October, 2017

• 2 October

  Saudi underperforms region but car-related shares rise again

  

  Reuters Most stock markets in the Middle East made small gains on Monday with Egypt hitting yet another all-time high, while the Saudi Arabian index edged down. The Riyadh index lost 0.1 percent; the banking sector was soft with Banque Saudi Fransi dropping 1.3 percent. Shares of telecommunications operator Atheeb, which had been suspended by the capital markets regulator since ...

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• 2 October

  Banks’ Brexit moving costs seen topping $500mn each

  

  Bloomberg Banks poised to channel hundreds—if not thousands—of employees out of the UK expect their Brexit bills to reach $500 million or more, according to people with knowledge of firms’ contingency planning. Costs are climbing in part as they find it more difficult than anticipated to persuade reluctant Londoners to move abroad and reckon with a shortage of experienced bankers ...

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• 2 October

  Deutsche bank chief may face investor unrest

  

  Bloomberg Deutsche Bank AG head John Cryan may face pressure from investors if his turnaround of Germany’s biggest lender fails to show results in the next six months, one of the bank’s largest investors told the Sunday Times. “If we don’t see improvement in the next two quarters, pressure will mount on the management board,” Ingo Speich, a senior portfolio ...

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• 2 October

  Egypt central bank keeps main interest rates on hold

  

  Reuters Egypt’s central bank left its main interest rates unchanged at a meeting of its monetary policy committee, reports said. The bank has raised key interest rates by a total of 700 basis points since it floated the pound in November as part of a $12 billion International Monetary Fund loan programme aimed at boosting the economy. Egypt should get ...

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• 2 October

  China central bank steers credit to small business with targeted reserve cut

  

  Bloomberg China took action to ensure credit reaches small business, rural borrowers and startups, a move tailored to shore up the economy as a vital political transition approaches. The People’s Bank of China announced that it would reduce the amount of cash that banks must hold as reserves from next year, with the size of the cut linked to the ...

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• 2 October

  NBF opens new branch in Al Ras

  FUJAIRAH/ WAM National Bank of Fujairah (NBF), announced the opening of its new branch at the heart of Dubai’s historic Gold Souk in Al Ras. The expansion comes in line with NBF’s strategy to strengthen its nationwide presence, and ensure that its portfolio of convenient banking services and suite of retail banking products are easily accessible to customers. With the ...

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• 2 October

  Cryptocurrency flash crash to draw scrutiny from CFTC

  

  Bloomberg A popular digital-coin exchange is drawing scrutiny from US regulators over a June flash crash that erased most of the value in the second-largest cryptocurrency before traders had time to blink their eyes. The Commodity Futures Trading Commission has requested information from Coinbase Inc. about a June 21 incident on its GDAX platform in which the ether digital token ...

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• 2 October

  Monarch files for insolvency in UK’s biggest airline collapse

  

  Bloomberg UK leisure carrier Monarch filed for insolvency in Britain’s biggest-ever airline collapse, leaving the government to arrange the return of 110,000 tourists and marking the third failure of a major European operator in five months. The airline and Monarch Travel Group have been placed under administration, leading to the suspension of the Luton, England-based company’s operating license, according to ...

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• 2 October

  Fastjet to begin Mozambique, S Africa units as losses shrink

  

  Bloomberg Fastjet Plc will begin flying from Mozambique this year and expects to commence internal South African services in 2018 as it rekindles growth plans put on hold as losses mounted. With the operating loss down 57 percent in the first half and break even forecast for the fourth quarter, Fastjet is ready to revive its pan-African ambitions, aided by ...

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• 2 October

  Lion Capital puts Dutch retailer Hema up for sale

  Bloomberg Hema, a 91-year-old Dutch retailer known for design housewares, is for sale. Private equity firm Lion Capital LLP, which bought the chain a decade ago, is considering strategic options for Hema and appointed Credit Suisse Group as an adviser to a possible sale, the Amsterdam-based retailer said. Hema, which opened its first store in 1926 in Amsterdam, owns more ...

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