Bank plays crucial role in funding sustainable future
"We continue to capitalize on the promising opportunities in this market through innovative offerings and solutions, while strengthening our substantial...
Business
At 10% growth, Saudi banking sector shows resilience
With Vision 2030 steering the economic diversification, Saudi banks face challenges and opportunities in liquidity, asset quality, and navigating geopolitical...
Business
Business
Switzerland to probe what led to Credit Suisse collapse
The economy committee of the National Council, the lower house of parliament, asked the government for an analysis of the...
- The emergency takeover by UBS has sparked unease and criticism within Switzerland, where Credit Suisse was a pillar of the country's totemic banking sector.
- Following a string of scandals, the collapse of three US regional banks in March left Credit Suisse looking shaky amid fears of contagion and shares nosedived.
Business
Prominent firms in DIFC to tap into wealth across region
DUBAI, UAE - Over 300 prominent wealth and asset management (WAM) firms have established themselves in Dubai International Financial Center...
- The financial center's 300 wealth and asset management firms should help in providing a conducive environment for businesses in the region.
- DIFC's world-class legal and regulatory framework and access to competitive markets have bolstered the depth of its asset management ecosystem.
Business
Credit Suisse chiefs apologize to shocked shareholders
ZURICH, SWITZERLAND - Credit Suisse chairman Axel Lehmann said Tuesday he was "truly sorry" that the beleaguered bank could not be...
- The 167-year-old bank's final AGM was the first chance Credit Suisse shareholders had to voice their frustrations.
- "I can understand the bitterness, the anger and the shock of all those affected," Credit Suisse chairman Axel Lehmann said.
Opinion
Embracing the future: Why Biden’s banking regulation push needs to include digital financial institutions
In an age driven by rapid innovations, more people are turning to fintech and digital banking solutions as traditional banking...
- The Biden administration's push for tighter banking regulations is well-intentioned but must include a focus on digital banking to keep pace with rapid tech innovations
- As more people are turning to fintech and digital banking solutions, the US government risks falling behind in a fast-changing sector by focusing only on legacy banks
Business
Rising rates boost GCC banking sector’s net margin
The region's banking sector thrives in Q4-2022 with NIMs at multi-year highs and strong lending growth despite global banking crisis,...
- The region's banking sector thrives in Q4-2022 with NIMs at multi-year highs and strong lending growth despite global banking crisis, highlights a report
- The ongoing banking sector crisis in the US and Europe has limited impact on the region as GCC banks' exposure to these parts of the world remains minimal
Business
Credit Suisse hid $700m in undeclared accounts: US Senate
The Senate report "describes legacy issues, some from a decade ago," which the bank has sought to address by implementing extensive...
- The findings of the two-year Senate Finance Committee probe add to the woes of the Swiss investment bank.
- Credit Suisse pleaded guilty in 2014 to attempting to aid and assist US taxpayers in filing false income tax returns.
Opinion
Fed in dilemma over inflation, financial stability
"It appears that the Fed has not learned from the mistakes of the 1980s. Throughout much of the 1970s, the...
- If the US Federal Reserve had implemented an increase of more than 25 basis points, it could have triggered further instability
- The Fed must learn from the past mistakes and proceed with caution to avoid financial instability, says deVere CEO Nigel Green
Business
Abu Dhabi Securities Exchange appoints Emirates NBD Capital as custodian
ABU DHABI, UAE - Abu Dhabi Securities Exchange (ADX) has appointed Emirates NBD Capital as a custodian. Emirates NBD Capital...
- Emirates NBD Capital obtained its custody licence from the UAE Securities and Commodities Authority.
- The firm provides safe and secure solutions for investors to hold securities, such as stocks, bonds or other assets.
Business
European banking sector is resilient, says ECB
FRANKFURT, GERMANY - The European financial system is "resilient" and has sufficient liquidity, the European Central Bank said Monday, as banking...
- Switzerland announced that UBS would buy Credit Suisse for $3.25 billion, in a bid to prevent economic turmoil from spreading.
- ECB, European Banking Authority, EU's Single Resolution Board said they welcome the actions of the Swiss authorities to ensure financial stability.
Geostrategy
Former Qatar finance minister charged with bribery, money laundering, corruption
DOHA, QATAR - Qatari prosecutors have charged former finance minister Ali Sharif Al-Emadi with bribery, money laundering and a range of...
- Ali Sharif Al-Emadi who became finance minister and chairman of Qatar National Bank in 2013, has not been held in detention.
- Prosecutors said the investigation had been completed "by interrogating the accused, hearing witnesses, and examining the technical reports".
Bank plays crucial role in funding sustainable future
"We continue to capitalize on the promising opportunities in this market through innovative offerings and solutions, while strengthening our substantial...
Business
Company News
Bank Albilad posts net profit
Business
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JPMorgan Q3 profit at $13.2bn
Business
ADIB lists $500m green sukuk on LSE
The bank marked the issuance of its $500 million green sukuk.
Business
Dubai Investments acquires 7.68% more stake in Monument Bank
Dubai, UAE - Dubai Investments, the leading investment company listed on the Dubai Financial Market (DFM), acquired additional 7.68 percent...
Business
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Economy
Expat remittances in Saudi Arabia fall to $2.6bn in September
RIYADH, SAUDI ARABIA - Remittances by expatriates in Saudi Arabia dropped 13 percent year-on-year (YoY) to US$2.6 billion (SAR 9.9...
- On a month-on-month (MoM) basis, expat remittances in the Kingdom declined 8 percent, or US$229 million.
- Remittances by Saudi nationals to other countries also fell 11 percent YoY to US$1.2 billion in September.
Opinion
Global AI economy will reach over $32 trillion by 2027
The emergence of AI-managed portfolios marks a notable change in the investment realm. Success in this evolving landscape will require...
- AI-driven portfolio management systems are challenging traditional investment methods.
- The future of investment may lie in a hybrid approach, combining AI with human insight.
Business
Al Ansari Financial Services okays dividend
The first proposed interim dividend is of $81 million.
- All matters relating to future dividend distribution will be subject to the Board of Director's recommendation and shareholder's approval.
- The approved US$81 million cash distribution aligns with the group's previously announced dividend policy.