Category: Market

Singapore, Oil prices continued to rise Tuesday, recovering somewhat from last week’s losses, since Monday’s closing.

Brent crude futures were up 23 cents, or 0.28%, at $83.56 per barrel, while US West Texas Intermediate (WTI) crude futures rose 24 cents, or 0.31%, to $78.72 a barrel.

Both contracts had posted the steepest weekly losses in three months as the market focused on weak US jobs data and the possible timing of a Federal Reserve interest rate cut.

Meanwhile, a stronger dollar capped gains in oil futures as it makes crude more expensive for traders holding other currencies.

The dollar index, which measures the greenback against six major peers, rose to 105.18.

Source: Qatar News Agency

Ramallah – Ma’an – The Arab Islamic Bank held its twenty-eighth ordinary general assembly meeting, as well as its extraordinary meeting, today, Tuesday, in the city of Ramallah.

This came in the presence of a number of legal persons, headed by Mr. Rushdi Al-Ghalayini, Chairman of the Bank’s Board of Directors, and in the presence of the Bank’s General Manager, Mr. Hani Nasser, a representative of each of the companies’ controller and the bank’s legal advisor, and representatives of the Palestine Monetary Authority, the Palestine Stock Exchange, the Capital Market Authority, and the bank’s external auditor. Ernst and Young Palestine, a number of the bank’s shareholders, members of the Board of Directors, the clerk of the session, Ms. Adiba Afaneh, Director of the Legal Affairs Department, and the session observers, Director of the Financial Department, Mr. Maysara Salama, and Director of Risk Management, Mr. Saed Miqdadi, where the shareholder attendance rate was 92.02%.

For his part, the Chairman of the Ban
k’s Board of Directors, Mr. Rushdi Al-Ghalayini, welcomed the shareholders and guests and presented the most important achievements achieved by the Bank for the year 2023, in light of the difficult and exceptional circumstances during which our people are suffering, especially in the beloved Gaza Strip, which continues to have a negative impact on the Palestinian economy in general and the banking sector. In particular, the bank was able to continue achieving achievements with all efficiency and ability to continue its leadership in the Islamic banking sector within its strategic direction, and it was able to maintain and continue to achieve distinctive growth rates in the volume of its business, which reflected positively on the bank’s performance at the end of the year 2023, in harmony. With the bank’s strategy to diversify sources of income and provide appropriate financing solutions that meet customers’ needs, in addition to the bank’s continued control of operating expenses and relying on a solid asset b
ase supported by high levels of liquidity that take into account achieving the best rates of profitability, and in view of the war conditions in the Gaza Strip, the bank decided to follow a hedging policy. By raising credit allocations for the Gaza Strip portfolio, he emphasized that the bank possesses integrated banking experience in dealing with all variables and circumstances.

He also added that the Arab Islamic Bank intends to continue working to care for customers, encourage leadership and innovation, and provide digital banking services, as well as strengthen the principle of good governance, work to care for its customers, encourage leadership and innovation, provide digital banking services, enhance the principle of good governance, and commit to sustainability and social responsibility.

For his part, the General Manager of the Bank, Mr. Hani Nasser, indicated that the Bank was able, with God’s grace, to achieve good financial results despite the difficult circumstances that the Palestinian economy
went through and the conditions of war that greatly affected the Palestinian economy, as it achieved net profits after taxes and allocations amounting to about 5.5 million dollars with The end of the year 2023 after it recorded adequate and conservative allocations as a result of the war on the two parts of the country in the West Bank and Gaza. As for other financial indicators, the bank’s assets reached 1,738 million dollars, while the total customer deposits reached 1,464 million dollars, while the balance of direct financing reached To $1,108 million.

In addition, he pointed out that the bank maintained its distinctive market shares and the solidity of its financial performance and its natural growth. On the assets level, the bank maintained its market share, which amounted to about 8%, and on the direct financing level, its market share reached about 9.4%. As for customer deposits, it The bank’s market share was about 8.7%. The bank was also able to maintain sufficient credit allocations to confront any
potential credit losses, whether with regard to direct financing or other financial instruments. Finally, the bank follows up on developments and hedges with sufficient information it has about any losses that have occurred or are likely to occur.

During the general assembly, the Board of Directors’ report on the bank’s activities during the year 2023 was read, discussed, and approved. As well as discussing and approving the financial statements for the fiscal year 2023, the General Assembly also approved the restructuring of the Fatwa and Sharia Supervision Board in coordination with the Board of Directors and the Bank’s management, and approved the disbursement of the remuneration to the members of the Bank’s Board of Directors for the year 2023, and the members of the Board of Directors were discharged from their liabilities for the ending year. On 12/31/2023, in accordance with the provisions of the law, Ernst and Young was re-elected as the bank’s auditor for the year 2024. Finally, the amended articles
of incorporation and bylaws of the Arab Islamic Bank were ratified and approved during the meeting of its extraordinary body, and the Board of Directors was authorized to complete the legal and official procedures with the relevant departments.

Source: Maan News Agency

Doha: The general index of Qatar Stock Exchange (QSE) rose 20.74 points, or 0.22%, at the beginning of trading on Tuesday, reaching 9,659 points, compared to yesterday’s closing.

