Lenders disappointment with court verdict in Atlas Jewellery owner case | GulfNews.com:
"The three-year jail term handed over to MM Ramachandran, 74, the beleaguered Atlas Jewellery owner by the Dubai Courts on Thursday, has been received with disappointment by the gold jewellery and banking fraternity.
The businessman who had a successful health care group in Oman and a large jewellery chain in the GCC countries with over 50 stores, had been in the gold and precious stones business since 1970s. A series of misadventures resulted in several defaults and he owed over Dh500 million to about 20 banks. Four cases were filed against him that led to his arrest in August.
“Ramchandran could have done more to work out a settlement by raising money against his assets had he been granted bail. While this judgement might be in favour of his sponsors who will be able to recover amounts he owed by raising money by leasing out his shops, banks would either have to write off the money he owed them as bad debt or dig in for the long haul,” a banker told Gulf News."
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Thursday, 12 November 2015
Vodafone Qatar second quarter loss widens as revenue declines | GulfNews.com
Vodafone Qatar second quarter loss widens as revenue declines | GulfNews.com:
"Vodafone Qatar, an affiliate of Vodafone Group, reported a widening second-quarter loss on Thursday as its revenue fell.
The operator made a net loss of 113.6 million riyals (Dh114.6 million, $31.20 million) in the three months to September 30, Reuters calculated based on its half-year financial statement.
That compares with a loss of 53.5 million riyals in the prior-year period, according to Reuters calculations. Vodafone Qatar’s financial year starts on April 1."
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"Vodafone Qatar, an affiliate of Vodafone Group, reported a widening second-quarter loss on Thursday as its revenue fell.
The operator made a net loss of 113.6 million riyals (Dh114.6 million, $31.20 million) in the three months to September 30, Reuters calculated based on its half-year financial statement.
That compares with a loss of 53.5 million riyals in the prior-year period, according to Reuters calculations. Vodafone Qatar’s financial year starts on April 1."
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UAE to play a key role in oil market stability | GulfNews.com
UAE to play a key role in oil market stability | GulfNews.com:
"The United Arab Emirates reiterated that the country will play a key role in the stability of oil markets and will continue to invest despite several companies cancelling their projects due to the current slump in oil prices.
“The UAE is investing today and will continue investments while many companies are cancelling their projects. Those who invested in difficult times are going to be ready to introduce that production to the market when there is a need for it to stabilise the market,” Minister of Energy Suhail Al Mazrouei said on Thursday, the last day of the Abu Dhabi International Petroleum Exhibition and Conference (Adipec).
He said that the UAE played a key role in the political stability of this region and the country will play a key role in stability of oil markets in the future."
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"The United Arab Emirates reiterated that the country will play a key role in the stability of oil markets and will continue to invest despite several companies cancelling their projects due to the current slump in oil prices.
“The UAE is investing today and will continue investments while many companies are cancelling their projects. Those who invested in difficult times are going to be ready to introduce that production to the market when there is a need for it to stabilise the market,” Minister of Energy Suhail Al Mazrouei said on Thursday, the last day of the Abu Dhabi International Petroleum Exhibition and Conference (Adipec).
He said that the UAE played a key role in the political stability of this region and the country will play a key role in stability of oil markets in the future."
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Mediclinic Profit Climbs on Swiss, Middle East Hospital Growth - Bloomberg Business
Mediclinic Profit Climbs on Swiss, Middle East Hospital Growth - Bloomberg Business:
"Mediclinic International Ltd., South Africa’s largest private-hospital owner which has agreed to combine with Al Noor Hospitals Group Plc of Abu Dhabi, said first-half profit increased 12 percent as the Switzerland and Middle East units grew and the company benefited from converting earnings in those regions into rand.
Net income advanced to 1.87 billion rand ($132 million) in the six months through September, compared with 1.67 billion rand a year earlier, the Stellenbosch-based company said in a statement on Thursday. Sales gained 16 percent to 19.6 billion rand, while the first-half dividend was raised 16 percent to 36 cents a share.
“We are continuing to see a strong demand for quality private healthcare services in our three operating platforms” in Southern Africa, the Middle East and Switzerland,” Chief Executive Officer Danie Meintjes said in the statement. “The trend is also prevalent in the U.K.,” where Mediclinic bought almost 30 percent of Spire Healthcare Group Plc for
431.7 million pounds ($657 million) this year."
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"Mediclinic International Ltd., South Africa’s largest private-hospital owner which has agreed to combine with Al Noor Hospitals Group Plc of Abu Dhabi, said first-half profit increased 12 percent as the Switzerland and Middle East units grew and the company benefited from converting earnings in those regions into rand.
Net income advanced to 1.87 billion rand ($132 million) in the six months through September, compared with 1.67 billion rand a year earlier, the Stellenbosch-based company said in a statement on Thursday. Sales gained 16 percent to 19.6 billion rand, while the first-half dividend was raised 16 percent to 36 cents a share.
