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☆ Iraq Economy Reels as U.S. Moves Against Money Flows to Iran
▼ + stars: | 2023-01-19 | by ( David S. Cloud | ) www.wsj.com time to read: 1 min

Iraq’s currency has fallen as much as 10% against the dollar as controls have been implemented on the U.S. currency. BAGHDAD—Iraqis are blaming an unexpected culprit for a weakening currency that has caused the price of food and imported goods to rise: a little-noticed policy change by the U.S. Treasury and the Federal Reserve Bank of New York. The New York Fed began enforcing tighter controls on international dollar transactions by commercial Iraqi banks in November, in a move to curtail money laundering and the illegal siphoning of dollars to Iran and other heavily sanctioned Middle East countries, U.S. and Iraqi officials said.

☆ India cenbank's new proposal on loan loss provisions to raise bank capital needs - analysts
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Jan 17 (Reuters) - The Indian central bank's discussion paper suggesting banks make provisions on bad loans using an expected credit loss (ECL) method could raise capital requirements for lenders, analysts said. The potential impact of a shift to the ECL mechanism on bank capital could be significant, said the RBI, which is yet to give a timeline for implementing the new rules. The new mechanism will recognise problems ahead of time and make the banking system more resilient in the long run but could raise capital requirements significantly particularly for government owned banks, analysts at Macquarie Research said. "The problem here is that over the last 5-10 years, the probability of default would have been very high for the banking sector and that's why eventual ECL provisions could be higher,” Macquarie said. While the impact on individual banks is difficult to assess at this stage, it could be felt in 2025/26 and banks would have to start preparing in 2024/25 to raise capital, the research house added.

☆ Wall Street banks stockpile funds for possible recession, show resilience
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Jeenah Moon/File Photo/File PhotoNEW YORK, Jan 13 (Reuters) - Wall Street's biggest banks stockpiled more rainy-day funds to prepare for a possible recession ahead and reported weak investment banking results, but said consumers remained healthy and higher rates boosted profits. Strength in trading helped offset a slump in investment banking, while interest rate hikes by the U.S. Federal Reserve helped income. However, Citigroup Inc (C.N) reported a 21% fall in profits with investment banking taking a hit. Global investment banking revenue sank to $15.3 billion in the fourth quarter, down more than 50% from a year-earlier quarter, according to data from Dealogic. Bank of America's investment banking fees more than halved in the quarter.

Tun Min Latt is in pre-trial detention; his lawyer could not be reached for comment. Min Aung Hlaing’s two children face no legal action over the assets, according to the two people with knowledge of the case. They added that Thai authorities did not consider them relevant to the investigation against Tun Min Latt. The discovery of the documents indicated close ties between Tun Min Latt and the Myanmar junta chief’s family. Since the coup, Min Aung Hlaing’s forces have launched a bloody crackdown on dissent, killing thousands of opponents, according to the United Nations, which accuses Myanmar's troops of war crimes and crimes against humanity.

☆ Olam’s Saudi-Singapore IPO sign of shifting times
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Jan 11 (Reuters Breakingviews) - Signs of deepening ties between Asia and the oil-rich Gulf are coming thick and fast. A planned Saudi Arabia-Singapore dual listing this year for Olam Agri, a trader of grains and seeds, is the latest example. Corporate and financial moves underscore how the global pin-code, as Olam’s co-founder and Chief Executive Sunny Verghese puts it, is changing. Between population trends, the Russia-Ukraine war and polarising geopolitics, expect the Gulf and Asia to get cosier. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

The Romanian central bank said slower economic growth and cheaper energy would help bring inflation down to single digits this year from over 16% now, earlier than previously forecast. "So the main question is when inflation in the region will fall enough that central banks will be willing to start normalising monetary conditions." Inflation is still expected to rise in early 2023 in some central European countries, based on central bank forecasts, before returning to single-digit territory by year-end. "This will help to improve external positions and lower inflation pressures in Central and Eastern Europe." "Given the dovish bias around the growth-inflation trade-off at Poland's central bank, we think the risk of premature policy easing is greatest there."

