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Bill will protect the social guarantor, who does not undertake the role for profit, from being declared bankrupt when the borrower fails to repay the loan. DEWAN RAKYAT KUALA LUMPUR: Parliament today passed the Bankruptcy (Amendment) Bill 2016 which, among others, protects social guarantors from being declared bankrupt when the borrower fails to repay the loan. Minister in the Prime Minister’s Department Azalina Othman Said said the […]

By Francesco Guarascio | BRUSSELS BRUSSELS The European Parliament said in a draft position paper on Wednesday that Brexit can be revoked. The draft, seen by Reuters on the day that Article 50 on Britain’s leaving the European Union was invoked also said there should be transitional arrangements to smooth the divorce but no more than three years. London-based EU agencies, the European Banking Authority and the […]

Bank supports initiative by enabling the installation of Qindeel’s book collection kiosks at branches 29 March 2017 Dubai – Emirates Islamic, one of the leading Islamic financial institutions in the UAE, has partnered with Qindeel Printing, Publishing, and Distribution, a subsidiary of the Mohammed bin Rashid Al Maktoum Knowledge Foundation (MBRF), to promote literacy inclusion worldwide. The partnership follows the announcement of March as the dedicated month […]

By Elizabeth Piper | LONDON LONDON After nine months of preparation, bitter public argument and a battle with parliament, British Prime Minister Theresa May is launching talks with the European Union armed with a plan she hopes will secure a better divorce deal than many expect. But what is it? Although May has published a policy document outlining a 12-point approach to the talks that will reshape […]

Good morning. Here’s our morning roundup of all the media news you need to know. Want to get this briefing in your inbox every morning? Subscribe here. Donald Trump is temporary ratings gold, which is either evidence of renewed civic engagement or merely the decline of Western civilization. Variety reports that Fox News “finished far and above its competition in the ratings for the first quarter of […]

LONDON Britain’s financial sector is drawing up proposals on how it could still serve EU clients after Brexit, even as firms begin establishing new operations on the continent to keep access to the European market. Regulatory and banking experts working for the City of London and lobby group TheCityUK are basing their ideas on a ‘mutual recognition’ system. Under this, the European Union and Britain would broadly […]

By Ali Sawafta and Suleiman Al-Khalidi | DEAD SEA, Jordan/AMMAN DEAD SEA, Jordan/AMMAN Arab leaders reaffirmed on Wednesday their commitment to a two-state solution to the decades-long Arab-Israeli conflict amid increased unease over the stance of the United States under the new administration of President Donald Trump. Trump rattled Arab and European leaders in February by indicating he was open to a one-state solution, upending a position […]

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Bloomberg suffered its second-ever drop in the number of ubiquitous terminals dotting global trading desks as it fell victim to cost cutting by the finance industry. The number of Bloomberg’s distinctive black terminals, used daily by bankers, traders and money managers, fell by 3,145 last year to just under 324,500, down nearly 1 per cent from 2015, according to a report on Tuesday from Burton-Taylor International, one […]

By Guy Faulconbridge and Elizabeth Piper | LONDON LONDON Prime Minister Theresa May will file formal Brexit divorce papers on Wednesday, pitching the United Kingdom into the unknown and triggering years of uncertain negotiations that will test the endurance of the European Union. Nine months after Britons voted to leave, May will notify EU Council President Donald Tusk in a letter that the UK really is quitting […]

New photovoltaic plant will add 61.3 MWp of installed energy capacity to Risha, Jordan Lowest tariff for solar energy ever presented for a Jordan-based photovoltaic project The plant marks ACWA Power’s strategy of continuous investment Jordan, and its second Solar Photovoltaic Plant The new PV plant will bring the installed capacity in Jordan as controlled by ACWA Power to 1,665 MW further consolidating ACWA […]

A mega-merger of the two biggest banks in the UAE should leave the combined company with a larger representation on the benchmark emerging-market index, triggering hundreds of millions of dollars of inflows to the stock, according to calculations by EFG-Hermes strategists. Thursday marks the last day of trading in First Gulf Bank before its combination with National Bank of Abu Dhabi in a deal that creates the […]

After nine months’ gestation, the Brexit process has started. Both sides of the referendum have political points; Brexiters can say the UK economy is growing and there has been no market implosion, while Remainers can say UK assets have drastically underperformed the rest of the world, and the costs of the historic sterling devaluation are yet to be counted. Now, it is time to work out what […]

