Accounts – Island Crisis http://islandcrisis.net/ Tue, 26 Oct 2021 16:50:39 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://islandcrisis.net/wp-content/uploads/2021/04/default1-150x150.png Accounts – Island Crisis http://islandcrisis.net/ 32 32 Valiant Organics Falls 10% After Disappointing Second Quarter Results; Co announces 1: 1 bonus https://islandcrisis.net/valiant-organics-falls-10-after-disappointing-second-quarter-results-co-announces-1-1-bonus/ https://islandcrisis.net/valiant-organics-falls-10-after-disappointing-second-quarter-results-co-announces-1-1-bonus/#respond Mon, 22 Mar 2021 09:39:00 +0000 https://islandcrisis.net/valiant-organics-falls-10-after-disappointing-second-quarter-results-co-announces-1-1-bonus/ Valiant Organics shares plunged 10% to Rs 3,085 on BSE in an otherwise strong market on Saturday after the company announced a 5% year-over-year increase in its consolidated net profit to 32.29 crore from Rs for the September quarter (Q2FY21). Operating income increased 1.7% year on year to Rs 167 crore. With today’s fall, shares […]]]>

Valiant Organics shares plunged 10% to Rs 3,085 on BSE in an otherwise strong market on Saturday after the company announced a 5% year-over-year increase in its consolidated net profit to 32.29 crore from Rs for the September quarter (Q2FY21). Operating income increased 1.7% year on year to Rs 167 crore.

With today’s fall, shares of the chemical manufacturing company are down 15% in the last two trading days. At 6:28 p.m., it was trading down 8% to Rs 3,168 on BSE, compared to a rise of 0.61% for the S&P BSE Sensex.

At the same time, the company’s board of directors authorized the issuance of free shares in a ratio of 1: 1, ie 1 free share for 1 fully paid share held.

The board of directors also approved the payment of an interim dividend for fiscal year 2020-2021 of Rs 5 per share, i.e. (50% on shares) of Rs 10 each. The company has set Wednesday, November 25, 2020, as the “registration date” for the purposes of shareholders’ rights to payment of the interim dividend.

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Indian state bankers strike against Modi’s reform plans https://islandcrisis.net/indian-state-bankers-strike-against-modis-reform-plans/ https://islandcrisis.net/indian-state-bankers-strike-against-modis-reform-plans/#respond Mon, 22 Mar 2021 09:39:00 +0000 https://islandcrisis.net/indian-state-bankers-strike-against-modis-reform-plans/ Public sector bank workers across India are on strike to protest Narendra Modi’s plan to privatize two public lenders, jeopardizing his ambitious reform agenda. The United Forum of Banking Unions, which represents nine unions, said up to 1 million employees and leaders would strike Monday and Tuesday to oppose “backward banking reforms.” Banking services are […]]]>

Public sector bank workers across India are on strike to protest Narendra Modi’s plan to privatize two public lenders, jeopardizing his ambitious reform agenda.

The United Forum of Banking Unions, which represents nine unions, said up to 1 million employees and leaders would strike Monday and Tuesday to oppose “backward banking reforms.” Banking services are expected to be severely curtailed by the strike.

In his budget For the year starting in April, Modi’s government said it would privatize lenders as part of market reform ranging from the sale of state-owned enterprises to reform of agricultural and labor laws.

India urgently needs to increase revenue after the coronavirus pandemic dealt a severe blow to the rapidly growing economy. But reform plans are likely to meet further resistance as the government wage a fierce political battle over efforts to open up the agricultural sector to greater private participation.

“India reforms when it has its back to the wall, and right now it has its back to the wall,” said Shumita Deveshwar, economist at research firm TS Lombard.

She continued: “The intention for reform is there. Of course, there is a lot between intention and actual implementation. There has always been a big gap. But the fact that the government has a popular mandate, that Modi remains extremely popular and that the economy is in crisis, it is [the moment]. ”

The government is targeting a budget deficit of 9.5 percent of gross domestic product this fiscal year, ending this month, and 6.8 percent next year. He wants to raise 1.75 billion rupees ($ 24 billion) by selling his stakes in everything from aviation to shipping.

India’s banking sector is dominated by 12 public lenders who account for around two-thirds of assets, a lasting legacy of the country’s socialist past. It is not known which banks would be sold.

Many economists have said that reforming the system was vital the reorganization of a sector plagued by chronic bad debts, slow credit growth and governance failures.

Latest coronavirus news

Follow FT’s live coverage and analysis of the global pandemic and the rapidly evolving economic crisis here.

The share of bad debts should increase sharply, due to lockdowns linked to Covid. The Reserve Bank of India estimates that the ratio of non-performing assets will climb to 14.8% in September, from 7.5% in the same period last year.

However, some economists fear the authorities are going too far in opening up India’s financial sector to corporate influence.

A document from the RBI working group Last year has been criticized for proposing that conglomerates be allowed to own banks. Opponents argued that this would give tycoons undue influence over more and more sectors of the economy.

Raghuram Rajan, former RBI governor and professor at the University of Chicago, told the Press Trust of India this month that “it would be a colossal mistake to sell the banks to industrial companies”.


