Connect with us
Newpaper24 - Global online News around the World gulfnews_logo India’s PNB says has means to get better after uncovering big fraud - NEWPAPER24  Newpaper24 - Global online News around the World gulfnews_logo India’s PNB says has means to get better after uncovering big fraud - NEWPAPER24

Middle East

India’s PNB says has means to get better after uncovering big fraud – NEWPAPER24

Published

on

India’s PNB says has means to get better after uncovering big fraud

2018-02-15 13:49:13

Nirav Modi, a billionaire jeweller and diamond service provider, on the centre of the fraud case, has to this point not provide you with any concrete plan to repay PNB

NEW DELHI

Punjab Nationwide Financial institution, India’s second-largest state-run lender, stated on Thursday it has the potential and capability to get better after uncovering a staggering $1.77 billion fraud at considered one of its branches that went undetected for years.

The mortgage fraud — the most important ever in Indian historical past — has despatched PNB’s shares tumbling about 20 per cent this week.

“This most cancers that’s been occurring since 2011, we’ve got introduced it out and we’re resolving it,” PNB’s Chief Government Sunil Mehta stated at a press briefing, including that the financial institution would honour all its commitments.

“If the complete onus is on us, we are going to take accountability,” Mehta stated, including the financial institution has taken motion to e book culprits and defend its monetary pursuits.

The financial institution stated Nirav Modi, a billionaire jeweller and diamond service provider it believes to be on the centre of the fraud case, has to this point not provide you with any concrete plan to repay PNB. The financial institution stated it has requested Modi to provide you with a proper reimbursement plan.

Modi’s jewelry shops and different enterprise institutions had been raided by legislation enforcement officers in Mumbai and New Delhi on Thursday, Newpaper24 witnesses stated.

Modi, who has not spoken in regards to the case to this point, couldn’t be reached for remark. His flagship firm Firestar Diamond has stated it had no involvement within the case.

Indian financial institution shares slid additional on Thursday a day after being hit by information of the financial institution fraud.

PNB, which has property of $120 billion, disclosed the fraud in a regulatory submitting on Wednesday, saying it had referred the matter to legislation enforcement businesses.

Given the size of the fraud, the fallout from the case may unfold and provides rise to contemporary questions on lending procedures at Indian lenders, notably public sector banks, mired in soured debt.

Ongoing probe PNB

first notified India’s Central Bureau of Investigation (CBI) of its discovery in late January, and on Monday it issued a “warning discover” to warn different lenders in regards to the suspected fraud.

PNB has stated that two junior officers at considered one of its branches in Mumbai had illegally issued “letters of endeavor” to get abroad branches of different lenders to increase credit score to “a couple of choose account holders,” most notably firms with ties to Modi, who runs a worldwide diamond jewelry enterprise.

Indian federal brokers final week stated they had been investigating the jeweller and others over accusations that they defrauded PNB of $44 million. A CBI official stated informed Newpaper24 on situation of anonymity that the instances had been associated.

Tv information channels reported that investigators additionally raided Modi’s residence in Mumbai on Thursday.

A finance ministry official stated the Enforcement Directorate, a authorities company that fights monetary crime, would examine the case to see whether or not it concerned cash laundering.

Shares tumble

On Thursday, PNB shares sank greater than 14 per cent, its largest fall since 2009, after having dropped 9.eight per cent the day earlier than. The steep fall has wiped tens of billions of rupees off PNB’s market worth.

The autumn dragged the Nationwide Inventory Alternate’s Nifty PSU financial institution index down 2 per cent on Thursday, after it fell as a lot as 2.eight per cent on Wednesday.

India’s broader NSE Share index was up zero.2 per cent by mid-afternoon, monitoring beneficial properties in Asian shares, after shedding lower than zero.four per cent on Wednesday.

PNB has not named the opposite banks it stated had superior cash to clients based mostly on the fraudulent transactions.

The BTVI information channel cited unnamed sources saying that Axis Financial institution had discounted 40 billion rupees ($624.four million) value of fraudulent LoUs from PNB and that it had bought a majority of this to SBI.

Axis Financial institution stated on Thursday that it had dealt in transactions that had been assured with letters of endeavor from Punjab Nationwide Financial institution, however that it had since bought these transactions.

Axis shares had been down lower than one per cent in mid-afternoon buying and selling.

“We await extra particulars, but when the ‘different banks’ have superior cash to abroad suppliers towards PNB’s letter of credit score, PNB must honour the funds, in our view, and must search to get better the cash from these abroad suppliers,” stated Morgan Stanley analyst Sumeet Kariwala, in a observe to purchasers on Thursday.

