Category: INTERNATIONAL
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As yuan weakens, Chinese rush to open foreign currency accounts
Zhang Yuting lives and works in Shanghai, has only visited the United States once, and rarely needs to use foreign currency. But that hasn’t stopped the 29-year-old accountant from putting a slice of her bank savings into the greenback. She is not alone. In the first 11 months of 2016, official figures show that foreign currency…
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Apple to appeal EU tax ruling this week, says it was a ‘convenient target’
Apple (AAPL.O) will launch a legal challenge this week to a record $14 billion EU tax demand, arguing that EU regulators ignored tax experts and corporate law and deliberately picked a method to maximize the penalty, senior executives said. Apple’s combative stand underlines its anger with the European Commission, which said on Aug. 30 the…
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Algeria, Saudi Arabia Sign MoU On Trade Cooperation
Algeria and Saudi Arabia signed Tuesday, in Riyadh, a memorandum of understanding in trade cooperation as part of the official visit paid by Prime Minister Abdelmalek Sellal to Saudi Arabia. This agreement was signed, on the Algerian side, by Minister of Maghreb Affairs, African Union and Arab League Abdelkader Messahel and Minister of Commerce and…
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US charges Nigerian with role in cyber scam targeting thousands
A Nigerian man is facing U.S. charges that he participated in scams targeting thousands of victims globally in which company executives or vendors were impersonated in emails directing employees to make large wire transfers. David Chukwuneke Adindu, 29, pleaded not guilty in Manhattan federal court on Wednesday to charges including wire fraud, prosecutors said, more…
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Mozambique bails out major bank to save banking system
Mozambique’s central bank has bailed out the country’s fourth largest commercial lender in a move it said was needed to prevent the failure of its banking system. The African country has been grappling with a liquidity crunch, exacerbated by the International Monetary Fund and foreign donors cutting off support over loans that were not approved…
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UK’s RPC Group to acquire S.A’s Astrapak for $98mln
RPC Group Plc, an international design and engineering company of plastic products for both packaging and non-packaging markets plans to acquire Astrapak for R 1,370 million (£79 million)1 on a cash-free, debt-free basis, is equivalent to an enterprise value to underlying EBITDA FY16A multiple of approximately 6.3 times . Listed on the Johannesburg Stock Exchange, Astrapak…
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South Africa:Fed hikes rates, warns of 3 more to come in 2017, rand dives
Federal Reserve officials, amid signs that the U.S. economy soon could shed its long period of stagnation, approved the first interest rate hike in a year Wednesday and said it foresees three more increases next year. The stock market reacted calmly, while bond yields and the dollar rose. The yield on 2-year Treasurys hit its highest level…
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Asia stocks, currencies wobble as Fed flags more hikes
Asian shares and currencies softened on Thursday after the Federal Reserve raised rates for the first time in a year and hinted at the risk of a faster pace of tightening than investors were positioned for. Yields on short-term U.S. debt surged to the highest since 2009, sending the dollar to peaks not seen in…
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Yahoo says one billion accounts exposed in newly discovered security breach
Yahoo Inc warned on Wednesday that it had uncovered yet another massive cyber attack, saying data from more than 1 billion user accounts was compromised in August 2013, making it the largest breach in history. The number of affected accounts was double the number implicated in a 2014 breach that the internet company disclosed in…
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China extends tax cut for small-engine vehicles by a year
China extended a tax cut on small-engine vehicles by one year on Thursday, a move industry executives said would help keep demand for automobiles stable and prevent sharp short-term fluctuations in the world’s biggest auto market. China’s Ministry of Finance said on its official website the tax rate on small-engine vehicles, currently at 5 percent,…