Dozen other virtual currencies on FINMA warning list
Switzerland’s financial watchdog has closed down what it said was the provider of a fake cryptocurrency and is investigating around a dozen other possible fraud cases, in the latest clamp-down on the risks involving virtual money. The country’s Financial Market Supervisory Authority (FINMA) has targeted unlicensed providers of fake crypto currency “E-Coin”. The move comes on the heels of Chinese authorities’ ordering Beijing-based cryptocurrency exchanges to stop trading and immediately notify users of their closure.
The new company will be the continent’s No. 2 steelmaker after ArcelorMittal
Germany’s Thyssenkrupp and India’s Tata Steel inked a preliminary deal last Wednesday to merge their European steel operations in a 50-50 joint venture. The merger will create the continent’s No. 2 steelmaker after ArcelorMittal, news wires reported.
EU warns budget carrier on travellers reimbursement, compensation
Ryanair shares fell seriously last week after the Irish budget airline disrupted the plans of hundreds of thousands of travellers by cancelling flights to cope with pilot shortages and improve its punctuality record.
Debt trap if interest rates stay low
A new warning has been issued about the growing risk of a “debt trap” if interest rates around the world stay near zero.
Fast-growing fintech industry in Mexico to be regulated
Mexico would regulate its fast-growing financial technology sector, including firms that use crypto-currencies like bitcoin, to protect consumers and spur competition, under a proposed bill seen by Reuters.
China provides $10bn credit line to Iranian banks
A Chinese state-owned investment firm provided a $10bn credit line for Iranian banks, news wires reported.
OMV Petrom starts new drilling project
Romania's largest oil and gas company, OMV Petrom, announced last Monday plans to invest €70m into a new drilling campaign in the Black Sea.
Northrop Grumman to buy Orbital ATK for $7.8bn
The US defence contractor Northrop Grumman Corp said on 18 September it would buy missile and rocket maker Orbital ATK Inc for about $7.8bn in cash, giving it access to lucrative contracts with NASA and the US Army.
In Brief
Norway wealth fund, world biggest, hits $1 trillion
Norway’s sovereign wealth fund hit $1tn for the first time on 19 September, driven higher by climbing stock markets and a weaker US dollar, Norges Bank Investment Management said in a statement. But the extreme wealth is not unalloyed good news. The fund’s sheer size has made it a challenge to find markets big enough to invest in. Meanwhile, Norway’s politicians are finding it hard to resist the temptation to raid the world’s biggest state piggy bank, with the petro-dollar “addiction” threatening to overheat the $400bn economy.

Russia, Iraq resume air services after 13 years
Russia and Iraq restored scheduled commercial airline services on 17 September for the first time since 2004, in what officials hailed as a sign of stability returning to the war-torn country. "The first commercial flight arrives today (17 September)," Sergei Izvolsky, spokesman for Russia's civil aviation authority, told AFP. "It is a signal on the part of the Iraqi authorities that Russian nationals can safely visit Iraq." The two countries may also later agree on air travel to the Iraqi city of Basra, Izvolsky said. Russia suspended regular flights to Iraq in 2004 after the US-led invasion in 2003 plunged the Arab country into war.

The largest US toy chain files for bankruptcy protection
The largest US toy store chain Toys ‘R’ Us filed for bankruptcy protection last Monday. The filing is the latest sign of turmoil in the retail industry that is caught in the vice-like grip of online shopping and discount chains. The company made the filing in the US Bankruptcy Court for the Eastern District in Richmond. Its Canadian subsidiary plans to make a similar petition in Ontario Superior Court. Toys ‘R’ Us has about 1,600 stores and 64,000 employees. The company said its stores will remain open for business as usual.

Google launched digital payments app in India
Alphabet's Google on 18 September launched a localized payments app for India as it tries to gain a foothold in the country's rapidly-growing digital payments space. India's crowded digital payments market, expected to grow ten-fold to $500bn by 2020, received a shot in the arm after Prime Minister Narendra Modi banned old high-value notes last year, forcing people to use e-wallets and card payments. Google's payments app named Tez, meaning Fast in Hindi, uses the state-backed payments system UPI and allows users to connect their bank accounts to the service.