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Financial Services

AP Exclusive: The sad saga of North Korea’s ATMs

PYONGYANG, North Korea (AP) — No modern airport terminal is complete without an ATM, and Pyongyang’s now has two. But they don’t work — because of new Chinese sanctions, according to bank employees — and it’s not clear when they will. ATMs are an alien enough concept in North Korea …

Seeing demand, Morocco approves first Islamic banks

RABAT, Morocco (AP) — Morocco has become the latest Muslim-majority country to authorize Islamic banks, amid growing market demand for Sharia-compliant banking. The Moroccan central bank announced this week it has approved five such banks, fulfilling a long-standing promise of the Islamist party leading a coalition government since 2011. Among …

Benefits of Indian cash overhaul elusive as deadline passes

NEW DELHI (AP) — Fifty days ago, India yanked most of its currency from circulation without warning, jolting the economy and leaving most citizens scrambling for cash. As the deadline for exchanging the devalued 500- and 1,000-rupee notes for new ones hits Friday, many Indians are still stuck waiting in …