Friday 30 September 2016
 
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Germany's Commerzbank cuts nearly 10,000 jobs

Germany's Commerzbank will cut more than a fifth of its workforce and suspend its dividend as it tackles the challenges of low interest rates, weak profits and the shift to online banking. Germany's second biggest lender said on Thursday it plans to cut 9,600 of its 45,00

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Saudi cbank asks banks to reschedule consumer loans

Saudi Arabia's central bank has asked local banks to reschedule consumer loans after the government cut bonuses and other financial perks for public sector workers, local media reported on Thursday. The cabinet announced this week that it would slash ministers' salaries b

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SCB China launches trading for UAE, Saudi currencies

Standard Chartered Bank (China) (SCB China) has launched a direct trading business for RMB/AED and RMB/SR and the bank becomes the first batch of direct trading market-makers for RMB against AED and SR in China’s inter-bank FX market. Sami Mahfouz, head of Financial Markets

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Citi Bahrain launches new online banking platform

Citibank Bahrain has launched its new online banking platform and the Citi mobile app service, reported the Gulf Daily News, our sister publication. To read further, please visit

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SWIFT launches 1st phase of payments innovation

SWIFT, a global provider of secure financial messaging services, has completed the first phase of the global payments innovation (gpi) initiative pilot, clearing the way for the go-live of the service in early 2017. During the pilot, 15 global banks representing more than 30 per

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UAE, New Zealand discuss moves to enhance trade ties

The UAE and New Zealand have discussed moves to enhance cooperation and economic relations between the two countries, especially across vital sectors and areas like renewable energy, agriculture, food and innovation. Engineer Sultan bin Saeed Al Mansouri, Minister of Economy, rec

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UAE tops in competitiveness in region

The UAE was ranked first regionally and 16th globally in the latest Global Competitiveness Report issued by the World Economic Forum (Davos) in Switzerland. The report is one of the most important global competitiveness reports, which monitors annual performance and competitivene

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ADGM partners with Jordan Securities

The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) and Jordan Securities Commission (JSC) signed an agreement (MoU) to enhance regulatory cooperation and foster cross-border activities. The MoU establishes a framework for both Authorities to

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Value of GCC insurance sector triples

The GCC insurance industry value has more than tripled between 2006 and 2015, with insurance premiums increasing to $24 billion in 2015 compared with $6.4 billion in 2006, reported the Gulf Daily News, our sister publication. To read further, please visit

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Saudi sends strong message with cut in wage, benefit bill

Saudi monarch King Salman bin Abdulaziz Al Saud's decision to slash ministerial pay by a fifth reflects the kingdom's resolve to nudge its citizens into tolerating a fall in living standards at a time of low oil prices, said experts.   King Salman had on Monday issued

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