Banking & Finance Israel shekel nears 3-year low as judicial overhaul spooks investors The shekel slid as much as two percent versus the dollar to a near three-year low on Tuesday after Israel pressed ahead with a plan to overhaul its judiciary that the government says is designed to end overreach into politics by the Supreme Court. At the same time, both Prime Minister Benjamin Netanyahu and finance […] February 22, 2023
Banking & Finance Saudi Arabia to deposit $1bn in Yemen’s central bank Saudi Arabia will make a $1 billion deposit in Yemen’s Aden-based central bank, Saudi Arabia’s state news agency SPA said, as the government there struggles with a weak currency and high fuel and commodity prices. Riyadh leads a military coalition in Yemen that has been fighting the Iran-aligned Houthis since 2015 after the movement ousted […] February 22, 2023
Banking & Finance Dubai’s DIFC aims to forge new ties with reopened China The Dubai International Financial Centre has plans to generate a new wave of interest from Chinese financial services companies as the world’s second-largest economy returns to the global stage. China reopened its borders last month, after dropping the strict controls imposed at the start of the pandemic. In 2022, when the zero-Covid restrictions were still […] February 21, 2023
Banking & Finance Jeddah economic city developer secures $270m loan from PIF Saudi-listed Emaar The Economic City has signed a term loan agreement of up to SAR1 billion ($270 million) with the Public Investment Fund, the kingdom’s sovereign wealth fund. The financing period for the loan is 18 months from the date of the agreement, the company said in a statement to The Saudi Exchange (Tadawul). The […] February 21, 2023
Banking & Finance Bank of Israel battle against ‘sticky’ inflation rages on The Bank of Israel on Monday raised its benchmark interest rate by another half a percentage point, and a senior official said more increases were likely needed to rein in inflation that remains above a five percent rate. The central bank lifted its key rate to 4.25 percent – its highest level since late 2008 […] February 21, 2023
Banking & Finance Iran’s currency falls to record low as sanctions to continue Iran’s troubled currency broke below the psychologically key level of 500,000 rial per US dollar on Monday, as market participants saw no end in sight to sanctions. The Iranian rial plummeted to a new record low of 501,300 against the US dollar, according to Bonbast.com which gathers live data from Iranian exchanges. Facing an inflation […] February 21, 2023
Banking & Finance Dubai redeems $750m Islamic bond and repays $300m The emirate of Dubai has redeemed a $750 million sukuk, or Islamic bond, and paid back early an additional $300 million of sukuk, its media office said on Monday, as its economy continues to rebound from the Covid-19 pandemic. The Public Debt Management Office redeemed the sukuk which was issued on January 30, 2013, the […] February 21, 2023
Banking & Finance DIFC has nearly 60 hedge fund firms waiting to be licensed The Dubai International Financial Centre (DIFC) has about 60 hedge fund firms, with north of a trillion dollars in assets under management, waiting to be licensed, the governor of the emirate’s financial free zone said on Monday. The hedge fund industry is capitalising on new rules and regulations that have been developed to support the […] February 21, 2023
Banking & Finance Egypt court to rule soon on case related to bank privatisation deal An Egyptian court will rule shortly on a case centred on the 2006 sale of AlexBank to Italy’s Intesa Sanpaolo, two source said, potentially paving the way for the cash-strapped government to sell its remaining 20 percent stake in the lender. Egypt is seeking to raise cash after its financial markets suffered heavy foreign investment […] February 21, 2023
Banking & Finance Kuwait records 85.5% jump in trade with Japan Kuwait’s trade surplus with Japan has increased by 85.5 percent in the past year to JPY110.3 billion ($823 million) in January, according to government data. Overall exports from Kuwait to Japan surged 81.2 percent year on year to JPY126.5 billion for the 22nd consecutive month of expansion. Imports from Japan also soared 56.4 percent to […] February 20, 2023
Banking & Finance Tunisia debt default could cost country’s banks billions A sovereign debt default by Tunisia could cost the country’s banking system billions of dollars, experts say. Tunisia is suffering a financial crisis that led to it seeking a $1.9 billion loan from the International Monetary Fund (IMF) in exchange for unpopular reforms, including cutting food and energy subsidies. S&P Global Ratings credit analyst Mohamed […] February 20, 2023
