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...
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...
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 International Monetary Fund (IMF) has confirmed that it has short listed two candidates for the post of managing director. Now, French Finance Minister Christine Lagarde and Governor of the Bank of Mexico Agustin Carstens are the two top...
Banks in the United Arab Emirates have enough dollar liquidity to cover the needs of local banks and the exposure of the OPEC member's banks to the euro zone crisis is limited, a newspaper quoted a central bank official...
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 central bank has instructed banks operating in the Gulf country to freeze the assets of 19 Libyan individuals and entities, a senior bank official said yesterday. The move comes in line with the UN Security Council Resolutions 1970...
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...
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...
United Arab Bank (UAB) has confirmed news that it is offering the lowest mortgage rate in the UAE as demand for home financing starts to gather pace after a two year slump. It is learnt that UAB was undercutting...
From September?onward, those entering UAE will be required to declare large amounts of money as a part of an effort to improve monitoring of suspicious cash flows. Ever since the September 11 attacks in the US; Dubai- the finance...
The UAE Justice Minister Hadef bin Juan al-Dhaheri announced on Monday the government is close to finalise an updated federal bankruptcy law and a draft of the legislation which should be ready by the end of this year. The draft, which...
Citigroup reported higher third-quarter earnings on Monday, helped by rising income from Asia and an accounting gain banks can take in turbulent markets. Citigroup has continued its bounce back from near death announcing its seventh consecutive quarterly profit. Citi, which received...
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...
There are only three things you can do with money – spend it, save it or give it away. Though giving appears the easiest of these, in practice it’s the one which can prove the most difficult. Just ask...
Prospects for a third round of the Federal Reserve's?quantitative easing?program (QE3) grew this month after?Chairman Ben Bernanke?said the central bank was prepared to ease further if economic growth and inflation falter again. Nearly in one in two fund managers surveyed...
"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 ?...
While banks in Europe and United States are fighting hard to survive, banks in the Middle East and North Africa region offer safer haven to investors looking for less volatility and limited downside. At the moment, the MENA banking...
Algorithms and quantum physics. These two things seem to be more ingrained in science and mathematics more often than finance but thanks to the new innovative in computer technology and trading these have become the new pass and part...
An alleged trading scheme at UBS AG went undetected for three years before it was finally discovered, triggering a $2 billion loss, British authorities announced Friday as they charged a 31-year-old trader at the Swiss bank with fraud. Flanked by...
HSBC Holdings Plc's Islamic unit, HSBC Amanah, signed a memorandum of understanding with the trade finance division of Saudi Arabia-based Islamic Development Bank that includes issuing letters of credit, and help with various treasury activities. Since 2008, we have approved...
?In the latest round of score-settling,?American International Group?Inc. on Monday filed a lawsuit against?Bank of America?Corp. in New York Supreme Court. It is seeking to recover more than $10 billion on investments in mortgage-backed securities it initially purchased for...
The ?Best AP CEMEA Card Design? awarded by Visa was given to the Royal Banking Covered Card of Dubai Bank. Design Award Periodically all Visa employees across AP and CEMEA markets vote for The Best AP CEMEA Visa Card Design. The...
HSBC announced it will cut 3,000 jobs in support functions at its Asian headquarters in Hong Kong over the next three years, as part of a global cost-cutting plan. Last month, Chief Executive Stuart Gulliver said he was planning...
Capital One Financial Corp. has agreed to buy HSBC Holdings Plc's domestic credit card business for a premium of about $2.6 billion, the US-based financial holding company said Wednesday. As per the definitive agreement between the two companies, Capital One...
The truth about France?s second largest bank?s current financial situation were questionable, yet the effects of assumptions took little time to spread. Towards the end of last week rumors were on the loose about France losing its AAA status and...
The International Monetary Fund (IMF) has urged eurozone leaders to take immediate action over the region's debt crisis, warning it could prove "very costly" for the world. "It would be very costly not just for the eurozone but for the...
With large U.S.banks reporting earnings starting today, all eyes are set on JPMorgan Chase & Co., the healthiest of the large banks, which will be reporting today. JPMorgan may report a second- quarter revenue decline of about 0.8 percent to...