Banking and Finance Deutsche Bank agrees $511m deal for UK investment bank Deutsche Bank has agreed to buy Numis Corp, a London-based boutique investment bank, for about £410 million ($511 million) as the German company deepens links with British corporate clients. The surprise acquisition is Deutsche’s largest in more than a decade and marks a rare move for its global investment bank, which has been looking for […] April 30, 2023
Banking and Finance Energizer and Walmart face suit for raising battery prices Energizer Holdings Inc and Walmart Inc have been sued by consumers and retailers in three proposed class actions accusing them of conspiring to raise the prices of disposable batteries. According to complaints filed on Friday, Energizer agreed “under pressure from Walmart” to inflate wholesale battery prices for other retailers starting around January 2018, and require […] April 30, 2023
Banking and Finance UAE banks are likely to weather the brewing US storm UAE banks are equipped to handle any risks posed by another banking storm brewing in the US, according to economists, after the majority posted healthy increases in first quarter profits. First Republic is the latest international bank to see its future thrown into possible turmoil as deposits fell by over $100 billion in the first […] April 28, 2023
Banking and Finance Turkey holds rate at 8.5% ahead of May elections Turkey’s central bank kept its policy rate at 8.5 percent on Thursday as expected, stressing the importance of supportive financial conditions to preserve economic growth momentum in its last policy meeting before May 14 elections. In February, the bank cut its key interest rate by 50 basis points (bps) to provide stimulus after earthquakes which […] April 28, 2023
Banking and Finance IIF cautious on Turkey’s lira amid possible devaluation The Institute of International Finance (IIF) has doubled down on its bullish view of the Brazilian currency while taking a cautious stance on the market’s pessimism towards Turkey’s lira. The IIF said in a report ahead of its currency fair value update that “market sentiment in both cases is more bearish than we are”. On […] April 28, 2023
Banking and Finance HSBC Middle East gets a regional reshuffle Abdulfattah Sharaf has been appointed chairman of the board of HSBC Bank Middle East while the regional reshuffle will see him succeeded as CEO of operations in the UAE by Mohamed Al Marzooqi. Sharaf has served as HSBC UAE CEO for 13 years, combining this with overseeing the bank’s operations in Algeria, Bahrain and Kuwait […] April 27, 2023
Banking and Finance Egypt secures funds for $2bn Alexandria metro project Construction of the Alexandria metro project in Egypt is set to begin after President Abdel-Fattah El-Sisi approved an agreement with the French Development Agency (AFD) for a €250 million ($276.50 million) loan. The project is a joint initiative with the Asian Infrastructure Investment Bank and the European Bank for Reconstruction and Development (EBRD), the Egypt Today […] April 27, 2023
Banking and Finance New Zealand says it is committed to reducing spending The New Zealand government is committed to reducing spending even though severe weather events earlier this year caused asset damage of roughly NZ$9 billion ($5.51 billion) to NZ$14.5 billion, Prime Minister Chris Hipkins said. New Zealand was hit by flash floods in the country’s largest city of Auckland in January followed by Cyclone Gabrielle, which […] April 27, 2023
Banking and Finance UAE to sell first dirham T-sukuk worth nearly $300m The UAE will sell AED1.1 billion ($299.6 million) of Islamic treasury sukuk (T-sukuk) for the first time in the local currency, state-run WAM news agency reported. The T-sukuk will be issued with tranches maturing in two, three and five years, followed by a 10-year bond at a later date. Mohamed bin Hadi Al Hussaini, minister […] April 27, 2023
Banking and Finance Brazil’s Lula supports trading currency for Brics countries Brazilian President Luiz Inacio Lula da Silva has said he supports establishing a currency for trade between Brics countries, a group that includes his nation as well as Russia, India, China and South Africa. “I am in favour of creating, within the Brics, a trading currency between our countries, just like the Europeans created the […] April 27, 2023
Analysis Banking and Finance Mergers push Islamic banking forwards in Bahrain Hundreds of Islamic banking executives are descending on Bahrain next month for the Islamic Finance Innovation Day on May 30. Under the patronage of the Central Bank of Bahrain, it will focus on embedding environmental, social and governance (ESG) investing into Islamic finance. The event comes as analysts predict that Islamic banking’s market share will […] April 26, 2023
