RIYADH: Saudi Arabia’s corporate leadership is reinforcing its position in international boardrooms, with Amin Nasser, CEO of the Saudi Arabian Oil Co., joining the board of the world’s largest asset manager BlackRock Inc. According to an announcement by the US-based monolith on Monday, Nasser will join the board as an independent director replacing Bader Al-Saad, […]
Tesla is returning to the US asset-backed securities market for the first time in over a year, with a $1 billion prime auto-lease transaction, a sign of how credit markets are starting to recover. The electric-vehicle maker is in the pre-marketing stage for the deal, according to a person familiar with the matter, who is […]
Wells Fargo — Wells Fargo shares rose slightly after the Wall Street firm topped second-quarter expectations. The bank also said it anticipates higher-than-expected net interest income this year. JPMorgan Chase — Shares fell slightly even after the bank reported stronger-than-expected results for the second quarter, as it benefited from higher interest rates and better-than-expected bond trading. UnitedHealth — The health-care giant popped […]
CAIRO – July 13, 2023: Egypt is seeking to boost the volume of remittances received from Egyptian expats by 10 percent year-on-year in the next 3 years to reach around $45 billion in 2026. This was revealed by Prime Minister Mostafa Madbouly in a recent press conference held in the New Administrative Capital. The conference […]
Abu Dhabi Commercial Bank (ADCB) and Abu Dhabi Islamic Bank (ADIB) have raised $1.25 billion in total from the sale of conventional and Islamic bonds, seizing a window of opportunity to raise debt amid a lull in regional issues. ADCB launched $500 million five-year senior unsecured bonds at 120 basis points (bps) over US treasuries, […]
Taiwan’s Foxconn has withdrawn from a $19.5 billion semiconductor joint venture with Indian metals-to-oil conglomerate Vedanta, it said on Monday in a setback to Prime Minister Narendra Modi’s chipmaking plans for India. Foxconn, the world’s largest contract electronics maker, and Vedanta signed a pact last year to set up semiconductor and display production plants in […]
China’s central bank extended its gold-buying spree into an eighth consecutive month, adding 23 tons in June. Now, the People’s Bank of China holds 2,330 tons of gold in its reserves, according to official data cited by Bloomberg. The gold stockpiling comes amid the country’s bid to erode the dollar’s global dominance as well as growing […]
Hong Kong will continue to develop as a global finance hub and should not just be viewed as China’s offshore financial centre even as it continues to ramp up efforts to support the internationalisation of the yuan, said Eddie Yue Wai-man, CEO of the Hong Kong Monetary Authority (HKMA). “Hong Kong remains the only gateway linking China to […]
A legendary investor whose expertise lies in major stock crashes says the market is heading toward a burst bubble, akin to the crises seen in 1929 and 2000. British billionaire Jeremy Grantham is cofounder of investment management company GMO, which reportedly handles a near $65 billion in assets. Grantham, estimated to be worth $1 billion himself, previously […]
Plug and Play’s commitment to maintaining high standards will not waver: CEO CAIRO: Silicon Valley-based investor Plug and Play Tech Center, renowned for its early investments in successful firms such as Dropbox and PayPal, is seeking to raise $100 million to support Saudi startups, Bloomberg reported. The venture capital firm is in discussions with Jada, a […]