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Russia tells Washington curbs on its banks would be act of economic war

MOSCOW: Russia warned the United States on Friday it would regard any US move to curb the activities of its banks as a declaration of economic war which it would retaliate against, stepping up a war of words with Washington over spiralling sanctions. The warning, from Prime Minister Dmitry Medvedev, reflects Russian fears over the impact of new restrictions on its economy and assets, including the rouble which has lost nearly six percent of its value this week on sanctions jitters. Economists expect the economy to grow…

Facebook in talks with banks to expand customer service

Facebook Inc said on Monday it is in talks to deepen links with banks and financial institutions, saying it can help the firms improve their customer service. The social media company said users of financial firms such as PayPal (PYPL.O), Citibank (C.N) and American Express (AXP.N) could link their financial accounts with Facebook’s Messenger and chat with a customer service representative. The Wall Street Journal had reported here that Facebook had asked banks to share detailed financial information about their…

Tax collection- Banks to observe extended working hours on June 29, 30

ISLAMABAD: All banks  are directed to keep the counters open conducting government banking until 8pm on June 29, 2018 in order to receive government payments including taxes. All field offices of the Federal Board of Revenue (FBR) will remain open and observe extended working hours till 8:00pm on June 29 (Friday) and till 10:00pm on June 30 (Saturday) for collection of duties and taxes. The Chief Collectors of Customs will liaise with the State Bank of Pakistan, National Bank of Pakistan and other scheduled commercial…

Malaysia to seek return of 1MDB money from banks, political parties

KUALA LUMPUR: Malaysia intends to recover all funds illicitly taken from 1Malaysia Development Berhad (1MDB), and determine whether there are grounds for claims against companies, including Goldman Sachs, that profited from dealing with the beleaguered state fund. Finance Minister Lim Guan Eng told Reuters in an interview on Thursday that a plan was “on the table” to ask all individuals and political parties to return money that came from 1MDB, which was allegedly used as a slush fund by former prime minister Najib Razak.…

Banks to deduct Zakat today

KARACHI: The State Bank of Pakistan will remain closed for public dealings on 1st Ramazan-ul-Mubarak 1439 A.H.(today), which being observed as ‘Bank Holiday’ for the purpose of deduction of Zakat. All banks/Development Finance Institutions (DFIs)/Mircofinance Bank (MFBs) shall, therefore, remain closed for public dealing on 1st Ramadan-ul-Mubarak 1439 A.H. However, all employees of the banks/DFIs/MFBs will attend the office on Bank Holiday treating it as normal working day (except for public dealings). Meanwhile, the…

Banks complete 25 million euros securities transaction on blockchain platform

NEW YORK: Credit Suisse Group AG and ING Groep NV have completed a 25 million euros (22.2 million pounds) securities lending transaction using blockchain-based software, the companies said on Thursday, as more projects involving the nascent technology behind cryptocurrencies get closer to yielding results. The transaction involved the banks swapping baskets of securities through an application from financial technology company HQLAx built with a type of blockchain created by bank consortium R3, the companies said. The…

US slaps sanctions on eight North Korean banks, 26 executives

WASHINGTON: The US imposed sanctions on eight North Korean banks and 26 executives on Tuesday, ratcheting up pressure on the country amid increasingly bellicose exchanges with Pyongyang over its nuclear programme. "This further advances our strategy to fully isolate North Korea in order to achieve our broader objectives of a peaceful and denuclearized Korean peninsula," US Treasury Secretary Steven Mnuchin said in a statement. Tuesday's announcement compounded economic sanctions which the United Nations unanimously…

Chinese banks halt transactions for North Koreans

BEIJING: Branches of China's biggest banks have suspended financial transactions for North Koreans, employees told AFP, suggesting that Beijing has pursued stronger measures against its nuclear-armed ally than previously thought. Staff at branches in Beijing and the border city of Yanji -- a major trade and transportation hub between the two neighbours -- said their banks have banned North Koreans from opening new accounts and some have even started to close existing ones. The restrictions were imposed well before the…

Major French banks financing Israeli settlements: rights report

PARIS: Four major French banks and one big insurer are financing Israeli settlements in occupied Palestinian territories through links to local banks and businesses, a report by the International Federation for Human Rights said on Wednesday. BNP Paribas, Credit Agricole, Societe Generale, BPCE and AXA hold shares or are otherwise involved with Israeli banks which are an "essential political tool in the creation of the settlements (and) finance construction," according to the study. Its authors called Israeli…

Banks paid $321 billion in fines since financial crisis: BCG

BOSTON: Banks across the world have paid about $321 billion in fines since the 2007-2008 financial crisis as regulators stepped up scrutiny, according to a note by the Boston Consulting Group. Almost ten years since the financial crisis, the banking industry has not completely recovered, BCG said in an industry report. North American banks accounted for nearly 63 percent of the total fines, or about $204 billion, during 2009-2016, the consultancy firm said. While U.S. regulators have been more effective in imposing…