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<table class="image-container float_right" width="200"><tr><td><div class="image"></div><a href="http://www.apimages.com/OneUp.aspx?st=k&amp;kw=traders%20south%20korea&amp;showact=results&amp;sort=relevance&amp;intv=None&amp;sh=10&amp;kwstyle=and&amp;adte=1316713929&amp;pagez=60&amp;cfasstyle=AND&amp;rids=df8b9e6a91354c158676751e4dee515c&amp;dbm=PY2009&amp;page=1&amp;xslt=1&amp;mediatype=Photo">AP</a></td></tr></table>Skulls pop up on the screens of some computers — a strong indication that hackers planted a malicious code in systems
Computer networks at two major South Korean banks and three top TV broadcasters went into shutdown mode en masse today, paralyzing bank machines across the country and prompting speculation of a cyberattack by North Korea.
Screens went blank promptly at 2 pm (0500 GMT), with skulls popping up on the screens of some computers — a strong indication that hackers planted a malicious code in South Korean systems, the state-run Korea Information Security Agency said. Some computers started to get back online more than 2 hours later.
Police and South Korean officials investigating the shutdown said the cause was not immediately clear. But speculation centered on North Korea, with experts saying a cyberattack orchestrated by Pyongyang was likely to blame.
The shutdown comes amid rising rhetoric and threats of attack from Pyongyang in response to U.N. punishment for its December rocket launch and February nuclear test. Washington also expanded sanctions against North Korea this month in a bid to cripple the regime's ability to develop its nuclear program.
North Korea has threatened revenge for the sanctions and for ongoing routine US-South Korean <keyword id="6359526" type="COMPANY" weightage="60" keywordseo="Military">military</keyword> drills it considers invasion preparation. 
Accusations of cyberattacks on the Korean Peninsula are not new. Seoul believes Pyongyang was behind at least two cyberattacks on local companies in 2011 and 2012.
The latest network paralysis took place just days after North Korea accused <keyword id="5565" type="COUNTRY" weightage="60" keywordseo="South-Korea">South Korea</keyword> and the US of staging a cyberattack that shut down its websites for two days last week. The Thai-based Internet service provider confirmed the outage, but did not say what caused the shutdown in North Korea.
"It's got to be a <keyword id="6357115" type="UNKNOWN" weightage="60" keywordseo="hacking">hacking</keyword> attack," Lim Jong-in, dean of Korea University's Graduate School of Information Security, said of today's events. "Such simultaneous shutdowns cannot be caused by technical glitches."
Shinhan Bank, a lender of South Korea's fourth-largest banking group, reported a system shutdown, including online banking and automated teller machines. The company couldn't conduct any customer activities at bank windows, including retail and corporate banking.
At one Starbucks in downtown Seoul, customers were asked to pay for their coffee in cash, and lines were forming outside disabled bank machines. Seoul is a largely cashless society, with many people using debit and credit cards.
Broadcasters KBS and MBC said their computers went down at 2 pm, but officials said the shutdown did not affect daily TV broadcasts.
YTN cable news channel also said the company's internal computer network was completely paralyzed. Local TV showed workers staring at blank computer screens.
The South Korean military raised its cyberattack readiness level today following the shutdown, the Defence Ministry said. Defence officials reported no signs of cyberattacks on its ministry's computer network and had no immediate details about the broader shutdown.
LG Uplus Corp., South Korea's third-largest mobile operator, which also operates landline services, said the company's networks are operating normally and it did not see any signs of a cyberattack, company spokesman Lee Jung-hwan said.
The companies whose networks shut down this afternoon use not just LG Uplus' services but also other services from SK Telecom Co. and KT Corp, he said.
The investigation will take months, Lim said.
"Hackers attack media companies usually because of a political desire to cause confusion in society," he said. "Political attacks on South Korea come from North Koreans."
Massive shutdowns of the networks of major companies take at least one to six months of planning and coordination, said Kwon Seok-chul, chief executive officer of Seoul-based cyber security firm Cuvepia Inc.
AP

South Korean Banks And Broadcasters Paralyzed By Cyberattack

<keyword id="6653" type="CITY" weightage="100" keywordseo="ICICI-bank">ICICI Bank</keyword>, India’s top private sector bank, will open its branches in China and <keyword id="6355117" type="COUNTRY" weightage="100" keywordseo="South-Africa">South Africa</keyword>. It already has representative offices in these countries and has obtained regulatory approvals to convert them into branches, said ICICI Bank’s managing director and chief executive officer (CEO). 
 