First Abu Dhabi Bank (FAB) (FAB.AD), the $50 billion Gulf lender that the brother of the United Arab Emirates’ president chairs, last week said it had considered a bid for the $23 billion UK-listed bank. Half its revenues come from Hong Kong, China and other Asian countries, where much of Abu Dhabi’s oil goes. StanChart’s commodities trading strength fits with Abu Dhabi’s keenness to become an energy trading hub. CONTEXT NEWSFirst Abu Dhabi Bank (FAB) on Jan. 5 said it had considered a bid for London-listed Standard Chartered but was no longer doing so. The Abu Dhabi lender said it had been in "the very early stages of evaluating a possible offer".

☆ Indian government gets bids for majority stake in IDBI bank
▼ + stars: | 2023-01-07 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, Jan 7 (Reuters) - The Indian government has received multiple bids for a majority stake in IDBI Bank (IDBI.NS), an official said in a tweet on Saturday, after the deadline for expressions of interest closed earlier in the day. The government, which owns 45.48% of IDBI Bank, is looking to divest a 30.48% stake in the lender, alongside state-owned Life Insurance Corp of India (LIC) (LIFI.NS), which will sell a 30.24% stake from its holding of 49.24% in the bank. Ahead of Saturday's deadline, India's market regulator this week allowed the government to reclassify its shareholding in IDBI Bank as "public" post sale, making it simpler for the new buyer to meet the minimum public shareholding norm. India's finance ministry on Monday also extended an exemption to the new buyer of IDBI Bank that allows it to maintain a 25% minimum public shareholding in the lender. The time limit to increase the public shareholding in the lender would be specified in due course, the government said.

☆ StanChart suitors track banking’s flighty fortunes
▼ + stars: | 2023-01-06 | by ( Peter Thal Larsen | ) www.reuters.com time to read: +4 min

But one reliable rule of thumb is that Standard Chartered (STAN.L) will be the subject of periodic bouts of takeover speculation. The latest prospective suitor, First Abu Dhabi Bank (FAB.AD), reflects the shifting fortunes of global banking. Under UK rules, First Abu Dhabi cannot make an offer for StanChart for six months, unless another bidder emerges. The Abu Dhabi lender said it had been in “the very early stages of evaluating a possible offer” for the emerging markets-focused bank. Standard Chartered declined to comment.

☆ Most major Gulf stock markets fall on hawkish Fed, Egypt extends rally
▼ + stars: | 2023-01-05 | by ( Shamsuddin Mohd | ) www.reuters.com time to read: +2 min

Saudi Arabia's benchmark stock index (.TASI) closed flat, as losses in energy and financial shares were capped by gains in real estate stocks. In Abu Dhabi, the benchmark index (.FTFADGI) declined 0.3%, as the country's largest lender First Abu Dhabi Bank (FAB.AD) eased 0.6% while fertiliser maker Fertiglobe (FERTIGLOBE.AD) tumbled 2.4%. Alpha Dhabi (ALPHADHABI.AD) and Abu Dhabi state fund Mubadala Investment plan to deploy up to 9 billion dirhams ($2.45 billion) in credit markets through a new joint venture, the companies said. Elsewhere, Abu Dhabi National Oil Company (ADNOC) said on Thursday it would allocate $15 billion to decarbonisation projects by 2030. The benchmark stock index in Qatar (.QSI) jumped 2.8% to close the week with a gain of 4.3%.

Bloomberg had earlier reported that FAB had been exploring an offer for Standard Chartered as part of a plan aimed at building an emerging markets bank, driving StanChart shares up as much as 20%. The Abu Dhabi lender said it had been in "the very early stages of evaluating a possible offer" for the emerging markets-focused bank. Furthermore, the mooted combination of FAB and StanChart would have been subjected to more onerous capital requirements that would burden the resulting lender, a banking source said. FAB was created via a merger between National Bank of Abu Dhabi and First Gulf Bank in 2016. The lender sources around half its deposits from the Abu Dhabi government and reported total assets of 1.15 trillion AED ($313.1 billion) as of end-September 2022.

