"A Stitch in Time Saves Nine" and "Little drops of water make the mighty ocean". ?These are some valuable proverbs that each and every individual must follow. Saving is the golden key to survive Financial Problems in this topsy ?...
The International Monetary Fund (IMF) has seen upheavals within itself for a long time. However it became public with Dominique Staruss Kahan, who resigned last month after he was charged with attempted rape, as managing director. He pleaded not...
The French Finance Minister, Chrisitine Lagarde who is trying for the International Monetary Fund?s (IMF) head job has secured the confidence of UAE, Bahrain and Egypt. Lagarde, one of the three declared candidates for the post, said in Cairo that...
The International Monetary Fund (IMF) has confirmed news of it being a victim in a sophisticated cyber attack; this is the latest in a series of high profile hacking incidents against major corporations and institutions. Cyber security officials stated the...
Goldman Sachs? business proceedings with Muammar Gaddafi?s reign have come under surveillance from U.S. regulators investigating whether they broke anti-bribery laws. Major investment banking group Goldman Sachs has been fined $10million for tipping off favoured clients with trading ideas. The group...
Buoyed by its recent success, Dubai plans to enter debt market with a dollar bond issue under its $4 billion medium-term notes program. Dubai's department of finance has appointed UBS, Royal Bank of Scotland, and Emirates NBD for the...
Hawkamah, the Institute for Corporate Governance, plans to standardize Islamic bonds. The Islamic finance industry seeks more uniformity and the new template for Sukuk Ijarah to ease the cost of issuing the debt and also strengthen the Islamic finance...
Just hours after the Fitch Ratings warned the US, a top Federal Reserve official stated that the US?s default would mean that the country will have to pay a severe price if the government misses bond payments. ?The US...
The benchmark interest rate of the Reserve Bank of Australia is left unchanged for its sixth straight meeting. Experts are forecasting that the official interest rate will rise one percentage point to 5.75 per cent in the next 12...
Christine Lagarde, the French Finance Minister is most likely to become the next head of the International Monetary Fund (IMF), with backing from the Unites States and Japan. Meanwhile, emerging market countries are arguing that their increasing influence in the...
Gulf Finance House (GFH), a Bahraini Islamic investment bank,?resumes trading after eight months of suspension. GFH is traded on?the Kuwait Stock Exchange, the Bahrain Stock Exchange and the Dubai Financial Market. The shares of GFH?are also traded on the...

ADCB goes mobile

Abu Dhabi Commercial Bank (ADCB) has launched a payment system that allows customers to use their mobile to make payments. The payment system, named Mobi, is different from the usual Visapay Wave or BarclayCard?s Quick Tap. The client need...
Singapore?s Prime Minister, Lee Hsien Loong- succeeding his father Lee Kuan Yew; was named the new chairman of the Government of Singapore Investment Corp (GIC), which manages more than $100 billion of the island?s assets. The elder Lee will...
India- born Anshu Jain is the current favorite of many shareholders for the next in line to become the CEO of Deutsche Bank, but the incumbent Josef Ackermann doesn?t seem to favor him. Jain, who is currently the head of...
The US Treasury has agreed to sell $5.8 billion worth American International Group (AIG) shares, as it winds down ownership of the global insurer. The government is planning to sell 200 million AIG shares at $29 each; which stands...
National Central Cooling Company (Tabreed) said yesterday that Abu Dhabi's Mubadala Development Company, and its wholly-owned subsidiary General Investments now hold a majority 26.1 per cent stake in the company. In a statement to the Dubai Financial Market (DFM), Tabreed...
According to a survey of investment bankers, Singapore is likely to create the most jobs in financial services during the next 12 month period, compared to any other city, leaving London and New York behind. The survey showed Singapore is...
The Wall Street is showing signs of a sell-off, but the US stocks might survive for another week relatively unscathed if investors keep betting on sectors less vulnerable to an economic downturn. There has been a pressure building up for...
The New York attorney general (AG) has requested information and documents, in the recent weeks, from three major Wall Street banks. This is in regards to their mortgage securities operations during the credit boom, and indicating the existence of...
Strauss Kahn, the International Monetary Fund chief, has offered to resign following an alleged sexual assault of a hotel maid in New York. Kahn, 62, in his official statement says, that he has already informed the executive board of his...
Infrastructure Leasing & Financial Services Limited (IL&FS) has opened its third international office and first in the region, at the Dubai International Financial Centre (DIFC) IL&FS will sponsor, develop and commercialize infrastructure projects and provide value added financial services, will...
Citigroup Inc. ?, which had taken a $45 billion U.S. bailout after losses on subprime home loans, is boosting profits from a hedge fund that bets the bank?s money on mortgage debt; a practice regulators plan to restrict. The group?s...
Asian equities have dipped and the dollar rose to a six week high against the euro, today, with gains seen as new concerns of a possible euro zone debt restructuring; promoting market players to reduce risk. The euro fell as...
While in other industries there has been a cautious rise in vacancies, the banking sector has experienced a wave of lay-offs in the past month. Hiring is slowly picking up in the UAE, but not in financial services. HSBC?has cut...
Ajman Bank has reported a cent percent growth in its first quarter income of Dh 49.5 million compared to the Dh.24.7 million in the same period, in the year 2010. The bank?s customer deposits stood at Dh 2.83 billion (compared...
A new federal law has been drafted, based on the federal government?s role in supporting and developing the public debt market, Obaid Humaid Al Tayer, UAE Minister of State for Financial Affairs, commented at a public debt management conference...
The Dubai Financial Market Company (DFM), the Arab world?s only listed bourse, has earned a (quarterly) profit of 2.18 million UAE dirham ($ 593,500), an increase of 98 per cent. The company said that it earned revenues of Dh 48.7...
As a significant step towards the strategy to increase branch network in Abu Dhabi, Emirates NBD announced that it has further extended retail banking facilities to its customers in the UAE capital. With a total of 15 branches in...