The bank already has branches in many countries like the US, Singapore, Hong Kong, Bahrain, Sri Lanka, Dubai and Qatar. It also has many representative offices in the UAE, Bangladesh, Thailand, Malaysia and Indonesia. 
 
Stating that all foreign operations of the bank are earning profit, Kochhar said, “Our focus is on Indian companies expanding into foreign markets, multinationals from outside coming into India and also the NRIs (non-resident Indians), when it comes to the international banking business.” 
 The bank’s international presence also consists of subsidiaries in the UK, Russia and Canada. Its wholly owned subsidiary <keyword id="1583139" type="UNKNOWN" weightage="100" keywordseo="ICICI-Bank-UK-Plc">ICICI Bank UK Plc</keyword> has nine branches in the UK and a branch each in Belgium and Germany.

ICICI
Bank To Open Branches In China And South Africa

<keyword id="3001" type="General" weightage="20" keywordseo="pakistan" source="Orion">Pakistan</keyword> is <keyword id="52011" type="General" weightage="20" keywordseo="south-asia" source="Orion">South Asia</keyword>'s <keyword id="16104235" type="General" weightage="20" keywordseo="weakest-economy" source="Orion">weakest economy</keyword>, and it will take a herculean effort to pull the country out of poverty, reported Islam Khabar. Pakistan is in the news for its economic meltdown amid natural disasters, food shortages, and poverty. Pakistan had unprecedented floods in July last year, devastating large swathes of farmlands. The forex reserves in the country which hit a new low of USD 4.6 billion would only be enough to pay for foreign import bills for three weeks. The analysts put Pakistan's need for relief at USD 33 billion. The world helped then and has renewed its pledge. Moved by the intervention by the UN Secretary-General, better-off nations have come forward with generous commitments of around USD 10 billion. Sensing the urgency, friends including Saudi Arabia and the UAE have chipped in with four billion dollars this month, reported Islam Khabar. It has been six months since the flood waters ebbed. But on-land traveller (SF Aizaduddin, Dawn January 11, 2023) writes that they remain underwater, with no sign of water management or renewed cultivation. It is understandable up to a point, though. But after so many months, there is an acute food shortage. Imagine the country with one of the world's most irrigated fertile wheat-growing land has a shortage of flour and no money to import it. Market reports say a PKR 1200 bag of 20 kg of flour has shot up to PKR 3,00, reported Islam Khabar. Dragging talks with the International Monetary Fund (IMF) put PKR at three months low. The Express Tribune (January 12, 2023) quoted a currency exchange expert, "The Pakistrupee's fair value is the one prevailing in the black market at Rs 260-270 to a dollar. The government has artificially kept the currency overvalued. It should let market forces determine the exchange rate meet an IMF's condition." Unsurprisingly, warning of another global recession, the World Bank on January 13, 2023 forecasted Pakistan's economic growth to slow further to two per cent during the current year -- down by two percentage points from its June 2022 estimate, reported Islam Khabar. The new excuse is climate change as if only Pakistan is affected. Prime Minister Shehbaz Sharif says the country will need USD 16.3 billion over the next three years for the initial efforts to rebuild and improve its ability to withstand climate change. Sharifs earlier called out Imran Khan for 'begging'. Now Khan is returning the same compliment. He had globe-trotted with a begging bowl, now he asks why Sharif 'wasted' money on going to the Geneva conference where aid pledges were made. 'Begging' continues, no matter who rules Pakistan. But, the country fails to acknowledge the damage caused by the China-Pakistan Economic Corridor to the fragile Himalayas in Gilgit-Baltistan, reported Islam Khabar. Farmers are reluctant to increase the area under wheat cultivation because of the delay in the announcement of support prices. They are demanding an "Agri-emergency" due to fertiliser shortage and weak crop outlook. Pakistan Kissan Ittehad (PKI) President Khalid Mehmood Khokhar said instead of boosting domestic wheat production, the government was "supporting farmers of other countries by buying the commodity at higher prices from them," reported Islam Khabar. In a report, it said Pakistan's declining economic output was also bringing down the regional growth rate. It forecast Pakistan's GDP growth rate to improve to 3.2 per cent in 2024, which would be lower than the earlier estimate of 4.2 per cent. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/investment-tips-from-indias-super-rich/slidelist/97062541.cms" style="">India super rich got richer, here’s is where they are parking their money</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/finance-minister-the-other-brains-behind-the-union-budget-who-are-burning-the-midnight-oil/articleshow/97061266.cms" style="">Finance Minister &amp; the other brains behind the Union Budget who are burning the midnight oil</a>

