| Business briefs
Bank of American tapped Glencoe resident David J. Rudis to provide business, civic and philanthropic leadership throughout Illinois. The former LaSalle Bank head of personal financial services will have the title of market president, and will have operational responsibility for checking and debit product strategy, management and integration. He will report to Susan Faulkner, deposits and student lending executive. He replaces John Brennan, who plans to pursue other opportunities following completion of his role with B of A's acquisition of LaSalle Bank. Rudis began his banking career at American National Bank in 1976. TOY RECALL FALLOUT: .
Oil wealth takes Islamic banking mainstream
Citigroup, HSBC and Deutsche Bank, as well as financial capitals like London, Tokyo and Hong Kong, are all going into the Islamic banking business. Today, an estimated 300 Islamic financial institutions hold at least $500 billion in assets, and deposits are increasing more than 10 percent each year. In addition to Islamic loans, there are Islamic bonds, Islamic credit cards and even Islamic derivatives. Loans and bonds that conform to the Koran are already available in the United States. And Britain, Japan and Thailand are contemplating issuing Islamic bonds of their own. In Islamic banking, financiers are required to share borrowers' risks, meaning that depositors are treated more like shareholders, earning a portion of profits. Financing deals resemble lease-to-own arrangements, layaway plans, joint purchase and sale agreements, or partnerships.
Local Briefs
Argyle Security Inc. reported a net loss of $116,119, or 2 cents a share, for the third quarter. The San Antonio-based electronics security company also reported revenue of $17.1 million for the quarter. Argyle completed its acquisition of ISI Security Group on July 31. Before that, Argyle operated as a shell company, and it had no revenues or profits in the third quarter of 2006. Argyle's growth in the quarter came from existing operations, but the company plans to broaden its business through strategic acquisitions, said Bob Marbut, chairman and co-CEO of Argyle Security. Argyle is traded on the over-the-counter bulletin board, and its stock closed down 8 cents at $6.40 Tuesday. AT&T expands services for mobile banking AT&T Inc.
Summit targets small-business owners
A free informational session on business financing for small-businesses owners will be held in Honolulu Dec. 5. Hawaii-based mortgage banking company Meridian Financial Network is sponsoring its first Small Business Summit, which it plans to hold annually. The company, a U.S. Small Business Administration-approved lending institution, said the half-day session will help familiarize small-business owners with both in-house and government loan programs, including SBA loan programs. The SBA offers loan programs to help small businesses obtain financing when they might not be eligible for conventional bank loans because of a lack of financial history. Speakers at the session will include Andrew Poepoe, director of the SBA's Hawaii District office; Jim Tollefson, president and CEO of the Chamber of Commerce of Hawaii; and Keith Ogata, director of S.C.O.R.E.
(AFX UK Focus) 2007-11-20 09:25 GMT: BayernLB considers acquiring Istrobanka from Bawag - report UPDATE
(Updating with further detail) FRANKFURT (Thomson Financial) - BayernLB is considering acquiring Bawag's Slovakian unit Istrobanka, Financial Times Deutschland reported, citing financial industry sources. BayernLB, Bavaria's state-owned bank and Austria's Bawag cooperate in Eastern Europe. Istrobanka has a balance sheet total of 1.1 bln eur and has a book value of 100 mln eur in Bawag's balance sheet. Cerberus, owner of Bawag, recently said it plans to sell Bawag's Slovakian and Czech units. According to the Austrian business daily WirtschaftsBlatt other parties interested in acquiring Istrobanka, include Austrian's Raiffeisen International and Volksbanken, banking giants Citibank and Societe Generale, and Hungary's largest bank OTP Nyrt. frederik.richter@thomson.com fr1/ff/lam COPYRIGHT Copyright Thomson Financial News Limited 2007.
Weir calls shots for Barclays in corporate bank campaign
Barclays is shrugging off the banking crisis with an aggressive attack on the Scottish corporate market led by Derek Weir, former business banking chief at its arch UK rival Royal Bank of Scotland. The English bank, which last week unveiled a £1.3bn debt write-down after a 20% fall in its shares since early October, has hired more than 20 bankers from Scottish market rivals, many of them hugely experienced, and acquired three properties in the major cities. "That gives us the capacity over the next few years to treble the size of the team," said Weir, who was credited with growing Royal Bank's market share from 3% to 40% over five years. He plans not only to expand in Barclays' existing sectors of oil and gas, leveraged finance, the education and social sector, and larger corporates, but to build a commercial banking business across Scottish towns and cities under former Clydesdale executive Jim Forrest.
Elon woman charged with embezzlement
An Elon woman was charged with embezzling more than $10,000 from a Burlington contracting business where she was employed. The Alamance County Sheriff�s Department received a report from Todd Johnson of Johnson and Associates on Nov. 5, after he discovered that Penny Louise Simmons, 41, of Drew Lane, was allegedly writing unauthorized checks from his business account, according to a sheriff�s department release. Simmons managed the office of the small contracting business and was authorized to handle accounts payable and the payroll. She also was permitted to write and sign company checks, according to the release. �After an investigation, it was discovered that Mrs. Simmons was writing company checks for items unauthorized by Mr. Johnson, including checks written to cash, Penny Simmons, Food Lion and a bariatric clinic,� the release states.
China's global reach; finance, trade, jobs, politics (book excerpts)
Is booming Chinese trade and commerce sustainable? Is a rising China to dominate world finance, banking, outsourcing, technology, stock market, wealth, oil, leadership? What is really inside Chinese society, multinationals, investment, management? Talk to provocative thinker George Zhibin Gu. timely and provocative book: China�s Global Reach Borderless Business, National Competition, Politics, and Globalization (book excerpts) by George Zhibin Gu Afterword China, United States and Global Development by Andre Gunder Frank Chapter 6. All International Business Players are important Today China is the biggest new frontier for international companies. In many ways, the Chinese market has more an international flavor than many other markets around the globe. Many unique characteristics have evolved along the way.
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