June 22 – Daily Brief of World Finance & GCC News

WORLD FINANCE NEWS BRIEF

China Investor Buys Dirt Cheap Bank Stocks Nobody Else Wants by bloomberg.com

China’s biggest listed lenders have seen their shares sink by 13% in 2020.

Zhou via phone from his office in Shanghai said: “The return on equity is relatively high while operating costs of Chinese banks are low compared with those in the U.S. due to cheaper labor and rental.”

China is leaning on its massive banks like never before to help bolster an economy facing its worst slump in four decades.

Zhou says that such policy headwinds are well priced in.

China’s financial stocks are trading at their cheapest level versus the MSCI China Index in more than a decade.

Asia’s Wealthiest Man Joins Club of World’s 10 Richest

The net worth of Mukesh Ambani, chairman of Reliance Industries Ltd., has jumped to $64.5 billion.

While a crash in oil prices caused uncertainty in a stake sale of Reliance’s oil and chemicals division, in just two months Jio managed to attract some $15 billion.

He celebrated the group’s growing list of superlatives: the largest telecom enterprise by subscribers, revenues and profit; a retail arm larger than all other major retailers combined; an oil giant that makes India’s largest export.

Investors dismiss prospect of ‘V-shaped’ recovery

The CFA Institute, the global association of investment management professionals, found only 10 per cent believe a quick “V-shaped” recovery was likely based on a survey of almost 13,300 of its members.

4 per cent, however, forecast long-term economic stagnation, akin to economist “Dr Doom” Nouriel Roubini’s warnings of a lost decade.

GCC NEWS BRIEF

Lebanese Fintech NymCard Moves Headquarters to Abu Dhabi to Tap Into Growing Regional Fintech Ecosystem by menabytes.com

This startup that allows financial institutions, banks, and fintechs to build virtual card programs for their customers,

Omar Onsi, the founder and CEO of NymCard in a statement, said, “Abu Dhabi has all the makings of a great fintech ecosystem and we’re very excited to be a part of it.

NymCard in a statement said that the relocation to Abu Dhabi will also help it work closely with ADGM’s Financial Services Regulatory Authority.

Lebanon plans to seek Caesar Act waivers from US

Parliament Speaker Nabih Berri and Prime Minister Hassan Diab, in their latest talks, tackled the Caesar Act and its repercussions on Lebanon.

The exception will also include allowing Lebanese agricultural and industrial goods to pass through Syria to neighboring countries.

About the author

Financial advisor to UHNWI, private entities, family offices, and companies. Certified Anti-Corruption Manager from The American Anti-Corruption Institute

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