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Checkout.com, London based online payment company has managed to become Europe’s most valuable Fintech firm, with a market value of $15 billion, it has raised a staggering $450 million in an investment led by Tiger Global Management. For the second time the firm has managed to triple its valuation and its current value is around […]
After positive trial data from Pfizer and BioNTech on Vaccine, US banks are in line for windfall that widened the gap between long and short-term bond yields. Apart from big pharma, US banks are also reaping a windfall due to the news on the COVID-19 vaccine. Pfizer and BioNtech’s promise on releasing vaccine has not […]
South Africa is to set about an ambitious economic reform agenda that has similarities with Saudi Arabia’s efforts to stimulate investments. South Africa President Cyril Ramaphosa last month revealed a plan that aims in helping the country recover from corona’s impact. This plan includes fast tracking projects and boost infrastructure spending. Like Saudi Arabia, South […]
Oman Banks Association (OBA) has advised lending institutions in Sultanate to welcome few technological innovations in global banking and financial services landscape. The Association’s CEO, Ali Hassan Moosa, warns Oman banks for neglecting new developments that have the potential to revolutionise the global industry. The innovations include open banking, fintech, robotic process automation, Artificial intelligence, […]
Fintech Saudi and Flat6Labs have launched the Fintech Accelerator, a unique innovation and entrepreneurship program. Fintech Saudi is an initiative launched by the Saudi Arabian Monetary Authority (SAMA) to act as a catalyst for the development of the financial services technology. This intensive 3-month Fintech Accelerator program brings together Fintech Saudi’s market reach and Flat6Labs’ resources […]
Logistics giant Aramex said today it will make a non-recurring provision of $15.1 million for disruption caused to its business by the Beirut port explosion and a fire that blazed through warehouses in Morocco. Both incidents occurred in the third quarter of the year. The August 4 blast, caused by ignition of 2,750-tons of stored ammonium […]
The Abu Dhabi Investment Authority (ADIA) sovereign wealth fund has purchased 1.2% stake in India’s Reliance Retail Ventures for $750 million or 4.29 trillion rupees. With this latest investment, Reliance Retail Ventures Ltd. (RRVL) has raised 377.1 billion rupees from global investors including Silver Lake, KKR, General Atlantic, Mubadala, GIC, TPG and ADIA in less than […]
The Kingdom of Saudi to increase VAT discontinue the value of living allowance and increasing VAT to fifteen percent from 5 percent to combat the consequences of the pandemic, media reports said. The dominion has increased VAT threefold to spice up state finances. The cost of living allowance within the Kingdom is going to be suspended […]
RIYADH (Reuters) – Saudi Arabia To Raise to triple its price delivered rate and suspend a fee of dwelling allowance for state employees, the kingdom’s minister of finance said on Monday, trying to find to hold up finances hit tough through low oil expenses and a coronavirus-pushed slowdown. “The value of allowance can also be […]
During the April-June quarter, the US Treasury Borrows 3 trillion in privately-held net marketable debt, assuming an end-of-June cash balance of USD 800 billion, said Mr.Trump. The increase in privately-held net marketable borrowing is primarily driven by the impact of the COVID-19 outbreak, including expenditures from new legislation to assist individuals and businesses and changes […]
Boeing will be eligible for a $ 500 million distribution by Treasury Minister.
China in a significant move launches a trial of digital yuan in four urban centres of the country for specific services even as the world grapples with containment of Covid. In recent months, China’s bank has stepped up its development of the e-RMB, which is set to be the first digital currency company operated by […]