“We are continuing to see a strong demand for quality private healthcare services in our three operating platforms” in Southern Africa, the Middle East and Switzerland,” Chief Executive Officer Danie Meintjes said in the statement. “The trend is also prevalent in the U.K.,” where Mediclinic bought almost 30 percent of Spire Healthcare Group Plc for
431.7 million pounds ($657 million) this year."
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MIDEAST STOCKS-Saudi, Dubai fall back; Egypt stable despite FX fears | Reuters
MIDEAST STOCKS-Saudi, Dubai fall back; Egypt stable despite FX fears | Reuters:
"Stock markets in Saudi Arabia and
Dubai fell on Thursday in response to low oil prices, while
Egypt's market held steady in the face of uncertainty over
exchange and interest rates.
Brent oil slipped to a two-month low just above $45
a barrel on Thursday, fuelling concern about austerity steps
that governments in the region may be forced to take next year.
The Saudi stock index, which surged 2.0 percent on
Wednesday, dropped 0.6 percent. Miner Ma'aden sank 3.1
percent."
'via Blog this'
"Stock markets in Saudi Arabia and
Dubai fell on Thursday in response to low oil prices, while
Egypt's market held steady in the face of uncertainty over
exchange and interest rates.
Brent oil slipped to a two-month low just above $45
a barrel on Thursday, fuelling concern about austerity steps
that governments in the region may be forced to take next year.
The Saudi stock index, which surged 2.0 percent on
Wednesday, dropped 0.6 percent. Miner Ma'aden sank 3.1
percent."
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Arabtec steering into open waters and out of trouble | The National
Arabtec steering into open waters and out of trouble | The National:
"At the start of this year I wrote about the hammering Arabtec’s share price had taken over the previous six months amid management and board upheavals, and concluded that the lesson from the saga was that, on balance, an open approach offers more gain than pain.
Yesterday, the construction company reported losses for the fourth straight quarter totalling about Dh2 billion over the whole period. In a statement, the construction company said that the most recent loss – and biggest so far – in the third quarter was the result of its “balanced approach to revenue, cost and profit recognition”.
In the third quarter, Arabtec reversed Dh379 million of previously recognised claims – or earnings – and took Dh136m of provisions against receivables that added to its operational expenses. That must have been hard to swallow for management, which remains fairly optimistic about growing Arabtec’s Dh18.7bn backlog in what it describes as a “very challenging” regional construction market."
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"At the start of this year I wrote about the hammering Arabtec’s share price had taken over the previous six months amid management and board upheavals, and concluded that the lesson from the saga was that, on balance, an open approach offers more gain than pain.
Yesterday, the construction company reported losses for the fourth straight quarter totalling about Dh2 billion over the whole period. In a statement, the construction company said that the most recent loss – and biggest so far – in the third quarter was the result of its “balanced approach to revenue, cost and profit recognition”.
In the third quarter, Arabtec reversed Dh379 million of previously recognised claims – or earnings – and took Dh136m of provisions against receivables that added to its operational expenses. That must have been hard to swallow for management, which remains fairly optimistic about growing Arabtec’s Dh18.7bn backlog in what it describes as a “very challenging” regional construction market."
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Atlas owner Ramachandran jailed for Dh34m bounced cheques | GulfNews.com
Atlas owner Ramachandran jailed for Dh34m bounced cheques | GulfNews.com:
"The owner of Atlas jewellery has been jailed for three years for issuing two bounced cheques worth Dh34 million.
M.M. Ramachandran, a 73-year-old Indian businessman, had issued two cheques worth Dh4 million and Dh30 million to a local bank. The bank complained against him once after cheques bounced and he failed to settle the outstanding dues in August.
"Ramachandran will be jailed for three years," said presiding Judge Ahmad Shiha on Thursday morning. "
'via Blog this'
"The owner of Atlas jewellery has been jailed for three years for issuing two bounced cheques worth Dh34 million.
M.M. Ramachandran, a 73-year-old Indian businessman, had issued two cheques worth Dh4 million and Dh30 million to a local bank. The bank complained against him once after cheques bounced and he failed to settle the outstanding dues in August.
"Ramachandran will be jailed for three years," said presiding Judge Ahmad Shiha on Thursday morning. "
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Waha Capital reports net profit of Dh466.9 million in first nine months of 2015 | GulfNews.com
Waha Capital reports net profit of Dh466.9 million in first nine months of 2015 | GulfNews.com:
"Waha Capital, an investment company based in Abu Dhabi, has reported a net profit of Dh466.9 million for the first nine months of 2015. Earnings were driven by the performance of key portfolio investments AerCap Holdings, Dunia Group and the capital markets division, the company said in a statement.
Net profit for the nine-month period was 31 per cent higher than an adjusted net profit of Dh355.9 million achieved in the first nine months of 2014, after taking out net non-recurring items, primarily the one-off gain that the company recorded last year on its stake in AerCap Holdings.
