Lebanon’s top banker linked to offshores with $100 million in assets

Offshore companies linked to Lebanon’s central bank governor own assets worth nearly $100 million, a media group has said in a report, as his role in Lebanon’s economic turmoil comes under intense scrutiny. The companies tied to Riad Salameh invested in real estate in the UK, Germany


SoftBank back to black with $12 billion profit after record losses

SoftBank Group on Tuesday reported a $12 billion quarterly net profit to June, recovering from eye-watering losses as tech stocks rally and the firm sheds assets to shore up its finances.The results will be a relief for chief Masayoshi Son, who has faced an increasing drumbeat of criticism after r


UAE central bank further eases liquidity measures for lenders

 UAE monetary authorities further eased liquidity measures for the country’s banks, enabling them to free up more cash to lend to companies and individuals affected by the coronavirus pandemic. The UAE government in March launched the $69.707 billion Targeted Economic Support Scheme (T


India's central bank holds rates on inflation risk, but more easing seen

India’s central bank kept interest rates on hold on Thursday as it sought to contain a rise in retail inflation, though it vowed to keep policy sufficiently loose to help revive growth in the coronavirus-battered economy. Reserve Bank of India (RBI) Governor Shaktikanta Das said space for mon


China central bank adviser says no need to step up monetary easing: media

The People’s Bank of China does not need to step up its policy easing as an economic recovery is well under way and further stimulus could stoke property and stock bubbles, central bank policy adviser Ma Jun said in remarks published on Wednesday. China’s economy could grow more than


HSBC profit slump adds to bank sector coronavirus woes

 HSBC on Monday reported a 69-percent slump in net profit, joining a number of major banks whose earnings have been slammed by the coronavirus fallout. HSBC announced earnings of $3.1 billion compared with almost $10 billion in the first 6 months of 2019, as spiraling China-US tensions also hu


India’s central bank likely to cut rates despite inflation risk

India’s worsening economic outlook as coronavirus cases soar has raised the chance the central bank will cut interest rates at its policy review on Thursday, in spite of inflationary pressures.Around two-thirds of economists in a Reuters poll expect the Reserve Bank of India (RBI) to cut the r


Turkey under pressure as inflation forecasts rise

Turkey’s central bank, under pressure from rising prices and a volatile drop in the lira, ratcheted up inflation forecasts on Wednesday, but its chief remained optimistic that disinflation would soon return. Governor Murat Uysal also downplayed concerns about the bank’s depleted FX rese


Dubai Islamic Bank second-quarter net profit declines

Dubai Islamic Bank’s (DIB) second-quarter net profit fell 27 percent from a year ago as net impairment charges jumped 68 percent, though they eased from last quarter. DIB posted a net profit attributable to owners of 1.01 billion dirhams ($275 million) for the quarter. Its net impairment char


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





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