Saudi Crown Prince, US Secretary of Defense discuss troop deployment

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 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 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 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 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

Global growth will be disappointing in 2016 says IMF’s chief

Christine Lagarde

Global economic growth will be “disappointing” next year, the head of the International Monetary Fund said in a guest article for German newspaper Handelsblatt published on Wednesday. IMF Managing Director Christine Lagarde said the prospect of rising interest rates in

SAMA’s foreign assets reach SR2.356 trillion in November

Net foreign assets at Saudi Arabia’s central bank fell 1.9 percent in November from the previous month to SR2.356 trillion ($628 billion) as the government liquidated assets to cover a huge budget deficit caused by low oil prices. Assets dropped

Hyperinflation: Yuan replaces Zimbabwe dollar

Robert Mugabe

Zimbabwe has announced a plan to begin using the Chinese yuan as an official currency. The news is just the latest wild twist for the Zimbabwean currency. Six months ago, Zimbabwe’s central bank announced that it was finally phasing out

IMF calls for ‘wise’ taxes to foster greener fuels

International Monetary Fund chief Christine Lagarde has called for tax reforms to be included in a global climate deal to raise incentives for consumers to reduce their energy consumption and to boost demand for cleaner fuels. In an opinion piece

China FX reserves plunge by $87.2 billion in November

China’s foreign exchange reserves, the world’s largest, fell by $87.2 billion in November to $3.44 trillion, central bank data showed on Monday, the lowest level since February 2013 and the third largest monthly drop on record. Analysts blamed the fall

Energize economies & employment

EXPERTS and analysts at the World Islamic Banking Conference focused on Awqaf (assets kept in trust) and oil prices, one of the biggest macro forces affecting the growth and development of Islamic finance, during the final day of the World

Sri Lankan rupee hits record low

The Sri Lankan rupee fell to a record low on Monday on importer dollar demand amid lower liquidity for the greenback as exporters were reluctant to sell dollars on speculation that the currency could fall further, dealers said. Trading was

Bank Association Confirm Muqee Cards Acceptance

Banks have denied they are encountering problems in updating the accounts of new Muqeem card holders, but acknowledged the absence of coordination mechanisms with the Ministry of Interior concerning the identity documents. Customers had alleged that some banks were refusing

China banks turn blind eye to soaring overdue loans

Some Chinese banks, hit by a surge of troubled borrowing in a weakening economy, are increasingly failing to recognize loans gone sour on their books to avoid having to stump up capital. Loans to borrowers that have missed a payment

Japan posts more than $900m trade surplus in October

Japan posted a surprise trade surplus in October as the value of energy imports slumped on falling oil prices, official data showed. The surplus came even as the value of exports declined for the first time since August last year,

IMF: We can bank on Islamic finance for stability

Christine Lagarde

The fast growing, Shariah-compliant Islamic finance industry has the potential to promote financial stability because of its risk-sharing and asset-backed features, International Monetary Fund Managing Director Christine Lagarde has said. “Islamic finance has, in principle, the potential to promote financial

SAMA chief: Saudi banks have plenty of cash

Fahad Al-Mubarak

Saudi commercial banks have plenty of cash, Saudi central bank governor Fahad Al-Mubarak said on Monday. Mubarak told Saudi-owned Ekhbariya Television that the increase in money rates, which he described as “slight”, was due to expectations for higher US interest

Two top World Bank officials step down

Two top aides of World Bank President Jim Yong Kim, including his controversial chief financial officer, are stepping down, according to a Bank internal memo obtained by AFP on Friday. The two became key lieutenants Kim after his arrival in

Swedbank website down in hacker attack

Swedbank’s Swedish website has stopped working after a hacker attack and cannot be reached by its customers, a spokesman said on Friday. The attack means that customers cannot conduct online transactions or contact the bank through the Internet although mobile

Bank of England deals blow to sterling, global outlook

European stock markets gained while sterling sank on Thursday after the Bank of England poured cold water on the idea that the road is clear for it and the Federal Reserve to start raising interest rates shortly. Asian markets ended

Japan Post soars in Tokyo trading debut after $11.5bn IPO

Japan Post skyrocketed on its trading debut Wednesday after the biggest initial public offering this year, lifting hopes that privatizing what is effectively the world’s largest bank will boost Tokyo’s faltering growth blitz. Shares in the vast company — along

Trade, hospitality sectors’ outlook strengthens in Q4

Dun & Bradstreet South Asia Middle East Ltd. (D&B) in association with the National Commercial Bank (NCB) released the D&B Business Optimism Index (BOI) survey for Saudi Arabia for Q4 2015. The BOI survey reveals lower optimism levels for the

HSBC’s third-quarter profit leaps to $6bn

HSBC profit jumped by a third in the latest quarter as a drop in fines for past misconduct more than offset the impact of a slowdown in Asia and increased spending on regulatory compliance. Europe’s biggest bank also said on

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