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In what has been dubbed the biggest loan fraud in India’s history  the No. 2 state-run lender PNB (PNBK.NS) has alleged that two employees at a Mumbai branch colluded with firms linked to well-known jewelers  Nirav Modi  and  his  uncle  Mehul Choksi.
A lawyer for  Modi  has denied his client was involved in any fraud. Choksi has not commented but his firm  Gitanjali Gems (GTGM.NS)  has also denied involvement in the alleged fraud.
Separately  PNB said a news report that it had approached the global accounting firm PwC to conduct a probe into the alleged fraud that would help it build a case against  Nirav Modi  and  his  associates was “totally incorrect”.
Bollywood actor Priyanka Chopra  who also stars in the U.S. television series “Quantico”  terminated her contract as the brand ambassador for Nirav Modi’s eponymous high-end diamond jeweler stores  which stretch from New York to Beijing  her spokesman said.
India's RBI orders changes to bank protocols after $1.8 billion fraud case

This weekend's bloodshed broke out Sunday in the southern port city of Aden  where forces loyal to the separatist Southern Transitional Council traded gunfire with loyalists of  President Abed Rabbo Mansour Hadi . The scattered fighting has claimed at least 12 lives and injured scores more.
The two sides had shared an uneasy alliance since 2014  when they were united in their opposition to the Houthi rebels who seized cities in the country's northwest  including the capital  Sanaa. Together  the STC and  Hadi 's forces managed to repel the Houthis from Yemen's southern governates and Aden  the large city where Hadi's government had presided since its ouster from the capital.
As Reuters notes  the fighting follows the expiration of a deadline set last week by the southern separatists. Irate at what they call corruption and the deep erosion of public services in the areas still governed by Hadi  the STC had delivered him an ultimatum: shake up the cabinet and sack bin Daghir or face ouster. That deadline came and went without sign that  Hadi  had any intention of complying.
The new fault that has opened between  Hadi  and  his  erstwhile allies in the STC adds another dimension to a war already packed with a dizzying array of players â and a long  tortuous history dating back at least to 1990. That's when South Yemen  a formerly independent state with Aden for its capital  agreed to unification with its northern counterpart. The union has never quite been an easy one  strained by a 1994 civil war and more recently  calls for greater autonomy in the south.
Add to that latent friction the bloodshed of recent years  which has seen Yemen's internal conflicts take on the character of a proxy war among competing powers in the Gulf region. The Houthis  a Shiite group based in the northwest  have been backed by Iran  while Saudi Arabia has led a coalition conducting an air campaign since 2015 supporting  Hadi  and  his  Sunni allies.
Bloodshed Roils Yemen's South Further Complicating An Already Complicated War : The Two

Norway ’ s $ 1 trillion sovereign wealth fund will this year step up its assessment of the risks posed by climate change to its investments in power producers   oil firms and basic materials companies   its CEO told Reuters on Tuesday . Separately   the board of the central bank will soon decide whether to blacklist from the fund one or more companies -- either in the oil   steel or concrete sectors -- for producing too much greenhouse gases   the central bank chief told Reuters . The fund   which invests the proceeds from Norway ’ s oil and gas production for future pensions in stocks   bonds and real estate abroad   is one of the world ’ s biggest shareholders   with stakes totaling 1 . 4 percent of all listed companies . In recent years the world ’ s biggest sovereign wealth fund has become a more active shareholder   trying to influence companies ’ attitudes . Among them are the way companies report on climate change   such as their carbon dioxide emissions   or whether companies have scenario analyses of how more heatwaves   droughts or floods might affect their earnings .  Chief Executive Yngve Slyngstad  said the fund would first focus  its  efforts on electricity producers . “ That is ... the sector that we will first go through and think about in this scenario . The two next ones will be ( basic ) materials and oil .” “ By far the largest ... is electricity producers   which of course has been a specific focus for us because of the so - called coal criteria  ” he said referring to the fund not being allowed by parliament to invest in firms that derive more than 30 percent of their revenue from coal . The proposal to potentially exclude one or more companies in the oil   steel or cement sectors over excessive greenhouse gas emissions is under review by the board of the central bank . “ We have received some recommendations on potential exclusions based on that new criteria . The board is working on the issues ... It ’ s not going to be long  ” central bank governor Oeystein Olsen said   declining to give a more precise timeframe . Slideshow ( 2 Images ) The moves come as the fund is proposing to drop oil and gas stocks from its benchmark index   which would reduce over time its stakes in oil and gas companies . That proposal is under consideration at the finance ministry and will be voted by parliament at a later stage . DOUBLED ITS RETURN IN 2017 Also on Tuesday   the fund said it doubled its return on investment in 2017   beating its benchmark   as strong global stock markets boosted the value of the portfolio . It earned a return of 13 . 7 percent in 2017   up from 6 . 9 percent in 2016 . “ The fund ’ s cumulative return since inception has passed 4   000 billion Norwegian crowns ($ 511 billion ). One out of four crowns of return was generated in 2017   after a very strong year for the fund  ” Slyngstad said in a statement . “ Again   our equity investments returned strongest with a return close to 20 percent .” The fund ’ s biggest single company investment at the end of 2017 was in Apple Inc ( AAPL . O )  worth 66 billion crowns   ahead of Nestle ( NESN . S ) at 51 billion and Royal Dutch Shell ( RDSa . L ) at 50 billion . Apple was also the biggest single contributor to the fund ’ s returns in 2017   ahead of Chinese tech group Tencent Holdings ( 0700 . HK ) and Microsoft ( MSFT . O ). The fund ’ s size is equivalent to $ 200   000 for every Norwegian man   woman and child . The government withdrew 61 billion crowns during 2017 to pay for public expenses   compared with 101 billion crowns in 2016 .  Slyngstad  earned an annual salary of 6 . 7 million crowns   or roughly $ 855   000   in 2017   while  his  chief investment officer for equity strategies   Petter Johnsen   earned more   with 7 . 4 million crowns . By comparison   the country ’ s prime minister   Erna Solberg   earned 1 . 6 million crowns .

Norway wealth fund to assess climate risks in power oil materials