Lebanon to compensate for Beirut blast lost homes, businesses

Beirut: Lebanon has unveiled a compensation programme for the thousands of homes and businesses devastated by the August 4 mega-blast at Beirut’s port. President Michel Aoun on Thursday signed a decree allocating 100 billion Lebanese pounds (more than $66 million at the official exchange rate, or $13 million on the black market) to the programme, […]

Former billionaire Anil Ambani claims his lifestyle is disciplined, not ‘lavish’

Former billionaire Anil Ambani rejected a judge’s comment that he lived a “lavish lifestyle” as he faced questions about his assets from lawyers acting for a trio of Chinese banks. Ambani was giving evidence via videolink for the first time from Mumbai, in a English lawsuit over a dispute stemming from a defaulted loan. The […]

Abu Dhabi NMC Health removes all links with founder B.R. Shetty

Dubai: Abu Dhabi’s NMC Healthcare has cut the final link to its founder Dr. B.R. Shetty – by terminating the employment of his wife, Dr. Chandrakumari Shetty, as group medical director. As such, her role was becoming untenable after multiple investigations revealed gross financial misdoings in recent years, when B.R. Shetty was executive and, later, […]

Pakistan: Project between NIFT and Checkout.com to create international payment solutions

Islamabad: Pakistan’s National e-commerce Council (NeCC) has approved a new project to promote online businesses and payment services in the country. Commerce Adviser Abdul Razak Dawood today said the “the project between NIFT and checkout.com” would “offer different international payment methods, including PayPal,” for e-commerce businesses in Pakistan. “Private sector’s active participation for introducing modern […]

Telecom giant Vodafone wins appeal against Indian government on $2b tax dispute

New Delhi: Vodafone Group has won an international arbitration case against the Indian government in a $2 billion tax dispute. An international arbitration tribunal in The Hague ruled that India’s imposition of a tax liability on Vodafone, as well as interest and penalties, were in a breach of an investment treaty agreement between India and […]