By Andrei Skvarsky. Bangladesh received more than $2bn as remittances from Bangladeshi migrants abroad in August, according to one of the country’s main news agencies, which said such remittances represent an “upward trend” and a process backed by Bangladesh’s hcentral bank. The central bank, Bangladesh Bank, has taken various measures to boost remittances in a… Continue Reading
Africa Finance Corporation’s new $500m Eurobond oversubscribed heavily
By Andrei Skvarsky. Africa Finance Corporation (AFC), a multinational development institution, has issued a $500m Eurobond in a project coordinated by a bank consortium consisting of Bank of America, Citigroup and Goldman Sachs among others. The benchmark five-year bond with a coupon of 5.55 per cent, listed on the London Stock Exchange and Euronext Dublin,… Continue Reading
Islamic Development Bank unit to help Azerbaijan enhance Islamic insurance
By Andrei Skvarsky. ICIEC, the investment insurance unit of the Saudi-based multinational Islamic Development Bank (IsDB), has pledged itself to helping enhance Islamic insurance in Azerbaijan under a September 30 memorandum of understanding. ICIEC’s MoU with the central bank of the predominantly Muslim ex-Soviet republic would underlie a deal to involve activities such as trainings,… Continue Reading
Renaissance Capital hires Dmitry Korolev from Gazprom as oil & gas analyst
Russian investment bank Renaissance Capital has hired Dmitry Korolev from Russian state controlled oil and gas giant Gazprom as an oil and gas analyst. Korolev will report to Maxim Orlovsky, chief executive for Russia and the Commonwealth of Independent States, who described oil and gas as one of the bank’s research priorities, Renaissance said in… Continue Reading
Renaissance Capital: rouble to be worth around 94.50 to USD in 2025
By Andrei Skvarsky. Russian investment bank Renaissance Capital expects the rouble to keep weakening from now on and close at around 94.50 to the U.S. dollar in 2025 but warns there are risks the Russian currency will drop lower than that. “We stick to our forecast for the rouble: an average exchange rate of 93.00… Continue Reading
Forecast of Russian GDP growth slowdown to about 1% in 2025 backed by Renaissance
By Andrei Skvarsky. Moscow-based investment bank Renaissance Capital believes that deceleration of economic growth in Russia to around 1 per cent in 2025 forecast by the central bank is a more likely scenario than a slowdown to 2.5 per cent predicted by the Economic Development Ministry. Renaissance largely attributes the relatively fast gross domestic product… Continue Reading
Bangladeshi ‘bank for the poor’ Grameen has new chairman, Abdul Hannan Chowdhury
By Andrei Skvarsky. The post of chairman of Grameen Bank, a Bangladeshi state-owned microfinance lender set up as a poverty reduction vehicle four decades ago by Muhammad Yunus, an economist and politician who heads Bangladesh’s current interim government, has passed over to university professor Abdul Hannan Chowdhury. Chowdhury, a professor at the School of Business… Continue Reading
Mongolia central bank’s precious metals purchases up by 9.5% YoY – news agency
By Andrei Skvarsky. Mongolia’s central bank has bought 9.3 tonnes of precious metals since the start of 2024, which is 9.5 per cent more than it acquired for the like period last year, the country’s state news agency Montsame said. The amount includes 1.5 tonnes of precious metals that, according to a Montsame statement, the… Continue Reading
Macquarie buys hyperscale data centre in S. Korea
By Andrei Skvarsky. Macquarie Asset Management, part of Australian financial services company Macquarie Group, has agreed to buy a hyperscale data centre with a capacity of 40 megawatts in South Korea. The agreed sale price is 734bn won ($530m) but presumed inputs into transaction procedures and mechanical, electrical and plumbing works that Hanam Data Centre… Continue Reading
Rakuten Mobile to boost capital by up to $2bn via leaseback deal with Macquarie-led group
By Andrei Skvarsky. Japanese mobile carrier Rakuten Mobile plans to use some of its network assets to raise capital worth 150bn to 300bn yen (between $1bn and $2bn) through a sale-leaseback deal with an investor consortium led by the asset management arm of Australian financial services company Macquarie Group. Rakuten Mobile, a subsidiary of Japanese… Continue Reading
