Indian online payment firm Paytm says it has added 8 million new users in the two weeks since the government announced the replacement of the country’s highest-denomination bank notes. In a bid to root out corruption, counterfeit money and tax evasion, Prime Minister Narendra Modi on Nov. 8 announced the replacement of notes worth 500 rupees ($7.30) and 1,000 rupees ($14.60). That move has resulted in a […]
Here are the big questions we are asking at FT Markets into the week when the calendar flips over into December. Will Opec deliver a meaningful production cut? All eyes are on Vienna and Opec’s annual gathering with a keenly awaited decision on production levels. An Opec deal on Wednesday that delivers a concrete supply reduction of at least 1m barrels a day, with non-members such as […]
“We have lost everything, our infrastructure, and we have nothing left to lose,” he said. “Now it is a long war of attrition.” Photo A nonfunctioning cement factory in Amran, Yemen, that was bombed twice by the Saudi-led coalition. Credit Tyler Hicks/The New York Times The Houthis’ control of such key territory has made them essential to international efforts to end the conflict, leaving policy makers and […]
Payday lenders asked a federal judge in Washington, D.C., for emergency relief to stop what they called a coordinated effort by U.S. regulators to stop banks from doing business with them, threatening their survival. In Wednesday night filings, the Community Financial Services Association of America (CFSA) and payday lender Advance America, Cash Advance Centers Inc said a preliminary injunction was needed to end the “back-room campaign” of […]
DUBAI // Two Pakistanis sentenced to two years in jail each for assaulting a 62-year-old Indian man with an iron bar and stealing Dh200,000 he had hidden in his underwear had their terms cut in half by Dubai Court of Appeal. On June 12 the men, aged 26 and 25, saw the victim hide an envelope full of money in his underwear as he left a bank […]
DUBAI, June 10 (Reuters) – Qatar’s central bank plans to issue 4 billion riyals ($1.1 billion) worth of local currency government bonds next week, it said on Tuesday, including a new seven-year tranche to build a longer yield curve. The debt, to be auctioned on Sunday, will include 2.1 billion riyals worth of three-year conventional bonds and 950 million riyals each of five- and seven-year tranches, the […]
The Irish prime minister has said it will be “impossible” to agree Brexit within two years, in the strongest rejection so far of the UK’s negotiating timetable by an EU leader. Enda Kenny, who is seen as one of Britain’s allies in the process, said “there’s a growing feeling in Europe that there should be a transition period, and that the transition period will be longer than […]
ASTANA Kazakhstan’s parliament called on Wednesday for the capital city to be renamed after President Nursultan Nazarbayev, a week ahead of a national holiday dedicated to the 76-year-old leader who has the power to accept or reject the proposal. The unanimous vote in favour of renaming Astana adds to the growing personality cult around Nazarbayev who has run the Central Asian country since 1989. Last week, Kazakhstan’s […]
Istanbul, 24.11.2016 The Islamic Development Bank Group (IDBG) and Borsa Istanbul have signed a Memorandum of Understanding (MoU) to provide a general framework to facilitate cooperation and collaboration among the parties in fostering Islamic Finance in Turkey and other IDB Member Countries. The MoU was signed under the auspices of the President of Republic of Turkey, H.E. Recep Tayyep ERDOĞAN during the 32nd Ministerial Session of the […]
ABU DHABI // The Central Bank of the UAE has issued a new silver coin to mark Commemoration Day. The special coin is part of #The_UAE_Remembers campaign, launched by the Martyrs Families Affairs Office to provide a platform for members of society to express their gratitude and pride in the sacrifices made by the country’s heroes to maintain the UAE’s freedom, sovereignty and security. “Launching The UAE […]
Canadian director Denis Villeneuve’s thoughtful sci-fi drama Arrival, which was released on Thursday, is being hailed by some as one of the best movies about alien contact. But as with much of the best science fiction, the story is as much a look at the real world of today as a fictional adventure about a fantastical world of tomorrow. With its themes of communication, lack of understanding […]
Nov 24, 2016 10:04 am IST NEW DELHI—Unable to spend or deposit their sackfuls of large bank notes amid India’s crackdown on hoarding cash, business owners across the country are paying employees months of salary in advance, ringing up bogus sales and even buying gold they can smuggle overseas to get rid of stashed money or conceal its source. Such illegal workarounds are threatening to undercut Prime […]
