Qatar’s top bank Q2 profit slides over virus

 Qatar National Bank, the largest lender in the Middle East, said Sunday its net profits for the second quarter sank over the impact of the coronavirus pandemic.QNB net profit in the second quarter plunged 25.8 percent to 2.84 billion riyals ($780 million) compared to $1.05 billion in the same

Chinese banks prepare contingency plans over threat of US sanctions

Chinese state lenders are revamping contingency plans in anticipation of US legislation that could penalize banks for serving officials who implement the new national security law for Hong Kong, numerous sources have said. In worst-case scenarios under consideration by the Bank of China and Industr

Saudi Arabia can bridge budget gap through debt, says Citi Bank chief

Saudi Arabia has the capacity to help fund its budgetary needs during the COVID-19 crisis via a mixture of local and international capital markets, according to a senior banker. David Livingstone, chief executive officer for Europe, Middle East and Africa at American bank giant Citi, told Arab News

Lebanese central bank to inject dollars as currency tumbles

Lebanon’s money changers said the country’s central bank agreed Friday to inject fresh dollars into the market to prop up the national currency following a night of protests spurred by the dramatic plunging of the Lebanese pound.The protests, which degenerated into attacks on several ban

Lebanon removes banking secrecy rules to fight corruption

Lebanon’s parliament approved on Thursday a law to remove decades-old banking secrecy rules in order to better fight rampant corruption that has pushed the country to the edge of economic collapse.The move opens the way for investigations into bank accounts of current and former officials such

Saudi’s PIF denies media report of loan backed by SoftBank investment

Saudi Arabia’s sovereign wealth fund is not planning for or even considering a margin loan backed by its investment in SoftBank Group Corp’s Vision Fund, it said on Sunday in response to a media report.Bloomberg News reported on Saturday that the $300 billion Public Investment Fund (PIF)

UAE banks lend $4.5 bln to industrial, business sectors in Q1 2020

UAE banks provided 16.5 billion dirhams ($4.49 billion) in loans to the country’s industrial and businesses sectors in the first three months of 2020, a period that includes the initial stages of the coronavirus pandemic, according to a report from state news agency WAM. The new loans bring s

Outgoing Bank of England head to face questions over audio leak

Bank of England governor Mark Carney faces being hauled before parliament to answer questions about a embarrassing security breach that allowed hedge funds early access to an audio feed of market-moving press conferences. Mel Stride, the Conservative MP who is chair-elect of the Treasury select com

Lebanon’s banking association lowers benchmark interest rates

Lebanon’s banking association said on Friday that the Beirut Reference Rate (BRR) for US dollar loans had been reduced to 6.75 percent from 8.5 percent and on Lebanese pound loans to 9 percent from 11.5 percent. The association said the new rates come after a central bank circular issued on T

Dubai’s largest Islamic bank acquires smaller lender

Dubai Islamic Bank said on Thursday it has completed the acquisition of Noor Bank to consolidate its position as the top Islamic lender in the United Arab Emirates. DIB said in a statement posted on Dubai bourse website the acquisition was carried out through a share swap after securing the necessa

Dubai bank goes after debt-laden Al Jaber’s land in finance hub

Dubai’s biggest bank is going after a plot of land in the city’s financial hub that belongs to debt-laden Al Jaber Group. Emirates NBD PJSC is seeking to seize or sell the undeveloped land in the Dubai International Financial Centre after becoming frustrated by the pace of assets sales

Halkbank Says it Will Seek Dismissal of US Indictment, Judge's Recusal

A lawyer for Turkey’s state-owned Halkbank, which has been criminally charged by US prosecutors with helping Iran evade sanctions, said in a letter on Monday that it would seek to dismiss the case and have the judge assigned to it recuse himself. In a letter to US District Judge Richard Berma

Lebanese banks to resume normal work on Friday

 Lebanese banks will resume normal operations and receive customers on Friday, the banking association said, ending a two-week-long closure caused by massive protests against the country’s ruling politicians. “Thursday will be dedicated to internal work to complete (a backlog) of o

JP Morgan sees long-term growth in Middle East business after record year

JP Morgan, the biggest US lender by assets, is undeterred by a slowdown in Middle East economies and sees long-term growth for its business in the region, as sovereigns and corporates continue to issue debt, attract investment and drive mergers and acquisitions deals. The lender, which has the bigg

‘Better now than later’: PayPal quits Facebook’s Libra as Europe puts future of project in question

US-based PayPal Holdings Inc. has said it’s ditching Facebook’s project to create the Libra cryptocurrency. However, the Libra Association says it is better to know who’s not fully committed to its cause.“PayPal has made the decision to forgo further participation in the Libr

Person of the Year