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
Turkish lira soars after AKP win
The Turkish lira and stocks soared on Monday after President Recep Tayyip Erdogan’s Justice and Development Party (AKP) was returned to power in a surprise weekend election victory, but analysts warned the rebound may be shortlived. The lira jumped almost
Swissleaks leaker skips Swiss trial, again
A former HSBC employee who leaked documents alleging the bank helped clients evade millions of dollars in taxes failed again to show up for his Swiss trial on Monday, which opened in his absence. Herve Falciani, a 43-year-old French-Italian national
Royal Bank of Scotland net profits rise on Citizens sale
State-rescued Royal Bank of Scotland’s net profit grew in the third quarter, as a gain on the sale of US unit Citizens eclipsed restructuring and misconduct costs, it said. Earnings after taxation climbed 6.2 percent to £952 million ($1.45 billion,
e-services transform face of banking in Saudi Arabia
Global publishing firm Oxford Business Group (OBG) teamed up with Saudi Hollandi Bank for an upcoming publication due out later this year that explores the changing face of banking in Saudi Arabia, as a new generation of tech-savvy customers turn
Wage delay: Small firms to face the music from February 1
Business establishments employing less than 100 workers and a minimum of 11 will come under the purview of the wage protection system (WPS) from February next year, and will be fined for delaying salaries and their employees will be allowed
Clinton calls for breakup of ‘too-big-to-fail’ banks
US Democratic presidential hopeful Hillary Clinton has called for the breakup of large banks that take excessive risks as part of a sweeping plan to curb what she says are Wall Street abuses. Under the proposal, large financial firms would
Currencies, stocks and bonds may be near turning point
Currencies, stocks and bonds appear to be at a turning point, according to the latest Reuters polls from around the world, with the size and nature of forecast changes suggesting worries are building about the health of the global economy.
New father victim of robber’s bullets
A Saudi man who had just completed the Haj and become a father earlier this year was one of the two people killed in a failed attempt to rob a bank in Jazan on Tuesday. Abdullah Kinani has left behind
World Islamic Banking Conference announces innovative new features
The conveners of the much-coveted World Islamic Banking Conference (WIBC) announced the various features that promise to make WIBC 2015 the best edition in its 22-year history. The event will take place from Dec. 1 to 3 at the Gulf
Indonesia hopes for boom in Islamic banking
Indonesian teacher Nina Ramadhaniah hopes for “blessings from Allah” by opening a Shariah bank account — the sort of pious customer the world’s most-populous Muslim-majority country is praying for as it launches an Islamic finance drive. Indonesia, Southeast Asia’s biggest
British finance minister upbeat on slowing China economy
British finance minister George Osborne has expressed his confidence in the slowing Chinese economy, saying the country was going through a necessary transformation and was still a driver of global growth. A string of downbeat activity data combined with wild
ATM fraud alert sounded out
The Saudi Arabian Monetary Agency (SAMA), the Kingdom’s central bank, has warned commercial banks to improve their systems and customers to be wary, after a gang was found stealing money from ATMs in Riyadh using sophisticated card readers and cameras.
RBI under rate cut pressure as growth slips back
NEW DELHI: India’s economic growth probably slowed to around 5 percent in the three months to September, slipping from 5.7 percent in the previous quarter, two senior finance ministry sources said, putting pressure on the central bank to cut interest
‘Saudis avid consumers of information’
The private sector should do more to keep pace with the changing face of communications, says a senior marketing executive of Riyad Bank. Speaking at the fifth Forum for Public Relations, Mohamad bin Abdulaziz Al-Rabeah, executive vice president of marketing
Saudi business community buoyant as optimism levels advance in Q4
Dun & Bradstreet South Asia Middle East Ltd. (D&B) in association with the National Commercial Bank released the D&B Business Optimism Index (BOI) survey for Saudi Arabia for Q4, 2014. The BOI survey highlights the increasing optimism levels of both
Data services: Mobily, Al-Rajhi Bank ink deal
Mobily has signed a communications and IT (CIT) services agreement with Al-Rajhi Bank. Ismail Al-Ghamdi, acting business chief officer, signed the agreement on behalf of Mobily. Ibrahim Al-Rashid, chief officer of IT, signed the deal on behalf of Al-Rajhi bank.
Banks to allow emergency ATM access
A number of banks in the Kingdom have launched the service of cash withdrawals from ATMs without a card. Bank sources indicated that the new service is initially being implemented by two banks — the National Commercial Bank and Saudi
Lloyds bank to shed 9,000 jobs and close 150 branches
LONDON: Lloyds Banking Group aims to shed 9,000 jobs and close 150 branches over three years to cut costs, the British state-rescued lender said, reporting improved profits. LBG, which passed EU-wide bank stress tests at the weekend, is to shed
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