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Pakistan approves first Islamic reinsurance service

KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has granted approval to the country’s sole reinsurer to offer sharia-compliant reinsurance, part of efforts to boost the fledgling Islamic insurance (takaful) sector. The SECP said it had authorised Pakistan Reinsurance Co to open a takaful window, which would help boost new business opportunities for the state-owned firm. The move would enable local takaful companies to obtain retakaful cover within Pakistan, avoiding outflow of premiums to reinsurance…

Netflix’s next act: feeding the service with its own movies

LOS ANGELES: As Hollywood studios unleash their summer blockbusters into theaters, Netflix is trying to give film buffs a reason to stay home. The streaming service is on track to release at least 86 Netflix original films in 2018, the company told Reuters. That exceeds the scheduled output of the top four traditional studios combined, as well as Netflix’s previous record of 61 films last year. The aggressive strategy is aimed in part at addressing complaints that the service’s movie library is stale, an issue likely…

Uber to suspend service in Greece after new legislation

ATHENS: Ride-hailing service Uber said on Thursday it would suspend its licensed service in Greece after the approval of local legislation which imposes stricter regulation on the sector. Uber, which operates a licensed service in the Greek capital, has faced opposition from local taxi drivers who accuse it of taking their business. “New local regulations were voted on recently with provisions that impact ride-sharing services,” Uber said in a blog post. “We have to assess if and how we can operate within this new…

PIA announces online check-in service for passengers

KARACHI: Pakistan International Airlines (PIA) has announced the launch of online check-in service for passengers from Monday. According to the  airline's social media pages, online check-in will be accessible 24 hours before the flight, until 3 hours of flight, which means that passengers could be able to check-in while at home. The service is initially valid for domestic operations and flights only, between Karachi, Lahore & Islamabad. Online Check-In is an online process where passengers can check-in for…

Apple in legal trouble for ‘refusing to repair iPhones’

SYDNEY: Apple was Thursday taken to court by Australia's consumer watchdog for violating laws by allegedly refusing to look at or repair some iPads and iPhones previously serviced by a third party. The tech giant "made false, misleading, or deceptive representations about consumers' rights under the Australian Consumer Law," the Australian Competition and Consumer Commission (ACCC) charged. The proceedings, against Apple Pty Limited and its US-based parent Apple Inc, were brought on behalf of 275 consumers. Under…

IBM launches enterprise-ready blockchain service to allow businesses build apps

NEW YORK: International Business Machines Corp has launched a service that will allow businesses to build applications on its cloud using blockchain code from the Hyperledger Project, the cross-industry group led by the Linux Foundation. The US technology company said on Monday its new product called IBM Blockchain was the first service for developers to build enterprise-grade technology using Hyperledger Fabric, the first code set to be released by the open source group. The Fabric blockchain can process more than 1,000…