trending Market Intelligence /marketintelligence/en/news-insights/trending/D6HhRd8QdcKPG2wIu561_w2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Egypt inks deal with Euroclear; Lebanon agrees on economic reforms

Street Talk - Ep. 64: Coronavirus jumpstarts digital adoption

Street Talk Podcast

Street Talk - Ep. 63: Deal talks continue amid bank M&A freeze, setting up for strong Q4

Street Talk Podcast

Street Talk - Ep. 62: 'Brutal' outlook for oil demand offers banks in oil patch no relief

Amid Q1 APAC Fintech Funding Slump, Payment Companies Drove Investments


Egypt inks deal with Euroclear; Lebanon agrees on economic reforms

* British bank Standard Chartered PLC named Mohamed Abdel-Hamid Abdel-Razek regional chief information officer for Africa and the Middle East and CIO for Islamic banking, according to a press release carried by Thomson Reuters' Zawya.

* African Development Bank President Akinwumi Adesina said the lender will launch a financing index that will determine credit lines for financial institutions based on their lending to women, TheCable reported.

GULF COOPERATION COUNCIL

* S&P Global Ratings affirmed Oman's long- and short-term foreign- and local-currency sovereign credit ratings at BB/B. The outlook on the long-term ratings remains negative, reflecting the risk that the country's fiscal and external buffers will continue to deteriorate in the absence of a more favorable external environment or substantial fiscal measures aimed at reducing the government deficit.

* Saudi Arabia's Capital Markets Authority has approved GIB Capital's public offer of GIB Opportunistic MENA Equity Fund.

* Saudi Arabia-based Gulf General Cooperative Insurance Co. has hired Falcom Financial Services as a financial adviser for its rights issue, Argaam wrote.

* Switzerland will resume a planned government-led visit of several bankers to Saudi Arabia that had been postponed after the murder of journalist Jamal Khashoggi, an insider told finews.com.

* S&P Global Ratings affirmed Kuwait-based The Arab Investment & Export Credit Guarantee Corp.'s long-term issuer and financial strength credit ratings at AA-, with a stable outlook.

REST OF MIDDLE EAST AND NORTH AFRICA

* The Egyptian government has signed a deal to establish a cross-border link with Brussels-based Euroclear SA/NV, Reuters reported, citing Egypt's finance ministry. The move will make domestic Egyptian debt available to a wider foreign investor base.

* Lebanese Prime Minister Saad al-Hariri has agreed with other government officials on a package of reforms aimed at easing the country's economic crisis, insiders told Reuters. As part of the agreed reforms, the country's central bank and private banks will be required to shell out $3.3 billion in contributions to allow the government to achieve a near-zero deficit for the 2020 budget. Al Arabiya television reported that the prime minister's proposal included a 25% tax on banks and insurers operating in Lebanon, Gulf News wrote.

* The Financial Action Task Force, which sets global standards against money laundering, said it has given Iran until February 2020 to comply with international rules.

* Capital Intelligence Ratings affirmed Iran's long- and short-term foreign- and local-currency ratings at B/B, with a stable outlook.

* Moroccan central bank Governor Abdellatif Jouahri said the country could return to a more flexible foreign-exchange regime at the first sign of an external shock to the economy, Bloomberg News wrote.

* U.S. investment bank Stifel will make a minority investment in Israel venture capital crowdfunding platform OurCrowd Ltd. as part of a strategic partnership between the two firms, Globes reported.

EAST AND WEST AFRICA

* Nigeria-based development-finance firm African Finance Corp. plans to double its exposure to mining assets to 20% of its long-term portfolio in the next three to five years, Bloomberg reported. The company will invest in countries including Mali, Gabon, Burkina Faso and the Democratic Republic of Congo.

* The Nigerian government has opposed a plan by telecommunications companies to increase charges on the use of unstructured supplementary service data to access banking services, TheCable reported. Meanwhile, central bank Governor Godwin Emefiele said he has ordered banks to shift their business from telcos that plan to increase charges, the newspaper wrote.

* Nigeria's Securities and Exchange Commission is setting up a framework to regulate small businesses that raise capital through crowdfunding, TheCable wrote, citing Mary Uduk, the agency's acting director-general.

* Nigeria's central bank said it will sanction banks and their customers if they are found to be involved in gaming its loan-to-deposit ratio requirement for lenders, TheCable reported.

* The World Bank approved a $3 billion loan for Nigeria for the expansion of the transmission and distribution facilities of the country's power sector, TheCable reported, citing Finance Minister Zainab Ahmed. Ahmed said the loan, which will be released in four tranches, could be expanded to $4 billion.

* IMF Managing Director Kristalina Georgieva voiced support for Somalia's efforts to secure debt relief, saying the country was committed to carrying out further reforms despite challenging circumstances, Reuters reported.

CENTRAL AND SOUTHERN AFRICA

* South African insurer Old Mutual Ltd. said Karabo Morule resigned as managing director of unit Old Mutual Personal Finance, effective Oct. 18.

* South Africa-based financial services firm Finbond Group Ltd. said it expects basic and headline earnings per share for the six months ended Aug. 31 to decline by between 4.4 cents per share and 5.5 cents per share from 10.9 cents per share in the same period a year ago, mainly due to the transition of South African Social Security Agency customers to a new post office card, which led to a 94.6% drop in SASSA loans sold during the period.

* Angolan Finance Minister Vera Daves de Sousa said the government will tap international bond markets to help fund its budget for 2019 and 2020, but that the amount and the timing of the issue is yet to be decided, Bloomberg reported. Meanwhile, de Sousa said the government has agreed with the IMF that it will not halt fuel subsidies prior to the start of a new cash transfer program aimed at protecting poor households from higher prices.

IN OTHER PARTS OF THE WORLD

Asia-Pacific: China opens dual-class stocks to onshore buyers; Australian superfunds debut JV

Deza Mones, Henni Abdelghani, Sophie Davies and Mariana Aldano contributed to this report.

The Daily Dose Middle East and Africa has an editorial deadline of 5 a.m. London time. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.

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.