☆ Gulf shares start new year in upbeat mood, Egypt outperforms
▼ + stars: | 2023-01-02 | by ( Shamsuddin Mohd | ) www.reuters.com time to read: +3 min

Jan 2 (Reuters) - Most major Gulf equities got off to a good 2023 start on Monday, with Egypt outperforming regional peers, as investors shrugged off concerns about a potential recession, crude oil demand and the U.S. Fed hiking rates further. Crude prices, which are highly correlated with Gulf financial markets, swung wildly in 2022 and are expected to remain under pressure in 2023. Abu Dhabi's index (.FTFADGI) advanced 0.4% on Monday, bolstered by a 0.6% increase in the country's largest lender First Abu Dhabi Bank (FAB.AD). The Qatari index last year posted its first annual loss since 2017, dropping 8.1% in 2022. Outside the Gulf, Egypt's blue-chip index (.EGX30) closed 2.5% higher, with Commercial International Bank Egypt (COMI.CA) climbing 3.1% while Abu Qir Fertilizers And Chemical Industries (ABUK.CA) was up 5.2%.

☆ Japan's biggest banks to raise housing loan rates after BOJ's policy tweak
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Dec 30 (Reuters) - Japan's three biggest banks said on Friday they would raise interest rates for housing loans for next month, reflecting the Bank of Japan's tweak in its ultra-loose policy. Mitsubishi UFJ Bank, the main banking unit of Mitsubishi UFJ Financial Group (8306.T), will raise the rate by 0.18 percentage point to 3.7%. Each bank has special loan programs for selected customers so their rates will be lower, with Sumitomo Mitsui charging 1.14%, Mizuho 1.60% and Mitsubishi UFJ 1.05%. Japan's central bank surprised the market last week by raising the cap on 10-year bond yield to 0.5% from 0.25%. Reporting by Ritsuko Shimizu; Writing by Junko Fujita; Editing by Bradley PerrettOur Standards: The Thomson Reuters Trust Principles.

☆ Egypt leads 2022 gains, Saudi marks first annual loss in 7 years
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +3 min

Dec 29 (Reuters) - The Saudi Arabian stock market ended lower on Wednesday, marking its first annual loss in seven years, while the Egyptian bourse was the Middle East's best performer in 2022. Saudi Arabia's benchmark index (.TASI) eased 0.1%, hit by a 1.1% fall in Al Rajhi Bank (1120.SE). According to Wael Makarem, senior market strategist – MENA at Exness, stock markets have witnessed a difficult period in 2022 as inflation, rising interest rates and the war in Ukraine strongly impacted investor sentiment. The kingdom's largest lender, Saudi National Bank (1180.SE), finished 1.2% higher. Oil prices - a key catalyst for the Gulf's financial markets - surged 80% earlier this year before giving up most gains.

☆ Most Gulf markets rise as China eases COVID curbs
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +1 min

China will stop requiring inbound travellers to go into quarantine starting from Jan. 8, the National Health Commission said on Monday. It will also downgrade the seriousness of COVID as it has become less virulent and will gradually evolve into a common respiratory infection. The announcement buoyed other Asian markets as well, with the MSCI Asia ex-Japan index (.MIAPJ0000PUS) rising 0.53%. Saudi Arabia's benchmark index (.TASI) gained 0.6%, led by a 1.4% rise in Al Rajhi Bank (1120.SE) and a 1.1% gain in oil giant Saudi Aramco (2222.SE). Dubai's main share index (.DFMGI) added 0.1%, helped by a 0.4% rise in top lender Emirates NBD (ENBD.DU).