World Bank offers anti-‘middle-income trap’ recipe to 100-odd nations
By Andrei Skvarsky. The World Bank has proposed a formula for avoiding a “middle-income trap”, an economic growth slowdown that, according to a common but disputed theory, typically hits a country after it has achieved a middle-income level and bars it from moving on to high-income status. Use of a two-component remedy – investment plus… Continue Reading
Saudi sovereign wealth fund PIF appoints Fahad Al-Saif as head of investment strategy
Fahad Al-Saif, head of the global capital finance division of Saudi Arabia’s Public Investment Fund, the country’s sovereign wealth fund, has been vested with an additional role as head of PIF’s investment strategy and economic insights division. Al-Saif’s new appointment took immediate effect on July 23, according to a statement from PIF. Continue Reading
Saudi, Chinese financial sectors preparing $50bn project
By Andrei Skvarsky. Saudi Arabia’s PIF sovereign wealth fund has signed memorandums of understanding (MoUs) with five major Chinese banks and China’s export and credit insurance agency in laying the basis for a project of up to $50bn to involve debt and equity transactions. The project would consist of deals addressing “areas such as two-way… Continue Reading
Saudi Arabia tells investors Tabuk region needs $13.3bn
By Andrei Skvarsky. A large-scale development programme launched by Saudi Arabia for its Tabuk region offers investment opportunities estimated at $13.3bn, the country’s investment minister said. Investment projects for Tabuk run through a range of sectors, including agriculture, renewable energy, petrochemicals, education and biotechnology, Saudi English-language daily Arab News cited Khalid Al-Falih as telling a… Continue Reading
UAE’s ADCB to set up Islamic banking hub for Central Asia
By Andrei Skvarsky. Abu Dhabi Commercial Bank is planning to boost the role of its Kazakhstan subsidiary Al Hilal Islamic Bank by making it a hub for corporate Islamic banking services for the whole of Central Asia in stepping up what ADCB calls its “strategic presence” in the region. Concurrently, ADCB will phase out retail… Continue Reading
Uzbekistan gold producer gets ‘BB-’ rating with ‘stable’ outlook from S&P
By Andrei Skvarsky. S&P Global Ratings has assigned a long-term rating of ‘BB- ‘ with a ‘stable’ outlook to Uzbekistan’s Navoi Mining and Metallurgical Company (NMMC), the world’s fourth-largest gold producer. This is the first rating obtained by the state-owned company from the New York City-based agency, NMMC said in a statement. One component of… Continue Reading
World Bank lending Egypt $700m to strengthen economy, facilitate green transition
By Andrei Skvarsky. The World Bank has approved a loan of $700m for Egypt as part of a three-year $6bn programme to make the country’s economy more efficient and resilient, give a bigger role to the private sector and facilitate green transition. The loan, one of the international institution’s “development policy financing (DPF)” instruments, is,… Continue Reading
Jersey’s Crestbridge makes top hires for compliance, client, HR services
Jersey-based Crestbridge Family Office Services has made top-tier hires for its compliance, client and human resources services. Simon Logan, who has served at Jersey’s financial sector regulator and the island’s tax office, was recruited as head of risk and compliance, according to information on Crestbridge’s website and a statement by the Channel Eye news service.… Continue Reading
Oak Group hires chief operating officer, promotes 11 pct of staff
By Andrei Skvarsky. Channel Islands-based financial services company Oak Group has hired a new chief operating officer and promoted 11 per cent of its staff, about half of them compliance specialists. The work record of David Ainger, the new COO, includes jobs at information technology services companies Logica and Accenture. A statement from Oak credited… Continue Reading
Guernsey Finance appoints rep for northern England
