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☆ Stocks making the biggest moves midday: Credit Suisse, First Republic Bank, Halliburton and more
▼ + stars: | 2023-03-15 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

Credit Suisse — Shares of Credit Suisse plunged 25% after its biggest backer, Saudi National Bank, said it won't provide the Swiss bank with further financial help. First Republic Bank — The regional bank stock tumbled 23%, giving back some of Tuesday's gains as turmoil at Credit Suisse rattled the broader sector and S&P Global Ratings downgraded its debt rating to BB+ from A-. U.S. banks — Major U.S. banks tumbled on Wednesday as unease over the latest crisis at Credit Suisse spooked some investors. Energy stocks — Major energy stocks took a hit as oil stooped to its lowest level in more than a year. New York Community Bancorp — The regional bank stock jumped more than 5%, bucking the broader sell-off trend in banking names.

☆ Reaction to Iran and Saudi Arabia resuming ties
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +5 min

STATEMENT ISSUED BY IRAN, SAUDI ARABIA AND CHINATehran and Riyadh agreed "to resume diplomatic relations between them and re-open their embassies and missions within a period not exceeding two months". HEZBOLLAHThe head of Lebanon's powerful armed group said the resumption of ties between its backer Iran and longtime rival Saudi Arabia was a "good development". ANWAR GARGASH, DIPLOMATIC ADVISER TO UNITED ARAB EMIRATES PRESIDENT"We welcome the agreement between Saudi Arabia and Iran to resume diplomatic relations, and we hail the Chinese role in this regard," he tweeted. QATARPrime Minister Sheikh Mohammed Bin Abdulrahman al-Thani, who also acts as foreign minister, called the foreign ministers of Iran and Saudi Arabia to welcome the deal. IRAQ STATE NEWS AGENCYIraq welcomes "turning a new page" between Iran and Saudi Arabia.

☆ Former top Credit Suisse shareholder sells full stake in bank - FT
▼ + stars: | 2023-03-05 | by ( ) www.reuters.com time to read: +2 min

Harris started to cut its exposure in October after Credit Suisse raised 4 billion Swiss francs ($4.27 billion) from investors, and when Saudi National Bank supplanted it as the top investor, David Herro, deputy chairman of Harris Associates, told the Financial Times. Credit Suisse reported a sharp acceleration in withdrawals in the fourth quarter, with outflows of more than 110 billion Swiss francs ($120 billion). In an emailed statement to Reuters on Sunday, Credit Suisse said, "we are ahead of our plan and have clear strategic objectives." "We are laser focused on successfully executing our plan and on progressing toward our targets to ensure new Credit Suisse delivers sustainable value for all our stakeholders," the statement added. Credit Suisse last month reported its biggest annual loss since the 2008 global financial crisis after rattled clients pulled billions from the bank, and it warned of a further "substantial" loss this year.

☆ Credit Suisse posts massive annual loss as 'radical' restructure gets underway
▼ + stars: | 2023-02-09 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland March 24, 2021.Credit Suisse on Thursday reported a fourth-quarter net loss of 1.4 billion Swiss francs ($1.51 billion), as it continues with its huge strategic overhaul. The quarterly result was worse than analyst projections of a net loss attributable to shareholders of 1.32 billion Swiss francs, and took the embattled Swiss lender's full-year loss to 7.3 billion Swiss francs. In November, the bank projected a 1.5 billion Swiss franc loss for the fourth quarter amid large-scale restructuring costs, while Credit Suisse shareholders greenlit a $4.2 billion capital raise aimed at financing the overhaul. The capital raise included the sale of 9.9% of Credit Suisse shares to the Saudi National Bank, making it the bank's largest shareholder. The Qatar Investment Authority became the second-largest shareholder in Credit Suisse after doubling its stake late last year.

☆ First Abu Dhabi Bank could renew $35 billion offer for StanChart -Bloomberg News
▼ + stars: | 2023-02-09 | by ( Lawrence White | ) www.reuters.com time to read: +2 min

LONDON, Feb 9 (Reuters) - First Abu Dhabi Bank (FAB.AD) (FAB), the United Arab Emirates' biggest lender, could renew a potential offer for Britain's Standard Chartered (STAN.L), once lock-up rules from its previous aborted bid expire, Bloomberg News reported on Thursday. A StanChart spokesperson declined to comment on the report, while FAB could not immediately be reached for comment. News of the potential offer first came on Jan. 5, when FAB said it had considered a bid for London-listed Standard Chartered but was no longer doing so. The Abu Dhabi lender is considering reviving the bid once a lock-up period that prevents it immediately doing so expires, offering $30 billion to $35 billon compared with StanChart's market value of $24 billion, Bloomnberg reported. Saudi National Bank in October announced it was investing up to $1.5 billion in Credit Suisse, representing a stake of up to 9.9%.