Pakistan is South Asia's weakest economy: World Bank report

New Delhi, <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword> and <keyword id="1334" type="LOCATION" weightage="20" keywordseo="China">China</keyword> on Saturday held another round of <keyword id="6043242" type="UNKNOWN" weightage="20" keywordseo="military-talks">military talks</keyword> with a focus on taking forward the <keyword id="9531122" type="UNKNOWN" weightage="20" keywordseo="disengagement-process">disengagement process</keyword> in Hot Springs, Gogra and Depsang in eastern Ladakh and bring down the tensions in the region, <keyword id="233909" type="POSITION" weightage="20" keywordseo="official-sources">official sources</keyword> said. The 10th round of Corps Commander-level talks are taking place two days after the Chinese and Indian militaries completed the withdrawal of troops, weapons and other military hardware from the North and South banks of Pangong lake areas as part of an agreement. The meeting started at 10 am at the Moldo border point on the Chinese side of the Line of Actual Control and it was continuing, the sources said. They said India will insist on a faster disengagement process in remaining areas like Hot Springs, Gogra and Depsang to bring down tension in the region that has witnessed a tense standoff between the two militaries for over nine months. "The focus of the talks is on carrying forward the disengagement process," said a source. On February 11, Defence Minister Rajnath Singh announced in <keyword id="6354721" type="COMPANY" weightage="20" keywordseo="parliament">Parliament</keyword> that India and China reached an agreement on disengagement in the North and South banks of Pangong lake that mandates both sides to "cease" forward deployment of troops in a "phased, coordinated and verifiable" manner. Under the agreement, he said China will pull back its troops to east of Finger 8 areas in the northern bank of Pangong lake while the Indian personnel will be based at their permanent base at Dhan Singh Thapa Post near Finger 3 in the region. Similar action would take place on the <keyword id="221581" type="DOMAIN" weightage="20" keywordseo="South-Bank">south bank</keyword> of the lake as well, he said. The sources said troops of both sides have retreated to positions that were agreed upon by both the sides. The disengagement process began on February 10. The Indian delegation at Saturday's talks is being led by Lt Gen PGK Menon, the Commander of the Leh-based 14 Corps. The Chinese side was to be headed by Maj Gen Liu Lin, the commander of the South Xinjiang military district of the People's Liberation Army (PLA). In his statement in Parliament, the defence minister also said that it was agreed to convene the next meeting of senior commanders of both sides within 48 hours of completion of the disengagement in the Pangong lake areas so as to resolve all other remaining issues. Days later, the <keyword id="43909" type="COMPANY" weightage="20" keywordseo="Defence-ministry">Defence Ministry</keyword> said other outstanding "problems" including in Depsang, Hot Springs and Gogra will be taken up at the upcoming talks between military commanders of the two countries. The border standoff between the Indian and Chinese militaries erupted on May 5 following a violent clash in the Pangong lake areas and both sides gradually enhanced their deployment by rushing in tens of thousands of soldiers as well as heavy weaponry even as the two sides continued military and diplomatic talks. Last year, the Chinese military built several bunkers and other structures in the areas between Finger 4 and 8 and had blocked all Indian patrols beyond Finger 4, triggering strong reaction from the Indian Army. In the nine rounds of military talks, India had specifically insisted on withdrawal of Chinese troops from Finger 4 to Finger 8 on the North bank of Pangong Lake. The mountain spurs in the area are referred to as Fingers. On its part, the Chinese side was insisting on withdrawal of Indian troops from several strategic peaks on the southern bank of the lake. Around five months back, Indian troops occupied a number of strategic heights in the Mukhpari, Rechin La and Magar hill areas around the southern bank after the Chinese PLA attempted to intimidate them in the area. SEE ALSO: <a href="https://www.businessinsider.in/entertainment/news/pewdiepies-lyrics-targeting-cocomelon-and-jk-rowling-that-may-have-gotten-youtube-angry-enough-to-pull-the-video-down/articleshow/81102941.cms">PewDiePie's lyrics targeting CocoMelon and JK Rowling may have gotten YouTube angry enough to pull the video down</a> <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-gets-leaner-with-a-300-million-jabong-write-off-as-ceo-kalyan-krishnamurthy-lists-out-the-priorities-for-2021/articleshow/81105083.cms">Flipkart gets leaner with a $300 million Jabong write-off as CEO Kalyan Krishnamurthy lists out the priorities for 2021</a> <a href="https://www.businessinsider.in/stock-market/news/happiest-minds-is-leveraging-its-partnerships-with-big-players-like-google-microsoft-aws-salesforce/articleshow/81105035.cms">Happiest Minds is a smaller company that does the same thing as MindTree and L&amp;T Infotech — but clearly it is doing it a lot better</a> <a href="https://www.businessinsider.in/tech/news/india-may-require-twitter-facebook-and-others-to-remove-unlawful-content-within-36-hours/articleshow/81104740.cms">India may require Twitter, Facebook and others to remove unlawful content within 36 hours</a>

