DHAKA,Bangladesh: Bangladesh’s central bank has filed a lawsuit in a New York court against a Philippine bank over the heist of $81 million from its account with the Federal Reserve Bank of New York in 2016.
Abu Hena Mohd. Rajee Hassan, head of Bangladesh Bank’s Finance Intelligence Unit, told The Associated Press Friday that the case was filed in the Southern District Court of New York against Rizal Commercial Banking Corp.
Court documents say hackers from North Korea used fraudulent orders on the SWIFT payments system to steal the money. The money was sent to accounts at the Philippines’ bank and then vanished into the casino industry in the Philippines. The complaint says the funds’ ultimate destination remains unclear.
Bangladesh Bank is seeking the $81 million plus damages and legal costs.
Bangladesh sues Manila-based bank in NY over heist
Bangladesh sues Manila-based bank in NY over heist
- The money was sent to accounts at the Philippines’ bank and then vanished into the casino industry in the Philippines
- Bangladesh Bank is seeking the $81 million plus damages and legal costs
‘Shares on fire’: Pakistan’s key stock index nears 73,000 level after hitting another historic high
- Analysts say the bullish sentiment owes to IMF talks and optimism around Saudi investment, key policy rate cut
- The benchmark KSE100 index has surged by 8,081 points since January, gaining about 80% in US dollar terms
KARACHI: Independent financial experts in Pakistan said on Friday the country’s equity market was on fire as stocks hit another all-time high of 72,739 points amid euphoria surrounding the government’s negotiations with the International Monetary Fund for another loan along with possible Saudi investment and interest rate cut optimism.
The benchmark KSE100 index ended the weekend trading session with a gain of 771.7 points despite a relative decline in the morning. However, the market rebounded in the second half and soared to a new record high, closing at the 72,739 level.
The prevailing positive momentum began at the beginning of the year, making the KSE100 gain 8,081 points since January.
“Pakistan’s share market is on fire,” commented Muhammad Sohail, CEO of Topline Securities. “It is hovering around the 73,000 mark and still soaring.”
Sohail said Pakistani stocks were “leading the pack” with nearly an 80 percent gain in US dollar terms over the past year, maintaining their number one position.
The market on Friday saw selling pressure in the morning but recovered in the second half, mainly due to the fertilizer and banking sectors.
“Initial pressure in the morning session was mainly due to the rollover week,” said Sheheryar Butt, Portfolio Manager at Darson Securities. “Later, the fertilizer sector led the buying spree, helping with the market recovery.”
Other sectors that contributed to the highest ever close included commercial banks, cement and the power sector since they collectively reversed the previous negative close and created a more bullish trend.
“Foreign inflows, a stable rupee, speculation ahead of the central bank policy rate decision on April 29, and firm IMF new loan talks played a key role in the record close,” said Ahsan Mehanti, CEO of Arif Habib Corporation.
The KSE100 index has gained 5.4 percent on a week-on-week (WoW) basis, with many attributing this positivity in the market to investor expectations of an interest rate cut in the upcoming monetary policy meeting on Monday.
The economic indicators also played a major role in the bullish trend of the stock market, particularly the current account number for the month of April which showed a 9-year-high surplus of $619 million.
Additionally, media reports that Prime Minister Shahbaz Sharif was going to Saudi Arabia where he would request the kingdom to expedite investment in Pakistan’s oil, gas, and mining sectors also kept the bullish sentiments alive.
“Investors expect that Pakistan’s prime minister will speed up the investment of $5 billion,” Butt said. “If he brings any good news, the market will see it positively.”
The stock market is also expecting that after keeping the policy rate high at 22 percent since June 27, 2023, the central bank will make some changes in its monetary policy statement next week. “Expectations are high this time,” he continued. “The interest rate can come down by 50 to 100 basis points.”
Pakistani stocks have largely witnessed a bullish trend after the country secured $3 billion in short-term financing in July last year to stave off sovereign debt default.
The government is now expecting the final disbursement of $1.1 billion of IMF financing after the approval of its executive board.
A new IMF program being negotiated by the authorities has also led to positive sentiment in the capital market and can lead to another round of bullish spells if and when it materializes.
Saudi Arabia exit 2024 AFC U-23 Asian Cup, fail to reach Paris Olympics
- A 2-0 defeat to Uzbekistan saw Saad Al-Shehri’s team depart at the quarterfinal stage of competition they won in 2022
DOHA: Saudi Arabia exited the 2024 AFC U-23 Asian Cup on Friday after a 2-0 loss to Uzbekistan at Khalifa International Stadium in Al-Rayyan.
