News

Chinese women move up Forbes list

The new Forbes magazine list of the most powerful women in the world includes nine Chinese women, a sign of women’s growing power in Chinese society. But many activists say women have a long way to go before achieving parity and equal rights with men.

Alaska cuts size of oil payout

On Wednesday, Alaska Governor Bill Walker halved the amount of money residents receive from the state’s oil wealth, amid a multi-billion dollar deficit brought on by low oil prices and declining oil production. The governor left enough funds in place to award each resident a $1,000 payout.

Half of MEA wealth in cash and deposits

Private wealth in the Middle East and Africa region is set to reach $11.8 trillion by 2020 – and the UAE, Saudi Arabia, and Kuwait’s contribution will account for 22.7% of that total, according to the annual wealth report by the Boston Consulting Group.

Singapore lender gives London cold shoulder

Singapore’s third-biggest lender has suspended the issuing of loans for London properties and another has warned customers to be cautious, citing uncertainties caused by Britain’s Brexit referendum.

UAE orders funds merger

A top United Arab Emirates official ordered the merger of two prominent government wealth funds on Wednesday, streamlining the country’s investment strategy as it weathers a slump in oil prices. The decision by Abu Dhabi’s crown prince, Sheikh Mohammed bin Zayed Al Nahyan, will combine Mubadala Development Company and the International Petroleum Investment Company into […]

‘Due what,’ asked Libyan fund chief

The Libyan wealth fund’s former deputy chief screamed and cursed at Goldman Sachs bankers in a stormy meeting over derivatives trades made on the bank’s advice that ultimately turned out to be worthless, a witness told a court on Tuesday. In a trial at London’s High Court, the Libyan Investment Authority (LIA) is trying to […]

Asset managers hit by oil funds drought

Sovereign wealth funds continue to pull money out of investments with global asset managers, reports Attracta Mooney at the Financial Times. SWFs, government-owned investment pools, sopped up petrodollars when oil prices were north of $100 a barrel. In turn, this money was pumped money into funds run by the world’s biggest asset managers. But after oil prices […]

UK big draw for black money post-Brexit

Switzerland as a haven for dirty money has long been a cherished picture painted by commentators in the Anglo-Saxon world. With Brexit a reality, the cliché may soon apply to London more than anywhere else, according to finews.asia. The U.K., Europe’s largest financial centre with the City as its heart has been most successful in […]

UAE’s wealthiest to see higher growth

Private wealth held by the United Arab Emirates’ wealthy elite is expected to hit $1 trillion by 2020, according to Boston Consulting Group’s Global Wealth Report 2016.

Opportunities for Swiss after brexit

While Switzerland has suffered a recent decline in popularity among the very wealthy as a centre for financial services, particularly private banking, Brexit is already changing perceptions of the one-time favourite… Reports are rife about major international banks slimming down their London operations and moving bankers, en masse, to Zurich and Geneva. Credit Suisse and […]