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EU seeks to plug holes in post-Brexit budget

Posted by on 18/02/2018
Filed under Business

EU seeks to plug holes in post-Brexit budget

EU seeks to plug holes in post-Brexit budget

Britain’s exit could leave a hole of $15-19 billion in budget BRUSSELS: EU leaders face difficult talks this week on the thorny issues of how to plug holes in the post-Brexit budget and choose a successor for European Commission chief Jean-Claude Juncker. A special one-day summit in Brussels on Friday of the 27 leaders without […]

Gulf Insurance Group announces KD 10.3m in net profit for 2017

Posted by on 18/02/2018
Filed under Business

Gulf Insurance Group announces KD 10.3m in net profit for 2017

Gulf Insurance Group announces KD 10.3m in net profit for 2017

Gross written premiums up 42.9 percent to KD 304.8 million   KUWAIT: Farqad Abdullah Al-Sane, Chairman of Gulf Insurance Group (GIG) announced yesterday that the Group achieved a net profit of KD 10.3 million ($34.1 million), or 57.48 fils per share for the financial year ended December 31, 2017, compared to KD 12 million ($39.8 […]

$1.8bn Punjab National Bank fraud ripples through India’s banks

Posted by on 18/02/2018
Filed under Business, Subcontinent, World

$1.8bn Punjab National Bank fraud ripples through India’s banks

$1.8bn Punjab National Bank fraud ripples through India’s banks

NEW DELHI/MUMBAI: Close on the heels of the arrest of two employees of Punjab National Bank, the state-run lender that has been the victim of a $1.77 billion fraud, India’s Income Tax department warned in an internal note seen by Reuters that domestic banks could take a hit of more than $3 billion from loans […]

KFH signs partnership agreement with KRCS as part of social role

Posted by on 18/02/2018
Filed under Business

KFH signs partnership agreement with KRCS as part of social role

KFH signs partnership agreement with KRCS as part of social role

Al-Sayer hails bank’s efforts in social responsibility KUWAIT: Kuwait Finance House (KFH) has signed a partnership and cooperation agreement with Kuwait Red Crescent Society (KRCS) as part of its social role in supporting the activities to serve societies and uphold humanity. This First-of-its-kind agreement at the level of banking sector in Kuwait affirms the bank’s […]

China vows to act against US trade curbs

Posted by on 17/02/2018
Filed under Business, Top Stories

China vows to act against US trade curbs

China vows to act against US trade curbs

Washington eyes hefty import tariffs on steel and aluminum industries BEIJING: China yesterday warned it would take necessary measures to protect its interests if the US imposes tough trade sanctions against its steel and aluminium exports. The US Commerce Department on Friday recommended imposing heavy tariffs on China and other countries to counter a global […]

Indian police arrest three in $1.8bn PNB fraud case

Posted by on 17/02/2018
Filed under Business, Subcontinent, World

Indian police arrest three in $1.8bn PNB fraud case

Indian police arrest three in $1.8bn PNB fraud case

NEW DELHI: India’s federal police arrested two employees at Punjab National Bank believed to be at the center of a staggering $1.77 billion fraud, a police source said yesterday, in the first arrests so far in the country’s biggest-ever bank scam. The arrests late on Friday come amid an intensifying probe involving various authorities after […]

Indian officials raid Nirav Modi’s offices

Posted by on 16/02/2018
Filed under Business, Subcontinent, World

Indian officials raid Nirav Modi’s offices

Indian officials raid Nirav Modi’s offices

PNB claims ability to recover from $1.77bn fraud MUMBAI/NEW DELHI: Indian investigators yesterday raided the premises of a billionaire jeweler accused of defrauding one of the country’s biggest banks. Enforcement Directorate (ED) officers searched the Mumbai offices of Nirav Modi after he was accused of cheating state-owned Punjab National Bank (PNB) of 2.8 billion rupees […]

IMF-CEF holds talks on inclusive development in Arab World

Posted by on 16/02/2018
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IMF-CEF holds talks on inclusive development in Arab World

IMF-CEF holds talks on inclusive development in Arab World

Symposium calls for action to achieve goals KUWAIT:The IMF Middle East Center for Economics and Finance in Kuwait, jointly with the Arab Fund for Economic and Social Development, held a high-level symposium that discussed economic policies to achieve inclusive development in the Arab world. The IMF Middle East Center for Economics and Finance (CEF) in […]

How Indian lender fell victim to country’s biggest bank fraud

Posted by on 16/02/2018
Filed under Business, Subcontinent, Top Stories, World

How Indian lender fell victim to country’s biggest bank fraud

How Indian lender fell victim to country’s biggest bank fraud

MUMBAI: India’s Punjab National Bank , the second-biggest state-run lender, stunned the country’s financial sector when it announced this week it had discovered fraudulent transactions worth $1.77 billion at a single branch in Mumbai. The fraud, by far the biggest ever detected by an Indian bank, comes to light at a time when lenders – […]

Airbus profits take off despite new charge on A400M plane

Posted by on 16/02/2018
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Airbus profits take off despite new charge on A400M plane

Airbus profits take off despite new charge on A400M plane

Aircraft maker’s net profit nearly tripled to 2.87bn euros in 2017 TOULOUSE, France: Airbus said yesterday that record deliveries, windfall gains from divestments and favorable exchange rates enabled profits to lift off last year, even though it booked a “substantial” new charge on its troubled A400M military transporter plane. The European aircraft maker said in […]

US mulls tariffs on steel, aluminum imports

Posted by on 14/02/2018
Filed under Business, Top Stories

US mulls tariffs on steel, aluminum imports

US mulls tariffs on steel, aluminum imports

China warns Trump trade sanctions threaten global economy WASHINGTON: US President Donald Trump said on Tuesday he was considering a range of options to address steel and aluminum imports that he said were unfairly hurting US producers, including tariffs and quotas. Trump’s comments – his strongest signal in months that he will take at least […]

Global supports Yargici in franchising its lifestyle retail brand into Saudi, Kuwait

Posted by on 14/02/2018
Filed under Business

Global supports Yargici in franchising its lifestyle retail brand into Saudi, Kuwait

Global supports Yargici in franchising its lifestyle retail brand into Saudi, Kuwait

After years of robust growth within Turkish market KUWAIT: Global Investment House (Global), a regional asset management and investment banking firm headquartered in Kuwait, with offices in major capital markets in the MENA region, announced yesterday that Yargici Konfeksiyon Ihracat ve Ticaret A S (Yargici), one of the leading women fashion retail brands in Turkey […]

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