1MDB: The inside story of the world’s biggest financial scandal | Randeep Ramesh | World news | The Guardian:
"On 22 June 2015, Xavier Justo, a 48-year-old retired Swiss banker, walked towards the front door of his brand new boutique hotel on Koh Samui, a tropical Thai island. He had spent the past three years building the luxurious white-stone complex of chalets and apartments overlooking the shimmering sea and was almost ready to open for business. All he needed was a licence.
Justo had arrived in Thailand four years earlier, having fled the drab world of finance in London. In 2011, he and his girlfriend Laura toured the country on a motorbike and, two years later, they got married on a secluded beach. The couple eventually settled down in Koh Samui, a tourist hotspot, just an hour’s flight south of Bangkok. After trying out a couple of entrepreneurial ventures, Justo eventually decided that he would go into the hotel business. He bought a plot with an imposing house and began building: adding a gym, villas and a tennis court."
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Thursday, 28 July 2016
RAKBank net income slumps as loans gone sour almost double | The National
RAKBank net income slumps as loans gone sour almost double | The National:
"RAKBank, the Ras Al Khaimah lender that specialises in small and medium-sized enterprises, said its second-quarter net income fell almost 45 per cent as money set aside for loans gone sour almost doubled.
Net profit attributable to the owners of the parent decreased to Dh195.7 million compared with Dh353.9m in the same period the previous year. Provision for impairment of loans and advances rose to Dh437.1m in the second quarter from Dh233.8m in the same period last year. The bank said payment defaults came from unsecured loans and loans to SMEs as well as from its commercial bank lending unit.
"Looking ahead, we expect provisions to settle down in the second half of the year as the trends we are currently seeing indicate that the worst is over for our business banking portfolio," said Peter England, RAKBank’s chief executive."
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"RAKBank, the Ras Al Khaimah lender that specialises in small and medium-sized enterprises, said its second-quarter net income fell almost 45 per cent as money set aside for loans gone sour almost doubled.
Net profit attributable to the owners of the parent decreased to Dh195.7 million compared with Dh353.9m in the same period the previous year. Provision for impairment of loans and advances rose to Dh437.1m in the second quarter from Dh233.8m in the same period last year. The bank said payment defaults came from unsecured loans and loans to SMEs as well as from its commercial bank lending unit.
"Looking ahead, we expect provisions to settle down in the second half of the year as the trends we are currently seeing indicate that the worst is over for our business banking portfolio," said Peter England, RAKBank’s chief executive."
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Mubadala to buy 20 per cent stake in Bahrain’s Investcorp | GulfNews.com
Mubadala to buy 20 per cent stake in Bahrain’s Investcorp | GulfNews.com:
"Mubadala Development Company will be buying a 20 per cent stake in Bahrain-based alternative investment firm Investcorp, the two companies said in a joint statement on Thursday.
The two-step transaction sees Mubadala acquire a 9.99 per cent ownership stake immediately, with a further 10.01 per cent following necessary regulatory approvals, the companies said.
Mubadala did not divulge the value of the deal when contacted by Gulf News."
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"Mubadala Development Company will be buying a 20 per cent stake in Bahrain-based alternative investment firm Investcorp, the two companies said in a joint statement on Thursday.
The two-step transaction sees Mubadala acquire a 9.99 per cent ownership stake immediately, with a further 10.01 per cent following necessary regulatory approvals, the companies said.
Mubadala did not divulge the value of the deal when contacted by Gulf News."
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MIDEAST STOCKS-CIB's Q2 earnings aid Egypt, blue chips weigh on Gulf | Reuters
MIDEAST STOCKS-CIB's Q2 earnings aid Egypt, blue chips weigh on Gulf | Reuters:
"Egypt's largest bank helped carry the stock market higher on Thursday after it posted strong quarterly earnings, while weak results from blue chips weighed on some Gulf bourses.
The Cairo index rose 1.5 percent to 8,031 points, climbing above major technical resistance on the April peak of 7,944 points.
The market euphoria seen on Wednesday, when the index jumped 5.0 percent on news that Cairo was close to obtaining an International Monetary Fund loan of $21 billion, cooled as trading volume fell to less than half of the previous day's level. Seventy percent of traded shares dropped on Thursday."
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"Egypt's largest bank helped carry the stock market higher on Thursday after it posted strong quarterly earnings, while weak results from blue chips weighed on some Gulf bourses.
The Cairo index rose 1.5 percent to 8,031 points, climbing above major technical resistance on the April peak of 7,944 points.
