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The Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) said on Thursday secretary general Khaled Al Fakih had left the organisation to pursue other opportunities. Al Fakih, a Lebanese-born commercial banker, had been secretary general since February 2012, overseeing one of the main standard-setting bodies for Islamic finance. Deputy secretary general Khairul Nizam will take over his duties while AAOIFI looks for a new secretary […]

Google Inc is building cars that don’t have steering wheels, accelerator pedals or brake pedals, in an ambitious expansion of the Internet company’s efforts to develop self-driving cars. The small electric cars, which seat two passengers, are currently prototypes that Google has been building through partnerships with automotive suppliers and manufacturers, Google co-founder Sergey Brin said at the Code conference in Southern California on Tuesday. Google aims […]

JERUSALEM — The intimate Mass to be celebrated by Pope Francis on Monday in the Cenacle, the hall on Jerusalem’s Mount Zion venerated by Christians as the room of the Last Supper, is intended to cap a Holy Land pilgrimage promoting peace and tolerance. But ancient rivalries lurk just beneath the flagstones here, and the pope’s visit has brought them to the surface. Also holy to Jews […]

ABU DHABI, United Arab Emirates — Former President Bill Clinton said on Sunday that he believed that New York University and the Abu Dhabi government would conduct a thorough investigation into worker rights abuses at the university’s new campus here in the country’s capital. Delivering the first graduation speech at the campus, Mr. Clinton said the controversy had “dominated the coverage” of the university during the days […]

Indian-born economist Arvind Panagariya, who is widely expected to take a top advisory role in prime minister-elect Narendra Modi’s government, wants its first budget to boost capital spending even at the risk of a higher fiscal deficit. Panagariya, 61, whose market-friendly, pro-growth economics has helped shape Modi’s outlook, told Reuters in an interview that higher spending is critical to India’s economic revival. Modi swept to power on […]

The judicial authorities in Iran appeared to harden their clampdown on expression Friday, moving to block Instagram, imprisoning the director who made the now-famous Iranian version of the Pharrell Williams “Happy” video and warning women to comply with a police campaign on the proper wearing of mandatory headscarves. Taken together, the developments suggested that the country’s Islamic bureaucracy was alarmed over any perception of permissiveness that may […]

Following a report this week about mistreatment of workers who built New York University’s new Abu Dhabi campus, N.Y.U. apologized and said it would work with its partner to investigate. The next day, the partner, the Abu Dhabi government, confirmed it would participate. N.Y.U. has declined to specify how such an investigation might proceed, or what remedies it might pursue. But experts on labor conditions in the […]

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A copy of the video “Happy in Tehran,” originally posted on YouTube in April. Last Updated, 11:00 p.m. | Just days after Iran’s president denounced Internet censorship as “cowardly,” six young Iranians were arrested and forced to repent on state television Tuesday for the grievous offense of proclaiming themselves to be “Happy in Tehran,” in a homemade music video they posted on YouTube last month. An image […]

|Nicole Arce| Facebook is at the front and center of what could turn out to be an ugly legal battle after ZeniMax Media, parent company of Id Software, sent the social network a legal notice claiming at least part of the intellectual property rights to Rift, a virtual reality headset developed by Oculus VR. In March of this year, Facebook shook up the technology industry by announcing its […]

With its $2 billion purchase of Oculus Rift, Facebook has made its second bold acquisition of a rising technology star, little more than a month after its $19 billion mega deal with WhatsApp. This time it’s not the price tag surprising everyone, but the strategy. Does Mark Zuckerberg envision a future where strapping a headset to our faces becomes the default route to going on Facebook? It’s left many scratching their heads. Zuckerberg, […]

The U.S. government warned banks and other businesses on Friday to be on alert for hackers seeking to steal data exposed by the “Heartbleed” bug, as a German programmer took responsibility for the widespread security crisis. On a website for advising critical infrastructure operators about emerging cyber threats, the Department of Homeland Security asked organizations to report any Heartbleed-related attacks, adding that hackers were attempting to exploit […]

Companies with as little as 20 percent of their global assets in India could find themselves facing tax bills in deals involving their domestic units under changes to the tax code that the government proposed on Tuesday. The government’s Direct Taxes Code 2013 recommended the change along with a new income tax bracket that would require rich people to pay higher taxes. A previous recommendation in 2010 said […]

