Plus: Welcome to the Dollar War – A Global Battle Over Cash Will Decide Who Rules the World Economy…
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7/17/23

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Happy Monday! It’s July 17, and we’re tracking today’s top stories: Senator Schumer aims for China sanctions over fentanyl crisis, private Russian military companies are multiplying, DJ Tiesto's tax adviser hid $100M from U.S., welcome to the Dollar War, and much more...

 

Plus: Check out key U.S. congressional hearings scheduled for the week ahead...

Featured Story

 

🎯 U.S. Senate leader Schumer to add China sanctions to defense bill over fentanyl. Many blame China for much of the fentanyl that U.S. authorities say is responsible for the overdose deaths of tens of thousands of Americans. Reuters 

 

Top Stories

 

🌎 Private Russian military companies are multiplying – and so are the Kremlin’s problems. The Kremlin might grant legal status to some of the more than two dozen private military companies active in Russia. AFP

 

🌎 Tax Adviser to Famous DJ Tiesto Charged With Hiding $100 Million From U.S. Prosecutors allege the adviser conspired to hide millions of dollars of income generated by his clients, including two internationally renowned DJs that used a series of offshore entities to conceal their earnings. Bloomberg

 

🌎 Welcome to the Dollar War: A Global Battle Over Cash Will Decide Who Rules the World Economy. Motivated by a mix of politics and economics, countries from Israel and France to Russia and China have signaled they're looking to do more business in non-USD currencies. Business Insider

 

🌎 Middle Eastern Wealth Flows to China Amid Anxiety About U.S. Ties. Seven months after President Xi Jinping participated in the first China-Gulf summit, economic exchanges between the world’s second largest economy and nations like Saudi Arabia are accelerating. Bloomberg

 

🌎 How a Saudi firm tapped a gusher of water in drought-stricken Arizona. Lax rules let the foreign-owned company pump water from state land to grow alfalfa for the kingdom’s cattle. Washington Post

 

🌎 Fani Willis: The No-Nonsense Georgia Prosecutor on a Collision Course With Donald Trump. For 2½ years, Willis has led an extensive probe, including questioning under oath of politicians and Trump supporters. WSJ

 

🌎 Chipmaker CEOs head to Washington to fight restrictions on selling to China. CEOs of Intel, Qualcomm, and Nvidia are planning to lobby against extending restrictions on the sale to China of certain chips and equipment. Fortune

 

🌎 U.S. Virgin Islands seeks $190 million from JPMorgan in Jeffrey Epstein suit. The territory sued the largest U.S. bank last year alleging it facilitated the disgraced financier’s sex trafficking enterprise and failed to flag suspicious financial activity. NBC News

 

🌎 George Santos Cashed In Big With Followers of Indicted Chinese Billionaire Miles Guo. In Santos’ campaign finance report, of about 50 total contributors, the document listed three dozen contributors who mostly have Chinese names and had each maxed out to Santos by donating $3,300. Mother Jones

 

🌎 Microsoft takes pains to obscure role in 0-days that caused email breach. Besides being opaque about the root cause of the breach and its own role in it, Microsoft is under fire for withholding details that some of the victims could have used to detect the intrusion, something critics have called “pay-to-play security.” Ars Technica

 

🌎 Credit Suisse inquiry will keep files secret for 50 years. The investigation is only the fifth of its kind in the country's modern history and the committee of lawmakers conducting it has sweeping powers to call on the Swiss cabinet, finance ministry and other state bodies. Reuters

IN THE NEWS

China

 

🇨🇳 China Intensifies Military Drills With Russia Amid US Sanctions Bloomberg

 

🇨🇳 Indictment paints tale of Chinese interests and 2016 Trump campaign Washington Post

 

🇨🇳 Canadian Politicians Who Criticize China Become Its Targets NY Times

 

🇨🇳 ASML Faces Tighter Dutch Restrictions on Servicing Chip Equipment in China Bloomberg

Russia

 

🇷🇺 US takes custody of Russian agent from Estonia AFP

 

🇷🇺 Despite US sanctions, Serbia denies spy chief's ties to Russia Euro News

 

🇷🇺 Crowdsourced Cyber Warfare: Russia and Ukraine Launch Fresh DDoS Offensives CEPA

 

🇷🇺 Trade body considers calling for EU ban on Russian aluminum, but not Rusal Reuters

Corruption & Financial Crime

 

💰 NextGen Healthcare to pay $31 million to settle fraud claims Reuters

 

💰 Mexican president leaks purported details of political rival's finances Reuters

 

💰 ‘The Marlboro Man’: The Colombian drug trafficker who wants to be mayor El Pais

 

💰 How a Peaceful Country Became a Gold Rush State for Drug Cartels NY Times

 

💰 Moms, not cops, are the biggest roadblock to California's new drug reform law. SF Gate

 

💰 Fronts, Fakes, and Façades Open Secrets

This Week in Congress

 

📘 America’s Supply Chain Security: Understanding & Mitigating Threats Senate Homeland Security Committee

 

📘 Potential Consequences of FinCEN’s Beneficial Ownership Rulemaking House Financial Services Committee

📘 Climate-Risk: Are Financial Regulators Politically Independent? House Financial Services Committee

 

📘 Great Power Competition Implications in Africa: The Russian Federation and its Proxies House Foreign Affairs Committee

"In a society of criminals, the innocent man goes to jail." --Philip Dick

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