The South African rand will see a significant appreciation against the U.S. dollar by the end of the year, as much of the macroeconomic risk facing the country is already priced in, according to Absa CIB Head of Currency Strategy Mike Keenan. The currency plummeted in late March as the coronavirus began to spread throughout the world, sending riskier markets […] Read more
British financial technology firm Revolut said its losses more than tripled in 2019, despite a surge in revenues and customer numbers. The London-based start-up, which offers banking and trading services through an app, posted a total loss of £106.5 million ($139.6 million) for the year ending December 31, up from £32.9 million in 2018. That […] Read more
Huawei could be banned from participating in India’s 5G network rollout, just months after it was given the green light to participate in the country’s trials for the technology. It comes after the Indian government said it would block 59 Chinese apps such as TikTok and WeChat, claiming they were a threat to national security. As […] Read more
A lawsuit filed in a New York court against Credit Libanais and two smaller banks is alleging that all three banks, separately, have issued bad checks and misrepresented their situation. At the time of the lawsuit, the plaintiffs had $5.4 million on deposit at Credit Libanais, $7.5 million at BLC Bank, and $5.8 million at […] Read more
Dubai property developer Nakheel has cut salaries by as much as half as the pandemic hits Dubai property developers and mall owners. The salary cuts took effect from April 1 and varied according to employee grades the developer said in a statement to Arab News. Earlier Reuters reported the job cuts and the departure of […] Read more
U.S. rate-setters could set negative interest rates in the future, despite their own current doubts about the risks of this unconventional measure. When central bankers implement negative interest rates, it means that banks, for instance, are paying to store cash. The idea behind it is to boost bank lending, push capital out to businesses, and […] Read more
There are lots of reasons to bet against the gold price rally at the moment but one key reason not to, according to Longview Economics CEO Chris Watling. Gold prices have recently hovered at seven-year highs after the U.S. killing of Iranian military commander Qasem Soleimani, which spiked tensions between Washington and Tehran in the […] Read more
Global stock markets have been on a torrid run in 2019, adding more than $17 trillion in total value, according to Deutsche Bank calculations. The value of global equities began the year just under $70 trillion but has now surpassed $85 trillion, according to a chart from Deutsche Bank’s Torsten Slok. Data provided by Deutsche […] Read more
Dubai’s economy is set to rebound strongly next year, expanding 3.2 per cent on the back of a series of economic stimulus measures introduced last year. The emirate’s openness and its support for innovative projects and entrepreneurship have made the city an ideal destination for investment, the emirate’s Crown Prince Sheikh Hamdan Bin Mohammed said. […] Read more
Google will offer checking accounts next year, according to a source familiar with the company’s plans, representing big tech’s boldest move yet into the consumer banking business as most have focused on credit cards and payment platforms. The accounts for the project will be run by Citigroup and the Stanford Federal Credit Union. The Wall […] Read more