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Lloyds hit for forcing Bounce Back Loans borrowers to open accounts https://islandcrisis.net/lloyds-hit-for-forcing-bounce-back-loans-borrowers-to-open-accounts/ https://islandcrisis.net/lloyds-hit-for-forcing-bounce-back-loans-borrowers-to-open-accounts/#respond Mon, 22 Mar 2021 09:38:59 +0000 https://islandcrisis.net/lloyds-hit-for-forcing-bounce-back-loans-borrowers-to-open-accounts/ Lloyds has been named and disgraced for forcing small businesses to open paid commercial checking accounts to access Bounce Back loans. The competition watchdog said Lloyds, one of the biggest in the small business market, treated small businesses unfairly by forcing them to open an account to withdraw Bounce Back loans backed by the State. […]]]>

Lloyds has been named and disgraced for forcing small businesses to open paid commercial checking accounts to access Bounce Back loans.

The competition watchdog said Lloyds, one of the biggest in the small business market, treated small businesses unfairly by forcing them to open an account to withdraw Bounce Back loans backed by the State.

The Competition and Markets Authority told 30,000 customers who operated their businesses with personal accounts at Lloyds and its subsidiary Bank of Scotland that they had to open a business account to access Bounce Back loans.

> See also: Banks “will be pushed” to close SMEs unable to repay Covid debt

The program, which has taken out £ 35.5 billion in credit, offers lenders a 100% state guarantee on low-interest loans to qualifying small businesses. The big banks, rather than the government, must provide the working capital.

In 2002, Lloyds agreed not to require personal account customers to open a separate account if they wanted to borrow money from the bank – a practice known as “bundling”.

But when it comes to Bounce Back loans, Lloyds has asked existing customers who operate their businesses from personal accounts to also open paid commercial accounts.

> See also: HSBC’s handling of rebound loans described as ‘mess’ by companies

Although the new business accounts were free in the first year, fees would have been applied thereafter.

The guard dog noted Lloyds had restricted the choice of customers and had “exposed their customers to the risk of being charged unnecessarily”.

Mike Cherry, national president of the Federation of Small Businesses, said The temperature: “No bank should force small business customers to open paid accounts to access government-sponsored emergency aid. Those who have been faced with this scenario should not face any charges later. “

Lloyds told the newspaper he had informed the watchdog of his approach and was writing to clients to “reiterate that they can transfer their account to a free loan service accountant.”

Further reading

Microenterprise £ 50,000 Bounce Loans – How They Work


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Trump asks for $ 50 billion in SBA loans to fight COVID-19 https://islandcrisis.net/trump-asks-for-50-billion-in-sba-loans-to-fight-covid-19/ https://islandcrisis.net/trump-asks-for-50-billion-in-sba-loans-to-fight-covid-19/#respond Mon, 22 Mar 2021 09:38:59 +0000 https://islandcrisis.net/trump-asks-for-50-billion-in-sba-loans-to-fight-covid-19/ Trump has announced a major infusion into small business lending as part of a broader coronavirus response. The Small Business Administration’s low-interest loans will go “effective immediately” in states and cities affected by COVID-19. Trump also called on Congress to increase the current funding levels for the SBA loan program to $ 50 billion. Small […]]]>
  • Trump has announced a major infusion into small business lending as part of a broader coronavirus response.
  • The Small Business Administration’s low-interest loans will go “effective immediately” in states and cities affected by COVID-19.
  • Trump also called on Congress to increase the current funding levels for the SBA loan program to $ 50 billion.

Small businesses in areas affected by the novel coronavirus now have access to low-interest loans from the Small Business Administration (SBA). President Donald Trump announced the decision during a address of the austere oval office in which he described some immediate steps taken to ease the financial upheaval.

Just hours after the World Health Organization officially announced on Wednesday that COVID-19 is a “global pandemic,” Trump announced a travel ban for most of Europe and a set of initiatives to help American workers and business owners. Chief among these measures is the call to Congress to approve additional funding of $ 50 billion for the SBA loan program.

Although he stressed that the COVID-19 situation is “only a temporary moment that we will overcome together as a nation and as a world” and not a financial crisis, Trump said the injection of additional funds “will help small businesses overcome temporary problems.” economic disruption caused by the virus. “

The address came days after global markets saw a drop in oil prices and continued disruption from COVID-19 prompted Wall Street to stop trading for 15 minutes Monday.

This morning, the administrator of the SBA Jovita Carranza praised the president’s actions in a press release, calling last night’s announcement “bold and decisive action to make our 30 million small businesses more resilient to economic disruption from coronavirus. Small businesses are vital economic engines in every community and state, and they have Helped make our economy the strongest in Our agency will work directly with state governors to provide targeted, low interest disaster recovery small business loans who have been hit hard by the situation. “

Trump also announced that he was asking Congress to provide “immediately pay tax relief. He said he would also ask the Treasury Department to defer tax payments for anyone affected by the novel coronavirus. This deferral would come without interest or penalties and “would provide more than $ 200 billion in additional liquidity to the economy.” “

How To Get Help With SBA Loans

One of the main functions of the SBA is to provide federal relief to small businesses, private nonprofits, landlords and tenants affected by major physical and financial disasters. Following the President’s announcement, the SBA grants the loans through its Economic Disaster Loan Program.

