Tuesday, 17 September 2019

Business

Swedbank shares fall further as money laundering worries persist

STOCKHOLM: Swedbank’s shares opened 4 percent lower on Thursday, adding to heavy losses from a day earlier when a report linked one of the biggest lender in the Baltic countries to a regional money laundering scandal involving Danske Bank. Danske is being investigated in five markets over some 200 billion ...

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Billionaire Ambani risks jail over missed Ericsson payments

NEW DELHI: India’s top court said Indian industrialist and chairman of Reliance Communications (RCom) Anil Ambani wilfully did not pay 77.3 million U.S. dollars to Swedish telecom equipment maker Ericsson, thereby holding him guilty of contempt in a case, officials said. “RCom had no intention to abide with the undertakings. ...

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U.S. dollar falls amid rising sterling

FILE PHOTO: Bundles of banknotes of U.S. Dollar are pictured at a currency exchange shop in Ciudad Juarez, Mexico, January 15, 2018. REUTERS/Jose Luis Gonzalez/File Photo

NEW YORK: U.S. dollar fell on Monday, as investors’ growing optimism on US-China trade relations cut back on the greenback’s safe-haven demand. In late New York trading, the euro was up to 1.1312 U.S. dollars from 1.1295 dollars in the previous session. The Australian dollar fell to 0.7130 dollar from ...

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Lloyds bank 2018 profit jumps by more than a quarter

LONDON: Britain’s Lloyds Banking Group announced surging 2018 profits on Wednesday on lower mis-selling costs and the “resilient” UK economy – despite looming uncertainty over Brexit. Earnings after taxation, or net profit, soared 27 percent to £3.87 billion ($5.02 billion, 4.43 billion euros) last year, compared with £3.04 billion in ...

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Samsung bends over backwards to rev smartphone desire

SAN FRANCISCO: Samsung on Wednesday is expected to unveil new flagship smartphones including one with a screen that can fold closed like a book as it seeks to boost the moribund market. Much of what is in store at a Galaxy Unpacked event that the South Korean consumer electronics giant ...

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Huawei founder: We will shift our investment from the US to the UK

LONDON: BEIJING: The founder of Huawei commented on the arrest of his daughter, Meng Wanzhou, Huawei chief financial officer, noting that he believes that arrest was politically motivated. In his first international broadcast interview since his daughter arrest, Ren accused the US of forcing other countries into the campaign against Huawei. “There’s no way ...

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HSBC pre-tax profit up 16pc at $19.9bn in 2018

HONG KONG: Banking giant HSBC said on Tuesday that pre-tax profit rose 16 percent to $19.9 billion last year with growth across its global businesses despite a “challenging external environment in the fourth quarter”. Adjusted pre-tax profit also rose 3 percent year-on-year to $21.7 billion following the appointment of new ...

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Porsche warns of Brexit price hike on UK cars

LONDON: Porsche customers in the UK should brace for a price hike of up to 10 percent in case of a hard Brexit, the luxury German carmaker warned Monday. The company said it had taken the “precautionary step” of informing customers whose cars are due to be delivered after March ...

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Saudi crown prince signs $20 billion in agreements with Pakistan

ISLAMABAD: Pakistan and Saudi Arabia usher in a new era of bilateral relationship by signing investment deals worth more than $20 billion during visit of Saudi Crown Prince Mohammed bin Salman, who arrived in Islamabad on Sunday. The unprecedented Saudi investment is seen as a ‘game changer’ and major boost ...

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Apple to introduce a foldable mobile phone

LONDON: Taking a cue from Samsung, Apple is working to launch a phone that folds. A new patent filed by the Cupertino, California based iPhone maker, is all set to introduce the phone that it describes as ‘the purported device with a flexible display that enables it to fold in ...

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