Banking & Finance Lebanon’s central bank chief says he will not renew term Lebanon’s embattled central bank chief Riad Salameh has said he will leave his post once his latest term ends in July, even if he is asked to stay longer. “No one has asked me to continue [as central bank chief] but even if they do, I think this is enough,” he said in a televised […] February 20, 2023
Banking & Finance Britain’s Tesco said to explore sale of banking unit Britain’s biggest retailer Tesco Plc is planning to review its presence in the UK banking sector in a move that could lead to a sale of its banking arm, Sky News reported. The supermarket chain operator is lining up Goldman Sachs to advise on the future of Tesco Bank, the report said. The review was […] February 19, 2023
Banking & Finance Lebanon minister says tough to replace central bank chief Lebanese finance minister Youssef Khalil said replacing central bank governor Riad Salameh, who has held the job for three decades, would be difficult and that his term may be extended though no consensus has yet been reached. Salameh, who is being investigated by European and Lebanese prosecutors for alleged embezzlement of hundreds of millions of […] February 19, 2023
Banking & Finance Saudi sovereign fund raises Nintendo stake to 8.26% Saudi Arabia’s Public Investment Fund (PIF) raised its stake in Nintendo Co to 8.26 percent from 7.08 percent, a regulatory filing showed, the second stake increase disclosure in a week following one on Wednesday. The sovereign fund first acquired a five percent stake in the company in May 2022 and increased it to 6.07 percent […] February 19, 2023
Banking & Finance Egypt hires banks for debut dollar sukuk as Eurobonds mature Egypt has hired banks for its debut sale of Islamic bonds denominated in US dollars, a document on the deal showed. A successful sukuk sale would help Egypt repay $1.25 billion in five-year Eurobonds that mature on February 21. Joint lead managers and bookrunners on the sukuk are Abu Dhabi Islamic Bank, Citi, Credit Agricole, […] February 19, 2023
Banking & Finance Turkey rages at shoddy construction after homes topple Residents of a luxury housing complex in southern Turkey thought their apartments were “earthquake-proof” until the structure toppled like a domino in last week’s devastating earthquake, leaving hundreds feared dead. Now the wreckage of the Ronesans Rezidans, which was advertised as “a piece of paradise” when it opened a decade ago, has become a focus […] February 19, 2023
Exclusive Banking & Finance First Abu Dhabi Bank to launch crypto services First Abu Dhabi Bank plans to introduce cryptocurrency and digital asset offerings to its customers. The move is part of a plan by the UAE’s biggest lender to implement Web3 technologies in its services to gain competitive advantage. “We’re already working on a product paper looking at how to work with crypto and digital assets,” […] February 19, 2023
Banking & Finance Standard Chartered launches $1bn share buyback Standard Chartered raised its performance goals, unveiled a new $1 billion share buyback and produced a 28 percent rise in annual profit as global interest rate rises bolstered its lending revenues. StanChart said almost half its 10 percent overall income growth came from interest, as central bank rate hikes aimed at combating inflation enabled banks […] February 17, 2023
Banking & Finance Lebanese depositors smash up and burn Beirut banks Several dozen Lebanese protesters attacked banks in a Beirut neighbourhood on Thursday, while blocking roads protesting against informal restrictions on cash withdrawals in place for years and rapidly deteriorating economic conditions. At least six banks had been targeted as the Lebanese pound hit a new record low on Thursday, a spokesperson for Depositors Outcry, a […] February 17, 2023
Banking & Finance Turkish firms pledge to invest $500m in Egypt Turkish companies have committed $500 million in new investments in Egypt after a visiting business delegation met the prime minister for the first time in a decade, the Egyptian cabinet said, in the latest sign of a thaw in relations. Diplomatic relations between Egypt and Turkey were severed after Egyptian President Abdel Fattah Al-Sisi, then […] February 17, 2023
Banking & Finance Turkey announces new measures to curb foreign currency demand Turkey’s central bank has asked banks to widen the spread for gold and foreign currency transactions to curb foreign currency demand, two sources with knowledge of the matter told Reuters. The central bank also asked the banking sector to increase derivative transaction costs to around 40 percent, the sources said, in a move aimed at […] February 17, 2023
