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Banker fined $58 million for smuggling Picasso painting out of Spain

MADRID: An 83-year-old former Spanish bank chairman was fined 52 million euros ($58 million) on Thursday after being convicted of smuggling a Pablo Picasso painting abroad after it was designated a national treasure. Jaime Botin, 83, ex-chairman of Bankinter, was also given an 18-month prison term but he is unlikely to serve it due to his advanced age and his ... Read More »

ÁKK sells HUF 40 billion of bonds at switch auction

The Government Debt Management Agency (ÁKK) sold HUF 40 billion of bonds maturing in 2026 and 2031, accepting ones expiring in 2022 as payment at a switch auction state news wire MTI reports. ÁKK sold HUF 20 bln of 2026/D bonds for 2022/A ones, in line with its original offer. Demand by primary dealers came to HUF 35.55 bln for ... Read More »

Oman crude oil price continues to hold steady around $65 per barrel

Muscat: The price of Oman crude oil continue to hover around $65 per barrel, according to the Dubai Mercantile Exchange. According to a statement from DME, “The marker price on January 15 for March 2020’s Oman crude oil futures contract (OQD) is $65.23, with a change of $0.05.” The price of Oman crude had stayed around the same on January ... Read More »

Mega Bank’s financial literacy programme

KATHMANDU: Mega Bank has conducted a financial literacy programme for the Nepali Army in Surkhet district. The one-day training was conducted by Mega Bank’s Manager of Surkhet Branch Bikram Thapa, wherein he discussed secured savings, how to invest in productive sectors, family budget, risk reduction, along with various savings and credit schemes of the bank, as per a media release. ... Read More »

Proposed Kuwait metro to stretch over 160 kms, host 68 stations

Kuwait’s Public Authority for Roads and Transport (PART), announced its plans for new construction projects that include features of the to-be-constructed metro project, Kuwait Times reported. The metropolitan rapid transit system project (KMRT) is to be built across five phases, and will spread over 160 kilometers, with 68 stations along three lines, according to the plan, a statement said. The ... Read More »

Institute of Internal Auditors hold workshop on ‘systems thinking’

The Institute of the Internal Auditors (IIA), Doha Chapter, conducted a workshop on “Systems thinking: The power of data-driven organisation” at Hotel Oryx Rotana Doha recently. Systems thinking is a holistic approach to analysis that focuses on the way that a system’s constituent parts interrelate and how systems work overtime and within the context of larger systems. Dr Hisham Abu-Naba’a, ... Read More »

Iraq a “Potentially Vulnerable” Energy Supplier

The International Energy Agency (IEA) has warned that Iraq is a “potentially vulnerable” energy supplier. In its Oil Market Report, it says that in the medium term, “heightened security concerns might make it more difficult for Iraq to build production capacity“. Read More »

Payout for Musk as Tesla value tops $100 billion

Tesla’s market value hit $100 billion for the first time triggering a payout plan that could be worth billions for Elon Musk, founder and chief of the electric carmaker. Shares in Tesla rose some 6 per cent in early trade to lift the value of the fast-growing maker of electric vehicles to around $105 billion. Under a compensation plan approved ... Read More »

Afghan Parliament Approves 2020 Fiscal Year’s Budget

The Afghan parliament approved the coming fiscal year’s budget plan. It gained a majority of votes just ahead of the winter recess. The budget totals 428 billion Afghanis, with 289 billion Afghanis allocated for the “ordinary” budget and 139 billion Afghanis for development. The budget plan was previously rejected by the MPs who asked the Finance Ministry to bring balance ... Read More »

Taiwan’s minister of economic affairs discloses priorities

TAIPEI: Minister of Economic Affairs Shen Jong-chin (沈榮津) said that his work priorities for this year are to facilitate investment by reshoring Taiwanese businesses and to increase job opportunities for the people, CNA reported. The total investment in Taiwan by reshoring businesses has reached NT$800 billion (about US$26.5 billion), the minister noted. Speaking to Taiwan’s industrial strength, Shen said that ... Read More »

