Bloomberg The UK plans to fine British Airways 183.4 million pounds ($230 million) over computer attacks that exposed customer data, marking the first major application of far-reaching European Union rules requiring companies to tighten anti-hacking measures. The proposed penalty relates to data theft affecting about 500,000 customers between June and September last year, the UK Information Commissioner’s Office (ICO), which ...

Bloomberg Chuck Hughey braves security lines at Pittsburgh International Airport at least once a week. Not to catch a flight, but to get an ice cream cone or cruise a few of the concourses. Is he nuts? Not at all, he will tell you, just a doting grandfather. He and 3-year-old Cleo spend quality time there, riding the trams between ...

MOSCOW / WAM The UAE has been named as the partner country of Moscow Global Forum ‘City for Education’ set to take place in conjunction with Aqdar World Summit from August 29 until September 1 in Russia. Maadhad Hareb Mughair Al Khaili, UAE Ambassador to Russian Federation highlighted importance of hosting such international events that ensure the exchange of knowledge ...

Bloomberg If Federal Reserve officials are thinking of dashing bond investors’ expectations for lower rates, they have plenty of airtime in the days ahead to deliver that message. Traders have already absorbed a significant blow to their rate-cut bets, after the latest payrolls report showed a steeper-than-expected rebound in hiring. Futures still indicate a quarter-point cut in July, although about ...

Bloomberg Stock markets in Abu Dhabi, Kuwait, Bahrain and Egypt advanced, while those in Saudi Arabia and Oman retreated as investors wait for earnings season to build up. “Earnings are back on the radar, and volume of trade in general could pick up as the bigger names start announcing their results,” said Issam Kassabieh, senior financial analyst at Mena in ...

Bloomberg Financial regulators must act fast to prepare for the push by US tech giants such as Facebook Inc into the financial system, according to European Central Bank Executive Board member Benoit Coeure. “It’s out of the question to allow them to develop in a regulatory void for their financial service activities, because it’s just too dangerous,” Coeure said in ...

Bloomberg Deutsche Bank AG Chief Executive Officer Christian Sewing promised a “tough” restructuring in May. What he’s likely to deliver involves culling almost a third of the top leadership and slashing the balance sheet. The supervisory board, expected to meet in Frankfurt to adopt the bank’s sweeping revamp, will probably replace three out of nine management board members and cut ...

Bloomberg Brazil’s Central Bank President Roberto Campos Neto said there is “no mechanical relationship” between congressional approval of a key pension reform bill and a cut in interest rates, in an interview with the newspaper O Estado de Sao Paulo. The comments appear to partially walk back the messaging in the central bank’s latest minutes, which suggested that the reform ...

Bloomberg India’s beleaguered state-run lender Punjab National Bank (PNB) disclosed another incident of fraud amounting to $555 million, roughly one year after it suffered through the country’s costliest banking scandal. The new case relates to the non-performing assets of insolvent Indian firm Bhushan Power & Steel Ltd, PNB said in a filing. It reported the fraud to the Reserve Bank ...

Bloomberg The US said banks in the Democratic Republic of Congo must increase their efforts to combat money laundering and financing of terrorism. US authorities recommended the lenders “put in place rigorous control and monitoring of the accounts of politically exposed people,” according to a statement issued by the Association of Congolese Banks . The association met officials from the ...