India's Punjab National Bank reports $1.8bn fraud

Offices and Mumbai home of billionaire jeweller Nirav Modi raided after PNB hit by $1.8bn fraudulent transaction. India is investigating a $1.77bn fraud case at the state-run Punjab National Bank (PNB), according to government officials. The bank in a statement issued on Wednesday said it had “detected some fraudulent and unauthorised transactions in one of its branches in Mumbai for […]

Read more

India central bank chief Urjit Patel resigns amid government spat

Reserve Bank of India Governor steps down citing ‘personal reasons’ after fight over autonomy of the central bank. India’s central bank governor Urjit Patel resigned on Monday citing “personal reasons”, a statement issued by the Reserve Bank of India (RBI) said. “On account of personal reasons, I have decided to step down from my current position effective immediately,” the statement […]

Read more

Argentina's Senate passes new austerity budget

Argentine politicians pass austerity budget for 2019 that cuts social spending and raises debt payments. Argentina’s Senate approved an austerity budget for 2019 on Thursday that cuts social spending and raises debt payments to meet the stiff requirements of a $56bn International Monetary Fund bailout. The budget projects a 0.5 percent slide in GDP and a 23 percent inflation rate […]

Read more