* The International Monetary Fund warned that an easing cycle from central banks could encourage further risk-taking from investors, which may threaten the stability of the global financial system. The fund added that although interest rate cuts support the global economy, looser financial conditions "are encouraging financial risk-taking and are fueling a further buildup of vulnerabilities" in some areas.
* Supranational lender African Export-Import Bank confirmed its plan to launch an IPO in London, aiming to raise at least $250 million by offering shares in the form of global depositary receipts, or GDRs. The offering includes a brownshoe option of up to 15% of the base deal size, with the admission of the shares to the LSE's standard listing segment expected in November.
* The World Bank's International Centre for Settlement of Investment Disputes ordered Tanzania to pay Standard Chartered PLC's Hong Kong unit $185 million over a breach of an energy contract, in a case stemming from a legal battle between the government and privately owned independent power producer IPTL, Reuters reported. The amount was less than the $352.5 million the bank initially sought. Meanwhile, Tanzanian government spokesman Hassan Abbasi tweeted that neither the state nor government-controlled Tanesco has a legal liability in the case.
* A U.S. prosecutor said Jean Boustani, a lead salesman for a Lebanese shipbuilding company, was allegedly the mastermind behind an alleged scheme to defraud U.S. investors involving $2 billion in loans for government projects in Mozambique, Reuters reported. Boustani's lawyer, however, told a jury that his client never communicated with investors and had no U.S. ties. Meanwhile, former Credit Suisse Group AG banker Andrew Pearse told the court in New York that he had accepted at least $45 million in bribes for his role in helping arrange controversial loans to Mozambique, Bloomberg News reported. Pearse and another former Credit Suisse banker, Detelina Subeva, are accused of being part of the alleged scheme.
GULF COOPERATION COUNCIL
* Qatar Islamic Bank QPSC's third-quarter net profit attributable to equity holders of the bank totaled 790.0 million riyals, up from the year-ago 680.0 million riyals. The bank's attributable profit for the nine months to Sept. 30 also rose year over year, to 2.22 billion riyals from 2.01 billion riyals.
* The emirate of Sharjah is set to raise $750 million through the issuance of 10-year Islamic bonds, or sukuk, according to a document seen by Reuters. The notes were initially marketed at around 185 basis points above midswaps and received orders of over $3.2 billion.
* Investment Corporation of Dubai has signed a collaboration agreement to "explore mutually beneficial investment opportunities" with Russian sovereign fund RDIF, Argaam reported.
* Al Ahleia Insurance Co. SAKP received regulatory approval to buy, sell or dispose of no more than 10% of its issued shares.
* Oman-based United Finance Co. SAOG clinched regulatory approval for Bikramjit Rishi's appointment as COO.
* Awadh Mohammed Faraj Bamkhalef stepped down from the board of The Financial Corp. Co. SAOG Oct. 15 due to personal reasons.
* Kuwait and Middle East Financial Investment Co. KSCP appointed Mohammed Ibrahim Alnabasi general manager of its legal department.
REST OF MIDDLE EAST AND NORTH AFRICA
* Faisal Islamic Bank of Egypt SAE will hike its issued capital to about $440.2 million from $366.8 million by issuing 73,366,117 shares at par value of $1 a piece, according to Arab Finance. The bank will distribute around 0.20 share for every 1 share presently held.
EAST AND WEST AFRICA
* Ghana's central bank and attorney general filed a motion for the High Court to junk the case filed against them by businessman Papa Kwesi Nduom over the cancellation of the license of GN Savings and Loans, Joy Business wrote. The motion claims that a case involving insolvency of a financial institution and license revocation must first go through an arbitration. The central bank revoked the license of GN, along with other companies, amid a cleanup of the banking sector.
* Kenyan President Uhuru Kenyatta sent back to parliament a bill seeking to retain limits on interest rates, Bloomberg News reported, citing Patrick Njoroge, the country's central bank governor. Parliament could amend the Finance Bill and remove the rate caps or gather two-thirds of votes in the house for the bill to be enacted. However, Njoroge said the latter option is unlikely to happen.
* Nigeria-based Pensions Alliance Ltd. named Godwin Onoro acting managing director following the end of Morohunke Bammeke's term on Oct. 3, The Sun reported. Onoro has been the company's executive director of finance and operations since 2013.
CENTRAL AND SOUTHERN AFRICA
* Peter Moyo, the former CEO of Old Mutual Ltd., said jail time is the appropriate punishment for the directors of the South African insurer for the contempt of court case he had filed against them, Business Day noted. A court recently ruled in favor of Moyo's reinstatement but the company still had not budged. Old Mutual said there was no basis for the court to find that its directors disobeyed its order.
* The net profits of Angola's biggest five private banks — Banco Económico SA, Banco BIC SA, Banco Angolano de Investimentos SA, Banco de Fomento Angola SA and Banco Millennium Atlântico SA — fell 18.9% year over year in the first half to 170 billion kwanzas, Expansão reported.
* The Gabonese insurance sector generated a consolidated turnover of 45.73 billion CFA francs in the first six months of 2019, up 8.8% from 42.04 billion in the same period in 2018, Agence Ecofin reported.
IN OTHER PARTS OF THE WORLD
Asia-Pacific: China loosens interbank bond rules; Macquarie faces lawsuit in Germany
Europe: Wirecard faces heat; US charges Halkbank over sanctions; German bank raided
Latin America: IMF cuts LatAm growth forecast; Argentina key rate falls to 68%
North America: BofA Q3 EPS down; Kansas banks merging; Citi calling for stability in Africa
Global Insurance: UnitedHealth welcomes Medicare EO; Saddle Ridge Fire origin; Molina in $40M deal
Sheryl Obejera, Henni Abdelghani, Sophie Davies and Helen Popper contributed to this report.
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