Week in money

RAKBank launches four products to help SMEs

RAKBank launched four new business banking products this week to support the financial needs of small to medium enterprises (SMEs): a ‘Point of Sale’ loan aimed at retailers, a machinery loan, real estate financing of up to Dh25 million to give SMEs the chance to buy commercial property and a buyout loan to help SMEs manage their day-to-day liquidity or business expansion.

Financial freedom is No 1 for many millennials

A new Bank of America Better Money Habits report found “financial independence” was the top priority for about 40 per cent of the 18 to 26 year olds who were asked to define adulthood. Moving out on your own? Just 14 per cent. Getting married and starting a family or getting an education? Just 7 per cent each. “It’s not so much that young adults are having trouble with adulting – they’ve simply redefined it,” said Michele Barlow, enterprise marketing executive at Bank of America.

Dh1,109

Turkish Airlines launched special fares to Istanbul in Turkey this week. Until October 27, travellers from Dubai and Abu Dhabi can book special rates to Istanbul for travel between October 17 and March 31. Prices start from Dh1,109 for those travelling from Abu Dhabi and Dh1,519 from Dubai.

Fund managers: experience is no guarantee of success

New research from Cass Business School shows that a fund manager’s experience does not necessarily produce a better performance. The study looked at 360 individual US fund managers who had all managed the same fund for at least 10 years. While the average, net of fee, risk-adjusted performance of these managers was attractive, the researchers found their performance actually declined over the 10-year period.

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