“This might topic PNB to vital potential impairments,” he wrote, including this might enhance the financial institution’s capital requirement by Rs80 billion.

Middle East

Accidents trigger delays close to Ghantoot – NEWPAPER24

Published

on

By

Newpaper24 - Global online News around the World 2054647500 Accidents trigger delays close to Ghantoot - NEWPAPER24

Accidents trigger delays close to Ghantoot

2018-02-19 05:15:57

Dubai: Motorists confronted numerous delays on Monday as a consequence of numerous accidents on main highways in Abu Dhabi and Dubai.

Two accidents have been reported close to Ghantoot on the Shaikh Maktoum Bin Rashid Highway, which stalled visitors heading in each instructions.

Abu Dhabi Police warned motorists to drive with warning and to comply with visitors guidelines to be able to forestall additional accidents from occurring.

In Dubai, motorists confronted a backlog of visitors on Shaikh Mohammad Bin Zayed Highway after the Mirdif intersection, heading in the direction of Sharjah.

Heavy delays have been additionally reported on Umm Suqeim Avenue after an accident occurred close to Al Quoz.

One other accident affected visitors circulation on the Dubai-Al Ain Highway, close to Dubai Silicone oasis, within the path in the direction of Dubai.

Motorists have been additionally reminded concerning the just lately amended visitors guidelines, and the fines related to driving on the laborious shoulder.  

On its Twitter account, Abu Dhabi Police just lately mentioned that driving on the laborious shoulder will convey a Dh1,000 high-quality, along with six black factors. Drivers caught blocking emergency autos may even face a Dh1,000 high-quality, in addition to 4 black factors. In each cases, motorists can have their autos impounded for a interval of 30 days.



Continue Reading

Middle East

The US’ Second Modification is being became a suicide pact – NEWPAPER24

Published

on

By

Newpaper24 - Global online News around the World 3603621318 The US' Second Modification is being became a suicide pact - NEWPAPER24

The US’ Second Modification is being became a suicide pact

2018-02-18 13:22:29

In 1791, when the Second Modification was adopted in america, the state-of-the-art firearm was a flintlock musket firing paper cartridges loaded with gunpowder and a lead ball. Given the laborious loading procedures, a talented soldier might hearth at most two or three photographs a minute. The smoothbore flintlock lacked each stopping energy and accuracy; therefore the necessity for traces of troopers to fireside from point-blank vary at one another.

Nikolas Cruz didn’t come to Marjory Stoneman Douglas Excessive Faculty in Parkland, Florida, toting a musket. Police say he got here with an AR-15 rifle, which usually comes outfitted with 30-round magazines and may simply hearth 45 rounds per minute. And it fires not lead balls however .223 rounds that at shut vary might make the pinnacle of a Viet Cong soldier “explode” or flip his torso into “one massive gap”.

Little surprise that the AR-15 and its variants have grow to be the weapon of selection for mass shooters. It was employed not solely allegedly by Cruz, but in addition (amongst different weapons) by Adam Lanza, who used it to kill 27 folks at Sandy Hook Elementary Faculty; by James Holmes to kill 12 folks in an Aurora, Colorado, film theatre; by Syed Rizwan Farook and Tashfeen Malek to kill 14 folks in San Bernardino, California; by Devin Patrick Kelley to kill 26 folks at a church in Sutherland Springs, Texas; and by Stephen Paddock, who used a modified model which allowed near-automatic charges of fireplace, to kill 58 folks in Las Vegas within the worst mass capturing in trendy US historical past. Three of those shootings — Sutherland Springs, Las Vegas and Parkland — have all occurred previously 5 months. In different phrases, the hazard is rising.

No different nation experiences this sort of terror on an ongoing foundation — save locations comparable to Afghanistan and Syria which might be really at conflict. The US has four.four per cent of the world’s inhabitants, however, based on a College of Alabama researcher, between 1966 and 2012 it had 31 per cent of all gunmen concerned in mass shootings. Possibly that has one thing to do with the truth that People personal 48 per cent of the world’s civilian-owned weapons, much more per capita than some other nation. (Yemen is No 2, however lags far behind.)

It merely beggars the creativeness that Republicans, in thrall to the Nationwide Rifle Affiliation, proceed to insist there isn’t a relationship between gun possession and gun crime. As a substitute of efficient laws, they provide “ideas and prayers”, as if mass shootings had been acts of nature like earthquakes and hurricanes that mere mortals are powerless to forestall. This was Senator John Neely Kennedy (Republican- Louisiana.) after the Las Vegas capturing: “I simply hate to see this challenge politicised. I don’t know why dangerous issues occur to good folks, however they do on this world, and what occurred in Las Vegas was horrible. However we are able to’t legislate away each drawback on the earth.”