India and China hold 10th round of military talks regarding disengagement in eastern Ladakh, says official sources

<ul><li>The economic distress from the recent <keyword id="48088" type="COMPANY" weightage="20" keywordseo="floods">floods</keyword> in <keyword id="28504" type="LOCATION" weightage="20" keywordseo="Kerala">Kerala</keyword> is mounting. Total losses have been pegged at ₹210 billion. </li><li>A recent report by India Ratings predicts that two-Kerala based banks, <keyword id="6356495" type="UNKNOWN" weightage="20" keywordseo="federal-bank">Federal Bank</keyword> and South India Bank, could see a 20-25% surge in their <keyword id="142154" type="PERSON" weightage="20" keywordseo="bad-loans">bad loans</keyword> as a result of the floods. </li><li>Most of the banks in the region focus their lending on the two sectors that have been adversely impacted by the floods - SMEs and <keyword id="6355165" type="UNKNOWN" weightage="20" keywordseo="agriculture">agriculture</keyword>. </li></ul>The economic distress from the recent floods in Kerala is mounting. Total losses have been pegged at ₹210 billion. The state’s GDP for the current financial year is expected to fall by 1 percentage point. Insurers are readying a payout of ₹13 billion for motor and property claims alone. The national production of rubber and coffee is also expected to take a huge hit. And now, the balance sheets and financial strength of banks in the region are predicted to deteriorate significantly. Around five banks, including Federal Bank and <keyword id="125585" type="COMPANY" weightage="20" keywordseo="South-Indian-Bank">South Indian Bank</keyword>, are based in Kerala with a quarter of their loan book concentrated on the state. Infact, a recent report by India Ratings, predicts that Federal and South India could see a <a href="https://www.indiaratings.co.in/PressRelease?pressReleaseID=33662&amp;title=Market-Wire%3A-Lenders-with-Exposure-to-Kerala-Brace-for-a-Jolt-Amid-Floods">20-25% surge</a> in their bad loans as a result of the floods. Even microfinance institutions will see their operations affected owing to defaults. Last week, the CEO of Federal Bank, Shyam Srinivasan, said that the bank’s non-performing loans could rise by <a href="https://www.business-standard.com/article/markets/federal-bank-expects-bad-loans-from-kerala-to-go-up-20-30-says-md-ceo-118082200060_1.html">as much as 30%</a> within the next few quarters owing to its high level of exposure to the rubber and tourism industries. Most of the banks in the region focus their lending on the two sectors that have been adversely impacted by the floods - small and medium-sized enterprises (SMEs) and agriculture. While agricultural output in Kerala will most definitely take a hit in the near term, even small businesses will suffer due to the loss of inventory, property damage and irregularity in cash flows. This in turn, will inevitably affect the ability of farmers, agricultural collectives and small business owners to pay back their loans. To soften the blow to creditors in the agricultural sector, the government has allowed a one-year grace period for interest and five-year grace period for principal payments on these loans. So banks will not have to immediately recognise these accounts as stressed. In the short term, banks could see a windfall in deposits as a result of a spike in remittances to the state. The floods are expected to unleash a wave of payments from Indian diaspora to their families. The absolute value of remittances will also be given a boost due to the weak rupee.