LIMA Extreme floods wreaking havoc in Peru are also threatening the South American country’s rich archeological heritage and the tourism that thrives on it, a Peruvian archaeologist said on Tuesday. At least 50 archaeological sites in Peru have been damaged by the intense rains that are battering northern Peru, resulting in a drastic drop in related tourism, said archaeologist and explorer Walter Alva. Alva discovered the tomb […]

Dubai-based investment bank Arqaam Capital is launching a globally focused hedge fund, it said on Monday, becoming one of only a handful of local firms to offer such a product. Although Dubai has been growing rapidly as a banking centre, the local fund management industry has largely confined itself to traditional equity and fixed income funds which focus on the Middle East region. Areski Iberrakene, who will […]

TOKYO Toshiba Corp’s (6502.T) troubled U.S. nuclear unit Westinghouse intends to file for Chapter 11 protection from creditors, Japan’s government said on Wednesday, as the conglomerate seeks to limit losses that have plunged it into crisis. Yoshihide Suga, the government’s chief spokesman, told a regular news briefing he was aware that Pittsburgh-based Westinghouse plans a bankruptcy filing. Sources with knowledge of the situation have said that the […]

Emirates Global Aluminium (EGA) mandated Bank of America Merrill Lynch, Goldman Sachs and JP Morgan to advise on its initial public offering, sources familiar with the situation have said. The three banks, which were mandated as joint global coordinators, declined to comment. One source said the company had earnings before interest, tax, depreciation and amortisation (EBITDA) of at least $1.5 billion and that its closest publicly traded […]

Caribbean News Now!Caribbean News Now (press release) (blog)PANAMA CITY, Panama (ICIJ) — Mossack Fonseca, the law firm at the heart of the Panama Papers affair, sold shell companies and held bank accounts that were used to help conceal bribes paid across South America, a Panamanian prosecutor alleged at a … (via Google News)

Overseas companies that invest in the UK issued a flurry of warnings on Tuesday about the threat Brexit poses to their businesses, signalling their growing concern as the UK prepares to start the formal process of leaving the EU. Forty European business lobbies, representing 20m companies in 34 countries, issued a statement calling for a post-Brexit settlement which would preserve the integrity of the single market, deliver […]

When was the first time you smoked weed? For those who’ve never indulged (or perhaps never inhaled), the question might seem too personal for an interview. But, for the millions of Americans who smoke marijuana, it could be an entrée to a host of interesting questions: Where are you from? Who’d you hang out with when you were in high school? What was your relationship with your […]

The House intelligence committee cancelled a hearing on alleged ties between the Trump campaign and Russia after administration officials reportedly told an Obama-era appointee that she could not testify about conversations she had concerning Michael Flynn, who was fired as White House national security adviser. Sally Yates, the acting attorney-general early in the Trump administration, was due to testify before the committee on Tuesday. But the White […]

The triggering this week of Article 50 of the Lisbon treaty to facilitate Britain’s exit from the EU is undoubtedly a momentous event. At issue in the forthcoming talks will be whether Britain can win back control over immigration and lawmaking without wrecking trade relations in its biggest market and damaging London’s status as the pre-eminent international financial centre. A minimum of two years of difficult and […]

New photovoltaic plant will add 61.3 MWp of installed energy capacity to Risha, Jordan Lowest tariff for solar energy ever presented for a Jordan-based photovoltaic project The plant marks ACWA Power’s strategy of continuous investment Jordan, and its second Solar Photovoltaic Plant The new PV plant will bring the installed capacity in Jordan as controlled by ACWA Power to 1,665 MW further consolidating ACWA […]

By Kentaro Hamada and Taro Fuse | TOKYO TOKYO U.S. nuclear developer Westinghouse Electric Co plans to seek bankruptcy protection from creditors on Tuesday as it struggles with losses that have thrown its Japanese parent Toshiba Corp into crisis, people familiar with Toshiba’s thinking said. Pittsburgh-based Westinghouse, crippled by cost overruns at two U.S. projects in Georgia and South Carolina, will file for protection under Chapter 11 […]

By Daniela Desantis | ASUNCION ASUNCION Security forces surrounded Paraguay’s Congress on Tuesday while lawmakers argued over a possible change in law that would allow President Horacio Cartes to run for re-election, a move that the opposition says would weaken democratic institutions. A bill allowing presidents to run for a second five-year term was defeated in the legislature last year. This week a group of senators asked […]

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