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BNP, Citigroup Among Most Exposed in Mideast’s Biggest Default
BNP Paribas SA and Citigroup Inc. are among global banks with the most exposure to about $14 billion of accepted claims related to the collapse of two Saudi business empires more than a decade ago. The French bank is owed about $750 million by Maan al-Sanea’s Saad Group and Ahmad Hamad Algosaibi & Brothers Co. -- two family holding companies that defaulted on roughly $16 billion in 2009 -- after a Saudi court accepted its claims, according to documents seen by Bloomberg. The U.S. bank is owed about $270 million by Saad Group, the documents show.
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Saudi, U.A.E. Banks to See Jump in Loan Demand as Profit Lags
While banks in Saudi Arabia and the United Arab Emirates can look forward to burgeoning loan growth in 2020, higher earnings could be slow to follow as lower interest rates pressure profit margins. Lending in the U.A.E. is expected to get a lift from Dubai’s hosting of a six-month exhibition involving more than 190 countries. In addition, economic growth is forecast to rise to 2.5% from 1.6% last year, according to estimates compiled by Bloomberg. A regional expansion by U.A.E. banks may also add to revenue, as a government-backed mortgages program in Saudi Arabia fuels demand for home loans. You've reached your free article limit. Limited time offer: $105$12 for 3 months.
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BlackRock Puts Climate at Center of $7 Trillion Strategy
The BlackRock Inc. chief executive officer issued his strongest warning yet to business leaders on the climate crisis, and said his firm will take steps to address the issue across the thousands of companies in which it invests.
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China’s 2019 annual crude imports set record for 17th year
China’s crude oil imports in 2019 surged 9.5% from a year earlier, setting a record for a 17th straight year, as demand growth from new refineries built last year propelled purchases by the world’s biggest importer, data showed on Tuesday.
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U.S. oil growth to slow, may spur shale buyouts: Schlumberger’s Papa
U.S. oil output growth is expected to slow over the next five years, likely prompting oil majors to “gobble up” smaller shale oil producers, Mark Papa, shale pioneer and non-executive chairman of Schlumberger, told Reuters.
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Japan pursues regional diplomacy to defuse Gulf tensions
Japan, Saudi Arabia and the United Arab Emirates should work together to de-escalate the tense situation in the Gulf, a Japanese foreign ministry official said on Monday, relaying comments by Prime Minister Shinzo Abe.
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King Fahd Causeway records highest number of travelers
During the mid-year school leave, Bahrain becomes the top destination for people in Saudi Arabia, especially the Eastern Province. This is due to several factors, including Bahrain’s proximity, and the many events and shopping offers targeting visitors from Saudi Arabia.
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Ministry: Over 2.7 million Umrah visas issued so far
Those who arrived included 568,536 Pakistanis, 505,217 Indonesians, 292,822 Indians, 137,834 Egyptians, 124,951 Malaysians, 94,854 Turks, 90,894 Bangladeshis and 89,006 Algerians.
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Saudi’s CITC calls for applications to issue licences to foreign mobile virtual network operators
Saudi’s Communication and Information Technology Commission has called for applications to issue foreign mobile virtual network operators’ with licenses, it said in a statement on Tuesday.
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After Florida killings, Saudis withdraw 21 cadets from United States
Saudi Arabia will withdraw 21 cadets receiving military training in the United States following a U.S. investigation into a Saudi officer’s fatal shooting of three Americans at a Florida naval base that U.S. Attorney General William Barr on Monday branded an act of terrorism.
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