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BANKING

WorldRemit Raises $40m and Targets Egypt Expansion
December 11, 2017

Leading digital money transfer service WorldRemit has raised $40 million to drive its next phase of global growth, including an expansion of its Egypt operation. WorldRemit handles a growing share of the $600 billion remittance market. Within that market, Egypt is a key target for the company. Egyptians living overseas transfer billions of dollars worth of remittances back home and earlier this year, the Central Bank of Egypt said that remittances had surged following the floatation of the currency. WorldRemit’s mobile-first, digital model allows migrants to send money in a few taps directly from their phones or online instead of going to a bricks and mortar agent. Currently sending from over 50 countries to 148 destinations, the new funding will be used to expand the company’s partnership network in Egypt as well as appoint a country manager and Head of North Africa to lead the growth of the business. Globally, the company intends to reach 10 million......

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A.M. Best Affirms Credit Ratings of The Bahrain National Insurance Company BSC (c)
December 6, 2017

(AETOS Wire)-- A.M. Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” of The Bahrain National Insurance Company BSC (c) (BNI) (Bahrain). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect BNI’s balance sheet strength, which is categorised as very"...

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Climatecoin: Crypto Carbon Revolution
December 2, 2017

(AETOS Wire)--CLIMATECOIN and CARBON TRADE EXCHANGE (CTX) – GEM, closed an agreement to create the first peer to peer decentralized platform for carbon credits trading/exchange in the world.

Climatecoin will become the first carbon zero cryptocurrency in the world by ‘stapling’ a carbon credit to every coin. CTX is the world’s"...

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Saint-Gobain Acquires Spin-Works International Corporation
December 2, 2017

(AETOS Wire)-- Saint-Gobain’s High-Performance Refractories business has acquired Spin-Works International Corporation, an innovative manufacturer of 3D-printed and extruded silicon carbide ceramic components that improve energy efficiency, recover waste heat and reduce emissions for customers in a wide range of high-temperature industrial processes. Spin-Works is based in Northeast, Pennsylvania (near Erie), and has approximately 20 employees. “We’re very pleased to have Spin-Works join Saint-Gobain,” says Laurent Tellier, Vice President of Saint-Gobain High-Performance Refractories. “This acquisition further expands our capabilities in the ceramic industrial burner and heat recovery markets, helping to make our customers’ processes more sustainable—especially in the steel and automotive businesses.” Saint-Gobain High-Performance Refractories is a global leader in ceramic and refractory solutions, with 14 manufacturing......

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Schlumberger Announces Fourth-Quarter and Full-Year 2017 Results Conference Call
November 30, 2017

(AETOS Wire)-- Schlumberger Limited (NYSE:SLB) will hold a conference call on January 19, 2018 to discuss the results for the fourth quarter and full year ending December 31, 2017.

The conference call is scheduled to begin at 8:30 am US Eastern time and a press release regarding the results will be issued at 7:00 am US Eastern time.

To"...

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Creative Artists Agency Names Steve Hasker CEO of CAA Global
November 30, 2017

(AETOS Wire)-- Leading entertainment and sports agency, Creative Artists Agency (CAA), announced today that industry veteran Steve Hasker has been appointed CEO of the recently structured CAA Global. He will manage the intersection between CAA's market-leading representation business and its high-growth businesses and investments, bringing together the agency's growth platforms and ongoing strategic initiatives. He"...

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SMBC to set up unit in Saudi Arabia
November 27, 2017

Sumitomo Mitsui Banking will establish a subsidiary in Riyadh by the end of the year, in an effort to help Saudi Arabia's government-affiliated companies smoothly solicit bids. The financial institution will also provide advisory services to Japanese companies that are considering whether to tap into the country.

The Saudi government has teamed up with Japan's SoftBank to form a"...

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Saudi Arabia’s banking regulator fines Saudi Fransi over employee incentive scheme
November 26, 2017

The Saudi Arabian Monetary Authority (Sama) fined Banque Saudi Fransi, the Riyadh listed bank, after the regulator found the lender guilty of payment violations in its employee incentive scheme.

Saudi Fransi's incentive programme has been closed and the lender will have to recover funds from people through court proceedings, according to a statement by the regulator. The central bank"...

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SHUAA Capital Initiates Egypt Operations Following Green Light by Egypt Financial Supervisory Authority for Securities Brokerage
November 26, 2017

SHUAA Capital, the United Arab Emirates-based integrated financial services firm, today announced that its securities brokerage arm ‘SHUAA Securities’ has officially commenced operations in the Egyptian market, following green light by the Egyptian Financial Supervisory Authority (EFSA).

With an initial and dedicated 40 person strong task-force,"...

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MOE consults International Bank on new activity hours
November 22, 2017

The Ministry of Education consulted the International Bank as an unbiased entity to evaluate the mandatory four hours of activity time the ministry has included in the student’s weekly schedule during the current academic year, Al-Eqtisadiah reported.

A source reported the International Bank will evaluate the ministry’s decision on the economic and social effects of the decision. The bank will look into how these four hours in the week affected"...

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