Kerala floods could lead to a surge in bad loans at India’s regional banks

<keyword id="50190" type="CITY" weightage="20" keywordseo="Asian-Development-Bank">Asian Development Bank</keyword> (ADB) will provide a $ 500 million credit for introducing sun-based rooftop frameworks to help India expand its renewable vitality impression. 
 The financing involves $330 million from ADB and $170 million from the multi-benefactor <keyword id="247359" type="ORGANIZATION" weightage="20" keywordseo="Clean-Technology-Fund">Clean Technology Fund</keyword>, controlled by the subsidizing agency. 
 
"This funding should mean that 11 million fewer tonnes of greenhouse gases are emitted over the typical 25-year lifetime of solar rooftop systems," ADB said. 
 The financing will be channalised through state-possessed <keyword id="62034" type="CITY" weightage="20" keywordseo="Punjab-National-Bank">Punjab National Bank</keyword>, which will utilize the ADB assets to tender loans to different developers and end-clients all over the nation to set up sun based housetop frameworks. 
 "There is a huge potential for India to expand its use of solar rooftop technologies because of the sharp drop in the price of solar panels, meaning the cost of producing solar energy is at or close to that from fossil fuels," said Anqian Huang, finance specialist in ADB's <keyword id="52011" type="CITY" weightage="20" keywordseo="South-Asia">South Asia</keyword> Department. 
 
Sourcing more solar energy will also help India meet the carbon emissions reduction target that it has committed to, as part of the recent global climate change agreement, Huang said. 
 Consolidated with an extra $ 300 million in subproject value speculation and $ 200 million in advances from business banks and different agents, the whole cost of the <keyword id="3716759" type="UNKNOWN" weightage="20" keywordseo="solar-rooftop-investment-program">Solar Rooftop Investment Program</keyword> is $ 1 billion. 
 
The Government aims to increase the amount of energy sourced from solar rooftop systems to 40 gigawatts by 2022. 
 
India has focused to lower its carbon outflows by 33% from 2005 levels in order to substitute it by non-fossil fuel based power under the 2015 Paris climate agreement. 
 
In addition, ADB has additionally dedicated to twofold its yearly financing for atmosphere relief and adaption to $ 6 billion by 2020 to bolster India's cause. 
 
The solar rooftop business sector is still at an early phase of advancement in India and familiarity with the most recent advances and the money related advantages is low. 
 
Banks see lending to such projects as risky, partly because of limited past experiences.

ADB is helping India realize its solar dreams, to provide $500 mn loans for solar rooftops

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Chung Sung-Jun/Getty Images</div></div></div>A former unit of Standard Bank, one of South Africa's biggest lenders, has agreed to pay almost $33 million (£22 million) in fines and compensation for failing to prevent a bribery scandal in Tanzania.The case is the first deferred prosecution agreement in the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword>. It's a procedure borrowed from the US that allows prosecutors to suspend a prosecution if the company pays a fine and helps the investigators pursue the individuals responsible. David Green, director of the Serious Fraud Office, said: "This landmark DPA will serve as a template for future agreements. The judgment from Lord Justice Leveson provides very helpful guidance to those advising corporates. It also endorses the SFO's contention that the DPA in this case was in the interests of justice and its terms fair, reasonable and proportionate. I applaud Standard Bank for their frankness with the SFO and their prompt and early engagement with us." The case involves the bank's work in 2011 and 2012 on the Tanzanian government's $600m sovereign debt placing to fund investments in the country's infrastructure.The Standard Bank unit paid $6 million to a company run by Tanzania's head of tax collection after it won a role to work on the debt placing, and was accused of failing to prevent bribery under the Bribery Act 2010.Satindar Dogra, a dispute resolution partner at Linklaters said: "This case illustrates that for a company seeking a DPA the bar is likely to be set very high in terms of cooperation.""The judge was plainly impressed that the bank had filed its self-report to the authorities before its internal investigation had even started, and that the events in question might otherwise have remained unknown to the SFO," Dogra said. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/middle-east-unrest-coincides-drought-jeff-sachs-2015-11">Jeff Sachs: Here's why the Middle East is going to get a lot worse</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="tiNzFmdDpTcRlNSgrwmi5GTEMOiTEOwn" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