According to the SBA, these loans are available to small businesses, small farmer cooperatives, and most private non-profit organizations. The loans are made to entities that have suffered “substantial economic harm”, which the SBA defines as a situation in which “the business is unable to meet its obligations and pay its ordinary and necessary operating expenses.”

This morning, the SBA revealed that coronavirus-related loans will have an interest rate of 3.75% for small businesses “with no credit available elsewhere” and 2.75% for nonprofits. Businesses with credit available elsewhere are not eligible for loans. Repayment terms can be up to 30 years, which officials say helps “keep payments affordable.”

Only companies from designated states and territories will be considered for this final batch of emergency funding. Affected locations may be added to the list of eligible areas at the request of a state governor, depending on the Coronavirus Preparedness and Response Supplementary Appropriation Act.

In the event that a business is approved for the loan, the SBA can provide up to $ 2 million for financial obligations and expenses, although the specific amount will be based on “your actual economic harm and your financial needs. company, that the company suffered material damage. “

Carranza said the SBA is working to provide additional support for small businesses as well as potential funding.

“The SBA continues to help small businesses advise and navigate their own preparedness plans through our network of 68 district offices and numerous resource partners located across the country,” she said. “The SBA will continue to provide every small business with the most effective, customer-centric response possible in these uncertain times.”

What SMEs should do now to deal with the coronavirus

The Centers for Disease Control and Prevention (CDC) is urging small businesses to take the following precautionary measures to counter the spread of the virus:

  • Actively encourage sick employees to stay home.
  • Separate sick employees.
  • Emphasize staying home in case of illness, respiratory etiquette and hand hygiene by all employees.
  • Perform routine environmental cleaning.
  • Advise employees to take certain steps before traveling, including checking the CDC Travel Health Advisory for the latest tips and recommendations for each country you’ll travel to. Specific travel information for travelers to and from designated countries at risk of community spread of the coronavirus, and information for flight attendants, is available on the CDC website.
  • Employees who are well but have a family member at home with COVID-19 should notify their supervisor and refer to CDC guidelines for how to perform a risk assessment of their potential exposure.
  • If an employee is confirmed to have COVID-19, employers should notify co-workers of their possible exposure to COVID-19 in the workplace, but maintain confidentiality as required by the Americans with Disabilities Act . Employees exposed to a coworker with confirmed COVID-19 should refer to CDC guidelines for how to perform a risk assessment of their potential exposure.

For more information on the SBA’s Disaster Assistance Program, call 1-800-659-2955 or email catastrophecustomerservice@sba.gov.


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GameStop: attempts to stop the wild trade https://islandcrisis.net/gamestop-attempts-to-stop-the-wild-trade/ https://islandcrisis.net/gamestop-attempts-to-stop-the-wild-trade/#respond Mon, 22 Mar 2021 09:38:58 +0000 https://islandcrisis.net/gamestop-attempts-to-stop-the-wild-trade/ It almost sounds like a stunt: What do AOC and Ted Cruz have in common? Until yesterday, the response would have been next to nothing. But now, thanks to inevitable attention caused by more than 300% fluctuations in intraday trading in the shares of video game retailer GameStop, the to the left and hard right […]]]>

It almost sounds like a stunt: What do AOC and Ted Cruz have in common?

Until yesterday, the response would have been next to nothing. But now, thanks to inevitable attention caused by more than 300% fluctuations in intraday trading in the shares of video game retailer GameStop, the to the left and hard right politicians have found common ground in the need to defend small investors.

“This is unacceptable,” Democrat MK Alexandria Ocasio-Cortez tweeted. “We now need to know more about Robinhood’s decision to prevent retail investors from buying stocks while hedge funds can freely trade stocks as they see fit. As a member of the Financial Services Committee, I would support a hearing if necessary.

The comments came after overnight decisions from Robin Hood, and at least one other trading venue, to restrict subsequent purchases of shares of GameStop, which went from $ 3 to almost $ 500 in less than six months, with no significant change in their underlying unprofitable business.

Stack on

In the same way that small investors have piled up on discussion board guidelines to buy GameStop stock, other lawmakers, exchanges and regulators are now lining up to take a closer look at the unprecedented volatility.

Ahead of the opening of markets in New York on Thursday, January 28, the Robinhood financial platform updated its users of which 50 percent are estimated to hold Gamestop shares that he was changing the rules.

“We are constantly monitoring the markets and making changes if necessary. In light of recent volatility, we are limiting trading for certain securities to closing positions only, ”said a company review indicated a move that put GameStop and a dozen other companies on the shortlist, many of which faced the same mockery from traditional Wall Street investment firms.

