The Central Bank of Oman (CBO) has issued a ‘Bank Resolution Framework for Oman’, which spells out the recovery and resolution regime for the banking sector. The purpose of the Framework is to prepare banks for self-propelled recovery, and if circumstances necessitate, allow authorities to resolve them in an orderly way with least disruption and minimal cost to the national exchequer while preserving financial stability. The Framework will be applicable to all banks designated as Domestic Systemically Important"...

Bank of America reported its first-quarter 2019 financial results today. The news release, supplemental filing and investor presentation can be accessed in the following ways:

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190416005489/en/

• Bank of America newsroom at https://newsroom.bankofamerica.com
"...

Moody’s Corporation (NYSE: MCO) announced today that it has acquired a majority stake in Vigeo Eiris, a global leader in Environmental, Social and Governance (ESG) research, data and assessments. The acquisition furthers Moody’s objective of promoting global standards for ESG for use by market participants.

With products and capabilities based on ESG assessments and an extensive ESG database, Vigeo Eiris offers specialized research and"...

Muscat: Reflecting its strong dedication to become the financing platform of choice for small and medium enterprises (SMEs), Bank Nizwa has recently signed a Memorandum of Understanding (MoU) with Al-Badi Investment Group, one of the leading and most diverse group of companies in the Sultanate.

According to the exclusive agreement, the bank will offer its tailored Islamic finance facilities to SMEs looking to purchase heavy equipment and machinery from Chinese company Sany Group, one of the largest construction"...

Muscat: Bank Muscat, the flagship financial institution in the Sultanate, has announced its preliminary results for the three months ended on March 31, 2019. The bank posted a net profit of OMR45.80 million for the period compared to OMR44.81 million reported during the same period in 2018, an increase of 2.2 per cent.

Key highlights

The bank's net Interest Income from Conventional Banking and Income from Islamic Financing stood at OMR78.76 million for the three months period ended on March 31,"...

Muscat -

National Bank of Oman (NBO) and Oman International Development and Investment Co (Ominvest) have signed a long-term secured credit facility agreement for RO80mn to support Ominvest’s initiative for diversification and long-term growth in the sultanate.

“This agreement highlights NBO’s ability to structure tailor-made financing solutions for large-scale"...

Muscat: Oman's banking sector has achieved a notable 8 per cent growth in assets, reflecting its strong capacity to provide the funding requirements for all economic activities last year, including diversification initiatives for the productive sector.

Accordingly, credit to various sectors of the economy registered 6 per cent growth in addition to increase witnessed in deposits and investments. Also, inflationary pressure was mild during the year and continues to follow similar trend.

Therefore,"...

• Huge opportunities for better business intelligence and across a range of activities carried out by accountants

• Adoption of machine learning needs to be based on legitimate business need rather than just wanting to be seen as using AI

• Ethical challenges lie ahead - accountants need to align professional competence and due care with AI and machine learning

In the UAE, 40 per cent of accountants currently"...

Muscat -

After a gap of more than four months, the Central Bank of Oman (CBO) has announced the issuance of new development bonds to raise as much as RO100mn on behalf of the sultanate’s government.

The 60th issue of the government development bonds is the first such issuance this year after the 59th issue worth RO100mn, which was launched in November last year with"...