The general index was supported by a rise in six sectors: Real Estate by 1.28%; Insurance by 0.69%; Banks and Financial Services by 0.31%; Transportation by 0.24%; Industrials by 0.06%; and Telecoms by 0.4%. On the other hand, Consumer Goods and Services dropped by 0.05%.

At 10:00 am, 41.469 million shares were traded in 2,398 transactions valued QR 70.814 million.

Source: Qatar News Agency

Washington, The monetary policy pursued by the US Federal Reserve is casting its shadow on global markets, including emerging market, after the US central bank’s recent decision to keep high interest rates unchanged.

Federal Reserve Chairman Jerome Powell had previously acknowledged the impact of US monetary policy on global markets, despite noting that the current cycle does not cause the same amount of turmoil as previous cycles.

The Wall Street Journal said that “Central banks in Brazil and Mexico that led the global fight against inflation could now be stuck with steep interest rates due, in part, to the US Federal Reserves reluctance to cut.” The Fed left the federal funds rate unchanged at 5.25% to 5.5%, pointing out that it is unlikely to cut before economic data show inflation is moving toward the central banks 2% target.

In a report, the newspaper explained that emerging-market central banks managed to tame price increases by raising borrowing costs much earlier and higher than their peers in the
developed world. But the Feds decision to keep rates at high levels is curbing their ability to loosen financial conditions, weakening their currencies and could hamstring their economies if borrowing costs take longer to fall.

Chief Latin America economist for Goldman Sachs in New York Alberto Ramos said that as the Fed delays rate cuts, it would leave a lot less wiggle room for these banks and they may need to reduce the pace of monetary easing.

Global investors tend to move dollars out of riskier countries and into US assets unless the difference between their respective interest rates is wide enough to compensate for the added risk, the Wall Street Journal pointed out.

Brazils central bank will meet to decide on rates on Wednesday, followed the next day by its Mexican counterpart.

Brazils central bank has indicated it would cut rates by a half percentage point for the seventh consecutive time, but domestic problems and delayed Fed cuts is supporting forecasts that the central bank would slow the pace
of easing.

“While Brazil and Mexico are seeing economic output grow this year, in part due to government stimulus, tight Fed policies could be a headwind for their economies,” the newspaper said.

The Brazilian real has weakened more than 4% this year against the dollar as the outlook for the Fed pivot changed. The Mexican peso has retreated around 3.5% from a nearly nine-year high reached in April.

Meanwhile, Indonesias central bank is “ready for the worst” and will provide more support for the rupiah if needed, the head of its monetary management department has said, according to the Financial Times.

The monetary departments executive director Edi Susianto told the newspaper that the Bank Indonesia was prepared to intervene in the currency market, as it did last month when the rupiah hit multiyear lows, but would not rely solely on intervention.

Japan and Vietnam also intervened to support their currencies, while the central banks of Malaysia and South Korea have said they are prepared to do so.

Sourc
e: Qatar News Agency

Doha: Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC), and The Financial Services Development Council (FSDC), signed a Memorandum of Understanding (MoU) to enhance and strengthen their relationship through collaborative efforts across the financial sector in Qatar and Hong Kong.

Under the MoU, QFC and FSDC will collaborate in various domains, including knowledge building by sharing best practices and expertise, conducting joint professional training workshops and exchange programmes, initiating thought leadership on topical issues affecting both entities and facilitating delegation visits. Additionally, both parties will exchange vital information on market trends and regulatory developments in relevant international financial services activities and products. They also aim to host joint market promotion events to enhance connectivity across diverse financial service sectors.

Yousuf Mohamed Al Jaida, Chief Executive Officer, QFC, emphasised the implications
of the MoU, stating, “We are pleased to formalise a partnership with FSDC, which marks an important milestone in our efforts to strengthen ties between Qatar and Hong Kong’s financial sectors. Through collaboration and knowledge sharing, we aim to foster greater innovation and growth in both markets. Together, we can drive positive change and contribute to the continued advancement of the financial services industry.” Daniel R Fung, SBS, SC, KC, FCIArb, JP, Vice Chairman, FSDC, said, “It is with great anticipation that we form a strategic alliance with the QFCA. This partnership sets the foundation for a vibrant exchange of insights and joint initiatives. Through the exchange of best practices and regulatory developments, we aim to create unique opportunities that bring mutual benefits to both financial markets. This collaboration not only bridges our financial hubs but also reflects our shared vision for excellence and is expected to bolster our competitive edge on the global financial landscape.” The signin
g of this MoU underscores the commitment of both QFCA and FSDC to promoting growth within the global financial ecosystem. It signifies a pivotal step towards fostering seamless connectivity between the financial markets of both regions, facilitating greater exchange of knowledge, expertise, and market insights.

Source: Qatar News Agency

Tokyo, The US dollar gained 0.44% to 154.5635 yen, adding to its 0.58% rally from Monday.

On Friday, it sank as low as 151.86 yen for the first time since April 10, as softer-than-expected monthly US jobs data fed losses following Bank of Japan data that suggested official intervention could have amounted to some 9 trillion yen ($58.37 billion).

The US dollar index – which measures the currency against six major peers, including the yen, sterling and euro – ticked 0.04% higher to 105.19, after dipping as low as 104.52 on Friday.

The Aussie slipped 0.36% to $0.6601.

The euro was steady at $1.07655 and sterling eased 0.07% to $1.2552.

Source: Qatar News Agency