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Malay Mail
3 days ago
- Business
- Malay Mail
Skipping G7 for Putin, Indonesia's Prabowo sparks Russia tilt concerns
JAKARTA, June 17 — Indonesian President Prabowo Subianto's decision to skip the G7 summit in favour of meeting Russian President Vladimir Putin is an attempt to broaden his alliances but raises fears of a tilt towards Moscow, analysts have said. Ottawa had invited him to the G7 summit this week as a guest, a Canadian government source told AFP, however he instead accepted an invite to meet Russia's leader in St Petersburg on a three-day visit that officially starts on Wednesday. Prabowo's office put it down to a schedule clash, but experts say the decision sends a signal to Western partners about the strategic direction of Southeast Asia's biggest economy. 'It does raise some questions toward tilting to Russia. Geopolitical signalling and how Indonesia is perceived by others matters,' said Pieter Pandie, researcher at the Jakarta-based Centre for Strategic and International Studies (CSIS). 'Indonesia should be aware that its foreign policy decisions may have regional and global consequences. At the very least Indonesia should've sent a representative.' Others say the rejection was a demonstration of Prabowo's aim to grow a global web of economic and military alliances, instead of relying solely on Western partners in the grouping of advanced economies. 'President Prabowo likely sees strategic advantage in strengthening defence and economic ties with Russia,' said Dedi Dinarto, lead Indonesia analyst at advisory firm Global Counsel. 'From Jakarta's standpoint, the G7 Summit may offer fewer concrete returns.' Web of alliances Indonesian officials downplayed the G7 snub as a calendar clash, with Prabowo on a state visit to Singapore on Monday before travelling on to Russia. 'The view of Indonesia 'choosing' Russia and not choosing to go to the G7 is not right,' presidential spokesman Philips Vermonte told AFP Tuesday. Jakarta walks the diplomatic tightrope between regional competitors Beijing and Washington. After taking office in October, Prabowo made his first foreign visit to Chinese President Xi Jinping and later headed to Moscow, and has posted several videos of his phone calls with US President Donald Trump on social media. He has sought to diversify Jakarta's alliances — signing a security deal with Australia, visiting Gulf nations, stopping in Britain and hosting French President Emmanuel Macron. Meanwhile he has developed closer ties with Russia, calling it a 'great friend', organising their first-ever joint naval drills on main island Java in November and hosting top security official Sergei Shoigu. Jakarta and Moscow are in talks over military procurement, space collaboration and a potential free trade agreement with the Moscow-led Eurasian Economic Union bloc. Indonesia also joined the 11-nation BRICS bloc of emerging economies earlier this year. And while his predecessor Joko Widodo made a point to visit both Kyiv and Moscow, Prabowo has only paid attention to the Russian side of the three-year-long Ukraine war. Analyst Dedi however said Prabowo was expected to maintain a non-aligned foreign policy. 'Going forward, we are likely to see a pragmatic pattern of engagement, driven less by ideology and more by where Indonesia sees clear benefit,' he said. — AFP
Times
10-06-2025
- Business
- Times
Lobbyists from Peter Mandelson's firm attend US embassy reception
Senior executives from a lobbying company co-founded by Lord Mandelson's were invited to Washington to attend an embassy reception with Rachel Reeves. Two executives from Global Counsel, who are based in Britain, were on the guest list for one of Mandelson's first outings as the British ambassador to US. The decision has raised eyebrows because Mandelson co-founded the firm and worked for it until May last year. He is understood to own a significant stake in the business, which had a turnover of £16 million in 2023. He has agreed to put his shareholding into a blind trust until it can be sold. Embassy sources insisted that the decision to invite Benjamin Wegg-Prosser, Global Counsel's chief executive, and Benedict Brogan, a managing director, had not been made by Mandelson. They added that invitations to such receptions were not uncommon and that representatives from Global Counsel, which has an office in Washington, had been invited to embassy events on previous occasions. Global Counsel declined to comment. However, rival lobbying firms said it was 'surprising' that Wegg-Prosser and Brogan had been invited to the event — and had taken time to fly out to Washington for it. 'It is the perception that matters,' one said. 'Everyone knows that Mandelson founded Global Counsel and it was a bit odd to see two of his former executives being wined and dined at his new embassy.' Another added: 'I guess my invitation got lost in the post.' Steve Goodrich, head of research and investigations at Transparency International UK, said: 'When lobbyists secure access to exclusive government events while their firms' co-founder holds one of Britain's most sensitive diplomatic posts, it raises suspicions of preferential treatment that undermines public confidence in the integrity of our institutions. 'We urge the Foreign Office to review how it is managing potential conflicts of interest, including how it ensures the UK's ambassador to the US does not present an inappropriate channel for influence.' Mandelson took up his role as ambassador in February having spent the previous decade building up Global Counsel into a major international player. The firm's clients have included companies such as Anglo American, JPMorgan, Shell and OpenAI. It also represented several companies linked to China, including TikTok, which is facing a ban in the US unless ByteDance divests itself of its ownership of the company in America. In the first three months of the Labour government, Global Counsel recorded having lobbied ministers or senior officials on behalf of 22 clients. Mandelson co-founded Global Counsel in 2010 and later served as president of the Great Britain-China Centre, an arm of the foreign office. The firm was valued at £30 million last year when the Messina Group, the political consultancy founded by Jim Messina, a former Obama campaign manager, bought a 20 per cent stake. This allowed the company to expand its operations in Washington where it now employs eighteen people. It also has offices in Brussels, Doha and Singapore. A spokesman for the US embassy said: 'Each year, in support of the UK government's growth agenda, the British embassy in Washington hosts a number of engagements in the margins of World Bank and IMF Annuals to bring together the best and brightest of the business and economic community. It is standard practice for international companies to have representatives attend.'
