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Daily Tribune
6 days ago
- Business
- Daily Tribune
Bahrain gets first 32-currency Fintech card
TDT | Manama BFC Payments has launched Bahrain's first prepaid card to support 32 global currencies in a single digital wallet, redefining travel and cross-border spending for residents and tourists alike. The enhanced 'Travel Buddy' card, part of the BFC Pay platform, now includes 15 additional currencies, ranging from the Japanese Yen and Indian Rupee to the Egyptian Pound and Chinese Yuan. It is currently the only card in the Kingdom offering such a wide currency portfolio under one wallet. Consumer focus Designed for digital-savvy users, the card supports seamless transactions across continents and offers up to 7 percent cashback on domestic purchases. 'We're reimagining everyday finance, whether you're a frequent flyer, a digital shopper or living life across borders. This card offers financial control right in your pocket,' said Vineet Karumat, General Manager of BFC Payments. The upgraded card builds on BFC Pay's growing footprint in Bahrain's digital payments landscape, which includes features like stored value wallets with virtual IBANs, payroll accounts, international recharges, and real-time merchant offers. National innovation The move marks a significant step in Bahrain's fintech evolution. With financial platforms increasingly shifting toward integrated, borderless services, BFC Pay's initiative strengthens Bahrain's position as a hub for financial innovation in the Gulf. The Travel Buddy card is now available through the BFC Pay App, offering Bahrain-based users a smarter, globally connected way to spend and save.
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Business Standard
22-05-2025
- Business
- Business Standard
Indian Rupee slips past 86 mark to close at over one-month low
Indian Rupee today: The domestic currency closed 37 paise lower at 86.01 on Thursday, marking its weakest level since April 11 this year SI Reporter Mumbai The Indian Rupee weakened past the 86 mark on Thursday on likely foreign outflows from domestic equities as the dollar and crude oil prices remained under pressure. The domestic currency closed 37 paise lower at 86.01 on Thursday, marking its weakest level since April 11 this year, according to Bloomberg. This compares with a closing of 85.64 on Wednesday. However, on a positive note, Bofa Research expects the Indian rupee to strengthen to 84 against the greenback by December 2025 from the previous forecast of 87, according to reports. This is on account of broader weakness in the dollar and stable domestic fundamentals. The dollar index fell for the fourth consecutive day as US President Donald Trump continued to push his sweeping spending and tax-cut bill. The index, which measures the greenback against a basket of six major currencies, was up 0.21 per cent at 99.77. The US House of Representatives Rules Committee has approved the advancement of President Donald Trump's sweeping tax cut plan, paving the way for a vote on the House floor. The proposal has raised concerns, with reports estimating that the tax cuts could cost between $3.8 trillion and $4.5 trillion over the next decade. Following this, treasury yields advanced, with the benchmark 30-year treasuries rising to as high as 5.1 per cent. The narrowing yield differential between India and the US is making Indian assets less attractive, prompting global funds to pull out money from Indian markets, Amit Pabari, managing director at CR Forex Advisors, said. "This outflow is putting additional pressure on the rupee." Rising geopolitical tensions in the Middle East have pushed crude oil prices higher, further adding pressure to the rupee, he added. Meanwhile, domestic equity markets ended lower on Thursday, with the Nifty50 and Sensex down 0.82 per cent and 0.79 per cent, respectively. On the brighter side, the Chinese Yuan and Japanese Yen have started appreciating against the dollar, offering a measure of support to the rupee, Pabari said. "Technically, the dollar/rupee pair is expected to trade in a range as it faces strong resistance near 85.80, while immediate support lies at 85.20-85.30 levels." Crude oil prices traded on the lower side as the increase in US crude inventories overshadowed Israel-Iran tensions. Brent crude price was down 1.34 per cent to $64.04 per barrel, while WTI crude prices were 1.38 per cent lower at 60.72, as of 3:25 PM IST.