Banking and Finance Abu Dhabi’s Ethmar said to list after $191 capital top-up Abu Dhabi’s Ethmar International Holding (EIH) is looking at a listing on the Abu Dhabi stock exchange after raising nearly AED700 million ($191 million). EIH, a diversified investment vehicle, intends to offer a 13 to 15 percent stake to investors through a capital raise of AED600 million to AED700 million, Bloomberg reported, citing an investor […] April 26, 2023
Banking and Finance World Bank calls for new ways to address ‘debt crisis’ World Bank chief economist Indermit Gill is calling for new approaches to address the mounting debt crisis facing many countries, including steps to factor domestic borrowing into assessment of a country’s debt sustainability. Gill told Reuters the Common Framework set up by the Group of 20 major economies to help the poorest countries had resulted […] April 26, 2023
Banking and Finance UAE says ‘needs time to show effectiveness to exit Faft list’ The UAE needs time to demonstrate the effectiveness and enforcement of policies introduced against financial crime before it can be removed from a global watchdog’s ‘grey’ list, the economy minister told Reuters. The Financial Action Task Force (Faft) just over a year ago included the UAE on a list of jurisdictions subject to increased monitoring, […] April 26, 2023
Analysis Banking and Finance Arab banks tighten lending for Gulf-UK property investors Middle East banks are reviewing lending criteria for GCC clients in the UK, responding to high interest rates and a trend towards investors diversifying portfolios to capture better yields. For several years – and especially since interest rates shot up in the past 12 months – yields in sectors traditionally popular with Gulf investors, such […] April 26, 2023
Logistics DP World moves to close trade finance gap for SMEs DP World has launched a digital trade finance platform to build relations between small and medium sized enterprises (SMEs) and financial institutions and boost trade. The platform gives borrowers access to trade finance while helping lenders assess companies by providing data, visibility and transparency on global trade movements. This allows them to analyse potential areas […] April 25, 2023
Analysis Banking and Finance Saudi banks face liquidity pressures as economy grows The Saudi central bank may step in to provide funding to local banks for the second time in a year to ease liquidity pressures and keep the economy growing, analysts have said. Last June central bank Sama placed about SR50 billion ($13 billion) as time deposits with commercial lenders in a bid to ease the […] April 25, 2023
Banking and Finance Acwa Power secures $174m for Uzbek wind power plants Saudi-listed Acwa Power Company and the Asian Development Bank (ADB) have signed $174 million worth of loans to develop the Bash and Dzhankeldy wind power plants, both located in the Bukhara region in Uzbekistan. The financing comprises loans amounting to $40.5 million for Bash and $46.5 million for the Dzhankeldy, funded through ADB’s ordinary capital resources, the […] April 25, 2023
Banking and Finance Multiply Group to buy 55% stake in Media 247 for $50m Multiply Group, an Abu Dhabi-based investment holding company, has signed a binding offer to acquire a 55 percent majority stake in Media 247, a UAE outdoor advertising firm, for AED184 million ($50.11 million). Media 247 assets include over 45 outdoor premium hoardings, unipoles and 3D structures across Dubai. The company offers media management, printing and […] April 25, 2023
Banking and Finance Netflix to invest $2.5bn in Korea to make TV shows Netflix Inc said on Tuesday it plans to invest $2.5 billion in South Korea over the next four years to produce Korean TV series, movies and unscripted shows, doubling the amount the company has invested in the market since 2016. The US streaming service made the announcement after a meeting between South Korean President Yoon […] April 25, 2023
Banking and Finance Israel’s sovereign wealth fund names full-time manager The Bank of Israel has named Lena Krupalnik, a veteran institutional investment manager, to oversee the country’s sovereign wealth fund which was set up in 2014 following the discovery of huge natural gas deposits. After a four-year delay due to political turmoil and a slower than expected revenue stream, the fund began operating last June […] April 25, 2023
Banking and Finance UAE exempts public benefit entities from corporate tax The UAE’s finance ministry has exempted public benefit entities from paying corporate tax. The corporate tax law will be effective for financial years starting on or after June 1, 2023. Public benefit entities often include organisations focusing on areas of religion, charity, science, education and culture. They will, however, continue to comply with all local, […] April 24, 2023
