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Credit Suisse announced today that Roger Suter, presently Regional Head Central Switzerland, would succeed Serge Fehr as Head of Private Banking, Switzerland on August 1, 2022. Roger Suter joined Credit Suisse in 1993 and was promoted to his present position in 2012. André Helfenstein, CEO of Credit Suisse (Switzerland) Ltd., commented: “Private Banking Switzerland is […]
After a grace period on two international bond payments expired on Sunday night, Russia may be facing its first big foreign debt default in almost a century. A total of $100 million in interest payments were due on May 27 and were subject to a grace period that ended on Sunday night. Several media sites […]
Cybersecurity attacks are a persistent issue, particularly for Middle Eastern businesses and organizations. These threats can halt operations, damage a company’s reputation, and result in costly legal action. The more technology a company relies upon, the more vulnerable it is to cyberattacks and challenges. Hackers are increasingly focusing on Middle Eastern firms that are converting […]
The ruble reaffirmed its unusual standing as the world’s best-performing currency this week, surging to multi-year highs. The ruble has roared back after plummeting in the weeks following Russia’s invasion of Ukraine, which provoked broad international sanctions aimed at damaging the Russian economy. On Wednesday, the Russian ruble reached 52.3 per dollar, a 1.3% rise […]
Revlon Inc declared Chapter 11 bankruptcy after being unable to handle its massive debt burden in the face of a supply chain crisis and rising inflation. The cosmetics conglomerate requested judicial protection in the Southern District of New York in late April, with assets reaching $2.3 billion. According to court documents dated June 15, the […]
Following the US Federal Reserve’s largest interest rate rise since 1994, the Central Bank of the UAE (CBUAE) has decided to boost interest rates. The Fed increased interest rates by three-quarters of a percentage point on Wednesday. While announcing the interest rate hike, US Federal Reserve Chairman Jerome Powell said that the US central bank […]
World Trade Organization members faced a tense last day of discussions, with little guarantee of reaching an agreement on any modification to global trade rules on Wednesday. India was insistent that it would not compromise on food, fisheries, and vaccines. WTO Director-General Ngozi Okonjo-Iweala cautioned the more than 100 ministers in attendance that time was […]
The Abu Dhabi Exports Office (ADEX), the export-financing arm of the Abu Dhabi Fund for Development (ADFD), has signed an agreement with Capital Bank of Jordan to open a credit line of approximately AED 73.4 million ($20 million). Khalil Al Mansouri, interim director-general of the Abu Dhabi Exports Office, and Daoud Al-Ghoul, CEO of Capital […]
Russia, the world’s largest supplier of fossil fuel, has generated more than EUR 93 billion in income from exports in the first 100 days of the conflict, according to statistical data released by the independent, Finland-based Centre for Research on Energy and Clean Air (CREA). The report was released on Monday, as Russian forces continued […]
Lawmakers in the United States want the US Trade Representative (USTR) to press for an extension of the WTO’s digital trade moratorium. A bipartisan group of US congressmen has encouraged US Trade Representative Katherine Tai to press for an extension of a tax ban on digital trade that has been in effect since 1998 during […]
Shares of the state-owned Life Insurance Corporation of India (LIC) were set to open at an 8% discount from their IPO price on Tuesday. In pre-open trade, LIC shares were trading at 872 rupees, compared to the offer price of INR 949. This valued the company at ₹5.7 trillion (INR) or $73 billion (USD). Since […]
Due to concerns from the Russia-Ukraine war and China’s COVID-19 spike, Wall Street Investment-banking giant Morgan Stanley expects global economic growth to be less than half that of 2021. This comes at a time when the central banks are tightening monetary policy to contain record-high inflation. On a year-over-year basis, the brokerage predicts global growth […]
