Reuters scoops resignation of key Dubai banking executive

Reuters left its rivals scrambling on June 29 with a sources-based story saying the CEO of Shuaa Securities, the brokerage arm of the region’s largest investment bank, had resigned. Bloomberg followed up more than an hour later and was forced to cite Reuters, while DJ matched nearly three hours later. Shuaa sent out an official confirmation 5 hours later. Shuaa’s Mohamed Yasin, one of the region’s most prolific financial analysts and commentators, spearheaded the unit’s expansion, while parent company Shuaa Capital struggled amid the credit crisis. Regional media widely picked up the story, while brokerage notes also mentioned his resignation. Shuaa’s share price tumbled almost 9 percent the next trading day, sharply underperforming other banks, and finished the day 6.3 percent down to its lowest finish for more than a year.