☆ Washington Post publisher slams Pompeo calling Jamal Khashoggi an 'activist' in new book, fires back that CIA 'concluded Jamal was brutally murdered'
▼ + stars: | 2023-01-24 | by ( Brent D. Griffiths | Kimberly Leonard | ) www.businessinsider.com time to read: +4 min

A Washington Post official blasted Mike Pompeo for his portrayal of Jamal Khashoggi in his new book. Post publisher Fred Ryan said Pompeo "outrageously" misrepresents "the life and work" of Khashoggi. "As the CIA — which Pompeo once directed — concluded, Jamal was brutally murdered on the orders of Saudi Crown Prince Mohammed Bin Salman." The report also described that later in his life Khashoggi's ties to the group were "ambiguous." Hanan Elatr Khashoggi, Khashoggi's widow, told NBC News that Khashoggi' was never part of the group.

☆ Qatar doubles Credit Suisse stake as embattled lender forges ahead with strategic overhaul
▼ + stars: | 2023-01-24 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

The Qatar Investment Authority is the second-largest shareholder in Credit Suisse after doubling its stake in the embattled Swiss lender late last year, according to a filing with the U.S. Securities and Exchange Commission. The QIA — Qatar's sovereign wealth fund — initially began investing in Credit Suisse around the time of the financial crisis. Combined with the 3.15% owned by Saudi-based family firm Olayan Financing Company, around a fifth of the company's stock is now owned by Middle Eastern investors, Eikon data indicates. Credit Suisse will report its fourth-quarter and full-year earnings on Feb. 9, and has already projected a 1.5 billion Swiss franc ($1.6 billion) loss for the fourth quarter as a result of the ongoing restructuring. The shake-up is designed to address persistent underperformance in the investment bank and a series of risk and compliance failures.

The new shares bring the QIA's ownership in Credit Suisse to 6.87%, amounting to 272.25 million shares, from 5.57% as reported in its last SEC filing in November. Credit Suisse declined to comment when contacted by Reuters on Monday and the QIA did not immediately respond to a request for comment. Credit Suisse's shares rose 2.2% on Monday to close at 3.15 Swiss francs. SNB, along with the QIA and Olayan Group, account for about 20% of Credit Suisse shares. Credit Suisse outlined plans in October to raise 4 billion Swiss francs from investors, cut thousands of jobs and shift its focus from investment banking towards its rich clients.

☆ Credit Suisse CEO says outflows have reduced 'very significantly' as overhaul progresses
▼ + stars: | 2023-01-18 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Switzerland's second largest bank Credit Suisse is seen here next to a Swiss flag in downtown Geneva. Credit Suisse is seeing a sharp reduction in client outflows, as the embattled Swiss lender progresses with its major strategic overhaul, new CEO Ulrich Koerner told CNBC on Wednesday. As part of the overhaul, Credit Suisse shareholders in November greenlit a $4.2 billion capital raise, including a new private share offering that will see the Saudi National Bank become the largest interest holder, with a 9.9% stake. Koerner said the transformation towards a "new Credit Suisse" was going well. Credit Suisse has also reached out to tens of thousands of clients in Switzerland and around the world for feedback, Koerner said.

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 equities ring in new year on mixed note as oil, recession worries weigh
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: +2 min

Jan 2 (Reuters) - Major Gulf stock markets were mixed on Monday, coming off gains in 2022 for most, as investors braced for the new year with worries about a potential recession, crude demand and the U.S. Fed hiking rates further. A Reuters poll showed on Friday that of 30 economists and analysts forecast Brent crude would average $89.37 a barrel in 2023, about 4.6% lower than the $93.65 consensus in a November survey. Abu Dhabi's index (.FTFADGI) added 0.3%, bolstered by a 1.6% increase in AD Ports Group (ADPORTS.AD) and a 2.4% hike in Multiply Group (MULTIPLY.AD). The benchmark was 2022's best performer among the other peers in Gulf Cooperation Council countries finishing the year with a more than 20% gain, after hitting an all-time high in early November in 2022. In Qatar, the benchmark (.QSI) was also up 0.3%, supported by its financial stocks but Saudi Arabia's benchmark index (.TASI) retreated 0.2% with Saudi National Bank (1180.SE) falling 0.8% and oil behemoth and index heavyweight Saudi Aramco (2222.SE) easing 0.5%.

