MIDDLE EAST AND NORTH AFRICA
* The Bank of Israel left its key interest rate unchanged at 0.1% and said it would keep the rate low for as long as needed as inflation is still below the target despite a continued increase.
* First International Bank of Israel Ltd.
* The Saudi Arabian Monetary Authority's foreign reserves rose month over month by $13.3 billion to $498.9 billion in April, its highest level in more than a year, on the back of a rebound in oil prices, Reuters wrote.
* The Saudi Arabian Monetary Authority banned Saudi Enaya Cooperative Insurance Co. from issuing or renewing insurance policies as of May 27, Argaam noted. The move comes after the firm's accumulated losses amounted to 149 million riyals at the end of the first quarter, equivalent to 74.5% of its capital.
* Saudi Arabia's Capital Market Authority fined Weqaya Takaful Insurance and Reinsurance Co. SSC board members Ahmed bin Suliman al-Batah and Ali al-Suhaily 100,000 riyals each for market rule violations, Argaam wrote. In addition, the CMA fined al-Batah and al-Suhaily 8.4 million riyals and 1.1 million riyals, respectively, for illegal profits gained by their investment portfolios due to the violations, and banned them from trading equities on Tadawul for a period of 3 years.
* Aljazira Takaful Taawuni Co. CEO Sager Bin Abdul Latif Nadershah told Argaam that the company expects its market share from protection and savings business to reach more than 22% following its purchase of Bank AlJazira's insurance portfolio. Its market share was 9.2% at 2017-end.
* Standard Chartered PLC's
* The United Arab Emirates' Insurance Authority is planning to oblige insurance consultants to get a license from the authority, Al-Khaleej reported. The move is part of draft rules issued by the authority to regulate the sector.
* Transaction settlement operations in the Dubai and Abu Dhabi financial centers are set to be handled by the country's central bank, Al-Khaleej reported. The move could reportedly lead to the merger of the two UAE stock markets.
* The Central Bank of the UAE has banned companies from paying wages in cash through exchange bureaus, effective Sept. 30, and ordered them to pay through bank accounts, Argaam reported.
* National Bank of Kuwait SAKP said it has received approval from the Central Bank of Kuwait to purchase or sell treasury shares not exceeding 10% of its issued and paid-up capital for six-month period.
* Shuaa Capital PSC
* Tunisia's central bank held its key interest rate at 5.75%, Reuters noted. The decision comes after the IMF has pushed for an interest rate hike as the country's inflation level reached a record 7.7% last month. Meanwhile, the central bank said the time is right for the issuance of a planned $1 billion eurobond that will help finance the country's budget deficit.
* Tunisia's Banque Nationale Agricole has marked its fifth year in a row without paying a dividend, but decided to increase its share capital from 160 million dinars to 176 million dinars, Il Boursa said.
* The National Bank of Egypt (SAE)
* Qatar Islamic Bank (QPSC) inked an agreement with fintech company QPAY International to launch an Islamic point of sale service in Qatar, according to Gulf Times.
EAST AND WEST AFRICA
* The Central Bank of Kenya maintained its benchmark lending rate at 9.50%, saying the impact of its March rate decision was yet to be fully transmitted to the economy.
* Geoffrey Mwau, director general of budget, fiscal and economic affairs at Kenya's National Treasury, said the country aims to regulate digital lenders amid an increase in lending to people with and without bank accounts via Kenya's mobile money system, Reuters reported.
* Kenya's chief prosecutor Noordin Mohamed Haji said he will look into the alleged role of banks in the suspected theft of nearly $100 million from the National Youth Service, Reuters reported. Authorities yesterday charged 54 individuals, mainly civil servants, as part of the probe. The Financial Times also covered.
* Barclays Bank of Kenya Ltd.
* S&P Global Ratings affirmed Nigeria-based Fidelity Bank Plc's long- and short-term issuer credit ratings at B-/B, with a stable outlook.
* Guinean President Alpha Condé has sacked Maladho Kaba as finance minister and replaced her with Mamady Camara, the country's former ambassador to South Africa, as part of a government reshuffle, Reuters reported. The move comes amid escalating political tensions and speculation that Condé may seek to change the country's constitution.
* Tanzania-based NMB Bank Plc
* The World Bank Group's International Finance Corporation said it will provide a $10 million subordinated loan to I&M Bank (Rwanda) Ltd.
* S&P Global Ratings affirmed Burkina Faso's long- and short-term foreign- and local-currency sovereign credit ratings at B/B. The outlook is stable.
CENTRAL AND SOUTHERN AFRICA
* The Development Bank of Southern Africa
* Brian Riley and Happy Ralinala were appointed nonexecutive directors of African Bank Ltd. and holding company African Bank Holdings Ltd., fin24.com wrote. Riley stepped down as CEO of the lender in March, while Ralinala is the national president of the Businesswomen's Association of South Africa.
* South Africa's High Court overturned the National Prosecuting Authority's seizure of assets linked to the politically connected Gupta family, saying prosecutors have failed to prove that the Guptas obtained funds illegally diverted from a state-backed dairy project, Bloomberg News reported.
* Mozambican Finance Minister Adriano Maleiane said he was confident of reaching a debt restructuring agreement with the country's creditors by August or September, but warned that the country would not be able to resume payments in 2019 if no deal was made by then, he was quoted as telling Portuguese news agency Lusa. He explained that the government must set the 2019 budget by September. Mozambique has proposed a haircut of 50% on $636 million in defaulted debt.
IN OTHER PARTS OF THE WORLD
Asia-Pacific: China overseeing 5 financial firms; SGX, NSE ends trading link talks
Europe: Italy in fresh turmoil; Swiss Re ends investment talks with SoftBank
Latin America: Colombia election set for runoff; Banrisul files for card payment unit IPO
Sheryl Obejera, Henni Abdelghani, Pádraig Belton, and Helen Popper contributed to this report.
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This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings.
