China opens up finance sector to more foreign investment

Saturday, 20 July 2019

China lifted some restrictions on foreign investment in the financial sector on Saturday, as the world’s second largest economy fights slowing growth at home and a damaging trade war with the US.China will remove shareholding limits on foreign ownership of securities, insurance and fund management firms in 2020, a year earlier than originally planned, the Financial Stability and Development Committee said in a statement posted by the central bank on Saturday.Foreign investors will also be ...

Lebanon’s parliament passes 2019 state budget: Hariri

Friday, 19 July 2019

Lebanon’s parliament passed the 2019 state budget on Friday, Prime Minister Saad al-Hariri said in a live broadcast as his coalition government seeks to bring the public debt under control. The budget is seen as a critical test of Lebanon's ability to address years of economic mismanagement and corruption that have led it to build up one of the world’s heaviest public debt burdens, equivalent to about 150% of GDP. “It is an achievement we have managed today,” Hariri said ...

Indian govt seeks to tap foreign lenders for loans to its small firms: Sources

Friday, 19 July 2019

India's government is in talks with foreign lenders to provide as much as $14.5 billion in credit to millions of its small firms, two officials said, in a sign the country's banking system may not be robust enough to do the job on its own. The government is in discussions with multiple foreign lenders, including Germany's state-owned development bank KfW Group, the World Bank and some Canadian institutions to extend lines of credit to small enterprises, one of the officials, who did not want to ...

Moody’s: Sharjah’s rating outlook negative, A3 rating affirmed

Friday, 19 July 2019

On Thursday, Moody's Investors Service changed the outlook on the government of Sharjah's long-term issuer ratings from “stable” to “negative” and affirmed the long-term issuer ratings at A3. The agency stated that the negative outlook reflects the government’s deteriorating fiscal position. In the absence of significant fiscal consolidation measures, the government of Sharjah could face further rating downgrades. Moody’s expects the government’s fiscal ...

Boeing says Q2 earnings hit by $4.9 bln in costs on 737 MAX

Friday, 19 July 2019

Boeing announced on Thursday that second-quarter earnings would be dented by $4.9 billion in one-time costs to compensate airlines for disruptions due to the grounding of the 737 MAX aircraft.Profits will also be weighed down by another $1.7 billion in costs due to the 737 MAX’s lower production rate, the company said in a statement after the stock market closed.The disclosures demonstrate the increasing financial toll that the 737 MAX crisis is taking on the company.The MAX has been ...

IMF has not recommended Lebanon unpeg its currency: Senior official

Thursday, 18 July 2019

A senior adviser to Lebanese Prime Minister Saad al-Hariri on Thursday denied that the International Monetary Fund (IMF) had urged Lebanon to unpeg its currency from the dollar. Nadim Munla said comments by Hariri to parliament this week about IMF proposals including currency flotation referred to “general recipes” that the fund recommends to governments, rather than specific recommendations for Lebanon. The pound has been fixed at 1,507.5 to the dollar since 1997, and the IMF has ...

South Korea cuts interest rate as Japan trade row simmers

Thursday, 18 July 2019

South Korea’s central bank on Thursday cut its key interest rate for the first time in three years as the economy struggles with sluggish global growth, and as the country is embroiled in a trade spat with Japan. The Bank of Korea (BOK) lowered its key rate to 1.5 percent from 1.75 percent, citing slowing exports and “increased” volatility in domestic financial markets. It joins a growing number of central banks worldwide that reduced borrowing costs to shore up their economies ...

Bitcoin craze hits Iran as US sanctions squeeze weak economy

Thursday, 18 July 2019

Iranians feeling the squeeze from US sanctions targeting the Islamic Republic's ailing economy are increasingly turning to digital currencies such as Bitcoin to make money, prompting alarm in and out of the country. In Iran, some government officials worry that the energy-hungry process of “mining” Bitcoin is abusing Iran's system of subsidized electricity; in the United States, some observers have warned that cryptocurrencies could be used to bypass the Trump administration's ...

Former JPMorgan senior banker pleads not guilty to HK bribery charges

Thursday, 18 July 2019

JPMorgan’s former Asia investment banking vice-chair, Catherine Leung, pleaded not guilty to charges of bribery in a Hong Kong court on Thursday. Leung is alleged to have offered employment to the son of the chairman of a logistics company as a reward for the chairman favoring JPMorgan when choosing banks to work on the company’s IPO, Hong Kong’s Independent Commission Against Corruption (ICAC) said in May. Leung did not comment when approached by ...

Emirates NBD allowed to open 20 more branches in Saudi Arabia

Wednesday, 17 July 2019

Emirates NBD has received permission from Saudi Arabia to open 20 more branches in the country, the bank said, as Dubai’s biggest bank eyes expansion in the Arab world’s biggest economy. Currently Emirates NBD has four branches in Saudi Arabia - two in Riyadh, one in Jeddah and one in the eastern province of Khobar. “Emirates NBD is honored to have been given permission to open 20 more branches in the Kingdom of Saudi Arabia,” Hesham Abdulla Al Qassim, the bank’s ...

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