Cabinet welcomes Saudi-Bahrain Coordinating Council

:: The Saudi Cabinet on Tuesday thanked foreign leaders, officials, envoys and citizens for their condolences on the death of Prince Bandar bin Abdul Aziz, brother of King Salman. Chaired by the More »

Khalid bin Salman: Capture of ISIS leader shows commitment to eradicate terror

:: The capture of ISIS’ leader, Abu Osama al-Muhajir, in Yemen is just the latest example of our commitment to eradicating the scourge of terrorism, Saudi Arabia’s Deputy Defense Minister Prince Khalid More »

Iran foreign minister accuses US’ Bolton of plotting for war

:: Iran’s Foreign Minister Mohammad Javad Zarif accused US National Security Adviser John Bolton of plotting for war against Iran in a tweet on Tuesday. “Wanna know why those with proven record More »

Saudi Crown Prince departs for Asia trip including South Korea, Japan

:: Saudi Arabia’s Crown Prince Mohammed bin Salman has departed on a trip to South Korea and Japan, where he will lead the Kingdom’s delegation to the G20 summit in Osaka, the More »

King Salman promotes, appoints 38 judges at various levels

:: King Salman issued a royal order on Monday promoting 38 judges at the Ministry of Justice at various ranks. The Kingdom is taking measures to revolutionize its judicial system. Recently, the More »


Category Archives: Banking

Turkish lira soars after AKP win

The Turkish lira and stocks soared on Monday after President Recep Tayyip Erdogan’s Justice and Development Party (AKP) was returned to power in a surprise weekend election victory, but analysts warned the rebound may be shortlived. The lira jumped almost

Swissleaks leaker skips Swiss trial, again

A former HSBC employee who leaked documents alleging the bank helped clients evade millions of dollars in taxes failed again to show up for his Swiss trial on Monday, which opened in his absence. Herve Falciani, a 43-year-old French-Italian national

Royal Bank of Scotland net profits rise on Citizens sale

State-rescued Royal Bank of Scotland’s net profit grew in the third quarter, as a gain on the sale of US unit Citizens eclipsed restructuring and misconduct costs, it said. Earnings after taxation climbed 6.2 percent to £952 million ($1.45 billion,

e-services transform face of banking in Saudi Arabia

Global publishing firm Oxford Business Group (OBG) teamed up with Saudi Hollandi Bank for an upcoming publication due out later this year that explores the changing face of banking in Saudi Arabia, as a new generation of tech-savvy customers turn

Wage delay: Small firms to face the music from February 1

Business establishments employing less than 100 workers and a minimum of 11 will come under the purview of the wage protection system (WPS) from February next year, and will be fined for delaying salaries and their employees will be allowed

Clinton calls for breakup of ‘too-big-to-fail’ banks

US Democratic presidential hopeful Hillary Clinton has called for the breakup of large banks that take excessive risks as part of a sweeping plan to curb what she says are Wall Street abuses. Under the proposal, large financial firms would

Currencies, stocks and bonds may be near turning point

Currencies, stocks and bonds appear to be at a turning point, according to the latest Reuters polls from around the world, with the size and nature of forecast changes suggesting worries are building about the health of the global economy.

New father victim of robber’s bullets

A Saudi man who had just completed the Haj and become a father earlier this year was one of the two people killed in a failed attempt to rob a bank in Jazan on Tuesday. Abdullah Kinani has left behind

World Islamic Banking Conference announces innovative new features

The conveners of the much-coveted World Islamic Banking Conference (WIBC) announced the various features that promise to make WIBC 2015 the best edition in its 22-year history. The event will take place from Dec. 1 to 3 at the Gulf

Indonesia hopes for boom in Islamic banking

Indonesian teacher Nina Ramadhaniah hopes for “blessings from Allah” by opening a Shariah bank account — the sort of pious customer the world’s most-populous Muslim-majority country is praying for as it launches an Islamic finance drive. Indonesia, Southeast Asia’s biggest

British finance minister upbeat on slowing China economy

British finance minister George Osborne has expressed his confidence in the slowing Chinese economy, saying the country was going through a necessary transformation and was still a driver of global growth. A string of downbeat activity data combined with wild

ATM fraud alert sounded out

The Saudi Arabian Monetary Agency (SAMA), the Kingdom’s central bank, has warned commercial banks to improve their systems and customers to be wary, after a gang was found stealing money from ATMs in Riyadh using sophisticated card readers and cameras.

RBI under rate cut pressure as growth slips back

NEW DELHI: India’s economic growth probably slowed to around 5 percent in the three months to September, slipping from 5.7 percent in the previous quarter, two senior finance ministry sources said, putting pressure on the central bank to cut interest

‘Saudis avid consumers of information’

The private sector should do more to keep pace with the changing face of communications, says a senior marketing executive of Riyad Bank. Speaking at the fifth Forum for Public Relations, Mohamad bin Abdulaziz Al-Rabeah, executive vice president of marketing

Saudi business community buoyant as optimism levels advance in Q4

Dun & Bradstreet South Asia Middle East Ltd. (D&B) in association with the National Commercial Bank released the D&B Business Optimism Index (BOI) survey for Saudi Arabia for Q4, 2014. The BOI survey highlights the increasing optimism levels of both

Data services: Mobily, Al-Rajhi Bank ink deal

Mobily has signed a communications and IT (CIT) services agreement with Al-Rajhi Bank. Ismail Al-Ghamdi, acting business chief officer, signed the agreement on behalf of Mobily. Ibrahim Al-Rashid, chief officer of IT, signed the deal on behalf of Al-Rajhi bank.

Banks to allow emergency ATM access

A number of banks in the Kingdom have launched the service of cash withdrawals from ATMs without a card. Bank sources indicated that the new service is initially being implemented by two banks — the National Commercial Bank and Saudi

Lloyds bank to shed 9,000 jobs and close 150 branches

LONDON: Lloyds Banking Group aims to shed 9,000 jobs and close 150 branches over three years to cut costs, the British state-rescued lender said, reporting improved profits. LBG, which passed EU-wide bank stress tests at the weekend, is to shed

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