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banking

Aug 04

IQ cash flow remains strong despite challenges: Report

IQ cash flow remains strong despite challenges: Report

QNB Financial Services (QNBFS) has announced that it maintains its market perform rating on Industries Qatar (IQ) with price target of QR10 as the company’s balance sheet continues to remain solid with QR11.3bn in cash, bank balances and zero debt.
The company generated operating"...

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Jul 22

Alvarez & Marsal named forensic auditor of the Central Bank

Alvarez & Marsal named forensic auditor of the Central Bank

The Cabinet has approved hiring Alvarez & Marsal (A&M) to perform forensic audit of the Central Bank (BDL) while KPMG and Oliver Wyman will carry out the financial audit.

“Naming a forensic auditor is the foundation stone for building reforms,” said Primer"...

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Jul 22

Lebanon court orders seizure of central bank governor’s assets

Lebanon court orders seizure of central bank governor’s assets

A Lebanese court has issued a decision to freeze the assets of central bank governor, Riyad Salameh.

Judge Faisal Makki issued the order, which came into effect immediately, yesterday and stipulated the seizure"...

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Jul 21

Court orders seizure of Lebanon central bank chief’s assets

Court orders seizure of Lebanon central bank chief’s assets

In a statement from the Ministry of Justice, Judge Faisal Makki ruled that Salameh’s assets — including his house in Beirut’s Rabieh area, other property and personal allocation in Banque du Liban, Lebanon’s central bank — would be seized with immediate effect,"...

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Jul 20

Bank restructuring committee announced by the Central Bank

Bank restructuring committee announced by the Central Bank

The Central Bank (BDL) has formed a committee for restructuring the local banks that will report to the Governor of BDL.

Banks have objected to the name of the committee.

According to a BDL memo, the committee will propose amendments to prudential regulations of"...

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Jul 16

Bank of America Reports Second-Quarter 2020 Financial Results

Bank of America Reports Second-Quarter 2020 Financial Results

Bank of America reported its second-quarter 2020 financial results today. The news release, supplemental filing and investor presentation can be accessed in the following ways:

This press release features multimedia."...

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Jul 16

Currencies of Lebanon, Iran and Syria are in freefall with inflation surging, IIF says

Currencies of Lebanon, Iran and Syria are in freefall with inflation surging, IIF says

The currencies of Lebanon, Iran and Syria have hit record lows, with spreads between official and black-market rates widening and inflation increasing due to decades of mismanagement, corruption and sanctions, the Institute of International Finance said.

Lebanon"...

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Jul 15

Ex-financial chief says bankers smuggled $6bn out of Lebanon

Ex-financial chief says bankers smuggled $6bn out of Lebanon

The former in the Lebanese Ministry of Finance, Bifani said Monday that Lebanese bankers have smuggled nearly $6 billion out of the country since October despite financial regulations imposed to save the country from the worst financial crisis in 30 years, a former Ministry of Finance official"...

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Jul 08

American Express, Discover, Mastercard and Visa to Power Global Expansion of Simple, Consistent Digital Checkout Experience

American Express, Discover, Mastercard and Visa to Power Global Expansion of Simple, Consistent Digital Checkout Experience

E-commerce has reached new heights around the world, as more consumers are going online to make secure, touch-free purchases across various merchants and platforms. Now, it’s more important than ever that the online checkout experience is seamless and consistent across all types of"...

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Jul 07

BDL Sets Exchange Rate for Food Industry Importers, Manufacturers

BDL Sets Exchange Rate for Food Industry Importers, Manufacturers

The Central Bank of Lebanon (BDL) announced in a statement on Monday a 3,900 Lebanese Pounds as an exchange rate for food industry importers and manufacturers.

The bank said that requests should be submitted and"...

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