Banking & Finance Al Rajhi Bank reports 24% rise in Q1 profit Al Rajhi Bank, Saudi Arabia’s second-biggest lender, reported a nearly 24 percent rise in quarterly earnings, fuelled by a jump in net financing for customers, and higher investment income and fees from banking services. The bank reported a net profit of SR 4.1 billion ($1.09 billion) for first quarter ended March 31, up SR 3.34 billion in the […] April 29, 2022
Tunisia’s dinar hits record low versus dollar Tunisia’s dinar currency has fallen to record lows versus the dollar, driven down by high inflation, a worsening trade deficit and the severe impact of the Ukraine crisis on public finances. It traded at 3.074 against the dollar on Thursday, central bank data showed on Friday. Earlier this month, the state statistics institute said Tunisia’s […] April 29, 2022
Banking & Finance Qatar Airways suffers setback in feud with Airbus A British judge has denied a bid by Qatar Airways to reinstate a jet contractcancelled by Europe’s Airbus in the latest twist to a dramatic feud playing out in UK courts. The companies have been locked in a safety dispute for months on Europe’s A350 long-haul jet. Their unprecedented bust-up widened in January when Airbus revoked a separate deal for […] April 29, 2022
Banking & Finance Americana selects banks for Saudi and UAE listings The Middle East and North Africa franchisee of fast-food restaurants KFC and Pizza Hut has hired banks for a potential dual listing in Saudi Arabia and theUnited Arab Emirates, a source with knowledge of the matter said. Americana Group has selected Goldman Sachs, First Abu Dhabi Bank (FAB) and Saudi National Bank (SNB) for the deal, said the source, declining […] April 29, 2022
Banking & Finance Abu Dhabi bourse dips ahead of Eid break, Dubai flat Abu Dhabi’s shares closed lower on Friday in thin trade ahead of Eid al-Fitr holidays, while the Dubai bourse finished flat, ending three sessions of gains. In Abu Dhabi the index eased 0.2 percent, with the country’s largest lender First Abu Dhabi Bank (FAB) losing 1.3 percent, snapping two sessions of gains. On Thursday, FAB […] April 29, 2022
Energy Oil will cushion Middle East from economic impact of Ukraine war The war in Ukraine will sharply reduce economic growth in the Central Asian region in 2022, but higher oil prices will partly cushion the blow for the Middle East and North Africa, the International Monetary Fund said on Wednesday. Both regions, however, will feel the impact of surging commodity prices, the IMF said, warning higher […] April 29, 2022
Real Estate Turks “bewildered” as rents outpace rampant inflation Undeterred by industry figures showing rents in Istanbul have doubled inside a year, yoga instructor Ceren Tabak was fully prepared to spend most of her salary on housing costs when she decided last month to look for a home of her own. But she says real estate agents laughed when she quoted them the 6,000 […] April 29, 2022
Banking & Finance Lebanese central banker says ready to answer Swiss questions Lebanese central bank chief Riad Salameh is ready to meet Swiss prosecutors in person to answer questions about their money-laundering investigation, he said in a television interview. Salameh is facing investigations in Lebanon and five European countries into the alleged embezzlement of some $330 million in public funds with the help of his brother, Raja, […] April 29, 2022
Energy Repsol’s profit doubles on high oil and gas prices Spain’s Repsol posted a first-quarter profit upswing on Thursday, bolstered by higher oil and gas prices and recovery from the coronavirus pandemic. Commodities prices soared after Russia invaded Ukraine in February, sending further shockwaves through markets already reeling from last year’s collision between tight supplies and high demand in economies reopening after coronavirus lockdowns. Adjusted […] April 29, 2022
Banking & Finance Orsted defies Russia, refuses to open roubles account for gas payments Denmark’s Orsted has no intention of opening a rouble account in Russia to accommodate Moscow’s demand for gas payments in the Russian currency, the energy firm’s CEO said on Friday. Orsted sold its oil and gas assets in 2017 to focus on offshore wind energy but retains a long-term gas deal with Russia’s Gazprom which […] April 29, 2022
Banking & Finance Guterres urges unconditional funds for Afghanistan aid UN Secretary-General Antonio Guterres said on Thursday that the humanitarian situation in Afghanistan had “deteriorated alarmingly” and urged donors toprovide “unconditional and flexible funding” towards its $4.4 billion appeal for aid. Opening a high-level pledging conference, he said the Afghan economy had all but collapsed since the Taliban takeover in August and nine million Afghans […] April 29, 2022
