Saudi Prince Alwaleed bin Talal Released after 80 Days Corruption Probe for 80 Days

Saudi Prince Alwaleed bin Talal Released after 80 Days Corruption Probe for 80 Days

Saudi Prince Alwaleed bin Talal had been released after being locked up for more than 80 days in a anti-corruption probe in Saudi Arabia.  At least 11 princes, 4 ministers and many more former ministers were probed and taken into custody in November 2017 in an anti-corruption crackdown by Crown Prince Mohammed bin Salman.

“ Saudi Prince Alwaleed bin Talal Released from Riyadh Ritz-Carlton after 80 days “

They were detained in Riyadh Ritz-Carlton, a luxurious hotel that have housed prominent people including United States President Trump and former United States President Barack Obama.  The anti-corruption crackdown is expected to yield $100 billion in financial settlements to the state.

The anti-corruption sweep is taking place against a backdrop of reform in Saudi Arabia and the upcoming initial public offering for state-owned oil giant Saudi Aramco.   Saudi Prince al-Waleed Bin Talal is a member of the Saudi royal family, billionaire and is a prominent investor in many US companies, including Citigroup.

Source: Reuters, NY Times

 

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Brexit May Have Cost Banks $165 Billion

Brexit May Have Cost Banks $165 Billion

UK banks are counting the costs of Brexit as pessimism takes hold. US & European banks could end up $165 billion worse off after Britian’s historic decision to leave the EU according to a model set up by economists at New York University Stern School (NYU-Stern).

“US & European banks could end up $165 billion worse off after Britian’s historic decision to leave the EU.”

~ The Independent

NYU-Stern model tests the world’s largest financial institutions by asking the stock market what it thinks about the value and riskiness of the banks’ assets. Then it uses that information to estimate what would happen to the banks in a severe crisis and how much added equity capital they would need to avoid distress.

Related Reports: Bloomberg, The Independent

 

About Bank of England

The Bank of England’s mission is to promote the good of the people of the United Kingdom by maintaining monetary and financial stability.

That mission starts with the most recognisable of the Bank’s responsibilities – maintaining public confidence in the bank notes we all carry in our pockets and wallets. The Bank designs and issues durable, high quality bank notes, containing advanced security features that are easy to check and resilient to counterfeiting.

Visit: Bank of England


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Cayman Island Holds US$265 Billion in Treasuries

Cayman Island Holds US$265 Billion in Treasuries

A Caribbean financial centre is now the third biggest foreign owner of US government debt.  Cayman Islands where most hedge funds are domiciled holds US$265 billion of Treasuries as of March, up 31% from a year earlier.

“Cayman Islands where most hedge funds are domiciled holds US$265 billion of Treasuries as of March, up 31% from a year earlier.”

~ Bloomberg

This makes it the largest holder after China and Japan. Those nations each own more than $1 trillion of Treasuries. The surge in ownership of U.S. debt for the Caribbean getaway shows that hedge funds are joining more traditional mutual fund managers in buying Treasuries amid lack-lustrous returns in other assets, with many global stock indexes posting losses in 2016.

Related Reports: Bloomberg, Sydney Morning Herald

 

About US Treasury

The Treasury Department is the executive agency responsible for promoting economic prosperity and ensuring the financial security of the United States. The Department is responsible for a wide range of activities such as advising the President on economic and financial issues, encouraging sustainable economic growth, and fostering improved governance in financial institutions. The Department of the Treasury operates and maintains systems that are critical to the nation’s financial infrastructure, such as the production of coin and currency, the disbursement of payments to the American public, revenue collection, and the borrowing of funds necessary to run the federal government. The Department works with other federal agencies, foreign governments, and international financial institutions to encourage global economic growth, raise standards of living, and to the extent possible, predict and prevent economic and financial crises. The Treasury Department also performs a critical and far-reaching role in enhancing national security by implementing economic sanctions against foreign threats to the U.S., identifying and targeting the financial support networks of national security threats, and improving the  safeguards of our financial systems.

Visit: US Treasury


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UK Lenders Set to Lose at least $1.45 billion in Payments Revenue

UK Lenders Set to Lose at least $1.45 billion in Payments Revenue

British banks could lose at least £1.45 billion ($2.68 billion) in payments revenue within the next few years as retailers develop mobile apps for people to shop and bank at the same time. Retailers, financial technology groups and others are planning to offer customers the ability to pay for goods, check their balance and monitor transactions through their own app or online site, in order to shop and use banking services in one place, according to Accenture

” Retailers develop mobile apps for people to shop and bank at the same time “

~ Accenture

For merchants, it means they can facilitate payments from customers’ bank accounts effectively, without relying on traditional card networks such as MasterCard and Visa in a process that involves interchange fees and charges.

Related Reports: Australian Financial Review, Financial Times

 

About Mastercard

MasterCard Worldwide advances global commerce by providing a critical link between financial institutions and millions of businesses, cardholders and merchants worldwide. Through the company’s roles as a franchisor, processor and advisor, MasterCard develops and markets secure, convenient and rewarding payment solutions, seamlessly processes more than 16 billion payments each year, and provides industry-leading analysis and consulting services that drive business growth for its banking customers and merchants. With more than one billion cards issued through its family of brands, including MasterCard®, Maestro® and Cirrus®, MasterCard serves consumers and businesses in more than 210 countries and territories, and is a partner to 25,000 of the world’s leading financial institutions.

Visit: Mastercard

 

About Visa

Visa is a global payments technology company that connects consumers, businesses, banks and governments in more than 200 countries and territories, enabling them to use digital currency instead of cash and checks.  Visa has built one of the world’s most advanced processing networks. It’s capable of handling more than 24,000 transactions per second, with reliability, convenience and security, including fraud protection for consumers and guaranteed payment for merchants.

Link: Visa




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