Prior to the Diego Garcia port call, the West Virginia surfaced in the Arabian Sea so that Gen. They are specifically designed for extended patrolling, according to the Navy, with three large-diameter hatches that allow for rapid transfer of supplies and equipment. The USS West Virginia is one of 14 Ohio-class submarines that carry a maximum of 20 ICBMs. Charles Richard, commander of US Strategic Command, said in a statement.Ī typical submarine patrol lasted 10 to 12 weeks, according to the official, and by switching out crew, a patrol can be extended by several weeks. “Every operational plan rests on the assumption that nuclear deterrence is holding, and (ballistic missile submarines) like West Virginia are vital to a credible nuclear deterrence for the United States and our allies,” Adm. The remote location gave the nuclear-missile-equipped submarine the ability to switch out the 150-person crew unobserved by outsiders, therefore preserving the secrecy of the submarine’s operations and allowing the sub to remain in the region for a longer period of time.Īlthough the official declined to specify as to whether the message was aimed at China, Russia or North Korea, the underwater stealth of US submarines is critical to gathering highly classified signals intelligence about adversaries as well as providing the sea-based leg of the nuclear deterrent by carrying nuclear-tipped intercontinental ballistic missiles. “They should take from this that a ballistic missile submarine which is undetectable can operate in any ocean for an extended period,” the official said.ĭiego Garcia is a highly militarized island south of the equator that is used by both US and British forces. The significance of publicizing the port call of the USS West Virginia is to send a message to potential adversaries as well as allies, according to a military official familiar with the unusual port stop. The specific movements of Navy submarines are highly classified while they are sea, so the delayed announcement would have given the submarine the time to transit to other locations in the Indian Ocean. This week, the Navy revealed the docking of the USS West Virginia and its port visit that actually took place from October 25 to 31. "It takes a while for founders to adjust their own expectations of value, but that has been starting to properly come through in 2023," he said.The US military wants its adversaries, as well as allies, to know that, for the first time, a US Navy nuclear-powered ballistic missile submarine docked at the remote island of Diego Garcia in the Indian Ocean as part of an extended months-long deployment. Mark Beeston, founder of Illuminate, said the tougher fundraising environment has led to more attractive valuations. Fintech companies raised $15 billion in the first three months of 2023, down about 50% from a year earlier. Global financial institutions are projected to spend $57 billion maintaining outdated payments systems alone in 2028, up from $36.7 billion in 2022. Illuminate closed the round even as fundraising by fintech companies has slumped and some investors slashed the valuations for their holdings of privately held startups like Revolut Ltd. Illuminate strategic investors, including JPMorgan Chase, Barclays and Jeffries, also put money in the new fund. The fund will invest in startups that offer technology services to financial institutions. venture capital firm Illuminate Financial raised $235 million for its third fund from investors, including Bank of New York Mellon and Euroclear. This week, two former Wirecard employees were handed prison terms, the first criminal convictions related to the fraud at the firm. The firm's units that operated in Singapore had been asked to cease their payment activities in 2020. Wirecard filed for bankruptcy in 2020 after acknowledging that 1.9 billion euros ($2 billion) it had listed as assets probably didn't exist. The penalized firms have addressed the deficiencies identified by the Monetary Authority of Singapore (MAS), which include boosting their processes and training to improve staff's vigilance in detecting and escalating risk concerns. As it gains status as a key financial hub, Singapore has been moving to curb illicit flows in May, Parliament passed a bill paving the way for banks to share information on potentially risky clients. The penalties amount to S$400,000 on Citibank, S$600,000 on OCBC, S$200,000 on Swiss Life and S$2.6 million imposed on DBS. The four institutions were found to have inadequate money laundering and terrorism financing controls in place when they dealt with parties linked to Wirecard. Singapore's financial regulator imposed penalties amounting to a total of S$3.8 million ($2.8 million) on DBS, Citigroup, Oversea-Chinese Banking and Swiss Life for breaches related to the Wirecard scandal.
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