Category: Business

Agusto&Co warns of rising operating expenses for banks The Nigerian banking industry is facing a volatile operating environment as the country recovers from the impact of the COVID-19 pandemic. According to a report by Agusto&Co, a pan-African rating agency, the banks are expected to see their operating expenses or cost of operations stretched by soaring inflation and other economic factors. The report, titled “The Nigerian Banking Industry – A Resilient…

France’s banks balance sheet decreased by 2.2% in June 2023 According to the latest data from Banque de France, the balance sheet of France’s banks decreased by 2.2% in June 2023, reaching 11.75 trillion euros. This is the lowest level since December 2022, when the balance sheet stood at 11.72 trillion euros. The balance sheet of France’s banks reflects the total assets and liabilities of the banking sector, including loans,…

Small businesses are the backbone of the U.S. economy, accounting for 99.9% of all firms and employing almost half of the private sector workforce. However, many small businesses struggle to survive and grow in a competitive and dynamic market. According to the Bureau of Labor Statistics, 20% of new businesses fail within their first year, and only 35% make it to their 10th anniversary. What sets apart the successful small…

Raimondo meets Shanghai officials to discuss trade issues US Commerce Secretary Gina Raimondo met with Shanghai Communist Party chief Chen Jining on Wednesday, as part of her bridge-building trip to China. Raimondo said she wanted to work with China to ensure a more “predictable” environment for American businesses in Shanghai, the economic hub of China. “The US-China economic relationship is among the most consequential in the world,” she told Chen.…

President Joe Biden has announced a series of measures to lower the cost of prescription drugs and improve the economic outlook for Americans. The plan includes targeting 10 drugs for Medicare price negotiations, easing export controls on technology, and supporting job creation. Medicare Price Negotiations for 10 Drugs One of the main components of Biden’s plan is to allow Medicare, the federal health insurance program for seniors and people with…

Businesses today need to connect with their community of customers, partners and peers in order to stand out and grow. However, many businesses struggle to find the right balance between being helpful and being intrusive. How can you engage your community in a natural and authentic way that builds trust and loyalty? Here are four tips from a Forbes article that can help you achieve this goal. 1. Respond Quickly…

The world of business is undergoing a radical transformation as more and more leaders embrace the power of purpose, collaboration, ethics and empathy. These are some of the key trends that are shaping the future of commerce in 2023 and beyond, according to experts and practitioners in the field. Purpose-Driven Profitability One of the most prominent shifts in the business landscape is the rise of purpose-driven profitability, which means aligning…

The Australian Banking Association (ABA) has released a report that shows banks have increased their lending to small and medium enterprises (SMEs) by 28% in the last financial year. The report, titled Banking By Numbers, reveals that banks issued 302,945 new loans worth $200 billion to SMEs in 2023, bringing the total amount of credit to SMEs to $588 billion. Banks support SMEs amid rising costs and challenges The ABA…

Bahrain’s banking sector has witnessed a remarkable surge in customer deposits in the second quarter of 2023, reaching $86 billion, the highest in the GCC region. This was despite the challenges posed by the rising interest rates in the global markets, which have affected the lending and bond markets. Bahrain leads GCC in deposit growth According to a report by Kamco Invest, a Kuwait-based investment company, Bahrain-listed banks reported a…

The statement of financial position, also known as the balance sheet, is one of the most important financial statements for banks and other financial institutions. It shows the value of their assets, liabilities, and equity at a given point in time. It also reflects their risk profile, profitability, and liquidity. Assets: What Banks Own Assets are the resources that banks own or control, such as cash, loans, securities, and property.…