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11 May 2017 The Bahrain based leading Islamic banking group, Al Baraka Banking Group B.S.C (ABG) announced that it achieved a total operating income of US$ 249 million during the first quarter of 2017 and the total financing and investments recorded slight increases at the end of March 2017 compared to end of December 2016. Al Baraka Banking Group has continued during the first quarter of 2017, […]

Stock markets in the Asia Pacific region were mixed on Thursday as energy stocks enjoyed a boost from improved crude prices. In Sydney the S&P/ASX 200 was up 0.7 per cent as energy stocks climbed 1.1 per cent. Shares in major banks were recovering from a drop brought on by a new levy announced on Tuesday night, with National Australia Bank up 1.1 per cent. Tokyo’s Topix […]

By Nichola Saminather | SINGAPORE SINGAPORE Asian stocks rose early on Thursday, getting a lift from a record high close on MSCI’s global stocks benchmark after strong gains in oil prices buoyed energy stocks globally. Oil prices held on to 3 percent-plus overnight gains, their biggest one-day jump since Dec. 1, following a steep drop in U.S. inventories and support from Iraq and Algeria for an extension […]

Abu Dhabi National Exhibitions Company (ADNEC) announced on Wednesday that the value of its contribution to the economy of Abu Dhabi reached AED1.12 billion ($300 million) in the first quarter of 2017, up eight percent on targets. In Q1, ADNEC said it hosted 12 exhibitions, and 108 conferences and events that attracted more than 302,000 visitors to its venues in Abu Dhabi and Al Ain. During the […]

WASHINGTON Minneapolis Federal Reserve Bank President Neel Kashkari said on Wednesday that there should not be any relaxation of regulations that have tightened oversight of Wall Street. “Progress has been made. I wouldn’t want to roll that back off the biggest banks,” Kashkari said at an event in Minneapolis, when asked about the fate of the Dodd-Frank reform act that was passed in part to prevent big […]

Jes Staley, chief executive of Barclays, has apologised to shareholders for the “error” he admitted he had made in trying to uncover the identity of a whistleblower. In an attempt to take the sting out of the bank’s annual meeting on Wednesday, the Barclays CEO said: “I feel it is important that I acknowledge to you, our shareholders, that I made a mistake in becoming involved in […]

The Iowa judge who is overseeing the bankruptcy of aerospace-parts manufacturer Wellman Dynamics Corp. called a legal bill from the Weil, Gotshal & Manges law firm “staggering” and cut the firm’s million-dollar payment in half. On Monday, Judge Anita Shodeen said the New York law firm charged an unreasonable amount of money for work on […] (via WSJ)

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Manama, 10 May 2017 GFH Financial Group (GFH) announced today that Islamic International Rating Agency (IIRA) has upgraded its national scale ratings by a notch to ‘BBB-(bh)/A3(bh)’ (TripleB Minus/ A Three) with a ‘Stable’ outlook and maintained its international scale ratings at ‘BB/B’ (Double B / Single B),  1`. According to the agency’s report, the rating action recognizes recent positive developments that have reinforced the Group’s balance […]

ISLAMABAD: The multi-agency joint investigation team (JIT), constituted to probe allegations against the prime minister and his children stemming from the Panama Papers, held another meeting in the Federal Judicial Academy here on Tuesday. Sources said that the team examined the detailed judgement issued by the Supreme Court in the Panama Papers case on April 20. As per the verdict, the JIT comprises officials of the Federal […]

The Indian government issued an ordinance at the end of last week laying out some new powers for the Reserve Bank of India, powers which are aimed at chipping away at the country’s mammoth and thoroughly discussed bad loan problem. Here’s CreditSights with a brief explanation: In essence, two additional sections ­35AA and 35AB ­ were introduced into the Banking Regulation Act. 35AA will allow the government […]

Bridgepoint, the UK-based private equity firm, is working with bankers to prepare a US listing of the Pret a Manger, the fast-growing food-and-coffee-shop chain beloved by office workers. JP Morgan and Jefferies have recently been appointed to lead an initial public offering that could take place in New York before the end of the year, according to two people with knowledge of the situation. Credit Suisse, Barclays […]

Israel was clearly trying to undermine the mass hunger strike, which prisoners say is aimed at better conditions in confinement. The strike is also meant to rally Palestinians, who have carried out numerous protests in support of the prisoners and plan another general strike in the occupied West Bank on Thursday. Continue reading the main story In an interview here in the Palestinians’ administrative capital, Ms. Barghouti […]

