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12 months ago
Qatar’s Public Prosecution has taken decisive action, referring nine government employees to the Criminal Court over allegations of wage fraud and tampering with attendance records within their workplace. These individuals, who were apprehended in conjunction with the Audit Bureau, have undergone thorough investigation. Evidence uncovered during the probe revealed a scheme wherein the accused manipulated attendance records, falsely documenting their presence in the office despite being absent physically. This deceptive practice enabled them to unlawfully obtain wages for hours not worked, constituting a flagrant breach of employer regulations and statutes. In a particular instance, it was discovered that one of the defendants exploited the entry and exit times at their workplace by utilizing the employment cards of their co-defendants. This fraudulent activity has been substantiated by official testimonies. The charges levelled against the defendants encompass serious offences, including misappropriation of public funds, forgery, and the utilisation of counterfeit official documents. Such transgressions are classified as felonies and carry severe penalties, including imprisonment and substantial fines, as outlined by the public prosecution.
12 months ago
The Labour Market Regulatory Authority (LMRA) announced the implementation of 985 inspection campaigns and visits, during the week of 21 to 27 April 2024, which resulted in the detention of 125 violating and irregular workers, while 123 violators were deported. The inspection campaigns and visits also resulted in monitoring a number of violations related to the provisions of a number of regulating laws, especially the Labour Market Regulatory Authority and the Residency Laws in the Kingdom of Bahrain, noting that legal measures were taken regarding the observed violations. The authority pointed out that 972 inspection visits were carried out on various shops in all governorates, in addition to 13 joint inspection campaigns, that included 4 campaigns in the Capital Governorate; 3 campaigns in the Muharraq Governorate, and 3 campaigns in the Northern Governorate; and 3 campaigns Southern Governorate.
12 months ago
Savings deposits in the UAE’s banking sector, excluding interbank deposits, attracted around AED33.3 billion to reach AED278.37 billion at the end of February 2024, compared to about AED245.01 billion in February 2023, with a year-on-year (YoY) growth of 13.6 percent, according to the latest statistics from the Central Bank of the UAE (CBUAE). The apex bank’s statistics showed that the local currency, the dirham, accounted for the largest share of savings deposits, about 83 percent or AED230.18 billion, while the share of foreign currencies amounted to 17 percent or AED48.18 billion. Savings Deposits in banks have been on a consistently upward trajectory in recent years, rising from AED152 billion at the end of 2018 to AED172.2 billion in 2019, and reaching AED215.2 billion in 2020, AED241.8 billion in 2021, and AED245.8 billion in 2022. Demand Deposits increased to AED1.05 trillion at the end of February 2024, with a YoY growth rate of 14.8 percent compared to AED919.74 billion in February 2023, an increase equivalent to AED136.25 billion. The Demand Deposits total comprised AED737 billion in the local currency, the dirham, accounting for 70 percent, and around AED318.9 billion in foreign currencies, accounting for 30 percent. Demand Deposits have also seen […]
12 months ago
Shaikh Khalid bin Abdullah Al Khalifa, the Deputy Prime Minister, opened Conrad Bahrain Financial Harbour yesterday, coinciding with the occasion of the Silver Jubilee of His Majesty’s Accession. Conrad Bahrain Financial Harbour is one of a series of hotels to be opened in Bahrain this year. The opening was attended by ministers; Capital Governor; Abdullah Al Suwaidi, Sayacorp Chairman; Fawaz Al Jowder, Sayacorp CEO and officials. Shaikh Khalid bin Abdullah said that the interest of investors from the private sector in the hotel industry and attracting well-known international brands to operate hotels in Bahrain signifies the prosperity and development of the tourism industry, supported by His Majesty King Hamad bin Isa Al Khalifa with the follow up by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister. The Deputy Prime Minister emphasised that maintaining the kingdom’s reputation as one of the world’s popular tourist destinations required maintaining a sophisticated and advanced tourism infrastructure that appeals to a broad spectrum of clientele, including families. Shaikh Khalid noted that in addition the direct economic impact of hotels, the tourism sector contributes to the activity of other sectors such as transportation, retail, entertainment and small and medium-sized […]
12 months ago
Shares in names like VW, Mercedes and Stellantis were lower this week, heading into Wednesday’s session, after news of “falling demand” in Europe. In the first quarter of this year, Europe’s top two car manufacturers faced a downturn due to diminished demand in China and domestic markets. Volkswagen Group saw a significant decline in profits, dropping by a fifth from the previous year to €4.6bn, largely attributed to declining resale values and supply issues at Audi, a key brand within the group, the report says. Diminished resale values pose a particular challenge for car manufacturers like VW, heavily involved in customer financing. When used car prices fall below expectations, companies are compelled to take write-downs on these loans. FT also noted that Stellantis, the parent company of Peugeot and Jeep, experienced a larger-than-anticipated drop in revenue, totaling €41.7bn in the first quarter, primarily due to weaker performance in its core European markets. Similarly, Mercedes-Benz reported a nearly 30 percent decrease in earnings before interest and tax, down to €3.9bn, as both sales volumes and profit margins experienced declines. The luxury automaker also said sales of new cars were down by 8%, led by a slowdown in Asia. This prompted Citi to […]
12 months ago