That is the excuse for inaction as our youngsters get slaughtered? A rationale that may not persuade an clever 12-year-old? No, Congress can’t legislate away each drawback on the earth, and nobody is asking it to. Nobody even expects Congress to cease all mass shootings. However Congress has the facility to make such shootings rarer and fewer lethal.

There’s a lengthy litany of gun-control measures that take pleasure in majority help from the general public. They embrace banning the sale of assault-style weapons and high-capacity magazines, prohibiting modifications comparable to bump shares that enable sooner charges of fireplace, instituting common background checks for gun and ammunition patrons, barring gun gross sales to all violent criminals and people deemed harmful by mental-health professionals, making a centralised file of gun purchases, and requiring all gun homeowners to be licensed simply as all drivers are.

Ideally we’d additionally rethink the Second Modification in an age the place firearms are much more deadly than within the 18th century and the place we not require minutemen to guard our liberties from the redcoats. But it surely’s not essential to repeal the Second Modification. The courts have persistently upheld gun laws previously, together with a federal assault-weapon ban that was in impact from 1994 to 2004 and a Maryland ban that went into impact in 2013.

But, as an alternative of instituting such commonsense safeguards, Congress is shifting in the other way. Early in 2017, Congress handed and President Donald Trump signed a invoice that revoked an Obama-era regulation that may have made it tougher for mentally unwell folks to purchase weapons. In the direction of the tip of the yr, the Home handed laws that may power each state to honour concealed-carry permits — that means resident of Oklahoma might pack warmth within the District of Columbia or New York Metropolis.

Politicians, primarily however not completely Republicans, are turning their idolatrous worship of the Second Modification right into a suicide pact. If the US had been below assault from Islamist terrorists, they might have acted way back. However apparently, homegrown mass murderers are of scant concern despite the fact that they kill much more folks than terrorists do.

–Max Boot, a Submit columnist, is the Jeane J. Kirkpatrick senior fellow for nationwide safety research on the Council on Overseas Relations. He’s the creator of The Highway Not Taken: Edward Lansdale and the American Tragedy in Vietnam.

Continue Reading

Middle East

Justin Trudeau begins week-long India journey with Taj Mahal go to – NEWPAPER24

Published

on

By

Newpaper24 - Global online News around the World 2636754087 Justin Trudeau begins week-long India journey with Taj Mahal go to - NEWPAPER24

Justin Trudeau begins week-long India journey with Taj Mahal go to

2018-02-19 03:31:37


MY GULF NEWS

GulfNews.com is probably the most broadly learn newspaper, and on-line website in English within the Center East. With a day by day BPA audited paid circulation of over 93,068 as of June 2017, and a web-based viewers of 5.three million uniques each month, it’s your go to supply for data on the area. Join under to start personalising your expertise

Register now



Continue Reading

Select Category

Newpaper24 - Global online News around the World 1519020940_-80x80 India's federal investigator seals PNB department at coronary heart of fraud: state TV - NEWPAPER24
Business1 min ago

India’s federal investigator seals PNB department at coronary heart of fraud: state TV – NEWPAPER24

Newpaper24 - Global online News around the World 920750 Launch Date: When is Rainbow Six Siege Outbreak out with new operators? | Gaming | Leisure - NEWPAPER24
Entertainment2 mins ago

Launch Date: When is Rainbow Six Siege Outbreak out with new operators? | Gaming | Leisure – NEWPAPER24

Newpaper24 - Global online News around the World 736_1485157884 Feeling the festive bloat? Strive these natural teas, Well being Information - NEWPAPER24
Health3 mins ago

Feeling the festive bloat? Strive these natural teas, Well being Information – NEWPAPER24

Newpaper24 - Global online News around the World _100083129_telegraph Newspaper headlines: Bafta power-dressing and 'hidden' energy - NEWPAPER24
Stories4 mins ago

Newspaper headlines: Bafta power-dressing and ‘hidden’ energy – NEWPAPER24

Newpaper24 - Global online News around the World canadian-olympic-snowboard-team-wears-burton Snowboarder Mark McMorris's Sweater Jacket Has Obtained be the Greatest Olympic Uniform - NEWPAPER24
Fashion14 mins ago

Snowboarder Mark McMorris’s Sweater Jacket Has Obtained be the Greatest Olympic Uniform – NEWPAPER24

Newpaper24 - Global online News around the World 6iLuGFraXeNqVNF3dmn8EB-1200-80 Samsung reportedly prowling for brand new OLED patrons after iPhone X gross sales underperform - NEWPAPER24
Gadgets23 mins ago

