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The founder and senior partner of Baring Vostok private equity fund, Michael Calvey, will be detained in Moscow for two months after his bail got rejected. The US citizen is accused of a large-scale fraud involving a Russian bank.

The investor was put in pre-trial custody by a Moscow court on Saturday. The court rejected the request of Calvey’s defense to release him on 5 million rubles ($75.5 thousand) bail. The prosecution, on its part, insisted that the detention was an absolute necessity, as the US citizen might try and flee the country.

Calvey’s defense has already vowed to challenge the detention order.

“We do not agree with the court’s ruling and we will challenge it at the Moscow city court. We’ll request either home arrest or bail,” Calvey’s attorney, Dmitry Kletochkin told TASS.

Several other suspects, including partners of the Baring Vostok fund, namely Philippe Delpal, Vagan Abgaryan and Ivan Zyuzin – were ordered to remain in pretrial custody earlier on Friday. All individuals are suspected of taking part in a fraud, which involved Russia’s Vostochny Bank.

The investigators believe that Calvey embezzled 2.5 billion rubles ($37.5 million) from Vostochny Bank via a fraudulent scheme. The investor and his associates have allegedly persuaded the bank’s board to accept a package of shares of an enterprise instead of paying off a debt. While the shares were said to be worth over 3 billion rubles (some $45 million), their real cost was merely 600,000 rubles ($9,000).

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LOUISVILLE, Ky. — For the fifth consecutive year, Byron Nelson High School (Texas), under the direction of Kathy Schoettle, posted the top GPA (4.518) in the high school weighted category, while Urbana University (NCAA DII) garnered the overall college GPA with a 3.840 and East Islip (N.Y.) High School (3.918) led the high school unweighted category in the Easton / NFCA Top 10 Academic Team rankings for the 2017-18 school year. Individually, 6,280 softball players earned Easton / NFCA Scholar-Athlete honors.

The rankings and honors recognize the academic prowess of softball teams across the Association’s membership categories. NCAA Division III led the way with 1,600 student-athletes earning a 3.5 grade-point average or higher for 2017-18. NCAA Division I and Division II followed with 1,311 and 1,026 honorees. High School weighted and High School unweighted earned 743 and 589 distinctions. Two-year colleges amassed 553 recipients and NAIA totaled 456.

Grand Canyon University (3.790) and Otterbein University (3.751) led NCAA Division I & III, while Spring Arbor (3.695) posted the top NAIA mark and Iowa Western Community College set the two-year college standard with a 3.700 GPA.

2017-18 Scholar-Athletes | 2017-18 Academic Teams

NCAA Division I 
1. Grand Canyon– 3.790; 2. Northern Kentucky- 3.670; 3. Charlotte- 3.649; 4. SIUE- 3.616; t5. Sam Houston State- 3.598; t5. Robert Morris- 3.598; 7. Southern Illinois- 3.596; 8. Alabama- 3.590; 9. Detroit Mercy- 3.571; 10. DePaul- 3.569.

NCAA Division II 
1. Urbana- 3.840; 2. Upper Iowa- 3.717; 3. Bridgeport- 3.713; 4. California (Pa.)- 3.684; 5. Rockhurst- 3.674; 6. Illinois Springfield- 3.673; 7. Arkansas-Monticello- 3.665; 8. Southeastern Oklahoma- 3.660; 9. Grand Valley- 3.630; 10. McKendree- 3.627.

NCAA Division III 
1. Otterbein- 3.751; 2. Johnson & Wales- 3.720; 3. Penn State Brandywine- 3.680; 4. MIT- 3.670; 5. Stevens Tech- 3.633; 6. Endicott- 3.615; 7. Saint Mary’s (Ind.)- 3.611; 8. Nebraska Wesleyan- 3.610; 9. Bethel (Minn.)- 3.606; t10. Suffolk- 3.596; t10. Ithaca- 3.596.