☆ ECB sets capital requirements for Monte dei Paschi for 2023, removes dividend ban
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +1 min

[1/2] The entrance of the Monte dei Paschi bank headquarters is seen in Siena, central Italy, January 29, 2016. REUTERS/Max RossiMILAN, Dec 27 (Reuters) - The European Central Bank has set the minimum capital requirements for Banca Monte dei Paschi di Siena (MPS) (BMPS.MI) for next year and also removed a ban on the distribution of dividends, the lender said in a statement on Tuesday. The ECB told Monte dei Paschi it must maintain a Common Equity Tier 1 ratio - a measure of financial strength - of at least 8.8%, the statement added. The lender raised 2.5 billion euros ($2.6 billion) in cash in November, braving stormy markets with a new share issue. After a failed re-privatisation attempt last year, Monte dei Paschi is working to improve its appeal for a potential buyer under new CEO Luigi Lovaglio so as to allow the state to cut its 64% stake in a merger deal with a stronger rival.

☆ Gulf markets rise on China optimism, Saudi leads
▼ + stars: | 2022-12-27 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

China will stop requiring inbound travellers to go into quarantine starting from Jan. 8, the National Health Commission said on Monday. Saudi Arabia's benchmark index (.TASI) gained 1.3%, led by a 1.8% rise in Al Rajhi Bank (1120.SE) and a 1.9% increase in oil giant Saudi Aramco (2222.SE). The Saudi stock market rose today while oil markets' prospects improved with China opening up, said Fadi Reyad, chief market analyst at CAPEX.com. "However, the main index remains near its lowest levels this year and could be at risk of other price corrections." According to Reyad, the Qatari index continued to decline under the weight of the natural gas market's performance.

☆ 10 money managers who quietly control the vast fortunes of Jeff Bezos, Sergey Brin, the Waltons, and other big-name billionaires
▼ + stars: | 2022-12-27 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +24 min

Many über-rich people don't outsource their wealth — they hire their own chief investment officers. He left SAC in 2005 for Dune Capital Management, but stayed in touch with Steve during his five-year term at the investment firm. Andrew oversees CPV's portfolio, which primarily comprises direct private investments such as Collectors Universe, a collectibles-authentication company, and the New York Mets. In 2011, Wildcat Capital Management was launched with Potter as president and chief investment officer. Since November 2021, Carland has also served as the interim chief investment officer for Builders Vision's asset arm.

☆ India federal police arrests Videocon chairman Dhoot in loan fraud case
▼ + stars: | 2022-12-26 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, Dec 26 (Reuters) - India's federal investigating agency has arrested Videocon Group (VEDI.NS) chairman Venugopal Dhoot in connection with a loan fraud case involving ICICI Bank (ICBK.NS), a source from the Central Bureau of Investigation (CBI) told Reuters on Monday. In early 2019, the CBI filed a case of criminal conspiracy and fraud against Dhoot, former ICICI Bank Chief Executive Chanda Kochhar and her husband Deepak Kochhar. The agency alleged that ICICI Bank, under Chanda Kochhar, sanctioned 'high value' loans to Videocon, violating the bank's lending policies, in exchange for an investment by the consumer electronics company's owner in a business headed by Kochhar's husband. The CBI arrested Chanda and Deepak Kochhar on Friday. Reporting by Arpan Chaturvedi; writing by Sudipto Ganguly; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Most Gulf markets fall in early trade; Dubai gains
▼ + stars: | 2022-12-26 | by ( ) www.reuters.com time to read: +1 min

Dec 26 (Reuters) - Most stock markets in the Gulf fell in early trade on Monday, with modest trading volumes in absence of many foreign investors for the Christmas holidays. Saudi Arabia's benchmark inex (.TASI) eased 0.1%, hit by a 0.6% fall in Retal Urban Development Co (4322.SE) and a 1.1% decline in the kingdom's biggest lender Saudi National Bank (1180.SE). However, Yanbu National Petrochemicals Company (2290.SE) gained 0.8% after it proposed half-yearly dividend of 1.25 riyal. Dubai's main share index (.DFMGI), however, rose 0.5%, helped by a 1.3% rise in sharia-compliant lender Dubai Islamic Bank (DISB.DU). Reporting by Ateeq Shariff in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Most Gulf markets subdued on economic concerns; Dubai gains
▼ + stars: | 2022-12-26 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Dubai's main share index (.DFMGI) added 0.3%, ending three sessions of losses, helped by a 1.3% rise in sharia-compliant lender Dubai Islamic Bank (DISB.DU). Among other gainers, Islamic Arab Insurance (SALAMA) (SALAMA.DU) advanced 3.9%, after saying it is considering a proposal to acquire the insurance portfolio of Dubai Islamic Insurance and Reinsurance (Aman) (DNIN.DU). The benchmark index (.QSI) in Qatar - among the world's top exporters of liquefied natural gas - retreated 1.2%. Most stocks on the index were in negative territory including Qatar Islamic Bank (QISB.QA), which was down 2.4%. Outside the Gulf, Egypt's blue-chip index (.EGX30) climbed 1.2%, with El Sewedy Electric (SWDY.CA) surging 8.1%.

