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Shares in Standard Chartered plunged more than 20 per cent this morning following accusations the bank 'schemed' with Iran to launder £161billion. The huge drop comes after shares in the bank fell six per cent before markets closed on Monday afternoon. The British-based global institution could lose its US licence after...
As Europe battles its never-ending debt crisis, Turkey, with its flourishing economy, is increasingly attracting the attention of German companies, as well as German-born Turks in search of a job. The Turkish economy is the envy of the crisis-wracked eurozone: its gross domestic product (GDP) has expanded by an annual...
US investment in China may continue to drop, but not by large amounts, a commerce official predicted. "China is not worried about the massive transfer of factories by multinational companies to neighboring countries as the quality of foreign investment will improve," Zhang Xiangchen, director of the Department of Policy Research...
KARACHI: Pakistanis are abandoning much-publicised mango exports to the United States after just a year because American requirements made profit margins too narrow, members of the industry said Monday. In 2011, Pakistani growers exported five tons of the country’s signature fruit to the United States and had hoped for a...
MORE women than men are enrolling at university, but female graduates are paid less when they enter the workforce, new research shows. The wage difference is particularly clear at higher levels of qualification, something not seen in many other developed nations. The Australian Centre for Educational Research briefing found that...
Abu Dhabi // Simon R Pinto first knew something was wrong when his wife called him from India. "What you are doing in the UAE? A man has come to our house and threatened severe consequences if you do not pay the bank," she said. A few days later, his...
ABU DHABI // Scores of luxury cars and sports utility vehiclesAccording to the airport's website, vehicles should be left there for no more than three days. And few would choose to with parking costing Dh240 a day. But many of the cars have clearly been there for months - long...
DUBAI // The launch of the country's first domestic airline, which was originally scheduled for the beginning of January, has been delayed further.Fujairah-based Eastern Express was initially billed as offering flights between Fujairah and Abu Dhabi. However, the General Civil Aviation Authority threw those plans into question earlier this year...
The Royal Bank of Scotland, which is backed by taxpayers, also revealed that a further £135million will be needed to cover the cost of mis-selling payment protection insurance, while another £50million charge relates to mis-selling interest rate swaps to small businesses. In all, it means a total of £310million has...
Manufacturing activity increased in July, albeit at the slowest rate in eight months, while another gauge, focusing more on small and medium-sized enterprises, recorded the largest increase in nearly two years. The two readings suggest a stabilization, and analysts expect the economy to pick up in the next five months. The...
The U.S. Senate Committee on Commerce, Science, and Transportation held a hearing Wednesday afternoon about the potential effects of passing the Marketplace Fairness Act (MFA). The MFA, first introduced by Sen. Michael Enzi (R-Wyo.) in November, will close what the senator frequently deems a “tax loophole.” Yet many members of...
The Corruption Eradiction Commission (KPK), is currently investigating a scandal surrounding a resource-based company in Buol, Sulawesi, which implicates a number of company executives. The company, according to the KPK, was seeking a permit to extend its operations in oder to compete with another resource-based company owned by a celebrated...
POLICE and Air Canada are investigating after a passenger on a domestic flight found a needle in a catered sandwich, the airline said. "A passenger indicated that he found what appeared to be a sewing needle in a sandwich prepared in advance for the flight,'' airline spokesman John Reber told...
Chinese investment in the United States is expected to hit a record high this year, thanks largely to big-ticket items, according to a report from the Rhodium Group, a New York-based organization that analyzes global trends. Chinese foreign direct investment, or outbound FDI, in the US reached $3.6 billion in...
KUWAIT: Toyota Motor Corporation’s & MNSS Kuwait has announced the launch of the all-new 2013 Lexus ES lineup including the ES 350 and ES 250. Featuring a progressive new design and enhanced handling, the 2013 ES sedan range is set to continue as a favorite of luxury car buyers...
Facebook’s shares plunged a further 12 per cent on Friday, closing trading at 23.70 dollars as investors worried the company would not be able to meet the earnings growth needed to justify its lofty stock price. The share plunge followed the company’s first earnings report as a public company, in...
Seeking to improve its touch technology, security, its patents portfolio or perhaps all of the above, Apple has purchased AuthenTec Inc., a fingerprint-authentication products maker, for $356 million in cash, according to an SEC filing. The acquisition is the second biggest purchase ever made by Apple and offers AuthenTec's stockholders...
Samsung Electronics posted a record operating profit of 6.72 trillion won in the second quarter, up 79 percent from a year ago, on the back of stellar smartphones sales. The technology giant said that its second quarter sales also rose by 21 percent to an all-time high of 47.6 trillion...
More than 1.1 million people came to stay in the capital in the past six months, 14 per cent more than in the same period last year, according to the Government. The increase was led by Chinese visitors, the number of whom grew by 84 per cent even as the...
Facebook shares slumped to a new record low last night, after admitting it could not forecast when it will start to make the big profits investors have been hoping for. The social network's first set of financial results as a public company turned out to be lacklustre at best, and...
Bent over strips of blotting paper, senses primed and notebooks in hand: This is how generations of “noses” have honed their art at the world-famous Givaudan perfumery school near Paris. Fully one third of all fine fragrances created worldwide owe their existence to alumni of the school, which has been...
An across-the-board drop in construction, production and services dragged the economy deeper into double-dip recession in the second quarter and put Britain at risk of suffering its third annual decline in output in the past five years. City analysts said that without a surge in the second half of the...
AFP - The world's wealthiest individuals have stashed $21-trillion worth of assets in offshore tax havens, equivalent to the combined GDPs of the United States and Japan, a tax-transparency report said on Sunday. The report commissioned by campaign group Tax Justice Network drew data from a wide range of sources...
Facebook is expected to post losses when it declares its first quarterly earnings this week since going public. The technology giant's disappointing performance follows on from one of the most closely watched initial public offerings of all time in May. Since being launched, however, Facebook shares have fallen in value and...
LivingSocial has launched an online e-commerce store in the United States having successfully trialled the concept across the UAE last year. The LivingSocial Shop will sell, at discounted prices, an eclectic mix of products that will usually incorporate a specific theme, such as beachwear or back-to-school merchandise. The concept was trialled...
Trade frictions between two major economies may increase: Analysts China is launching an investigation into imported US polysilicon used in solar panels, the Ministry of Commerce announced on Friday. The probe relates to anti-subsidy and anti-dumping regulations, experts said, and will be seen as the latest sign of intensified trade frictions...
MADRID - Spain's heavily indebted eastern region of Valencia said on Friday it would need financial help from Madrid, spooking financial markets and complicating central government efforts to stave off a full-blown sovereign bailout. On a tumultuous afternoon, the government also cut its economic forecast for 2013, indicating the country...
ETIHAD Airways says it has received the all clear to double its stake in Virgin Australia to 10 per cent. The Middle East carrier acquired a 4.99 per cent equity stake in Virgin Australia earlier this year. Etihad, which has a 10-year partnership with Virgin, says the Foreign Investment Review Board...
IT could be the perfect time to book that holiday to Europe, with the Australian dollar hitting an all-time high against the euro. The dollar hit 0.8456 euro cents this afternoon - the highest since the European currency began trading in 1999. For roughly $3000 today you’ll bank $2537 euro, compared...
SAN FRANCISCO—EBay-owned online financial transactions titan PayPal on Tuesday announced that it has bought a San Francisco startup focused on using smartphone cameras to take credit card payments. PayPal has worked with Card.io to fold its technology into its own mobile application and decided to buy the company, according to...