GULF COOPERATION COUNCIL
* Following the U.S. Federal Reserve's widely expected rate cut, the Qatar Central Bank lowered by 25 basis points its deposit and repurchase rates to 2.25% and its lending rate to 4.50%. Meanwhile, the Central Bank of Bahrain held its interest rate policy, according to Reuters.
* Saudi Stock Exchange (Tadawul) is ready for the envisaged mega IPO of Saudi Arabian Oil Co., having set out changes and updates to its systems, Reuters reported, citing Mohammed al-Rumaih, the bourse's markets chief.
* The shareholders of Saudi Arabia-based Al Ahlia Insurance Co. for Cooperative Insurance
* Saudi Arabia-based Islamic Development Bank Group
* State-controlled mortgage-refinancing firm Saudi Real Estate Refinance Co. intends to raise up to 1 billion riyals in sukuk by 2019-end but the firm has yet to decide if it would be a local or international offering, CEO Fabrice Susini told Bloomberg News.
* Moody's withdrew all of Abu Dhabi-based Al Hilal Bank PJSC's ratings, including its A2/P-1 long- and short-term issuer ratings, citing business reasons.
* Dubai-based Commercial Bank International PSC's plans to cut up to 18% of its 550-man workforce through a voluntary redundancy program, sources told Bloomberg News. The bank reportedly aims to withdraw from unsecured retail lending and focus on rich customers in its consumer banking and corporate-banking segments although no timeline for the process has been set yet.
* Solidarity Bahrain BSC
* Oman-based Al Madina Investment Company SAOG named Waseem Riyadh Khan its acting CEO, effective Sept. 18.
* National Bank of Oman SAOG
REST OF MIDDLE EAST AND NORTH AFRICA
* Benny Gantz, the main challenger to Israeli Prime Minister Benjamin Netanyahu, declared victory in the country's Sept. 17 parliamentary election, saying he would build a unity government after both of their parties failed to secure an outright majority, various media outlets reported. Gantz, the country's former military chief, reportedly said he would have to replace Netanyahu as prime minister since the latest unofficial election results showed that his Blue and White Party was two parliamentary seats ahead of the incumbent's Likud Party.
* Gil Don, the co-founder of Israel-based Splitit Payments Ltd., has stepped down as the firm's CEO and will become its general manager for Europe, the Middle East and Africa. Brad Paterson, who is managing director for North America, will succeed Don as CEO. The changes take effect Oct. 1.
* Lebanon-based Jammal Trust Bank SAL said it decided to enter into self-liquidation despite its sound financial situation, Reuters wrote. Lebanon's central bank has agreed to the lender's request. Jammal Trust Bank was hit by U.S. sanctions in August for its alleged involvement in funding the Iran-backed Hezbollah movement, a claim it has since denied.
* Attijariwafa bank SA's
* Attijariwafa Bank unit Wafa Assurance SA has appointed Safaa El Gharbi as deputy CEO in charge of technology and support, L'Economiste reported. El Gharbi was previously in charge of information systems and organization at the insurer.
* Alia Belkahia has been named CEO of Société Tanit International, a subsidiary of Banque Internationale Arabe de Tunisie SA, IlBoursa wrote.
* Zine El Abidine Ben Ali, Tunisia's former president, died in exile yesterday at age 83, news outlets including The Associated Press and Agence France-Presse reported.
EAST AND WEST AFRICA
* Nigeria's House of Representatives urged the central bank to suspend its cashless policy, which would impose charges on cash deposits and withdrawals, Business Post reported, citing a Facebook post by House Speaker Femi Gbajabiamila.
* The Nigerian government is in discussions with the World Bank over a potential concessionary loan of up to $2.5 billion, Business Day reported, citing Hafez Ghanem, the lender's vice president for Africa.
* Kenya's central bank is expected to maintain its policy rate during its monetary policy meeting next week, according to Business Daily Africa. This comes despite concerns that the government's decision to peg the interest rate cap on its base lending rate has hampered private sector credit.
* First National Bank Ghana Ltd.
CENTRAL AND SOUTHERN AFRICA
* The South African Reserve Bank maintained its repurchase rate at 6.5% as it continued to flag weak economic growth prospects and fiscal risks. GDP growth forecasts for 2020 and 2021 were lowered to 1.5% and 1.8%, respectively, from 1.8% and 2.0%, previously.
* Standard Bank Group Ltd. launched a $500 million syndicated loan facility to be used for general corporate purposes, including trade finance, Global Trade Review reported. The loan will have a 36-month tenor.
* Pinky Moholi resigned as a nonexecutive director of Old Mutual Ltd. and unit Old Mutual Life Assurance Co. (South Africa) Ltd. for personal reasons, effective Sept. 18. Moholi was among the directors who voted to fire Peter Moyo as CEO, according to Business Day.
* Atlas Mara Ltd.'s
* Angola's net international reserves fell to $10.2 billion through June 2019, down 3.8% from the previous six-month period, according to a first-half report by the country's Capital Market Commission, Macauhub reported. The kwanza currency weakened almost 10% against the dollar during the same period. Meanwhile, the report said GDP contracted again during the first quarter, slipping 0.4% year over year.
IN OTHER PARTS OF THE WORLD
Asia-Pacific: MUFG to cut HK, Singapore staff in half; key rate decisions across Asia
Europe: Deutsche, Barclays named in German tax fraud trial; Nordea CFO to depart
Latin America: Brazil cuts key rate; Argentina raises floor of benchmark rate
North America: 'Spoofing' probe to expand; Cboe withdraws bitcoin ETF; SEC OKs Volcker 2.0
Global Insurance: Lloyd's underwriting profit; Charles Taylor PE takeover; who insures Purdue?
Erin Tanchico, Henni Abdelghani, Sophie Davies 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. Descriptions in this news article were not prepared by S&P Global Ratings.
