Tunisia Central Bank Warns Buying Treasury Bonds Risky to Inflation, Currency

Tunisia’s central bank warned on Tuesday that government plans to ask it to buy treasury bonds have real risks to the economy, including more pressure on liquidity, high inflation, and a drop in the local currency. It added it is committed to tackling inflation and financial stability. The

Egyptian bank CIB’s shares swing wildly on reports of chairman exit

The London-listed shares of Egypt’s Commercial International Bank (CIB) rebounded on Friday after plunging more than 40 percent in morning trade after local media reports that its chairman had been dismissed. CIB, Egypt’s biggest listed bank, has substantial foreign holdings and Chair

Goldman Sachs hit with record $350m fine for 1MDB failings

Hong Kong’s markets watchdog on Thursday fined Goldman Sachs’s Asian business $350 million for its role in Malaysia’s multibillion-dollar 1MDB scandal, the largest single fine ever levied by the regulator in the Asian financial hub. The Securities and Futures Commission (SFC) sa

Turkey Central Bank Keeps Rate on Hold

Turkey’s Central Bank kept its key interest rate on hold at 10.25% on Thursday, despite market expectations for an increase that would help support the currency. The bank surprised last month with a 2 percentage point rate increase, its first hike in two years, as it tried to contain inflat

Swiss bank giant UBS posts best Q3 in a decade despite pandemic

Swiss banking giant UBS said Tuesday it nearly doubled its net profit in its best third quarter in a decade, the latest in a string of global lenders to report better-than-expected results despite the coronavirus pandemic.The world’s largest wealth manager saw net profit jump 99 percent year

World Bank Should Keep Pumping Out Aid, Review Capital Adequacy

The World Bank should push ahead with its efforts to deliver $160 billion in coronavirus aid by June 2021 and explore additional emergency financing and debt relief for developing countries, the bank’s steering committee said on Friday. In a communique, the joint World Bank and Internationa

South Korea’s central bank holds policy rate as housing prices rise

South Korea’s central bank (CB) kept its policy rate steady on Wednesday, noting housing prices continued to rise, but reiterated an accommodative monetary stance as it kept a downbeat outlook for the coronavirus-hit economy.The Bank of Korea (BOK) held the base rate at a historic low of 0.5

Iran Central Bank Announces Deal to Unlock Funds in Baghdad

Iran’s central bank chief said on Monday an agreement has been reached with Iraqi officials to unlock Iranian funds. Governor of Central Bank of Iran (CBI) Abdolnaser Hemmati arrived in Baghdad on Monday for a one-day visit to develop banking and trade cooperation. His remarks were made fo

Saudi Arabia's NCB and Samba agree to $15bn merger that will create kingdom's largest lender

Saudi Arabia’s National Commercial Bank, the kingdom's biggest lender, agreed to merge with Samba Financial Group, in a $15 billion deal that will create the Arab world's third-biggest banking entity with $223bn of assets. Samba shareholders will receive 0.739 newly issued shares of NCB in

Turkey’s Central Bank raises lira swap rate

Turkey’s Central Bank increased the Turkish lira interest rate for swap transactions by 150 basis points on Friday, . The rate, the bank uses in weekly currency swaps, rose to 11.75 per cent from 10.25 per cent, according to information obtained by an Anadolu Agency reporter.

ECB asks public to weigh in on digital euro

The European Central bank “should be prepared” to possibly launch a digital currency, president Christine Lagarde said Friday, adding that the public will be asked to weigh in on the issue.The Frankfurt institution will carry out a series of experiments with a digital euro over the nex

UAE central bank backs anti-money laundering

The UAE central bank has said that banks should increase anti-money laundering efforts to safeguard financial stability in the country. “To mitigate the risk of financial crimes . . . banks are urged to put more efforts towardcombating money laundering and financing of terrorism,” it

UAE banks get Dhs44.72 billion liquidity facility under TESS

A total of Dhs44.72 billion of the Dhs50 billion liquidity facility provided by the Central Bank of the United Arab Emirates (CBUAE) to the UAE banking sector as part of the Targeted Economic Support Scheme(TESS) has been drawn down by UAE lenders until the end of July, figures released by the CBU

Investigation alleges global banks filed $2tn in suspicious activity reports

Several global banks moved large sums of allegedly illicit funds over a period of nearly two decades, despite red flags about the origins of the money, BuzzFeed and other media reported on Sunday, citing confidential documents submitted by banks to the US Government. The reports were partly based

Banks drag Sensex, Nifty lower as China tensions, Fed weigh

 Indian shares closed lower on Thursday, weighed down by banking stocks, as China tensions remained in focus and the lack of new stimulus measures from the U.S. Federal Reserve further disappointed stock markets. The blue-chip Nifty closed 0.76% lower at 11,516.10, while the benchmark Sensex

SoftBank sells chip designer Arm to Nvidia in $40 billion deal

 SoftBank Group Corp. said on Monday it has agreed to sell chip designer Arm to Nvidia Corp. for as much as $40 billion in a deal set to reshape the semiconductor landscape.The deal puts a vital supplier to Apple Inc. and others across the industry under the control of a single player and wil

ECB's Lagarde shifts burden to governments to aid recovery

Euro zone governments must keep spending heavily to aid the bloc's recovery from its historic pandemic-induced recession, complementing already super-easy monetary policy, European Central Bank President Christine Lagarde said on Sunday. With debt levels blowing past 100% of GDP this year, concer

Israel's Bank Hapoalim expects to work with UAE banks once normalisation accord signed

Israel’s largest lender Bank Hapoalim expects to start working with banks in the United Arab Emirates once the two Middle East governments sign a normalisation agreement, its chief executive said on Wednesday. The UAE and Israel are due to sign the agreement brokered by the United States on

Person of the Year