Connect with us

Top Stories

WORLD TAKAFUL CONFERENCE: GCC SOVEREIGN ISSUANCE CAN BE HUGELY INSTRUMENTAL FOR TAKAFUL STABILITY

Published

on

takaful

Middle East Global Advisors, 23-year financial intelligence platform, launched groundbreaking World Takaful Report with critical insights for industry

The 11th annual World Takaful Conference concluded its two-day proceedings on Tuesday to overwhelming praise from the Takaful industry, following the launch of a unique intelligence report by the forum’s conveners, Middle East Global Advisors.

takaful

The Finance Forward World Takaful Report: Connecting the Dots, Forging the Future was launched as part of WTC’s commitment to supporting the Takaful industry through insightful and groundbreaking intelligence. The Report provides a way forward to addressing various challenges ranging from price wars and pricing regulation, to closing the gap of human capital, and includes contributions from UK & Netherlands-based boutique consultancy, Takaful Outsource.

The report was launched on Monday by Sahar Kazranian (Acting CEO of Middle East Global Advisors) who shared key insights of the report, which is based on expert analysis and feedback from leading industry practitioners. She said: “Takaful is an essential part of the Islamic financial ecosystem and is spreading beyond its core markets. The pace of growth has not matched up with the momentum seen in the Islamic banking segment, leaving significant ground for changes to help the industry scale.”

She said that although over-competitiveness and price wars were major challenges faced by the industry, the huge rise in GCC sovereign issuance is a potential boon for the Takaful industry: “Two of the three leading markets globally, namely Saudi Arabia and the UAE, will see a $58 billion issuance in bond and sukuk in 2016 alone. This is important given that pressure on underwriting profits means that sustainable investment returns will be critical for long-term growth.”

She concluded: “We see regulators becoming more stringent on what investments are permissible for takaful operators, and our survey of industry leaders reflected a shift away from equity and commodities markets – so the potential new supply of Sharia-compliant fixed income can be hugely beneficial.”

With specialist contributions from Takaful Outsource and comprehensive survey of industry practitioners by Middle East Global Advisors, the Report will be instrumental to help industry players navigate the regulatory, economic, demographical and technological landscape in uncertain times.

The World Takaful Report was launched to an audience comprising of high profile guests and dignitaries from Dubai Islamic Economy Development Centre, Dubai International Financial Centre, Islamic Insurance Association of London, Insurance Authority UAE, PwC, Moody’s, EY, Swiss Re, Munich Re, Noor Takaful, Watania, Emirates RE and many more organisations.

The 12th annual edition of WTC will take place in April 2017. For more information, visit www.meglobaladvisors.com.

Business

Chipmakers in drought-hit Taiwan order water trucks to prepare for ‘the worst’

Published

on

Chipmakers in drought-hit Taiwan order water trucks to prepare for 'the worst' 1

TAIPEI (Reuters) – Taiwan chipmakers are buying water by the truckload for some of their foundries as the island widens restrictions on water supply amid a drought that could exacerbate a chip supply crunch for the global auto industry.

Some auto makers have already been forced to trim production, and Taiwan had received requests for help to bridge the shortage of auto chips from countries including the United States and Germany.

Taiwan, a key hub in the global technology supply chain for giants such as Apple Inc, will begin on Thursday to further reduce water supply for factories in central and southern cities where major science parks are located.

Water levels in several reservoirs in the island’s central and southern region stand at below 20%, following months of scant rainfall and a rare typhoon-free summer.

“We have planned for the worst,” Taiwan Economy Minister Wang Mei-hua told reporters on Tuesday. “We hope companies can reduce water usage by 7% to 11%.”

With limited rainfall forecast for the months ahead, Taiwan Water Corporation this week said the island has entered the “toughest moment”.

Taiwan Semiconductor Manufacturing Co Ltd (TSMC), the world’s largest contract chipmaker, this week started ordering small amounts of water by the truckload to supply some of its facilities across the island.

“We are making preparations for our future water demand,” TSMC told Reuters, describing the move as a “pressure test”. The chip giant said it has seen no impact on production. Both Vanguard International Semiconductor Corporation and United Microelectronics Corp signed contracts with water trucks and said there was no impact on production.

