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Friday 4 September 2015
Atlas group seeks time to pay back debt | GulfNews.com
Atlas group seeks time to pay back debt | GulfNews.com:
"Indira Ramachandran, wife of the beleaguered founder-chairman of Atlas Jewellery Group, has sought time to repay loans owed to several banks, requesting them to desist from taking further legal action, Gulf News has learnt.
At a meeting on Wednesday, the wife of M.M. Ramachandran, assured bankers that her husband would settle the debt, believed to be around Dh550 million.
Accompanied by management consultants hired by the Atlas group to resolve the issue, Indira attended the steering committee meeting convened by more than 15 banks involved in the financial impasse."
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"Indira Ramachandran, wife of the beleaguered founder-chairman of Atlas Jewellery Group, has sought time to repay loans owed to several banks, requesting them to desist from taking further legal action, Gulf News has learnt.
At a meeting on Wednesday, the wife of M.M. Ramachandran, assured bankers that her husband would settle the debt, believed to be around Dh550 million.
Accompanied by management consultants hired by the Atlas group to resolve the issue, Indira attended the steering committee meeting convened by more than 15 banks involved in the financial impasse."
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Outlook remains bearish for Abu Dhabi, Dubai indices | GulfNews.com
Outlook remains bearish for Abu Dhabi, Dubai indices | GulfNews.com:
"The Dubai index, which ended 1.5 per cent on Thursday, may continue to witness weakness due to continuing uncertainty in global markets and oil.
The Dubai Financial Market General Index closed 1.61 per cent higher at 3,570.37, while the Abu Dhabi Securities Exchange General Index closed 0.60 per cent higher at 4,378.14.
“There is a lot of nevoursness in the air, and all depends on China, US rates and oil,” said Saleem Khokhar, head of equities at National Bank of Abu Dhabi’s asset management group."
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"The Dubai index, which ended 1.5 per cent on Thursday, may continue to witness weakness due to continuing uncertainty in global markets and oil.
The Dubai Financial Market General Index closed 1.61 per cent higher at 3,570.37, while the Abu Dhabi Securities Exchange General Index closed 0.60 per cent higher at 4,378.14.
“There is a lot of nevoursness in the air, and all depends on China, US rates and oil,” said Saleem Khokhar, head of equities at National Bank of Abu Dhabi’s asset management group."
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Saudi king to meet with Obama amid Gulf concerns over Iran deal | Reuters
Saudi king to meet with Obama amid Gulf concerns over Iran deal | Reuters:
"Saudi King Salman will meet with U.S. President Barack Obama in Washington on Friday to seek more support in countering Iran, as the Obama administration aims to use the visit to shore up relations after a period of tensions.
The visit is the king's first to the United States since ascending to the throne in January, and comes after the United States agreed to a nuclear deal with Iran in July, raising Gulf Arab fears that the lifting of sanctions on Iran would enable it to pursue destabilizing policies in the Middle East.
The U.S.-Saudi relationship has suffered strain because of what Riyadh sees as Obama's withdrawal from the region, a lack of direct U.S. action against President Bashar al-Assad in Syria, and a perceived U.S. tilt towards Iran since the 2011 Arab uprisings."
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"Saudi King Salman will meet with U.S. President Barack Obama in Washington on Friday to seek more support in countering Iran, as the Obama administration aims to use the visit to shore up relations after a period of tensions.
The visit is the king's first to the United States since ascending to the throne in January, and comes after the United States agreed to a nuclear deal with Iran in July, raising Gulf Arab fears that the lifting of sanctions on Iran would enable it to pursue destabilizing policies in the Middle East.
The U.S.-Saudi relationship has suffered strain because of what Riyadh sees as Obama's withdrawal from the region, a lack of direct U.S. action against President Bashar al-Assad in Syria, and a perceived U.S. tilt towards Iran since the 2011 Arab uprisings."
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