Banking & Finance UAE freezes assets of Kinahan drug trafficking gang The United Arab Emirates has frozen the assets of Ireland’s Kinahan drug trafficking gang, the Financial Times reported on Thursday. The United States, which earlier this month offered a $5 million reward for help arresting the leaders of the gang, has likened it to some of the world’s most notorious crime networks. Daniel Kinahan, one […] April 29, 2022
Banking & Finance Sterling set for biggest drop in six years against dollar Sterling rose against the dollar on Friday but was still set for its sharpest monthly drop since October 2016, while edging higher against the euro. The dollar dropped from its recent 20-year high while still on track for its best month since 2015, bolstered by a combination of expectations for US rate hikes and growth […] April 29, 2022
Angry Credit Suisse shareholders reject 2020 discharge Credit Suisse shareholders on Friday rejected by a wide margin the board’s proposal to provide the beleaguered Swiss bank’s management a discharge from liabilities for the 2020 financial year, as investor ire over a slew of costly missteps grows. The board’s proposal to provide managers a legal discharge for 2020 — a sign of backing, […] April 29, 2022
Banking & Finance Egypt seeks private sector participation in state-owned assets Egyptian President Abdel Fattah al-Sisi ordered the government to set a program for the private sector’s participation in state-owned assets, with a target of $10 billion annually for four years, state TV quoted him as saying on Tuesday. The broadcaster did not mention any other details about the method of participation. The Egyptian president also […] April 29, 2022
Turkish central bank nearly doubles inflation forecast Turkey’s annual inflation will peak at around 70 percent by June before declining to near 43 percent by year-end, the central bank has forecast. The central bank slashed its policy rate by 500 basis points to 14 percent last year as part of President Tayyip Erdogan’s new economic plan. The cuts sparked a currency crisis […] April 29, 2022
Banking & Finance ADQ buys stakes worth $1.85bn in Egyptian firms Abu Dhabi’s state holding company ADQ bought shares worth $1.85 billion in five publicly traded Egyptian companies in April, helping Egypt after the Ukraine crisis prompted foreign investors to flee. Egypt has been on the hunt for foreign exchange since Russia’s invasion of Ukraine prompted investors to pull billions of dollars out of its treasury […] April 28, 2022
Dollar hits five-year high, growth concerns dent euro The dollar hit a five-year high ahead of the expected rate hike by Federal Reserve, while the euro weakened on growth concerns after Russia cut off gas supplies to parts of the region. The dollar has gained on expectations that the US central bank will be more hawkish than peers. The Fed is expected to increase rates by 50 basis […] April 27, 2022
Saudi Al Rajhi Bank reports 24% rise in Q1 profit Saudi Arabian lender Al Rajhi Bank has announced a nearly 24 percent rise in quarterly earnings, fuelled by a jump in net financing for customers, and higher investment income and fees from banking services. The bank reported a net profit of 4.1 billion riyals ($1.09 billion) for the first quarter ended March 31, up 3.34 […] April 27, 2022
Banking & Finance Standoff with Lebanon banks could derail IMF deal: minister Lebanon’s efforts to secure $3 billion in International Monetary Fund (IMF) support to help it tackle its financial crisis could be derailed by divisions over how to deal with massive financial sector losses, according to economy minister Amin Salam. The Association of the Banks of Lebanon (ABL) has rejected the latest draft of the government’s […] April 27, 2022
Energy US energy secretary says oil, gas output will continue to increase The US Energy Secretary said on Monday US oil and gas production is rising and will continue to rise to make up for the 1 to 1.5 million barrels of oil per day that has been pulled off the market in the wake of Russia’s invasion of Ukraine. Jennifer Granholm told CNBC the boost in US oil […] April 25, 2022
Energy Italy’s Enel in talks to sell Brazilian power distributor for $2bn Italy’s Enel SpA is in talks to sell its Brazilian power distributor company Celg-D in a deal that may reach $2 billion, four sources with knowledge of the matter said. Celg-D distributes power in the Brazilian centre-west state of Goias and serves 3.27 million customers. The sources said companies interested in acquiring Celg-D include Brazilian rivals […] April 25, 2022