Arqaam hires ex-Credit Suisse banker

Updated 26 February 2013
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Arqaam hires ex-Credit Suisse banker

DUBAI: Arqaam Capital, a Dubai-based investment bank, has hired ex-Credit Suisse banker Wafic Nsouli to head its institutional equity sales unit, tapping into talent from retrenching global banks for its expansion.
Nsouli is expected to join Arqaam on March 18 and will take charge as executive director and head of institutional equity sales, the investment bank said in a statement to Reuters.
Before joining Arqaam, Nsouli was head of Middle East and North Africa equities at Credit Suisse, responsible for the company’s offices in Dubai and Saudi Arabia.
A rally in Gulf financial markets is prompting local financial institutions to expand their businesses, targeting new geographies and boosting recruitment from international rivals.
Global banks such as Credit Suisse, Nomura Holdings and Morgan Stanley, are scaling back in the Middle East as the region proves less active than they had hoped while
Europe's debt crisis puts them under pressure to cut costs.
The trend has provided opportunities for local banks to hire experienced personnel.
Morgan Stanley and Goldman Sachs Group Inc. for instance lost their two top Qatar executives to local firms last year. Morgan Stanley's Qatar head Khalid Al-Subeai joined the investment banking division of Barwa Bank, while Goldman's Qatar Chief Executive Tamim Al-Kawari joined QInvest, part-owned by Qatar Islamic Bank.
Arqaam offers corporate finance, asset management, equity derivatives and brokerage services from its main office in Dubai. The firm bought Egyptian brokerage El Rashad Securities in January, having last year acquired Al Rashad Finance and Management Advisory in Libya.
Credit Suisse, which plans to trim its investment banking team in Dubai and move some of its staff to Qatar, had promoted Ahmed Badr to be head of equities for MENA last year, to be based in Riyadh.


US unveils new veto threat against WTO rulings

Updated 23 June 2018
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US unveils new veto threat against WTO rulings

  • US tells WTO appeals rulings in trade disputes could be vetoed if they took longer than the allowed 90 days
  • Trump, who has railed against the WTO judges in the past, threatens to levy a 20 percent import tax on European Union cars

GENEVA: The United States ramped up its challenge to the global trading system on Friday, telling the World Trade Organization that appeals rulings in trade disputes could be vetoed if they took longer than the allowed 90 days.
The statement by US Ambassador Dennis Shea threatened to erode a key element of trade enforcement at the 23-year-old WTO: binding dispute settlement, which is widely seen as a major bulwark against protectionism.
It came as US President Donald Trump, who has railed against the WTO judges in the past, threatened to levy a 20 percent import tax on European Union cars, the latest in an unprecedented campaign of threats and tariffs to punish US trading partners.
Shea told the WTO’s dispute settlement body that rulings by the WTO’s Appellate Body, effectively the supreme court of world trade, were invalid if they took too long. Rulings would no longer be governed by “reverse consensus,” whereby they are blocked only if all WTO members oppose them.
“The consequence of the Appellate Body choosing to breach (WTO dispute) rules and issue a report after the 90-day deadline would be that this report no longer qualifies as an Appellate Body report for purposes of the exceptional negative consensus adoption procedure,” Shea said, according to a copy of his remarks provided to Reuters.
An official who attended the meeting said other WTO members agreed that the Appellate Body should stick to the rules, but none supported Shea’s view that late rulings could be vetoed, and many expressed concern about his remarks.
Rulings are routinely late because, the WTO says, disputes are abundant and complex. Things have slowed further because Trump is blocking new judicial appointments, increasing the remaining judges’ already bulging workload.
At Friday’s meeting the United States maintained its opposition to the appointment of judges, effectively signalling a veto of one judge hoping for reappointment to the seven-seat bench in September.
Without him, the Appellate Body will only have three judges, the minimum required for every dispute, putting the system at severe risk of breakdown if any of the three judges cannot work on a case for legal or other reasons.
“Left unaddressed, these challenges can cripple, paralyze, or even extinguish the system,” chief judge Ujal Singh Bhatia said.
Sixty-six WTO member states are backing a petition that asks the United States to allow appointments to go ahead. On Friday, US ally Japan endorsed the petition for the first time, meaning that all the major users of the dispute system were united in opposition to Trump.