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(Bloomberg) — With a soothing score and the big board of Latin America’s biggest stock exchange blinking in the background, the online advertisement by 4TBank promises to reduce economic inequality by making financial markets more accessible. Driving home the message, the camera follows Matie Obam, the chief executive officer of Brazil’s “first CryptoBank,” as she touts the company’s mission while strolling through São Paulo’s financial district.
“We came to eliminate abusive fees that are suffocating us,” Obam, now 24, says in that 2021 video. “We were born to help you.”
Brazilian authorities say they uncovered something far more nefarious. Police say the company scrubbed hundreds of millions of dollars worth of dirty money for Brazil’s most notorious drug gang — First Capital Command, or PCC — and funneled cash into political campaigns. The alleged scheme was dismantled in August, just two months before voters headed to polls for municipal elections, setting off fresh worries about organized crime’s abilities to infiltrate the top levels of Brazilian society.
Authorities have long pursued the PCC, which operates a narcotics-trafficking ring stretching across five continents. Despite efforts to stop its spread and US sanctions, the gang has managed to evolve over three decades from a jailhouse crew of São Paulo crooks and thugs into a multi-billion dollar criminal enterprise, with some 40,000 “baptized” members and domination over a key cocaine corridor to Europe. To clean its ill-gotten gains, investigators say the organization’s brass is now setting its sights on Brazil’s financial sector and digital marketplaces, including cryptocurrency and online sports-betting platforms as well as its booming fintech industry.
“Far better than finding a bank or a front to launder your money is creating your own bank,” said Lincoln Gakiya, a prosecutor with São Paulo’s Gaeco, the state’s organized crime task force, who estimates the PCC earns $1 billion a year just from drug trafficking.
In all, authorities have requested permission from a judge to freeze over 8.6 billion reais, or nearly $1.5 billion, in assets belonging to 4TBank and its associates, according to investigation documents seen by Bloomberg News. The amount left Fabricio Intelizano of São Paulo state’s civil police, the lead investigator in the case, dumbfounded.
“I had to add it up three times to make sure it was correct,” he said in an interview. “I did it first in an Excel spreadsheet and then on a calculator because I didn’t believe what I was seeing.”
A legal representative for 4TBank said that the money and the transactions are not related to the PCC, “are not related to drug trafficking, arms trafficking, or any other illicit activity wrongly attributed to the payment institution.”
Just weeks after the raid, authorities took down two more allegedly illegal fintechs operating in São Paulo. Police say these unregistered companies conducted transactions worth over $1 billion, and suspect tens of millions of that were tied to organized crime groups and the PCC. Other investigations have also revealed that the organization has poured its money into construction companies,
Get Ready to Shine: Recklinghausen Aims for World Record-Breaking Christmas Light Display
The Christmas spirit is alive and well in Recklinghausen!
This year, the city is aiming for a dazzling accomplishment. On Friday, December 13th, the town’s main square will transform into a beacon of holiday cheer. Local residents can expect a unique experience as they gather to create a stunning “candle” design.
Together, at least 500 participants are needed to join hands and form a breathtaking formation resembling a giant candle. Holding up multicolored LED lights, they’ll create a spellbinding spectacle. To achieve the coveted gingerbread record, this unique candle of light needs to stay brilliant for at least three whole minutes.
Leading up to the event, an expansive overhaul by the city’s Light Event Design
team will prepare the square, amidst specialization from “geomonitoring scientists” and “
WDR Lokalzeit.” They’re ensuring the world record attempt for the biggest shining peace light ever seen. Amidst the festivities,
WDR Lokalzeit’s presenters Désirée Rösch and Sandra Quellemann are going live from the town hall square.
You can experience the festive atmosphere and spotlight on societal
incentive first-hand: Download free access to “Lights and Magic” on wdr.de.
Stay tuned.
WDR Lokalzeit Continued , aremc
gener up-
What is the symbolic meaning behind the “candle” formation?
## Interview:
**[Host]:**Joining us today is Andreas Müller, a resident of Recklinghausen, and one of the organizers behind the city’s ambitious attempt to set a world record for the largest ”shining peace light” this December. Andreas, welcome to the show!
**[Andreas]:** Thank you for having me.
**[Host]:** Recklinghausen is pulling out all the stops for Christmas this year. Can you tell us more about this world record attempt?
**[Andreas]:** We’re aiming to create a breathtaking “candle” formation on the town square using at least 500 participants holding multicolored LED lights. Imagine 500 people, holding hands, forming the shape of a giant candle.
**[Host]:** And this isn’t just about festive spectacle, is it?
**[Andreas]:** Right, we’re also aiming to emphasize peace and unity. The idea of a giant ‘candle of light’ shining brightly together symbolizes hope and togetherness, something we all need, especially during this time of year.