Stocks on the list include: American Airlines, AMC Theaters, Blackberry, Bed Bath and Beyond, Castor Maritime, clothing company Express Inc, helmet maker Koss, Naked Brands apparel and swimwear, Nokia, Canadian cannabis company Sundial Growers, Tootsie Roll and Travigo, the German branch of Expedia.

“In the interest of mitigating risk to our business and our customers, we have put in place several restrictions on certain transactions at GameStop, AMC theaters and other titles,” TD Ameritrade said, noting that such measures are not uncommon. “We have been adjusting our requirements for several days as we continue to see trends indicating unusual volume in an unprecedented market environment, which appear to be separated from traditional market fundamentals. We have made what we believe to be prudent and appropriate decisions to place certain limits on certain transactions for certain securities.

Who are the movements protecting?

According to most accounts, the only investors who have been hurt (so far) by GameStop’s meteoric rise are the big, sophisticated hedge funds that were selling the stock short (or betting it would drop) and have since been forced to enter the market and buy stocks at inflated prices to close their trades and stop their losses.

On the other side of the market, small individual investors who follow the Reddit WallStreetBets discussion group defiantly opposed conventional wisdom and pushed the stock higher.

“Individual investors are deprived of their ability to trade on Robinhood. During this time, hedge funds and institutional investors can continue to trade normally, ”noted a WallStreetBets Twitter user known as WSB Mod. “What do you call a market that removes the ability of retail investors to buy to save the short positions of institutional investors? “

Despite these interventions, at noon Thursday (January 28), Gamestop shares were trading between $ 112 and $ 482, after closing at $ 347 on Wednesday.

“We are aware of the current volatility in the options and equity markets and actively monitor current volatility and, in line with our mission to protect investors and maintain fair, orderly and efficient markets, we are working with our fellow regulators to assess the situation and examine the activities of regulated entities, financial intermediaries and other market players, ”noted a press release from the Security and Trade Commission (SECOND).

Wedbush analyst Michael Pachter, who has covered GameStop for years and, as of Jan. 11, called the stock “neutral” with a price target of $ 16 on Wednesday (Jan.27), said Yahoo! Finance that he was as mystified as everyone else. “It doesn’t mean anything to the company,” Pachter said. “I mean, I guess it’s fun to be a cult action and it’s fun to have a lot of people talking about you, but they’re not going to do anything differently because the course of their action has dramatically. increased, other than maybe issuing a little bit of equity and paying off some of the debt.

Learn more about the actions:

——————————

NEW PYMNTS DATA: DIGITAL BANKING STUDY – THE BATTLE OF BREWING FOR WHERE WE WILL BANK

On: Forty-seven percent of U.S. consumers avoid digital-only banks due to data security concerns, despite considerable interest in these services. In Digital Banking: The Brewing Battle For Where We Will Bank, PYMNTS surveyed over 2,200 consumers to reveal how digital-only banks can boost privacy and security while providing convenient services to meet this unmet demand.



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The music album is dead, but not everyone accepted it yet https://islandcrisis.net/the-music-album-is-dead-but-not-everyone-accepted-it-yet/ https://islandcrisis.net/the-music-album-is-dead-but-not-everyone-accepted-it-yet/#respond Mon, 22 Mar 2021 09:38:58 +0000 https://islandcrisis.net/the-music-album-is-dead-but-not-everyone-accepted-it-yet/ Photographer: Axel Seidemann / Bloomberg News For many artists and bands, making an album has always been the epitome of their art. This group of songs was a statement of their voice and current state of mind, not to mention a reflection of their social and physical surroundings. It was believed to be the highest […]]]>

For many artists and bands, making an album has always been the epitome of their art. This group of songs was a statement of their voice and current state of mind, not to mention a reflection of their social and physical surroundings. It was believed to be the highest form of recorded experience the artist could offer. It wasn’t always like that, and for the most part, it’s not like that now. The problem is, too many artists fail to recognize that the album is quickly becoming a relic of the past and even detrimental to their success.

Today we live in a world of singles. No one systematically sits down for 40 or 50 consecutive minutes to listen to an album back and forth like before. In our portable music society today where music streaming from Spotify or Apple Music is king, there is no reason to be tied to the music playing system or to listen to songs that we do not. don’t want to listen. If so, why should an artist even bother spending the months it takes to create an album? It’s not as if people are consuming them in large numbers, and the costs involved can sometimes put both the artist and the record company in financial jeopardy.

For example, album sales fell another 17.7% to 169.15 million copies sold last year according to Nielsen Music. This includes all forms of the album, including CDs, digital albums, vinyl records, and cassettes. Compare that to 1999, when 939.9 million CDs alone were sold, according to the RIAA.

Not only that, the best-selling album didn’t really sell that much compared to the past. Taylor Swift Reputation topped the list last year with just 1.9 million sales, and much of that was related to its controversy buy-an-album-have-a-chance-for-a-concert-ticket plan. There was only one other album that broke the million mark last year, and that was Ed Sheeran’s. To divide to 1.1 million. Remember when a successful artist could sell that in a week? They are long gone.

