Word: banking
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...rest of German industry that such practices are under threat. The personalities involved make up a veritable A-Team of German management: Siemens' supervisory board is chaired by Gerhard Cromme, former CEO of German steelmaker ThyssenKrupp, and includes powerful business titans such as Josef Ackermann, the CEO of Deutsche Bank, and Michael Dieckmann, CEO of financial services giant Allianz AG. They were no doubt aware that a decision to go after previous execs Kleinfeld and particularly von Pierer - a former advisor to Chancellor Angela Merkel dubbed "Mr. Industry" by German media - would reverberate far beyond the walls of Siemens' headquarters...
...sentencing on Monday of Reinhard Siekaczek, a former midlevel manager in Siemens' telecommunications business, the first conviction in connection with the bribery scandal, which became public in late 2006 and may reach back to 2000. Siekaczek admitted to overseeing a system in which he diverted company funds into secret bank accounts that were used to pay bribes. The Munich court fined Siekaczek $170,000 and issued a two-year suspended prison sentence. The Munich prosecutor said he hoped Siekaczek's lenient sentence, offered in exchange for a full confession, would encourage many of the 300 additional suspects under investigation...
...women's branches of the Dubai Islamic Bank feel more like spas than financial institutions. Clients at one branch in suburban Dubai lounge on sofas, flicking through magazines, nibbling dates and sipping coffee served from golden pots. Women from the Gulf wearing head-to-toe abayas sit beside Levantine businesswomen and Chinese expats in miniskirts. The tellers, bankers and wealth managers, like their clientele, are all female...
...that Gulf women control around $246 billion, projected to hit $385 billion by 2011. In Saudi Arabia, women own about a third of brokerage accounts and 40% of family-run firms, albeit often as silent partners. A 2007 study by the International Finance Corporation, an arm of the World Bank, found that a third of women-owned enterprises in the United Arab Emirates generated over $100,000 a year, versus only 13% of American women-owned firms. Yet few Arab businesswomen could raise capital from banks, usually turning to friends and family instead...
...Craig said that while the chip technology would make it difficult to travel into the U.K. on a fake passport, people use passports for a variety of reasons. "People will open up bank accounts, get work and pose as British citizens in outside countries," said Craig. "This is a serious, critical situation." He says the stolen passports are worth about $3,400 each on the black market, and will appeal to "desperate people all over the world...