Telegraph
10-06-2025
- Business
- Telegraph
Social media investment advice leaves one in five at risk of scams
Over a fifth of investors are at 'significant risk' of being scammed because they get their financial advice from social media, analysis shows. Some 22pc of current and prospective investors learnt about investing from social media compared to just 19pc who used an independent financial adviser, according to a report by financial services firm Robinhood and risk consultancy Global Counsel. Nearly half (48pc) of those polled said they used financial advice websites to inform their investment decisions, 37pc relied on speaking to family and friends, while 32pc read newspapers and magazines. The report warned that while social media had 'the potential to engage under-represented groups', it also came with 'significant risks' of exposing potential investors to scams, unscrupulous advice and fraud. Financial regulators have become increasingly concerned about the rise of 'finfluencers' who use their social media accounts to promote financial products or give unregulated financial advice. More than £1.1bn was stolen through fraud in Britain in 2024, according to financial services body UK Finance. Investment scam cases fell by 24pc last year, but losses rose by 34pc – the first rise since 2021. The Robinhood research also found that ethnic minority investors were more likely to use social media to learn about investing (40pc) than non-ethnic minority investors (16pc). Some 23pc of female investors used social media to inform their decisions, versus 20pc of male investors. The latest findings are in line with a recent survey by the Financial Conduct Authority (FCA), the City watchdog, which found that one in six investors used social media to either research investment, find new opportunities or get updates on existing investments – rising to half of all investors aged 18 to 24. The FCA has launched a fresh crackdown on finfluencers, having previously issued guidance for influencers advertising financial products using memes, short videos, and gaming streams. It warned influencers that promoting a financial product without regulatory approval could be a criminal offence. Sarah Coles, head of personal finance at investment platform Hargreaves Lansdown, said: 'Crypto and other investment fraud is on the march, as fraudsters see the opportunity to fleece their victims of thousands of pounds. The criminals are using increasingly sophisticated approaches, including the emergence of deep fakes. 'Investment scams come in a number of guises, but they essentially involve the victim being convinced to hand their money over, in the belief it will be invested in a clever scheme to make them rich without risk. 'Criminals can use any asset to draw people in – including gold, property, cryptocurrency, carbon credits, land banks, wine, or lesser-known shares. In reality, these investments are not what they seem. Some are worthless, some are enormously risky, and some never existed at all.' 'Take social media content with a pinch of salt' Laura Suter, director of personal finance at investment firm AJ Bell, said: 'One risk by using social media to research products is that you end up following advice or buying investments that aren't suitable for you. But the even bigger risk is that you end up getting scammed by fraudsters. 'We know that a lot of investment fraud originates on social media because it's easy to spread the message quickly to thousands of users. These fraudsters will make claims of sky-high returns, impersonate well-known people and funnel victims into dodgy products, all with a sense of urgency. 'With technology improving and fraudsters getting smarter, lots of these scams are very realistic and believable. It's why everyone needs to take social media content with a pinch of salt.'
Japan Times
28-05-2025
- Business
- Japan Times
U.K. envoy urges transatlantic tech alliance, cites China threat
The U.S. and its allies across the Atlantic must forge a technology partnership and win the artificial intelligence race even as China makes steady advances, the U.K.'s envoy in Washington said. Ambassador Peter Mandelson warned of the consequences if China continues to get ahead in AI and other key technologies. "They will be able to do things which cascade down not just to their own country but everyone else's across the world,' Mandelson said at an event hosted by the Atlantic Council in Washington on Tuesday. "There is nothing I fear more in this world than China winning the race for technological dominance.' Before being appointed ambassador, Lord Mandelson had criticized the Conservative-led government for mismanaging ties with China and called for a thaw in relations. He is a founder of Global Counsel, a firm that's become one of the most influential advisory groups in the U.K. and has been expanding its coverage of China. The Labour government under Prime Minister Keir Starmer has been pursuing closer ties with Beijing despite unease in Washington and other U.K. allies. Mandelson said U.K.-China relations are unlikely to return to where they were a decade ago. "We're not going to to back to the 'Golden Era' of Cameron,' he said, referring to former Prime Minister David Cameron, whose government hosted Chinese President Xi Jinping in 2015 in a visit hailed as a breakthrough in ties. Since then, London's relationship with Beijing has deteriorated over a crackdown on pro-democracy protests in Hong Kong, its support for Russia's war in Ukraine, and alleged cyberattacks and spying operations in the U.K.. Mandelson also cautioned the European Union to be "much more skeptical' about building closer ties with China, even as the two sides step up their engagement to push back against the Trump administration's tariffs. The ambassador called for a "reboot' of the trans-Atlantic alliance not only in technology but also defense, pointing to the war in Ukraine as a "brutal wake-up call.' He said European defense needs to step up and become less dependent on the U.S. NATO leaders are expected to sign off on a new defense spending goal during their summit in The Hague next month, with U.S. President Donald Trump demanding an increase to 5% of GDP. "We have lived in a fantasy created by the U.S. security guarantee, complacent that a friendly heavyweight across the water would be always there when the going gets tough,' he said.