NAIA 
1. Spring Arbor- 3.695; 2. Central Methodist- 3.626; 3. USCB- 3.594; 4. Siena Heights- 3.591; 5. Williams Woods- 3.555; 6. St. Ambrose- 3.549; 7. Vanguard- 3.548; 8. Hannibal-LaGrange- 3.546; 9. Baker- 3.543; 10. Bellevue (Neb.)- 3.527.

Junior College 
1. Iowa Western CC- 3.700; 2. Southern Union State CC- 3.650; t3. Butler CC- 3.610; t3. College of Southern Idaho- 3.610; 5. Allen CC- 3.590; 6. East Central College- 3.570; 7. East Mississippi CC- 3.561; 8. Seminole State College of Florida- 3.516; 9. Northeast Mississippi CC 3.493; 10. Northwest Mississippi CC- 3.471.

High School (Unweighted) 
1. East Islip (N.Y.)- 3.918; t2. Pollok Central (Texas)- 3.815; t2. Loogootee Community (Ind.)- 3.815; 4. Rock Creek (Kan.)- 3.812; 5. Silver Lake (Kan.)- 3.810; 6. Topeka-Seaman (Kan.)- 3.796; t7. Central High School of Clay County- 3.785; t7. La Monte (Mo.)- 3.785; 9. Oaks Christian School (Calif.)- 3.771; 10. Milford (Neb.)- 3. 755.

High School (Weighted) 
1. Byron Nelson (Texas)– 4.518; 2. Flower Mound (Texas)- 4.510; 3. Holly Hill Academy (S.C.)- 4.380; 4. Eaton (Texas)- 4.370; 5. Grapevine (Texas)- 4.300; 6. James F. Byrnes (S.C.)- 4.242; 7. River Hill (Md.)- (4.230); 8. Lincoln Southwest (Neb.)- 4.209; 9. Cambridge Christian (Fla.)- 4.129; 10. Olathe North (Kan.)- 4.120.

QUEBEC — The parents of a man behind the deadly Quebec City mosque attack have issued an open letter questioning the severity of the minimum 40-year sentence handed down to their son last week.

Alexandre Bissonnette, 29, received his sentence Friday for killing six men and injuring six others at the Islamic Cultural Centre mosque on Jan. 29, 2017.

His parents, Raymond Bissonnette and Manon Marchand, say in the letter released Monday that the sentence is the harshest imposed in Quebec since the death penalty was abolished in 1976.

They say the Crown’s request for six consecutive life sentences, which would have prevented their son from seeking parole for 150 years and guaranteed that he end his life behind bars, amounted to circumventing the abolition of the death penalty and would terminate all hope of rehabilitation.

Watch: Crown prosecutors and members of Quebec City’s Muslim community react to Bissonnette’s sentence. Story continues below.

Meanwhile, Quebec Superior Court Justice Francois Huot concluded a sentence of 50 years or more would constitute cruel and unusual punishment for the 29-year-old.

Bissonnette’s parents say he suffered psychological and physical bullying during his years in school that had “devastating effects” on his personality.

“If we really want to prevent such a tragedy from happening again, it seems to me that the solution is not to lock someone up forever, but rather try to better understand and prevent bullying, which is a serious societal problem that continues to make victims among our young,” the letter reads.

His parents say people who commit serious crimes should still have the possibility to apply for parole after 25 years — a “glimmer of hope” they say would encourage rehabilitation.

“Unlike other countries, Canada has chosen an open-door policy, welcoming people from all over the world and giving them hope for a second chance in life,” the letter says. “Why deny convicts even the faintest hope?”

Sentence denounced by survivors

Legal experts have said Bissonnette’s sentence is likely to be appealed all the way to the Supreme Court.

However, it has been denounced by survivors of the attack and other Muslim community members.

Boufeldja Benabdallah, president of the mosque that was attacked, said last week that community members were stunned by the decision and felt the judge was more concerned about the dignity of the killer than that of the victims and their families.

