business

Cyber-Attacks: Better Safe Than Sorry

Finding an effective weapon to thwart cyber-attacks BY Aji Joseph A few months ago, when cybercrime and extortion organization DD4BC, which stands for ‘DDoS for bitcoin,’ hacked into some of the U.K.’s leading banks and demanded ransom in bitcoins to avoid a total takedown of the system, it was just one in a long list of rising

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The New Year In Business

Currencies and central bank decisions may shape the year ahead BY Nour E. Al-Hammoury Looking back at 2015, it’s clear that it’s been one for the history books—for several reasons. Stand-out factors include the release of long-unseen economic data, dwindling oil prices and a sovereign economy that was tested and found wanting, as Greece defaulted

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Hyatt Hotels Attacked with Payment-Card Stealing Malware

By Jim Finkle and Radhika Rukmangadhan Dec 23 – Hyatt Hotels Corp said on Wednesday that its payment processing system was infected with credit-card-stealing malware in an attack discovered three weeks ago, the latest in a series of breaches at hospitality firms. Company spokeswoman Stephanie Sheppard said in an email late on Wednesday that the

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The Fed is Unlikely To Cut Rates

Crude prices may fall further BY Nouraldin Al Hammoury The ISM Manufacturing Purchasing Managers Index (PMI) shocked the markets recently with a recessionary signal, as it dropped below the 50 key mark for the first time since 2012. This constitutes the largest decline and worst reading since 2009 when the PMI dropped to a 48.6

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Food For Thought

New government regulations to curb price hikes in the UAE markets BY Anna Yazijyan Food prices are expected to drop in the United Arab Emirates (UAE) with a new federal regulation that should be implemented shortly, according to traders well informed. “I think we should see the [food] prices go down soon,” Essa Al Ghurair,

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Russia Eyes Economic Retaliation Against Turkey

By Maria Kiselyova MOSCOW, Nov. 25 (Reuters) – Russia is to send an advanced air defence system to reinforce its air base in Syria and is considering cancelling a raft of joint business projects with Ankara after Turkey shot down of one of its warplanes, top government officials said. The incident, which resulted in the

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On Solid Ground

Kashmir promotes promising investment opportunities BY Arfa Shahid Dubai’s real estate developer, Emaar, is eyeing possible investment opportunities in India’s Kashmir region, a top Kashmir official told Newsweek Middle East. In an exclusive interview with the Finance Minister of Jammu and Kashmir (Jnk), Haseeb Drabu, the minister said he held “talks” with Emaar’s chief over

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Afghan Bank Governor Says Migrants Create Strain on Currency

By Robert Birsel and Mirwais Harooni KABUL, Nov 24 (Reuters) – An exodus of people seeking a better life in Europe has put pressure on Afghanistan’s currency, already weakened by a sharp reduction in foreign funds and sliding confidence in the country’s prospects, the central bank governor said on Tuesday. Nearly 150,000 Afghans have left

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Standard and Poor’s Takes Negative Ratings Action Against 8 Saudi Banks

By Staff Writer Standard & Poor’s Ratings Services took negative rating actions on eight Saudi banks, citing increased economic risks as the main reason. The ratings agency, which has recently lowered the Kingdom’s ratings to ‘A+/A-1’, said the sharp drop in oil prices and the resulting negative swing in Saudi Arabia’s fiscal balance “will weaken

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