Saturday 28 November 2015

HSBC whistleblower Falciani gets 5 years jail

Herve Falciani, an ex-employee of HSBC's Geneva private bank who leaked information on clients and their tax situation, has been sentenced to five years in prison for aggravated industrial espionage, the bank said on Friday. HSBC said it welcomed the ruling on Falciani, a 43-


Saudi money supply, loan data show economy slowing

Saudi Arabian money supply and bank lending figures show the economy of the world's biggest oil exporter has started to slow as low global energy prices force the government to clamp down on spending.   M3 money supply grew just 3.9 per cent from a year earl


Risk management, SME financing top Islamic banks agendas

Islamic banks around the globe view risk management, equity financing and deepening their client base as the most pressing issues facing the sector in coming years, a survey released on Friday showed.   The survey drew input from the heads of 83 Islamic finance


Mashreq appoints new retail banking head

Mashreq Retail Banking Group has appointed Subroto Som as its new executive vice president and head.   Farad Irani, who is passing the leadership to Som, brought to bear his extensive global experience and transformed the retail banking operations.


Solo Capital to close amid reports of Danish probe

Solo Capital Partners, a hedge fund with offices in London and Dubai, is to be closed down, according to a statement on the firm’s website, amid reports of a probe into its activities by Danish prosecutors.   Solo Capital is in “the process of an ord


New Islamic cross currency swap standard published

The International Swaps and Derivatives Association (ISDA) and the International Islamic Financial Market (IIFM) have published a new Islamic hedging product standard, the ISDA/IIFM Himaayah Min Taqallub As‘aar Assarf (Islamic Cross Currency Swap) for use in Islamic hedging transactions


LIC Bahrain sees 18pc growth in policies

Bahrain-based insurer LIC (International), a subsidiary of Life Insurance Corporation (LIC) of India, has seen 18 per cent growth year-to-date in terms of policies issued, the company’s top official has said. LIC (International) managing director and chief executive Rajesh Kandwal told


MEA companies to sell record bond volumes in 2016

Hard-currency bond sales by Middle Eastern and African companies will reach a record high in 2016, but overall Eurobond issuance by emerging market governments and companies is likely to shrink from this year's levels, JPMorgan predicts.   JPMorgan, which ru


Asia shares retreat, euro subdued on ECB stimulus bets

Asian shares fell and the dollar held near an eight-1/2-month peak on Friday, while the euro hovered around seven-month lows on expectations of additional stimulus from the European Central Bank next week.   The broadest index of Asia-Pacific shares outside of J


Mideast/Africa vulnerable to downgrades: Fitch

Emerging markets face another wave of ratings downgrades next year, with the Africa/Middle East region potentially given a 'negative outlook' and Brazil at risk of a cut to junk, Fitch Ratings' top sovereign analyst said in an interview. Depressed commodity prices com

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