Thursday 21 August 2014

StanChart liable to legal action in UAE says cbank

Standard Chartered is liable to legal action in the UAE after it agreed to close some customers' UAE accounts in an anti-money laundering settlement with US regulators, the UAE central bank said on Thursday. Under the settlement, announced this week, the bank agreed to pay a


Khorafis win Dubai judgement vs Bank Sarasin

A court in Dubai's financial centre ruled in favour of Kuwait's prominent Khorafi family on Thursday in a suit against Switzerland's Bank Sarasin over $200 million of investments that went bad. The Dubai International Financial Centre court found Sarasin sold unsuitab


Focus on ‘Megatrends in Passive Investments’

Investment professionals across the Middle East are set to attend seminars about the current trends in the use of exchange-traded funds (ETFs), ‘smart beta’, liquidity and implementation of segregated accounts. The ‘Megatrends in Passive Investments’ semin


EDB delegation seeks to boost China trade ties

Officials from the Economic Development Board (EDB) are currently on a visit to the People's Republic of China in preparation for a Bahraini roadshow to be conducted by a high-level delegation later this year. The roadshow will cover Beijing, Guangzhou, Shenzhen and Hong Kong


Jordan's trade deficit widens by 10.5pc in first half

Jordan's trade deficit widened in the first six months of this year by 10.5 percent to 5.35 billion dinars ($7.5 billion) compared with the same period in 2013, due to a higher bill for Saudi oil and increased consumption, official data showed on Wednesday. Officials say Jord


StanChart to pay $300m penalty for AML deficiencies

Standard Chartered has reached a $300 million civil monetory penalty settlement with the New York State Department of Financial Services (DFS) regarding deficiencies in the anti-money laundering trisection system at its New York branch. The system, which is separate from the sanc


Nakheel repays all $2.15bn bank debt 4 years early

Dubai property developer Nakheel is repaying all of its 7.9 billion dirhams ($2.15 billion) of bank debt as much as four years ahead of schedule, the company said in a statement on Wednesday. The final instalment of the debt was to have come due in March 2018. Nakheel originally


DIFC Authority CEO Singer quits

Jeffrey Singer said on Wednesday that he had resigned as chief executive of the DIFC Authority, which oversees Dubai's financial free zone, the Dubai International Financial Centre. The resignation is with immediate effect, Singer told Reuters by telephone. He declined to com


GCC counties account for 90pc capital in Mena IPO

GCC countries had the largest share of initial public offering (IPO) listings in Mena, accounting for 90 per cent of the capital raised through IPOs in Mena in the first half of the year, with 10 IPOs raising nearly $2.1 billion. The GCC countries listings constituted nearly 78 per cen


OIFC appoints new chief

Oman Investment & Finance Co has appointed Said Ahmed Safrar as its chief executive officer. Safrar comes with more than 20 years of experience in banking and telecom sector, said a statement. His last position was the chief customer experience officer in Oman

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