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  • Coronavirus hits Gulf banks in Q2 but full impact of bad loans looms

    Most Gulf banks’ profits plunged in the second quarter after a spike in impairment charges for expected credit losses, as regional economies reel from the double blow of low oil prices and the coronavirus outbreak. But the banks may need to set aside even more money in the second half of the year to cover bad loans, as their full impact on banks has so far been curbed by stimulus measures allowing debt repayment delays, analysts say.

  • First Abu Dhabi Bank Joins Mideast Lenders in Raising Provisions

    Banks in the Gulf region are raising provisions to offset an expected increase in sour loans due to the twin shock of plunging oil prices and the coronavirus fallout. First Abu Dhabi Bank follows Qatar National Bank, Emirates NBD PJSC and Dubai Islamic Bank in increasing impairments charges.

  • Lebanon becomes 1st country in Middle East and North Africa to enter hyperinflation

    Lebanon is now the first country in the Middle East and North Africa to see its inflation rate exceed 50% for 30 consecutive days, according to Steve H. Hanke, a professor of applied economics at the Johns Hopkins University. The sharp rise in prices for goods and services pushes the country further into crisis. High inflation means many goods have become unaffordable.

  • Israel ‘thwarts Hezbollah infiltration from Lebanon’

    Israel's military has opened fired on Hezbollah militants who were trying to "infiltrate our territory", PM Benjamin Netanyahu has said. The Israel Defense Forces (IDF) said up to four militants crossed the border in the Mount Dov area, part of the Israeli-occupied Syrian Golan Heights. A Hezbollah statement said it had not engaged in any clashes, instead blaming a "nervous" enemy. The area has been tense for days after the death of a Hezbollah fighter.

  • UN: Libya’s Central Bank to Undergo Much-Anticipated Audit

    The United Nations announced on Monday that Libyan officials are allowing a long-sought external audit of the country's Central Bank to go ahead, a breakthrough that could pave the way for an end to a crippling oil blockade. Libya’s oil and money are strategic assets that have fueled conflict between the country’s rival administrations and militias since the 2011 NATO-backed uprising that ousted and killed longtime autocrat Moammar Gadhafi.

  • Saudi banks may suspend dividend payouts for H1 2020

    Earnings calls this week revealed that Saudi Arabia’s listed banks may withhold dividends for the first half of 2020. Although some banks like Al Rajhi and Banque Saudi Fransi, which had their earnings calls on Monday, made no direct mention of withholding dividends, they indicated as much.

  • The $2 Trillion Question: What’s On The Horizon For Bank Credit Losses

    Across the 88 banking systems S&P Global Ratings covers, we forecast their credit losses will be about $1.3 trillion in 2020--more than double their 2019 level of $0.6 trillion

  • Qatar Airways seeks $5 billion compensation from Arab bloc over airspace ban

    Qatar Airways said the measures specifically targeted the airline and aimed to close its operations in the four countries, destroying the value of its investments and causing damage to its global operations.

  • Oman to impose curfew, travel bans for Eid holiday due to coronavirus

    Oman will ban travel between all its governorates from July 25 to Aug. 8, a period that includes a Muslim holiday, to prevent the spread of the new coronavirus, state news agency ONA said on Tuesday. A statement from the Health Ministry described the measure as a “total lockdown” of all governorates. The Gulf state will also implement a daily curfew from 7 p.m. to 6 a.m. during the period, which includes the Muslim Eid al-Adha holiday period. Shops and public spaces will be closed during the hours of curfew.

  • Timeline: Lebanon’s ordeal – Economic and political crises since civil war

    With hard currency growing ever more scarce, the Lebanese pound has lost some 80% of its value, depositors have been shut out of their savings and unemployment are poverty are soaring. Here are Lebanon’s main previous post-war upheavals.