Antivirus software creator charged with cheating investors

John McAfee, co-founder of McAfee Crypto Team and CEO of Luxcore and founder of McAfee Antivirus. (REUTERS/Darrin Zammit Lupi/File Photo)
John McAfee, co-founder of McAfee Crypto Team and CEO of Luxcore and founder of McAfee Antivirus. (REUTERS/Darrin Zammit Lupi/File Photo)
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Updated 06 March 2021

Antivirus software creator charged with cheating investors

Antivirus software creator charged with cheating investors
  • Authorities say that McAfee and cohorts fooled investors through social media to make over $13 million
  • McAfee and his team are accused of capitalizing on zeal over the emerging cryptocurrency market as they lied to investors

NEW YORK: Antivirus software entrepreneur John McAfee was indicted on fraud and money laundering conspiracy charges alleging that he and cohorts made over $13 million by fooling investors zealous over the emerging cryptocurrency market, authorities said Friday.
McAfee, 75, was charged in a newly unsealed indictment in Manhattan federal court along with Jimmy Gale Watson Jr., who served as an executive adviser on what prosecutors described as McAfee’s “so-called cryptocurrency team.”
Prosecutors said Watson, 40, was arrested Thursday night in Texas and would make an initial appearance Friday before a federal magistrate judge in Dallas. McAfee, authorities said, is detained in Spain on separate criminal charges filed by the US Justice Department’s tax division.
Attorney Arnold Spencer, representing Watson, said his client is a decorated former Navy Seal.
“He fought for other people’s rights and liberties, and he is entitled to and looks forward to his day in court to exercise some of those very rights,” he said in an email.
“Criminal indictments are blunt instruments, not precise scalpels,” Spencer added. “This is not the right place to debate whether cutting edge technologies like cryptocurrencies are securities, commodities, or something else.”
It was not immediately clear who might represent McAfee. There was still no lawyer listed for him in the Memphis, Tennessee, federal court where tax charges were lodged against him in October.
“McAfee and Watson exploited a widely used social media platform and enthusiasm among investors in the emerging cryptocurrency market to make millions through lies and deception,” US Attorney Audrey Strauss said in a statement describing crimes in 2017 and 2018.
“The defendants allegedly used McAfee’s Twitter account to publish messages to hundreds of thousands of his Twitter followers touting various cryptocurrencies through false and misleading statements to conceal their true, self-interested motives,” she added.
In October, McAfee was charged in Tennessee with evading taxes after failing to report income made from promoting cryptocurrencies while he did consulting work, made speaking engagements and sold the rights to his life story for a documentary.
McAfee developed early Internet security software and has been sought by authorities in the US and Belize in the past.
The Tennessee indictment said McAfee failed to file tax returns from 2014 to 2018, despite receiving “considerable income” from several sources.
In July 2019, McAfee was released from detention in the Dominican Republic after he and five others were suspected of traveling on a yacht carrying high-caliber weapons, ammunition and military-style gear, officials on the Caribbean island said at the time.


ADNOC to explore potential of hydrogen market with India

ADNOC to explore potential of hydrogen market with India
Updated 30 min 21 sec ago

ADNOC to explore potential of hydrogen market with India

ADNOC to explore potential of hydrogen market with India
  • Key to hydrogen economy will be aligning supply and demand - Al Jaber

RIYADH: The Abu Dhabi National Oil Company (ADNOC) sees a potential market for hydrogen in public and private Indian companies to serve the country’s growing demand for energy and need for cleaner fuels, said Sultan Ahmed Al Jaber, minister of industry and advanced technology and CEO of ADNOC.

“Today, India is one of our biggest and most important trading partners, particularly in the field of energy,” Al Jaber said during a high-level ministerial session at a virtual hydrogen roundtable on Thursday, WAM reported. “And as India’s demand for energy grows, we stand ready to help meet that demand by making the full portfolio of our products available to the Indian market.”

“Granted Hydrogen is still in its infancy, it could be a game-changer and a real opportunity to accelerate the broader energy transition, an opportunity that ADNOC and the UAE are well placed to capitalize on,” Al Jaber said. The “key to developing the hydrogen economy of the future will be aligning supply and demand,” he said.

ADNOC currently produces about 300,000 tons of hydrogen a year as part of its current industrial processes, and can become a major player in the developing blue hydrogen market, Al Jaber said.

The company is also exploring the potential of green Hydrogen through the Abu Dhabi Hydrogen Alliance, which was recently established by ADNOC, Mubadala Investment Company and ADQ, he said.


Sakani housing program served 70,000 families in the first quarter of 2021

Sakani housing program served 70,000 families in the first quarter of 2021
Updated 16 April 2021

Sakani housing program served 70,000 families in the first quarter of 2021

Sakani housing program served 70,000 families in the first quarter of 2021
  • Sakani beat target of 51,000 familes in Q1
  • Sakani announces launch of home finance app

RIYADH: Saudi Arabia’s Sakani program helped 70,000 families in the first quarter of 2021, surpassing its target of serving 51,000 families.

Sakani was formed in 2017 by the Ministry of Housing and the Real Estate Development Fund with the aim of facilitating home ownership in the Kingdom through the creation of new housing stock, allocating plots and homes to nationals and financing their purchase. It has a goal of reaching 70% home ownership by 2030.

Sakani revealed the data at an event in Riyadh on Thursday where it announced the launch of an online home finance app, SPA reported.

The program aims to serve 220,000 Saudi families this year, through the creation of 50,000 housing units, facilitating the reservation of 30,000 residential land plots and arranging 140,000 real estate loans, said CEO Marwan Zawawi.