A major South African bank has been fined in a bribery scandal

<ul><li>The Indian Ministry of Finance said the figures "do not indicate the quantum of much debated alleged black money held by Indians in Switzerland."</li><li>An automatic exchange of information in tax matters between Switzerland and India has been in force since 2018.</li><li>As per Swiss National Bank data (SNB), the aggregate funds of Indian clients with Swiss banks hit a 13-year high in 2020. </li></ul>The finance ministry on Saturday asserted that Indian customer deposits in Swiss banks have fallen since 2019, but said it is seeking details from Swiss authorities on the relevant facts along with their view on possible reasons for changes in the funds parked by individuals and entities in 2020. In a statement, the ministry said the deposits have halved but did not give numbers. Quoting data from Switzerland's central bank, had reported on June 17 that funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to a 13-year high of 2.55 billion Swiss francs (over Rs 20,700 crore) in 2020 on a sharp surge in holdings via securities and similar instruments, though customer deposits fell. In its statement, the ministry said the figures "do not indicate the quantum of much debated alleged black money held by Indians in Switzerland. Further, these statistics do not include the money that Indians, NRIs or others might have in Swiss banks in the names of third-country entities." The ministry noted that customer deposits have actually fallen from the end of 2019. The funds held through fiduciaries have also more than halved from 2019-end. "The biggest increase is in 'Other amounts due from customers'. These are in form of bonds, securities and various other financial instruments," the ministry added. It also listed out the reasons that could have led to the increase in deposits, including rising business transactions by Indian companies, rise in deposits owing to the business of Swiss bank branches located in India and increase in inter-bank transactions between Swiss and Indian banks. Besides, capital increase for a subsidiary of a Swiss company in India and increase in the liabilities connected with the outstanding derivative financial instruments could be the other potential reasons for this jump in deposits, the ministry explained. "The Swiss Authorities have been requested to provide the relevant facts along with their view on possible reasons for increase/decrease....," the ministry added. An automatic exchange of information in tax matters between Switzerland and India has been in force since 2018. Under this framework, detailed financial information on all Indian residents having accounts with Swiss financial institutions since 2018 was provided for the first time to Indian tax authorities in September 2019 and this is to be followed every year. The ministry said exchanges of financial account information in respect of residents of each country have taken place between both countries in 2019 as well as 2020. "In view of the existing legal arrangement for exchange of information of financial accounts (which has a significant deterrent effect on tax evasion through undisclosed assets abroad), there does not appear to be any significant possibility of the increase of deposits in the Swiss banks which is out of undeclared incomes of Indian residents," it added. As per Swiss National Bank data (SNB), the aggregate funds of Indian clients with Swiss banks stood at 899 million Swiss francs (Rs 6,625 crore) at the end of 2019, and the increase in 2020 reverses a two-year declining trend. The total amount of CHF 2,554.7 million (Rs 20,706 crore), described by the SNB as 'total liabilities' of Swiss banks or 'amounts due to' their Indian clients at the end of 2020, included CHF 503.9 million (over Rs 4,000 crore) in customer deposits, CHF 383 million (over Rs 3,100 crore) held via other banks, CHF 2 million (Rs 16.5 crore) through fiduciaries or trusts and the highest component of CHF 1,664.8 million (nearly Rs 13,500 crore) as 'other amounts due to customers' in form of bonds, securities and various other financial instruments. While the funds classified as 'customer account deposits' have actually declined from CHF 550 million at the end of 2019 and those through fiduciaries also more than halved from CHF 7.4 million, the money held via other banks rose sharply from CHF 88 million in this period. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/twitter-is-at-odds-with-india-in-the-battle-to-control-online-speech/articleshow/83030224.cms" data-type="tilCustomLink" target="_blank">Twitter is at odds with the Indian government over new laws — reigniting the age-old battle of national interest versus freedom of speech</a> <a href="https://www.businessinsider.in/india/news/delhi-police-serves-notice-to-twitter-india-visits-office-in-connection-with-covid-toolkit-probe/articleshow/82929756.cms" data-type="tilCustomLink" target="_blank">Delhi Police serves notice to Twitter India, visits office, in connection with 'COVID toolkit' probe</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/twitter-may-now-be-directly-responsible-for-every-single-tweet-in-india/articleshow/83565645.cms">Twitter may now be directly held responsible for every single tweet in India</a>