New Straits Times
13-05-2025
- New Straits Times
Chinese students claim trial to faking kidnapping to extort RM2.9mil
KUALA LUMPUR: Two university students from China pleaded not guilty at the Sessions Court today to staging a fake kidnapping in order to extort a ransom of five million Chinese Yuan, or RM2.9 million, from one of their mothers earlier this month. Zhang Runbao, 23, a student at the National University of Singapore, and Ye Yingxi, 18, a student at the Singapore Institute of Management, entered their plea before Judge Azrul Darus. The pair allegedly made a video call to Ye's 40-year-old mother, Cheng Zhiwen, during which they claimed her son had been kidnapped. The video showed him bound, partially stripped, with his hands tied, mouth taped, and a water-drenched face. The kidnappers further claimed he had been strangled and stomped on. They are accused of cheating and dishonestly inducing Cheng to transfer five million Chinese Yuan into a bank account based in China, which she would not have done had she known it was a scam. The offence, under Section 420 of the Penal Code, read with Sections 511 and 34, carries a penalty of imprisonment for a term not less than one year, and up to 10 years, along with whipping and a fine upon conviction. Section 511 provides that the term of imprisonment shall not exceed one-half of the longest term for the offence under Section 420. The duo also claimed trial to an alternative charge of making another video call to Ye's mother, showing him in the same distressing condition, as part of an effort to intimidate and extort her into transferring the ransom. This charge, under Section 417 read with Section 34, carries a penalty of up to five years in prison, a fine, or both upon conviction. The offences are said to have taken place between 11.44am and 9.15pm at a hotel unit on Jalan Tuanku Abdul Rahman on May 2. Azrul granted each defendant bail of RM30,000 with two sureties and ordered them to surrender their passports to the court. The next mention has been set for May 27. Deputy public prosecutor Noor Syafina Radzuan appeared for the prosecution, while lawyers Ernie Sulastri Ahmad and Ramesh Sivakumar represented the accused.
Yahoo
13-05-2025
- Business
- Yahoo
Tencent Music beats quarterly revenue estimates
(Reuters) -Tencent Music Entertainment exceeded analysts' expectations for its first-quarter revenue on Tuesday, driven by growth in its streaming services. The company posted revenue of 7.36 billion yuan ($1.02 billion) for the quarter ended March, beating analysts' estimates of 7.27 billion yuan, according to data compiled by LSEG. ($1 = 7.1993 Chinese yuan renminbi) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
13-05-2025
- Business
- Reuters
India-Pakistan truce, yuan boost to lift rupee past 85/USD
MUMBAI, May 13 (Reuters) - The Indian rupee is expected to appreciate past the 85 mark against the U.S. dollar at the open on Tuesday, supported by the India-Pakistan truce and a rally in the Chinese yuan on the back of the U.S.-China trade agreement. The 1-month non-deliverable forward indicated that the rupee will open at 84.70-84.75 to the U.S. dollar compared with 85.37 on Friday. India's forex and money markets were off on Monday. The rupee experienced significant volatility last week, with traders reacting to news surrounding the India-Pakistan conflict. The Indian currency fluctuated within the 84.12-85.84 range, with the Reserve Bank of India likely intervening on Friday to provide support. "This week is expected to be less turbulent," said a currency trader at a Mumbai-based bank. "I expect the rupee to rally to at least the 84.30-84.40 region, especially with positive developments on the U.S.-China front complementing the good news (about) India and Pakistan." India and Pakistan agreed to a ceasefire on Saturday following four days of cross-border strikes and retaliatory attacks. Although there were violations in the immediate aftermath, the truce has held since then. Indian equities soared on Monday, logging their best day in more than four years. The temporary pause in the U.S.-China trade war boosted Asian currencies and equities, alleviating worries of an economic slowdown. Following talks, both sides agreed that the U.S. would drop levies on Chinese imports from 145% to 30% during a 90-day negotiation period and that China would cut duties from 125% to 10%. The offshore Chinese yuan rose past 7.18 to the U.S. dollar, a six-month high. "In the short term, this 90-day reprieve increases optimism that the worst-case outcome (U.S. stagflation) will be avoided," ANZ Bank said in a note. U.S. equities rallied Monday, yields rose, and the dollar advanced against its major peers. KEY INDICATORS: ** One-month non-deliverable rupee forward at 84.94; onshore one-month forward premium at 18.75 paise ** Dollar index at 101.62, rallied 1.3% on Monday ** Brent crude futures down 0.3% at $64.7 per barrel ** Ten-year U.S. note yield at 4.45% ** As per NSDL data, foreign investors bought a net $286 million worth of Indian shares on May. 8 ** NSDL data shows foreign investors sold a net $64.5 million worth of Indian bonds on May. 8
