Banking and 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 and 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 and 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 and 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 and 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 and 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 and 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 and 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 and 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 and 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
Banking and Finance PIF-owned unit buys $265m stake in Chinese gaming company Chinese esports outfit VSPO, backed by Tencent Holdings Ltd, said Saudi Arabia’s sovereign wealth fund has bought a stake worth $265 million in the company, as the kingdom continues its push in the gaming market. Saudi’s Public Investment Fund (PIF) will take a stake in VSPO through gaming unit Savvy Games Group and become the […] February 17, 2023
EXCLUSIVE Banking and Finance Wahed aims for 8 million customers in global expansion Islamic fintech firm Wahed is on a global growth drive with its sights set on a presence in 50 countries, from its current 10, over the next decade. Launched in the US in 2017 Aramco-backed Wahed serves more than 300,000 customers in the UK, US, Malaysia, Indonesia, India, Kyrgyzstan, the UAE, South Africa, Nigeria and […] February 17, 2023
Banking and Finance Saudi dominates Chinese BRI investment in GCC Chinese engagement in the GCC through the Belt and Road Initiative (BRI) increased by 244 percent in 2022 to $9.3 billion – and over half of the total amount of funding was secured by Saudi Arabia. The increase came despite overall spending by the BRI falling year-on-year by just over 1.3 percent to $67.78 billion, […] February 17, 2023
Opinion Esports should be in your investment portfolio The global mobile gaming market is expected to grow to $209.12bn in 2026 February 16, 2023
Banking and Finance Sharjah set to raise $1bn in sustainable bond debut The government of Sharjah will raise $1 billion from a sale of nine-year debut sustainable bonds, a document on the debt sale showed. “This is the first sustainable sovereign bond in the GCC, which indicates that the proceeds will be used for environmental or social purposes. This is broader than the ‘green bonds’ which several […] February 16, 2023
Banking and Finance Dubai’s biggest lender raises $313m via kangaroo bonds Emirates NBD, Dubai’s biggest lender, has raised A$450 million ($313.29 million) through an issuance of 10-year bonds at a coupon of 6.1 percent, a document on the sale showed. The kangaroo bonds – debt issued in Australia by foreign issuers – will yield 6.122 percent, the document seen by Reuters showed. On Monday, Emirates NBD […] February 15, 2023
Banking and Finance Moroccan venture capital fund eyes more tech investments in Israel Morocco’s UM6P Ventures is looking to expand its Israeli portfolio, CEO Yasser Biaz said. UM6P has already made two investments in Israeli startups – out of a total of 18 globally. “We are evaluating another two, looking deeper and further,” Biaz told Reuters during a visit to Israel for the OurCrowd Global Investor Summit in […] February 15, 2023
Construction PIF buys stakes in construction firms as Saudi boom continues Saudi Arabia’s Public Investment Fund (PIF) has spent $1.3 billion buying “significant” minority stakes in four local construction companies, the sovereign wealth fund said in a statement on Tuesday. The kingdom is enjoying a building boom, with projects valued at more than $1.1 trillion underway and a further $64 billion of construction contracts forecast to […] February 14, 2023
Banking and Finance Emirates NBD starts taking orders for Kangaroo bonds Emirates NBD, Dubai’s biggest lender, has begun taking orders for a benchmark issue of bonds denominated in Australian dollars, a document on the sale showed. The lender began marketing the 10-year Kangaroo bonds at around 200 basis points over asset swap (ASW), with an indicative yield of 6.3 percent and an indicative coupon of 6.25 percent. […] February 14, 2023
Banking and Finance Turkey’s cost of damages from quake estimated at $84bn Turkey’s worst earthquake in almost a century has left a trail of destruction that could cost Ankara up to $84.1 billion, a business group said, while a government official put the figure at more than $50 billion. The combined death toll in Turkey and Syria from last Monday’s 7.8 magnitude quake approached 36,000 and looked […] February 14, 2023
Banking and Finance Saudi to take part in first meeting of new debt roundtable Officials from China, India, Saudi Arabia and Group of Seven nations will participate in a first virtual meeting of a new sovereign debt roundtable on Friday, the International Monetary Fund (IMF) said, confirming an earlier Reuters report. The roundtable will also include officials from countries that have requested debt treatments under the Group of 20 […] February 14, 2023
Markets Saudi Arabia has 23 IPOs in the pipeline as it builds on busy year Saudi Arabia has more than 20 companies on the launchpad for initial public offerings, according to its financial regulator, as the Tadawul stock exchange looks to build on its strong run. Mohammed El Kuwaiz, chairman of the Capital Market Authority, told the Saudi Capital Market Forum on Sunday that 23 businesses had been approved for […] February 14, 2023
