Author: News Editor

U.S. Defense Secretary Lloyd Austin announced Sunday that he has ordered American military ships, including an aircraft carrier and additional aircraft, to move closer to the eastern Mediterranean in response to Hamas’ unprecedented, multi-fronted attack on Israel. At least four U.S. citizens were among the more than 700 people killed in Israel amid Hamas assault, according to a Sunday night statement from Senate Majority Leader Chuck Schumer. “Today, in response to this Hamas attack on Israel, and following detailed discussions with President Biden, I have directed several steps to strengthen Department of Defense posture in the region to bolster regional…

Despite having around 28 per cent of the world’s Muslim population, Africa’s Shariah compliant banking assets make up only around two per cent of global Islamic banking assets, Moody’s Investors Service has said. A report issued Thursday by the rating agency, stated that African Islamic banks face obstacles to growth, including high level of competition from conventional banks in some countries and a lack of product awareness in some other jurisdictions. While the industry’s na- scent legal and regulatory landscape has been among the constraints, there is noticeable progress now being made in jurisdictions such as Morocco, Nigeria and across…

The Jamaica Bankers Association (JBA) today announced the resignation of Septimus ‘Bob’ Blake as president of the association, with effect on Friday, September 29. “Mr Blake has been a dedicated and visionary leader during his tenure and his departure marks the end of a chapter filled with formidable contributions to the development of the Jamaican banking sector,” the association said in a press release today. “Under Mr Blake’s leadership, the JBA made significant strides in its advocacy for the interests of its member organisations and other stakeholders within the industry. His fostering of the ideals of transparency, collaboration, and innovation…

Mid-sized British lender Metro Bank (MTRO.L) saw its shares plunge more than 25% on Thursday following reports it is trying to raise as much as 600 million pounds ($729 million) to strengthen its capital levels. It is another setback for the upstart lender, launched in 2010, which at one time looked like the best bet to shake up a banking market dominated by behemoths like Barclays (BARC.L), Lloyds Banking Group (LLOY.L) and NatWest (NWG.L). WHY DOES METRO BANK NEED TO RAISE FUNDS? Metro Bank has faced persistent struggles in recent years to convince regulators that it can use its own models when working out how much capital it…

Europe’s bid to expand its green tech industry faces a host of challenges, including high energy costs and supply chain issues, solar industry representatives gathered in Madrid warned on Thursday. The comments come as the European Commission and European governments weigh tougher action on imports while aiming to boost clean tech manufacturing in Europe and reduce the reliance on China for products needed for the green transition. “You cannot manufacture in Europe,” Gonzalo de la Vina, president for the Europe, Middle East and Africa region of Chinese solar energy firm Trina Solar (688599.SS), said at an event hosted by Spanish…

An Egyptian policeman has opened fire on tourists in the Mediterranean city of Alexandria, killing at least two Israeli nationals and one Egyptian, according to local media reports. Extra News television channel, which has close ties to Egyptian security agencies, quoted an unidentified security official as saying that another person was wounded in the attack at an Israeli tour group in Pompey’s Pillar site in Alexandria. The suspected assailant was detained and the site of the attack was cordoned off, according to the Extra News. A video circulating on social media showed at least three ambulances apparently taking the victims…

Keynote speech by Luis de Guindos, Vice-President of the EC, at the First Annual Conference organised by the Central Bank of Cyprus Introduction I will start by giving you an overview of the economic outlook for the euro area before going on to look at how the ECB has adjusted its monetary policy to this outlook. I will then discuss in more detail the transmission of our monetary policy in the current environment and the sources of uncertainty that appear particularly relevant at this stage. The outlook for inflation and growth in the euro area Economic…

The bank forecasts the Turkish economy to expand by 3.1 percent next year and 3.9 percent in 2025, a downward revision from its previous estimates of 4.3 percent and 4.1 percent, respectively, in June. “Growth is projected to increase to 4.2 percent in 2023 because of resilient household consumption and reduced policy uncertainty,” the bank said in its Europe and Central Asia Economic Update report. “Gradual fiscal consolidation is expected to continue supporting fiscal balances, and the macro-financial stabilization alongside lira depreciation and policy support to exporters is expected to further narrow the current account deficit,” the bank said. The international lender…