Vanguard said it has started a drill to truck water to its facilities in the northern city of Hsinchu.

Taiwanese technology companies have long complained about a chronic water shortage, which became more acute after factories expanded production following a Sino-U.S. trade war.

(Reporting By Yimou Lee; additional reporting by Jeanny Kao; Editing by Simon Cameron-Moore)

Continue Reading

Top Stories

Oil slips after U.S. crude stocks rise amid deep freeze hit to refiners

Published

on

Oil slips after U.S. crude stocks rise amid deep freeze hit to refiners 2

By Sonali Paul

MELBOURNE (Reuters) – Oil prices fell in early trade on Wednesday after industry data showed U.S. crude inventories unexpectedly rose last week as a deep freeze in the southern states curbed demand from refineries that were forced to shut.

Crude stockpiles rose by 1 million barrels in the week to Feb. 19, the American Petroleum Institute (API) reported on Tuesday, against estimates for a draw of 5.2 million barrels in a Reuters poll.

API data showed refinery crude runs fell by 2.2 million bpd.

U.S. West Texas Intermediate (WTI) crude futures were down 55 cents or 0.9% at $61.12 a barrel at 0136 GMT, after slipping 3 cents on Tuesday.

Brent crude futures fell 38 cents, or 0.6%, to $64.99 a barrel, erasing Tuesday’s 13 cents gain.

Investors will be awaiting confirmation from the U.S. Energy Information Administration later on Wednesday that crude inventories rose last week, despite the hit to shale oil production amid the unprecedented icy spell in the U.S. south.

“The key question is how quickly does U.S. oil supply recover. It looks like supply will recover faster than refineries, and supply is going to outpace demand in the next few weeks. That will give negative weight to the market,” Commonwealth Bank analyst Vivek Dhar said.

The price retreat is being seen as a pause following a rally of more than 26% to 13-month highs in both Brent and WTI since the start of the year.

Prices have jumped due to the U.S. supply disruption and supply discipline by the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, led by an extra 1 million bpd cut by Saudi Arabia.

At the same time stimulus spending to boost growth, investors rotating into commodities, and hopes that the rollout of vaccinations could lead to an easing of pandemic restrictions are all buoying oil prices.

(Reporting by Sonali Paul; Editing by Edwina Gibbs)

Continue Reading

Top Stories

Oil settles mixed amid post-storm uncertainty

Published

on

Oil settles mixed amid post-storm uncertainty 3

By Laura Sanicola

NEW YORK (Reuters) – Oil prices settled near year-long highs on Tuesday on signs that global coronavirus restrictions were being eased, although concerns about the pace of a U.S. economic recovery and the return of Texas oil production kept gains in check.

U.S. crude settled down 3 cents to $61.67 a barrel, still close to its highest levels since January 2020. Brent crude <LCOc1> settled up 13 cents, or 0.2%, to $65.37 a barrel.

Both contracts rose more than $1 earlier before retreating.

Shale oil producers and refiners in the southern United States are slowly resuming production after 2 million barrels per day (bpd) of crude output and nearly 20% of U.S. refining capacity shut down because of last week’s winter storm.

Traffic at the Houston ship channel was slowly returning to normal. Production, however, was not expected to fully restart soon and some shale producers forecast lower oil output in the first quarter.

Some oil production may never come back, commodities merchant Trafigura said on Tuesday.

After the cold snap, U.S. crude oil stockpiles were also seen falling for a fifth straight week, while the inventories of refined products also declined last week, an extended Reuters poll showed.

“It appears that last week’s severe cold spell and related Texas power outage could be affecting the weekly EIA data into the middle of next month,” said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.

There were also concerns over the U.S. economic recovery, which the chair of the Federal Reserve, Jerome Powell, said remained “uneven and far from complete.”

He said it would be “some time” before the central bank considered changing policies it had adopted to help the country back to full employment.

Commerzbank analyst Eugen Weinberg said the recent oil price rise was buoyed by upbeat price forecasts from U.S. brokers.

Goldman Sachs expects Brent prices to reach $70 per barrel in the second quarter from the $60 it predicted previously, and $75 in the third quarter from $65 forecast earlier.

Morgan Stanley, which expects Brent to reach $70 in the third quarter, said new COVID-19 cases were falling while “mobility statistics are bottoming out and are starting to improve”.

