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Three held in $1.8 bln Indian public sector bank fraud case

Saturday, 17 February 2018

India’s federal police arrested two employees at Punjab National Bank believed to be at the center of a staggering $1.77 billion fraud, a police source said on Saturday, in the first arrests so far in the country’s biggest-ever bank scam. The arrests late on Friday come amid an intensifying probe involving various authorities after India’s second-largest state-run lender said on Wednesday it had been hit by massive fraud. The two bank employees who were arrested, Gokulnath ...

Swiss regulatory unveils new rules for crypto-currencies

Friday, 16 February 2018

Switzerland’s market watchdog released new guidelines Friday to govern crypto-currencies, as the high-tech Alpine nation emerges as the main global hub for the flourishing industry.Watchdog FINMA noted that Switzerland has seen a “sharp increase” in the number of Initial Coin Offerings (ICOs) applying to base their operations in Switzerland.While some countries have shied away from the unpredictable crypto-currency sector, Switzerland appears to be embracing the ...

Some Apple iPhones crash on Indian language script bug - report

Friday, 16 February 2018

A bug in some versions of Apple Inc’s operating systems is causing iPhones to crash when a single character in Telugu, an Indian language, is sent to the device or even typed in text editor, the Verge reported on Thursday. Apple did not immediately respond to a request for comment. Devices running iOS 11 are affected and crash when any application receives the character, according to the report. Apps become unresponsive, including Apple’s iMessage and third-party applications like ...

Oil producers to draft long-term alliance deal by end-2018, says UAE minister

Thursday, 15 February 2018

Oil producers led by Saudi Arabia and Russia aim to draft an agreement on a long-term alliance by the end of this year, United Arab Emirates energy minister Suhail al-Mazroui told the local National newspaper on Thursday. The newspaper also quoted him as saying OPEC was urging its members to build oil capacity buffers to temper any wild upswings in price due to the weak US dollar this year. OPEC and non-OPEC producers are restraining production to prop up prices under a ...

Despite protests, Iran raises prices of water, electricity and gas

Thursday, 15 February 2018

While the protests across Iran continue against rising prices and the drop in living conditions, the Iranian parliament has agreed to increase water, electricity and gas costs during Iran's next year's budget, which starts on March 21 according to the Persian calendar. The decision comes after a long debate aimed at filling the budget deficit as the iranian parliament agreed to raise prices in line with Iran's Sixth Development Plan, which states that water and electricity costs could increase ...

UAE telco du Q4 net profit rises 14.9 pct

Thursday, 15 February 2018

Du, the United Arab Emirates’ No.2 telecom operator, reported a 14.9 percent rise in fourth-quarter net profit on Thursday, boosted by a rise in revenue, improvement in gross margin and cost savings. The company, which ended rival Etisalat’s domestic monopoly in 2007, made a net profit after royalty of 425 million dirhams ($115.7 million) in the three months to Dec. 31, up from 370 million dirhams in the year-earlier period. SICO Bahrain forecast du would make a quarterly profit of ...

Iran raises rates, closes accounts to shore up rial

Thursday, 15 February 2018

Iran has raised bank deposit rates and frozen the accounts of hundreds of foreign exchange dealers in a bid to shore up the value of the rial, reports said Thursday. The currency had lost a quarter of its value in six months, sliding to a record low of 48,400 to the dollar on Wednesday, as US President Donald Trump’s threats to tear up a landmark 2015 nuclear deal dash hopes of a surge in foreign investment. In a bid to stem the decline, the central bank announced that to encourage savers ...

Saudi Arabia’s central bank signs blockchain deal with Ripple

Thursday, 15 February 2018

Saudi Arabia’s central bank has signed a deal with US-based Ripple to help banks in the kingdom settle payments using blockchain software, as Gulf regulators begin to explore new forms of financial technology.The pilot program is the first of its kind to be launched by a central bank, allowing banks in Saudi Arabia to use Ripple's software to instantly settle payments sent into and out of the country, the company said late on Wednesday.This will allow Saudi banks to make faster, cheaper ...

Uber CEO aims to pare losses and get ‘the love back’

Thursday, 15 February 2018

Uber CEO Dara Khosrowshahi is focused on cutting the company’s massive losses and “getting the love back” after a year of damaging revelations about the ride-hailing service’s sometimes heartless treatment of its employees, drivers, regulators and rivals.“We strive to be and should be a brand that is as beloved as Amazon and Google,” Khosrowshahi said late Wednesday during an appearance at a Goldman Sachs technology conference. “We have a long way to go, ...

Tunisia central bank governor tells state TV he has officially resigned

Thursday, 15 February 2018

Tunisia's central bank governor, Chedli Ayari, said on state television on Wednesday that he has officially resigned. Prime Minister Youssef Chahed had earlier asked him to step down.

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