Latest News

Atif Bajwa elected as President OICCI

KARACHI: Atif Bajwa, President and Chief Executive Officer, Bank Alfalah Limited has been elected as the President of the Overseas Investors Chamber of Commerce and Industry (OICCI) for the year 2015. Leading bankers such as Nauman Ansari, President & Chief Executive Officer, Faysal Bank Limited and Nadeem Lodhi, Managing Director [...]

RBI urges companies to hedge FX exposure

MUMBAI: The RBI is making extra efforts to spur the country’s corporates to more actively hedge their foreign exchange exposure, in order to fortify the country’s defences against any risk of currency turmoil. The efforts reflect the Reserve Bank of India’s fear of becoming hostage to global developments, especially as [...]

Standard Chartered board to discuss CEO succession at meeting

LONDON: Standard Chartered’s board will discuss succession planning at a meeting in Washington today, people familiar with the matter said, following speculation it was seeking a new chief executive. The meeting is a regularly scheduled board gathering, the Asian-focused bank said, declining to discuss further details, or the agenda. However, [...]

Russia unexpectedly cuts key rate to 15%

Moscow: Russia’s central bank lowered its main interest rate as concern over a looming recession took precedence over stabilizing the ruble and taming runaway inflation. The ruble weakened beyond 70 against the dollar. The one-week auction rate was cut to 15 percent from 17 percent, the central bank said in [...]

IMF lauds economic prospects of Palestinian state

Ramallah: An International Monetary Fund (IMF) mission led by Christoph Duenwald visited Ramallah from January 21-29, 2015, to assess recent economic developments in the West Bank and Gaza and the financial situation of the Palestinian Authority (PA). The IMF mission met with Deputy Prime Minister Mohammad Mustafa, Finance Minister Shukry [...]

Greek banks are ticking time bombs

Investors are trashing Greek stocks and bonds in the aftermath of Alexis Tsipras’s election. It’s the country’s banks, however, that are bearing the brunt of the backlash to the new prime minister’s anti-austerity promises, and that spells trouble for a government that can’t afford to rescue its financial system. This week, the [...]

Central Bankers, unite!

In September, the world will commemorate the 30th anniversary of the Plaza Accord. That agreement to weaken the dollar and boost the yen still stands as a landmark of economic cooperation — something that’s sadly lacking in our chaotic and deflationary times. This week’s panicky move by Singapore’s central bank shows why [...]

Putin’s bailout plan for banks

Oil is down 57 percent from last year’s high, the ruble is approaching its catastrophic December low, and Standard & Poor’s has just relegated Russian debt to junk status — but the Russian government has a plan. Or, rather, it has a document it calls a plan. It follows that the only aspect of Russia’s [...]