Tuesday 26 July 2016

Algeria trade deficit widens by 27.2pc

Opec member Algeria's trade deficit widened to $10.83 billion in the first six months of 2016, 27.2 percent more than in the same period last year due to a fall in energy earnings as oil prices tumbled, data showed on Wednesday. Oil and gas exports, which accounted for 93.55


Al Khalij posts 6pc profit growth in H1

Al Khalij Commercial Bank (al khaliji) has reported a net profit of QR320.3 million ($87.8 million) for the first six months (H1) of 2016, marking an increase of 6 per cent over its financial results for the same period of last year. Sheikh Hamad Bin Faisal Bin Thani Al Thani, ch


Novus, SuMi Trust launch $200m aircraft leasing fund

Sumitomo Mitsui Trust Bank (SuMi Trust), one of Japan’s top financial institutions, and Novus Aviation Capital, a leading global aircraft leasing platform, have launched a $200-million aircraft leasing fund. Novus is co-sponsor in Ortus Aircraft Leasing Fund and will provid


Retail banking could hit $405bn on digital value

Retail banks have the potential to realize $405.3 billion from 2015 to 2017 as the Digital Value at Stake (VaS), a report said, adding that key digital solutions drive more than 90 per cent of the value for retail banks. Yet, in 2015, financial services as a whole captured just 2


Al Rajhi proposes higher cash dividend for H1

Saudi Arabia's Al Rajhi Bank, the second-largest lender in the kingdom by assets, said its board has proposed paying a cash dividend of 0.75 riyals ($0.20) per share for the first half of 2016. This is up from the 0.50 riyals per share it paid for the same period last year.


Gulf Bank wins two awards from finance magazine

Kuwait-based Gulf Bank, a leading financial services provider, said it was honoured with two awards by International Finance Magazine. London-based International Finance Magazine is a leading source of information, analysis and insights for the global finance community.


Abu Dhabi fund vows to remain long-term investor

Abu Dhabi Investment Authority (ADIA), one of the world's biggest sovereign wealth funds, said on Wednesday it would remain a patient, long-term investor despite a drop in its returns last year due to slowing global growth. In US dollar terms, the 20-year annualised rate of r


Emirates NBD Egypt not to suspend card use abroad

Emirates NBD Egypt said on Tuesday it would not suspend use of its credit and debit cards abroad, contradicting an earlier notice informing customers their cards would be disabled outside Egypt from July 24. Egypt's central bank last month asked banks to "ensure that deb


Saudi British Bank's net profit edges up

Saudi British Bank (SABB), the kingdom's fifth-largest bank by assets, posted a 1.2 per cent increase in its second-quarter net profit on Tuesday, in line with analyst forecasts as earnings from special commissions rose. The bank, an affiliate of HSBC Holdings, said it made S


Barclays starts Egypt sale process, ENBD interested

Barclays has begun a formal process to sell its Egyptian unit, with at least two banks from the Middle East and North Africa region expressing interest in the business, sources familiar with the matter said on Tuesday. The UK-based lender is offloading its Africa unit as part of

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