For the most part, hip-hop artists saw the light before the rest of the industry, focusing on releasing more frequent singles instead of waiting for a bunch of songs to finish before releasing an album (the way traditional albums was made). The idea is that having a new song on the charts right now is better than waiting until next year to release a 10-song album, which probably only one or two will get attention anyway.

So we go back to the ways of the early music business, which was based on the single. The only way an artist was even considered for an album in the 50s and 60s was if they had a few hit singles first. If an artist reached this point, the contract usually stated that the artist was responsible for making two albums per year, which in reality wasn’t the best thing for consistent song quality, although it didn’t seem harm some legends like the Beatles. and Elton John, who still managed to release beloved hit albums from that period that are still considered classics today. It wasn’t until the ’70s that artists started spending several years making an album, which is almost career suicide in today’s instant access mindset where your audience may move on if he hasn’t heard from you in a few months. .

Apple’s recent decision to no longer accept ITunes LP submissions show that music consumers are currently not interested in a set of songs and / or videos, at least until a new format changes consumption patterns. While some rare artists are able to make a statement with an album of intertwined songs that form a concept, there are few these days. It’s time for artists, bands and labels to give in to the fact that we live in a world of singles and an album just isn’t the product consumers are looking for.


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As bad loans pile up, UAE banks brace for housing crisis https://islandcrisis.net/as-bad-loans-pile-up-uae-banks-brace-for-housing-crisis/ https://islandcrisis.net/as-bad-loans-pile-up-uae-banks-brace-for-housing-crisis/#respond Mon, 22 Mar 2021 09:38:58 +0000 https://islandcrisis.net/as-bad-loans-pile-up-uae-banks-brace-for-housing-crisis/ The weakening economy, rising bank provisions and falling house prices heighten fears that Dubai will face a repeat of 2009, when the government and state-owned enterprises restructured billions of debts. dollars, plunging the emirate into recession. These fears may be unfounded, analysts say, as the reforms instituted in the aftermath of this crisis have positioned […]]]>

The weakening economy, rising bank provisions and falling house prices heighten fears that Dubai will face a repeat of 2009, when the government and state-owned enterprises restructured billions of debts. dollars, plunging the emirate into recession.

These fears may be unfounded, analysts say, as the reforms instituted in the aftermath of this crisis have positioned banks to better cope with the increase in defaults, whether by government, businesses or consumers. But banks’ exposure to real estate can still make them vulnerable.

Apparently, Dubai’s economy appears stable, with GDP growth of 2.1% this year, up from 1.9% in 2018, according to official data. Yet other indicators paint a much bleaker picture, with the IHS Markit Dubai Purchasing Managers’ Index falling to its lowest level in 3.5 years in August as three main sectors – travel and tourism, wholesale trade and retail, and construction – have all weakened.

House prices, meanwhile, fell 31% from a peak in mid-2014, according to consultants ValuStrat, echoing the crash from 2009 to 2011, when prices plunged by more than half. The Arab Spring then sparked a rebound as money and people fled conflict-affected countries such as Egypt and Syria, and the 2013 award of accommodation rights for Expo 2020 propelled home valuations at record highs.

Since then, however, falling oil prices, the blockade of Qatar and heightened tensions with Iran have held back Dubai’s economic growth, with over-ambitious tourism targets being gently revised and slashing public spending in the Arab Emirates. united, leading to job losses and a significantly weaker consumer sector.

Ehsan Khoman, head of MENA research and strategy at Japanese group Mitsubishi UFJ Financial in Dubai, said a lack of frequently reported data meant it was difficult to fully understand the performance of Dubai’s economy. But figures that are publicly available suggest that economic activity remains lukewarm, he said.

“While the real estate sector may continue to correct itself, we expect this will not cause major strains on [bank] balance sheets with less leverage in space compared to the previous recession which was largely credit fueled, ”he said.

Real estate exhibition

In 2015, real estate and construction loans accounted for around 18% of total loans from major banks in the UAE, while by the second quarter of 2019 this figure had risen to 20%, according to data from S&P Global Market Intelligence.

The asset quality of UAE banks has deteriorated, with ‘stage 3’ loans with impaired credit accounting for up to 4.5% of total loans at the end of 2018, up from 4.0% in 2015 .

SNL Image

“Over the past four years, as the real estate market has deteriorated, banks’ real estate exposure has also increased, so the quality of their loan portfolios is unlikely to be as strong as in 2015,” said Asad Ahmed, managing director of Alvarez & Marsal Middle East, predicting that some bank write-downs for the year 2019 will be more than double digits in percentage points compared to 2018.

Despite weak demand, Dubai’s residential supply will increase to 659,000 units at the end of 2021 from 536,000 in mid-2019, according to forecasts by JLL consultants. House prices fell a further 9% year-on-year in the second quarter, JLL estimates, while commercial real estate occupancy rates and rental values ​​also prolonged the declines. S&P Global Ratings predicts that Dubai property prices will fall 5% to 10% in 2019.

SNL Image

“Banks are exposed on both sides of real estate – as providers of capital to real estate developers and as providers of mortgage finance,” Ahmed said, noting that the sustained decline in house prices since 2014 means that many buyers of property in Dubai would have seen their equity wiped out.

