Category Archives: Banking

Meet the most prominent women in the Saudi financial sector

No sooner had Sarah Suhaimi been appointed to the board of Directors of the Saudi Stock Exchange Tadawul, and Rania Mahmoud Nashar was made CEO of Samba Financial Group, becoming the first woman to be an Executive manager of a

Egyptian pound strengthens on weaker dollar demand from importers

The Egyptian pound strengthened on Sunday, reaching a three month high, as importers’ demand for dollars at banks eased, bankers told Reuters on Sunday. Banks were selling dollars at around 15.8 pounds per dollar on Sunday, stronger than Thursday’s rate

Trump trade strategy ‘doomed to failure’: US trade expert

President Donald Trump’s rejection of multilateral trade agreements in the Asia-Pacific in favor of one-on-one deals is “doomed to failure,” a noted US trade expert said Thursday. The Trump complaint that the US gave up too much in the Trans-Pacific

President of World Bank Group praises Saudi Arabia’s Vision 2030

King Salman bin Abdulaziz Al Saud received President of the World Bank Group, Dr. Jim Kim and his accompanying delegation at Al-Yamamah Palace in Riyadh on Monday. During the meeting, they discussed aspects of cooperation between the Kingdom and the

Saudi Citizens Account: No retroactive disbursement for late registration

Majed al-Osaimi

Engineer Majed al-Osaimi, the general supervisor of Saudi Arabia’s Citizen Account said on Wednesday that those who are late to register and enlist in the program will not receive retroactive disbursement. During an interview with the Saudi Alekhbariya television channel,

Erdogan reiterates discontent with Turkish interest rate policy

Turkish President Tayyip Erdogan reiterated his discontent with the country’s interest rate policy on Tuesday, saying it was a means of exploitation and calling on the country’s banks to “be reasonable.” “I am not happy with our country’s interest rate

India to remove cash withdrawal limits

Limits on cash withdrawals will be removed entirely from March 13, India’s central bank said Wednesday, as it left interest rates on hold for the second time since a ban on high-value rupee notes. The Reserve Bank of India capped

Trump moves to rollback financial regulation

President Donald Trump will on Friday move to roll back key reforms enacted in the wake of the 2008 financial crisis, in what the White House sees as an effort to cut damaging red tape. Officials say Trump will sign

India looks to ease pain from cash crunch in budget

India’s government is expected to ramp up spending in its latest budget this week, seeking to ease the pain from a ban on high-value bank notes that slammed the brakes on the world’s fastest-growing major economy. Ahead of a series

Saudi banks ‘among least susceptible to fraud worldwide’

The financial sector in the Kingdom is one of the least susceptible bodies to financial fraud worldwide, according to Talat Zaki Hafiz, secretary-general of the media and banking awareness committee of the Saudi banks, the apex banking body in the

Osborne warns of deeper spending cuts in Britain

British Finance Minister George Osborne warned that he might cut public spending more deeply than he previously planned after the country’s economic growth fell short of the pace foreseen in his plans to wipe out the country’s budget deficit. Osborne,

Lagarde set for second term as IMF chief

Christine Lagarde, the first woman to head the International Monetary Fund, became assured of a second term as managing director to steer it through a global economic slowdown. The executive board of the global crisis lender announced that there were

RBI chief: Indian banks need ‘deep surgery’

Raghuram Rajan

The head of India’s central bank has said the country’s lenders may need to perform “deep surgery” to sort out bad loans and clean up their balance sheets. Raghuram Rajan, Reserve Bank of India governor, who famously predicted the 2008

Saudi industrial city says to speed up, broaden investment

The developer of one of Saudi Arabia’s biggest industrial city projects says it will speed construction of infrastructure and broaden the range of industries it accommodates as part of efforts to diversify the economy beyond oil. With state finances under

Gorbachev sounds alarm as Russian ruble hits record low

Mikhail Gorbachev

Mikhail Gorbachev, the last leader of the Soviet Union, warned that Russia needs to increase efforts to find a solution to its ailing economy. Gorbachev’s comments to the state news agency RIA Novosti on Tuesday came a day after the

ECB policymakers divided over China risks

ECB President Mario Draghi

Policymakers at the European Central Bank disagreed at their last meeting over how big a threat turmoil in China and other emerging markets pose to Europe’s modest economic recovery. The result of the Dec. 3 debate, for which a written

Bank of England unruffled by oil slump and share price slide

The Bank of England said it expects only a slight drag on inflation from the renewed plunge in global oil prices as policymakers voted overwhelmingly again on Thursday to keep interest rates at a record low. The Bank also said

Global economy to accelerate modestly to 2.9%: World Bank

Jim Yong Kim

Weak growth among major emerging markets will weigh on global growth in 2016, but economic activity should still pick up modestly to a 2.9 percent pace, from 2.4 percent growth in 2015, as advanced economies gain speed, according to the

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