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HSBC unveils new credit card
HSBC Middle East has unveiled its enhanced Visa Platinum Credit Card, which will offer cardholders added benefits and rewards, the bank said. Benefits include access to premium tickets for worldwide sporting, concert and theatrical events and free valet parking at select locations such as malls and airports.
Jordan raises fuel prices again
Jordan raised fuel prices on Monday for the eighth time in two years as part of a state plan to phase out subsidies, reported AP. The government increased the price of unleaded gasoline by 5.7% to 0.740 Jordanian Dinars ($1.03) per litre. Heating fuel and kerosene for household use jumped by 5% to JD 0.630 ($0.88) per litre, while the price of cooking gas remained unchanged.
DME plans gold futures
The Dubai Mercantile Exchange (DME) has said it plans to introduce gold futures contract and several other commodities derivatives, cited Gulf News. The New York Mercantile Exchanges is studying if it could offer both gold and steel contracts for potential listing on the DME.
Aseel opens new branch
Aseel Finance has opened its new branch in Abu Dhabi in Al Bateen area. Aseel is a joint venture of First Gulf Bank, Aldar Properties, Sorouh Real Estate, and Reem Investments, offering Sharia compliant products, such as mortgages, corporate finance and investments.
Dubai Bank joins Emcredit pool
Dubai Bank has joined Emcredit's network pool of credit information services. Dubai Bank will provide payment and repayment records of its customers to Emcredit's data pool, and in return will benefit from Emcredit's credit information and risk assessment services, which include access to specific credit reporting such as the cheque-honouring background of individuals.
Soaring prices spark unrest
Soaring costs for food and other basic commodities are pushing millions of people across the Middle East towards poverty and setting off strikes and unrest, reported Gulf Times. There has been a 75% rise in food prices since 2005, much of it in the past year, according to the Economist food prices index. Many Arab countries are heavily reliant on food imports, which makes them more vulnerable to global rises in commodity prices. In Egypt, 11 people have died in the last two months in scuffles as they waited in queues to buy subsidised bread.
Citibank unveils Enhanced Personal Loan
Dubai-Citibank, a member of Citi, has launched the Enhanced Personal Loan, which is customized for high-income individuals, with limits of up to Dhs200,000 ($55,000). The new facility comes at a low interest rate, does not require salary transfer and offers quick approvals and easy documentation.
New repo device to stall cars of late payers
Some loan companies and car sellers in Dubai will be installing electronic repossession devices in automobiles that kick in if a buyer misses a payment, reported Industry Week. The device flashes colored warning lights as payment day approaches. The light turns yellow when a payment is due, and if a timely payment is not made, the device starts beeping for a day, after which the car will not start. When a payment is made, the driver is given a code to type into the stalling device, and the car can be driven again.
Emirates to India Post remittance
Emirates Post and India Post have teamed up for a new Express Money Order (EMO) to India. Emirates Post offers instant money transfer through post-office and the money will be delivered to any of the 97 head post-offices of India Post and 2,400 sub-post offices linked to the EMO service.
Reliance launches Islamic products
Reliance Money has announced the launch of a Shariah-compliant portfolio management scheme for investors in India and the Middle East. The scheme will be accessible from $13,600 (Dhs50,000).
Bahrain Islamic Bank offers Iqra
Bahrain Islamic Bank has launched a new savings account called Iqra account. The account is an educational investment scheme which enables families to make monthly contribution amount to cover the basic costs of their children's future higher education. It also offers Takaful life insurance for the whole amount expected to be saved at the maturity date of scheme.
Gold sinks to 3-month low
Gold fell to a three-month low on Wednesday as investors took profits ahead of a decision on US interest rates by the Federal Reserve later in the day, reporteed Reuters. Gold fell to $866.20/$867.20 an ounce at 0942 GMT from $873.55/874.75 an ounce late in New York on Tuesday.
Salaries climb in Bahrain
Private sector employees in Bahrain are getting some relief as major companies are offering salary hikes, in some case one-time pay off, to minimise the impact of growing prices due to inflation, reported the Bahrain Tribune. The move is in line with the government's BD40 ($106m) initiative under which each Bahraini with a mid-level income will get BD50 a month to help offset growing prices and inflation.
UAE launches national bonds campaign
National Bonds, the Sharia-compliant national savings scheme of the UAE, has launched a nationwide savings awareness campaign in leading UAE malls and Lulu supermarkets. With a view to educate and promote savings habits among housewives, the company has set up special kiosks in Dubai Festival City, BurJuman Centre, Ibn Batuta Mall in Dubai; Sahara Centre in Sharjah and all Lulu Hypermarket outlets in the UAE. During the week-long campaign, women will have the opportunity to learn about the benefits of investing in a simple, safe and profitable option such as National Bonds.
Job satisfaction low in UAE
Employee satisfaction in the UAE is comparably low in the region, with only 27% of workers being highly satisfied with their work, according to survey by employment site Bayt.com and research firm YouGovSiraj. 9760 workers across the region and Pakistan responded to the survey, which was conducted last month. Lebanon and Morocco have the highest levels of job satisfaction at 36% and 35% respectively. Of all the nationalities surveyed, Gulf nationals across all countries scored the lowest in terms of job satisfaction, with only 26% enjoying a high level of satisfaction in their work.
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