☆ 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.

☆ Unemployment among Saudi citizens increases to 9.9% in Q3/22
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +2 min

DUBAI, Dec 29 (Reuters) - Unemployment in Saudi Arabia among citizens increased to 9.9% in the third quarter, up 0.2 percentage points from the previous quarter but the overall unemployment rate remained unchanged at 5.8 percent, data released on Thursday showed. Unemployment in this category fell to 20.5% in Q3 from 21.9% in the year-ago period, making up 37% of the Saudi labour force. Expansion of the private sector is a key pillar of the government strategy, with a wide-ranging programme of privatisations and other government-supported initiatives to spur growth. The latest data showed that 93.3% of unemployed Saudis would accept jobs in the private sector. Historically, the public sector has been the principal employer of citizens in Saudi Arabia.

☆ 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 retreat on Fed rate woes, oil price slump
▼ + stars: | 2022-12-11 | by ( Shamsuddin Mohd | ) www.reuters.com time to read: +3 min

Dec 11 (Reuters) - Most major Gulf equities eased on Sunday on falling oil prices amid supply woes and uncertainty over a price cap on Russian oil, while the Egypt index fell on price corrections. "Also oil prices could witness further downtrend this week as recession fears may fuel demand concerns, with European price cap on Russian oil remaining a source of uncertainty," added Mourad. Saudi Arabia's benchmark index (.TASI) fell 1.1%, with oil behemoth and index heavyweight Saudi Aramco (2222.SE) sliding 1.8% and Luxury real estate developer Retal Urban Development Company (4322.SE) losing 0.7%. However, Saudi National Bank (1180.SE) and ACWA Power (2082.SE) jumped 2% and 4.4% respectively. (IQCD.QA)Outside the Gulf, Egypt's blue-chip index (.EGX30) also eased 1.7%, ending eight straight days of gains.

☆ 5 key takeaways from Xi’s trip to Saudi Arabia
▼ + stars: | 2022-12-10 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +11 min

Here are five key takeaways from Xi’s visit to Saudi Arabia. Saudi Press Agency//ReutersDuring Xi’s visit, Saudi Arabia and China released a nearly 4,000-word joint statement outlining their alignment on a swathe of political issues, and promising deeper cooperation on scores of others. China is the world’s biggest buyer of oil, with Saudi Arabia being its top supplier. China is also keen to cooperate with Saudi Arabia on security and defense, an important field once reserved for the kingdom’s American ally. Saudi Arabia was, however, keen to reject notions of polarization, deeming it unhelpful.

"The successful completion of the capital increase is a key milestone for the new Credit Suisse," its chief executive Ulrich Koerner said in a statement. Credit Suisse had already raised 1.8 billion francs by placing stock with a group of institutional investors led by Saudi National Bank (1180.SE). The exercise of subscription rights left only 16.4 million shares unsold. These are due to be sold on the market at or above the offer price of 2.52 Swiss francs, Credit Suisse said. Credit Suisse, has been battered by mishaps, including a $5.5 billion loss on U.S. investment firm Archegos.

Credit Suisse has already placed some 1.8 billion francs worth of shares with a group of institutional investors led by Saudi National Bank. "The rights issue is the necessary start to the process, said Jerome Legras of Axiom Alternative Investments. REVAMP AND RECORD LOWSCredit Suisse shares, which have plumbed record lows, were buoyed last week as its leadership sought to reassure markets. After closing above 3 Swiss francs on Monday, they have retreated slightly, finishing Wednesday’s session at 2.851 Swiss francs. Crucially, they have held above the deal subscription price of 2.52 Swiss francs and were at 2.821 Swiss francs, down around 1% in mid-session trade on Thursday.

Citing multiple unnamed sources, it said the accident occurred during the World Cup, but did not specify when. The number of work-related deaths in Qatar is in dispute. The SC said that three work-related deaths and 37 non-work related deaths have occurred on World Cup related projects. "We're in the middle of a World Cup. And we have a successful World Cup.