Samsung reportedly prowling for brand new OLED patrons after iPhone X gross sales underperform – NEWPAPER24

Newpaper24 - Global online News around the World pallavi-shroff-joins-paytm-board Pallavi Shroff joins Paytm board, Know-how Information, ETtech - NEWPAPER24
Culture26 mins ago

Pallavi Shroff joins Paytm board, Know-how Information, ETtech – NEWPAPER24

Politics28 mins ago

Nursing Conditions For New Immigrants to Israel – NEWPAPER24

Newpaper24 - Global online News around the World 8df9f64e-152a-11e8-ace5-29063da208e4_image_hires_124514 ‘Right here’s to freedom’: maker of rapid-fire system, utilized in Las Vegas bloodbath, gives low cost as tribute to Trump - NEWPAPER24
World29 mins ago

‘Right here’s to freedom’: maker of rapid-fire system, utilized in Las Vegas bloodbath, gives low cost as tribute to Trump – NEWPAPER24

Newpaper24 - Global online News around the World 1516481277_sports Alpine snowboarding - Vonn to defy on-line 'bullies' - NEWPAPER24
Asia30 mins ago

Alpine snowboarding – Vonn to defy on-line ‘bullies’ – NEWPAPER24

Newpaper24 - Global online News around the World 46cd3296-120e-11e8-851b-21ca695cbae4_image_hires_124049 The South China Sea, its historical past and function in worldwide politics examined by 12 specialists in Nice Powers, Grand Methods - NEWPAPER24
Asia30 mins ago

The South China Sea, its historical past and function in worldwide politics examined by 12 specialists in Nice Powers, Grand Methods – NEWPAPER24

Newpaper24 - Global online News around the World 7ded5d76-152b-11e8-ace5-29063da208e4_image_hires_131513 Black Panther has fifth highest debut ever at North American cinemas, and it’s a blockbuster within the true sense of the phrase - NEWPAPER24
US & Canada32 mins ago

Black Panther has fifth highest debut ever at North American cinemas, and it’s a blockbuster within the true sense of the phrase – NEWPAPER24

Newpaper24 - Global online News around the World WEB_PHOTO_NAFTA_17022018 Canada to hunt to hitch South America commerce pact - NEWPAPER24
Africa33 mins ago

Canada to hunt to hitch South America commerce pact – NEWPAPER24

Newpaper24 - Global online News around the World 2054647500 Accidents trigger delays close to Ghantoot - NEWPAPER24
Middle East36 mins ago

Accidents trigger delays close to Ghantoot – NEWPAPER24

Newpaper24 - Global online News around the World 879d4dac-1532-11e8-ace5-29063da208e4_image_hires_131724 Oxfam says former Haiti director admitted hiring prostitutes, contradicting his new denials - NEWPAPER24
Latin America37 mins ago

Oxfam says former Haiti director admitted hiring prostitutes, contradicting his new denials – NEWPAPER24

News

Newpaper24 - Global online News around the World 1519020940_-400x240 India's federal investigator seals PNB department at coronary heart of fraud: state TV - NEWPAPER24  Newpaper24 - Global online News around the World 1519020940_-80x80 India's federal investigator seals PNB department at coronary heart of fraud: state TV - NEWPAPER24
Business1 min ago

India’s federal investigator seals PNB department at coronary heart of fraud: state TV – NEWPAPER24

India’s federal investigator seals PNB department at coronary heart of fraud: state TV 2018-02-19 05:00:08 NEW DELHI (Newpaper24) – India’s...

Newpaper24 - Global online News around the World 920750 Launch Date: When is Rainbow Six Siege Outbreak out with new operators? | Gaming | Leisure - NEWPAPER24  Newpaper24 - Global online News around the World 920750 Launch Date: When is Rainbow Six Siege Outbreak out with new operators? | Gaming | Leisure - NEWPAPER24
Entertainment2 mins ago

Launch Date: When is Rainbow Six Siege Outbreak out with new operators? | Gaming | Leisure – NEWPAPER24

Launch Date: When is Rainbow Six Siege Outbreak out with new operators? | Gaming | Leisure 2018-02-19 05:08:00 Whereas previously...

Newpaper24 - Global online News around the World 736_1485157884 Feeling the festive bloat? Strive these natural teas, Well being Information - NEWPAPER24  Newpaper24 - Global online News around the World 736_1485157884 Feeling the festive bloat? Strive these natural teas, Well being Information - NEWPAPER24
Health3 mins ago

Feeling the festive bloat? Strive these natural teas, Well being Information – NEWPAPER24

Feeling the festive bloat? Strive these natural teas, Well being Information 2018-02-19 04:35:48 Do you know that it is conventional...