Bank of America said Brent prices could temporarily spike to $70 in the second quarter.

(Reporting by Laura Sanicola in New York; Additional reporting by Bozorgmehr Sharafedin in London and Jessica Jaganathan in Singapore; Editing by Matthew Lewis and Mark Heinrich)

Continue Reading
Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.

Call For Entries

Global Banking and Finance Review Awards Nominations 2021
2021 Awards now open. Click Here to Nominate

Latest Articles

The cash-flush amateurs hunting game cards, handbags and art 4 The cash-flush amateurs hunting game cards, handbags and art 5
Investing3 mins ago

The cash-flush amateurs hunting game cards, handbags and art

By Elizabeth Howcroft and Tommy Wilkes LONDON (Reuters) – Stocks, bonds and commodities? Old hat. Once the preserve of the...

GameStop: How events unfolded and the next chapter 6 GameStop: How events unfolded and the next chapter 7
Investing33 mins ago

GameStop: How events unfolded and the next chapter

By David Morrison, Senior Market Analyst at Trade Nation, GameStop is a bricks and mortar video gaming retailer which launched in...

REMOTE WORKING STRATEGY REQUIRED TO STRENGTHEN CYBER RESILIENCE REMOTE WORKING STRATEGY REQUIRED TO STRENGTHEN CYBER RESILIENCE
Technology54 mins ago

Does your institution have operational resilience? Testing cyber resilience may be a good way to find out

By Callum Roxan, Head of Threat Intelligence, F-Secure If ever 2020 had a lesson, it was that no organization can...

How the Brexit Agreement Failed the Financial Services Sector 8 How the Brexit Agreement Failed the Financial Services Sector 9
Finance1 hour ago

How the Brexit Agreement Failed the Financial Services Sector

By Steve Taklalsingh, MD UK Business, Amaiz Over the Valentine’s weekend, it was announced that during January, the first month that...

Why the financial sector must use security orchestration & automation to keep up with cyber threats         Why the financial sector must use security orchestration & automation to keep up with cyber threats        
Banking1 hour ago

Two weak links cyber attackers are exploring to breach banks

By Rui Ribeiro, CEO at Jscrambler The coronavirus pandemic has brought on a lot of changes into modern society, specifically...

Chipmakers in drought-hit Taiwan order water trucks to prepare for 'the worst' 10 Chipmakers in drought-hit Taiwan order water trucks to prepare for 'the worst' 11
Business1 hour ago

Chipmakers in drought-hit Taiwan order water trucks to prepare for ‘the worst’

TAIPEI (Reuters) – Taiwan chipmakers are buying water by the truckload for some of their foundries as the island widens...

Five things investors and listed companies need to know about the common ownership debate and why it matters Five things investors and listed companies need to know about the common ownership debate and why it matters
Business1 hour ago

Employee ownership – resilience in a time of uncertainty

By Stephen Greenwood, Owner of Valloop White House economist Jared Bernstein is a major advocate for employee ownership, in which...

Hyundai Motor to recall Kona EV and other electric vehicles in South Korea 12 Hyundai Motor to recall Kona EV and other electric vehicles in South Korea 13
Business1 hour ago

Hyundai Motor to recall Kona EV and other electric vehicles in South Korea

SEOUL (Reuters) – Hyundai Motor Co will recall 26,699 electric vehicles including Kona EVs in South Korea due to potential...

FAA orders immediate inspections of some Boeing 777 engines after United failure 14 FAA orders immediate inspections of some Boeing 777 engines after United failure 15
Business1 hour ago

FAA orders immediate inspections of some Boeing 777 engines after United failure

By David Shepardson and Jamie Freed WASHINGTON (Reuters) – The Federal Aviation Administration (FAA) said on Tuesday it was ordering...

Promise of cheap money keeps stocks buoyant 16 Promise of cheap money keeps stocks buoyant 17
Trading2 hours ago

Promise of cheap money keeps stocks buoyant

By Tom Westbrook and Echo Wang SINGAPORE/MIAMI (Reuters) – Bond markets steadied, the U.S. dollar fell and stocks edged ahead...

Newsletters with Secrets & Analysis. Subscribe Now