Enhancing Kuwait’s arbitration legal framework in order to render Kuwait a more attractive arbitration venue in the region Kuwait – 10 May 2017 ASAR – Al Ruwayeh & Partners (ASAR), Kuwait’s leading corporate, litigation and finance law firm, co-organized a leading seminar on arbitration with the International Court of Arbitration of the International Chamber of Commerce – Paris (ICC). The ICC is one of the oldest and […]

Ticketek sells over 23 million tickets to more than 20,000 events each year, including concerts, sports, theatre, musicals, festivals, and exhibitions at iconic Australian venues such as ANZ Stadium, Qudos Bank Arena, and the Sydney Cricket Ground. A part of TEG Pty Limited, Ticketek considers itself a “truly digital” company, with ticketek.com.au allowing customers to browse, buy, and deliver tickets on their phone, through both the mobile […]

On a cold, rainy day at the end of April, more than 30 people gathered at a co-working space in Charlotte, North Carolina for a public conversation about the future of news in the state. Five days later, more than 50 people got together for a similar conversation at a jazz club in downtown Durham. At both events, attendees — which included local journalists and community activists […]

The Financial Intelligence Analysis Unit’s board of governors is not privy to details of investigations carried out by FIAU investigators and has never seen copies of reports they pass on to police, the FIAU board said today. In a lengthy statement, the FIAU board, which is chaired by Attorney General Peter Grech, emphasised that its task was to set FIAU policy, not to implement it, with a […]

Donald Trump’s promise of the biggest tax reforms since the Reagan era has cast minds back to the go-go years of postwar Manhattan, when cocktail glasses brimmed, steaks bulged and meal bills soared. The generous treatment of business meal expenses fuelled a phenomenon called the “three martini lunch”. As good for networking as it was bad for afternoon acuity, the more money diners spent on liquor, the […]

Back to normal, for now… South African stocks hit an 11-month high on Tuesday, as markets calm a month after the surprise ousting of the country’s finance minister, but analysts warned that political worries could rear their heads again soon. The FTSE/JSE All-Share index climbed 1 per cent today, hitting a high of 54,255, its highest level since June 2016. Bank stocks, which were particularly badly hit […]

The news has been abuzz lately with a forex (foreign exchange market) investment company based in Penang. The company has around 400,000 investors/members, and they have all not received their promised dividends recently. Worse still, they were all denied access when they tried to log into their accounts on the website. Even when they tried going to the offices, they could not get answers because the offices were CLOSED!!! […]

On Monday, we brought you the story of TokenCard, the Ethereum-based venture set to revolutionise the world of payments by bringing crypto folk the, errr, power of the Visa network. Yes, you’re wondering, what’s so special about that? Doesn’t every above-board payment facilitator offer Visa access? You’re right. They do. And a card processed by Visa is hardly a breakthrough innovation worth shouting about here in the […]

Feathery clouds hang above a stretch of aquamarine water, bordered by a hilly island landscape speckled with pastel-coloured houses. There’s a cruise ship, some yachts, a couple of chase boats and some sailboats – but not the typical kind, with soft fabric sails fluttering in the wind. These are professional racing sailboats, with statuesque sails that sport the logos of luxury brands. They are riding the waves […]

Malta’s embattled prime minister, Joseph Muscat, is facing a growing rebellion in Brussels, where MEPs are openly calling for his departure amid a growing corruption scandal involving his wife, a Panamanian shell company and alleged payments from the president of Azerbaijan’s daughter. The Mediterranean island state’s presidency of the EU, which began in January, has been rocked by allegations of money laundering and kickbacks. Malta’s spell at […]

Sign up to receive FirstFT by email here Days after Donald Trump was elected, President Barack Obama warned his successor against hiring former general Michael Flynn as his security adviser. Mr Trump ignored the advice and Mr Flynn resigned after 17 days on the job amid the growing investigation of the Trump team’s ties to Russia. This is just one of the revelations to emerge following a Senate […]

08 May 2017 Jeddah, Kingdom of Saudi Arabia  The Government of Sierra Leone has asked for the the support of Islamic Development Bank (IsDB) in agricultural development, road construction and Post-Ebola recovery plan. The President of Sierra Leone, Dr. Earmest Bai Koroma disclosed this when he received the President of IsDB, Dr. Bandar Hajjar at the Royal Guest House in Jeddah, Kingdom of Saudi Arabia. President Koroma […]

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