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The SWIFT logo is pictured in this photo illustration taken April 26, 2016. Reuters/Carlo Allegri/Illustration/File Photo LONDON/CHICAGO Shortly after 7 p.m. on January 12, 2015, a message from a secure computer terminal at Banco del Austro (BDA) in Ecuador instructed San Francisco-based Wells Fargo to transfer money to bank accounts in Hong Kong. Wells Fargo complied. Over 10 days, Wells approved a total of at least 12 […]

People are silhouetted as they pose with laptops in front of a screen projected with a Google logo, in this picture illustration taken in Zenica October 29, 2014. Reuters/Dado Ruvic/Files SAN FRANCISCO Oracle Corp (ORCL.N) did not acquire Sun Microsystems in 2009 in order to launch a copyright lawsuit against Google, but rather to protect its products that relied on Sun’s software, Oracle co-Chief Executive Safra Catz […]

|By Arabian Post Staff| Saudi Arabia ranks among the top dozen foreign holders of U.S. debt, the Treasury Department disclosed, breaking its silence on the issue for the past four decades. “The stockpile of the world’s biggest oil exporter stood at $116.8 billion as of March, down almost 6 percent from a record in January, according to data the Treasury disclosed Monday in response to a Freedom-of-Information […]

A man is seen next to a Firefox logo at a Mozilla stand during the Mobile World Congress in Barcelona, February 28, 2013. Reuters/Albert Gea Mozilla Corp has asked a federal judge to order the U.S. government to disclose a vulnerability in its Firefox web browser that the company says the FBI exploited to investigate users of a large and secretive child pornography website. Mozilla filed papers […]

|By Arabian Post Staff| Iran’s leading private bank, Bank Mellat, won a major legal battle against the UK Treasury in its claim of $4 billion damages for the sanctions imposed on it in 2009, when the English Court of Appeal, presided by Lord Chief Justice Thomas of Cwmgiedd, upheld the bank’s claim that damages should cover loss to future income as well. Bank Mellat brought this claim […]

Facebook CEO Mark Zuckerberg speaks on stage during the Facebook F8 conference in San Francisco, California April 12, 2016. Reuters/Stephen Lam   A U.S. Senate committee launched an inquiry on Tuesday into how social media website Facebook selects its news stories after a report that company employees blocked news about conservative issues from its “trending” list.   The Senate Committee on Commerce, Science and Transportation asked Facebook […]

A 3D printed Android logo is seen in front of a displayed cyber code in this illustration taken March 22, 2016. Reuters/Dado Ruvic/Illustration/Files SAN FRANCISCO Oracle Corp and Google faced off on Tuesday in a $9 billion intellectual property retrial, with Oracle accusing Google of stealing programming to become the world’s leading smartphone player and Google saying it acted legally as a true innovator. Oracle claims Google’s […]

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An Uber car is seen parked with the driver’s lunch left on the dashboard in Venice, Los Angeles, California, United States July 15, 2015. Reuters/Lucy Nicholson   SAN FRANCISCO Drivers who worked for ride-hailing service Uber [UBER.UL] in California and Massachusetts over the past seven years would have been entitled to an estimated $730 million in expense reimbursements had they been employees rather than contractors, according to […]

The Uber logo is seen on a vehicle near Union Square in San Francisco, California, U.S. May 7, 2015. Reuters/Robert Galbraith/File Photo FRANKFURT Ride-hailing service Uber aims to launch its UberX service, which uses licensed professional drivers, in the German capital Berlin after failing to find enough drivers in some of the country’s other cities, Uber’s Germany chief Christian Freese told a newspaper. “We are planning to […]

In its ongoing effort to pursue enterprise markets, Apple announced yesterday that it is teaming up with SAP to develop iPhone and iPad apps for business users. As part of that partnership, the companies also plan to release a new software development kit (SDK) and launch a training academy to promote the building of native iOS apps for enterprises. Apple launched a similar partnership with IBM in […]

A man is seen near cyber code and the U.S. National Security Agency logo in this photo illustration taken in Sarajevo March 11, 2015. Reuters/Dado Ruvic SAN FRANCISCO Internet traffic to Wikipedia pages summarizing knowledge about terror groups and their tools plunged nearly 30 percent after revelations of widespread Web monitoring by the U.S. National Security Agency, suggesting that concerns about government snooping are hurting the ordinary […]

By RICK GLADSTONE April 25, 2016 Iran said on Monday that it would seek to sue the United States at the International Court of Justice at The Hague to prevent the distribution of nearly $2 billion in impounded assets from Iran’s central bank to compensate American victims of overseas attacks. Distribution of the impounded assets, which the United States Supreme Court validated in a decision last week, has enraged […]

