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Friday 15 July 2016
UPDATE 1-UAE bank ADIB warns on credit growth after 1 pct Q2 profit gain | Reuters
UPDATE 1-UAE bank ADIB warns on credit growth after 1 pct Q2 profit gain | Reuters:
"Abu Dhabi Islamic Bank (ADIB) warned on Thursday it was restricting the amount of new credit it was extending due to an increase in defaults across its business lines.
The message from the emirate's largest Islamic bank is perhaps the most stark yet of the impact on the banking sector in the United Arab Emirates from reduced government spending as a result of lower oil prices.
This came after the bank posted a 1 percent rise in second-quarter net profit to 507.5 million dirhams ($138.2 million), a result which beat the forecasts of analysts at EFG Hermes and Arqaam Capital."
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"Abu Dhabi Islamic Bank (ADIB) warned on Thursday it was restricting the amount of new credit it was extending due to an increase in defaults across its business lines.
The message from the emirate's largest Islamic bank is perhaps the most stark yet of the impact on the banking sector in the United Arab Emirates from reduced government spending as a result of lower oil prices.
This came after the bank posted a 1 percent rise in second-quarter net profit to 507.5 million dirhams ($138.2 million), a result which beat the forecasts of analysts at EFG Hermes and Arqaam Capital."
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HNA to Buy 80% of Swiss Plane Maintenance Company SR Technics - Bloomberg
HNA to Buy 80% of Swiss Plane Maintenance Company SR Technics - Bloomberg:
"China’s HNA Aviation Group Co. agreed to buy a majority stake in SR Technics, a Swiss aircraft-maintenance service provider, from Mubadala Development Co. for an undisclosed amount.
The Abu Dhabi government-backed investment fund will sell 80 percent of SR Technics and retain the rest in a deal subject to regulatory approvals, the Zurich-based company said in a statement. SR Technics has 3,300 workers and services about 1,050 aircraft, according to its website.
The latest acquisition by the HNA Group, a Chinese airlines-to-supermarkets conglomerate based in Hainan, will add to a series of aviation assets it has been buying around the world as billionaire founder Chen Feng expands his empire beyond Hainan Airlines Co. The group is currently in the process of acquiring Gategroup Holding AG, a Swiss inflight caterer."
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"China’s HNA Aviation Group Co. agreed to buy a majority stake in SR Technics, a Swiss aircraft-maintenance service provider, from Mubadala Development Co. for an undisclosed amount.
The Abu Dhabi government-backed investment fund will sell 80 percent of SR Technics and retain the rest in a deal subject to regulatory approvals, the Zurich-based company said in a statement. SR Technics has 3,300 workers and services about 1,050 aircraft, according to its website.
The latest acquisition by the HNA Group, a Chinese airlines-to-supermarkets conglomerate based in Hainan, will add to a series of aviation assets it has been buying around the world as billionaire founder Chen Feng expands his empire beyond Hainan Airlines Co. The group is currently in the process of acquiring Gategroup Holding AG, a Swiss inflight caterer."
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