2007
- The news you choose »
- Login to Add to Watchlist
Gold hits $700 an ounce
Gold broke though the $700 a troy ounce barrier for the first time in 16 months yesterday, Friday, reported the UK's Financial Times. Spot gold in London reached $707.1 an ounce, its highest level since May 2006, before falling back slightly to $703.7, a rise of $8.5 on the day. Investors sought out gold as a safe haven after poor jobs data in the US impacted on the already weak dollar.
New 'Buy Now Pay Later' card
Qatar's Commercialbank has launched a new 'Buy Now Pay Later' feature for its credit cardholders. All Commercialbank Credit Cardholders can now charge their purchases to their cards and enjoy the benefit of paying back in equated and interest-free monthly installments over a period of six months.
PayPass card launched in UAE
An alliance between Emirates Bank, Dubai Internet City and MasterCard Worldwide will introduce contactless payment technology in many retail outlets across the UAE. The PayPass technology allows cardholders to simply tap their new card against a special point-of-sale terminal and their payment is completed. The card contains an embedded chip and radio frequency antenna that offer customers a convenient alternative to cash by allowing small ticket purchases to be completed quickly, securely and easily.
Amlak's new customer agents
UAE-based Amlak Finance, the largest publicly listed Islamic Home Finance Company, has announced a new program to assist clients with their home finance needs. Amlak Special Agents is a new team of dedicated personnel that will work alongside the customer to help him/her make the most informed decision. The agents will also serve as couriers to deliver paperwork to or from the client whether that be at his/her work, home, or anywhere in between.
NBD Online in Arabic
The National Bank of Dubai (NBD) has launched an Arabic version of its NBD Online service. NBD Online covers the day-to-day banking needs of both individual and commercial customers and includes features and services such as balance enquiries, transaction enquiries, bill payments, transfers and remittances. The NBD claims it is the first bank in the UAE to offer its online services in both Arabic and English.
Arab Bank, ENOC tie-up
The Emirates National Oil Company (ENOC) has signed an agreement with the Arab Bank to accept monthly credit card bill payments at 50 ENOC service stations across Dubai, Sharjah and the Northern Emirates. The tie-up enables the bank's credit card holders to settle their bills 24 hours a day. The service stations have been equipped with monitoring systems to heighten the security for customers while conducting the transactions.
Nakheel, Johara generate sales
Property developer Nakheel has said its joint sales initiative with Johara, the female banking division of the Dubai Islamic Bank, which offered a 'women only' sales opportunity for the Al Furjan villa community has proved successful. In the five days since the initiative got underway, more than 100 units have been sold. The full public launch of the 4,000 home Al Furjan takes place on September 5.
Speeches push gold prices
Key speeches by US President George W. Bush and Federal Reserve Chairman Ben Bernanke, aimed at easing concerns over the ongoing subprime mortgage crisis and possible turmoil in global markets, helped firm up gold prices yesterday, Friday, reported Reuters. Gold reached a high of $674.3 an ounce before falling back slightly to $673.1.Traders said there had been strong demand for the yellow metal ahead of the speeches.
Visa promotes financial literacy
Visa International has launched of month-long educational campaign in Egypt to teach financial literacy and responsible credit. The program will cover topics such as the difference between a credit and a debit card; the importance of building good credit; and understanding financial statements and the importance of a cardholder agreement.
BankDhofar offers home banking
Oman's BankDhofar has launched a new service that will allow its customers to receive banking services from the comfort of their homes or offices, reported Times of Oman. Customers must simply call a toll-free number and request that a representative meet them at a location and time convenient to them. The service has recently been launched in Muscat and will be taken across the Sultanate.
HSBC Bahrain expands products
HSBC and AIG Takafel-Enaya have teamed up to provide travel-protection and family-shield insurance products for HSBC customers, reported the Bahrain Tribune. The products provide financial compensation for inconveniences arising out of travel while outside country of residence and cover insured persons against fatal or serious injury arising out of an accident.
Qatar bank to offer PIN cards
Commercialbank will become the first bank in Qatar to re-card its entire Visa and Mastercard Cards to a payment card platform that secures the transaction through the use of a Personal Identification Number. Under the arrangement, customers will be asked to enter a four-digit PIN known only to them instead of using their signature to verify payments at authorized terminals.
Gulf Bank opening hours
The Gulf Bank has unveiled new opening hours for its 40 branches across Kuwait. From September 1, 31 of its branches will open from 8am-1pm and from 5.30pm-7:30pm every day except Thursdays when the branches will close at 1pm. The KOC, Ministries Complex, Mina Al Zour, Shuwaikh Port, Shuaiba, Sabhan and Sulaibiyah branches will open from 8am-3pm, while the Fahaheel 2 and Qurain branches will open from 9.30am-12.30am and from 4.30pm-8.30pm.
Gold could hit $730
Gold prices could break through the $700 an ounce level before the end of 2007 as investors seek to protect themselves against slower returns in other asset classes like bonds and equities, reported Reuters. Tom Pawlicki, an analyst with Man Financial Global, said he believed gold could rise as high as $730 an ounce by the end of the year, if the metal is used as a hedge against geopolitical concerns.
UAE salary dissatisfaction
A regional survey carried out by employment website Bayt.com and market researcher YouGov Siraj has found that only 8% of respondents in the UAE were 'highly satisfied' with their salaries, reported Gulf News. Almost two thirds of those questioned also felt that salaries in the UAE have not kept pace with the cost of living. Meanwhile, just over 50% felt confident about the UAE's economic prospects.
It looks like you are using a Mac - check out our 
Web Feeds