Network International revenues rise as it picks up new Saudi contracts

Network International reported earnings of $298 million last year, boosted by better-than-expected performance in Saudi Arabia. (Shutterstock)
Updated 16 August 2019

Network International revenues rise as it picks up new Saudi contracts

  • Last year it processed some $40 billion in payments for more than 65,000 merchants

LONDON: Network International, the UAE-based payments provider, reported strong Middle East revenues helped by a better than expected performance in Saudi Arabia.
The company, which listed its shares on the London Stock Exchange in April, said overall revenues grew 12.4 percent to $152.35 million in the six months ending June 30 compared to the year earlier period.
“The group sees opportunities for acceleration through deeper geographic penetration into key markets, particularly in Saudi Arabia where it has already acquired a commercial license and offices,” said CEO Simon Haslam.
Network International said that customer momentum “remained strong,” with several customers including Emirates NBD and Emirates Islamic renewing contracts, and the signing of new customers in the Kingdom.
Middle East revenues, which contributed almost three quarters of total revenues, increased 9.3 percent year-on-year to $111.5 million as it benefited from the structural shift from cash to digital payments across the region.
The payment processor reported earnings of $298 million last year according to its website, up from $262 million a year earlier.
Last year it processed some $40 billion in payments for more than 65,000 merchants.


White House says Trump regrets not raising tariffs higher

US President Donald Trump arrives at the G7 summit in Biarritz, France, on Sunday. Trump had been trying to use the conference to rally global leaders to do more to stimulate their economies, as fears rise of a potential slowdown in the US ahead of his reelection. (AP)
Updated 26 min 44 sec ago

White House says Trump regrets not raising tariffs higher

  • President’s comments appear at first to mark a rare moment of self-reflection by the US leader

TOKYO: President Donald Trump said Sunday that he had second thoughts about escalating the trade war with China, but the White House later reversed that message saying the president was misinterpreted and that his only regret in hiking tariffs is that he didn’t raise them higher. Trump faced a tense reception from world leaders meeting amid mounting anxiety of a global economic slowdown at the Group of Seven summit in France. During a breakfast meeting with British Prime Minister Boris Johnson, Trump suggested he had qualms about the spiraling conflict. “Yeah. For sure,” Trump told reporters when asked if he has second thoughts about escalating the dispute, adding he has “second thoughts about everything.”
But hours later, White House press secretary Stephanie Grisham issued a statement saying Trump’s comments about US tariffs on China were “greatly misinterpreted.”
She said Trump only responded “in the affirmative — because he regrets not raising the tariffs higher.” The comments appeared at first to mark a rare moment of self-reflection by the famously hard-nosed leader. But the later reversal fit a pattern for Trump in recoiling from statements he believes suggest weakness.

HIGHLIGHTS

• President Donald Trump faced a tense reception from world leaders meeting amid mounting anxiety of a global economic slowdown at the Group of Seven summit in France.

• White House said comments about US tariffs on China were ‘greatly misinterpreted.’

Trump had been trying to use the conference to rally global leaders to do more to stimulate their economies, as fears rise of a potential slowdown in the US ahead of his reelection. Trump’s counterparts, including Johnson, are trying to convince him to back off his trade wars with China and other countries, which they see as contributing to the economic weakening.

US-Japan agreement
Trump and Japan’s Prime Minister Shinzo Abe announced on Sunday a deal in principle on a major bilateral trade deal.
“It’s a very big transaction,” Trump said after talks with Abe on the sidelines of the G7 summit.
“Billions and billions of dollars,” he said. “It involves agriculture, it involves e-commerce. It involves many things. We’ve agreed in principle.”

Amazon fires
Also on Sunday, French President Emmanuel Macron said that world leaders at the G7 summit have agreed to help the countries affected by the huge wildfires ravaging the Amazon rainforest as soon as possible.
“We are all agreed on helping those countries which have been hit by the fires as fast as possible,” he told journalists.