India is seeking details on the rise in Swiss bank deposits from the South Asian country

<div class="image-container float_right" style="width:400px"><div class="image"></div>M. Woodruff/Business Insider</div>Looking back at my career, the most important decision I've made so far –– the one that would set me up for practically every job I've held over the last five years –– was to turn down a job offer after college. 
We were just beginning to feel the heat of the Great Recession, and journalism jobs were few and far between. The flagship paper in my home state just laid off half its staff, and the entire business looked like one big dead-end.
Somehow, I wound up with an offer from a local newspaper anyway. It was a good one, too, one that would surely keep me fed and with a roof over my head while I launched my career. 
But I was antsy. I wasn't ready to throw myself behind a cubicle and commit myself to the 9 to 5 grind just yet. 
It was with careful consideration and great regret, I wrote in an email to the editor, that I would be turning down the job offer. 
Then I booked a flight to <keyword id="27157" type="COUNTRY" weightage="60" keywordseo="Chile">Chile</keyword> and never looked back.

How I Lasted Five Months In South America With Just $2,100 In The Bank

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Shutterstock</div></div></div><ul><li>South Korea says it will ban anonymous cryptocurrency accounts used for financial transactions. </li><li>New regulations set to take effect next week will introduce a system to verify a person's identity before they can make a crypto transaction.</li><li>Cryptocurrency exchanges will also be required to share user data with local banks.</li><li>South Korea houses some of the world's largest cryptocurrency exchanges and they have gone largely unregulated until now.</li></ul> South Korea has made moves to ban anonymous cryptocurrency accounts from being used for financial transactions. Financial authorities have already banned banks from offering virtual accounts that are needed to buy or sell cryptocurrency. New regulations set for next week will further the ban already in place by introducing a system to verify a person's identity before they can make a transaction.Planned regulation also prevents foreigners and underage investors from opening cryptocurrency accounts in South Korea, <a href="http://english.yonhapnews.co.kr/search1/2603000000.html?cid=AEN20180123001751320">Yonhap reported</a>, citing financial officials. South Korea's senior financial regulator Kim Yong-beom told reporters that six South Korean banks will begin issuing new trading accounts next week after the system is implemented. Those banks include Shinhan Bank, NH Bank and the Industrial Bank of Korea. Existing crypto bank accounts not linked to verified users will be banned on the same day, Kim said.Officials also announced on Sunday that cryptocurrency traders would be required to share user data with the banks, according to <a href="http://english.yonhapnews.co.kr/business/2018/01/21/0503000000AEN20180121002700320.html">Yonhap</a>. Newly proposed regulations would require banks to check whether cryptocurrency exchanges comply with the new transparency measures.The government will also be able to access users' transaction data through compliant banks, according to officials, which may point to the government looking to enforce taxes on cryptocurrency transactions. Stricter trading regulations are part of a government system to curb speculative investment into virtual money, as many fear that the cryptocurrency bubble may soon burst. The government also hopes to prevent the use of cryptocurrency in illegal activity."Nobody, including the government, guarantees the value of cryptocurrencies," Kim told reporters. "Given its highly volatile nature, please be cautious when making investment decisions." South Korea houses some of the world's largest cryptocurrency exchanges, although exchanges have gone largely unregulated as they are not recognized as official financial institutions.Last week, authorities <a href="https://www.reuters.com/article/us-southkorea-bitcoin/south-korea-considers-shutting-down-domestic-cryptocurrency-exchanges-idUSKBN1F706T">raided the country's largest cryptocurrency exchanges</a> on suspicion of tax-dodging. As news broke of the government's plans to propose a ban on virtual currency exchanges, the global cryptocurrency market <a href="http://www.businessinsider.com/cryptocurrency-market-plunges-after-reported-crypto-exchange-raid-2018-1">took a nosedive</a>.Many South Korean users took to <a href="http://www.businessinsider.com/cryptocurrency-market-plunges-after-reported-crypto-exchange-raid-2018-1">social media to express their anger</a>, and posted photos of doors, laptops and showers that had been broken in a cryptocurrency-filled rage.Get the latest Bitcoin price <a href="http://markets.businessinsider.com/currencies/BTC-USD">here.&gt;&gt;</a> <div id="categorypromo" style="border:1px solid silver; min-height:90px; padding:10px;vertical-align:top;"><a href="http://read.bi/bitcoin-101-free"></a>EXCLUSIVE FREE REPORT: The Bitcoin 101 Report by the Business Insider Intelligence Research Team. <a href="http://read.bi/bitcoin-101-free">Get the Report Now »</a></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/why-central-banks-using-blockchain-technology-could-be-beneficial-2018-1">Central banks are experimenting with blockchain technology - here's why</a></h3> <div> </div> </div>

