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Britain's Finance Regulator Cancels Bonus Pay for Top Officials

Britain’s Finance Regulator Cancels Bonus Pay for Top Officials
Bloomberg
3/1/2021
Silla Brush
© Photographer: Chris Ratcliffe/Bloomberg
Skyscrapers in the City of London square mile financial district in London.
(Bloomberg) Britain’s market regulator has decided to stop paying bonuses to its top officials as it continues to face heavy criticism for its failure to stop a multimillion-pound bond scandal that hit retail investors.
Charles Randell, chair of the Financial Conduct Authority, told U.K. lawmakers on Monday that the regulator’s executive committee members won’t receive performance-related remuneration going forward. The committee’s bonuses were also canceled for 2020 and in the current financial year “despite having performed, in my view, outstandingly in its response to Covid,” Randell said. ....

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Saudi Arabia Returns to Dollar-Debt Market to Boost Finances

Saudi Arabia Returns to Dollar-Debt Market to Boost Finances
Bloomberg
1/26/2021
Archana Narayanan, Farah Elbahrawy and Sydney Maki
© Photographer: Maya Anwar/Bloomberg
Skyscrapers stand in the King Abdullah Financial District (KAFD) beyond an empty parking lot in Riyadh, Saudi Arabia, on Tuesday, July 28, 2020.
(Bloomberg) Saudi Arabia sold a two-part dollar bond as countries in the Gulf Arab region raise cash buffers to weather low oil prices and the coronavirus pandemic.
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The world’s largest crude exporter priced $5 billion in bonds on Tuesday, according to a person familiar with the matter, who asked not to be named.The $2.75 billion 12-year notes were priced at 130 basis points over 10-year U.S. Treasuries, compared with guidance of 140 basis points and initial price talk of 165, according to the person familiarThe $2.25 billion 40-year security were priced at 3.45%, versus guidance in the 3.55% area ....

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Two Loud Booms Heard in Saudi Capital, Witnesses Say

Two Loud Booms Heard in Saudi Capital, Witnesses Say
Bloomberg
1/26/2021
Vivian Nereim
© Bloomberg
Skyscrapers stand in the King Abdullah Financial District (KAFD) beyond an empty parking lot in Riyadh, Saudi Arabia, on Tuesday, July 28, 2020. Saudi Arabia suffered a simultaneous decline in oil and non-oil revenue as the global pandemic combined with lower energy prices to jolt the kingdom’s public finances.
(Bloomberg) Two loud booms were heard in the Saudi capital, Riyadh, witnesses said, days after the kingdom said it had intercepted a hostile air target aimed at the city.
No further details about Tuesday’s incident were immediately available. ....

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Private Equity Fund Loses Privacy Ruling in Racism Case

Private Equity Fund Loses Privacy Ruling in Racism Case
Bloomberg
1/20/2021
Jonathan Browning
© Bloomberg
Skyscrapers in the square mile financial district of the City of London, U.K., on Monday, Jan. 4, 2021. Britain s long-awaited trade deal with the European Union still leaves many questions unanswered for the world s biggest banks, trading venues and money managers as they prepare for a rupture in the region s financial system.
(Bloomberg) A private equity fund backed by families in Hong Kong and Qatar lost a bid to keep claims of fraud, racism and anti-Semitism away from public scrutiny.
London-based Queensgate Investments LLP wanted to hold further court proceedings in private. But Judge James Tayler said the upcoming hearing should be in public, saying investors and others shouldn’t be prevented from learning about claims alleging financial misconduct. ....

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Saudi Wealth Fund Put 2008 Crisis Lesson to Use This Time Around

Saudi Wealth Fund Put 2008 Crisis Lesson to Use This Time Around
Bloomberg
12/17/2020
Matthew Martin, Vivian Nereim and Reema Alothman
© Photographer: Maya Anwar/Bloomberg
Skyscrapers stand in the King Abdullah Financial District (KAFD) beyond an empty parking lot in Riyadh, Saudi Arabia, on Tuesday, July 28, 2020.
(Bloomberg)
Having lost out on buying stocks on the cheap during the global financial crisis, Saudi Arabia’s sovereign wealth fund wasn’t going to make the same mistake twice. So, when the coronavirus pandemic sent markets into a tailspin, it was all geared up.
“The crown prince always talked about how we missed an opportunity in 2008 to invest in international markets, so we were ready,” Yasir Al Rumayyan, governor of the nation’s Public Investment Fund, said in a televised interview. The two had “talked about the things that we should do if we face something like this.” ....

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