Bloomberg The story of how India’s biggest bank fraud went undetected for seven years includes an $81 million cyber-heist in neighbouring Bangladesh, penny-pinching lenders and a series of missed opportunities. In 2016, after revelations that hackers had infiltrated the Bang-ladeshi central bank’s computer systems to siphon off money, its cou- nterpart in India sensed a danger to its own banking ...

Bloomberg Handing over a new aircraft is usually a celebratory affair: the customer inspects the new toy, the planemaker breathes a sigh of relief, and everyone poses with a big smile. For Airbus SE’s second-in-command Fabrice Bregier, the delivery of the first A350-1000 model came with a bitter-sweet tinge: his last day at the European manufacturing giant after being overlooked ...

Bloomberg Walmart Inc.’s battle with Amazon.com Inc. is hitting its bottom line like never before—and testing the patience of investors. The retail giant’s push to expand online operations and cut prices contributed to a record-low operating margin last quarter, according to data compiled by Bloomberg. The profit measure narrowed to 3.3 percent, sparking concerns that Walmart’s long-enviable financial cushion is ...

Bloomberg Yum! Brands Inc.’s KFC warned that a supply-chain breakdown that has shut more than half of its 900 UK outlets would persist for the rest of the week, continuing to deprive fans of their fried-chicken fix. KFC said it’s working with new logistical partner Deutsche Post AG to solve a problem that began over the weekend, leaving only 430 ...

Bloomberg Home Depot Inc. sales got another shot in the arm from the US housing boom last quarter, with an extra boost from hurricane-recovery efforts in Puerto Rico and Southern states. A push by Americans to fix up their properties—using money generated by rising home values—helped lift the retailer’s same-store sales by 7.5 percent. That beat analysts’ prediction of 6.5 ...

London / Reuters OPEC and non-OPEC oil producers, including Russia, will discuss extending their cooperation for many more years when they meet in June as they seek to avoid major market shocks, the UAE Minister of Energy and Industry, Suhail Mohammed Faraj Al Mazrouei said. Al Mazrouei, who holds OPEC’s presidency this year, said leaders of the UAE, OPEC’s biggest ...

Abu Dhabi / WAM Etisalat Group announced on Tuesday its consolidated financial statements for the 12 months ending December 31, 2017. Etisalat UAE revenues amounted to AED31.2 billion and increased year over year by 3%, while net profit after federal royalty reached to AED8.2 billion and increased year over year by 5%. It proposed dividend payout of 40 fils per ...

Abu Dhabi / WAM Ibrahim Al Mahmoud, First Deputy Chairman of the Board of Directors of the Abu Dhabi Chamber of Commerce and Industry, has discussed, during his meeting with Juan Luiz Manzur, Governor of Tucuman Province in Argentina, and his delegation the economic cooperation between Abu Dhabi and Tucuman Province. The meeting, which was held at the Chamber’s headquarters, ...

DUBAI / WAM Saeed Mohammed Al Tayer, MD & CEO of DEWA inaugurated workshops that aim to review and exchange best international practices and discuss investment-enhancing opportunities in electricity and water, building retrofits, energy efficiency, and sustainability. Al Tayer emphasised the importance of close co-operation between DEWA and Danish firms in energy and water sectors. He highlighted DEWA’s plans and ...

Abu Dhabi / WAM National Petroleum Construction Company (NPCC), part of Senaat Abu Dhabi, has expanded its operations in Hyderabad by creating a new office that employs over 450 people. The 40,000 Sq Ft Hyderabad Engineering Office will work with Abu Dhabi, Mumbai and La Ciota Engineering Offices in executing global projects in the energy sector. The company will run ...