ADIB postpones payments during Ramadan month
Abu Dhabi Islamic Bank has delayed all payments for its car and personal finance customers during June at no extra charge. The move aims to ease the financial burden on customers during the Ramadan and Eid period – a time of heavy spending for many. The offer is valid for instalments due between June 1 and June 30 and is available to those with a salary transfer agreement with the bank and who have paid more than three previous instalments. Customers are free to opt out.
Amex to issue Hilton branded credit cards
American Express will be taking over as the exclusive credit card company for Hilton Hotels, a major success for a company that has been facing increased competition lately. The New York-based credit card company will be the sole issuer of the Hilton co-branded credit card starting from January 1, 2018. Currently Hilton has credit cards issued by Citigroup and Amex.
Quote
"Everyone says we can’t rely on Japanese pensions any more. This worries me, so I started Bitcoins."
Mutsuko Higo, a Japanese social insurance and labour consultant who bought US$1,800 worth of Bitcoin in March to supplement her retirement savings.
Australians curb spending
Australia’s economy may have avoided a recession for 25 years, but the consumers that have driven much of the growth are now running out of puff. The nation’s household debt-to-income ratio has climbed to an all-time peak of 189 per cent, according to the Reserve Bank of Australia. That means there are an increasing number of people who have little cash for discretionary spending as their pay packets are consumed by large mortgages and high rental payments.
0.2%
British shoppers kept a tighter grip on their credit cards last month as they felt growing pressure from rising inflation, new figures showed. Official data for the first three months of 2017 showed that retail sales volumes fell by their most since 2010, and Tuesday’s figures from the British Retail Consortium and Barclaycard point to further weakness.
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Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
