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  • Wave of North American oil and gas bankruptcies to continue at $40/bbl crude: report

    A wave of oil and gas bankruptcies in North America is likely to continue this year as oil prices remain depressed and a new surge of COVID-19 cases threaten to stall any recovery in fuel demand, law firm Haynes and Boone said in a report released this week. Bankruptcies surged in the second quarter, including from major shale independents Chesapeake Energy and Whiting Petroleum, as oil prices collapsed due to the pandemic and a brief, unexpected price war between Saudi Arabia and Russia.

  • U.N. Ban on Iran Arms Transfers

    The Trump Administration, with the support of many in Congress, is seeking to persuade other Security Council members to extend the ban in order to prevent Iran from acquiring new conventional weaponry, particularly advanced combat aircraft.

  • COVID-19 headwinds to hurt Saudi banks’ profitability

    Saudi Bank’s profitability that witnessed improvement in the first quarter of 2020 is likely to be impacted by COVID-19 headwinds according to global professional services firm Alvarez & Marsal (A&M). In its first ever ‘KSA Banking Pulse’ report released on Wednesday, A&M said that the top banks in Saudi Arabia showed mixed performance in Q1 2020 as improved operating efficiency and lower provisioning was offset by the effect of reduced interest rates.

  • Middle East Banks Talk Consolidation to Weather Oil, Virus

    The global pandemic and an oil price rout are prompting a new wave of consolidation talk among banks in the Middle East. In recent weeks, two potential tie-ups in Saudi Arabia and Qatar have been announced, adding momentum to an already unprecedented merger and acquisition spree. With about $440 billion of deals on the table, here’s what’s in the works:

  • Hezbollah takes control of Lebanon’s judiciary in assault on rule of law

    The international community has stood by and watched over the past two decades as Hezbollah has expanded its control into every sector of Lebanese government and society. Hezbollah, with its current alignment with the largest political bloc in the governing coalition, The Free Patriotic Movement (FPM), is now intent on taking full control of the critical branches that make up the Lebanese government.

  • Citi targets more growth in Saudi Arabia after adding over 20 bankers in two years

    Citigroup (C.N) is planning to hire more bankers in Saudi Arabia for its direct custody business after adding more than 20 for onshore capital markets in the last two years, its Europe, Middle East and Africa head said. The bank, which following a 13-year hiatus returned to Saudi Arabia in 2018 after being granted a capital markets licence, said last year it would also expand its direct custody and clearing services to the oil-rich kingdom.

  • Big Bank Merger Points to Trouble at Heart of Saudi Economy

    Several years of low lending growth were already leading banks to look at consolidation as a way to create value and more deals are possible, Madani said. Two smaller Saudi banks, SABB and Alawwal, completed a merger in 2018.

  • Russian Bounties Are Part of Moscow’s Aid to the Taliban, Current and Former Intel Officials Say

    Explosive reports of the existence of the bounty program — and the Trump administration’s failure to publicly respond in the months since the program was discovered — have sparked outrage among lawmakers and some national security practitioners who claim that Russia has been allowed, essentially, to order the killing of U.S. service members.

  • Saudi’s Islamic Development Bank lists $1.5bn sustainability sukuk on Nasdaq Dubai

    Saudi Arabia’s Islamic Development Bank (IsDB) has listed a $1.5bn sukuk on Nasdaq Dubai and will use the capital raised to support Covid-19 relief initiatives including funding medical, social and business projects among the bank’s 57 member countries. The sukuk is the second to be issued under IsDB’s Sustainable Finance Framework, following its debut green sukuk last year, and the first ever AAA-rated sustainability sukuk in addition to being the first Covid-19 related sukuk in the global capital markets, Nasdaq Dubai said in a statement on its website.

  • How Saudi Arabia’s $15.6 Billion Bank Merger Would Stack Up

    The combination of National Commercial Bank and rival Samba Financial Group would create the third-largest lender in the Gulf Cooperation Council and a national champion to compete with regional players. In what’s set to become the biggest banking takeover this year, Saudi Arabia’s largest lender by assets proposed to pay as much as $15.6 billion to acquire rival Samba.