DUBAI / WAM The Board of Directors of UAE Banks Federation (UBF) held its first meeting of the year via videoconferencing to discuss the latest developments in the UAE banking sector as well as progress of key concerns. During the meeting, the Board of Directors discussed UBF’s current priorities, which in light of the worldwide outbreak of Covid-19 include ensuring …

Bloomberg A group of sixteen banks will have to provide $23 billion of loans to T-Mobile US Inc. in order to allow the mobile carrier to close its planned acquisition of Sprint Corp., after the Covid-19 outbreak disrupted plans to sell the debt to third-party investors. The banks were formally notified that they will need to make the funds available …

Bloomberg Pakistan’s central bank is said to have intervened to stop a plunge in the rupee, the worst performer in Asia this week. The South Asian nation’s currency fell to a record low 168 to a dollar in intraday trading as per traders before closing at 165.54, data posted on the website of the State Bank of Pakistan showed. The …