Showing posts with label press. Show all posts
Showing posts with label press. Show all posts

Monday, March 7, 2011

Oman riots increase fears for Saudi Arabia - United Press International

Published: March. 1, 2011 at 2:24 PM

MUSCAT, Oman, March 1 (UPI) -- The growing unrest in the Persian Gulf state of Oman, an oasis of stability for decades, and violent pro-democracy protests in Bahrain have heightened concerns the upheaval sweeping the Middle East may hit Saudi Arabia and Kuwait as well.

If that happens, the mass unrest that has toppled the U.S.-backed presidents of Egypt and Tunisia and now threatens Libya's regime, could strike at Washington's vital gulf allies at a time when Iran is expanding its power across the region and change the geopolitical complexion of the strategic region.

Oman, whose leader Sultan Qaboos bin Said al-Said has ruled for four decades unchallenged since an insurgency in Dhofar province in the 1970s, holds a strategic position as it shares with Iran control of the oil tanker routes through the Strait of Hormuz.

That's the only gateway to the Persian Gulf and vulnerable to Iranian closure. In the past, the sultanate on the Arabian Peninsula's southeastern tip, has mediated between Iran and the West.

Oman has been swept by popular protests, triggering a tough response from security forces. Several people were reported killed when police fired rubber bullets at rioters in the oil center of Sohar, northwest of the capital Muscat.

The Omani protesters aren't demanding the downfall of Qaboos, who has modernized his country since he ousted his tradition-bound father in a bloodless palace coup in 1970, only more open government and better social conditions.

Qaboos, like some other Middle Eastern leaders faced with the region-wide upheaval, has moved quickly to address the protesters' grievances.

On Saturday he replaced six Cabinet ministers and hiked the minimum wage by 40 percent. The following day he declared 50,000 new job openings in state institutions and is expected to meet protest leaders soon.

But even though there is no discernible dynastic threat in Oman, there is in Bahrain, an island state where street mobs are howling for an end to the 200-year-old rule of the Khalifa family.

Indeed, the turmoil in Bahrain, a key regional financial hub and headquarters of the U.S. 5th Fleet, is widely seen as more profound and far-reaching than the bloodbath under way in oil-rich Libya.

That's because in tiny Bahrain, 70 percent of the 525,000 population are Shiite Muslims who have long been suppressed by the Sunni monarchy.

There are strong suspicions that Shiite Iran, which has claims over Bahrain, engineered the uprising there in which security forces have cracked down heavily and killed several protesters.

If King Hamad bin Isa al Khalifa empowers the Shiites, that will have "very large-scale implications for the region, particularly Saudi Arabia and Kuwait," observed Kamran Bokhari of the global security consultancy Stratfor.

Both Saudi Arabia and Kuwait are Sunni monarchies, key oil producers and U.S. allies with important Shiite minorities.

And both face protest rallies planned for this month that will be a test of their resolve.

"In Kuwait, the royal family and the legislature have been engaged in a tug of war for many years and if the opposition forces within the Bahraini parliament achieve some sort of concessions from the government, that will embolden the Kuwaiti opposition forces to seek the same," Bokhari explained.

Around 30 percent of Kuwait's estimated 1 million citizens are Shiite and the Shiites in Saudi Arabia dominate the oil fields of Eastern Province, powerhouse of the kingdom's economy. Bahrain is linked to Saudi Arabia by a causeway.

The last thing the Saudis need right now is political upheaval. The kingdom faces a potentially touchy royal succession complicated by the advanced age of the country's top leaders.

King Abdallah, Crown Prince Sultan, Interior Minister and Second Deputy Prime Minister Prince Nayef, and Riyadh Gov. Prince Salman are all in their 80s.

Abdallah has just returned to Riyadh after three months in the United States for surgery and Sultan is in failing health. "This couldn't come at a worse time" for the Saudis, Bokhari observed.

The first thing Abdallah did when he returned to Riyadh was to announce a $36 billion social welfare package aimed at stifling protests.

So far, the kingdom has escaped the fury and turmoil that has engulfed North Africa. But rumblings of discontent have emerged since the Tunisian uprising in January that Iran, the kingdom's regional rival, may seek to exploit.


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Wednesday, February 2, 2011

US Consumer Online Banking Solution Review: It's All in the Eyes of the Beholder - PRLog (free press release)

PRLog (Press Release) – Jan 20, 2011 – Boston, MA -- Mercator Advisory Group today released the “US Consumer Online Banking Solution Review: It’s All in the Eyes of the Beholder” research report which reviews the functionality of the leading online banking solutions and identifies the market leading systems.  

The thirteen solutions that were reviewed serve over fifty percent of the banks and credit unions in the US and more than eighty percent of the institutions with over $500 million in assets.  The ten vendors participating include the leading core banking vendors as well as delivery channel and online banking specialty vendors.  

“Online banking adoption continues to grow and someday will challenge the branch for the title of preferred channel” said Bob Landry, Vice President, Mercator Advisory Group’s Banking Group.  “In light of the revenue challenges brought on by debt avoiding consumers and revenue losses due to harsh new financial reform regulations, bankers need to do whatever they can to move more of their sales and service interactions to the low cost online banking channel.  All of the solutions reviewed in this report provide a strong foundation for reliable service and cost reduction.  This report identifies those solutions that stand above the rest by offering an innovative and flexible platform that can support institutions that want to manage their online banking solution as a competitive weapon rather than a low cost delivery channel.”

Highlights of US Consumer “Online Banking Solution Review: It’s All in the Eyes of the Beholder” report includes:

Among the solutions tested, Fiserv’s Corillian Voyager is rated the number one solution based on achieving leading scores in both the functional breadth and capability depth measurement areas.

A newcomer on the scene, Jwaala a four year old startup focused on credit unions, ranked second with an innovative online banking solution built around an easy to use number one ranked PFM suite.

Leveraging their investments in online banking and personal financial management, Intuit Financial Services’ Consumer Solutions was the leading solution for the community bank market.

Personal Financial Management (PFM) solutions are gaining momentum as solution providers’ deliver new functionality with more on the way.

Social Media capabilities are limited among the 13 solutions reviewed with six solutions lacking an offer in this area.

This report is 24 pages long and has 11 exhibits.

Companies mentioned in this report include: Fiserv, FIS Global, Harland Financial Solutions, Intuit Financial Services, Jack Henry & Associates, Jwaala, Online Resources, Open Solutions, Q2, S1 Corporation and Sybase.

Members of Mercator Advisory Group have access to these reports as well as the upcoming research for the year ahead, presentations, analyst access and other membership benefits.

Please visit us online at www.mercatoradvisorygroup.com.

For more information, please call Mercator Advisory Group's main line: 781-419-1700 or send email to info@mercatoradvisorygroup.com.

About Mercator Advisory Group
Mercator Advisory Group is the leading, independent research and advisory services firm exclusively focused on the payments and banking industries. We deliver pragmatic and timely research and advice designed to help our clients uncover the most lucrative opportunities to maximize revenue growth and contain costs. Our clients range from the world's largest payment issuers, acquirers, processors, merchants and associations to leading technology providers and investors.


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