I. Headlines:
· Bahrain to pay $2.6m to families of 17 deceased.
· A GCC Security Conference opening this coming Tuesday.
· Increase in demand for alternative dispute resolution mirrors growth of the $1 trillion Islamic finance industry.
· Shaikh Nasser bin Hamad to sponsor 500 scholarships.
II. Political:
Bahrain to pay $2.6m to families of 17 deceased.
As part of the civil settlement initiative and in accordance with HM’s Royal directives, the Minister of Justice, Islamic Affairs and Endowments, presented the findings of the Civil Settlement Office on death cases, and pointed out that the Office had resolved to enter into a civil settlement exceeding 17 death cases, as a first phase. Compensations, amounting to a total of $2.6 million for all the current 17 cases, were assessed on the basis of civil court precedents in order to reach fair settlements. This came as Deputy Premier Shaikh Mohammed bin Mubarak Al Khalifa chaired at the Al-Gudaibiya Palace yesterday the regular Cabinet weekly meeting.
A GCC Security Conference opening this coming Tuesday.
A GCC Security Conference will be launched next Tuesday under the title “Regional Facts and International Concerns Across the Regions” at the Bahrain Center for Strategic, International and Energy Studies (DERASAT) in association with the Royal British Institute for Defense and Security Studies (RUSI) at the Sofitel Hotel in Manama. DERASAT's chairman also advisor of diplomatic affairs to HM the King, Dr. Mohammed Abdughaffar said that the conference discusses three important issues pertaining to current events and their repercussions in the region including security arrangements between the USA, UK and the GCC countries, Iran's nuclear dossier and political unrest in the region in addition.
III. Economic, Trade, Business:
Increase in demand for alternative dispute resolution mirrors growth in the Islamic finance industry.
The Bahrain Chamber for Dispute Resolution (BCDR-AAA) Chief Registrar and Assistant CEO for Arbitration, Mr. Ahmed Husain, while participating in the 3rd World Islamic Banking Conference (WIBC) Asia Summit in Singapore said that the Islamic finance industry is currently valued at $1 trillion and is growing at a significant rate of 10% per year. He also added that with this growth comes the demand for alternative solutions to traditional means of settling legal disputes. As such, arbitration and mediation have an increasingly important role to play in the financial and legal sectors. The event, which was attended by 450 leaders in international Islamic banking and discussed the benefits for the industry of arbitration in dispute resolution and the alternative solutions offered by the chamber.
Alba Boosts Efficiency with a Major Upgrade in Its Calcining Plant.
Aluminium Bahrain (Alba), one of the region’s leading aluminium smelters, announced yesterday the boosting and upgrading to its Calcining Plant, the Alba Petroleum Coke Calciner which is the indirect coke cooler at the company. A ceremony was held at the Calcining Plant on Wednesday, May 30, 2012 to mark this accomplishment which is expected to generate greater efficiency and increased productivity, as well as enable the company to meet its operational plans. The event was attended by Alba’s Chief Executive, Mr. Laurent Schmitt, Chief Operations Officer, Mr. Isa Al-Ansari, Chief Finance & Supply Officer, Tim Murray along with Calcining & Marine Manager, Prakash Kumar Jha and other Managers as well as staff of the Calciner.
IV. Social, Culture, Tourism:
Shaikh Nasser bin Hamad to sponsor 500 scholarships.
The Royal Charity Organization (RCO) Board of Trustees Chairman, President of the Supreme Council for Youth and Sport and Head of Bahrain Olympic Committee (BOC) H.H. Shaikh Nasser bin Hamad Al Khalifa announced yesterday that he will sponsor 500 scholarships for low-income students wishing to pursue their higher education at the University of Bahrain (UoB). This came on the occasion of H.H. being recently blessed with twin sons Hamad and Mohammed. On such happy occasion, HH Shaikh Nasser expressed desire to sponsor such number of students as part of H.H.’s encouragement for the students to seek education and secure a decent life for themselves so that they can contribute to the development of the kingdom.
V. Photo of the Day:
*HRH Prince Salman Bin Hamad Al Khalifa, The Crown Prince and Deputy Supreme Commander, met with a German parliamentary delegation at Riffa Palace yesterday to review the bilateral distinctive relations between the Bahraini Kingdom and German Republic. 10th June 2012 Al-Wasat.
Issued by:
Embassy of Malaysia
MANAMA,
11th June 2012