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CBN orders banks to save FX revaluation gains as buffer against economic shocks

The Central Bank of Nigeria (CBN) has issued a directive to all banks in the country to set aside their foreign exchange (FX) revaluation gains as a counter-cyclical buffer to cushion any future adverse movements in the FX rate. The CBN also prohibited banks from using FX revaluation gains to pay dividends or meet operating expenses. What are FX revaluation gains and why are they important? FX revaluation gains refer…

Kuwaiti banks to benefit from high interest rates, says S&P

S&P report forecasts robust profitability for Kuwaiti banks Standard & Poor’s (S&P), the global credit ratings agency, has released a report forecasting that Kuwaiti banks will maintain robust profitability throughout the current year. This outlook is underpinned by the banking sector’s favorable positioning to capitalize on the prevailing high-interest rate environment over the long term. The report highlighted that the rise in net interest income will be offset to some…

Big Banks Tighten Lending to Small Businesses Amid Regulatory Pressure

Small business loan approvals drop at big banks According to the latest Biz2Credit Small Business Lending Index™, the approval rates of small business loan requests at big banks ($10 billion+ in assets) fell from 13.3% in July to 13.2% in August. This is a nearly two percent drop from August 2022, when the approvals were at 15.1%. The index tracks monthly loan approval percentages for small businesses from over 1,000…

US banks challenge regulators over proposed capital rules

Banks accuse regulators of violating federal laws U.S. bank groups on Tuesday accused the Federal Reserve and other regulators of violating federal laws with a sweeping proposal to raise capital requirements, escalating an assault on the draft rules which bankers say will hurt the economy. The groups, representing JPMorgan Chase, Goldman Sachs, Morgan Stanley and Citigroup, among other lenders, said the proposal unveiled in July violates the Administrative Procedure Act…

Tech Titans Share Their Views on AI Regulation with Senators

In a rare and exclusive event, some of the most influential figures in the tech industry met with senators on Wednesday to discuss the future of artificial intelligence (AI) and how to regulate it. The closed-door forum, organized by Senate Majority Leader Chuck Schumer and Senator Mike Rounds, featured Meta’s Mark Zuckerberg, Tesla’s Elon Musk, former Microsoft CEO Bill Gates, and other prominent tech leaders and advocates. The Need for…

How tech innovations are enhancing the travel experience in 2023

The hospitality industry has undergone a rapid digital transformation in the past few years, especially due to the Covid-19 pandemic that disrupted travel and tourism worldwide. As travelers resume their long-awaited trips in 2023, they have high expectations for their travel experience, which can be met by the latest tech innovations in the hospitality sector. In this article, we will explore four tech trends that are shaping the new travel…

OQ Technology’s CEO Omar Qaise shares his vision for 5G IoT satellite constellation at WSBW 2023

OQ Technology is a NewSpace startup that aims to provide global 5G IoT connectivity using LEO satellites OQ Technology, a Luxembourg-based NewSpace startup, is building a global 5G low Earth orbit (LEO) satellite constellation dedicated for Internet-of-Things (IoT) communication. The company’s mission is to provide connectivity anywhere, especially in remote and rural areas where terrestrial networks are not available or reliable. The company was founded in 2016 by Omar Qaise,…

Former minister Stuart Robert faces NACC probe over lobbying scandal

Allegations of improper conduct Former government services and NDIS minister Stuart Robert has been referred to the National Anti-Corruption Commission (NACC) by a parliamentary committee over allegations of improper conduct involving a lobbying firm and government contracts. The Joint Committee of Public Accounts and Audit (JCPAA) recommended that the NACC investigate the matters in an interim report tabled in Parliament on Tuesday. The committee has been conducting an inquiry into…

Nintendo’s New Patent Could Solve the Joy-Con Drift Problem

Nintendo has been facing a lot of criticism and lawsuits over the Joy-Con drift issue, which causes the analog sticks on the Switch controllers to register movement even when they are not being touched. This can ruin the gaming experience and frustrate the players. However, Nintendo may have found a solution to this problem with a new patent that uses magnetic technology. What is Joy-Con drift and why is it…

UK to ban Chinese surveillance tech from sensitive sites

The UK government has announced new measures to prevent the use of Chinese surveillance technology on sensitive sites, such as government buildings and military bases. The move comes amid growing concerns over the security risks posed by Beijing’s national intelligence law, which requires Chinese companies to cooperate with its security services. New rules to protect national security The new rules are part of the Procurement Bill, which sets the buying…