☆ Credit Suisse raises 2.24 billion Swiss francs in second part of capital hike
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: 1 min

ZURICH, Dec 8 (Reuters) - Credit Suisse (CSGN.S) on Thursday announced the final result of its 4 billion Swiss franc ($4.25 billion) capital raise, saying 98.2% of shareholder rights to buy stock at a discount had been taken up in the second part of the fundraising. Switzerland's second biggest bank said subscription rights for 872.9 million new shares had been used in the capital hike, intended to fund an overhaul of the scandal-plagued lender. This meant 2.24 billion francs had been raised by Credit Suisse, as expected, in addition to the 1.8 billion francs raised from an earlier placing of stock with a group of institutional investors led by Saudi National Bank. ($1 = 0.9406 Swiss francs)Reporting by John Revill; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Credit Suisse's investment bank draws interest from Saudi crown prince, WSJ reports
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +2 min

Dec 4 (Reuters) - Investors including Saudi Arabia's crown prince and a U.S. private-equity firm run by a former Barclays CEO have shown interest in investing $1 billion or more in Credit Suisse's (CSGN.S) new investment banking unit, the Wall Street Journal reported on Sunday. Credit Suisse did not immediately respond to a request for comment. Seeking to restore vigor to a business that has been languishing, Credit Suisse in October said that it will reshape its investment bank by resurrecting the First Boston brand. Credit Suisse's history with the First Boston brand dates to 1978 when the pair linked up to operate in the London bond market. Some bankers and investors have expressed scepticism over its ability to regain its past glory in a shrinking market.

☆ Credit Suisse rights sell-off spells worst year for its shares
▼ + stars: | 2022-11-29 | by ( Danilo Masoni | ) www.reuters.com time to read: +3 min

Shares in Credit Suisse (CSGN.S) fell 3.1% to 2.915 francs by 1451 GMT, their lowest level on record according to Refinitiv data, as the rights tumbled as much as 29.9% to as low as 0.101 on their second day of trading in Zurich. That took losses for Credit Suisse shares in 2022 to more than 65%, further shrinking its market value to 12 billion francs and firmly setting the stock for its biggest yearly drop. "The problem now for Credit Suisse is to plug the outflows of staff and client assets: the damage is done and there will be an impact for sure," said Angelo Meda, head of equities and portfolio manager at Banor SIM in Milan. Credit Suisse declined to comment. snapshotThe offering, which is guaranteed by a group of banks, will raise as much as 2.24 billion Swiss francs ($2.3 billion) and follows a 1.76 billion-franc share placement where Saudi National Bank took a 9.9% shareholding in Credit Suisse.

☆ No respite for Credit Suisse as investors dump rights in $2.3 bln cash call
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +1 min

MILAN, Nov 29 (Reuters) - Shares in Credit Suisse (CSGN.S) tumbled to another lifetime low below 3 Swiss francs on Tuesday as investors dumped rights to subscribe to new shares in the loss-making lender. By 1036 GMT, Credit Suisse shares fell 2.6% to 2.93 francs as the rights tumbled as much as 27% to as low as 0.105 on their second day of trading on the Swiss exchange. The offering, which is guaranteed by a group of banks, will raise as much as 2.24 billion Swiss francs ($2.3 billion) and follows a 1.76 billion-franc share placement where Saudi National Bank took a 9.9% shareholding in Credit Suisse. Shareholders in Switzerland's second-biggest bank have the right to purchase two new shares at 2.52 francs each for every 7 rights they hold by December 8. ($1 = 0.9502 Swiss francs)($1 = 0.9502 Swiss francs)Reporting by Danilo Masoni; Editing by Amanda CooperOur Standards: The Thomson Reuters Trust Principles.

☆ Credit Suisse offers 889 mln shares to existing investors in $4 bln capital hike
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: +2 min

ZURICH, Nov 24 (Reuters) - Credit Suisse (CSGN.S) has made 889 million new shares available to existing investors at 2.52 Swiss francs ($2.67) per share, the bank said on Thursday, confirming the final terms of its 4 billion franc capital hike. The share issue is expected to raise roughly 2.24 billion Swiss francs, Credit Suisse said. The 4 billion francs Credit Suisse expects to raise from the share placement and the rights offering will be used to support its restructuring and shift away from investment banking. Credit Suisse shares, which have lost 59% of their value so far this year, closed on Thursday at 3.551 francs. The nominal share capital of Credit Suisse Group has already risen 17% following the completion of the share placement portion of the capital hike.

☆ Credit Suisse shareholders greenlight $4.2 billion capital raise
▼ + stars: | 2022-11-23 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland March 24, 2021.Credit Suisse shareholders on Wednesday approved a 4 billion Swiss franc ($4.2 billion) capital raise aimed at financing the embattled lender's massive strategic overhaul. Credit Suisse's capital raising plans are split into two parts. The new share offering will see the SNB take a 9.9% stake in Credit Suisse, making it the bank's largest shareholder. The second capital increase issues newly registered shares with pre-emptive rights to existing shareholders, and passed with 98% of the vote. Credit Suisse Chairman Axel Lehmann said the vote marked an "important step" in the building of "the new Credit Suisse."

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