Banking and Finance Credit Suisse unveils details of $4bn capital raising plan Credit Suisse on Monday unveiled details of its plan to raise 4 billion Swiss francs ($4.01bn) from investors to support the embattled bank’s bid to tackle the biggest crisis in its 166-year history. Switzerland’s second-biggest lender is raising new capital to fund an overhaul, which will see it cut thousands of jobs and shift its […] November 1, 2022
Economy Bahrain and Israel hope to seal free trade deal by year-end Israel and Bahrain hope to seal a free trade agreement before the end of the year, officials from both countries said on Monday. Israel normalised diplomatic relations with Bahrain and its Gulf neighbour the United Arab Emirates (UAE) two years ago under US sponsorship. While economic ties with the UAE has since taken off, Israel’s […] November 1, 2022
Markets Saudi Arabia approves dual listing of Pizza Hut and KFC franchisee Saudi Arabia’s market regulator said on Monday it had approved a concurrent and dual listing of Americana Group, the Middle East and North Africa franchisee of fast-food chains KFC and Pizza Hut, in the kingdom and the United Arab Emirates (UAE). Americana has approval to sell 30 percent of its shares, which will be the […] November 1, 2022
Banking and Finance Turkey warns lenders against FX transactions during ‘off hours’ Turkey’s central bank sent a letter to local lenders on Monday, warning them against conducting forex transactions with foreign banks during ‘off hours’ and offering deposits with very high interest rates to avoid bond holding requirements. The central bank has introduced rules in recent months to reduce the gap between the policy rate and lending […] November 1, 2022
Economy Saudi Arabia’s Q3 GDP grows 8.6% boosted by higher oil prices Saudi Arabia’s gross domestic product expanded by 8.6 percent in the third quarter compared with the same period in 2021, according to initial government estimates on Monday, as the world’s top oil exporter benefits from higher energy prices. Growth was largely driven by a 14.5 percent increase in oil activities, the General Authority for Statistics […] November 1, 2022
Business of Sport Renowned artist paints boots and balls for Qatar’s World Cup Lili Cantero, a 29-year-old Paraguayan artist famed for painting intricate and personal soccer boots for stars including Lionel Messi and Ronaldinho, is preparing a new colourful show of her work to take to the World Cup in Qatar. The Asuncion-born artist is painting some two dozen sets of boots, balls and canvases, many inspired by […] October 31, 2022
Economy GCC current account surplus to hit $275bn on higher oil prices Gulf oil exporters are expected to put away around a third of their oil revenues over the next three years. Higher oil and gas prices are predicted to increase the average current account surplus in the GCC to 9.7 percent of GDP in 2022, according to the International Monetary Fund (IMF). This is up from […] October 31, 2022
Banking and Finance IMF says Egypt interest rate hike is a step in right direction Egypt’s move to raise interest rates is a step in the right direction and a flexible exchange rate will help protect its economy from shocks at a time of tightening global financial conditions, an International Monetary Fund (IMF) official said. Egyptian authorities pledged a “durably flexible” exchange rate in conjunction with a staff-level agreement for […] October 31, 2022
Media & Advertising Elon Musk says Twitter will revise how it verifies users Twitter will revise its user verification process, Elon Musk said in a tweet on Sunday, just days after he took over one of the world’s most influential social media platforms. “Whole verification process is being revamped right now”, Musk said in his tweet without giving more details. Twitter is considering charging for the coveted blue […] October 31, 2022
Banking and Finance Global bankers fear of stalling economy if rates climb too fast The world’s top central bankers are beginning to fear that an already weak global economy will stall if they keep pressing on the brakes, unnerved by plunging commodity prices, turmoil in emerging markets and potential flashpoints at home. Central bankers in the euro zone, United States, Canada and Australia have all been hinting that the […] October 30, 2022
Energy Mubadala expected to complete sale of 25% stake in Borealis Abu Dhabi sovereign wealth fund’s Mubadala is expected to complete the sale of its 25 percent stake in petrochemicals group Borealis, the chief executive of the plastic maker’s majority owner OMV said on Friday. “Twenty-five percent is currently owned by Mubadala and that 25 percent is under discussion and will probably change hands,” Alfred Stern […] October 30, 2022
