The public prosecution in Abu Dhabi has moved to implement a presidential decree to release Emirati citizens imprisoned because of bounced security cheques.
President His Highness Shaikh Khalifa Bin Zayed Al Nahyan’s decree pertained to the treatment of cases of bounced security cheques filed by banks and financial companies against Emirati citizens.
Around 290 Emiratis in Abu Dhabi have benefited from the decree till November 10.
Saturday 10 November 2012
UAE frees hundreds of Emirati debtors from jail-WAM news agency | Reuters
The United Arab Emirates has released from prison around 290 people convicted of bouncing cheques, the state news agency said on Saturday, the latest step by one of the world's richest countries to help its citizens deal with their debts.
The drive to help debtors underlines moves by the government to expand its support to the population, as the UAE and other countries across the region boost welfare spending in the wake of last year's Arab Spring uprisings in the Middle East.
Signing cheques without sufficient funds to back them is a criminal offence under UAE law and the order to release citizens who had defaulted on cheque payments was given last month by President Sheikh Khalifa bin Zayed al-Nahayan.
The drive to help debtors underlines moves by the government to expand its support to the population, as the UAE and other countries across the region boost welfare spending in the wake of last year's Arab Spring uprisings in the Middle East.
Signing cheques without sufficient funds to back them is a criminal offence under UAE law and the order to release citizens who had defaulted on cheque payments was given last month by President Sheikh Khalifa bin Zayed al-Nahayan.
STOCKS NEWS MIDEAST-Saudi stocks end lower, limit losses - Yahoo! News Maktoob
Saudi shares close lower, paring losses from the early trade on Saturday.
The all-share closes 0.33 percent down at 6919.06 points.
The petrochemical index drops 0.73 percent at 5874.42 points, dragged lower by heavyweight Saudi Basic Industries Corp (SABIC) which slides 0.82 percent.
The banking index closes 0.45 percent at 15272.18 points.
Crude oil futures advanced on Friday, boosted by a rise in U.S. consumer sentiment to a five-year high and upbeat readings on the Chinese economy, while gasoline futures surged even more on speculation over delivery problems and tight supplies in storm-hit New York Harbor.
The all-share closes 0.33 percent down at 6919.06 points.
The petrochemical index drops 0.73 percent at 5874.42 points, dragged lower by heavyweight Saudi Basic Industries Corp (SABIC) which slides 0.82 percent.
The banking index closes 0.45 percent at 15272.18 points.
Crude oil futures advanced on Friday, boosted by a rise in U.S. consumer sentiment to a five-year high and upbeat readings on the Chinese economy, while gasoline futures surged even more on speculation over delivery problems and tight supplies in storm-hit New York Harbor.
STOCKS NEWS MIDEAST-Saudi stocks drop in early trade - Yahoo! News Maktoob
Saudi shares open lower on Saturday, dragged down by losses in the petrochemical and banking stocks.
The all-share drops 0.7 percent in early trading to 6,896 points and the petrochemical index drops 0.7
percent to 5,874 points.
Shares in petrochemical giant Saudi Basic Industries dip 0.5 percent.
The all-share drops 0.7 percent in early trading to 6,896 points and the petrochemical index drops 0.7
percent to 5,874 points.
Shares in petrochemical giant Saudi Basic Industries dip 0.5 percent.
Report: James Bond's Carmaker for Sale - NYTimes.com
The Investment Dar Company of Kuwait, which owns a 64 percent stake in Aston Martin, the British-based luxury sports car maker, has retained advisers to help it sell its share, according to a Bloomberg report on Friday. The news that James Bond’s favorite car maker was being shopped, in a bit of irony that even 007 might appreciate, came on the day the latest Bond movie, “Skyfall,” opened in the United States.
In the movie, Daniel Craig, who portrays the fictional secret agent, is at the wheel once again of a classic 1963 Aston Martin DB5.
Bloomberg quoted five sources it said it could not identify publicly as the basis for the report. It’s been no secret, however, that Aston Martin’s future looks cloudy. Current-year sales are flat, despite the lift from reminders like the newest Bond thriller of its classic image. Resources for development of future models appear uncertain at best because of Investment Dar’s financial woes in recent years.
In the movie, Daniel Craig, who portrays the fictional secret agent, is at the wheel once again of a classic 1963 Aston Martin DB5.
Bloomberg quoted five sources it said it could not identify publicly as the basis for the report. It’s been no secret, however, that Aston Martin’s future looks cloudy. Current-year sales are flat, despite the lift from reminders like the newest Bond thriller of its classic image. Resources for development of future models appear uncertain at best because of Investment Dar’s financial woes in recent years.