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Egypt inks deal with Euroclear; Lebanon agrees on economic reforms


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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.


* 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

* 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.


* 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.


* 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.


* 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.


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Deza Mones, Henni Abdelghani, Sophie Davies and Mariana Aldano 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.