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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 […]

Tuesday 02:50 BST Overview Stocks around Asia were mostly lower following a flat lead from Wall Street and as momentum after the French presidential election faded. Hot topic Emmanuel Macron, the independent centrist, was elected France’s president in the country’s election at the weekend, beating far-right candidate Marine Le Pen. Although Mr Macron’s victory was a cause for relief in markets and is seen as a broad […]

Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has issued a decree to form the board of trustees of the UAE Food Bank. Under the chairpersonship of Sheikha Hind bint Maktoum bin Juma Al Maktoum, wife of Sheikh Mohammed, the decree also names Hussain Nasser Lootah, director general of Dubai Municipality as vice chairman of the board. Last month, it was […]

By Henning Gloystein | SINGAPORE SINGAPORE Oil prices edged up on Tuesday, driven by anticipation that an OPEC-led pledge to cut production would be extended beyond the first half of the year and into 2018, although overall high supply still weighed on markets. Brent crude futures, the international benchmark for oil prices, were at $49.60 per barrel at 0045 GMT on Tuesday, up 26 cents, or 0.5 […]

TOKYO The International Monetary Fund called on Asian economies to learn from Japan’s experience and act early to cope with rapidly ageing populations, warning that parts of the region risk “getting old before becoming rich.” Asia has enjoyed substantial demographic dividends in the past decades, but the growing number of elderly is set to create a demographic “tax” on growth, the IMF said in its economic outlook […]

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Emirates NBD, Dubai’s biggest bank, has announced that it is the first bank in the UAE to process loan or card applications using the Al Etihad Credit Bureau (AECB) Consumer Retail Banking Score. The AECB Consumer Retail Credit Bureau Score is the first scoring system for UAE’s retail banking customers, exclusively developed for risk prediction using historical data on repayment behaviour reported to Al Etihad Credit Bureau. […]

By Shu Zhang and Matthew Miller | BEIJING BEIJING A Chinese government campaign to cut leverage in the banking system and limit some risky activities appears to be working, but it is also pushing borrowers back towards alternative funding sources that carry similar risks to the financial system. First-quarter official data shows banks cut the amount they lent to and borrowed from other financial institutions by 1.4 […]

Robert Mercer, co-chief executive of the hedge fund Renaissance Technologies and one of Donald Trump’s biggest donors, has been sued by a former employee who says he was fired after he publicly criticised his boss’s support for the US president. David Magerman, a long-time research scientist at the fund who had helped it build computer algorithms that make investment decisions, was terminated after giving two newspaper interviews […]

Monday 16:30 BST What you need to know • The euro is losing momentum after touching a six-month high, down 0.6 per cent at $1.0925 • New York equity markets are muted; European equities markets are falling back, led by banks after early momentum from the French election continues to fade • Oil prices have also been volatile with both Brent and WTI seesawing either side of […]

By Thierry Chiarello and Sarah White | PARIS PARIS Emmanuel Macron may have won Sunday’s presidential election by a comfortable margin, but even his supporters’ enthusiasm is tempered by the scale of the challenge that the inexperienced politician faces in tackling France’s deep-seated economic, social and security problems. Macron, a former economy minister who had never previously stood for elected office, beat far-right leader Marine Le Pen […]

Just two work days after we reported that Home Capital had already used up half of its C$2 billion emergency “lifeline” credit facility (yielding 22.5%) and was seeking additional emergency funding, on Monday Canada’s most troubled alt-mortgage lender provided a liquidity update in which it said that it had drawn an addition C$400 million on its loan, leaving just C$600 million available. At the same time, the […]

08 May 2017 Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, signs a US$ 925 million (QR 3.4 billion) structured Shari’a compliant financing facility with Gulf Drilling International Limited QSC (GDI). This new facility will be used to re-organize the company’s debt and further enhance its operational and financial performance. QIB successfully originated, structured and executed the transaction which used an innovative financing structure to meet the […]

Joint Investigation Team (JIT) of Panama case has started working formally today, reported Waqt News. The first meeting of JIT is underway in Judicial Academy, Islamabad. All six officials of the team are present in the academy and has started probe on 13 unanswered questions of Panama Leaks. The JIT was established by Supreme Court of Pakistan on April 20th. Six-member team will investigate Panama Leaks thoroughly […]

By Nigel Stephenson | LONDON LONDON European stocks and the euro pulled back on Monday from highs touched after Emmanuel Macron’s emphatic but well-flagged victory in France’s presidential election as investors’ focus shifted from politics to monetary policy. With the political risks that have dominated European markets in a year packed with elections seen receding, the European Central Bank is expected to have more room to tighten […]

What does a professional sailor look for in a watch? Well, Jimmy Spithill, skipper and helmsman of Oracle Team USA, sums it up: “It has to look good, and it has got to have a level of sophistication. Like a boat, having beautiful lines, and sometimes the simplicity, is what makes it look good.” It also has to have features such as, naturally, a waterproof exterior, along […]

Emmanuel Macron has swept to emphatic victory in France’s presidential election, clinching 66 per cent of the vote to beat far-right candidate Marine Le Pen. The National Front candidate’s 34 per cent share fell well short of the most optimistic projections for Ms Le Pen, which had suggested she could win as much as 45 per cent of the vote in the second round. Mr Macron’s victory […]

Globally, billions of dollars are lost to fraud every year, and with the growth of ecommerce business models over the past five years, payments startup Stripe is putting its transaction-based insights to good use in an effort to block fraudulent activity from its platform. Speaking with ZDNet, Stripe’s head of machine learning Michael Manapat said that internet businesses are in a uniquely liable situation of having to […]

The market reaction to Emmanuel Macron’s victory in the French presidential election has been muted so far, with investors having to a large extent anticipated the result. “The euro went up a bit, down a bit and ended pretty much where it was last week. Damp squib would be an overstatement,” as Kit Juckes at Société Générale put it. At pixel time, the euro was trading at […]

Emmanuel Macron’s triumph in the French presidential election nudged the euro to a six-month high against the dollar, with analysts and investors predicting that the result could spur a return of money to the eurozone. The euro inched up 0.1 per cent to $1.1021 in the hours after it became clear the centrist had beaten Marine Le Pen, before dipping 0.1 per cent to $1.0977 as Asian trading started. […]

The Australian dollar was on the back foot following data showing the biggest yearly drop in building approvals in six months. Approvals were down 19.9 per cent in the 12 months to the end of March, tumbling from a 4.9 per cent fall in February, according to data from the Australian Bureau of Statistics. This was well below expectations among economists for a 10 per cent fall, […]

Doha, Qatar – 7 May, 2017 Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, was awarded the Product Innovation Award under the Islamic Finance category from Global Finance. The award recognized QIB’s efforts in introducing innovative sharia compliant products that meet customers’ needs by providing them with long-term deposits with flexible profit payment options. The long-term deposits, with flexible profit payment options and higher expected yields, give […]

Aarti Jhurani Your daily guide to community and cultural activities across the Emirates for May 8, 2017, including performances, festivals, art exhibitions, film screenings, health and fitness events, talks, classes, workshops and family fun. Aarti Jhurani rounds up 10 things to do today in the UAE. Want to see your event listed here? Email us with the details and contact information at [email protected] newslide Abu Dhabi Film […]

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