Investors eye UAE’s booming sustainable finance sector
"Numerous opportunities exist in sustainable investments, especially in sectors like building systems, renewable energy, water, food and agriculture, shipping, among...
Business
Oman’s MSX-listed banks see 18.6 percent net profit growth in 2023
MUSCAT, OMAN - Omani banks listed on the Muscat Stock Exchange (MSX) recorded net profits of US$1.17 billion (RO453.5 million)...
Business
Business
UBS Q3 net profit is US$1.7b
The bank income in Q3 fell by 10 percent to $8.2billion.
- The energy crisis had affected their retail and small business clients in Switzerland.
- The CEO of UBS said clients are concerned about high inflation, elevated energy prices and the war in Ukraine,
Business
ADCB Q3 net profit at US$432m
The diversification of revenue streams boosted the bank's profitability.
- The bank reported a non-interest income of US$259 million (AED 952 million).
- ADCB said its operating income surged by 21 percent to reach US$955 million (AED 3.510 billion).
Business
Credit Suisse to pay $234m fine
Bank to pay fine on money laundering, tax fraud charges.
- Credit Suisse said it had reached the settlement to resolve a legacy matter in relation to investigation into historical cross-border private-banking services.
- The bank added that the settlement does not comprise a recognition of criminal liability.
Business
Credit Suisse sells 8.6% stake in Allfunds
Bank raised US$325m from its stake sale of Spanish firm.
- Credit Suisse acquired the minority stake in 2020 after selling its business-to-business investment fund platform, InvestLab, to Allfunds.
- The bank was rocked last year by the collapse of the British financial firm Greensill.
Business
Crypto scams give law enforcement agencies tough time
US federal agencies have often concentrated on headline-grabbing suspects like Heather Morgan, an amateur rapper nicknamed "Razzlekhan" who was charged...
- With Washington and Brussels focused on high-value targets, victims of low-level fraud are often left high and dry
- If decentralized crypto networks revolutionize finance, US politicians would no longer be able to project power in the way they do now with dollar
Business
Goldman Sachs Q3 profit at $3bn
The bank's revenues declined 12 percent to $12 billion.
- Profits were $3.0 billion, down 44 percent from the 2021 period, while revenues declined 12 percent to $12.0 billion.
- The bank's chief executive, David Solomon, said that businesses should be "cautious" in light of increased volatility.
Economy
CBUAE issues commemorative coins on Tawazun’s 30th anniversary
The Central Bank of the UAE (CBUAE) in collaboration with the Tawazun Economic Council (Tawazun), has issued 1,000 silver commemorative...
- Tawazun was established in 1992 to create, build and manage industrial relationships.
- The issuance of the commemorative coins aims to highlight the vital role of Tawazun.
Economy
Credit Suisse to pay US$495m to settle legacy case
It has agreed to pay $495 million as part of a deal reached with US prosecutors in a long-running dispute...
- In the claim filed in 2013, Credit Suisse was criticized for not having provided sufficient information on the risks relating to $10 billion of mortgage-backed securities
- Last year, Credit Suisse paid $600 million to financial guarantee insurer MIBA to settle other long-running litigation connected to the US subprime mortgage crisis
Business
US banks report solid results, warn of rising recession risk
Large US banks reported a round of solid quarterly profits, but cautioned of rising recession risks as the economy absorbs...
- There are worries including on stubborn inflation that has prompted significant central bank interest rate hikes.
- There are concerns over geopolitical fallout from the Ukraine crisis, uncertainty in the oil market and worries about European energy security this winter.
Infographics
Foreign assets of Gulf central banks rise post Covid
Here are the details of how GCC countries gained in past four years in terms of foreign assets held by...
- Here are the details of how GCC countries gained in past four years in terms of foreign assets held by each of the central banks of the region post-pandemic
- Saudi Arabia’s foreign reserve assets recorded a jump of SR40.8 billion (US$10.88 billion) during the month of September 2022, reaching SR1756.2 billion
Investors eye UAE’s booming sustainable finance sector
"Numerous opportunities exist in sustainable investments, especially in sectors like building systems, renewable energy, water, food and agriculture, shipping, among...
Business
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NEOM to set up education, research and innovation center
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Sukoon Insurance sets up OIWSS
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UAE, KSA lead the way in Islamic fintech innovation
Islamic fintech assets will rise from 0.8% to more than 1 percent globally by 2025, driven by young Muslim demand...
Business
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Business
Central Bank of Bahrain treasury bills oversubscribed by 149 percent
MANAMA, BAHRAIN - This week’s BD 70 million (US$186 issue of Government Treasury Bills has been oversubscribed by 149 percent....
- The bills, carrying a maturity of 91 days, are issued by the CBB, on behalf of the Government of the Kingdom of Bahrain.
- The issue date of these bills is September 27 2023 and the maturity date is December 27 2023.
Business
IsDBI, BIBF join hands to enhance global Islamic finance expertise
MANAMA, BAHRAIN - The Bahrain Institute of Banking and Finance (BIBF) and the Islamic Development Bank Institute (IsDBI) have decided...
- The programs cater to professionals from financial institutions, regulatory bodies, supervisory authorities and legal experts.
- This partnership between IsDBI, BIBF focuses on elevating the industry, forging international connections, and nurturing talent on a global scale.
Business
Arab countries account for 60 percent of global Islamic financial industry, says AMF
ABU DHABI, UAE – Director-General and Chairman of the Board of Directors of the Arab Monetary Fund Dr Abdul Rahman...
- Setting accounting standards for Islamic finance institutions helps support the growth of the industry.
- Maintaining the Islamic financial industry's achievements requires focusing on capacity building.