The nine-months net profit was also 102 per cent higher than the net profit of Dh230.8 million that was recorded in the corresponding nine-month period of 2013."
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"Waha Capital, an investment company based in Abu Dhabi, has reported a net profit of Dh466.9 million for the first nine months of 2015. Earnings were driven by the performance of key portfolio investments AerCap Holdings, Dunia Group and the capital markets division, the company said in a statement.
Net profit for the nine-month period was 31 per cent higher than an adjusted net profit of Dh355.9 million achieved in the first nine months of 2014, after taking out net non-recurring items, primarily the one-off gain that the company recorded last year on its stake in AerCap Holdings.
The nine-months net profit was also 102 per cent higher than the net profit of Dh230.8 million that was recorded in the corresponding nine-month period of 2013."
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MIDEAST STOCKS-Egypt rebounds after four-day drop, Saudi mostly stable | Reuters
MIDEAST STOCKS-Egypt rebounds after four-day drop, Saudi mostly stable | Reuters:
"Egypt's stock market rebounded early on Thursday after dropping for four days because of fears of a possible currency devaluation, while Saudi Telecom continued rising sharply in a mostly flat market.
The Egyptian stock index tumbled as much as 10 percent earlier this week amid great uncertainty about the central bank's intentions towards the currency.
Some bankers believe authorities are preparing to float the pound - a step that could help to solve Egypt's hard currency shortage in the long run, but would be risky in the short term."
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"Egypt's stock market rebounded early on Thursday after dropping for four days because of fears of a possible currency devaluation, while Saudi Telecom continued rising sharply in a mostly flat market.
The Egyptian stock index tumbled as much as 10 percent earlier this week amid great uncertainty about the central bank's intentions towards the currency.
Some bankers believe authorities are preparing to float the pound - a step that could help to solve Egypt's hard currency shortage in the long run, but would be risky in the short term."
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MIDEAST STOCKS-Gulf markets mixed, weak earnings weigh | Reuters
MIDEAST STOCKS-Gulf markets mixed, weak earnings weigh | Reuters:
"Gulf stock markets were mixed in early trade on Thursday though weak quarterly earnings weighed on some shares.
Dubai's index dropped 0.6 percent as GFH Financial slid 3.4 percent to test its record low of 0.46 dirham. The company reported a third-quarter net profit attributable to shareholders of $800,000 versus $6.0 million a year earlier.
Arabtec continued sliding, losing 3.1 percent, after reporting a big quarterly loss on Wednesday, citing poor industry conditions in the region; fellow construction firm Drake & Scull fell by the same amount."
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"Gulf stock markets were mixed in early trade on Thursday though weak quarterly earnings weighed on some shares.
Dubai's index dropped 0.6 percent as GFH Financial slid 3.4 percent to test its record low of 0.46 dirham. The company reported a third-quarter net profit attributable to shareholders of $800,000 versus $6.0 million a year earlier.
Arabtec continued sliding, losing 3.1 percent, after reporting a big quarterly loss on Wednesday, citing poor industry conditions in the region; fellow construction firm Drake & Scull fell by the same amount."
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Russia's Oil Rivalry With Saudis Masks the Bigger Iranian Threat - Bloomberg Business
Russia's Oil Rivalry With Saudis Masks the Bigger Iranian Threat - Bloomberg Business:
"Competition is growing in Russia’s biggest oil market. While Saudi Arabia’s encroachment in Europe is getting all the attention, the biggest threat comes from another part of the Middle East -- Iran.
Saudi Arabia has started shipping crude to traditional Russian markets like Poland and Sweden, but supplies to Europe from the world’s largest exporter won’t increase by enough to reduce prices, said Texas-based consultant Stratfor. In contrast, a surge in Iranian exports after the lifting of sanctions could erode the value of Russian shipments to the region as soon as next year, according to KBC Advanced Technologies.
Tougher competition in Europe, the destination for almost 70 percent of Russia’s oil exports, comes as the country is already battling recession. Oil and gas sales account for about half of government revenues and the commodity-price slump has amplified the economic blow from international sanctions over Ukraine. An increase in Iranian exports following a nuclear deal with world powers could make matters worse."
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"Competition is growing in Russia’s biggest oil market. While Saudi Arabia’s encroachment in Europe is getting all the attention, the biggest threat comes from another part of the Middle East -- Iran.
Saudi Arabia has started shipping crude to traditional Russian markets like Poland and Sweden, but supplies to Europe from the world’s largest exporter won’t increase by enough to reduce prices, said Texas-based consultant Stratfor. In contrast, a surge in Iranian exports after the lifting of sanctions could erode the value of Russian shipments to the region as soon as next year, according to KBC Advanced Technologies.
Tougher competition in Europe, the destination for almost 70 percent of Russia’s oil exports, comes as the country is already battling recession. Oil and gas sales account for about half of government revenues and the commodity-price slump has amplified the economic blow from international sanctions over Ukraine. An increase in Iranian exports following a nuclear deal with world powers could make matters worse."
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