News 

IDB pumps EGP 2.2bn the Thousand Factories initiative and EGP1.2bn in real estate mortgage financing in November

“The Industrial Development Bank (IDB) will be pumping EGP 1.2bn into the real estate mortgage financing initiative for low and middle income families until the end of November 2019” writes Hossam Mounir for dailynewssegypt.com. Azzam added that the bank’s portfolio of small and medium-sized projects registered EGP 3bn by the end of November 2019, as a result of transferring a portfolio of EGP 500m from medium companies to large companies.Deputy Chairperson of the Board of Directors Hamdy Azzam said the bank pumped EGP 2.2bn in funds for a number of…

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News 

Wall Street’s year in the public cloud: we tracked how big banks are making strides in using the tech

“Wall Street’s relationship with the public cloud took a big step in 2019” writes Dan Defrancesco for businessinsider.com. But thanks to fears and uncertainties around the security and resiliency of the tech, Wall Street’s adoption of the public cloud has been a slow burn.PayPal is working to handle a chunk of its transactions on Google’s public cloud for the first time.We’ve compiled our biggest stories detailing the relationship between Wall Street and the public cloud.From moving workloads to opening new offices, Wall Street’s growing acceptance of the public cloud was…

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GBP News Stocks 

British stocks surge after Johnson’s Conservatives win majority

“However, news that the U.S. and China are on the verge of signing a trade agreement boosted stocks worldwide” writes European Markets Editor for marketwatch.com. Investment managers, real estate investment trusts and home builders led the way as investors flocked to stocks more exposed to the domestic economy.Home builders and banks in the U.K. rallied on Friday in relief at a commanding Conservative victory in the general election. Source: marketwatch.com

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GBP News 

British Home Builders And Banks Surge After Conservative Victory

“Investors poured into companies that generate most of their revenue in Britain on Friday, after the Conservatives secured an easy victory in the general election” writes Steve Goldstein for nasdaq.com. Investors poured into companies that generate most of their revenue in Britain on Friday after the Conservatives secured an easy victory in the general election.British home builders including Taylor Wimpey and banks including the Royal Bank of Scotland were among the winners, jumping by double-digit percentages. Source: nasdaq.com

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Markets News Regulators 

New York Fed makes round of appointments to its senior ranks

“Daleep Singh was named head of the markets group and Christopher Armstrong was named head of the financial services group” writes Sunny Oh for marketwatch.com. Lorie Logan was named manager of the System Open Market Account, the central bank’s portfolio, a role which she had carried out since Simon Potter stepped down as head of the markets group in May. Source: marketwatch.com

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News Regulators 

ECB President: ‘We Better Be Ahead of Curve’ on Stablecoins

“The president of the European Central Bank (ECB), Christine Lagarde, said that the financial institution should be ahead of the curve regarding the demand for stablecoins” writes Ana Alexandre for cointelegraph.com. According to a tweet by the ECB on Dec. 12, Lagarde said: “My personal conviction on the issue of stable coins is that we better be ahead of the curve.The IMF said banks could lose their role as intermediaries, as the public would switch to stablecoin providers. Source: cointelegraph.com

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News 

Central Bank Chief: Slowdown Is Stabilizing

“Doubts have grown among some economists about how much good more central bank stimulus can do to support developed economies” writes David Mchugh for pbs.org. FRANKFURT, Germany — Central banks in the United States and Europe say they’ve done their part to help the economy for now.The European Central Bank on Thursday decided to leave it stimulus programs unchanged as its new president highlighted signs that the economy has steadied after a period of weaker growth.Other themes that were getting attention were Lagarde’s plans for a review of the bank’s…

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News 

New European Central Bank chief holds her first rate meeting

“The rate is charged on excess cash left at the central bank overnight by commercial banks, so the negative rate is in effect a penalty that aims to push banks to lend the money to companies” writes The Associated Press for seattletimes.com. Analysts think Lagarde will stress that the economy still needs support from the central bank, and that policymakers must be their guard against things turning out worse than expected.Doubts have grown about how much good additional central bank action can do to support developed economies; the U.S. Federal…

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News 

How Does UBS’s Wealth Management Operations Stack Up Against Peer Credit Suisse?

“UBS (NYSE: UBS) and Credit Suisse (NYSE: CS) are the two largest Swiss banks” writes Trefis Team for nasdaq.com. On the other hand, Credit Suisse is yet to finish making changes to the business model but wealth management remains its key revenue driver.After the economic downturn, the banks decided to cut back their investment banking activity and increased their focus on wealth management in view of stricter regulatory requirements.Trefis captures detailed trends in the wealth management business for UBS vs.Credit Suisse in an interactive dashboard and concludes that although UBS has a…

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Crypto News 

Elliptic Launches Tool to Connect Banks with Cryptocurrency Exchanges

“London-based cryptocurrency compliance firm Elliptic has launched a new tool that allows banks to work more closely with crypto exchanges” writes Helen Partz for cointelegraph.com. Dubbed Elliptic Discovery, the product collects detailed profiles of more than 200 global crypto exchanges to enable banks to manage risks associated with crypto transactions, Business Insider reports Dec. 11.Designed specifically for banks, Elliptic Discovery reportedly provides compliance teams with necessary insights to identify flows of funds on crypto assets and assess risks including money laundering.The company is known for providing its services to American…

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