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How to open a US dollar account in Egypt’s banks

Egyptians who want to save or invest in foreign currency can open a US dollar account in some of the local banks. This service allows customers to deposit foreign transfers, purchase certificates of deposits, or make deposits in foreign currency. Here are some of the benefits and requirements of opening a US dollar account in Egypt’s banks. Benefits of opening a US dollar account Opening a US dollar account can…

Rural and community banks face challenges from domestic debt exchange

What is the domestic debt exchange? The domestic debt exchange is a programme launched by the government of Ghana in December 2022, which invites holders of domestic notes and bonds issued by the Republic, including E.S.L.A. and Daakye bonds, to voluntarily exchange them for a package of new bonds with longer maturities and lower interest rates. The programme aims to reduce the government’s debt servicing costs and improve its debt…

Hong Kong’s Foreclosed Homes Fail to Attract Buyers Despite Huge Discounts

Hong Kong, one of the world’s most expensive real estate markets, is witnessing a surge in foreclosed homes as homeowners struggle to repay their mortgages amid high interest rates and a weak economy. However, even with discounts of up to 20%, these properties are finding few takers at auctions, reflecting the caution and pessimism that have gripped the market. Foreclosed Homes Hit Record High Since 2009 According to Hong Kong…

How BaaS Can Transform the Future of Banking

Banking-as-a-service (BaaS) is a model that allows banks and fintechs to offer regulated banking capabilities through application programming interfaces (APIs). BaaS can help banks generate new revenue streams, expand their customer base, and enhance their digital capabilities. However, BaaS also poses significant challenges and risks, such as regulatory compliance, operational complexity, and competitive pressure. In this article, we will explore what banks need to do to succeed in the next…

Westpac cancels pacific banking business sale after regulatory hurdles

Westpac’s decision to keep its Fiji and Papua New Guinea operations Westpac, one of Australia’s largest banks, announced on Wednesday that it had scrapped the sale of its banking businesses in Fiji and Papua New Guinea, ending a years-long process that faced multiple regulatory challenges. The bank said it had decided to retain and invest in its pacific operations, which have been showing growth and recovery after the COVID-19 pandemic.…

Intel Launches High-Volume Production of Intel 4 Technology in Ireland

Intel’s new fab in Leixlip uses EUV technology for the first time in Europe Intel, the world’s largest semiconductor company, has announced that its new fab in Leixlip, Ireland, has begun high-volume production of computer chips using Intel 4 technology. This is a significant milestone for Intel, as it marks the first use of extreme ultraviolet (EUV) technology in high-volume manufacturing (HVM) in Europe. EUV technology is a key enabler…

How to gear up for a digital nomad lifestyle

The pandemic has changed the way we work and travel, and many people are now embracing the idea of being a digital nomad. A digital nomad is someone who works remotely from anywhere in the world, using technology and the internet to stay connected and productive. But what are the essential tools and gadgets that a digital nomad needs to thrive in this new era of mobility and flexibility? Here…

Black Man Sues Louisiana Police for Wrongful Arrest Based on Faulty Facial Recognition

A Case of Mistaken Identity Randal Quran Reid, a 29-year-old Black man from Georgia, has filed a civil lawsuit against the Jefferson Parish Sheriff’s Office (JPSO) in Louisiana, alleging that he was wrongfully arrested and detained for nearly a week because of the misuse of facial recognition technology. Reid claims that he was falsely identified as a suspect who used stolen credit cards to buy about $15,000 worth of designer…

Campbell Brown exits Meta amid its shift away from news

Former CNN and NBC News anchor Campbell Brown is leaving her role as Meta’s vice president of media partnerships, the company announced on Tuesday. Brown, who joined the social media giant in 2017, will remain as a consultant for the company formerly known as Facebook. Meta’s changing relationship with news publishers Brown’s departure comes as Meta is moving away from promoting news content on its platforms, such as Facebook and…

Tech stocks plunge as interest rates soar to 16-year high

Nasdaq suffers worst month of the year The tech-heavy Nasdaq index fell 1.9% on Tuesday, closing at 13,059.47, its lowest level since May. The index suffered its worst month of the year in September, declining 5.8%. While it is still up 25% this year, the Nasdaq is facing a rocky start to October as a spike in interest rates pushes investors out of risky assets. The rise in interest rates…