U.S. Sues 17 Banks Over Mortgage Losses

Courtesy: Thestreet.com NEW YORK (TheStreet) — The Federal Housing Finance Agency announced Friday afternoon that it had sued 17 large banks, alleging violations of federal securities laws in the sale of mortgage-backed securities to government-sponsored enterprises, including Fannie Mae (FNMA_), Freddie Mac (FMCC_). . Ally Financial, for $6 billion in […]

FAITH DEPOSIT-Creditworthy chant

Source:Times of India In Varanasi, the poorest are the most creditworthy for blessings. Open-ended credit is available without any legally-binding contracts;yet, the rate of default is less than one percent. Bankers maintain they’ve never had sleepless nights thinking about the liquidity risk they run;not even, ever, about bad debts or […]

Islam in Indonesia: A Scholar’s View

Jakarta Globe: Lydia Tomkiw Historian Michael Laffan’s new book explores the influences of trade, travel and traditions on the spread of Islam in Indonesia. Historian, author and professor Michael Laffan studied Indonesian in high school in Australia before going on to study Arabic in college. Laffan wanted to connect the […]

Campaigner for active neutrality bows out

by Armando Mombelli, swissinfo.ch Swiss President Micheline Calmy-Rey has officially announced her resignation, it emerged on Wednesday. During her years in government, Calmy-Rey’s style and actions have often spurred criticism, but Swiss diplomacy has gained in international visibility. The 66-year-old, who is also foreign minister, will not put herself up […]

Switzerland named most competitive country

Switzerland remains the most competitive country, according to the World Economic Forum’s Global Competitiveness Report for 2011-2012. The report, published on Wednesday, cited Switzerland’s technological capabilities and the effectiveness of its labour market as reasons for its good results in the overall rankings. It also said that Swiss scientific research […]

Seminar on dawa sites on the Internet

By YOUSUF MUHAMMAD | ARAB NEWS MADINAH: The Ministry of Islamic Affairs, Endowments, Call and Guidance will organize a two-day seminar in Riyadh in October on Saudi websites specializing in dawa. Assistant undersecretary of the ministry Abdul Mohsen Al-Asheikh said the seminar on Oct. 5-6 is aimed at evaluating dawa […]

Soil bacterium helps kill cancers

A bacterium found in soil is a showing promise as a way of delivering cancer drugs into tumours. Spores of the Clostridium sporogenes bacterium can grow within tumours because there is no oxygen. UK and Dutch scientists have been able to genetically engineer an enzyme into the bacteria to activate […]