Tech Saudi’s Kingdom Holding to maintain $1.89bn Twitter stake Saudi Arabia’s Kingdom Holding Company and the private office of Prince Alwaleed bin Talal said on Friday that they will continue their ownership of Twitter shares valued at $1.89 billion after Elon Musk’s takeover of the social media company, according to a statement tweeted by Prince Alwaleed. Elon Musk took ownership of Twitter Inc on […] October 30, 2022
Economy Tunisia to start tough economic reforms soon for IMF package Tunisia will soon enact difficult economic reforms that have been delayed for years, the central bank governor said on Saturday, adding that financial authorities were trying to keep the dinar currency stable. Tunisia this month reached a preliminary agreement with the International Monetary Fund (IMF) for a $1.9 billion rescue package that could be finalised […] October 30, 2022
Media & Advertising Musk’s Twitter ownership starts with firing of top executives Elon Musk became Twitter Inc’s owner on Thursday, firing top executives and providing little clarity over how he will achieve the lofty ambitions he has outlined for the influential social media platform. “The bird is freed,” he tweeted, referencing Twitter’s bird logo in an apparent nod to his desire to see the company have fewer […] October 28, 2022
Economy Turkey’s central bank hikes 2022 inflation forecast to 65.2% Turkey’s central bank has lifted its inflation forecast for the end of 2022 to 65.2 percent from 60.4 percent, governor Sahap Kavcioglu said on Thursday, marking the fourth rise this year, as he conceded that the bank had not been “very successful” in curbing price growth. Turkish annual inflation climbed to a 24-year high of […] October 28, 2022
Banking and Finance Credit Suisse seeks billions from investors in make-or-break deal Credit Suisse plans to raise 4 billion Swiss francs ($4 billion) from investors, cut thousands of jobs and shift its focus from investment banking towards rich clients as the bank attempts to put years of scandals behind it, sending its shares sliding. Chairman Axel Lehmann dubbed the plan a “blueprint for success”, but it fell […] October 28, 2022
Banking and Finance IMF confirms $3bn loan for Egypt, as currency hits record low The International Monetary Fund (IMF) said on Thursday it had agreed a $3 billion Extended Fund Facility (EFF) over 46 months with Egypt, welcoming a move to “durable exchange rate flexibility” regime and commitments to boosting social protections. Egypt’s currency fell by about 13.5 percent to a record low against the dollar on Thursday, Refinitiv […] October 28, 2022
Banking and Finance Egyptian banks follow currency devaluation with high-yield CDs Egypt’s three biggest state banks on Thursday offered three-year certificates of deposit with a 17.25 percent annual yield, a move designed to absorb liquidity and contain inflation after a devaluation of the currency. The move by National Bank of Egypt (NBE), Banque Misr (BM) and Banque du Caire followed a 200 basis points rate hike […] October 28, 2022
Banking and Finance ADNOC Distribution to refinance existing debt via $2.25bn loans ADNOC Distribution, a subsidiary of state-owned Abu Dhabi National Oil Company, said its board has approved loan agreements worth about $2.25 billion, which it plans to use to refinance existing debt or for general corporate purposes. The firm, the largest operator of petrol stations and convenience stores in the United Arab Emirates, approved unsecured senior […] October 28, 2022
Emirates NBD’s Q3 2022 profit climbs 51% on higher income Emirates NBD, Dubai’s biggest bank, reported on Thursday a 51 percent rise in net profit in the third quarter of 2022 on higher income, including net interest income and from transactions. Emirates NBD made net profit of AED3.8 billion ($1.03 billion) in the quarter from AED2.5 billion in the third quarter of 2021. EFG Hermes […] October 28, 2022
PIF’s Sanabil leads $40m fundraising by US edtech firm Classera, an education technology company headquartered in San Francisco, said on Thursday it had raised $40 million from investors, which it said was the sector’s largest funding round for a company with no prior funding. The Series A round was led by Sanabil Investments, fully owned by Saudi Arabia’s sovereign Public Investment Fund (PIF). Other […] October 28, 2022
Banking and Finance Israel’s Bank Leumi interested in investments in Saudi Arabia Israel’s Bank Leumi would like to tap into investment opportunities in Saudi Arabia, Chairman Samer Haj Yehia told a business forum in Riyadh, which he is attending in the latest sign of a potential thawing in Saudi-Israeli relations. The presence of Bank Leumi, one of Israel’s two largest banks, at the kingdom’s flagship investment event […] October 28, 2022