“The buffer that this equity provided to banks might also be gone,” he said.

In a September memo, Fitch Ratings warned that UAE banks have not fully recovered from the previous real estate crash.

“Stage 2 and Stage 3 banks loans are already high, averaging 15-20% of gross lending together, and are likely to increase,” the rating agency warned. Fitch said smaller banks are more vulnerable to deteriorating credit conditions due to thinner capital reserves and lower income generation.

Entrepreneurs affected

The crisis has also hurt Dubai’s listed entrepreneurs.

Arabtec shares have plunged 90% in the past five years, with the automaker recording combined losses totaling MAD 5.7 billion in 2015 and 2016. It made a net profit of MAD 256 million in the year. last.

Entrepreneur Drake & Scull is under investigation by the UAE market regulator, after the company reported a loss of 4.5 billion dirhams in 2018. The company’s shares have been suspended since November 2018, when it owed 5.4 billion dirhams in bank loans and other debts at the end of 2018.

“The banking sector has concentrated its exposure to real estate and related sectors,” notes Fitch. “The default of a single large borrower could lead to a rapid deterioration in the quality of the assets of one or more banks.”

The overall loan portfolio of UAE banks stood at 1.7 trillion dirhams at the end of 2018, 65 percent of which was lending to wholesale companies, according to a July report from the central bank. Loans to individuals (21%), loans to government entities (12%) and loans to non-bank financial institutions (2%) made up the remainder.

The government of Dubai and government-related entities have combined debts of around $ 124 billion, which is more than 100% of 2018 GDP, according to estimates by S&P Global Ratings, while in September, Fitch warned that a “significant part” of the 23 billion dollars owed by the government of Dubai and due to fall due at the end of 2021, could be restructured.

It all depends on the ability of Expo 2020’s 40 billion dirhams to meet their goal of attracting 25 million visitors – or 144,500 per day – during its six months.

“There is a risk that once the Expo is over, revenues from the real estate, construction, hospitality and retail sectors will turn out lower than expected, forcing some companies to having trouble repaying their debts, “said James Swanston, Middle East and North Africa. Economist at Capital Economics in London.

“Numerous [government-related entities] will have to repay high levels of debt over the next few years. If they have trouble making these refunds, we suspect Abu Dhabi will come to the rescue again. “


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To watch out for in the night sky this week https://islandcrisis.net/to-watch-out-for-in-the-night-sky-this-week/ https://islandcrisis.net/to-watch-out-for-in-the-night-sky-this-week/#respond Mon, 22 Mar 2021 09:38:58 +0000 https://islandcrisis.net/to-watch-out-for-in-the-night-sky-this-week/ A full moon rises from Hirzel, Switzerland. getty Every Monday, I pick the northern hemisphere celestial highlights (northern mid-latitudes) for the week ahead, but be sure to check out my main feed for more in-depth articles on stargazing, astronomy and eclipses. To watch out for in the night sky this week: August 3-9, 2020 This […]]]>

Every Monday, I pick the northern hemisphere celestial highlights (northern mid-latitudes) for the week ahead, but be sure to check out my main feed for more in-depth articles on stargazing, astronomy and eclipses.

To watch out for in the night sky this week: August 3-9, 2020

This week begins with Monday’s full moon, known as the “sturgeon moon,” “red moon, and” grain moon, “among many other names. Whatever its name, its sunrise and sunset when full will be near sunset and sunrise, respectively.

In a clear sky, it will be magnificent.

So will the waning Full Moon assault on Mars later this week when, on Saturday and Sunday, it is 0.8 degrees from the “red planet.” This is what astronomers call a occultation. Thursday will also see Mars at perihelion– closest to the Sun in 2020 – and there is a chance to see Venus and Mercury.

It is also an excellent week to discover the magnificent constellation of Delphinus, the Dauphin, near the “Summer Triangle” not to be missed. Everything is explained, timed and mapped below.

Monday August 3, 2020: ‘Sturgeon Moon’ and Mars closest to the Sun

The August full moon will be at 3:59 p.m. UTC, or 4:59 p.m. BST, 5:59 p.m. CEST, 11:59 a.m. EDT, and 8:59 a.m. PDT. However, to appreciate it you must ignore those hours and instead plan to watch it rise above the eastern horizon this evening after sunset. Only then will you see it rise up in the form of a briefly spectacular orange orb.

Known as the “Sturgeon Moon” by some Native American tribes and as the “Cereal Moon” in the UK, the August Full Moon will be visible all night and will hang relatively low in the sky. nocturnal.

However, the rising of the full moon takes place at a very specific time depending on your location, so do check the exact time of moonrise where you are and set aside 30 minutes from this rise time to observe. Be patient! This will appear … unless the clouds do so first.

Mars is also at perihelion today – the point in its orbit where it comes closest to the Sun – which potentially sets off fierce dust storms on the Red Planet.

Friday August 7 and Saturday August 8, 2020: Moonrise and March rise

A waning gibbous moon, illuminated at 73%, will make an apparent approach very close to Mars tonight. Look east around midnight (so early Saturday). Only those in North America will see the closest conjunction, around 4 a.m. EDT on the morning of Saturday, August 8.