Bissonnette pleaded guilty last March to six counts of first-degree murder and six of attempted murder after he walked into the mosque during evening prayers and opened fire. The murder victims were Mamadou Tanou Barry, 42; Abdelkrim Hassane, 41; Khaled Belkacemi, 60; Aboubaker Thabti, 44; Azzeddine Soufiane, 57; and Ibrahima Barry, 39.

The latest US Treasury Department data shows that foreign investors slashed their holdings of American debt in November by $105 billion, from a year earlier, to $6.2 trillion.

China, the largest foreign holder of US debt, slashed its holdings for a sixth straight month in November. Beijing had $1.12 trillion in US Treasuries, down from $1.138 trillion in October. The decline brought China’s Treasury holdings to the lowest level since May 2017, the data showed.

The two largest foreign creditors of the US — China and Japan — have both been unloading US Treasury securities. China’s holdings fell by $55 billion from a year earlier, Japan’s by $47 billion to $1.04 trillion. Tokyo has now reduced its stash by 16 percent since the peak of $1.24 trillion at the end of 2014.

Russia, which is no longer a leading creditor of the United States after an unprecedented dumping of the US Treasury bonds in April and May, has slashed its stockpile by $1.815 billion in November to $12.814 billion.

Since last year, Russia has slashed around 85 percent of its US Treasury holdings, from $96.9 billion in January 2018 to $12.8 billion in November.

READ MORE: China’s yuan to challenge greenback as world’s main currency – Bank of England governor

Over the past 12 months, the US gross national debt has ballooned by $1.5 trillion to $22 trillion as of January 30, according to the Treasury.

For more stories on economy & finance visit RT’s business section

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The US based aviation corporation has paused deliveries of the ill-fated Boeing 737 MAX to customers after the aircraft type was grounded around the world following the deadly crash in Ethiopia.

Trump grounds troubled 737 MAX aircraft, Boeing stock tumbles

The move was announced by the company on Thursday. No time frame on when the deliveries might be resumed was immediately provided, yet the production itself continues.

“We continue to build 737 MAX airplanes while assessing how the situation, including potential capacity constraints, will impact our production system,” a Boeing spokesman said.

The decision comes after Boeing 737 MAX planes were grounded and banned from the airspace of the majority of the world’s countries, including the United States. The plane type was targeted with the restrictions after a crash in Ethiopia on Saturday, which killed 157 people – everyone on board. The Ethiopian Airlines plane crashed shortly after take-off, taking a steep nosedive.

While the exact causes of the tragedy have not yet been established, the crash appears to resemble another catastrophe involving a 737 MAX aircraft. Last October, a Lion Air jet crashed in Indonesia, killing all 189 people on board.

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OTTAWA — After initially refusing, Netflix has agreed to remove images of the 2013 Lac-Megantic disaster from its blockbuster film, “Bird Box.”

“Netflix and the filmmakers of ‘Bird Box’ have decided to replace the clip,” a spokesman for the streaming company said in an email to The Canadian Press. “We’re sorry for any pain caused to the Lac-Megantic community.”

People in the Quebec town and across the province were shocked after learning in January that footage from the derailment and explosion that killed 47 people was used in the drama starring Sandra Bullock.

Demands that the brief scene be removed came from politicians at all levels, including Lac-Megantic Mayor Julie Morin.

Morin said she is satisfied with Netflix’s decision. “Yes, there was a delay, but I think in the end, what’s more important for me, is that we have a solution to this situation we felt was important to settle,” she said in an interview.

Quebec Culture Minister Nathalie Roy wrote to the company Jan. 18 calling for it to take out footage of the burning town. The company initially apologized and promised to do better, but until now it had refused to edit the film.

Three months later, Netflix decided to change course.

Footage to be removed within next two weeks

Morin said the film industry needs to reconsider its use of stock footage. “I think it’s important for the industry to reflect on this,” she said in an interview. “It appears that has happened in this case.”

In a written statement, Roy said “the gesture was long-sought by Quebecers.”

The House of Commons adopted a motion Jan. 29 demanding Netflix remove the images and compensate the town.

The Canadian Press learned that the footage will be removed from the film within the next two weeks.