Google+ Followers

Wednesday, 24 August 2016

Bad debt crisis of UAE’s small businesses past its peak, says RAKBank chief executive | The National

Bad debt crisis of UAE’s small businesses past its peak, says RAKBank chief executive | The National:

"Bank lending growth will remain subdued this year with business confidence yet to fully recover, according to the chief executive of RAKBank.

But the worst of the bad debt crisis that plagued small and medium-sized enterprises (SMEs) over the past year is over, said Peter England, the chief executive of RAKBank, the biggest SME lender in the UAE.

Mr England said that loan growth for the bank this year is likely to drop sharply to low single digits from the 10 per cent gain last year as not just small businesses but individuals shy away from tapping debt until the outlook for the economy, hurt lower oil prices in recent years, becomes clearer."



'via Blog this'

Oil bounces on speculation of Iran supporting Opec freeze action | GulfNews.com

Oil bounces on speculation of Iran supporting Opec freeze action | GulfNews.com:

"Oil prices rose on Tuesday, reversing early losses, after Reuters reported Iran was sending positive signals that it may support joint Opec action to prop up the market.
Iran, the third-largest oil producer in the Organisation of the Petroleum Exporting Countries, has been boosting output since the lifting of Western sanctions in January and refused in April to join an Opec production freeze plan.
Though it has not officially announced whether it will join a new effort to curb production at a meeting of Opec and other producers in September, Tehran appears to be more willing to reach an understanding on the matter, sources in Opec and the oil industry told Reuters."



'via Blog this'

Egypt Readies for Tough Reforms as Gulf Seen Tightening Aid - Bloomberg

Egypt Readies for Tough Reforms as Gulf Seen Tightening Aid - Bloomberg:



"President Abdel-Fattah El-Sisi said Egypt would end its dollar exchange rate problem within months because it can’t put off tough measures to revive the economy, amid signs Gulf states’ aid won’t flow as freely as before.

In an interview with three state-run newspapers published Tuesday, El-Sisi said officials had waited too long to act, and that piecemeal measures taken over the years were no longer tenable. With the country bracing to meet International Monetary Fund requirements for a $12 billion loan, El-Sisi’s comments offered some of the strongest indications yet that Egypt was moving to free its exchange rate or devalue its pound.

“The size of the challenges is beyond imagination, and the responsibility for coping with them doesn’t fall solely on my shoulders but is a responsibility shared by Egyptians as a whole,” El-Sisi was quoted as saying in state-run Al-Ahram. “The future of the nation is at stake.”
"



'via Blog this'

MIDEAST STOCKS-Gulf slides with oil but closes off lows | Reuters

MIDEAST STOCKS-Gulf slides with oil but closes off lows | Reuters:

"Most major Gulf stock markets fell on Tuesday after Brent crude oil dropped back below $49 a barrel, but most closed well off their lows as investors bought blue chips in late trade.

The Saudi index closed 0.2 percent lower at 6,096 points, extending Monday's 1.7 percent slide. But gainers slightly outnumbered losers 77 to 74 and the index bounced from an intra-day low of 6,063 points, holding minor technical support on the April low of 6,066 points.

Petrochemical blue chip Saudi Basic Industries rose 0.3 percent and Al Rajhi Bank added 0.5 percent. Insurer Alinma Tokio rose 1.5 percent after the central bank approved one of its new products."



'via Blog this'