Emirates Business The 26th edition of the World Islamic Banking Conference (WIBC), the largest and most prestigious gathering of Islamic banking and finance leaders in the world, kicked off at The Gulf Hotel Bahrain, in the Kingdom of Bahrain on Wednesday. The forum is spurring a series of discussions focusing on “mega trends in banking and finance”, a theme that …

Bloomberg Egypt on Wednesday launched a $6.2 billion initiative to support local industry, as the nation looks to boost private sector growth in the next phase of its economic revival program. Under the new plan, factories with sales of under 1 billion pounds would be able to secure loans at a reduced interest rate of 10%, central bank Governor Tarek …

Abu Dhabi / WAM Waha Capital recorded a net gain of AED40 million through the divestment of its remaining stake in New York-listed AerCap Holdings NV, according to a press statement issued by the company on Wednesday. Waha Capital, which has been a shareholder in AerCap since 2010, has been reducing its stake gradually in recent years to re-allocate capital …

Dubai / WAM Nasdaq Dubai on Wednesday welcomed the listing of a one billion euro green sukuk by Islamic Development Bank (IsDB), the multilateral lender which finances development across its 57 member nations. It is IsDB’s first green sukuk, issued under its Sustainable Finance Framework. It is also third Sukuk listing this year on the region’s international exchange by IsDB, …

Bloomberg The International Monetary Fund (IMF) urged Hong Kong’s government to boost spending to support the territory’s convulsing economy, citing a range of risks from trade tensions to political unrest. Greater fiscal support would help bolster growth while maintaining longer-term sustainability, the fund said in its latest regular review of the economy, known as an Article IV Consultation. “Government spending …

Bloomberg Almost a week after embattled Yes Bank Ltd unveiled details of its plans to raise $2 billion in capital, shareholders remain unconvinced that a deal will take place. Shares of the Mumbai-based lender have fallen about 8% since it announced the names of the investors for its proposed preferential issue. Doubts over key foreign bidders have triggered concerns that …

Bloomberg The euro is encroaching on the dollar’s territory as the world’s currency of global borrowing, but that doesn’t mean anyone wants to keep hold of it. “No one wants to hold euro cash as an asset anymore but everyone wants it as a liability,” George Saravelos, Deutsche Bank AG’s global head of currency research, wrote in a note. As …

Bloomberg The European Central Bank (ECB) has started supervising some of the world’s top securities firms’ businesses in the region, as they build up their operations across the European Union ahead of Brexit. European units of Goldman Sachs Group Inc, JPMorgan Chase & Co, Morgan Stanley and UBS Group AG entered the ECB’s oversight this year as a result of …

Bloomberg A prolonged glitch at HDFC Bank Ltd, an Indian lender well known for its digital services, could erode trust and hurt business as clients struggle to perform basic transactions. An unknown number of the Mumbai-based lender’s 49 million customers have been locked out of its online banking platform for the past three days, prompting dozens to vent their anger …

Bloomberg The pound reached the highest level in almost seven months as traders stepped up bets on a win for the Conservatives in next week’s election. The currency pushed above $1.30 as polls show the ruling Tories holding their lead over Jeremy Corbyn’s left-wing Labour Party. Sterling also advanced against all major peers as US president Donald Trump’s visit to …