Saudi King and Crown Prince Condole Kuwait
In a heartfelt gesture of solidarity, Saudi Arabia’s King Salman and Crown Prince Mohammed bin Salman expressed their deepest condolences to the Emir of Kuwait on Monday following the passing of Sheikh More »
Putin and Abbas Discuss Gaza Crisis
Russian President Vladimir Putin is set to meet with Palestinian President Mahmoud Abbas on Tuesday during Abbas’ visit to Russia. Arriving on Monday, Abbas aims to discuss the ongoing Gaza conflict with More »
Saudi Arabia Voices Strong Support for Gaza Peace Initiatives
Saudi Arabia has firmly aligned itself with the recent joint statement made by President Joe Biden of the United States, President Abdel Fattah El-Sisi of Egypt, and Sheikh Tamim bin Hamad Al-Thani, More »
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 »
Category Archives: Banking
Global growth will be disappointing in 2016 says IMF’s chief
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
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
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
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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