AUS Enforces Book Fee; Students Angry

Returning American University of Sharjah (AUS) students are in a furore over a new rule that forces them to pay a Dh1,250 fee towards textbooks they may only buy at the institution’s bookstore.

Students say the new initiative, which comes into effect at the end of the month, is an added blow as the university increased fees by 12 per cent for the 2009-2010 academic earlier this year.

However, the university says the new rule was implemented to discourage infringements on international copyright laws.

“It’s a money-stealing scheme,” said AUS student Amnah Haddad. “We are forced to pay this money to buy books only from our bookstore, therefore we students cannot buy second- hand books as we used to.”

A letter recently sent from the university’s Student Accounts Department stated that the rule is an attempt to “abide by international copyright laws which the university must abide by to maintain accreditation”…SOURCE

Things May Be Worse Than We Thought: Government Injects 16 Billion in Liquidity Into UAE Banks

Abu Dhabi injects Dh16 billion into five banks

http://archive.gulfnews.com/articles/09/02/04/10282048.html

02/05/2009 09:31 AM | By Babu Das Augustine, Banking Editor

Dubai: The Government of Abu Dhabi on Wednesday announced injection of Dh16 billion into banks based in the capital such as Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, First Gulf Bank, National Bank of Abu Dhabi and Union National Bank.

“Given current global economic conditions, the government believes that this strategic initiative is an appropriate and proactive response to ensure that the strong confidence in Abu Dhabi’s financial institutions is further enhanced,” the Department of Finance of the Government of Abu Dhabi said yesterday.

“The government views this capital injection into the banking system as an important step to allow Abu Dhabi financial institutions to remain strong and well-capitalised compared to international peers, and fulfil their role in achieving the government’s vision for the Abu Dhabi economy,” said Hamad Al Hurr Al Suwaidi, Member of Executive Council and Undersecretary of the department.

Under the initiative, the government will subscribe for Tier I capital notes issued by each of the above financial institutions. The notes will be non-voting, non-cumulative perpetual securities, and will be callable subject to certain conditions.

JPMorgan acted as structurer and arranger of the notes, with Clifford Chance providing legal advice to the government JPMorgan..