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The US Treasury Department building is seen on March 13, 2025, in Washington. (AP)
MEXICO CITY, July 2, (AP): Three Mexican financial institutions sanctioned by the Trump administration last week have felt a cascade of economic consequences following the allegations that they helped launder millions of dollars for drug cartels. The US Treasury Department announced that it was blocking transactions between US banks and Mexican branches of CIBanco and Intercam Banco, as well as the brokering firm Vector Casa de Bolsa.
All three have fiercely rejected the claims. Mexico’s President Claudia Sheinbaum accused US officials of providing no evidence to back their allegations, though the sanctions announcement made specific accusations on how money was transferred through the companies. It detailed how “mules” moved money through accounts in the US, as well as transactions carried out with Chinese companies that US officials said provided materials to produce fentanyl.
Mexico’s banking authority has announced that it is temporarily taking over management of CIBanco and Intercam Banco to protect creditors. Sheinbaum said Tuesday that the Mexican government is doing everything within its power to ensure that creditors aren’t affected, and said they were well “within their right” to pull their money from the banks.
The US Treasury Department said that the sanctions would go into effect 21 days after the announcement. Fitch Ratings has downgraded the three institutions and other affiliates, citing “anti-money laundering concerns” and saying the drop “reflects the imminent negative impact” that the sanctions could have.
“The new ratings reflect the significantly more vulnerable credit profile of these entities in response to the aforementioned warnings, given the potential impact on their ability to meet their financial obligations,” the credit rating agency wrote in a statement. On Monday, CIBanco announced that Visa Inc. had announced to them with little warning that it had “unilaterally decided to disconnect its platform for all international transactions” through CIBanco.
The bank accused Visa of not complying with the 21-day grace period laid out by the sanctions. “We would like to reiterate that your funds are safe and can be reimbursed through our branch network,” the bank wrote. “We reiterate to our customers that this was a decision beyond CIBanco’s control.”
Kuwait’s Central Agency for Information Technology headquarters.
KUWAIT CITY, July 2: The Central Agency for Information Technology (CAIT) announced the opening of applications for the sixth edition of the Gulf Cooperation Council (GCC) Digital Government Award.
Acting CAIT Director General Najat Ibrahim told KUNA on Wednesday that the award aims to recognize and honor outstanding achievements in digital transformation across GCC countries.
Applications are now open via the official website awards.cait.gov.kw, with the submission period running from early July until August 31. Ibrahim emphasized that the award serves as a pioneering platform to foster competition and innovation among government agencies in the field of digital transformation.
The award features nine main categories covering diverse aspects of digital excellence, including best government digital service, best use of artificial intelligence, best open data initiative, best digital inclusion initiative, and best digital community participation. Other categories include best comprehensive government application, best purposeful digital game, best initiative to build government competencies, and an award recognizing the distinguished government institution in digital transformation.
Ibrahim highlighted that the award reflects the broad scope of digital innovation and supports multiple pathways to excellence in government digital services.
She further explained that the award aligns with Gulf regional trends to enhance digital cooperation, boost the preparedness of government institutions for future challenges, and achieve sustainable digital development goals within the GCC.
Entities interested in participating are required to submit their applications through the authorized contact officer in their respective countries to ensure an organized and coordinated submission process.
For further inquiries, applicants may contact the agency at +965 22929293.
A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea on July 2. (AP)
MANILA, Philippines, July 2, (AP): Asian shares were trading mixed on Wednesday as the July 9 deadline for the U.S. to strike deals with trading partners or impose higher tariffs looms. U.S futures edged higher and oil prices were little changed. Shares fell in Japan, hit by jitters over a lack of progress in trade talks with the US, but they recovered much of their lost ground, trading 0.5% lower at 39,790.85. Stephen Innes, managing partner at SPI Asset Management, pointed to President Donald Trump’s declaration that there will be no extension of his tariff pause, which is just a week away from ending.
“The message was blunt: if Tokyo won’t yield, it will pay. Tariffs of 30%, 35% or ‘whatever number we determine’ are now openly back on the table,” he said. “The negotiating table just became a pressure cooker.” Hong Kong’s Hang Seng advanced 0.8% to 24,271.15 and the Shanghai Composite index edged 0.1% lower to 3,453.89. South Korea’s KOSPI fell 0.6% to 3,072.63 after the government reported that inflation rose in June.
Australia’s S&P ASX 200 climbed 0.8% to 8,605.40. Taiwan’s Taiex edged up 0.1% while the Sensex in India lost 0.2%. On Tuesday, the S&P 500 dipped 0.1% to 6,198.01 for its first loss in four days. The Dow Jones Industrial Average rose 0.9% to 44,494.94, and the Nasdaq composite fell 0.8% to 20,202.89. Tesla tugged on the market as the relationship between its CEO, Elon Musk, and President Donald Trump soured even further.
Once allies, the two have clashed recently, and Trump suggested there’s potentially “BIG MONEY TO BE SAVED” by scrutinizing subsidies, contracts or other government spending going to Musk’s companies. Tesla fell 5.3%. It has lost just over a quarter of its value so far this year, 25.5%, in large part because of Musk’s and Trump’s feud.
Drops for several darlings of the artificial-intelligence frenzy also weighed on the market. Nvidia’s decline of 3% was the heaviest weight on the S&P 500. But more stocks within the index rose than fell, led by several casino companies. They rallied following a report showing better-than-expected growth in overall gaming revenue in Macao, China’s casino hub. Las Vegas Sands gained 8.9%, Wynn Resorts climbed 8.8% and MGM Resorts International rose 7.3%.
Mexican banks face cascading consequences following US sanctions
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