☆ Saudi ends higher on oil prices; most Gulf markets in red
▼ + stars: | 2022-12-25 | by ( Ateeq Shariff | ) www.reuters.com time to read: +1 min

Dec 25 (Reuters) - Saudi Arabian stocks climbed on Sunday in response to Friday's rise in oil prices, while most other bourses in the Gulf were in the red on global economic concerns. Oil prices settled about $3 per barrel higher on Friday for a second straight week of gains after Moscow said it could cut crude output in response to the G7 imposing a price cap on Russian exports. The Saudi bourse could maintain a stronger profile this week if oil prices continue to move to the upside, said Daniel Takieddine, CEO MENA at BDSwiss. According to Takieddine, the Qatari market saw additional price corrections after last week's pause as natural gas prices remained very volatile. Outside the Gulf, Egypt's blue-chip index (.EGX30) was down 0.7%, extending losses from the previous session.

☆ Israel regulator awards licence to investors to set up new digital bank
▼ + stars: | 2022-12-25 | by ( ) www.reuters.com time to read: +1 min

The Bank of Israel said its banking supervision department had completed the inspection process for the new institution named Esh Bank Israel. These include completing the development and testing phases of new technology and hiring a management team and bank staff. It will take about a year and a half to get the bank up and running, the central bank said. Last January, One Zero Digital Bank received final regulatory approval for a full banking licence, becoming the first new Israeli bank in 43 years. "We see great importance in the entry of banks and additional new players into the banking system in Israel, so that they contribute to increasing competition and innovation in the financial system," said Bank of Israel Governor Amir Yaron.

☆ Former ICICI Bank CEO Chanda Kochhar arrested in loan fraud case -source
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +1 min

Dec 23 (Reuters) - India's federal investigating agency has arrested former ICICI Bank Ltd (ICBK.NS) Chief Executive Officer Chanda Kochhar in connection with a loan fraud case involving the bank and Videocon Group, a source from the Central Bureau of Investigation (CBI) told Reuters on Friday. Kochhar's husband, Deepak Kochhar, was also arrested as part of the case, according to the source. Kochhar was ousted as ICICI bank's CEO in 2019 following allegations of corruption. Indian enforcement authorities previously alleged that ICICI Bank, under Kochhar, sanctioned "high value" loans to Videocon Industries, violating the bank's lending policies. In exchange, Videocon's owner invested in NuPower Renewables, a company founded by Deepak Kochhar, the authorities have alleged.

☆ Most Gulf markets firm on rising oil prices
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +1 min

Dec 22 (Reuters) - Most major stock markets in the Gulf rose in early trade on Thursday, as oil prices extended gains for a fourth session although global economic concerns limited gains. Saudi Arabia's benchmark index (.TASI) edged 0.1% higher, helped by a 0.3% increase in oil giant Saudi Aramco (2222.SE). Oil prices - a key catalyst for the Gulf's financial markets - climbed for a fourth straight day with U.S. crude, heating oil and jet fuel stocks growing tighter just as a cold snap hits the United States and travel is set to soar for the holiday season. In Abu Dhabi, the index (.FTFADGI) added 0.1%, helped by a 0.6% increase in the country's biggest lender First Abu Dhabi Bank (FAB.AD). The country, among the world's top exporters of liquefied natural gas, approved its 2023 fiscal year budget on Monday with revenue estimated to increase 16.3% next year, its finance minister said, thanks to rising average oil prices.

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