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Six central banks, including the Bank of England, announced they would boost the flow of US dollars from Monday.
Central banks take swift action to keep cash flowing amid investor fears
LONDON — Central banks have rushed to keep cash flowing through the world's financial systems after the failures of two US banks and the rescue of Credit Suisse sent shockwaves across global markets.Six central banks, including the Bank of England, announced they would boost the flow of US dollars from Monday.Such measures were last taken during the 2008 financial crisis and at the height of the Covid pandemic.It comes after Credit Suisse was bought by UBS in a state-backed rescue deal.Stock markets have fallen sharply since Silicon Valley Bank and Signature Bank collapsed in the US last week, sparking fears of runs on other banks.They remained under pressure on Monday despite the rescue of Switzerland's second largest lender this weekend.Central banks have stressed the global...
March 20, 2023

Central banks take swift action to keep cash flowing amid investor fears

Bank Albilad is the strategic partner of the Formula 1 Saudi Arabian Grand Prix
Abdulaziz Al-Onaizan, CEO of Bank Albilad, said that the Bank's continued strategic sponsorship of the Formula 1 Saudi Arabian Grand Prix stems from its banking leadership and commitment to enriching the customer's experience through innovative banking products that match their aspirations, as is the case with the major events held in the Kingdom.He emphasized Bank Albilad's pride in its national role in supporting these major events that have a vast audience worldwide."Our partnership with the Formula 1 Saudi Arabian Grand Prix for the second year in a row, represented by the Saudi Automobile and Motorcycle Federation (SAMF), reflects our commitment to empowering and enriching the major Saudi sporting events industry, as is the case with our commitment to creating a...
March 20, 2023

Bank Albilad is the strategic partner of the Formula 1 Saudi Arabian Grand Prix

Saudi National Bank issues update on investment in Credit Suisse
RIYADH — In light of the latest developments with regard to Credit Suisse, the Saudi National Bank (SNB) issued a brief statement on Monday clarifying its current market position.In November 2022, SNB made a SR5.5 billion, or 9.88%, investment in Credit Suisse as a financial investment allocation within SNB’s investments portfolio as part of a capital raising exercise by the global investment and financial services firm based in Switzerland.In relation to this investment, SNB disclosed as of December 2022, SNB’s investment in Credit Suisse constituted less than 0.5% of SNB’s total assets, and c. 1.7% of SNB’s investments portfolio.From a regulatory capital perspective, the impact on SNB’s Capital Adequacy Ratio from the mark-to-market decline in Credit Suisse was c. 15 basis...
March 20, 2023

Saudi National Bank issues update on investment in Credit Suisse

Aljabr Trading Company won Consumer Protection Excellence Award
Aljabr Trading Company, dealers of Kia vehicles in the Kingdom, has won the Consumer Protection Excellence Award offered by the Saudi Consumer Protection Association as the first company in the private sector in the Kingdom to receive it.The award has been granted as a culmination of the company excellence in serving its customers and providing them with an enjoyable customer experience, besides spreading the culture of improving customer experience with its employees. However, the award is an indication of the success of the strategy developed by the company and its investment in improving its services and training of its employees to provide the best to its customers, and continuous interaction with them through processes of measuring feedback on these services in order to enhance the...
March 18, 2023

Aljabr Trading Company won Consumer Protection Excellence Award

Credit Suisse, founded in 1856, has faced a string of scandals in recent years
Credit Suisse emergency loan sparks banking fears
LONDON — Credit Suisse has said it will borrow up to 50bn Swiss francs (£44.5bn) from the country's central bank to shore up its finances.The troubled banking giant said it is taking "decisive action" to strengthen and simplify its business.Shares in Credit Suisse fell 24% on Wednesday after it said it had found "weakness" in its financial reporting.Fears of a wider banking crisis sparked steep falls on stock markets, with Asian shares dropping.However, markets in Europe are expected to open higher on Thursday.The BBC understands that the Bank of England has been in touch with Credit Suisse and the Swiss authorities to monitor the situation.Swiss National Bank, the country's central bank, insisted Credit Suisse had the money it needed, but stressed it was...
March 16, 2023