Associated Press
12-02-2025
- Business
- Associated Press
New Report Provides Stakeholder-driven Insight into the Fight Against Economic Crime
The report identifies obstacles and recommended actions for advancing collective efforts to combat the global challenge WASHINGTON, Feb. 12, 2025 /PRNewswire/ -- Strategic advisory firm Global Counsel, working in conjunction with pioneering Privacy Enhancing Technology company Enveil, announced the release of a new report aimed at advancing the fight against economic crime. This pervasive challenge makes a $3.1 trillion dollar annual global impact and costs the UK economy an estimated £8.5bn each year. The report, 'Breaking barriers: How data sharing can transform the fight against economic crime,' examines how the government and private sector can prevent and tackle economic crime by providing greater direction on data and intelligence sharing. Commissioned by Enveil and the culmination of a months-long effort, the research shows that a broad consensus exists to advance fraud mitigation efforts that would create a hostile environment for criminals. 'The lack of a clear, collective focus on economic crime prevention policy and practices by stakeholders across this space was the primary driver for undertaking this research effort,' said Ellison Anne Williams, CEO of Enveil. 'We live in a data-rich, technology-enabled world that is ripe with opportunity to evolve, and we've started to recognize areas where groundbreaking tools and capabilities can drive positive outcomes. This includes Privacy Enhancing Technologies (PETs), which are currently being explored and leveraged in sandbox and real-world deployments on a global scale.' The content of the white paper was sourced from interviews conducted by Global Counsel across a wide range of senior stakeholders from UK organizations at the forefront of economic crime detection, prevention, and mitigation. The authors specifically focused on cultural and policy barriers to better collaboration, data sharing, and technological innovation. The research identifies four obstacles to data and intelligence sharing: A lack of clear incentives that address cost and regulatory risk: Firms want to help, but they need legislative clarity to make it easy and inexpensive to do so. Legal ambiguity: Firms need legal clarity, for example around terms such as 'economic crime', to help them manage legal risk. A better understanding of new technologies: Criminals move fast to adapt to technological change but firms sometimes are slow to adopt new methods, particularly third-party solutions such as Privacy Enhancing Technologies (PETs). A fragmented data-sharing environment: There are wide differences between cross-sector pilots due to inconsistent governance and data requirements where a standardized approach would make participation easier and lower cost. Further, the report suggests progress can be made if the government and private sector provide greater direction on data and intelligence sharing. It offers three recommendations for action specific to the UK: The Financial Conduct Authority (FCA), the Information Commissioner's Office (ICO), and National Economic Crime Centre (NECC) should run operational pilots, testing new technologies such as PETs, including a wide range of public and private stakeholders, to produce a common understanding of how technology can help. The Government should call time on voluntary agreements and mandate information sharing in the financial services sector. The Government should authorize the ICO and other regulatory bodies to oversee a standardized lexicon for UK data and intelligence sharing. The current economic crime climate necessitates bold action by both policy makers and industry stakeholders — and a sustainable, near-term solution will be found at the intersection of policy, technology, and a commitment to action. This means working to leverage the cross-boundary data and technology-enabling capabilities that will allow stakeholders to collaborate and fight economic crimes more effectively. Learn more about the research methodology and read the full report here. About Enveil Enveil is a pioneering Privacy Enhancing Technology company protecting Data in Use and changing the paradigm of how and where organizations can leverage data to unlock value. Defining the transformative category of Privacy Enhancing Technologies (PETs), Enveil's award-winning ZeroReveal® solutions for secure data usage, collaboration, monetization, and Secure AI protect the content of the search, analytic, or model while it's being used or processed. Using these business-enabling and privacy-preserving capabilities, customers can extract insights, cross-match, search, analyze, and utilize AI across boundaries and silos at scale without exposing their interests and intent or compromising the security or ownership of the underlying data. A World Economic Forum Technology Pioneer and Gartner Cool Vendor, Enveil is deployed and operational today, revolutionizing data usage in the global marketplace. Learn more at Global Counsel Global Counsel is a strategic advisory business. We help companies and investors across a wide range of sectors to anticipate the ways in which politics, regulation and public policymaking create both risk and opportunity — and to develop and implement strategies to meet these challenges. Our team has experience in politics and policymaking in national governments and international institutions backed with deep regional and local knowledge. Our offices in Berlin, Brussels, Doha, London, Singapore and Washington DC are supported by a global network of policymakers, businesses and advisers. Our partnership with The Messina Group and wider international network further strengthens our global reach. Learn more at
