, Dr. Mohammed Abdullah Al-Ali, CEO of TRENDS
Research & Advisory, stated that TRENDS’ international offices—set to reach 15
by the end of 2024—aim to enhance the Center’s research efforts and deepen its
role in disseminating knowledge, thus serving as a global knowledge bridge.
He emphasized, “At TRENDS, we believe in the importance of cooperation
between think tanks and prioritize this endeavor. We believe the TRENDS office in
Jakarta will enhance the exchange of knowledge and ideas between think tanks in
Asia and the Middle East, opening new horizons for collaboration in various
fields.”

Four books in Indonesian
As part of the Jakarta office’s inaugural activities, four books were released in
Indonesian, including the 11th and 12th books of the Muslim Brotherhood
Encyclopedia and Global Trends in AI and Automation and the Future of
Competition between Man and Machine: An Analytical Forward-looking Vision.

Hostility to Arab states
The 11th book of the Muslim Brotherhood Encyclopedia, The Concept of the State
According to the Muslim Brotherhood, highlights its hostile stance toward Arab
states since its inception. The group views them as an obstacle to its ascent to
power. It opposed the modern principles upon which these states were built,
considering them incompatible with the group’s unique interpretation of Islam,
which it claimed to embody exclusively.

Exclusion of nonconformists
The 12th book, The Muslim Brotherhood: Rejection of Tolerance and Exclusion of
Nonconformists, examines the Muslim Brotherhood’s stance towards
nonconformists, individuals, and entities. The book reveals the group’s binary view
of the world, categorizing others as allies or adversaries. It ties these relationships
to the Brotherhood’s internal power struggles and self-serving interests.

Global Trends in AI
The third book, Global Trends in AI, explores significant developments in AI and
its impact on various aspects of life, including the economy, society, and
governance. It also offers a comprehensive analysis of technological advancements
in AI, its applications across sectors, the ethical and social challenges it presents,
and its future trajectory.

Automation

The fourth book, Automation and the Future of Competition between Man and
Machine: An Analytical Forward-looking Vision, addresses the growing challenges
faced by the human workforce in the face of widespread automation and AI
applications. The book concludes that while automation presents a significant
challenge to the labor market, it simultaneously creates new opportunities. It
emphasizes the importance of preparing for this shift through skills development,
continuous education, and adopting economic and social policies that support the
workforce.

Prominent pavilion and active presence
The TRENDS’ pavilion at the Indonesia International Book Fair has attracted
numerous visitors, including academic researchers and officials, such as the
ambassadors of the UAE, Bahrain, Qatar, Jordan, and Turkey. Additionally,
chairpersons of Arab and Indonesian publishers’ associations, authors, publishers,
and students visited the pavilion. All were impressed with and praised TRENDS’ diverse, valuable publications. They also commended TRENDS’ active
international presence and ability to address global developments with rigorous
analytical research.
Dr. Mohammed Abdullah Al-Ali honored the esteemed guests, including
ambassadors of the UAE and Bahrain to Indonesia, Wedha Startesti Yudha,
Chairperson of the Indonesia International Book Fair Committee, Arys Hilman
Nugraha, Chairman of the Indonesian Publishers Association, and others,
presenting them with TRENDS’ publications and commemorative shields.
Additionally, he awarded TRENDS’ Research Medal to Ni Made Ayu Martini
Indonesian Deputy Minister of Marketing, Tourism and Creative Economy
It is worth noting that during its current Asian research tour, TRENDS announced
the launch of the TRENDS Research Medal, awarded to individuals who make
significant contributions to the development of scientific research and promote collaboration with TRENDS in strengthening a culture of research across various fields.

World

US determined to prevent full-scale war in Middle East, Joe Biden tells UNGA79

US President Joe Biden highlighted the US Administration’s determination to prevent a wider war that engulfs the entire Middle East region, noting that a diplomatic solution “remains the only path to lasting security to allow the residents from both countries to return to their homes on the border safely”.

In remarks he made today before the 79th Session of the United Nations General Assembly (UNGA79), the US President said, “Full-scale war is not in anyone’s interest,” adding that a diplomatic solution is still possible.

He also touched on “the rise of violence against innocent Palestinians on the West Bank”, and the need to “set the conditions for a better future”, which he said featured “a two-state solution, where the world — where Israel enjoys security and peace and full recognition and normalised relations with all its neighbours, where Palestinians live in security, dignity, and self-determination in a state of their own”.

President Biden underscored the ceasefire and hostage deal put forth by Qatar and Egypt, which the UN Security Council endorsed. He said, “Now is the time for the parties to finalise its terms, bring the hostages home,” adding that this would help ease the suffering in Gaza, and end the war.

-WAM