Business

Indian bank reports $1.8b ‘fraud’ at Mumbai branch – Report sends PNB shares plunging over 9%

MUMBAI, Feb 14, (AFP): India’s second-largest state-run bank said Wednesday it had detected fraud of almost $1.8 billion at one of its branches, sending its shares plunging more than nine percent. The Punjab National Bank (PNB), one of several state-owned lenders the government is trying to clean up, said transactions …

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KFH bags 28 international renowned awards in 2017 – Awards culminate KFH-Group outstanding performance in all fields

KUWAIT CITY, Feb 13: Kuwait Finance House (KFH) continued its outstanding performance in all indicators and bagged 28 international renowned awards in 2017 at the Group level from prestigious international institutions. The awards were in recognition of the Bank’s distinguished performance in all fields, prestigious status and leading Islamic financial …

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World growth raised to 3.9%; US inflation on the rise

The broad-based global economic recovery gained further steam, including in the US, where the inflation narrative appeared to shift toward a more hawkish scenario. After months of solid data, the IMF raised its 2017 growth estimate for the world economy to 3.7% and upgraded its forecast for 2018 and 2019 …

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Gulf’s rate reprieve may end as US spreads stop narrowing – Market conditions may change as loan demand picks up

DUBAI, Feb 13, (RTRS): A dramatic narrowing of spreads between interest rates in the United States and the Gulf cushioned the region’s economies last year, but the trend may be close to ending as demand for loans picks up and monetary policy tightens further. Any move towards significantly higher regional …

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World oil demand to grow faster than expected in 2018 – Surging US output a ‘concern’ for oil market: OPEC

PARIS, Feb 12, (AFP): Oil prices, long battered by a global glut in supply, have been rising recently as the market returns to balance on the back of a landmark deal between producers to throttle output, but surging shale production in the United States could throw a spanner in the …

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Thousands of websites infected by ‘crypto mining’ malware – Hackers operate in stealth mode to make profits from cryptocurrencies

WASHINGTON, Feb 12, (AFP): Thousands of websites around the world, including many operated by governments, have been infected by hackers using the sites’ computing power to “mine” cryptocurrencies, security researchers said. The attack is the first major incident made public in which a new breed of hackers took over a …

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DGCX explores options as Indians stop licensing securities abroad

DUBAI, Feb 12, (RTRS): The Dubai Gold and Commodities Exchange (DGCX) said on Monday it was working with Indian counterparts to explore alternatives after India’s three main stock markets announced they would stop licensing their indexes and securities abroad. India’s decision appears to threaten several products offered by the DGCX, …

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Canada’s Charest visits Kuwait to promote investment – Ex-Deputy PM highlights strengths of Canadian economy and competitive advantages of investing in Canada

KUWAIT CITY, Feb 11: Kuwait and Canada enjoy strong and growing bilateral relations, which are well-founded upon the fundamental principles and values shared by the two nations. Canadians contribute to Kuwait’s economy with a wide range of services and products in fields such as engineering, aerospace, education, medical consultancy and …

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Al Mulla Exchange organizes seminar on India budget 2018 – Experts shed light on tax amendments, direction of economy and financial impact for NRIs

KUWAIT CITY, Feb 11: Al Mulla Exchange along with the Kuwait Chapter of the Institute of Chartered Accountants of India hosted a seminar on the Indian budget 2018 at the Crowne Plaza, Farwaniya recently. Tushar Arora, Senior Economist at HDFC Bank and CA Kirit Mehta Tax Expert & Senior Partner …

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Oil majors strike it rich on rising crude prices – Cos remain cautious and unlikely to rush out on new spending spree

PARIS, Feb 11, (AFP): The world’s leading oil companies published a bumper crop in profits last year as rising crude prices helped turn their fortunes around, but they remain cautious and are unlikely to rush out on a new spending spree just yet. In a flourish of earnings reports over …

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