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Author: AFP

London stocks rise as pound falls on Brexit chaos

LONDON: London’s stock market rose Thursday, with share prices of multinationals climbing as the pound dropped in the wake of more Brexit uncertainty. The benchmark FTSE 100 index was up 0.5 percent nearing midday in London. In the eurozone, Frankfurt’s DAX 30 index advanced 0.4 percent and the Paris CAC 40

Turkey bank says propping up forex reserves as lira slides

ISTANBUL: Turkey’s central bank Thursday sought to reassure investors over its foreign currency reserves after the sharpest drop in the local lira since a spat with the United States triggered a currency crisis last year. The lira slid nearly 6 percent Friday, prompting President Recep Tayyip Erdogan to call for

Swedbank sacks CEO, share trading halted amid scandal

STOCKHOLM: Swedish lender Swedbank, which is embattled over allegations of money-laundering in Baltic countries, fired its CEO and suspended trading of the company’s shares on the Stockholm stock exchange Thursday. “The developments during the past days have created an enormous pressure for the bank. Therefore, the board has decided to

‘Private sector credit growth rebounded in February’

FRANKFURT AM MAIN: Growth in lending by banks in the eurozone to the private sector rebounded in February, according to figures released Thursday by the European Central Bank (ECB). Loans to non-financial corporations and European households rose by 3.2 percent in February after 3.0 percent in January and 3.4 percent

Vietnam arrests Chinese man with 300kg of heroin

HANOI: Vietnam police have arrested a Chinese national found with a massive haul of heroin in Ho Chi Minh City, the second such bust in a week as the country cracks down on the illicit trade. Though communist Vietnam boasts some of the world’s toughest drug laws, it is both

Another budget airline goes down as sector struggles

PARIS: Iceland’s budget carrier WOW Air collapsed on Thursday, the latest in a string of low-cost airlines to go under after the fiercly competitive industry suffered from rising fuel prices last year. Here is some background on the challenges plaguing the sector. Almost 10 low-cost airlines collapsed in 2018, including

Britain has identified fresh Huawei risks

LONDON: Britain has identified “significant” issues in Huawei’s engineering processes that pose “new risks” for the nation’s telecommunications, a government report found Thursday amid lingering global suspicion over the Chinese technology giant. “Further significant technical issues have been identified in Huawei’s engineering processes, leading to new risks in the UK

Hopman Cup departs Perth after 31 years as new ATP Cup takes over

SYDNEY: The unique mixed teams Hopman Cup in Perth has been axed after 31 years and replaced by the ATP World Team Cup, officials said yesterday in a revamp of the season-opening tennis calendar. Two of the three cities to host the new men-only tournament, Sydney and Brisbane, had already

Mozambique reports cholera cases

BEIRA: Five cases of cholera have been confirmed in Mozambique following the cyclone that ravaged the country, killing at least 468 people, a government health official said on Wednesday.  Cyclone Idai smashed into Mozambique on March 15, unleashing hurricane-force winds and heavy rains that flooded much of the centre of the

500 evacuated as fire hits hotel in Singapore, no injuries

SINGAPORE: About 500 people were evacuated Wednesday after a fire at a luxury hotel in downtown Singapore but there were no injuries, emergency services officials said. Television footage showed thick black smoke billowing from the Grand Hyatt Hotel near the Orchard Road shopping district, but the Singapore Civil Defence Force