Newpaper24 - Global online News around the World _100083129_telegraph Newspaper headlines: Bafta power-dressing and 'hidden' energy - NEWPAPER24  Newpaper24 - Global online News around the World _100083129_telegraph Newspaper headlines: Bafta power-dressing and 'hidden' energy - NEWPAPER24
Stories4 mins ago

Newspaper headlines: Bafta power-dressing and ‘hidden’ energy – NEWPAPER24

Newspaper headlines: Bafta power-dressing and ‘hidden’ energy 2018-02-19 05:39:13 Picture caption The Telegraph says the common individual is consuming 50%...

Newpaper24 - Global online News around the World canadian-olympic-snowboard-team-wears-burton Snowboarder Mark McMorris's Sweater Jacket Has Obtained be the Greatest Olympic Uniform - NEWPAPER24  Newpaper24 - Global online News around the World canadian-olympic-snowboard-team-wears-burton Snowboarder Mark McMorris's Sweater Jacket Has Obtained be the Greatest Olympic Uniform - NEWPAPER24
Fashion14 mins ago

Snowboarder Mark McMorris’s Sweater Jacket Has Obtained be the Greatest Olympic Uniform – NEWPAPER24

Snowboarder Mark McMorris’s Sweater Jacket Has Obtained be the Greatest Olympic Uniform 2018-02-15 16:33:49 Sadly you’ll be able to’t purchase...

Newpaper24 - Global online News around the World 6iLuGFraXeNqVNF3dmn8EB-1200-80 Samsung reportedly prowling for brand new OLED patrons after iPhone X gross sales underperform - NEWPAPER24  Newpaper24 - Global online News around the World 6iLuGFraXeNqVNF3dmn8EB-1200-80 Samsung reportedly prowling for brand new OLED patrons after iPhone X gross sales underperform - NEWPAPER24
Gadgets23 mins ago

Samsung reportedly prowling for brand new OLED patrons after iPhone X gross sales underperform – NEWPAPER24

Samsung reportedly prowling for brand new OLED patrons after iPhone X gross sales underperform 2018-02-19 04:48:03 Working below the idea...

Newpaper24 - Global online News around the World pallavi-shroff-joins-paytm-board Pallavi Shroff joins Paytm board, Know-how Information, ETtech - NEWPAPER24  Newpaper24 - Global online News around the World pallavi-shroff-joins-paytm-board Pallavi Shroff joins Paytm board, Know-how Information, ETtech - NEWPAPER24
Culture26 mins ago

Pallavi Shroff joins Paytm board, Know-how Information, ETtech – NEWPAPER24

Pallavi Shroff joins Paytm board, Know-how Information, ETtech 2018-02-19 03:06:14 Paytm has appointed Pallavi Shroff, founder and managing companion of...

Politics28 mins ago

Nursing Conditions For New Immigrants to Israel – NEWPAPER24

Nursing Conditions For New Immigrants to Israel [publish_date] The demand for licensed nurses continues to develop in Israel, so in...

Newpaper24 - Global online News around the World 8df9f64e-152a-11e8-ace5-29063da208e4_image_hires_124514 ‘Right here’s to freedom’: maker of rapid-fire system, utilized in Las Vegas bloodbath, gives low cost as tribute to Trump - NEWPAPER24  Newpaper24 - Global online News around the World 8df9f64e-152a-11e8-ace5-29063da208e4_image_hires_124514 ‘Right here’s to freedom’: maker of rapid-fire system, utilized in Las Vegas bloodbath, gives low cost as tribute to Trump - NEWPAPER24
World29 mins ago

‘Right here’s to freedom’: maker of rapid-fire system, utilized in Las Vegas bloodbath, gives low cost as tribute to Trump – NEWPAPER24

‘Right here’s to freedom’: maker of rapid-fire system, utilized in Las Vegas bloodbath, gives low cost as tribute to Trump...

Newpaper24 - Global online News around the World 1516481277_sports Alpine snowboarding - Vonn to defy on-line 'bullies' - NEWPAPER24  Newpaper24 - Global online News around the World 1516481277_sports Alpine snowboarding - Vonn to defy on-line 'bullies' - NEWPAPER24
Asia30 mins ago

Alpine snowboarding – Vonn to defy on-line ‘bullies’ – NEWPAPER24

Alpine snowboarding – Vonn to defy on-line ‘bullies’ 2018-02-19 05:16:12 PYEONGCHANG, South Korea: Abuse on social media wouldn’t silence Lindsey...

Most popular

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close