Credit Suisse emergency loan sparks banking fears

An aerial view of Samsung Electronics' chip production plant at Pyeongtaek, South Korea on September 7, 2022.
South Korea to build mega chip-making center with $230bln investment from Samsung
SEOUL — South Korea says it will build an enormous facility to make computer chips in greater Seoul, with about $230 billion in investment from memory chip giant Samsung Electronics.The plans were announced by President Yoon Suk Yeol on Wednesday and confirmed by the electronics giant.“We will build the world’s largest new ‘high-tech system semiconductor cluster’ in the Seoul Metropolitan area based on large-scale private investment of almost 300 trillion Korean won,” he said.“In addition, we will grow the ‘semiconductor mega cluster’ to the world’s largest in connection with the existing memory semiconductor manufacturing complexes.”A government statement sent to CNN said the chip cluster would be located in Gyeonggi province, which is part of the Seoul Metropolitan...
March 15, 2023

South Korea to build mega chip-making center with $230bln investment from Samsung

City Check in Facility Required for Pia Passeneegrs in Madinah & Makkah Cities in KSA
Competitive offers are invited from authorized companies for city check in of PIA passengers in Makkah and Madinah in KSA.Required detailed specifications can be downloaded from PIA website: https://www.piac.com.pk/corporate/sales-procurement/tenders or PPRA website: www.ppra.org.pk.Sealed offers should be submitted on or before 29th March 2023 by 1300 Hrs LT in the manner prescribed in the document at the following address:No offer will be entertained after expiry of specified date/time. PIA will not be responsible for any postal delays.
March 15, 2023

City Check in Facility Required for Pia Passeneegrs in Madinah & Makkah Cities in KSA

McDonald's signs an agreement with Forty Mall to open its first branch in Quway’iyah governorate
The well-known global food brand McDonald's has entered into an agreement with Forty Mall to establish its first branch in the Al-Quway’iyah governorate. McDonald's has chosen the Forty Mall complex, after conducting an in-depth commercial feasibility study, as a result of which this commercial complex was chosen.Forty Mall is distinguished by its strategic location in Al-Quway’iyah governorate, which is located in the west of Riyadh. The complex, which is one of the governorate's main buildings, stands out due to its modern and its exterior façade’s appearance fashioned on the idea of the boulevard outdoor seating area. The massive commercial complex is situated in a prime spot on the Highway number 40, which links Taif, Makkah, and Jeddah to the cities of Dammam and...
March 14, 2023

McDonald's signs an agreement with Forty Mall to open its first branch in Quway’iyah governorate

Wafaa Alshareef is People Senior Director for Mozn, a market leader in enterprise AI technologies.
Cultivating a Culture of Growth and Inclusion at Mozn: Insights from Wafaa Alshareef, People Senior Director
This month, we celebrate International Women’s Day (IWD) and Women’s History Month. And Saudi Arabia is celebrating its own progress in this arena, fuelled largely by the young entrepreneurs that are shaping an increasingly lively startup sector. Wafaa Alshareef is People Senior Director for Mozn, a market leader in enterprise AI technologies. Mozn is proud of its diverse workforce in which 37% of its employees are women. Wafaa attributes this success to the company’s startup status, citing the agility that comes from being new to a market and not encumbered by long-established policy.“I have always been driven towards startup companies,” she said, “because in a startup environment, I believe individuals are able to make a bigger impact. You can create, develop, and initiate,...
March 14, 2023

Cultivating a Culture of Growth and Inclusion at Mozn: Insights from Wafaa Alshareef, People Senior Director

Rofaida Women’s Health Organization President Princess Moudi Bint Khalid and Cathy Easter, president and CEO of Houston Methodist Global Health Care Services renew the MoU for another three years.
Rofaida, Houston Methodist renew MoU to advance women’s health awareness
Rofaida Women’s Health Organization and Houston Methodist Global Health Care Services renewed their three-year memorandum of understanding to provide women in Saudi Arabia with access to important information when making key decisions about their health.The renewal ceremony was attended by Princess Moudi Bint Khalid and Cathy Easter, president and CEO of Houston Methodist Global Health Care Services.The agreement will focus on developing strategic partnerships between Rofaida and Houston Methodist in efforts to raise awareness campaigns on women's health issues, online education, participation in specialized social and scientific events and activities, as well as providing scientific expertise for the association's conferences and workshops.“Rofaida is pleased to renew this...
March 13, 2023

Rofaida, Houston Methodist renew MoU to advance women’s health awareness

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