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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British oil giant BP revealed Friday it has so far spent eight billion dollars to battle the Gulf of Mexico disaster, as its crews worked to retrieve key evidence from the seabed. Robotic submarines recorded the delicate operation as engineers sought to raise a failed blowout preventer from the sunken rig to the surface and hand it over to the US Justice Department. The US government is conducting what could be a criminal investigation into the April 20 explosion and susbsequent oil spill and BP is hoping to shift some of the responsibility to its contractors. The contractors include Transocean which leased the Deepwater Horizon rig off the Louisiana coast to BP and Halliburton which cemented the well. BP's financial liability will soar if the government determines it was criminally negligent. The British energy giant has forecast that the world's worst maritime oil spill will cost the group a total of about 32.2 billion dollars, after pushing it into a record … [Read more...] about BP spill costs hit eight billion as crews unearth clues
Top Bank of America Corp lawyers knew as early as January that American International Group Inc was prepared to sue the bank for more than $10 billion, seven months before the lawsuit was filed, according to sources familiar with the matter. The American International Group (AIG) building is seen in New York's financial district March 16, 2009. … [Read more...] about Bank of America kept AIG legal threat under wraps
NEW YORK - It is not every day that a company bungles something so badly that it has to turn to a regulator for help to clean up its mess. But that is what the Nasdaq stock market has done with the Financial Industry Regulatory Authority following its blunders in Facebook's US$16 billion initial public offering. The move is causing raised eyebrows because of the long and intertwined relationship between the exchange and Wall Street's industry-funded regulator. Market makers say Nasdaq OMX Group Inc owes them at least $115 million and probably much more because of costly delays in processing orders when Facebook Inc made its debut on the exchange on May 18. Nasdaq has only offered $40 million in compensation for the losses, and most of that is in rebates on trading rather than in cash. Nasdaq, which says software glitches caused the delays, has asked FINRA to review the client transactions and claims. But some industry lawyers and compliance experts on Wall Street … [Read more...] about Regulator seen conflicted in Nasdaq’s Facebook mess
Support industry has development potential Viet Nam's support industry has been urged to expand and capitalise on the opportunities created by foreign firms establishing manufacturing and assembling facilities in the country. The comment was made by Reed Tradex Deputy Managing Director Duangdej Yuaikwarmdee during a conference on the country's support industry held in the capital city on Wednesday. Businesses that produce parts to support manufacturing play an important role in the production process, but many Vietnamese firms have failed to win contracts to supply parts to foreign-invested manufacturing projects. Yuaikwarmdee said that continued economic integration into the ASEAN community had made trade in machinery, technology and other products easier, and this helped speed up the development of Viet Nam's industry and trade sectors. However, rising competition from other countries in the region with promising industrial capacities, also required the country to further … [Read more...] about BUSINESS IN BRIEF 27/5