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By Anshuman Daga and Marius Zaharia | SINGAPORE SINGAPORE Singapore’s central bank imposed penalties on the local units of U.K.-based Standard Chartered (STAN.L) and private bank Coutts for money laundering breaches related to Malaysia’s scandal-tainted 1MDB fund and said it was nearing the end of its probes. The penalties – of S$5.2 million ($3.65 million) and S$2.4 million, respectively – were the latest punitive measures taken by […]

ABU DHABI // When John Schneider-Merck landed in the UAE in 1976, he immediately saw it as a country of opportunity. Mr Schneider-Merk was 35 years old when he arrived from Germany to oversee a family business. The business would later shut down, but instead of heading home, he decided to stay and start his own business. “I didn’t know Dubai at all. I looked at the […]

In late July, Moussa Aksar, the director of Niger’s L’Évènement newspaper, answered his phone and heard a familiar voice warning him that he was, once again, in danger. “Be careful,” a friendly source told Aksar. “Look out for yourself and be careful what you say on the phone.” Aksar had just published Niger’s first exposé from the Panama Papers, the investigation based on a leak of documents […]

India, China and Russia on Thursday held their first round of consultation on Asia-Pacific Affairs which included regional security architecture, coordination within regional and multilateral fora, anti-terrorism and other regional issues, according to PTI as reported by The Statesman. The consultation was attended by representatives from Ministry of Foreign Affairs of China, Ministry of Foreign Affairs of Russia and Ministry of External Affairs of India, an Indian […]

There aren’t very many tourists on my flight from New York to ­Kingston – it’s mostly ­Jamaicans going home. The tourists usually favour the trip to ­Montego Bay, from where they’re immediately shuttled into carefully cloistered resorts and served a jolly medley of reggae and other clichés of island life along with the necessary TVs, ATMs, fast-food chains, souvenir shops and multiple pools. Many travellers who visit […]

Tim Leissner, the former star dealmaker for Goldman Sachs in Southeast Asia, is to be banned from Singapore’s securities industry for 10 years over breaches relating to the multibillion-dollar scandal at Malaysia’s troubled state investment fund 1MDB, while Standard Chartered and Coutts have both been fined. Mr Leissner, who joined Goldman in Asia in 1998 and helped raise $6bn for 1MDB with three bond issuances, is being […]

App-based service now covers six cities Egypt – offering more local residents a convenient, reliable way to get around town Cairo, Egypt, December 1, 2016  Careem, the region’s leading app-based car booking service, launches today in three new cities in Egypt, extending access to its services to a total of six destinations across the country. The app is now live in Mansoura, Tanta and Hurghada, adding to […]

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Islamic banks are gradually embracing socially responsible finance, from renewable energy to microfinance efforts, helping unlock new funding sources for environmentally-friendly projects, an industry survey shows. The two sectors have developed separately from each other, but green projects could benefit from tapping Islamic banks in countries like the United Arab Emirates and Malaysia, where they now hold a quarter of total banking assets. Around two-thirds of financing […]

As a microcosm of the wrenches and stresses enterprise services are experiencing, Cognizant‘s week has been pretty fascinating. Last weekend Elliott Management took an activist controlling role in Cognizant, one of the most strategic services firms, with an open public letter to Cognizant’s management essentially chastising them for too much investment in the future and for not squeezing enough money out of the IT services world as […]

Three weeks after India invalidated its largest bank notes overnight, cash shortages are choking the world’s fastest-growing large economy. While it is too soon for much of the pain to be read from broad economic indicators—in India, even monthly ones, such as industrial output, are released with considerable lag—early signs are coming in. Some of them imply the disruption might not be as deep, or as long-lasting, […]

By Roslan Khasawneh | SINGAPORE SINGAPORE Oil prices slipped on Friday as some investors opted to cash out after Brent touched 16-month a high on Thursday, with optimism over this week’s OPEC-Russia accord on cutting output giving way to questions on the “sticking point” of implementing the deal. International Brent crude oil futures LCOc1 were trading at $53.36 per barrel at 0446 GMT, down 58 cents, or […]

Communication is broken, according to Twilio’s VP of Product Management Patrick Malatack, who thinks the root of the problem is that businesses are overlooking the fact that their customers are human. Speaking at StartCon in Sydney, Malatack said there’s a belief among businesses that personalised communication experiences are not scalable, that you can’t humanise communications and serve a wide customer base at the same time. “That’s no […]

