Careem signs up nearly 1,000 Saudi women drivers

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A Saudi woman registers to take part in a training program for new female drivers at Careem, a chauffeur driven car booking service, at their Saudi offices in Khobar City, some 424 kilometers east of the Saudi capital of Riyadh, on October 10, 2017. (AFP)
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An employee of Careem, a chauffeur driven car booking service, talks during a training session for new female drivers, known in the company as “captains” at their Saudi offices in Khobar City, some 424 kilometers east of the Saudi capital of Riyadh, on October 10, 2017. (AFP)
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An employee of Careem, a chauffeur driven car booking service, talks during a training session for new female drivers, known in the company as “captains,” at their Saudi offices in Khobar City, some 424 kilometers east of the Saudi capital of Riyadh, on October 10, 2017. (AFP)
Updated 12 February 2018

Careem signs up nearly 1,000 Saudi women drivers

DUBAI: The UAE’s Careem, a ride hailing application, is set to sign up around 1,000 Saudi women drivers for its expansion plan in the Kingdom, according to its co-founder, Thomson Reuters’ Zawya website reported.
“We foresee very strong growth in Saudi Arabia, both in the cities where we already have presence today and in the new cities we plan to expand to as well,” Magnus Olsson, co-founder of Careem, told Zawya in an interview.
Saudi Arabia’s King Salman lifted the de-facto ban on women driving in the Kingdom in September last year, with the decree set to be implemented on June 24, 2018.
“We are very excited about this June, it is a big milestone for the country. We have already started training female captains and we hope to get up to 100,000 female captains on board within a year from June,” Olsson said.
Olsson also said that nearly 1,000 Saudi women have already signed up and are currently in training.
The push also aids Saudi women’s struggles in the job market, with 80 percent of unemployed citizens comprised of women, according to the most recent official figures.


UBS fined $51 million by Hong Kong regulator for overcharging clients

Updated 11 November 2019

UBS fined $51 million by Hong Kong regulator for overcharging clients

  • Hong Kong regulator’s investigation exposed ‘serious systemic internal control failures’ at the bank
  • In March, the Securities and Futures Commission banned UBS from leading initial public offerings in Hong Kong for a year

HONG KONG: Swiss bank UBS was fined HK$400 million ($51.09 million) by Hong Kong’s securities regulator for overcharging up to 5,000 clients for nearly a decade, the watchdog said on Monday.
The Hong Kong Securities and Futures Commission (SFC) said in a statement that an investigation found UBS had overcharged clients on ‘post-trade spread increases’ and charges in excess of standard disclosures and rates between 2008 and 2017.
THE SFC said the investigation exposed ‘serious systemic internal control failures’ at the bank. UBS had failed to disclose conflicts of interests and had overcharged some clients in ‘opaque’ trades, it said.
The overcharging affected 5000 Hong Kong managed client accounts in about 28,700 transactions, it said.
UBS has also agreed to repay the clients HK$200 million, the SFC said.
The regulator said the over-charging occurred in the bank’s wealth management division on bond and structured notes transactions.
UBS was found to have increased the spread charged after the execution of a trade without the clients’ knowledge, it said.
In the statement, the SFC said UBS was also found to have falsified some account statements which were issued to financial intermediaries who were authorized to trade for the clients to “conceal the overcharges.”
UBS said the issues were ‘self-reported’ to the SFC and the results found were against the bank’s standard practice.
“The relevant conduct predominantly relates to limit orders of certain debt securities and structured note transactions, which account for a very small percentage of the bank’s order processing system,” the bank said in a statement.
SFC chief executive Ashley Alder said while each “overcharge represented a fraction of each trade” the bank’s “misconduct involved decisions and a pervasive abuse of trust resulting in significant additional revenue for UBS to which it was not entitled.”
In March, the SFC banned UBS from leading initial public offerings in Hong Kong for a year after it found the bank, and some of its rivals, had failed to carry out sufficient due diligence on a number of deals.
UBS was fined HK$375 million while Morgan Stanley was fined HK$224 million, Merrill Lynch HK$128 million and Standard Chartered (StanChart) HK$59.7 million, all for failures when sponsoring, or leading, public market floats.