February, 2016

• 23 February

  Give world’s debt load a deep thought

  The borrowing spree has started to boomerang, leading global economy to moan under a record pile of debt. On record, the world has continued to borrow since the 2008 financial crisis, adding nearly $60 trillion, pushing the worldwide debt load to $200 trillion in 2014, nearly three times the size of the entire global economy. History has it that the ...

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• 23 February

  China’s beleaguered shares

  Bill SAVADOVE A new stock market regulator chief could give China’s beleaguered shares a short-term lift, but analysts say Liu Shiyu faces the same old problems as his ousted predecessor: shattered market confidence and the need for sweeping reforms. Xiao Gang was dismissed as chairman of the China Securities Regulatory Commission (CSRC), state media reported Saturday, after a three-year tenure ...

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• 23 February

  Chinese Air Force’s drone-tracking unit

  

  China’s Air Force has created a new unit dedicated solely to tracking and responding to drones, according to China Daily. In a press release, the PLA Air Force said the unit would focus on “small, slow-moving drones flying at an altitude of less than 1,000 meters,” China Daily reported. The language in the report makes it seem as though military ...

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• 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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