Saturday 1 August 2015

Citi Bahrain wins top Internet banking awards

Citi Bahrain said it has won two major awards for Internet banking. The bank said it won the Best Consumer Internet Bank and the Best Corporate/Institutional Internet Bank at Global Finance magazine’s 2015 Best Internet Banks in the Middle East and Africa, reported the


Corporate governance issues in Islamic finance in focus

Bahrain-based General Council for Islamic Banks and Financial Institutions (CIBAFI), a global umbrella of Islamic financial institutions, yesterday (July 28) announced that it, along with the World Bank, is organising a joint international conference in Amman, Jordan, in September.


Standard Chartered audit head to become UAE chief executive

Standard Chartered has picked Julian Wynter, group head of internal audit, as UAE chief executive, two sources told Reuters on Monday. Wynter is likely to take charge in August after the departure of current UAE chief executive Mohsin Nathani, who resigned from the bank in April,


Dubai realtor S&K blames weak market for bankruptcy

Dubai-based real estate agency S&K Estate Agents said a deteriorating property market in the emirate contributed to its decision to file for bankruptcy and be liquidated. "Simply put, the revenue being generated by the business drastically reduced over the first half of


Western Union activates money transfer into Greece

The Western Union Company, a leading global payment services, has activated international remittances into Greece, allowing customers to receive cash payouts in minutes from almost anywhere around the world at select walk-in retail agent locations. International and domestic Western Un


ABC announces $96m net profit in H1

Bahrain-based Arab Banking Corporation (ABC) reported a consolidated group net profit of $96 million for the first half of 2015, 30 per cent lower compared to a profit of $137 million reported in the first half of last year. ABC also reported a net profit of $44 million in the se


Qatar June trade surplus falls 52.5pc

Qatar's foreign trade surplus plunged 52.5 per cent from a year earlier to SR14.88 billion ($4.09 billion) in June because of low oil and natural gas prices, statistics showed on Monday. Exports of petroleum gases and other gaseous hydrocarbons dropped 44.6 per cent in June to SR14


Dubai Financial Market Q2 net profit drops 48pc

Dubai Financial Market (DFM), the Gulf's only listed stock exchange, reported a 48 per cent fall in second-quarter net profit on Monday as bourse turnover slumped. The firm, which runs securities trading in Dubai, made a net profit of Dh132.4 million ($36.05 million) in the t


RBS ends plan to sell UAE units to ADCB

Royal Bank of Scotland (RBS) has ended its plan to sell its UAE cash management and trade finance business to Abu Dhabi Commercial Bank (ADCB), sources familiar with the matter said on Monday. The sale would have been one of the last remaining steps in the bank's pull-back fr


UAE to cut state spending by 4.2pc

The government of the United Arab Emirates is expected to cut spending by 4.2 per cent this year because of low oil prices, which are slashing its energy export revenues, a central bank report said on Monday. The UAE does not regularly reveal consolidated state budget data, and f

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