Category Archives: Banking

Britain’s new pound coin enters circulation

Britain’s new £1 coin with the symbols of England, Scotland, Wales and Northern Ireland goes into circulation from Tuesday on the eve of the launch of a Brexit process that has put national unity in doubt. The 12-sided coin is

David Rockefeller, last grandchild of John D. Rockefeller, dies

David Rockefeller, a former head of Chase Manhattan bank and luminary in political and philanthropic circles, died Monday at the age of 101, a spokesman said. He died in his sleep due to congestive heart failure at his home in

G-20 summit acquiesces to US, drops free-trade pledge

Financial leaders of the world’s biggest economies dropped a pledge to keep global trade free and open, acquiescing to an increasingly protectionist US after a two-day meeting failed to yield a compromise. Breaking a decade-long tradition of endorsing open trade,

G20 ministers struggle to find consensus on trade, climate

Finance ministers and central bankers from top economies are battling Saturday to find common ground on world trade in the face of US President Donald Trump’s “Buy American” drive. Ministers from G20 nations have gathered in the picturesque western German

Islamic Development Bank sets out roadmap to promote Arab-African trade

The Islamic Development Bank (IDB) is developing a roadmap to strengthen Arab-African trade over the next three years, according to Hakim Elwaer, IDB’s official spokesman. The roadmap includes identifying business opportunities and the areas of finance, building logistics platform, supporting

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

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