India sacks two PNB executives for lapses in $2b fraud

New Delhi: India has sacked two senior executives of state-run Punjab National Bank (PNB) for allegedly failing to prevent a $2 billion (Dh7.34 billion) fraud, two sources with direct knowledge of the matter said on Sunday, nearly a year after the country’s biggest bank scam came to light. The firing of the two executive directors, […]

UK retail property values may be slashed, Sunday Times says

London: Values of UK shopping centres and high street stores could be reduced significantly after property agents were told to reflect the seismic changes sweeping the retail industry, the Sunday Times has reported. The Royal Institution of Chartered Surveyors told valuers to be ‘aware of the potential for significant changes in value’ in retail properties, […]

Revealed: Actual wage increases in UAE, rest of the world

Dubai: Workers’ salaries in the UAE are indeed predicted to increase by more than 3 per cent this year, on average. The problem is that, when inflation – the rise in the prices of goods and services — is taken into account, most people will hardly see any change in their incomes. This is one […]

65% of UAE workers expect a salary increase in 2019, says new survey

Dubai: The majority of employees in the country are now expecting a bump in their monthly incomes this year, following a year of no wage adjustments in 2018. That’s according to the results of the latest survey among more than 1,200 residents in UAE. Among those polled, 65 per cent confirmed they did not get […]

China set to post slowest growth in 28 years

Beijing: China is expected to report on Monday that economic growth cooled to its slowest in 28 years in 2018 amid weakening domestic demand and bruising US tariffs, adding pressure on Beijing to roll out more support measures to avert a sharper slowdown. Growing signs of weakness in China — which has generated nearly a […]

Why Jeff Bezos’ divorce should worry Amazon investors

Jeff Bezos and his wife, MacKenzie, may be the first billionaire couple with a huge stake in an enormous technology company to announce their divorce. They won’t be the last. The surprise announcement that the Bezoses would divorce after 25 years of marriage instantly raised questions about the future of their 16 per cent, roughly […]