Sunday 30 August 2015
 
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Abu Dhabi police seize $10m fake notes

The Criminal Investigation Department (CID) at Abu Dhabi Police foiled an African gang’s attempt to sell and distribute counterfeit money amounting to $10 million.   Colonel Dr Rashid Mohammad Borshid, head of the CID s

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Iran smuggles in $1bn of bank notes: report

At least $1 billion in cash has been smuggled into Iran as it seeks to avoid Western sanctions, a bigger figure than previously reported, Iranian officials and Western intelligence and diplomatic sources say. Sanctions imposed by

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Syria limits foreign currency use, threatens jail

Syrian traders who price goods in foreign currency will face up to 10 years in jail, the government announced on Sunday in a move aimed at stemming the increasing dollarisation of an economy crippled by two years of civil war. A d

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Egypt clamp on carrying cash

  Egypt has banned travellers from carrying more than $10,000 in foreign currency cash in or out of the country, as officials worry over pressure on its pound currency and a rush by Egyptians to withdraw their savings from banks.

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Rebel funds help Syria's war-battered pound

  In Syria's eastern town of Deir al-Zor, a rebel commander flush with cash was swapping his dollars for Syrian pounds to pay fighters battling President Bashar Al-Assad's forces.   Money ch

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Apple 'avoiding billions of dollars in taxes'

Gadget giant Apple is avoiding billions of dollars in taxes by setting up small offices around the world to collect and invest the company's profits, The New York Times reported yesterday. The report said an office in Reno, Nevada, whe

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Three tickets win record $656m in US lottery

The largest lottery jackpot in US history - a whopping $656 million - will be shared by the buyers of three winning Mega Millions tickets in Illinois, Kansas and Maryland - but their identities remained a mystery, lottery officials said. A

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Gold set for quarterly fall on run for cash

A dash for cash has overwhelmed gold's traditional status as a haven from risk, putting the metal on course for its first quarterly fall since end-September 2008, when the global credit crunch was at its worst. Investors said gold coul

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Egypt's foreign reserves seen plunging

Egypt's foreign reserves will plunge by a third to $15 billion by the end of January and the budget deficit will grow, possibly leading to a review of sensitive subsidies, an army official said. Reserves have tumbled since the uprising tha

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UAE FX forwards near 15-month low

Expensive dollar funding kept United Arab Emirates one-year currency forwards near a 15-month low on Thursday, implying a stronger currency, while UAE interbank benchmark rates stayed at seven-year lows. One-year dirham forwards were quote

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