The Bangladesh central bank said that it has lost $100 million from its account at the Federal Reserve Bank of New York, later discovered to be transferred to the Philippines banking system. The central bank claimed that the Fed’s system was hacked, although the New York Fed denied that there was any hacking attempt made regarding that transaction.
Legal & Regulatory
Barrick Gold is Facing a $9.3 Million Fine Over Cyanide Spill in Argentina Last Year
Due to a cyanide spill in a mine in Argentina, Canadian-owned Barrick Gold is facing a fine of $9.3 million imposed by the local government. Nine current and former employees are also being held as defendants over accusations of negligence that caused the spill.
U.S. Government Reported a $193 Billion Budget Deficit in February
Treasure Department published monthly budget report on Thursday. This year a 0.1% increase is reported from last year. This full-year's deficit is forecasted to be much higher than 2015.
India Affixes Cap On Royalty Fees For Gene Modified Cotton Seeds
MMB patented gene modified seeds are capable of secreting anti pest protein. However, the seed giant is accused of charging higher royalty fees exerting undue dominance in the seed market. Upon complaints from respective trade body, the Indian agriculture ministry has imposed ceiling for royalties on gene modified cotton seeds.
Nestle India's Maggi Failed Sample Tests in Uttar Pradesh, Results Show 1.85 Percent of Ash Content
A sample test conducted by Uttar Pradesh food safety officials found that Nestle’s Maggi noodles contain more percentage of ash than permitted by the regulations. However, the company has denied the accusation, stating that the claim is based on the wrong standard.
Latest News
Verily has revealed images of its new gadget, the Connectivity Bridge, through regulatory filing with FCC on Tuesday. The gadget has been developed aiming to gain a foothold of the Alphabet subsidiary in the competitive healthcare business. Through the new gadget, Verily upholds its goal to shift the focus from intervention to prevention.
In the wake of the ongoing legal dispute between Apple and the FBI over encryption, GCHQ director Robert Hannigan addressed the issue in his speech at the MIT. He calls for a discussion and cooperation between agencies and tech companies especially in the US and the UK.
PSE has been seeking comments and suggestions on its proposed law for transactions of DDS. The procured comments and suggestions will be evaluated while drafting the rule, aiming to reflect market demands. Comments and suggestions may be sent up to March 22.
South Africa’s currency has dropped to its four-year low after the news of the country’s finance minister threats of resignation was reported. Finance minister Pravin Gordhan threatens to resign over a spat with Tom Moyane, as the minister demanded the tax commissioner to be dismissed, or he himself would leave.
Iranian tycoon Babak Zanjani and 2 others have been convicted and sentenced to death since they are considered as "corruptor on earth" under Iran's Islamic Penal Code. They have embezzled $2.7 billion and have to pay it back.
An official filing revealed that Uber is facing huge loss in its international operation, as the company spent big on global expansion. The main factors of the loss are regulatory obstacles and local rivalry.
The UK Home Secretary has placed a draft bill allowing the law enforcers to bulk collection of internet traffic. The civil rights bodies have protested the bill accusing it to stand against individual privacy. However, the home secretary expects, through passing the bill, UK will be the first country enacting the most draconian surveillance laws.
Puerto Rico, the island territory of U.S. is in the crisis due to its surmounting debt. Governor Alejandro Garcia Padilla repeated the island's debt will lead to moratorium.
Canadian pharmaceutical company shares dropped 18% on Monday, as the company admitted being under investigation by U.S. Securities and Exchange Commission.
