Ahli United Bank could be looking to sell its Egypt arm after its recent acquisition by Kuwait Finance House (KFH), the local press reported, citing unnamed sources. The Kuwaiti bank is required to obtain a separate Islamic banking license from the Central Bank of Egypt (CBE) to operate in the country, the report suggests, adding that the bank is yet to acquire the license and could negotiate an exit from the country. It remains unclear whether KFH has applied for the license.
Public anger against cash-strapped banks boiled over in crisis-hit Lebanon where demonstrators armed with metal rods, fire extinguishers and rocks attacked branches in protest at controls that have trapped the savings of ordinary depositors.
The governor of Lebanon's central bank said Thursday that $1 billion had been transferred out of the country, despite tight restrictions on withdrawals as the protest-hit country faces a liquidity crisis.
"Of the $1.6 billion that was withdrawn (from the Lebanese banking sector) between October 17 and the end of the year... one billion dollars were transferred abroad by Lebanese," Salameh said Thursday in an interview with the France 24 TV news channel.
The neobank reasons that applying for a UK banking licence would require “complex regulatory measures” as well as “significant operational processes and costs”. Until the April deadline, customers’ money will be protected up to the equivalent of €100,000.
Fellow challenger bank Bunq has reaffirmed its UK presence. The Dutch neobank launched in the UK last October, and only operates euro accounts to target British citizens who spend money overseas.
As many as 9 UAE-based banks are understood to be in the process of initiating legal action against Indian defaulters to recover around $7 billion. The UAE-based banks are said to have approached Indian law firms to assist them in completing the legal process in India, such as serving notices on the defaulters and approaching India’s insolvency court - the National Company Law Tribunal (NCLT), according to a report in Economic Times.
FTA Director General Khalid Ali Al Bustani said: "Launching the online platform to recover VAT on the construction of new homes for UAE citizens is part of the Authority's strategy to provide best-in-class services and continuously revise executive procedures for tax legislation to ensure efficient performance, facilitate procedures, and achieve customer satisfaction among citizens, residents, and visitors."
MPs want to raise taxes on anyone earning more than EGP 1 mn a year: A draft law put forth last week by Rep. Khaled Shaaban to amend Article 8 of the Income Tax Act could see the introduction of a new top tax rate of 26% on people earning more than EGP 1 mn a year, the local press reports. The amendments were submitted as the House of Representatives discussed changes proposed initially by Rep. Mervat Alexan almost a year ago to raise the tax exemption threshold.
As initially proposed by the European Commission in 2011, the FTT was to be imposed on all transactions in financial instruments, with the exchange of shares and bonds taxed at a rate of 0.1 percent and derivative contracts at a rate of 0.01 percent. However, member states failed to reach an agreement on the technical details of the draft directive.
The coalition agreement includes measures to encourage the purchase of non-CO2 emitting vehicles, as well as changes to the flight ticket tax which will see the introduction of flat levy of EUR12 (USD13.26) per flight, irrespective of distance. Currently, flights are taxed at EUR3.50 to EUR17.50, depending on destination.
The European Commission has launched infringement proceedings against 14 member states for failing to implement the so-called value-added tax quick fixes. They were included in Council Directive (EU) 2018/1910 of December 4, 2018. They are intended to simplify VAT compliance for businesses and strengthen and harmonize existing EU rules ahead of the introduction of more comprehensive reforms to EU VAT law scheduled for 2021.
In 2019, Saudi Arabian startups raised a record of US$67 million through 71 deals, representing a 35% increase in investment amount and a 92% increase in deal count, according to the 2019 Saudi Arabia Venture Capital Snapshot report by startup data platform Magnitt.
European SMEs are currently unable to easily receive and make payments in the currency of their choice, while Chinese SMEs find it difficult to conform to European banking practices. EasyEuro’s solution features a digital mobile wallet with a multi-currency banking account and the option of a linked MasterCard that can be used worldwide. Supporting most major payment methods such as Visa, MasterCard, WeChatPay, Alipay and UnionPay, the digital wallet can also protect exchange rates during the trading process.
Nigerian fintech start-up, Aella has raised a $10m debt financing round, from HQ Financial Group (HQF), Singapore-based private company specialising in new material science, semiconductor and blockchain financial investments.
The Abu Dhabi Investment Office (ADIO) announced AED 60 million of investment in the latest batch of startups and fund managers applying to its Ventures Fund. The recipients, Securrency, TruKKer, Sarwa, YACOB and Okadoc, are innovation-focused companies that are either based in Abu Dhabi or expanding into the emirate. ADIO also signed its first investment in a venture capital firm, UAE based Global Ventures
The virus-triggered plunge in oil threatens to crimp revenues for the region, while trade and tourism could also be hit. In the United Arab Emirates, business conditions worsened for the first time in over a decade in January, according to IHS Markit.
A Kenyan property developer has listed the first shilling-denominated green bond programme on the London Stock Exchange (LSE), marking a step forward in the bid to open up Africa’s local currency bond market to international investors.
INFOMINEO RESOURCES
A highlight of some of our resources to expand your knowledge on Africa and the Middle East.
Today, thanks to digital technology, Africa is the second largest banking market in the world in terms of growth and profitability according to a study conducted by the international consulting firm McKinsey and published in February 2018.
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