February, 2016

• 23 February

  Standard Chartered swings to US$2.36bn net loss in 2015

  

  Hong Kong / AP Asia-focused bank Standard Chartered said on Tuesday it swung to a surprise $2.36 billion net loss in 2015 against a backdrop of global market volatility, restructuring costs and bad loans. Chairman John Peace described the performance as “poor” in what he called a watershed year, which saw the company announce it would axe 15,000 jobs under ...

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• 23 February

  Better banking standards needed, say 62% of Saudis

  

  Riyadh / Emirates Business As high as 38 percent of KSA respondents would recommend their bank as a first choice to friends or colleagues according to the first ever NPS Survey conducted in the Kingdom by Souqalmal.com , KSA’s #1 financial comparison website. Respondents were asked to evaluate various aspects of the overall banking experience. The parameters covered customer service, ...

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• 23 February

  Deutsche completes bond buyback, says investor mood up

  

  Frankfurt / AP Deutsche Bank says it has completed a buyback of euro-denominated bonds aimed at demonstrating its financial strength after violent swings in the bank’s share price. The bank said investors had offered to sell only 1.75 billion euros ($1.92 billion) worth of bonds under the bank’s bid to repurchase 3 billion euros of them. Of that, Deutsche Bank ...

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• 23 February

  ITFC backs Senegal with US$75mn pact

  

  Jeddah / Emirates Business The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, signed a US$75 million Syndicated Murabaha Financing agreement on Sunday, with the Government of Senegal, with Suneor (the major player in the Senegalese groundnut sector) as Executing Agency. . The signing ceremony took place at the headquarters of the ITFC ...

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• 23 February

  ADB offers US$2bn for Lanka’s recovery

  

  Colombo / AFP The Asian Development Bank on Tuesday announced over $2.0 billion in loans and equity to Sri Lanka, which is in negotiations with the International Monetary Fund for a bailout. ADB president Takehiko Nakao said the money would be used to finance expressways, railways, power generation and education. It covers 2016 through 2018 and compares with $1.5 billion ...

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• 23 February

  Responses to fiscal challenges outlined on first day of forum

  

  Manama / Emirates Business The 5th Euromoney GCC Financial Forum, co-hosted by Bahrain Economic Development Board (EDB), kicked off on Tuesday on a high note at Four Seasons Hotel, Kingdom of Bahrain, with an interactive format to encourage delegate participation. More than 500 leading international and regional financial experts from finance, investment, government, regulatory organisations, businesses and members of the ...

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• 23 February

  Kuwaitis eye Cityscape Turkey

  

  ANKARA / EMIRATES BUSINESS Kuwaiti investors will have a unique opportunity to discover Turkey’s diverse real estate landscape and meet with leading local and international developers and market experts at next month’s inaugural Cityscape Turkey exhibition, which will be held from 24-26 March, 2016 at the Istanbul Congress Center. The latest addition to the Cityscape portfolio of global events, the ...

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• 23 February

  Dream office up most in 7 years on asset sales

  

  Bloomberg Dream Office Real Estate Investment Trust, Canada’s biggest office REIT, jumped the most in more than seven years after it said it would sell about C$1.2 billion ($870 million) of property and reduce its payout to weather the energy downturn. Dream Office rallied as much as 14 percent to C$18.60 in Toronto, the most since December 2008. The REIT ...

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• 23 February

  Qatari investors see opportunities too

  

  ANKARA / EMIRATES BUSINESS Qatari investors will have a unique opportunity to discover Turkey’s diverse real estate landscape and meet with leading local and international developers and market experts at next month’s inaugural Cityscape Turkey exhibition, which will be held from 24-26 March, 2016 at the Istanbul Congress Center. The latest addition to the Cityscape portfolio of global events, the ...

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• 23 February

  USA home prices rise at a steady clip in December

  Washington / AP U.S. home prices increased at a steady clip in December, helped by a healthy job market and low mortgage rates. The Standard & Poor’s/Case-Shiller 20-city home price index rose 5.7 percent from a year earlier, same as the annual increase in November. Prices rose 11.4 percent in Portland, Oregon; 10.3 percent in San Francisco and 10.2 percent ...

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