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.
Legal & Regulatory
Diageo confirms $40-mln payment to Vijay Mallya
Diagio Plc, British liquor major, says it paid $40 million to trouble-ridden Indian businessman Vijay Mallya. This comes close on the heels of an order by Debt Recovery Tribunal (DRT) not to pay Mallya any amount.
French Court Verdicts In Favor of Uber’s Geo-Localization Service
A European Union rule requires prior notification to itself in restricting social information service. The rule also bars targeting a specific service. A French court has overturned a government order on Uber’s geo-localization service citing the two grounds. The verdict appears as a victory for Uber while challenging through a flurry of appeals both in France and at the EU level.
Bangladesh Central Bank Lost $100 Million From Its New York Fed Account, Claimed That It’s Been Hacked
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.
Alphabet Subsidiary Verily Reveals Images of Connectivity Bridge
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.
Latest News
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.
FBI chief, James B. Comey, has been reported to personally challenge Tim Cook stance. Tim Cook has been considering the battle as fight to secure privacy. Americans are historically sensitive towards government’s intervention over individual privacy. But the cause cherished by the common Americans is believed to prevail in the long run.
Year 2015 was dubbed as year of fintech. As financial technology startup companies flourish and gain huge fund. Global regulators are closely monitoring the fintech startups and will propose rules to regulate them.
China has been widely criticized for strict cyber laws. On Sunday, the communist government has mulled its legislative power to impose ban on accounts of former Chinese tycoon, Ren Zhiqiang. While around 40 Chinese journalists have been confined in jail as victims of tougher cyber laws, the communist government is going to enact further tougher laws on March 10.
Republic Airway has sought immunity under bankruptcy followed by pilot shortages and other industrial odds. American Airlines has filed for bankruptcy in 2011 and now, the US regional carrier follows the trait in seeking clemency. However, Republic CEO expects the move will take the carrier to the new heights.
