Economics

Feds Have Seized More Than $1.4 Billion From Fraudulent Covid Relief Recipients Three years into its work, a federal task force has seized more than $1.4 billion in Covid-19 fraud, but it’s likely only a fraction of the total losses. James Farrell Forbes

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€500B remains unspent from EU’s Covid recovery fund Capitals urge European Commission to slash red tape fearing that huge amounts of money won’t ever be used. POLITICO

BRUSSELS — Governments have received less than a third of the EU's original €723 billion pot to help boost post-Covid economic recovery and are now heaping pressure on the European Commission to speed up payments.

Tens of millions facing hunger and water shortages as extreme drought and floods sweep southern Africa | CNN More than 24 million people face hunger, malnutrition and water scarcity as experts warn the crisis could become an “unimaginable humanitarian situation” Sarah Dean CNN

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The warning from Oxfam on Wednesday came as Zimbabwe joined other southern African nations in declaring its drought a national disaster, following earlier declarations by Zambia and Malawi....

Lamborghini and Rolexes seized in massive EU police raid over €600M Covid fraud Cops said the organized crime group used “advanced technologies” including AI to produce false documents for laundering cash. POLITICO

ROME — Police on Thursday arrested more than 20 suspects in Italy, Austria, Romania and Slovakia as part of a major investigation into massive fraud linked to the EU’s post-pandemic recovery fund.