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File photo shows Amazon and Blue Origin founder Jeff Bezos addressing the media about the New Shepard rocket booster and Crew Capsule mockup at the 33rd Space Symposium in Colorado Springs, Colorado, United States. Apple Inc and Amazon denied a Bloomberg report on Thursday that their systems contained malicious computer chips inserted by Chinese intelligence. — Reuters
Apple, Amazon deny Bloomberg report on Chinese hardware attack
LONDON — Apple Inc and Amazon denied a Bloomberg report on Thursday that their systems contained malicious computer chips inserted by Chinese intelligence, statements from the tech companies released separately by Bloomberg showed. Bloomberg Businessweek cited 17 unnamed intelligence and company sources as saying that Chinese spies had placed computer chips inside equipment used by around 30 companies, as well as multiple US government agencies, which would give Beijing secret access to internal networks. Reuters was unable to reach Apple, Amazon or representatives with the FBI, Dept of Homeland Security Agency and National Security Agency for comment. China's Ministry of Foreign Affairs did not immediately respond to a written request for comment on Thursday. Beijing has...
October 04, 2018

Apple, Amazon deny Bloomberg report on Chinese hardware attack

FIle photo shows a Nissan logo at a car dealership in Sunderland, Britain. — Reuters
Nissan, RBS join chorus of warnings over disorderly Brexit
LONDON — Japanese carmaker Nissan and Royal Bank of Scotland (RBS) have became the latest companies to warn about damage to the economy if Britain fails to secure a trade deal before leaving the European Union. Less than six months before Britain is due to exit the bloc, Prime Minister Theresa May has yet to find a proposal for economic ties that pleases EU negotiators and both sides of her divided Conservative party. The government has stepped up planning for a so-called no-deal Brexit when the world's fifth-largest economy leaves the EU on March 29, 2019, a step that could spook financial markets and dislocate trade flows across Europe and beyond. Nissan, which operates the country's largest automotive factory, said leaving without a deal would have "serious...
October 04, 2018

Nissan, RBS join chorus of warnings over disorderly Brexit

Indians wait to fill petrol at a filling station as India Finance Minister Arun Jaitley announced cut in the retail prices of gasoline and diesel fuel by 2.50 rupees ($0.034) per liter on Thursday.
India cuts gasoline, diesel prices to offset oil rise, rupee losses: Jaitley
NEW DELHI — India cut the retail prices of gasoline and diesel fuel by 2.50 rupees ($0.034) per liter, Finance Minister Arun Jaitley said on Thursday, the government's latest step to tackle a sharp hike in crude oil prices and the impact of a weak Indian rupee. The cut is a result of a reduction in the excise duty of 1.50 rupees per liter with oil marketing companies taking a revenue hit of 1 rupee per liter, he said. Jaitley also asked state governments to cut the value added tax on fuel by a further 2.50 rupees per liter. "I hope all state governments do this, and they announce this so that consumers benefit by 5 rupees," he told reporters. The Nifty Energy Index fell 6.14 percent lower on Thursday in reaction to the news. Shares in Indian Oil Corp, the country's...
October 04, 2018

India cuts gasoline, diesel prices to offset oil rise, rupee losses: Jaitley

International Monetary Fund (IMF) managing director Christine Lagarde speaks during a press conference in Tokyo on Thursday.  — AFP
IMF chief urges 'revamp' of Japan economic policy
TOKYO — The head of the IMF Thursday called for an overhaul of Japan's economic policy, as the world's third-biggest economy battles stubborn low inflation, sluggish growth and a rapidly ageing population. Christine Lagarde called for a "fresh look" at "Abenomics", the economic policy of Prime Minister Shinzo Abe, which combines ultra-loose monetary policy with fiscal stimulus and structural reforms. "We believe that it will require a revamping of policies. The basic principles in our view are still valid but need to be broadened, sustained and accelerated," said Lagarde. She warned that the economic challenges facing Japan will "only grow as Japan's population continues to age and shrink," noting that both the size of the economy...
October 04, 2018

IMF chief urges 'revamp' of Japan economic policy

This picture shows a general view of the 'Danske Bank' in Copenhagen, Denmark. Danske Bank said Thursday it was being investigated by the US Department of Justice over possible money laundering related to more than $200 billion transferred through the Danish lender's Estonian branch. — AFP
Danske Bank says US probing money laundering claims
COPENHAGEN — Danske Bank said Thursday it was being investigated by the US Department of Justice over possible money laundering related to more than $200 billion transferred through the Danish lender's Estonian branch. Denmark's largest lender is at the center of a storm of controversy and several inquiries after it said "a large part" of transactions totaling 200 billion euros ($235 billion) at its Estonian branch between 2007 and 2015 were "suspicious". "Danske Bank has also now received requests for information from the US Department of Justice (DOJ) in connection with a criminal investigation relating to the bank's Estonian branch conducted by the DOJ," the bank said. "We are cooperating with the authorities investigating us as a...
October 04, 2018