The defeat means that the Green Falcons, winners of the the last edition of the tournament in 2022, cannot reach the 2024 Olympic Games in Paris — a bitter blow for coach Saad Al-Shehri who had led the team to the 2020 Olympic Games in Tokyo.
For Uzbekistan, the win brings a small measure of revenge having lost the last AFC U-23 Asian Cup final 2-0 to Saudi Arabia in Tashkent two years ago.
Uzbekistan took the lead through Khusayin Norchaev two minutes into first-half stoppage time, and Saudi Arabia’s task became harder when Ayman Yahya was sent off on 70 minutes.
Saudi’s 10 men could not find an equalizer, and Uzbekistan put the game to bed thanks to Umarali Rakhmonaliev’s goal on 84 minutes.
In Monday’s first semifinal at Abdullah Bin Khalifa Stadium in Doha, Uzbekistan will face Indonesia, who beat South Korea 11-10 on penalties after their quarterfinal ended in a 2-2 draw.
In the other semifinal, Japan, who beat hosts Qatar 4-2 after extra time, will await the winner of the last-eight clash between Iraq and Vietnam.
Excavators held for violating water system
- The discovery was made during field tours carried out by the water department
TUBARJAL: The Al-Jouf branch of the Saudi Ministry of Environment, Water and Agriculture has apprehended three excavators who were found to be violating the water system in Tubarjal.
The discovery was made during field tours carried out by the water department, in cooperation with the competent authorities in the governorate.
Separately, authorities in Addayer in the Jazan region have arrested seven Ethiopians for smuggling 105 kg of hashish. Legal procedures have been completed against the offenders who were handed over, along with the seized items, to the competent authority.
Border guard patrols in the Al-Harth area of Jazan have also foiled an attempt to smuggle 71 kg of hashish, with initial legal procedures completed and the find handed over to the competent authority.
Security authorities have reiterated their appeal for citizens and residents to report any information regarding drug smuggling or selling by calling 911 in Makkah, Riyadh, and the Eastern Region, and 999 in the rest of the Kingdom’s regions.
Those with information may also contact the General Directorate of Narcotics Control at 995 or at [email protected].
Direct KSA to Iraq flight routes announced
- These flights, along with flights to Baghdad and Irbil, will commence from June 1.
RIYADH: The Saudi General Authority of Civil Aviation announced the launch of direct flights from Dammam to Najaf, the Saudi Press Agency reported on Friday.
The decision is in line with the Kingdom’s national aviation sector strategy, aimed at doubling capacity to accommodate over 330 million passengers annually, and extending services to more than 250 global destinations.
These flights, along with flights to Baghdad and Irbil, will commence from June 1.
Ministry of Hajj and Umrah praises Iraqi authorities for arresting fraudsters touting fake Hajj trips
- A ministry source in the statement also warned prospective pilgrims to beware of unauthorized Hajj offers being promoted this year
- The ministry made it clear that visas for Umrah, tourism, work, family visits, transit, and other categories do not grant eligibility to perform Hajj
RIYADH: The Ministry of Hajj and Umrah expressed its gratitude for actions taken by the Supreme Commission for Hajj and Umrah in the Republic of Iraq that resulted in the prosecution of more than 25 companies fraudulently engaged in commercial Hajj operations.
A ministry source in the statement also warned prospective pilgrims to beware of unauthorized Hajj offers being promoted this year, primarily through social media.
Participation in Hajj requires pilgrims to obtain a legitimate Hajj visa issued by the authorities in the Kingdom in coordination with Hajj affairs offices in their respective countries, or via the Nusuk Hajj platform for those countries that do not have an official Hajj office.
The source said that the Ministry of Hajj and Umrah is monitoring advertisements from companies and campaigns, as well as identifying fake accounts on social networks allegedly offering Hajj packages at enticing prices.
The ministry made it clear that visas for Umrah, tourism, work, family visits, transit, and other categories do not grant eligibility to perform Hajj. It urged pilgrims to be careful not to fall victim to companies and others claiming to offer commercial Hajj campaigns or other misleading initiatives.
“Regulations must be followed and legally documented permits, as represented by the official Hajj visa, must be issued, so a safe, secure, well-managed Hajj program and fair representation to all nationalities is provided,” Mohsen Tutla, head of the World Hajj and Umrah Convention, told Arab News.
“Hajj is a mega event with more than 2 million worshippers. Can one imagine, if order was not imposed and (the event) not regulated, chaos would ensue,” he added.
In the statement, the ministry calls for everyone’s cooperation to help combat and report fraudulent companies and campaigns, and to seek information only by visiting its official website and engaging with its channels on social networks.
