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Titan Global Capital Management USA LLC, a New York-based fintech investment adviser, hasagreedto pay over $1 million to settle charges brought by the U.S. Securities and Exchange Commission (SEC).

The charges pertain to misleading statements made by Titan about performance metrics and the custody of clients' crypto assets.

The settlement represents the first violation under a recently-amended SEC rule aimed at preventing fraud related to hypothetical metrics.

The SEC alleged that Titan misled investors through statements on its website, touting hypothetical returns from August 2021 to October 2022.

Titan's claims highlighted annualized crypto performance results as high as 2,700%, but the SEC revealed that these figures were extrapolated from a purely hypothetical three-week period.

This contradicted the SEC's new marketing rule, which permits the use of such metrics under specific requirements designed to prevent deceptive practices.

Although Titan neither admitted nor denied the SEC's findings, the company settled by agreeing to a cease-and-desist order and a censure. Additionally, Titan will pay a $850,000 civil penalty that will be distributed to affected clients, along with ill-gotten gains and interest amounting to over $192,000.

Regulators discovered that Titan made inconsistent statements to clients about its handling of custody for crypto assets and failed to establish proper policies for employee trading of crypto assets.

This settlement comes from the SEC's heightened scrutiny of investment advisers' compliance with custody rules regarding client crypto assets.

Titan's resolution with the SEC reflects the trend of firms opting for settlements to avoid lengthy litigation processes in the fintech space. The case underscores the need for transparency, accuracy, and adherence to regulatory guidelines in the fast-evolving landscape of fintech investments.

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Heathrow warns of delays as cyber attack disrupts European airports

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Heathrow warns of delays as cyber attack disrupts European airports

European airports – including London’s Heathrow – are warning of delays after a “technical issue” affected check-in and boarding systems.

Brussels Airport said a cyber attack was causing the disruption, as it confirmed 10 flights had been cancelled and 17 flights were experiencing delays of more than one hour.

“It is still too early to say when the problem will be resolved,” it said.

Berlin Airport is also among those experiencing delays.

The attack targeted a business providing check-in and boarding systems for several airlines around the world.

With automated systems down, staff are having to conduct manual check-in and boarding procedures, according to Brussels Airport.

“This has a large impact on the flight schedule and will unfortunately cause delays and cancellations of flights,” it said in a statement on its website.

Heathrow warned of delays caused by “a technical issue” at a third-party supplier and told passengers to check the status of their flight before travelling to the airport.

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Less camp, more conservative – welcome to Russia’s alternative Eurovision

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Less camp, more conservative - welcome to Russia's alternative Eurovision

Banned from Eurovision after its invasion of Ukraine, Russia will hold a rival international song contest on Saturday, with an emphasis on “traditional values”.

Instead of camp, think conservative – patriotic pop with a PG-rating.

“Intervision” was launched under the order of Vladimir Putin, with the hope it would serve as an expression of Moscow’s international pulling power.

Intervision decorations in  Red Square, Moscow, ahead of the contest
Image:
Intervision decorations in Red Square, Moscow, ahead of the contest

There are contestants from 23 countries, which are a mixture of Russia’s allies old and new, including Belarus, Cuba and Tajikistan as well as China, India and Saudi Arabia.

The odd one out is the United States, who’ll be represented by an artist called “Vassy”. She’s not part of an official delegation, but an American voice is still a coup for the Kremlin, which will seek to use this contest as proof of the West’s failure to isolate Russia on the global stage.

‘War whitewash’

Intervision is not entirely new. It was originally launched in the 1960s as an instrument of Soviet soft power, before largely fading from view in the 1980s.

More on Eurovision

According to Moscow, its revival has nothing to do with politics. But Ukraine has condemned it as propaganda, and an attempt to whitewash Russia’s war.

It was a point I put to some contestants after their final press conferences, but it didn’t go down well.

“We don’t think like that, we are here to spread peace,” India’s Rauhan Malik told me, when I asked if his participation was a show of support for Russia’s invasion.

Malik, one of the contestants
Image:
Malik, one of the contestants

“Are you not turning a blind eye to Russia’s aggression?” I countered.

“I have no idea about it,” he said. “I have no idea about the current situation that’s happening. I don’t want to speak about that as well.”

Eurovision legends Abba would almost certainly not make the Russian contest guest list. Pic: AP
Image:
Eurovision legends Abba would almost certainly not make the Russian contest guest list. Pic: AP

Really? He had no idea? But before I could go on, I felt a forceful hand on my shoulder and a minder stepped in.

The intervention was even quicker when it came to speaking to Brazil’s act. As soon as I mentioned the word Ukraine, I was drowned out by shouts of “no, no, no, no” and the duo were ushered away.

Brazilian contestants, duo Luciano Calazans and Thais Nader
Image:
Brazilian contestants, duo Luciano Calazans and Thais Nader

Where’s the glitter?

Intervision is not just a reaction to Russia’s recent exclusion from Eurosivion, however, it’s also a reaction to the contest’s values and what it’s come to represent.

