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  • SoftBank plans Vision Fund job cuts after record net loss

    Vision Fund, which upended the world of venture capital with splashy bets on startups such as ridehailers Uber and Didi, posted a $23.1 billion loss in the April-June quarter as value evaporated from its investments in the market rout.

  • Middle East’s top 30 banks’ assets total $2.5trln

    Middle East’s top 30 banks a total market value of $586.6 billion and total assets worth $2.5 trillion as of June 28, says a Forbes Middle East, unveiling its ranking of the region’s top 30 banks for 2022. Saudi Arabia dominates the top banks ranking with 10 entries, followed by the UAE with seven, Qatar with four, Morocco with three, Kuwait with two, and Egypt, Bahrain, Jordan, and Oman with one each.

  • Saudi Central Bank Licensing Two Payment Financial Technology Companies

    The Saudi Central Bank (SAMA) announces the licensing of two payment financial technology companies, namely: Enjaz Payments Services Company to provide electronic wallet service (electronic transfer and payment service), and Marta Financial Company to provide payment services through points of sales (POS). This brings the total number of payment companies licensed by SAMA to 19 companies, in addition to 7 companies were granted an "In-principle Approval".

  • Lebanon and Israel Discuss Maritime Border Dispute

    On Sunday, July 31, United States envoy Amos Hochstein arrived in Beirut, Lebanon, in hopes of progressing the resolution of an ongoing maritime border dispute between Lebanon and Israel. The dispute in the Mediterranean escalated in June 2022 as Israel began operating a production vessel on the Karish offshore gas field, which Lebanon partially claims as its own. Beirut, in response, called for the reopening of Lebanese-Israeli negotiations with the United States as the mediator, thus laying the foundation for diplomatic cooperation.

  • Lebanon’s Convergence of Crises: Audio

    As the two-year anniversary of one of the largest non-nuclear explosions in history approaches, how do Lebanese adults feel about their justice system and how this case is being dealt with? "The challenges that Lebanon is facing are more than any one country can handle," says Kim Ghattas, who joins the podcast to discuss the multiple crises that people in Lebanon are enduring.

  • Saudi commercial banks’ June deposits grew 8.7%, its highest in 16 months

    Saudi commercial banks’ deposits grew by SR53.5 billion ($14.2 billion) in June, the Saudi Central Bank, also known as SAMA, revealed on Sunday. The aggregate sum of time and savings deposits surged 8.7 percent year on year, the highest rate of change since February 2021.

  • Lebanon’s ordeal: from civil strife to economic collapse

    Lebanon marks the second anniversary on Thursday of the Beirut port explosion that killed 215 people and is widely seen as a symbol of corruption and bad governance by the sectarian ruling elite. Here are some of the main crises over the past two decades in a country that has known little stability since the end of its 1975-90 civil war:

  • Afghan Women Face Brutal Taliban Crackdown, Amnesty International Report Says

    The report, Death in Slow Motion: Women and Girls Under Taliban Rule, comes almost one year after the Taliban’s return to power last August. Since then, conditions for all Afghans have deteriorated, though the treatment of women and girls has been particularly concerning, as the Islamists have appeared determined to expunge them from all social involvement. Women have been sacked from their jobs and banned from secondary school and, effectively, all higher education.

  • Saudi central bank increases key rates by 75 bps

    The Saudi Central Bank said on Wednesday it increased its key interest rates by 75 basis points, moving in tandem with the U.S. Federal Reserve's hike as the Saudi riyal is pegged to the dollar. The Saudi Central Bank, also known as SAMA, lifted its repo and reverse repo rates by 75 bps to 3% and 2.5%, respectively.

  • Saudi central bank increases key rates by 75 bps

    The Saudi Central Bank said on Wednesday it increased its key interest rates by 75 basis points, moving in tandem with the U.S. Federal Reserve's hike as the Saudi riyal is pegged to the dollar. The Saudi Central Bank, also known as SAMA, lifted its repo and reverse repo rates by 75 bps to 3% and 2.5%, respectively.