Guernsey Finance, a promotional agency for the financial services industry of Britain’s self-governing dependency of Guernsey, has hired brand marketing specialist Rowan Stone for its newly established position of representative for northern England. Stone will focus on business development and address issues of investment funds, private wealth, insurance and pensions. He “has worked with international… Continue Reading
RenCap expects Russia’s GDP to grow 2.7 pct YoY in 2024
By Andrei Skvarsky. Russian investment bank Renaissance Capital expects Russia to end 2024 with 2.7 per cent year-on-year economic growth, 5.7 per cent annual inflation and a relatively stable rouble, the institution’s chief economist has said. The rouble, which stands at around 90 to the U.S. dollar today, is likely to edge down to about… Continue Reading
Abu Dhabi simplifying licensing for expat businesses
By Andrei Skvarsky. Abu Dhabi has launched an initiative to simplify its registration rules for expat businesses by replacing the current range of licence types with a single standard type, the Unified Economic Licence, in a measure seen as instrumental for the emirate’s free zones. Abu Dhabi’s five free zones, which represent a variety of… Continue Reading
J.P. Morgan’s Liink system to be used by Australia’s CBA to test anti-scam tech
By Andrei Skvarsky. Australia’s Commonwealth Bank (CBA or CommBank) has announced it will test an anti-scam and mistake-proofing technology internationally in a pilot project via Liink, a blockchain-based system developed by J.P. Morgan, after the domestic use of the tech helped save “millions of dollars” for CBA clients. Liink is a global network for private… Continue Reading
ANZ warns of payment scams after Australians lost nearly $100m in 2023
By Andrei Skvarsky. Australia’s ANZ bank issued a warning last week about so-called payment redirection scams, a form of fraud that has cost Australians tens of millions of dollars lost to computer hackers who rerouted the money via fake bills. In 2023 Australians had AU$91.6m (equivalent to the amount in U.S. dollars that year) stolen… Continue Reading
Australia’s ANZ selling remaining stake in Malaysia’s AmBank
By Andrei Skvarsky. ANZ, one of Australia’s largest banks, has agreed to sell its remaining 5.2 per cent stake in AmBank, one of the biggest lenders in Malaysia. ANZ would be paid 4.10 Malaysian ringgit ($0.87) per share in the deal, the Australian bank said in a statement. The upcoming sale, to be completed on… Continue Reading
Fitch ups major Australian banks’ ratings in evaluating capacity to deal with default risks
By Andrei Skvarsky. Fitch Ratings has given Australia’s five largest banks rating upgrades in assessing their capacity to keep their senior creditors protected if the lenders defaulted on their debt. The long-term issuer default rating (IDR) was raised by one notch for each of the five banks – to A+ for Macquarie Bank and to… Continue Reading
Dubai gets nearly $10bn as FDI in 2023
By Andrei Skvarsky. Dubai received $9.77bn in 2023 as foreign direct investment (FDI), the emirate’s Department of Economy and Tourism said. The United States was the source of the largest single proportion – one-fifth – of the amount. British investments made up the second-biggest share, about 9 per cent. India was third with an input of… Continue Reading
Macquarie Capital hires ex-Credit Suisse, ex-UBS banker as head of greater China
Macquarie Capital, the advisory and investing arm of financial services group Macquarie, has hired Honggui Li, a former banker at Credit Suisse and UBS, as head of greater China. Li has almost 25 years’ experience of business in greater China, according to a statement from Macquarie, a company headquartered in Sydney. He was head of… Continue Reading
Macquarie launches active large-growth ETF on NYSE Arca
By Andrei Skvarsky. Macquarie, a global financial services group, has launched an active large-growth exchange-traded fund (ETF), which began trading on the NYSE Arca exchange in New York on May 15. The Macquarie Focused Large Growth ETF (LRGG ETF) is the fourth active ETF of Macquarie Asset Management, a division of the Sydney-headquartered group. The… Continue Reading