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Iran sentences fugitive ex-bank chief to jail

Sunday, 10 December 2017

Iran has handed down heavy jail sentences to a former head of its largest state-owned bank who fled to Canada over a record-breaking $2.6 billion embezzlement scandal, the judiciary said on Saturday.Mahmoud Reza Khavari, the former head of Bank Melli who took refuge in Canada in 2011, “has been sentenced on four charges to long prison terms, a cash fine and compensation,” Gholamhossein Esmaeili, a top official in Tehran’s judiciary, told the Mizan news agency, without giving ...

India’s central bank holds rates at seven-year low

Wednesday, 6 December 2017

India’s central bank held interest rates at a seven-year low on Wednesday, citing concerns over inflation and rising oil prices as a reason not to make a further cut.The Reserve Bank of India (RBI) said the benchmark repo rate -- the level at which it lends to commercial banks -- would remain unchanged at 6.0 percent.The decision was in line with analysts’ expectations.The RBI said in a statement the decision was consistent with its objective of keeping inflation at around four ...

Egypt repays $4 bln of debt to African Export-Import Bank

Tuesday, 5 December 2017

Egypt has paid back a total of $4 billion of its debts to the African Export-Import Bank, the central bank was reported as saying on Tuesday.The central bank had paid back $2 billion of a $3.2 billion loan, Egyptian state news agency MENA reported, while newspaper El-Borsa said that it had also paid back $2 billion under a repurchase agreement.African Export-Import Bank Executive Vice President Amr Kamel told reporters on the sidelines of a conference that the central bank would repay the ...

Saudi banks ‘among least exposed to financial fraud worldwide’

Sunday, 26 November 2017

Saudi Arabia has one of the lowest bank fraud rates in the world as Saudi banks play a vital role in raising agents’ awareness from fraud.Saudi banks launched its ninth campaign to raise awareness about financial fraud and means to prevent it. Raising such awareness is very significant considering that financial fraud has dangerously developed and further burdened the global economy due to more losses.Secretary General of the Committee on Information and Awareness Raising in Saudi Banks, ...

Jerome Powell nominated by president to lead US central bank.

Friday, 3 November 2017

US President Donald Trump on Thursday nominated Federal Reserve Governor Jerome Powell to lead the US central bank. Powell, who must be confirmed by the Senate, will replace current Fed Chair Janet Yellen when her term at the helm of the central bank expires in February. Trump said Powell is “strong, committed and smart,” and has the “wisdom and leadership to guide” the US economy.  

Saudi Crown Prince: BlackRock, Blackstone to open offices in Saudi Arabia

Saturday, 28 October 2017

Fund manager BlackRock Inc and private equity firm Blackstone Group are planning to open offices in Saudi Arabia, encouraged by the investment opportunities offered by the kingdom, Crown Prince Mohammed bin Salman told Reuters. His comments come as the Public Investment Fund (PIF), the country’s main sovereign wealth fund, is putting $20 billion into a $40-billion fund with Blackstone and unveiled plans to significantly boost its assets. “PIF is setting a new role in the investment ...

SoftBank to work with Saudi Arabia on NEOM mega city

Wednesday, 25 October 2017

SoftBank Group Corp will work with Saudi Arabia on the development of “Neom”, a new business and industrial city announced on Tuesday.Softbank Group CEO Masayoshi Son said at an investment conference in Riyadh on Tuesday that Saudi’s Crown Prince Mohammed bin Salman had asked him to get involved.“I think Neom is a fantastic opportunity,” Son said, adding that the SoftBank Vision Fund would invest in Saudi Electricity Co (SEC).

Saudi Arabia hires banks for third international bond

Monday, 25 September 2017

Saudi Arabia has hired banks to arrange a global investor call ahead of a potential international bond issuance, as the Gulf’s largest economy, and the world’s top oil exporter, tries to plug a budget deficit caused by lower oil prices.Saudi Arabia could issue up to $10 billion, banking sources said, in what would be its third international bond sale after a $17.5 billion debut international bond last year - the largest ever sold across emerging markets - and a $9 billion sukuk, or ...

Qatari royal family sell stake in European bank to Chinese investors

Saturday, 2 September 2017

China’s Legend Holdings struck a deal on Friday to buy a 90 percent stake in Banque Internationale a Luxembourg (BIL) for 1.48 billion euros ($1.76 billion) in the biggest takeover of a European deposit-taking bank by a Chinese firm so far. Legend, best known as owner of computer group Lenovo Group Ltd, is acquiring 161-year-old BIL from Precision Capital, an investment vehicle of members of Qatar’s royal family, including former Qatari Prime Minister Sheikh Hamad bin Jassim al-Thani ...

Qatari banks lost half of its investors and were downgraded in the same week

Thursday, 10 August 2017

Qatari Banks are lost almost half of their traditional investor base and have been downgraded to a negative status by Moody’s all in the same week. A cut of trade, economic and political ties from the quartet of Saudi Arabia, United Arab Emirates, Bahrain and Egypt due to Qatari funding of extremism and support of terrorist groups has resulted in the outflow of foreign funds from the country. Moody’s warned that the prolonged regional dispute could trigger some outflows of foreign ...

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