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. […]
A previously unknown flaw in a recent version of Microsoft Corp’s Internet Explorer web browser is being used to attack Internet users, including some visitors to a major site for U.S. military veterans, researchers said Thursday. Security firm FireEye Inc discovered the attacks against IE 10 this week, saying that hundreds or thousands of machines have been infected. It said the culprits broke into the website of […]
Emirates and Jetstar have announced an agreement which is set to open up new destinations for Emirates passengers across Australia, New Zealand and South East Asia as the Dubai-based airline continues to connect people, places and passions. Emirates’ code will now be placed on a number of routes operated by Jetstar Airways in Australia and New Zealand and Jetstar Asia, giving passengers access to 27 new routes […]
A massive cyber attack from unknown sources that has been spamming bitcoin exchanges is highlighting some of the dangers people can encounter when they exchange cash for digital currencies like the bitcoin, experts said on Wednesday. The attack, which is technically known as a distributed denial of service attack, involved thousands of phantom transactions, forcing at least three of the online platforms that store bitcoins and trade […]
Abu Dhabi’s Etihad Airways is examining Alitalia’s books and is expected to decide by Christmas whether to take a stake in the troubled Italian airline, two sources familiar with the matter said on Wednesday. Alitalia offers access to Europe’s fourth-largest travel market and flies 25 million passengers a year. But the airline, which loses 700,000 euros a day and has net debt of more than 800 million […]
U.S. lawmakers said they aimed to tighten sanctions on Iran to prevent Washington giving away too much in a deal on Tehran’s nuclear program that diplomats said was still possible despite the failure of high-level weekend talks. Their comments reflected widespread Congressional skepticism about a rapprochement between Iran and world powers and coincided with renewed lobbying from Israel against a proposal it sees as leaving open a […]
Emirates NBD is looking for acquisition targets in Turkey as Dubai’s largest lender scouts for opportunities beyond its home market, despite an improving economic environment within the emirate, its top executive said. ENBD, which completed in June the purchase of BNP Paribas’ Egyptian assets for $500 million, has been looking to diversify beyond Dubai after a real estate market crash in 2008-2010 severely impacted the bank. The […]
President Barack Obama will declare the glitches in a new healthcare website “unacceptable” on Monday and outline ways for consumers to sign up for insurance while his team scrambles to fix problems that have tainted the rollout of his signature healthcare law. Fresh from two weeks of budget battles that have consumed Washington, Obama will hold an event at 11:25 a.m. (1525 GMT) in the White House […]
President Barack Obama met with Republican and Democratic leaders in Congress on Wednesday to try to break a deadlock that has shut down wide swaths of the federal government, but there was no breakthrough. After more than an hour of talks, House of Representatives Speaker John Boehner said Obama refused to negotiate, while House Democratic Leader Nancy Pelosi and Senate Democratic Leader Harry Reid accused Republicans of […]
Apple Inc. is poised to announce record opening-weekend sales as throngs of excited customers waited through long lines in Sydney, Tokyo, London and San Francisco to pick up the latest iPhones. Sales for the iPhone 5s and 5c started yesterday with crowds in Sydney and extended through stores in the U.S., Canada, China, France, Germany, Hong Kong, Japan, Puerto Rico, Singapore and the U.K. In London, the […]
With the United States threatening to attack Syria, U.S. and allied intelligence services are still trying to work out who ordered the poison gas attack on rebel-held neighborhoods near Damascus. No direct link to President Bashar al-Assad or his inner circle has been publicly demonstrated, and some U.S. sources say intelligence experts are not sure whether the Syrian leader knew of the attack before it was launched […]
Residential property prices in Dubai are in the midst of another boom, but this time it’s fundamentals – and not speculation – at play, Standard Chartered Bank said in a new report, indicating that the rally will continue as long as the fundamentals remain in place. Economic growth, improving demographics, return of investor confidence and improving regulations have been cited as the primary factors fuelling a remarkable […]
Emirates is breaking out of Dubai. In what will be a curious experiment for one of the world’s fastest-growing and most respected airlines, Emirates will begin flying daily from New York’s JFK International Airport to Milan starting Oct. 1. It will be one of the very few routes in the company’s vast network that doesn’t touch its Dubai hub. The JFK-Milan route is currently served with nonstop […]
Experts have welcomed the creation of International Property Measurement Standards Coalition, the the first global standard for measuring property. Commenting on the recent announcement that 19 leading property professionals from around the world have been appointed to create the International Property Measurement Standards Coalition (IPMSC), Alan Robertson, CEO of Jones Lang LaSalle Middle East & North Africa said: “This is good news for the Middle East and […]
Dubai: Emirates, Etihad Airways and Gulf Air experienced delays on Tuesday morning after their passenger check-in and reservation system crashed. The passenger check-in and reservation system, designed by Sabre, experienced a worldwide outage at around 8am local time and lasted for two hours. Sabre software is used by more than 300 airlines around the world and some 100 airports worldwide were affected by the outage. Sabre is […]
SYDNEY (Reuters) – Etihad Airways, which has aggressively expanded its global reach through codeshares and minority stake investments, expects to build alliances in China and the Americas as the Abu Dhabi-based carrier targets more double-digit growth in the years ahead. “We will continue to work with other airlines to broaden our network,” said Etihad CEO James Hogan on the sidelines of the Australia Pacific Aviation Summit in […]