Northern Chile was shaken by a magnitude 8.2 earthquake, triggering a tsunami warning along most of the Pacific Coast of South America. There were no immediate reports of major damage or deaths. The quake struck at 9 p.m. local time 95 kilometers from the city of Iquique at a depth of 20 km, according to the U.S. Geological Survey. The first tsunami waves reached as high as […]

Qatar Airways Ltd. Chief Executive Officer Akbar Al Baker said he’s pursuing acquisitions after reviving an investment strategy that saw the company offered stakes in carriers including Italy’s Alitalia SpA. The second-biggest Gulf airline is “actively discussing opportunities” with other passenger carriers, Al Baker said in an interview, without specifying where talks are focused. “I would not like to pre-empt our decision,” he said. “We would rather […]

The U.S. National Security Agency has infiltrated servers in the headquarters of Chinese telecommunications and internet giant Huawei Technologies Co, obtaining sensitive information and monitoring the communications of top executives, the New York Times reported on Saturday. The newspaper said its report on the operation, code-named “Shotgiant,” was based on NSA documents provided by Edward Snowden, the former agency contractor who since last year has leaked data […]

A Malaysia Airlines flight carrying 227 passengers and 12 crew from Kuala Lumpur to Beijing went missing over the South China Sea on Saturday, prompting China to send ships to scour the water for possible wreckage. The airline, speaking several hours after the plane had been due to land in the Chinese capital, said it was still too early to say whether the aircraft had crashed. It […]

U.S. regulators are mobilizing to shore up confidence in America’s generic-drug supply as alarm grows over the quality of products made in India, and the head of the largest U.S.-based maker of the medicines predicted more trouble lies ahead. “It’ll get worse before it gets better,” said Mylan (MYL) Inc. Chief Executive Officer Heather Bresch, whose company has half of its more than 20,000 employees in India. […]

|By TAP Staff| The UAE Banks Federation proposes to soon issue a charter for customer rights, which will incorporate certain minimum standards in banking services and provide for remedial actions open for them in case of failures by the banks. The CEOs Advisory Committee of the Federation has examined the framework and content of the charter at its first meeting this year. The meeting reviewed the Federation’s […]

Citigroup Inc  said on Friday that it has discovered at least $400 million in fraudulent loans in its Mexico subsidiary and said employees may have been in on the crime. The bank wrote down bogus loans to a company whose assets Mexican law enforcement officials have now seized. Citigroup’s 2013 profit fell by $235 million to $13.67 billion after the write-down. Citigroup Chief Executive Officer Michael Corbat […]

Manhattan Attorney Preet Bharara has sent subpoenas to Mt. Gox, other bitcoin exchanges, and businesses that deal in bitcoin to seek information on how they handled recent cyber attacks, a source familiar with the probe said on Wednesday. In the attacks – known as distributed denial of service attacks – hackers overwhelmed bitcoin exchanges by sending thousands of phantom transactions. At least three exchanges were forced to […]

Credit Suisse Group AG (CSGN) helped American customers hide as much as $10 billion in assets from the Internal Revenue Service, more than double the amount previously known, according to a U.S. Senate committee. A report by the Senate Permanent Subcommittee on Investigations criticized the Zurich-based bank for failing to discipline any senior executives in the face of widespread tax evasion fostered by 1,800 Credit Suisse employees […]

Concerns from Indian carriers on the quantum of increase in bilateral seat entitlements requested by Dubai may result in the emirate getting only half of its initial request of enhancing weekly entitlements by 20,000 seats. the Economic Times reported. A top official of the civil aviation ministry told ET that officials of various ministries met as part of an Inter Ministerial Group on Monday where a “couple” […]

|By Pranay Gupta| When I look out of the windows of my 25th-floor apartment in Dubai, I see the Persian Gulf shimmering a few blocks away. Cruise ships are parked at the dockyard, and in the blue waters beyond a steady stream of oil-laden tankers head out to quench the world’s thirst for black gold. Closer to me are other skyscrapers, vast shopping centers, and crowded convention […]

It is only a matter of time before the stock market plunges by 50% or more, according to several reputable experts. “We have no right to be surprised by a severe and imminent stock market crash,” explains Mark Spitznagel, a hedge fund manager who is notorious for his hugely profitable billion-dollar bet on the 2008 crisis. “In fact, we must absolutely expect it.” Unfortunately Spitznagel isn’t alone. […]

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