Danske Bank says US probing money laundering claims

ICICI Bank's Chief Executive Officer Chanda Kochhar listens to a speaker at a news conference in Mumbai, India, in this file photo. — Reuters
India bank chief Kochhar steps down amid probe
MUMBAI — The chief executive of one of India's largest banks, and a rare woman at the top of male-dominated corporate India, resigned on Thursday amid a favoritism probe. ICICI — India's second-largest private bank by assets — said in a statement that Chanda Kochhar was immediately stepping down as CEO. She has been the subject of an investigation over a conflict of interests, facing charges that she favored loans to a company linked to her husband. "The board of directors... accepted the request of Ms Chanda Kochhar to seek early retirement from the Bank at the earliest. "The Board accepted this request with immediate effect," ICICI said in a filing to the Bombay Stock Exchange. The bank announced that head of its insurance operations, Sandeep Bakhshi,...
October 04, 2018

India bank chief Kochhar steps down amid probe

4th Middle East Safety Summit winds up with 5 accords signed
RIYADH — The two-day Fourth Middle East Safety Summit, which is organized by the General Authority of Civil Aviation (GACA), in collaboration with the International Civil Aviation Organization (ICAO), concluded Wednesday in Riyadh, and achieved the signing of five agreements in the field of civil aviation.The Minister of Transport and Chairman of GACA Dr. Nabil Al-Amoudi signed two air services agreements that was approved by the Council of Ministers with the governments of the Federal Republic of Somalia and the United Comoros Republic. The agreements guarantees the rights granted to both parties, which includes clauses related to aviation safety and security, agreed upon routes rights, commercial opportunities, marketing alliances and other clauses.Furthermore, President of GACA...
October 03, 2018

4th Middle East Safety Summit winds up with 5 accords signed




Khalid Al Rumaihi
Bahrain introduces 4 new laws to boost investment
MANAMA – Bahrain continues to enhance its investment ecosystem by implementing four new laws which have been officially issued by King Hamad bin Isa Al Khalifa. The laws address a range of issues and will have a particularly strong impact on the Kingdom’s economy and its growing startup ecosystem.The laws come as part of a wider development effort, designed to create new opportunities for investors looking to access the $1.5tn GCC economy. Government initiatives implemented in recent years have helped spur strong growth in FDI. Bahrain EDB attracted a record $810m of investment during the first nine months of the year compared to $733m in 2017 as a whole.The four laws set to be implemented in the coming months are:• Personal Data Protection Law – Bahrain will introduce a...
October 03, 2018

Bahrain introduces 4 new laws to boost investment

Fatima Al Sakkaf
UAE eyes investment law to attract expatriates
DUBAI — As UAE developers unveiled another raft of projects at Cityscape Global this week, a legal expert said more of the new homes will be snapped up by expatriates encouraged to stay longer in the country by changes to company ownership and visa rules.Plans to introduce an investment law allowing 100 per cent foreign ownership this year, as well as a new 10-year visa for international investors and talented professionals, were announced by the UAE cabinet in May.“There is a growing interest both from investors around the world and expatriate professionals in many sectors who are anxiously awaiting the government’s draft regulations,” said Zisha Rizvi, Partner at STA Law Firm.“One thing that is certain is that the new visa rules will change the trend for the UAE’s...
October 03, 2018

UAE eyes investment law to attract expatriates

APICORP sets sights on $574 billion new development
DAMMAM – The Arab Petroleum Investments Corporation (APICORP), the multilateral development bank focused on the energy sector, participated in the 11th Arab Energy Conference being held in Marrakech, Morocco. At the conference’s Third Ministerial Session held last Tuesday, APICORP’s Chief Executive Officer Dr Ahmed Ali Attiga presented the findings of the corporation’s most recent report on the investment outlook for the MENA Energy Industry. The agenda of the Third Ministerial Session was “Investment Requirements in the Arab Energy Sector.”The report forecast that the MENA region will see a number of critical energy projects pushed through over the next five years, despite the uncertain geopolitical backdrop. Around $345bn has been committed to projects under execution while...
October 03, 2018

APICORP sets sights on $574 billion new development

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