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Open sesame

By Philip Whitfield “Iftaḥ ya simsim” Ali Baba says, and the mouth of the cave concealing the 40 thieves’ treasure opens wide. The poor woodcutter becomes antiquity’s biggest Lotto winner. We grow up on myths, glorious fiction, and eternity’s morality story of hope’s triumph over melancholy. The best tales have a beautiful leading lady, a …

Daily News Egypt

Exporta conference: growth in Africa, decline in Europe

The fifth annual “Egypt, Trade and Export Finance” conference was held yesterday in Cairo. Trade experts, bankers and businessmen convened to discuss export and trade opportunities for Egypt, in the context of the ongoing dialogue on the country’s economy. Optimism was driven by positive factors favouring the Egyptian economy which make it able to regain …

Mohamed Salah

HSBC to launch mobile banking

During a media roundtable discussion the bank’s MENA regional head of retail banking and wealth management, Francesca McDonagh, announced the bank’s plan to open three new branches this year to cope with the growing residential developments in Egypt.

Mohamed El-Bahrawi

Standard Chartered hid huge Iran trade: NY

New York (AFP) — New York regulators accused Standard Chartered Bank of hiding $250 billion in transactions with Iranian banks for almost a decade in violation of US sanctions. Branding the London-based global financial giant a “rogue bank,” state regulators said Standard Chartered systematically disguised foreign exchange deals with Iran in a breach of controls …

Daily News Egypt

Moody’s downgrade gives edge to safe-haven banks

(Reuters) – Major ratings downgrades by Moody’s will further divide the world’s biggest banks based on their strength and access to cheap customer deposits. The ratings, released Thursday by Moody’s Investors Service, gave a competitive advantage to “safe-haven” banks that fund themselves with stable, low-cost customer deposits, while worsening the outlook for weaker banks that …

Daily News Egypt

HSBC scaling down private bank in MidEast: sources

By Dinesh Nair / Reuters DUBAI: HSBC, Europe’s biggest lender, is significantly scaling down its private banking operations in the Middle East, two sources told Reuters, and HSBC said its top private banker in the region had been reassigned to London. The private bank has shrunk the number of relationship managers to around 10 from 50-60 …


HSBC says staff, customers safe after ‘minor incident’

CAIRO: HSBC bank said its staff and customers were unharmed after a “minor incident” occurred Tuesday morning outside its Sixth of October branch, according to a statement. "A minor incident occurred this morning in the Sixth [of] October area outside the offices of HSBC and the offices of another bank,” HSBC said in an emailed …


Volatile markets expected to yield growth in 2012: HSBC

CAIRO: As volatility gives way to long-term investment opportunities, a report by HSBC said Egypt’s economy will show “positive growth” in 2012 after last year’s slowdown. HSBC’s Global Asset Management Outlook for 2012 also shows the bank’s optimism regarding emerging markets. Despite a turbulent year for the global economy with the Euro zone crisis as …


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