The pure commercial-banking model in Islamic banking in the Gulf Co-operation Council (GCC) is being increasingly complemented by other, recently developed forms of more specialised Shari’ah-compliant financial intermediation, Moody’s Investors Service said in its special report entitled “Islamic Banks in the GCC: a Comparative Analysis”. Up to the mid-1990s, Islamic banking institutions in the six
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— UK Budget may include £30,000 tax on non-domiciles  A new tax of GBP 30,000 a year on “non-domiciled†businesspeople and their enterprises in the U.K. to be announced in Wednesday’s Budget speech could push several leading members of the bustling shipping community to abandon the City of London and return to Greece or
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New Cyprus President Demetris Christofias and Turkish-Cypriot leader Mehmet Ali Talat will meet on March 21 to try to relaunch talks to reunite the island, a United Nations spokesman said on Wednesday. “The date of the meeting has been set for March 21st,” Jose Diaz, a spokesman for the U.N. peacekeeping mission in Cyprus, told
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The dollar eased back towards record lows versus the euro on Wednesday as a pick-up in risk appetite prompted by central bank measures to boost liquidity petered out. On Tuesday the Federal Reserve lifted short-term funding to primary dealers to $200 billion and allowed them to use a wider array of mortgage debt as collateral.
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The Nicosia Chamber of Commerce has declared that it supports all efforts by President Demetris Christofias to help towards opening the checkpoint at the end of Ledra Street to the public, as well as the one at Limnitis. The two crossing points are the main subjects of discussion expected to take place today between presidential
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Cyprus‘ economy would gain at least 1.8 bln euros on an annual basis if there was a reunification deal on the ethnically-partitioned island, economists said. Economic benefits would come mainly from new business opportunities with Turkey, tourism revenue and construction, the survey sponsored by the Norway-based PRIO peace institute said. “Translated into household income the
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March 8 and Women’s Day came and went as it does every year, with labour and trade organizations, NGOs and public services declaring their support for women’s causes, calling for greater reform in the workplace, abolition of discrimination and providing greater opportunities for career women to attain greater success in their fields of work or
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World stocks edged higher from 1-1/2 month lows on Tuesday while the dollar stabilised near record lows as investors paused to assess the impact of expected U.S. interest rate cuts next week on battered financial markets. Money markets remained tight as renewed concerns about the credit crisis and the health of banks and hedge funds
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The Bank of Cyprus has been declared as Cyprus‘ best bank for a second consecutive time, in Global Finance’s World’s Best Developed Market Banks 2007 report.According to a Bank of Cyprus’ press release, the winners were those banks that attended carefully to their customers’ needs and accomplished enviable results while laying the foundations of future
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By Mark Potter and Jane Barrett LONDON/MADRID, March 11 (Reuters) – London’s crowded Heathrow airport will be allowed to raise airline charges by a bigger-than-expected 23.5 percent, giving a boost to the airport’s indebted owner but sparking fury among its users. Shares in Spanish construction group Ferrovial, which bought Heathrow owner BAA in a 10
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