UAE. End of Service Gratuity (Gratuity) is a statutory severance pay across most Middle Eastern jurisdictions and one which is conceptually analysed as akin to a retirement savings scheme or pension scheme. This article explores some of the common pitfalls and tricky issues which arise in relation to statutory Gratuity in the United Arab Emirates (UAE) under Federal Law No.8 of 1980 Regarding the Organisation of Labour […]

The Lexus NX is a vehicle of firsts for the luxury brand from Toyota. It was the first compact crossover from Lexus, the first with a turbocharged engine, and the first example of a more extreme design language. This new, aggressive exterior styling is now showing up on other Lexus models, like the new RX 350 F Sport we tested earlier this month. While some won’t like […]

DUBAI // A man wrecked the bowling centre where he worked, smashing windows, televisions and setting chairs on fire, when his employer refused to change his visa status, Dubai Criminal Court heard on Sunday. The 27-year-old Egyptian was working at Dubai Bowling Centre but only had a visit visa. When the manager refused to offer him a residency visa after a few months, he allegedly started tearing […]

DUBAI // A 22-year-old Emirati soldier is accused of raping an Ethiopian woman he claims was his girlfriend, while his friend is charged with attempting to rape her. The soldier denied rape at Dubai Criminal Court, telling judges that they were in a relationship and often had consensual sex. The Emirati co-accused, 20, denied attempted rape charge. Prosecutors said the incident occurred on November 29 last year […]

Details are pictured on the backside of an Apple Iphone 6 on a table in a restaurant in Hanau, Germany, April 10, 2016. Reuters/Kai Pfaffenbach NEW YORK The U.S. Justice Department on Friday dropped its effort to force Apple Inc (AAPL.O) to help unlock an iPhone in a drug case in New York after someone provided authorities the passcode to access the device. In a letter filed […]

|ARABIAN POST SPECIAL| The Ras Al Khaimah Offshore Centre was among the centres, along with London, Miami and Zurich, used by Mossack Fonseca, the little-known but powerful law firm based in Panama, that constitutes the core of the Panama Papers, which has rocked the world by revealing the offshore links some of the planet’s most prominent people used to hide wealth. Mossack Fonseca has branches in London, Beijing, Miami, […]

A globe-trotting American investment banker who’s built a career on deals with Russia and its state-run gas company, Carter Page says his business has suffered directly from the U.S. economic sanctions imposed after Russia’s escalating involvement in the Ukraine. When Donald Trump named him last week as one of his foreign-policy advisers, Page says his e-mail inbox filled up with positive notes from Russian contacts. “So many people who I know and […]

|By Matein Khalid| “Stop the murder, stop the lies, out, out, you nest of spies!” So chanted the crowd outside South Africa House on Trafalgar Square in the autumnal mists of London circa 1988. The anti-apartheid struggle was the moral compass of my generation, from the Soweto riots to Steve Biko’s murder to the horrific “necklacings in the townships and killing fields of the Limpopo to Madiba’s release […]

|By Matein Khalid| I was surprised by the dovishness of the Federal Reserve’s FOMC policy statement last week given the white hot US labour market and metrics of wage inflation. Hence the $29 rally in gold, the plunge in the Volatility Index to 15, the fall in the US dollar and the surge in oil/mining shares. The Yellen Fed is still worried about deflation risk in China, Europe […]

|By Alaa Alghamdi| Judicial rulings have shown that the calamitous and tragic events of September 11 were borne out of a relationship between Iran and Hezbollah and al-Qaeda. Will the coming days reveal a similar relationship with Daesh too? Hezbollah is widely known for its support of terrorism, for inciting sectarian strife in the Arab countries, and for the cooperation of its members with drug dealers in Europe, North and South America, Africa, as a means to finance multiple activities, ease the burden on the Iranian treasury offering them substantial financial support, in […]

|By Arabain Post Staff| Bank Sarasin-Alpen Middle East Limited, defending the region’s biggest financial mis-selling case has lost the first appeals against the record judgement of $70 million penalty awarded by the Court of the Dubai International Financial Centre (DIFC). Bank Sarasin and its DIFC subsidiary Sarasin-Alpin had filed an appeal against the liability finding which led to record damages being awarded against them. The liability appeal […]

|By Arabian Post Staff| Dubai won a huge moral victory when DP World, one of its prestigious companies, yesterday secured a favourable verdict in an English court in an ongoing legal battle with the Djibouti government over the concession to run a container terminal in the African country. The government of the East African country had launched arbitration proceedings in a London court as it alleged that […]

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