However, anyone can catch the two bodies of the solar system seemingly close to each other in the east after sunset on Friday, before sunrise on Saturday, or after sunset on Saturday.

Sunday August 9, 2020: Mercury and Venus

This morning it’s worth looking at Venus and trying Mercury before sunrise. If you’ve never seen the smallest planet in the solar system with the naked eye, look just before sunrise in a northeast direction using binoculars to find this tiny red dot of a world. Be careful not point your binoculars at the Sun as it rises. Venus will be much easier to find above.

Constellation of the week: Delphinus

One of the smallest constellations in the night sky, Delphinus, the Dauphin, is – in my opinion – also one of the most beautiful. It is in the constellation Aquarius, but close to the “Summer Triangle” much easier to find. Best found in the summer sky, Delphinus sheds much like a dolphin, but more like a diamond.

I wish you clear skies and big eyes.


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Rate cut likely if private credit remains moderate – Business News https://islandcrisis.net/rate-cut-likely-if-private-credit-remains-moderate-business-news/ https://islandcrisis.net/rate-cut-likely-if-private-credit-remains-moderate-business-news/#respond Mon, 22 Mar 2021 09:38:57 +0000 https://islandcrisis.net/rate-cut-likely-if-private-credit-remains-moderate-business-news/ After accelerating in December 2020, private lending slowed considerably in January and is expected to continue until February. ICRA Lanka says if credit growth becomes weak in the first quarter, markets may anticipate policy measures at the next Monetary Policy Committee meeting in April CB wants to increase private credit to 14% or Rs.864bn this […]]]>


  • After accelerating in December 2020, private lending slowed considerably in January and is expected to continue until February.
  • ICRA Lanka says if credit growth becomes weak in the first quarter, markets may anticipate policy measures at the next Monetary Policy Committee meeting in April
  • CB wants to increase private credit to 14% or Rs.864bn this year

Rating agency ICRA Lanka yesterday raised the possibility of a further cut in key rates if private credit remains weak in the first quarter, with the central bank appearing to be eager to see its actions turn into faster credit flows to the real economy through low cost loans.

In its regular economic update released each month, ICRA Lanka forecast moderate growth in credit to the private sector continuing through February, after accurately predicting a slowdown in credit flows to individuals and businesses in January 2021. .

“In line with previous expectations of ICRA Lanka, private credit slowed in January. Credit only increased by 26 billion rupees from December 2020, the smallest month-over-month increase since July of last year, ”the rating agency said as growth Credit has weakened since licensed commercial banks granted Rs 76.7 billion in private credit in December. 2020.

“Private credit generally tends to weaken whenever reserve currency growth slows. Therefore, we expect private credit to grow slowly in February as well, ”he added.

The Central Bank wants to increase private credit to 14% or Rs 864 billion this year, which is hardly an ambitious target given historically low lending rates, which are hard to resist.

The Central Bank is continuing discussions with banks to see the possibility of further supporting priority economic sectors through specific lending targets as part of the broader 20% target set for the micro, small and medium-sized enterprises sector in January.

“… if credit growth becomes weak in the first quarter, the CBSL will be in the spotlight, as markets may anticipate policy action at the next Monetary Policy Committee meeting in early April,” the CBSL said. rating agency.

The Central Bank released nearly Rs 900 billion in credit in a single year, as the economy is operating with a significant slowdown, due to five years of under-growth until 2019, caused by bad policies and a decrease in 2020, caused by the pandemic.

In addition, the Central Bank is confident that prices will remain subdued until 2021, a serious caveat that must be addressed when money supply skyrockets in the economy.

“There are no immediate signs of inflation taking off, but rising commodity prices and import restrictions may push prices up in some sectors,” ICRA Lanka said, highlighting moderate inflation expectations.


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Dairy or non-dairy products: which is right for you? https://islandcrisis.net/dairy-or-non-dairy-products-which-is-right-for-you/ https://islandcrisis.net/dairy-or-non-dairy-products-which-is-right-for-you/#respond Mon, 22 Mar 2021 09:38:57 +0000 https://islandcrisis.net/dairy-or-non-dairy-products-which-is-right-for-you/ Growing up, we all heard that dairy products were an essential part of a healthy diet. Milk, in particular, was once revered as a reservoir of calcium, vitamin D, and protein. Today, however, the picture is very different (sorry, I couldn’t resist). As more consumers are ditching dairy products for various health and environmental reasons, […]]]>

Growing up, we all heard that dairy products were an essential part of a healthy diet. Milk, in particular, was once revered as a reservoir of calcium, vitamin D, and protein.



Today, however, the picture is very different (sorry, I couldn’t resist). As more consumers are ditching dairy products for various health and environmental reasons, alternative milks have become the new cash cow (I’m quitting now, I promise).




But if the conflicting research on dairy products and the overwhelming number of dairy and non-dairy products stored in the aisles of grocery stores puzzles you. Do not worry ! Here’s how you can choose what’s best for you, according to nutrition experts:

First, let’s weigh the pros and cons

Dairy: Due to their nutritional profile, dairy products can play a key role in improving bone health, Cognitive function and muscle growth as well as facilitate weight loss.




