Capital One, the bank lately dominating the celebrity-featured advertising space in this industry, and claiming to have “reimagined” banking, has now been fined by the authorities for ‘willful’ anti-money-laundering failures–for the second time in six months.
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) fined America’s fifth-largest credit card issuer $390 million for engaging in willful and negligent violations of the Bank Secrecy Act, an anti-money laundering law.
FinCEN said in a statement that Capital One admitted that it failed to file “thousands of suspicious activity reports” and “thousands of Currency Transaction Reports” with respect to a business unit known as the Check Cashing Group
“The violations occurred from at least 2008 through 2014 and caused millions of dollars in suspicious transactions to go unreported in a timely and accurate manner,” FinCEN added.
Capital One acquired the check-cashing group when it bought New York-based North Fork Bank in 2006 for $14.6 billion and shut it down 8 years later. CLICK for complete article
Paul Gill, CEO of Lomiko Metals joins Michael to update him on the status of the electric vehicle growth in North America, and where his graphite project and Cdn public company stands to benefit.
Transition will be the word of the year in energy, no doubt. But this transition involves a host of technologies that many believe will help the world move beyond the fossil fuels era. Many will need years to become commercially available, which has made some industry observers skeptical about the future of this transition. The dominant sentiment, however, appears to be optimistic, despite the considerable challenges.
Here are three technology areas that, according to a recent report by Lux Research, will dominate the energy discourse for the observable future.
Green hydrogen and fuel cells
Green hydrogen is the new EV revolution in terms of media coverage. From an occasional mention in renewable energy analyses, hydrogen has won its own place among the energy transition stars. The most abundant element in the universe has been touted as an energy carrier, energy storage option, and fuel. With such versatility of use, one might imagine that economies would already be running on hydrogen.
But things are rarely as simple as they seem.
First, not all hydrogen is made equal. For the energy transition revolutionaries such as the European Union, green hydrogen is the one to aim for. Produced through the electrolysis of water using electricity generated by renewable sources, green hydrogen features heavily in the EU’s energy transition plans: it wants to build at least 40 GW of electrolysis capacity by 2030, with 6 GW of these to be up and running by 2024.
Green hydrogen, many believe, will be the best way to help industries that have proved hard to decarbonize reduce their emissions in line with the Paris Agreement. How? First, it can be used as a fuel for freight vehicles; second, it can be blended with natural gas and used to heat buildings; third, it can be used to store electricity produced by solar and wind farms.
There is just one problem with all this: it is expensive, prohibitively so at the moment. Yet the outlook is optimistic, according to most, with the costs of electrolysis expected to fall significantly.
Fuel cells are another potentially widespread use for hydrogen, but they have been off to a slow start, again because of cost constraints. Fuel cell passenger vehicles are still a rarity despite their major advantage over EVs: much faster charging time. According to the California Fuel Cell Partnership, the biggest obstacle in fuel cell cars’ wider adoption is the lack of a charging station network—a problem that is being addressed. CLICK for complete article
Quote of the Week
Talk show host, Danielle Smith resigned this week. And the reasons are familiar to every commentator.
Donald Trump might be gone but the BS out of the States continues – only from a different party.
It’s fascinating how some people are furious when confronted with the facts. Even ones that could be great news for economic growth, jobs and government revenue.