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HSBC to take $1.1 billion hit after Luxembourg court ruling in Madoff case

HSBC to take $1.1 billion hit after Luxembourg court ruling in Madoff case

by AIP Online Bureau | Oct 27, 2025 | Banking & Bancassurance, Eco/Invest/Demography, International News

Madoff’s fraud was estimated as much as $64.8 billion, making it the biggest-ever Ponzi scheme, a kind of fraud whereby old investors are paid off with funds from newer ones while the organizer siphons off some of the money for themselves HSBC Holdings said on Monday...

HK startup aims to launch satellites for 3D wind data, report

by AIP Online Bureau | Oct 27, 2025 | Eco/Invest/Demography, International News, Technology

The satellites should be able to provide global coverage of data that could be supplied to the aviation, shipping and insurance industries. It could also be used by wind-farm operators, Chief Executive Officer of Stellerus David Liu said Hong Kong startup Stellerus...
Tens of thousands evacuated as cyclone Montha gains strength

Tens of thousands evacuated as cyclone Montha gains strength

by AIP Online Bureau | Oct 27, 2025 | Disaster & Management, Eco/Invest/Demography, Indian News

The cyclone is likely to turn into a severe storm by Tuesday, before crossing the coast of Andhra Pradesh later in the day, the India Meteorological Department (IMD) said HYDERABAD: India moved 50,000 people to relief camps on Monday as it began evacuations a day...

Govt plans to hike foreign investment cap in state-run banks to 49%, source says

by AIP Online Bureau | Oct 27, 2025 | Banking & Bancassurance, Indian News, Policy, Regulation

Foreign interest in India’s banking industry is on the rise as evidenced by Dubai-based Emirates NBD’s recent $3 billion purchase of a 60% stake in RBL Bank and Sumitomo Mitsui Banking Corp’s $1.6 billion acquisition of a 20% stake in Yes Bank which...
Australia sues Microsoft over AI-linked subscription price hikes

Australia sues Microsoft over AI-linked subscription price hikes

by AIP Online Bureau | Oct 27, 2025 | Eco/Invest/Demography, International News, Regulation, Technology

The Australian Competition and Consumer Commission (ACCC) alleged that from October 2024, the technology giant misled about 2.7 million customers by suggesting they had to move to higher-priced Microsoft 365 personal and family plans that included Copilot...
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