NEW YORK - Because the sums were large and such attacks are relatively new, the two Middle East banks hit in a $45 million ATM heist face an uncertain path in trying to recover their losses, financial, insurance and legal experts say. Oman-based Bank of Muscat lost $40 million and United Arab Emirates-based National Bank of Ras Al Khaimah PSC (RAKBANK) lost $5 million in the global heist, U.S. prosecutors said on Thursday. Hackers gained access through third-party companies that processed transactions for prepaid debit cards issued by the banks, the prosecutors said. While details of what happened are still sketchy, experts said the banks could bring claims against the processing companies in court, or they could file claims with their own and the processing companies' insurers. "There's no hard and fast rule," said Dan Karson, the Americas chairman of Kroll Advisory Solutions. "We're in very much a new cybersphere of finance, and allocating liability is still very much … [Read more...] about For banks in cyber heist, how to get their money back?
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NFSC assesses Jan-Sep economic performance Though economic indicators showed improvements, more efforts are still needed for attaining the 5.5% GDP growth target, according to the National Financial Supervisory Committee (NFSC). The NFSC reported that economic production bounced back slowly. Inventory levels of industrial manufacturing dropped sharply and industrial production index constantly rose, soaring 5.4% in September. However, import growth rates of raw materials remained modest. Total demand was relatively weak in which the January-September retail sales of goods and services increased by 12.5% against the same period last year. GDP growth pace in Q3 was higher than forecast thanks to the Government's efforts to maintain macro-economic stability and prioritize inflation curbing. Nevertheless, the economy still faces challenges including inefficient credit freeze and weak consumption demand which are hampering production. In addition, GDP growth rate relying heavily on … [Read more...] about BUSINESS IN BRIEF 5/10
New developments aid merger & acquisition activities New developments have brought opportunities for Merger and Acquisition deals made between foreign investors and Vietnamese firms, according to speakers at the M&A Forum Viet Nam 2016 held on August 18 by the Viet Nam Investment Review in HCM City. The government in the 2016-2020 term is making every effort to boost economic growth together with sustainable development and to help businesses address difficulties, by reducing production costs and improving their competitiveness and effectiveness, according to Nguyen The Phuong, Planning and Investment Deputy Minister. Changes in the laws on investment and enterprises effective a year ago and dozens of guiding decrees that recently took effect and regulations on doing business are now more transparent and are providing favourable conditions for investment and trading. The Government is speeding up the restructure and equitisation of State-owned enterprises to improve … [Read more...] about BUSINESS IN BRIEF 19/8
2016 Viet Nam National Branding week to take place next week The "2016 Viet Nam National Branding" week will take place from July 11 - 17 in Ha Noi, according to the Ministry of Industry and Trade (MoIT). The one-week fair is organised to boost the promotion of the Viet Nam National Branding Programme and support local enterprises. In the framework of the programme, a forum themed "National brand with local products" will take place at the International Convention Centre in Ha Noi on July 13. The forum is an opportunity for local enterprises to share about their typical brands to partners and enterprises. Enterprises are still allowed to register for the programme until July 8. Shakeup needed to promote exports to US: Minister Vietnamese exporters need a revolution to promote shipments to the fastidious US market, said Minister of Industry and Trade Tran Tuan Anh. Vietnamese enterprises should develop a food safety system to ensure high-quality products, Anh noted, adding that … [Read more...] about BUSINESS IN BRIEF 6/7
Sales make Women's Day special Shops, supermarkets and even amusement parks in HCM City have announced promotions to mark International Women's Day, which falls next Friday. The Co.op Mart supermarket is offering discounts of up to 45 per cent on more than 4,000 products such as garments, beauty care products and household appliances. HTV Co.op, its television shopping channel that airs on HCM City Television will slash prices on certain items by up to 37 per cent until March 31. The channel will present vouchers worth VND50,000 for every order on Women's Day. French supermarket chain Big C is offering discounts of between 5 and 50 per cent on 2,000 cosmetic and fashion products until April 1 under its Ton vinh ve dep Viet ('to honour Vietnamese beauty') programme. Female customers will be offered free consultancy on skin and body care. Big C is also offering discounts of up to 50 per cent on 800 essential goods such as household items, food and confectionery until April … [Read more...] about BUSINESS IN BRIEF 8/3