South Korea will ban anonymous cryptocurrency trading to help boost transparency

<div class="KonaFilter image-container display-table float_right"><div><div class="image"></div></div></div>A US-owned plane carrying millions of South African rand has been impounded in Zimbabwe after a corpse was found on board, the <a href="http://www.bbc.co.uk/news/world-africa-35577988" target="_blank">BBC</a>, citing state-run media, reported.Blood was discoverd on the aircraft during a routine refuelling stop on the way to South Africa where it was due to deliver cargo belonging to the country's Reserve Bank.The plane, owned by Florida-based company Western Global Airlines, had been traveling from Germany to South Africa when a request was made to refuel at Harare International Airport.A source told the <a href="http://www.herald.co.zw/caaz-impounds-us-cargo-plane-bleeding-body-millions-of-rands-found-on-board/" target="_blank">Zimbabwe Herald</a> that after spotting blood, airport attendants discovered a dead body on the jet.The South African ambassador to Zimbabwe, Vusi Mavimbela, told <a href="http://af.reuters.com/article/commoditiesNews/idAFL8N15U0TW" target="_blank">Reuters</a> six crew members and a few officials from the South African central bank were on the flight."Unfortunately there was a stowaway that was found on the plane and (Zimbabwe) authorities are trying to get to the bottom of the issue," he said."Where did the person get in there? When and how? Because the crew and the Reserve Bank authorities who were there accompanying the cargo were not aware." A senior official at the bank, Pradeep Maharaj, said that they are working with authorities to make sure that the cargo is released and allowed to complete its journey to South Africa.Maharaj told the <a href="http://www.bbc.co.uk/news/world-africa-35577988" target="_blank">BBC</a>: "The South African Reserve Bank (SARB) is aware of an aircraft carrying a SARB consignment that stopped in Harare and was detained following the discovery of an unidentified body that is presumed to be a stowaway on the aircraft."David Chawota of Zimbabwe's Civil Aviation Authority said that the matter has been handed over to the police for investigation.

A plane has been seized in Zimbabwe after large amounts of cash and a corpse were found on board

London South Bank University is being criticized for censoring a poster that puts a satirical figure in place of God in a famous Michelangelo painting, The Independent <a href="http://www.independent.co.uk/student/news/free-speech-outcry-as-images-of-the-flying-spaghetti-monster-are-banned-from-london-south-bank-university-for-offending-religious-people-9119958.html">reports</a>.
The Flying Spaghetti Monster is a familiar figure that is meant to signify secularism. The South Bank Atheist Society created the poster for a school fair, <a href="http://www.huffingtonpost.co.uk/2014/02/10/atheist-poster-removed-london-university_n_4759711.html?utm_hp_ref=uk">according to</a> the Huffington Post.
Here's the poster:
<div class="KonaFilter image-container"><div class="image">Church of the Flying Spaghetti Monster</div></div>
Student union officials reportedly removed the posters because they were "religiously offensive," according to The Independent. The atheist society's stall was eventually banned from the fair entirely.
Now, the university is under fire for censorship.
The Guardian <a href="http://www.theguardian.com/commentisfree/2014/feb/11/censor-michelangelo-spoof-advert-disbelief-sistine-atheism?CMP=twt_gu">called the poster controversy</a> "one of the daftest and most anti-intellectual acts of censorship since the Catholic church told Galileo to point his telescope the other way round in case he discovered something that offended flat-Earthers."

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