By David French DUBAI, June 10 (Reuters) – Banque Saudi Fransi (BSF), the kingdom’s fourth-largest listed lender, will complete a 2 billion riyal ($533 million) capital-boosting sukuk issue by the end of this month, banking sources said on Tuesday. Pricing of the trade, which will boost the bank’s Tier 2 – or supplementary – capital, is at 140 basis points over the Saudi interbank offered rate (Saibor) […]
25 November 2016: Gulf International Bank (GIB) last night revealed its new corporate identity coinciding with the bank’s 40th anniversary celebrations. The unveiling of the new identity was shared with officials at a special ceremony in the Kingdom of Saudi Arabia, Riyadh. The new brand identity reflects the core of the bank’s new strategy and its board’s vision for the bank to be the preferred financial services […]
Photo Residents of the Tahir district of Mosul, which had been liberated from the Islamic State a few hours before, on Nov. 16. Credit Sergey Ponomarev for The New York Times CHICAGO — The ancient Assyrians considered the Tigris River the division between East and West, and the city I come from in Iraq is called Mosul — connection point, in Arabic — because it connects these […]
By Stephen Grey and Jack Stubbs | LONDON/MOSCOW LONDON/MOSCOW A little-known Russian businessman from St Petersburg has provided properties to multiple women who share one common theme: President Vladimir Putin. One of the women is Putin’s younger daughter; two are close relatives of a woman Russian media have reported to be Putin’s girlfriend – though the president has strongly denied any relationship. And a fourth is a student […]
By Noel Randewich | SAN FRANCISCO SAN FRANCISCO Wall Street expects consumers to open their wallets a little wider this holiday shopping season but bargains among red-hot retail stocks could be hard to find, especially as profit growth proves elusive for many big names. Retailers, including Best Buy, Kohls Corp and Macy’s, that were pummeled in last year’s disappointing holiday quarter have seen their shares surge recently […]
The US is heading towards the potential drama of an election recount in Wisconsin after Hillary Clinton’s campaign on Saturday joined a process initiated by a third-party presidential candidate. Donald Trump won Wisconsin by about 27,000 votes and Mrs Clinton’s campaign lawyer, Mark Elias, said she would join recounts in Michigan and Pennsylvania if they were initiated too. But he said he did not expect Mr Trump’s […]
Prime Minister Narendra Modi’s request for feedback on his move to scrap large denomination notes has sent his app to the top of the charts. Mr. Modi on Tuesday asked users of his app, which allows citizens share their views and get news about the leader of the world’s largest democracy, to rate his decision to replace 500 and 1000-rupee notes that was aimed at cutting corruption […]
Amid increasing social unrest, a collapsing currency (against the dollar), and an economy at a standstill, there has been another growing fear in India that has spooked many around the world. The rumors and speculation of an Indian gold import ban (or even an outright ban on gold ownership) have sparked panic-buying of the precious metal sending retail premia soaring at local jewelers. In an effort to […]
ISTANBUL, June 10 (Reuters) – Turkey’s Kuveyt Turk, owned by Kuwait Finance House, mandated banks for a sukuk issue, bankers told Reuters on Tuesday. The bank has mandated KFH Investment as global coordinator and Citi, Emirates NBD Capital, HSBC, KFH Investment and Standard Chartered Bank as joint lead managers and joint bookrunners, bankers said. (Reporting by Behiye Selin Taner, Writing by Humeyra Pamuk, Editing Seda Sezer) (([email protected])(+90 […]
Nov 25, 2016 11:33 am IST Another day, another set of late-evening twists in India’s experiment in warp-speed currency replacement. Indians can no longer exchange their voided 500- and 1,000-rupee bills for newly minted currency at banks and post offices, after the Ministry of Finance tightened its crackdown on cash Thursday night. Ever since Prime Minister Narendra Modi abruptly invalidated the big bank notes this month, millions […]
The Jill Stein campaign prides itself for being anti-corporate — only accepting the donations from the small people — the disenfranchised folks who cannot afford to donate to her losing campaign — but do so nonetheless to help Jill fulfill an otherwise pointless existence in the political landscape. Thanks to her website and the Wayback machine, we can examine the donations and the rate by which they […]
Professor Stephen Hawking, David Coulthard and Lily Cole supported the event that looked into the changing perceptions towards wealth 26 November 2016 Abu Dhabi – UNLIMITED, a new platform powered by UBS, hosted an exclusive event at New York University Campus in Abu Dhabi today that explored changing attitudes towards wealth. UNLIMITED is a content partnership with the aim of deepening and amplifying public understanding of what […]