**[Host]:** But some people might say it’s a bit of a gimmick. What would you say to them?
Canada Post Workers Strike Grinds On as Holiday Season Approaches
The standoff between Canada Post and the Canadian Union of Postal Workers (CUPW) continues into its third week, disrupting essential mail delivery services in the heart of the busy holiday season.
While Canada Post presented a new framework aimed at restarting negotiations, CUPW expressed disappointment with the proposal. Though the union acknowledged some movement on certain issues, they emphasized that the offer fell short of their members’ expectations and requirements for ratification.
Parcel Delivery on the Weekend: A Key Point of Contention
One sticking point in the negotiations revolves around the union’s desire to extend parcel delivery services on weekends. This demand sits at the core of a broader push to modernize and adapt Canada Post operations to meet the evolving needs of modern consumers.
Federal Labor Minister Steven MacKinnon had appointed a mediator in a bid to bridge the gap between the two sides. However, mediation efforts were temporarily suspended last week, citing a lack of significant progress.
The union noted limited progress on addressing critical concerns related to health and safety and social benefits. “We are now in the third week of our national strike,” the union stated in a press release Monday. “The union is ready to return to the bargaining table. We are waiting to be called back by the mediators.”
US Postal Service Suspends Shipments To Canada
The impact of the strike extends beyond Canadian borders. The US Postal Service has issued a notice temporarily suspending mail shipments to Canada, urging customers to refrain from sending parcels addressed to Canada until further notice.
Unfair Labor Practices Complaint Filed
Adding another layer of complexity to the situation, CUPW filed a formal complaint alleging unfair labor practices by Canada Post. The union contends that temporary layoffs implemented by Canada Post during the strike represent an “intimidation tactic.” While Canada Post denies violating labor code regulations, they maintain that these layoffs are necessary adjustments to operations in response to the ongoing strike.
Business Community Urges Government Intervention
The prolonged strike has severe ramifications for businesses across Canada. Reports from the Canadian Federation of Independent Business indicate that the shutdown has cost small and medium-sized businesses hundreds of millions of dollars in lost revenue. The organization has called on the federal government to intervene and facilitate a swift resolution. These calls for government intervention, however, have been met with resistance from the labor minister who stated this is not currently planned.
Shopify CEO Tobi Lütke highlighted the scope of the disruption on social media, stating that at least 67,000 small businesses relying on Shopify’s platform are impacted by the ongoing Canada Post strike.
The Path Forward: Uncertain and Costly
With no immediate end in sight, stakeholders anxiously await a breakthrough in negotiations. The holiday season traditionally constitutes a crucial period for Canada Post, and the loss of revenue combined with mounting costs will continue to pressure both sides to reach an agreement.
How has the Canada Post strike impacted cross-border trade relations between Canada and the United States?
## Canada Post Strike Drags On: Impacting Holidays and Cross-Border Mail
**Interviewer:** Welcome back to the show. We’re continuing our coverage of the ongoing Canada Post strike, now entering its third week. Joining us today is Alex Reed, labor expert and professor at [University Name].
Alex Reed, thanks for being here. We’re seeing a significant impact on mail delivery with the holiday season fast approaching. What’s the latest on negotiations between Canada Post and the union?
**Alex Reed:** The situation remains tense. While Canada Post did put forward a new proposal, the Canadian Union of Postal Workers (CUPW) expressed disappointment, stating it fell short of their members’ expectations. [[1](https://www.canadapost-postescanada.ca/cpc/en/our-company/news-and-media/corporate-news/negotiations/2024-11-15-cupw-announces-national-strike-that-will-cause-service-delays-for-canadians)].
**Interviewer:** One key sticking point seems to be the union’s push for weekend parcel delivery. Can you elaborate on why this is so important to them?
**Alex Reed:** This demand is indicative of a larger desire to modernize Canada Post operations. Consumers increasingly expect faster delivery times and weekend service is becoming the norm in the e-commerce world [[1](https://www.canadapost-postescanada.ca/cpc/en/our-company/news-and-media/corporate-news/negotiations/2024-11-15-cupw-announces-national-strike-that-will-cause-service-delays-for-canadians)].Keeping the postal service relevant in today’s market requires flexibility and adaptation, something the union feels strongly about.
**Interviewer:** We’ve also seen the US Postal Service suspending shipments to Canada as a result of the strike. How big of an impact will this have?
**Alex Reed:** This certainly adds another layer of complexity. It highlights how deeply intertwined cross-border mail services are and reinforces the urgency for a resolution. Businesses and individuals relying on these services will feel the consequences immediately.
**Interviewer:** Mediation efforts were also temporarily suspended. What’s the next step and what are your predictions for the outcome?
**Alex Reed:** Both sides have expressed a willingness to return to the negotiating table, which is a positive sign. However, finding common ground on key issues like weekend delivery and social benefits will be crucial. The longer this strike drags on, the more pressure will mount on both parties to find a compromise.
**Interviewer:** Alex Reed, thank you for sharing your expertise on this developing situation. We will continue to monitor developments closely.