More than 66,000 financing contracts were signed in the first quarter of 2021, supported by SR40 billion, a 23 percent increase compared to the same period of 2020. This brings the total number of families benefiting from the subsidized mortgage since its inception in mid-2017 until the end of the first quarter of 2021, to more than 487,000 families in various regions of the Kingdom, said Mansour bin Madi, general supervisor of the Real Estate Development Fund.

Sakani has enabled more than 350 thousand families to own homes to date, Bin Madi said.

About 178 infrastructure projects covering 244 million square meters have been developed at a cost of more than SR8 billion, said National Housing Company CEO Mohammed bin Saleh Al-Bati.

“In 2017, housing options under construction were limited, but now developers are racing to obtain licenses,” said General Supervisor of Real Estate Development Deputyship at the Ministry of Housing, Sultan Al-Sheikh. “Reservation of residential units on new developments is often complete within a few days and in some cases hours.”


Oil rises above $67 in fifth day of gains on demand hopes

Oil rises above $67 in fifth day of gains on demand hopes
Updated 16 April 2021

Oil rises above $67 in fifth day of gains on demand hopes

Oil rises above $67 in fifth day of gains on demand hopes
  • Brent on track for weekly gain of about 7%
  • U.S., China economic recoveries bolster sentiment

LONDON: Oil rose above $67 a barrel on Friday, gaining for a fifth session, as a stronger demand outlook and signs of economic recovery in China and the United States offset rising COVID-19 infections in some other major economies.
China’s first-quarter gross domestic product jumped 18.3% year on year, official data showed on Friday. On Thursday figures showed a rise in US retail sales and a drop in unemployment claims.
“Given the improving outlook for the world’s two biggest economies, there is little chance of the market’s feel-good glow being extinguished any time soon,” said Stephen Brennock of oil broker PVM.
Brent crude rose 26 cents, or 0.4 percent, to $67.20 a barrel by 0950 GMT, heading for a weekly gain of about 7 percent. US West Texas Intermediate (WTI) crude added 16 cents, or 0.3 percent, to $63.62.
New US sanctions imposed on Russia, one of the world’s top oil producers, over alleged election interference and hacking could also support prices.
“Though they do not affect the oil sector directly, they could lead to higher financing costs and general uncertainty in trade with Russia,” said Eugen Weinberg of Commerzbank.
Helping the rally this week, the International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC) both made upward revisions to oil demand growth forecasts for 2021.
Figures on Wednesday also showed US crude inventories fell by 5.9 million barrels.
Demand hopes offset concern about rising coronavirus cases in other big economies. India’s infection rate hit a record high while Germany’s chancellor on Friday said a third wave of the virus has the country in its grip.
Oil has recovered from pandemic-induced lows last year, helped by record cuts to oil output by OPEC and its allies, a group known as OPEC+.
Some of the OPEC+ cuts will be eased from May, with the group meeting on April 28 to consider further tweaks to the supply pact.


Ramadan harvest begins in Saudi Arabia’s city of roses

Ramadan harvest begins in Saudi Arabia’s city of roses
Updated 16 April 2021

Ramadan harvest begins in Saudi Arabia’s city of roses

Ramadan harvest begins in Saudi Arabia’s city of roses
  • Smallest vials sell for SR400 ($106).
  • Harvest falls during Ramadan this year

TAIF: Every spring, roses bloom in the western Saudi city of Taif, turning pockets of the Kingdom’s vast desert landscape a vivid and fragrant pink.
In April, they are harvested for the essential oil used to cleanse the outer walls of the sacred Kaaba in Makkah.
This year, the harvest falls during Ramadan.
Workers at the Bin Salman farm tend rose bushes and pick tens of thousands of flowers each day to produce rose water and oil, also prized components in the cosmetic and culinary industries.
The perfumed oil has become popular among the millions of Muslims who visit the Kingdom every year for pilgrimages.
Patterns of plants and flowers have long been part of Islamic art.
Known as the city of roses, with approximately 300 million blooms every year, Taif has more than 800 flower farms, many of which have opened their doors to visitors.
While workers pick flowers in the fields, others labor in sheds, filling and weighing baskets by hand.
The flowers are then boiled and distilled.
“We start boiling the roses on high heat until they are almost evaporated, and this takes around 30 to 35 minutes,” Khalaf Al-Tuweiri, who owns the Bin Salman farm, told AFP.
“After that we lower the heat for around 15 to 30 minutes until the distilling process starts, which lasts for eight hours.”
Once the oil floats to the top of the glass jars, the extraction process begins.
The oil is then extracted with a large syringe to fill different-sized vials, the smallest going for SR400 ($106).


Binladin International carries out largest debt restructuring in the region

Binladin International carries out largest debt restructuring in the region
Updated 16 April 2021

Binladin International carries out largest debt restructuring in the region

Binladin International carries out largest debt restructuring in the region
  • As much as 75% of Binladin's debts are held by Saudi banks
  • Formal agreement with creditors may be reached by end June

RIYADH: Saudi Binladin International Holding is carrying out the largest debt restructuring in the Middle East, close to SR33 billion ($8.7 billion), with as much as 75 percent involving Saudi banks, said CEO Khalid Al Gwaiz on Thursday.
The company has obtained principal approvals from creditors for the debt restructuring and hopes to reach a formal agreement with them by the end of June and a final agreement by September, Al Gwaiz told Al Arabiya.
Binladin has an integrated transformation program that includes budget structuring and changes to its business model with the aim of helping it cope with recent developments in the market, he said.
The regional construction sector has been hit hard by the weakening of oil prices since 2014 and the associated decline in the real estate sector which has plunged some of the industry’s biggest names into financial distress.
Binladin has identified about SR1 trillion of opportunities in the Kingdom’s construction market linked to huge government projects that will allow it to pay creditors, Al Gwaiz said.