by Jibran Munaf | October 25, 2024 | Banking, Currencies
HSBC’s Hong Kong division has become a direct offshore participant in China’s global interbank renminbi payment system, CIPS, as confirmed in a company statement. This move supports Beijing’s efforts to promote the yuan internationally, aiming to increase its...
by Jibran Munaf | October 25, 2024 | Fintech, Technology
Intel announced plans on Friday to invest over $28 billion to construct two new chip factories in Ohio, a strategic move aimed at expanding its contract manufacturing business and enhancing its competitiveness with global leader Taiwan Semiconductor Manufacturing Co....
by Jibran Munaf | October 25, 2024 | Central Banks, Economy
On Friday, Russia’s central bank implemented a significant interest rate hike, increasing its key rate by 200 basis points to 21% to counter inflationary pressures that exceeded earlier projections. The latest hike follows a prior increase to 19% in September, with...
by Jibran Munaf | October 24, 2024 | Banking
The total financial facilities and loans provided by UAE banks to small and medium-sized enterprises (SMEs) reached AED81.2 billion ($22.1 billion) by the end of the first half of 2024, according to the latest data from the Central Bank of the UAE (CBUAE). Loans to...
by Jibran Munaf | October 24, 2024 | Banking, Corporate Finance
Abu Dhabi Commercial Bank PJSC (ADCB) has announced a 30% increase in profit before tax, reaching AED7.702 billion for the first nine months of 2024. Net profit after tax stood at AED6.846 billion, reflecting the bank’s strong financial performance. ADCB attributed...
by Jibran Munaf | October 23, 2024 | Banking
Deutsche Bank’s shares dropped 4.3% on Wednesday after the bank’s return to profit in the third quarter fell short of investor expectations. The German lender posted a net profit attributable to shareholders of €1.461 billion ($1.58 billion), surpassing analyst...