The market euphoria seen on Wednesday, when the index jumped 5.0 percent on news that Cairo was close to obtaining an International Monetary Fund loan of $21 billion, cooled as trading volume fell to less than half of the previous day's level. Seventy percent of traded shares dropped on Thursday."
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Full Show: Bloomberg Markets Middle East (07/28) - Bloomberg
Full Show: Bloomberg Markets Middle East (07/28) - Bloomberg:
"Bloomberg Markets Middle East hosted by Yousef Gamal El-Din and Angie Lau. Guests include Anita Yadav, head of fixed income research at Emirates NBD, and Firas Mallah, managing director of MENA at Bank of Montreal Global Asset Management. (Source: Bloomberg)"
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"Bloomberg Markets Middle East hosted by Yousef Gamal El-Din and Angie Lau. Guests include Anita Yadav, head of fixed income research at Emirates NBD, and Firas Mallah, managing director of MENA at Bank of Montreal Global Asset Management. (Source: Bloomberg)"
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UAE's property loans improving despite price slide -IMF | Reuters
UAE's property loans improving despite price slide -IMF | Reuters:
"The quality of real estate loans in the United Arab Emirates has continued to improve despite sliding home prices, the International Monetary Fund said, in a sign that the UAE is coping better with a real estate downturn than it did in the last slump seven years ago.
Dubai's average residential real estate price plunged 11 percent in 2015 and in neighbouring Abu Dhabi prices sank 0.8 percent, the IMF said in a report on Wednesday after annual consultations with the UAE government.
But non-performing loans in the construction and real estate development industries shrank to 7.5 percent of the total at the end of March 2016 from 12.3 percent in 2013, the IMF said.
"
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"The quality of real estate loans in the United Arab Emirates has continued to improve despite sliding home prices, the International Monetary Fund said, in a sign that the UAE is coping better with a real estate downturn than it did in the last slump seven years ago.
Dubai's average residential real estate price plunged 11 percent in 2015 and in neighbouring Abu Dhabi prices sank 0.8 percent, the IMF said in a report on Wednesday after annual consultations with the UAE government.
But non-performing loans in the construction and real estate development industries shrank to 7.5 percent of the total at the end of March 2016 from 12.3 percent in 2013, the IMF said.
"
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MIDEAST STOCKS-SABIC weighs on Saudi index, Abu Dhabi edges up | Reuters
MIDEAST STOCKS-SABIC weighs on Saudi index, Abu Dhabi edges up | Reuters:
"Riyadh's stock market edged down 0.4 percent on Thursday as shares in Saudi Basic Industries, the country's top petrochemical firm, fell 2.4 percent after it posted lower second-quarter profits and cut its dividend.
In Abu Dhabi, where the index was up 0.2 percent, shares in National Bank of Abu Dhabi lost 1.5 percent while First Gulf Bank gained 1.2 percent.
Both banks, which are expected to merge early next year, reported second-quarter profit drops broadly in line with expectations."
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"Riyadh's stock market edged down 0.4 percent on Thursday as shares in Saudi Basic Industries, the country's top petrochemical firm, fell 2.4 percent after it posted lower second-quarter profits and cut its dividend.
In Abu Dhabi, where the index was up 0.2 percent, shares in National Bank of Abu Dhabi lost 1.5 percent while First Gulf Bank gained 1.2 percent.
Both banks, which are expected to merge early next year, reported second-quarter profit drops broadly in line with expectations."
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Iran Emerges Fourth Biggest Oil Supplier to India in April-June - Bloomberg
Iran Emerges Fourth Biggest Oil Supplier to India in April-June - Bloomberg:
"India bought 34.9 million metric tons crude oil from Middle East out of total imports of 53.2 million tons during April-June, according to a statement submitted to parliament by Oil Minister Dharmendra Pradhan on July 25.
Imports from Africa were 8.4 million tons and South America 6.5 million tons.
Shipments from top 10 suppliers to India during April-June 2016 and 12 months from April to March for 2015-16, 2014-15 and 2013-14 in million metric tons."
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"India bought 34.9 million metric tons crude oil from Middle East out of total imports of 53.2 million tons during April-June, according to a statement submitted to parliament by Oil Minister Dharmendra Pradhan on July 25.
Imports from Africa were 8.4 million tons and South America 6.5 million tons.
Shipments from top 10 suppliers to India during April-June 2016 and 12 months from April to March for 2015-16, 2014-15 and 2013-14 in million metric tons."
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