Portugal mandates banks for new 10-year bond sale – lead manager

Portugal will launch a new 10-year benchmark government bond via a syndicate of banks in the near future, market conditions permitting, a lead manager said on Tuesday. The sovereign has mandated Citi, Deutsche Bank, Goldman Sachs, HSBC, J.P. Morgan and Novo Banco to lead manage the sale of the new 10-year Portuguese government bond maturing on 18 October 2030, one ... Read More »

Polish border guards detain two Ukrainians for amber smuggling

Poland’s border guards have detained two Ukrainian citizens who attempted to smuggle a large batch of amber into Poland. More than 103 kilograms of amber worth about EUR 50,000 and 4,000 packs of cigarettes worth EUR 13,000 have been seized, the Ukrainian-language service of Germany’s Deutsche Welle (DW) wrote on December 14, referring to the Polish Border Guard. Perpetrators, who ... Read More »

Vietnamese currency under bigger pressure in 2020

HÀ NỘI After being relatively stable last year, the foreign exchange rate of the Vietnamese đồng against the US dollar is forecast to be under greater pressure in 2020 due to both internal and external headwinds. Finance expert Nguyễn Trí Hiếu told Việt Nam News that pressure on the exchange rate would be bigger this year as a greenback supply ... Read More »

Kiev wants to speak to Germany, France about shooting in east Ukraine

KIEV: Ukraine wants to speak to Germany and France about an increase in shooting in the east of the country, Foreign Minister Vadym Prystaiko said on Monday. Two Ukrainian soldiers were killed and 10 were wounded at the weekend in the eastern Donbass region, where fighting between Russia-backed separatist fighters and Ukraine’s armed forces began in 2014. The separatists did ... Read More »

SoftBank offers to invest up to $40bn in Indonesia’s new capital

JAKARTA: Japan’s SoftBank Group has offered to invest between US$30 billion and $40 billion in the development of the new Indonesian capital on Borneo Island, a close aide of President Joko “Jokowi” Widodo said Friday. In a meeting last week with Jokowi, SoftBank chief executive officer Masayoshi Son expressed interest in participating in the development of the yet-to-be-named capital and ... Read More »

A top German carrier picks Huawei to help build its 5G network in potential snub to the US

Telefonica Deutschland, one of Germany’s top mobile carriers, has picked Huawei and Nokia to build out its 5G network. 5G refers to next-generation mobile networks that promise super-fast data speeds and low latency — a short amount of time between the data being summoned and it reaching its destination. The move is a potential snub to the U.S. government which ... Read More »

Belgian Companies In Las Vegas

Among others, the Flemish contingent includes MoNoA, a product that raises your body temperature and analyses your movements to gauge your stress levels. You simply attach it to your watch or bracelet. By anticipating stress-related symptoms, it optimises well-being. The product is much more than a simple gadget, as Stijn Bogaerts explains: “For people with disabilities who are not always ... Read More »

Trivago hit with 18 Commerce Commission complaints

The Commerce Commission says it has received 18 complaints about hotel comparison website Trivago. Trivago, part-owned by US-based Expedia, has been found guilty of misleading and deceptive conduct by Australia’s Federal Court for suggesting that top-listed prices on properties advertised on its site were the best. But hotels were instead found to have been ranked based on commission. “Trivago’s hotel ... Read More »

Korean in net for smuggling 4.5kg of gold

A 32-year-old Korean national was arrested by the Department of Revenue Intelligence (DRI), an anti-smuggling wing of the customs department at the Jaipur airport with an illegal possession of 4.5 kg of gold in biscuit form. The price of the gold seized from the possession of the tourist worth nearly 1.85 crore in the international market. This is first ever ... Read More »

Two excise men held for booze smuggling links

PATNA: In a first-of-its-kind case since prohibition was imposed in the state, two excise officials have been arrested for links with liquor smugglers in Saharsa. Excise inspector Mohammad Faiyyaz Ahmed and assistant sub-inspector Virendra Pathak posted in Saharsa were arrested on Wednesday, while their district superintendent Mohammad Ashraf Jamal is absconding. “The inspector and ASI were called at the police ... Read More »