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The NOPEC (No Oil Producing and Exporting Cartels) Act was passed by a Senate subcommittee on Thursday with a 17:4 vote. The measure is meant to safeguard American consumers and companies from artificially inflated gasoline and heating oil prices, but some analysts warn that enacting it might have unexpected effects. This bill is now passed […]
Following the US Federal Reserve’s decision to increase rates, the Central Bank of the UAE (CBUAE) has decided to raise the base rate for the overnight deposit facility (ODF) by 50 basis points (bps), effective May 5, 2022. This is the second time the rates have been raised this year. The UAE Central Bank’s base […]
Arvind Krishna, Chairman and Chief Executive Officer of IBM (International Business Machines Corporation), has been elected to the Federal Reserve Bank of New York’s Board of Directors. Krishna will fill the vacancy in the office for the remainder of a three-year term ending December 31, 2023, according to the New York Fed. The Federal Reserve […]
Citigroup Inc.’s consumer and commercial banking operations in Russia are in “active dialogue” with possible buyers, according to Chief Executive Officer Jane Fraser. In a Bloomberg Television interview at the Milken Institute Global Conference, Fraser remarked, “We’re marketing our consumer and commercial banking franchise on the ground there, and we’re in active discourse about that.” […]
First Abu Dhabi Bank (FAB), the UAE’s largest lender by assets, recorded a net profit of $1.38 billion (AED 5.1 billion) in the three months ending March 31, 2022. The figure is up 54 percent quarter-on-quarter and up 107 percent from a net profit of $680.62 million (AED 2.5 billion) in the same period in […]
The Asian Development Bank (ADB) is considering lending a loan to a Maldivian bank, according to Ashok Lavasa, Vice-President for Private Sector Operations and Public-Private Partnerships at ADB. At a World Travel and Tourism Council (WTTC) Global Summit held in Manila, Lavasa told PTI that ADB is planning to target the MSME firms through the […]
The French international banking group BNP Paribas launches €900 million share buyback program on the strength of its confirmed growth potential and solid balance sheet and performances. The bank has received the approval from the European Central Bank and a contract was concluded with an investment services provider acting independently to purchase the shares. The […]
The German multinational investment bank, Deutsche Bank has announced that it is acquiring payment service provider Better Payment Germany GmbH, based in Berlin. Through the acquisition, Deutsche Bank will expand its market share in payment processing and acceptance. Over the next 12 months, Deutsche Bank will integrate Better Payment’s technical solutions into its existing product […]
National Bank of Fujairah (NBF) the co-operative bank has announced that it has launched its electronic trading platform – NBFX. Widening its digital offerings, the trading platform offers customers a bespoke digital experience to hedge their treasury requirements and is available for both conventional and Shariah-compliant banking customers. The 24/5 availability means that customers can […]
The Japanese conglomerate SoftBank Group commits $3 Billion to Launch SoftBank Latin America Fund II which will bring a total commitment of $8 billion. This is the banks second dedicated private investment fund focused on technology companies in Latin America. The Chief Executive Officer of SoftBank Group Marcelo Claure said: “Over the past two years, […]
The global payments & technology company Mastercard acquires CipherTrace to enhance crypto capabilities. As digital assets, including cryptocurrencies and non-fungible tokens (NFTs), become more intertwined with everyday activities from the way people pay and get paid to how they invest trust and security will be critical enablers to ensure broad adoption and scale. These new […]
Barclays Bank PLC India has announced an investment of over Rs. 3,000 crore in India Operations by its Head Office to accelerate its growth ambitions in India. With this investment, the Bank’s total invested capital in the country will increase to over Rs. 8,300 crore. The expansion in Tier 1 capital reinforces Barclays’ commitment to […]
