Saudi Crown Prince, US Secretary of Defense discuss troop deployment
:: Saudi Arabia’s Crown Prince Mohammed bin Salman received a phone call on Wednesday from the US Secretary of Defense during which they discussed ongoing arrangements to send US troops of a More »
Saudi Energy Minister confirms restoration of Kingdom’s gas production capacity
:: Saudi Arabia’s Minister of Energy confirmed on Wednesday the restoration of production capacity, affirming the Kingdom’s position as a reliable energy supplier in the global market. The energy minister, Prince Abdulaziz More »
Egypt calls Erdogan statements ‘ironic,’ accuses Turkey of sponsoring terrorism
:: Egypt’s foreign ministry spokesman, Ahmed Hafez, slammed Turkish President Recep Tayyip Erdogan’s statements at the UN General Assembly this week where he urged the UN to “handle the suspicious death of More »
Saudi Crown Prince: Attacks are test of int’l resolve against destructive acts
:: Saudi Arabia’s Crown Prince Mohammed bin Salman said on Wednesday that the attacks on Saudi Aramco oil facilities are a test of international resolve in the face of destructive acts that More »
Saudi Crown Prince says attacks on oil facilities are a ‘dangerous escalation’
:: Saudi Arabia’s Crown Prince Mohammed bin Salman said the recent attacks on Saudi Aramco facilities represented a “dangerous escalation not only toward the Kingdom but also the entire world.” The Crown More »
Category Archives: Banking
Dollar speculation in Egypt on the decline
Despite the fact that the Egyptian Central Bank had not released any figures regarding the dollar trade on the black market, unofficial estimates revealed that speculation on the US currency in the black market have recorded nearly $40 billion from
US, global financial leaders skirt trade frictions, tout collaboration
Global economic leaders on Friday continued downplaying possible friction with the Trump administration over currencies, trade and other potentially contentious issues, even while acknowledging that much about the US president’s plans remains unclear. On a day when Donald Trump himself
HSBC predicts 100 Saudi Arabian listings in privatization drive
Saudi Arabia’s privatization drive is likely to result in around 100 new stock market listings in sectors including mining, healthcare and retail, a top HSBC executive said on Monday. Georges Elhedery, HSBC’s chief executive for the Middle East and North
Trump administration says no US trading partners manipulate currency
US President Donald Trump’s administration declined to name any major trading partner as a currency manipulator in a highly anticipated report on Friday, backing away from a key Trump campaign promise to slap such a label on China. The semi-annual
US banks report solid earnings, still hopeful on Trump agenda
Strong trading results, rather than lending, was the driving force behind solid earnings reported by large US banks Thursday, as executives expressed measured optimism about the prospects for President Donald Trump’s pro-growth agenda. JPMorgan Chase and Citigroup reported big jumps
Islamic Development Bank announces prize winners for science, technology
The Islamic Development Bank (IDB) said three institutions have won this year’s prizes for science and technology, and each will receive $100,000 and a trophy. The institutions are from Indonesia, Malaysia and Sudan, the Jeddah-based institution said. This is the
Swiss watchdog: Probes of money laundering jump in 2016
Switzerland’s financial markets watchdog says it investigated 22 breaches of money laundering requirements last year, from nine in 2015, as the Alpine country seeks to combat the growing risk of corruption linked to assets from around the world. The authority,
Euro business must be moved from London after Brexit
London should cede financial transactions denominated in euros to EU cities like Amsterdam, Paris or Frankfurt following Britain’s exit from the bloc, an EU Parliament leader said Tuesday. Manfred Weber, the German head of the conservative European People’s Party (EPP)
Newly merged First Abu Dhabi Bank’s shares rise in debut trade
First Abu Dhabi Bank’s shares rose on Sunday on the first day of trading after the completion of a merger of the emirate’s two largest banks. The merger of National Bank of Abu Dhabi and First Gulf Bank to create
Saudi monetary agency denies data hack targeting Samba Financial Group
The Saudi Arabian Monetary Agency (SAMA) said it was closely monitoring technical issues that recently impacted Samba Financial Group systems, which resulted in a failure to provide regular banking services. News Agency obtained a copy of the statement released by
Turkish banker arrested in US on charges of violating Iran sanctions
A senior official at a state-owned Turkish bank has been detained in the United States on charges of helping Iran violate US sanctions against the country, the bank said Wednesday. “Our deputy general manager in charge of international banking, Mehmet
Britain’s new pound coin enters circulation
Britain’s new £1 coin with the symbols of England, Scotland, Wales and Northern Ireland goes into circulation from Tuesday on the eve of the launch of a Brexit process that has put national unity in doubt. The 12-sided coin is
David Rockefeller, last grandchild of John D. Rockefeller, dies
David Rockefeller, a former head of Chase Manhattan bank and luminary in political and philanthropic circles, died Monday at the age of 101, a spokesman said. He died in his sleep due to congestive heart failure at his home in
G-20 summit acquiesces to US, drops free-trade pledge
Financial leaders of the world’s biggest economies dropped a pledge to keep global trade free and open, acquiescing to an increasingly protectionist US after a two-day meeting failed to yield a compromise. Breaking a decade-long tradition of endorsing open trade,
G20 ministers struggle to find consensus on trade, climate
Finance ministers and central bankers from top economies are battling Saturday to find common ground on world trade in the face of US President Donald Trump’s “Buy American” drive. Ministers from G20 nations have gathered in the picturesque western German
Islamic Development Bank sets out roadmap to promote Arab-African trade
The Islamic Development Bank (IDB) is developing a roadmap to strengthen Arab-African trade over the next three years, according to Hakim Elwaer, IDB’s official spokesman. The roadmap includes identifying business opportunities and the areas of finance, building logistics platform, supporting
Meet the most prominent women in the Saudi financial sector
No sooner had Sarah Suhaimi been appointed to the board of Directors of the Saudi Stock Exchange Tadawul, and Rania Mahmoud Nashar was made CEO of Samba Financial Group, becoming the first woman to be an Executive manager of a
Egyptian pound strengthens on weaker dollar demand from importers
The Egyptian pound strengthened on Sunday, reaching a three month high, as importers’ demand for dollars at banks eased, bankers told Reuters on Sunday. Banks were selling dollars at around 15.8 pounds per dollar on Sunday, stronger than Thursday’s rate
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