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Iran seeks bond market return; Bank of Mauritius cuts rate; Mashreqbank Q2 profit down YOY

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Iran seeks bond market return; Bank of Mauritius cuts rate; Mashreqbank Q2 profit down YOY

MEA least vulnerableto rising emerging market debt risks: Emerging market economies arebecoming more vulnerable to external shocks, as total emerging and frontiermarket external debt has nearly tripled to $8.2 trillion at 2015-end from $3.0 trillionin 2005, according to Moody's. The agency found the Middle East and Africaregion to have the lowest external vulnerability, compared to Asia-Pacific,Latin America and the Caribbean.

MIDDLE EAST AND NORTH AFRICA

Iran seeks global bondmarket return: Iranian Economy Minister Ali Tayebnia said the country isplanning to return to international bond markets after a 14-year hiatus to helpfinance its economic recovery, Bloomberg News reports.Tayebnia said Iran is in talks with all rating agencies and that he expects hiscountry to secure a credit rating in the near future, potentially attractingbond investors.

*  yesterday postedsecond-quarter net profit of 539 million UAE dirhams, down from the year-ago643 million dirhams. Impairment allowances more than doubled on a yearlybasis to 472 million dirhams from 228 million dirhams.

* The Abu Dhabi Investment Authority said its 20-yearand 30-year annualized rates of return dropped to 6.5% and 7.5%, respectively,at the end of last year, compared to 7.4% and 8.4%, respectively, at the end of2014.

* CEO Omaral-Amine said his company is discussing the possibility of setting up a newinsurance company in a joint venture with Union National Bank - PJSC, Al-Khaleej writes.

* The IslamicRevolution Guards Corps arrested former Bank Mellat (Public JS) Managing Director Ali RastegarSorkhe'i and his deputy for international affairs over their allegedparticipation in an organized banking scam, Press TV reports.

* The Kuwaiti central bankis set to introduce fees on transactions between it and local banks and otherfinancial institutions to generate more revenue amid the oil price slump, Al-Jarida reports.

* Oman Investment &Finance Co. SAOG saidwholly owned subsidiary Wasel Exchange SAOC has decided not to proceed with theproposed acquisition of Musandam Exchange, as an agreement could not be reachedwith the seller.

* Financing by Omani Islamic banking entities reached 2.1billion rials at May-end, compared to 1.3 billion rials a year ago, the Oman Daily Observer notes.Total deposits in Islamic banks and windows rose to 1.8 billion rials in Mayfrom the year-ago 1.0 billion rials.

* Central Bank of YemenGovernor Mohammed bin Hammam said the second phase of bank fund transfersabroad would take place in the next few days to help facilitate imports amidthe ongoing civil war in the country, Reuters reports.

* Central Bank of Egypt Governor Tarek Amer said yesterdaysaid it is not yet time to float the Egyptian pound, but hinted at a possibledevaluation, Reuters reports,citing state news agency MENA. The central bank devalued the currency in Marchby nearly 14% to approximately 8.78 pounds to the U.S. dollar.

* The International Finance Corp. grantedGroupe BPCE unitBanque Tuniso-Koweitienne a €25 million credit line to promote lending to smalland medium-sized enterprises and drive economic growth in Tunisia.

EAST AND WEST AFRICA

Court allowsdisbursement of extra funds to Imperial Bank depositors: The Kenya DepositInsurance Corp. saidyesterday that it will begin additional disbursement of funds to depositors introubled Imperial Bank Ltd.from July 26, following a court order Tuesday allowing such disbursements.Depositors will be able to access additional funds of up to 1.5 millionshillings through NIC BankLtd.

* Adam Mugume, executive directorfor research at the Bank of Uganda, warned that the country could face"debt distress" in at least two years if the government further delaysthe start of its oil production, Reuters writes.The government had said that oil production will begin after 2020 followingcompletion of a pipeline through neighboring Tanzania.

* Tanzania secured a $7.6billion loan from Export-Import Bank ofChina to help finance the construction of a railway line that willenable the country to trade with neighbors including Burundi, Rwanda andUganda, accordingto Bloomberg News. The IMF yesterday urgedthe country to limit public spending and implement further structural reforms ofthe economy while noting that the growth outlook remains stable. The fundwarned Tanzania of persisting downside risks and challenges.

* The Bank of Ghana warned that the U.K.'s decision to quitthe EU could have a negative impact on the African nation's trade sector,foreign direct investment and currency, Citi Business News reports.The central bank assured that it will take necessary policy actions to combatany adverse effect on Ghana's economy stemming from the so-called Brexit vote.

* Banco de Cabo VerdeGovernor João Serra said the central bank is closely monitoring developments atPortugal's Caixa Geral deDepósitos SA, the largest shareholder in two banks in Cape Verde, Expresso das Ilhas reports.Serra sought to dismiss media speculation that the Portuguese state-run bankcould quit the local market. 

* Banque Atlantique du Mali named Dotian Bamba CEO, accordingto Financial Afrik. Bambareplaces Mady Compaoré.

CENTRAL AND SOUTHERN AFRICA

DR Congo stops loansfor ailing lender: The Democratic Republic of the Congo's central bankreceived orders from Prime Minister Augustin Matata Ponyo to stop giving loansto Banque Internationale pour l'Afrique au Congo asit is contributing to the weakening of the country's currency and has anegative impact on the economy, Bloomberg News reports.The central bank took over statutory management of the ailing bank and loanedit 125 billion Congolese francs over the past four months to help address acontinuing liquidity crisis.

* Finca RDC, the first microfinance institution in the Democratic Republic of the Congo, will launch itsmobile banking platform in the second half, FinancialAfrik writes.

* The Bank of Mauritius'monetary policy committee slashedthe key repo rate by 40 basis points to 4.00% per year, citing increasingdownside risks to the global economic outlook in the wake of the U.K's vote toleave the EU.

* Chinese Finance Minister Lou Jiwei urged the newly launched New Development Bank,established by BRICS nations Brazil, Russia, India, China and SouthAfrica, to explore new financing channels and attract private capital, theSouth China Morning Post writes.

IN OTHER PARTS OF THE WORLD

Asia-Pacific:Chinese firms to bid on ING LifeKorea; SBI, Brookfield Asset Management to form JV

Europe:

LatinAmerica:

NorthAmerica: Morgan Stanley's Q2income down YOY; PIMCO names new CEO

NorthAmerica Insurance:  

Leo Magno, Henni Abdelghani, Sophie Davies and Helen Popper contributed to thisreport.

The Daily Dose Middle Eastand Africa has an editorial deadline of 5 a.m. London time. Some external linksmay require a subscription.