Bahraini authorities have put a prominent human rights lawyer on trial for charges that include insulting state institutions, Human Rights Watch (HRW) said on Thursday, in a further crackdown on dissent. The New York-based rights group said that Mohammed al-Tajer, who has defended opposition figures and rights activists involved in 2011 pro-democracy protests, was questioned by the public prosecutor on Nov. 10 for inciting hatred of a […]

The measure calls for making the annual financial disclosures of D.C. court judges similar to those already required for federal judges — and making those reports available to the public. While D.C. Court judges’ paychecks come from the federal government, the judges have not been held to the same standard as federal judges when it comes to publicly disclosing their financial affairs. The measure also includes several other […]

DUBAI December 1, 2016  Winston & Strawn LLP announced today that Shibeer Ahmed has joined the firm as partner and head of banking and Islamic finance in Dubai. Mr. Ahmed was previously with White & Case, where he served as head of the firm’s GCC Conventional and Islamic Bank Finance Practice. “With the addition of Shibeer to the team, we continue to focus on strategic growth of […]

Communications Minister Mitch Fifield has broken out the number of FttN premises ready for service, providing a temporary level of increased transparency into the NBN rollout numbers that usually lump fibre to the node (FttN), fibre to the basement (FttB), and fibre to the premise (FttP) technologies into a single total. With the number of ready for service FttN premises overtaking the number of brownfields FttP premises […]

Petrochemicals companies led Gulf stock markets higher on Thursday in response to OPEC’s first agreement on output cuts to prop up oil prices since 2008 – a deal that could allow governments to ease austerity policies slightly. Expectations for the deal had already boosted oil and Gulf bourses on Wednesday, but the agreement included bigger production cuts than many analysts had expected, lifting oil prices higher on […]

By Alicia Powell | NEW YORK NEW YORK From a whimsical enchanted winter forest-scape to candy-laden backdrops for festive fashion, New York department stores have spent a year conjuring up eye-catching holiday window displays. “Right when they start coming down, we start thinking about what’s going to be the vision for next year?” said Roe Palermo, divisional vice president, store visual of New York department store Lord […]

It could soon become harder for companies to punish consumers for posting negative reviews about their products or services. Businesses would no longer be allowed to put so-called “gag” clauses in customer agreements under a bill approved by Congress. A small but growing number of companies have been inserting non-disparagement agreements into the fine print […] (via WSJ)

|By Arabian Post Staff| Reporters have faced consequences both in nations where media crackdowns are common and also in nations with reputations for high levels of press freedom In late July, Moussa Aksar, the director of Niger’s L’Évènement newspaper, answered his phone and heard a familiar voice warning him that he was, once again, in danger. “Be careful,” a friendly source told Aksar. “Look out for yourself and be careful […]

By Emily Stephenson | INDIANAPOLIS INDIANAPOLIS President-elect Donald Trump warned on Thursday that U.S. companies would face “consequences” for outsourcing jobs abroad, as he touted his early success in persuading an air conditioner maker to keep about 1,000 jobs in the United States rather than move them to Mexico. “Companies are not going to leave the United States anymore without consequences. Not going to happen,” the Republican […]

By Alonso Soto and Lisandra Paraguassu | BRASILIA BRASILIA Venezuela will be suspended from the Mercosur regional trade bloc as early as Friday for failing to meet membership requirements, a Brazilian official said, in the latest blow to the oil-producing country during a deep political and economic crisis. According to the official, who asked for anonymity because of the sensitivity of the issue, Mercosur understands that Venezuela […]

Russian President Vladmir Putin played a crucial role in helping OPEC rivals Iran and Saudi Arabia set aside differences to forge the cartel’s first deal with non-OPEC Russia in 15 years. Interventions ahead of Wednesday’s OPEC meeting came at key moments from Putin, Saudi Deputy Crown Prince Mohammed bin Salman and Iran’s Supreme Leader Ayatollah Ali Khamenei and President Hassan Rouhani, OPEC and non-OPEC sources said. Putin’s […]

A typically sedate government Twitter account sprang to life Wednesday in the wake of President-elect Donald Trump’s announcement that he would exit his family business, sending out congratulatory but pointed messages that raised questions about whether the tweets were authorized — or perhaps the work of a rogue employee or hacker. The Office of Government Ethics’ Twitter […] (via WSJ)

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