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INTERNATIONAL. Stock markets received a welcome boost during trading on Thursday following the Bank of England’s decision not to change interest rates which eased the ongoing Brexit fears, consequently lifting risk sentiment. Asian markets were elevated in the early sessions of Thursday after China’s better than expected GDP results alleviated concerns over slowing economic growth in the world’s second largest economy. Although European markets initially tumbled after […]

UAE. Implementing change strategies to reinvent the value proposition of the Islamic financial services industry is high on the agenda of industry leaders, according to Deloitte’s new whitepaper entitled “The catalysts for change: Strategic priorities in governance and regulation in Islamic Finance practice.” This necessity is fueled by recent global economic downturn coupled with geopolitical risks that have put more pressure on industry strategists and policymakers. The […]

JIDDA, Saudi Arabia — For most of his adult life, Ahmed Qassim al-Ghamdi worked among the bearded enforcers of Saudi Arabia. He was a dedicated employee of the Commission for the Promotion of Virtue and the Prevention of Vice — known abroad as the religious police — serving with the front-line troops protecting the Islamic kingdom from Westernization, secularism and anything but the most conservative Islamic practices. […]

It is said that good things come to those who wait. If so, then the European Union’s (EU) new Global Strategy on Foreign and Security Policy, more than a decade overdue, must be a very good thing. Actually, it is exactly what Europe needs. But the timing of its release — in the immediate aftermath of the United Kingdom’s (UK) vote to leave the EU — could […]

KEFLAVIK, Iceland Marco Streng is a miner, though he does not carry a pick around his base in south-western Iceland. Instead, he keeps tens of thousands of computers running 24 hours a day in fierce competition with others across the globe to earn bitcoins. In the world of the web-based digital currency, it is not central banks that add new money to the system, but rather computers […]

|By Matein Khalid| The merger of Abu Dhabi banks First Gulf Bank and NBAD creates the largest bank in the Middle East, a regional colossus with $170 billion in assets, competitive funding cost in the global interbank/capital markets and a market value greater than Credit Suisse, Standard Chartered Bank (SCB) and Deutsche Bank. This is the biggest game changer event in UAE banking and finance since the […]

BEIRUT, Lebanon — As the start of the Muslim holy month of Ramadan approached, jihadist propagandists told their followers that it was a good time to kill people. The spokesman for the Islamic State said in late May that jihadists should “make it, with God’s permission, a month of pain for infidels everywhere.” Another extremist distributed a manual for using poisons, adding, in poor English: “Dont forget […]

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|By Matein Khalid| David Cameron, Wall Street’s elite, Mutti Merkel, Obama, the Eurocrats of Brussels, the great and the good of the City and the IMF’s Lady Christine all got it so horribly wrong. I slept Thursday night with sterling at 1.50 on New York and awoke to see it trade at 1.34 on Friday, a 30 year low before the Plaza Accords. Britain has voted to […]

The decision of British voters in last Thursday’s referendum to leave the European Union will have vast consequences for Britain, for Europe and for the world. For a day, the British people were the government, and by 52 per cent to 48 per cent, they took the decision to go. I was a British prime minister who believed completely that Britain’s future lay in Europe. I was […]

Commuters pass by the front of the Bangladesh central bank building in Dhaka March 8, 2016. Reuters/Ashikur Rahman/File Photo DHAKA Bangladesh’s central bank has ended a contract with U.S. cyber security firm FireEye to investigate February’s online theft of $81 million, turning down a proposal to extend the agreement, a senior official said on Monday. More than four months after hackers broke into the computer systems of […]

|By Arabian Post Staff| A fall in the value of UK pound will adversely affect the demand of Dubai property emanating from UK nationals. Additionally, the weaker currency is expected to adversely impact tourism as well, given that British and European national are one of the top tourists in Dubai, Global Ivestment House said In a report on the GCC impact of the Brexit decision. When the […]

SoftBank Group Corp. President and COO Nikesh Arora attends a conference of start-up businesses in New Delhi, India, January 16, 2016. Reuters/Adnan Abidi/Files TOKYO SoftBank Group Corp said on Tuesday that President Nikesh Arora would resign as of Wednesday’s shareholders meeting, less than two years since he joined the Japanese Internet conglomerate. SoftBank said Arora and Chairman and Chief Executive Masayoshi Son had disagreed over when Arora […]