Chinese efforts to break the Airbus and Boeing duopoly took another step forward on Monday as one of the nation’s largest airlines agreed a major order. China Southern is buying 100 locally built C919 planes. The carrier is China’s biggest domestic operator and also boasts a large international network. The C919 is produced by Commercial Aircraft Corporation of China (COMAC), a state-owned firm founded in 2008 to develop passenger airliners. The plane is considered an emerging competitor to Airbus’ A320 and the Boeing 737. While COMAC’s first product, the ARJ21, has only chalked up around 130 deliveries to date, there are much higher hopes for the C919. Just last week, Air China signed a similar agreement with COMAC for 100 C919 jets. It means all three of the nation’s largest airlines now have major orders pending for the aircraft. The C919’s Delivery Advantage China Southern’s new C919s will be delivered in stages from 2024 to 2031. This short lag time between an order and first delivery gives COMAC a big commercial advantage over Western rivals. Both Airbus and Boeing have long waiting lists, with delivery slots booked out until the end of the decade. However, this step up on international competitors could be short-lived. The C919’s engines and many of its systems come from foreign suppliers. China’s Global Times newspaper reported that at least 40% of the […]
12 months ago
Saudi Arabia’s PIF to launch a new investment platfrom with investment management and financial services company BlackRock. This will act as an initiative to accelerate the Kingdom’s growth of capital markets; the investment platform will be set up in Riyadh and will have $5 billion (Dh18 billion) funds from the PIF. The Saudi office of BlackRock and PIF signed a memorandum of understanding to establish BlackRock Riyadh Investment Management (Brim). Brim will be overseen by a Riyadh-based portfolio management team with a target of raising funds and investing in local research capabilities. The Kingdom is becoming an attractive destination for investments as it is following its Saudi Vision 2030, which has a main aim of diversifying income away from the oil sector. The growth of its capital markets is making it international investors enthusiastic for the Saudi market. Since 2017, the sovereign fund has created 94 new companies and generated over 644,000 direct and indirect jobs.
12 months ago
Daikin Middle East and Africa FZE (“Daikin”), a leading manufacturer of Air Conditioning,Heating, Ventilation, & Refrigeration solutions has announced its partnership with AlmoayyedContracting Group, as its new distributor in the Kingdom of Bahrain. This strategic alliance underscores Daikin’s commitment to expanding its presence in the Middle East. Tuna Gulenc, Regional Vice President, Daikin Middle East stated, “We are thrilled to join hands with Almoayyed Contracting Group, a company that shares our core values of customer satisfaction, sustainability, and innovation. This collaboration marks another significant step in our regional expansion efforts and underscores our dedication to providing top-notch HVAC solutions to customers in Bahrain.” Mrs. Hala Almoayyed, Executive Director at Almoayyed Contracting Group said, ‘We are excited toembark on this strategic partnership of Almoayyed Contracting Group and Daikin. Together, we areassured to deliver cutting-edge solutions and unparalleled service to our clients, marking a significantmilestone in our commitment to excellence’. Mr Mathews, Director & Chief Executive Officer at Almoayyed Contracting Group said, ‘AlmoayyedContracting Group is thrilled to join forces with Daikin, a global leader in the industry. This partnershipmarks a significant step towards delivering innovative solutions and superior services to our clients”. The partnership will see the introduction of a wide range […]
12 months ago
The Bitcoin BTC $57,864 price has sharply declined over the past few days, which might have triggered some concerns from those who thought Bitcoin would surge after its fourth halving. The price of Bitcoin has dropped 11% since the fourth Bitcoin halving, which occurred on April 20, at 12:09 am UTC. On the halving date, Bitcoin traded around $64,000. In the immediate aftermath of halving, Bitcoin saw a short rally, topping above $67,000 on April 22. But since then, Bitcoin has been gradually selling off, tumbling below $57,000 on May 1, according to CoinGecko data. At the time of writing, Bitcoin is trading at $57,362, down around 7% over the past 24 hours and more than 17% over the past 30 days. The sharp decline of the Bitcoin price post-halving might have surprised someone who expected BTC to start rising in the aftermath of halving in line with some of the previous halving-linked cycles. As previously mentioned, Bitcoin halvings have been historically associated with post-halving rallies, usually coming in about a year or more. For example, Bitcoin skyrocketed about 3,000% in 17 months after halving in 2016, reaching a milestone of $20,000 in December 2017. However, the ongoing cycle has been very different from the past in terms of Bitcoin […]
12 months ago
Changpeng Zhao, the founder of cryptocurrency giant Binance, has been sentenced to four months in prison. Zhao stepped down as Binance’s chief last November, when he and the exchange admitted to the violations, and the firm agreed to a penalty of $4.32bn. The former crypto boss was sentenced by a court in Seattle. Judge Richard Jones said Zhao put “Binance’s growth and profits over compliance with US laws and regulations”. Federal sentencing guidelines had earlier set a maximum sentence of 18 months in prison for Zhao, who had agreed not to appeal against any stretch up to that length. He has been free in the United States on a $175m bond. US authorities have said the crypto giant failed to report more than 100,000 suspicious transactions with designated terrorist groups. Zhao agreed to pay $50m and cease involvement with the firm, which he founded in 2017. The company’s penalty included a $1.81bn criminal fine and restitution of $2.51bn.
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