banking

Wells Fargo to pay $1B for mortgage, auto lending abuses
World

Wells Fargo to pay $1B for mortgage, auto lending abuses

Wells Fargo is being fined a combined $1 billion by two federal regulators for abuses tied to its mortgage and…
Four banks to issue Sisi’s ‘Safety Certificate’ next week
Business

Four banks to issue Sisi’s ‘Safety Certificate’ next week

The National Bank of Egypt, Banque Misr, Banque du Caire, and the Agricultural Bank of Egypt will offer the Safety…
Egypt among top 5 African banking markets in terms of growth, profitability: McKinsey report
Business

Egypt among top 5 African banking markets in terms of growth, profitability: McKinsey report

Egypt is among the top five banking markets in Africa in terms of growth and profitability, according to a study by…
Brexit caused 37 percent fall in new London financial jobs in December – report
World

Brexit caused 37 percent fall in new London financial jobs in December – report

Britain’s forthcoming exit from the European Union was the main reason for a 37 percent decline in new jobs available…
Euro zone economy’s growth best in nearly seven years, PMIs suggest
World

Euro zone economy’s growth best in nearly seven years, PMIs suggest

The euro zone economy closed out the year with the strongest growth in nearly seven years, driven by accelerating services…
Foreign currency reserves rose to record-high $37.19 bn in December 2017: CBE
Economy

Foreign currency reserves rose to record-high $37.19 bn in December 2017: CBE

Egypt’s net foreign currency reserves climbed to an all-time high of $37.19 billion in December 2017, the Central Bank of Egypt (CBE)…
Egypt’s Dar al-Iftaa deems Bitcoin currency as forbidden in Islam
Egypt

Egypt’s Dar al-Iftaa deems Bitcoin currency as forbidden in Islam

  Republican mufti Councellor Magdy Ashour issued a Fatwa (Islamic ruling) that deems the Bitcoin virtual currency as forbidden by…
US dollar exchange rate approaching LE 18
Business

US dollar exchange rate approaching LE 18

The US dollar exchange rate hiked during Monday morning trading, approaching LE 18, with more than one bank selling it…
Sweeping increase in US dollar value against Egyptian pound on Wednesday
Business

Sweeping increase in US dollar value against Egyptian pound on Wednesday

The US dollar saw a sweeping increase in its exchange rate against the Egyptian pound – as well as various…
Goldman Sachs to have post-Brexit EU hubs in Frankfurt, Paris
World

Goldman Sachs to have post-Brexit EU hubs in Frankfurt, Paris

Goldman Sachs Chief Executive Lloyd Blankfein said the bank would have hubs in Frankfurt and Paris after Brexit and that…
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