By ISABEL KERSHNER and IRIT PAZNER GARSHOWITZ June 21, 2016 JERUSALEM — Israeli forces opened fire at a Palestinian car in the occupied West Bank early Tuesday, killing one Palestinian teenager and wounding four others, according to relatives and Palestinian officials. The teenagers appeared to be innocent bystanders who were hit while the military tried to halt Palestinians who were throwing stones and firebombs. The military said its soldiers had been pursuing […]

|By Matein Khalid| Sterling sell off in the world currency markets and the sheer populist appeal of Boris Johnson suggests the world should not rule out a geopolitical shock that will unnerve financial markets and lead to the mother of all rate cuts at the Bank of England. If Britain votes to leave the EU, the only currency I want to own is the Swiss franc and gold, […]

|By Arabian Post Staff|Malaysia’s state-owned oil corporation and Saudi Arabian Oil Co. are asking banks for proposals to finance about $7 billion for a planned refinery and a petrochemical complex in the Southeast Asian nation, Bloomberg reported. The lenders would provide financing for the two projects worth a total of $12 billion to be constructed by Petroliam Nasional Bhd. and Saudi Aramco under a memorandum of understanding that […]

After relishing a cocktail of cheap crude mixed with profits from fuel sales, Asia’s oil processors are facing their reckoning over a lack of restraint. Profits from turning crude into fuel in Asia since the beginning of April have averaged almost a third lower than levels over the previous six months, and are down 40 percent from the same period a year earlier. That’s already prompted some […]

Iran has reached an agreement with the Boeing Company for the acquisition of new passenger planes to help modernize its outdated fleet, state-run Iranian news media reported on Tuesday. Such an agreement, if completed, would potentially be worth many billions of dollars to Boeing and amount to the most prominent commercial transaction between an American company and Iran since sanctions linked to Iran’s nuclear program were lifted […]

Deal Professor By STEVEN DAVIDOFF SOLOMON It’s hard to get one’s head around it: An initial public offering that would value a company in the trillions of dollars. That’s trillions, with a T. Saudi Arabia is considering selling shares in its state oil company. With 261 billion barrels of oil in reserves and a yearly output of over three billion barrels of oil, the company, Saudi Aramco, […]

}By Arabian Post Staff| Iran plans to set up its own financial center as it seeks to attract global financial institutions, Bloomberg reported. Chinese and Russian banks are seeking to set up representative offices in the area, Farhad Taghizadeh-Hesary, senior adviser to the Qeshm Investment and Development Co., was quoted as sayig in an interview. One of Japan’s largest banks is also negotiating with officials on establishing a […]

LONDON — After years of international isolation under the rule of Col. Muammar el-Qaddafi, Libya sought to emulate its Middle Eastern neighbors by creating a sovereign wealth fund in 2006 to invest the proceeds from its sale of oil. The North African nation soon turned to Goldman Sachs to help it invest some of the more than $35 billion in funds it had available in late 2007. […]

Last bastion of financial system pays salaries on both sides of civil war as governor maintains ‘economic traduce’ Yemeni locals and secruity guards are pictured outside the Central Bank of Yemen in the capital Sana’a. Dubai: As civil war engulfs Yemen, the central bank is so committed to staying neutral that it pays salaries of soldiers on both sides. The bank […]

|By Matein Khalid|Dr. Mervyn King broke with tradition by publishing his book “The End of Alchemy: money, banking and the future of the global economy”. After all, retired governors of the Bank of England do not, as a rule, do not write/publish books, let alone write books that lambast the City of London’s culture of greed and hubris. It is no coincidence that Dr. King quotes T.S. […]

FILE PHOTO — A woman looks at her phone as she passes by a Lending Club banner on the facade of the the New York Stock Exchange December 11, 2014. Reuters/Brendan McDermid/File Photo   SAN FRANCISCO/NEW YORK (Reuters/IFR) – Many online lenders have failed to detect the “stacking” of multiple loans by borrowers who slip through their automated underwriting systems, lending company executives and investors told Reuters. […]

LEBANON.  Byblos Bank issued today the results of the Byblos Bank Real Estate Demand Index for the first quarter of 2016. The results show that the Byblos Bank Real Estate Demand Index posted a monthly average of 42.5 points in the first quarter of 2016, representing a decrease of 12.5% from 48.5 points in the fourth quarter of 2015. The results constitute the ninth steepest quarter-on-quarter decline […]

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