The Preferential Trade Area (PTA) Bank has given the about to be liquidated Air Malawi seven days to repay a K1.1 billion (US$7.9 million) loan the airline got in 2005. Air Malawi used the loan to purchase a Boeing 737-300 Aircraft which it was recently trying to use as collateral for a loan in […]
RBI proposes To reduction in ATM charges
Reserve Bank of India issued a draft notification to Indian banks to reduce the charges for use of ATM service. Banks charge a variable fee from customer accounts for withdrawing money from ATM of other banks. RBI has proposed a ceiling of Rs 20 for such transactions while the current charges are around Rs 50 […]
THE FRENCH BANK FRAUD; WHAT NEXT?
For the present, the French Rogue Trader,Mr.Jerome Kervial seems to have escaped from the ‘fraudulent charges’ for his role in the U.S.$ 7 BILLION losses at the French Bank giant, Societe Generale. FORMAL INVESTIGATION; However, the Judges placed him under formal investigation . He has been ordered not to communicate with the Bank’s […]
Trader’s Hidden Spree Exposed French Bank to €50bn Losses
Jérôme Kerviel, the French trader accused of perpetrating the biggest fraud in banking history, will be questioned intensively again today by French police as the scale of his ten-day spree on the financial markets emerged at the weekend. Kerviel, a 31-year-old loner, gave himself up to the financial police on Saturday and, senior officials said, […]
UK Tycoon to Face Harare Court on Currency and Porn Charges
Nicholas van Hoogstraten, the British property tycoon who is close to the Zimbabwean president, Robert Mugabe, is expected to appear before Harare magistrates today on charges of breaking foreign exchange laws and possessing pornographic pictures of himself having sex with a Zimbabwean woman. Van Hoogstraten, 63, was arrested on Thursday night apparently after tenants who […]
Some of Brilliant and Low Cost Ways of International Currency Transfer
In today’s world of modern technology, transferring currency internationally via cash, bank draft or check has become downright obsolete. These methods are no longer very popular because you can find fast electronic methods for transferring currency not just between accounts, but also between states and countries. Advancement in technology has made international currency transfer easier […]
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