Its celebration of sexual diversity and LGBTQ+ rights are seen as a symbol of what the Kremlin calls the West’s moral decline. In contrast, Intervision organisers say their contest will promote “traditional, family values.”

Judging by the costumes on show ahead of last week’s draw, that translates to less glitter, more embroidery, with a thematic emphasis on national heritage.

Read more from Sky News:
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So what do Russians think of Intervision’s resurrection? Can it replace Eurovision?

“We don’t miss Eurovision,” Galina and Tatiana say, underneath a collection of purple and pink ‘Intervision’ flags near Red Square.

“It was so horrible, especially lately. We didn’t like watching it at all.”

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Why are countries boycotting Eurovision?

Polina agrees, believing Russia’s version will be “more interesting”.

“Many countries that participated in Eurovision want to boycott it, so it’s interesting to see a more peaceful event now,” she says.

Igor is more circumspect. “I’d like to believe that this isn’t a political event,” he says, “but rather an event that unites nations and people.”

Intervision will succeed in uniting some nations. But at the same time, it may only deepen divisions with others – further evidence that Russia and the West are singing very different tunes.

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She smiled and his eyes filled with emotion – the moment British couple were freed by the Taliban

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She smiled and his eyes filled with emotion - the moment British couple were freed by the Taliban

At Kabul International Airport, we watched as a string of Afghan, Qatari and British officials walked into a building by the runway, alongside doctors.

On the runway a plane waited, the steps ready for what appeared to be an imminent departure. We had heard from our sources about the possible release of Peter and Barbie Reynolds, the elderly British couple detained in February, but we had no official confirmation yet.

Then, from behind a double door, I caught the eye of Barbie. The 76-year old smiled at me – her face seemingly bright with relief. Her husband, Peter, 80, then stepped into frame. A tall gentle looking man, his eyes looked filled with emotion.

Their relief and gratitude was immediately apparent. It was of course impossible to know what state their health was in, but they appeared alert and composed, despite nearly eight months in detention.

The couple’s son, Jonathan, had previously said his father had been suffering serious convulsions and his mother was “numb” from anaemia and malnutrition. The UN had also described their conditions as “degrading”. But today, as he prepared to leave the country, Peter wouldn’t be drawn on the conditions he faced. “We’re just very thankful, very thankful,” he told me.

Peter Reynolds arrives in Doha with his daughter Sarah Entwistle following his release. (Picture: Reuters)
Image:
Peter Reynolds arrives in Doha with his daughter Sarah Entwistle following his release. (Picture: Reuters)

Barbie, who spent part of her detention in a separate facility, looked strikingly calm – a graceful and understated demeanour. “We’ve been treated very well,” she said as she made her way to the plane. Taliban officials maintained they received adequate medical care in prison and their human rights were respected.

The couple’s four children campaigned carefully but consistently for their release. “We’re looking forward to seeing our children,” Barbie told me with a wide beam. I asked if she had a message for family and friends. “God is good as they say here in Afghanistan,” she declared.

More on Afghanistan

And despite their surprise detention, she hoped they would be back. “Will you return to Afghanistan?” I asked. “Oh yes, if we can,” she said. “We are Afghan citizens.”

What happened

The couple have been together since the 1960s and married in the Afghan capital, Kabul, in 1970. They have lived in the country for 18 years and ran an organisation called Rebuild, which provides educational and leadership programmes, including training for mothers and children.

They have been described by family as having a lifelong love of Afghanistan. After the Taliban seized control in August 2021 and many other Westerners left, they decided to stay. They were arrested on their way home to Bamiyan. The Taliban has said the couple broke Afghanistan law. But after the couple faced four court proceedings, no charges were ever brought.

In a statement today, Hamdullah Fitrat, Deputy Spokesman of the Islamic Emirate of Afghanistan, said: “Two British nationals named Peter and Barbara Reynolds, who had violated the laws of Afghanistan, were released from custody today following the judicial process. The Islamic Emirate of Afghanistan does not view the issues of its nationals from a political or bargaining perspective.”

Peter and Barbie Reynolds  walk after disembarking from a plane, in Doha, Qatar.
Pic: Reuters
Image:
Peter and Barbie Reynolds walk after disembarking from a plane, in Doha, Qatar.
Pic: Reuters

Both the UK and Qatari officials were keen to express their deep gratitude to Afghanistan’s leadership for releasing the Reynolds. Richard Lindsay, Special Envoy to Afghanistan said it was a “very great humanitarian day”. But he acknowledged he did not know on what grounds the couple were held.

The Qataris appeared to play a critical role in negotiating with the Afghan authorities. They said they were able to ensure medical assistance was provided and enable the couple to communicate with their families. “The release of Barbie and Peter Reynolds shows that when two parties are committed to reaching an agreement, Qatar’s mediators will find a way to achieve it,” one Qatari official told Sky News.

In 2022, the Taliban banned Afghan women from working for NGOs. What led up to the arrest of the Reynolds, who dedicated so much of their lives to running an NGO is still unclear. But for their family, today is a day they had longed for.

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