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Urban cooperative banks report nearly 1,000 frauds worth over Rs 220 crore in past five fiscals: RBI

Urban cooperative banks report nearly 1,000 frauds worth over Rs 220 crore in past five fiscals: RBI

Finance
Urban cooperative banks (UCBs) have reported nearly 1,000 cases of fraud worth more than Rs 220 crore in the last five fiscals, according to the Reserve Bank of India (RBI). Responding to an RTI query, the central bank said a total of 181 fraud cases involving Rs 127.7 crore were noticed during 2018-19. A total of 99 and 27 such cases involving Rs 46.9 crore and Rs 9.3 crore were reported during 2017-18 and 2016-16 respectively, it said. As many as 187 cases of fraud involving Rs 17.3 crore were reported in 2015-16 as against 478 such cases involving Rs 19.8 crore during 2014-15, the RBI said. During 2014-15 and 2018-19, a total of 972 cases of bank fraud worth Rs 221 crore were reported by the UCBs, it said. "Cases of frauds reported to RBI are required to be filed by banks as criminal co...
Tata Steel: 1,000 UK jobs to go amid worldwide cuts

Tata Steel: 1,000 UK jobs to go amid worldwide cuts

Business
Tata Steel has announced it expects to cut 1,000 jobs across the UK as part of the company's restructuring plans.Two thirds of the job losses will be management and office-based roles, Tata said.In the Netherlands 1,600 positions are also set to go, with 350 others cut elsewhere in the world.Tata Steel's Europe CEO, Henrik Adam, said the company "cannot afford to stand still" as "the world around us is changing fast and we have to adapt".Steelworker's union Community said it was "seriously concerned"."We have been presented with short-term plans, which only create worry and uncertainty and do little to inspire confidence," it added."It feels like the company is just managing decline and we need a significant change of direction t...
After Dow tops 28,000, the next 1,000 points will be determined by trade talks

After Dow tops 28,000, the next 1,000 points will be determined by trade talks

Finance
Traders work on the floor at the New York Stock Exchange.Brendan McDermid | ReutersStocks bounced on trade headlines on Friday, but the market could stall out in the week ahead if there is no real progress toward a deal.Stocks ended the week at record highs, but Treasury yields unwound half the big move of the prior week, as doubts surfaced about a trade pact getting completed.The Dow soared above 28,000 for the first time, ending the week at 28,004, with a gain of 1.2% for the week. The S&P 500 ended the week up 0.9% at 3,120.In the coming week, there is a last blast of earnings, from a few big retailers including Home Depot, Macy's and Target. Walmart in the past week raised its outlook and said consumers looked healthy going into the holiday season.There are some economic releases, ...

US vaping illnesses top 1,000; death count is up to 18

Health
The number of vaping-related illnesses has surpassed 1,000, and there’s no sign the outbreak is fading, U.S. health officials said Thursday. Doctors say the illnesses, which first appeared in March, resemble an inhalation injury. Symptoms include severe, shortness of breath, fatigue, and chest pain. Most who got sick said they vaped products containing THC, the marijuana ingredient that causes a high, but some said they vaped only nicotine. The Centers for Disease Control and Prevention said 1,080 confirmed and probable cases have been reported in 48 states and one U.S. territory as of Tuesday afternoon. The count includes 18 deaths in 15 states. More than a third of patients are under age 21, but the deaths have been older adults who apparently had more difficulty recovering. Recently, 2