Cow’s milk, in particular, is a great source of protein, says Vandana sheth, dietitian nutritionist based in Los Angeles


and spokesperson for the Academy of Nutrition and Dietetics. “It also provides a good blend of other essential nutrients such as calcium, magnesium, potassium, riboflavin, folate, vitamin B12 and is fortified with vitamin D,” adds the dietician.




In addition, according to a recent study Posted in The Lancet, people who consume at least two servings of milk, yogurt or cheese each day as part of their daily diet appear to have a significantly lower risk of heart disease and stroke than people who do not eat dairy products.




On the other hand, high consumption of whole dairy products has been linked to inflammation. In some cases, the whey protein and casein found in milk can trigger or worsen skin conditions like acne and rosacea.

Non-dairy: For those who choose not or cannot consume dairy products, alternative milks and other dairy-free alternatives may be a good option.

“The closest dairy alternative to cow’s milk in terms of nutritional profile is soy milk,” says Sheth. Almond milk is another dairy-free favorite. It’s packed with key nutrients like vitamin E, omega-6 fatty acids, iron, calcium, selenium, potassium, and zinc. Plus, it doesn’t contain any saturated fat.

If you are allergic to dairy products, tree nuts, and soy, pea milk can be a great substitute for dairy milk. One cup of pea milk contains 10 grams of protein, which is more than cow’s milk and soy milk. Oat milk is another nutrient-dense option. It’s packed with fiber, protein, and gut-healthy omega-3 and omega-6 fatty acids.

In contrast, alternative milks are not suitable for infants, Sheth points out. Plus, if you don’t plan your non-dairy diet carefully, you could be missing out on essential nutrients like vitamin D, calcium, and protein. It’s also important to note that overeating non-dairy foods can be just as harmful as gorging on regular dairy products. For example, high consumption of almond milk can cause gastrointestinal inflammation. Likewise, coconut milk should also be consumed in limited amounts as it contains high levels of saturated fat.

So how do you choose what is right for you?

  • Listen to your body: The main consideration is how you feel and perform physically, says Cynthia sass, New York-based performance nutritionist and sports nutrition specialist. Pay attention to your body’s signals whether or not you eat dairy products. If dairy products make you feel bloated or cause headaches, fatigue, or skin problems, you should stop immediately. But if you don’t have any health issues and love to eat dairy products, there’s no need to change anything. The second crucial thing to remember is to practice moderation. Whether dairy or non-dairy, eat in moderate amounts.
  • Read the ingredient list and nutrition label: Just because a food is dairy-free doesn’t mean it’s healthier. “Make sure the dairy-free foods you eat are fortified with nutrients like calcium, vitamin D, and vitamin B12,” says Sheth. Additionally, avoid milks, yogurts, and cheeses that contain a range of unfamiliar additives. Ingredients like guar gum and tapioca starch are often added to plant-based milks to make them creamy like regular milk. “These thickening agents are generally recognized as safe, but other thickeners like carrageenan may be linked to inflammation,” says Sass. “This is why I do not recommend vegetable milks based on carrageenan, vegetable oils, gums, etc.”, she adds.
  • For infants and toddlers: “Until the age of two, the only milk drink suitable for ideal growth and development in children is cow’s milk (whole) or infant / toddler formula,” explains Sheth. “If your child is sensitive or allergic to cow’s milk, there are specialized hypoallergenic formulas that can be considered,” adds the dietician. Sheth also recommends seeing a dietitian to discuss your child’s unique situation and get advice on how to proceed. “If you want to feed your child over two years old plant-based milk, I would suggest soy milk because it provides seven to eight grams of protein per cup,” she says.
  • Raw milk vs pasteurized milk: Don’t fall for the raw milk craze. It is by no means more nutritious than pasteurized milk, Sheth points out. Additionally, bacteria like E.Coli and Salmonella found in unpasteurized milk can make you vulnerable to a host of foodborne illnesses.
  • Regular milk vs organic milk: Organic milk refers to milk obtained from sustainably raised cattle. Organic milk is said to be free from antibiotics, synthetic hormones and pesticide residues. However, despite the difference in husbandry methods, “conventional milk and organic milk have the same nutritional profile and are safe for consumption,” says Sheth.

And if you’ve decided to cut dairy products completely, here are some nutritionist-approved tips to keep in mind:

  • Start small. It’s best to start with small changes in your diet rather than completely eliminating dairy products on day one. Start with small exchanges. For example, swap regular milk for pea protein milk, soy milk, or almond milk. Replace Greek yogurt with dairy-free soy, cashew, or almond-based yogurts, suggests Sheth. Use avocado instead of grated cheese in taco bowls, tahini instead of sour cream in sauces, and mashed white beans seasoned with garlic and herbs in place of ricotta in your recipes. favorites, Sass recommends.
  • Fill up on non-dairy protein sources. Protein is the building block of everything in our body, from skin and organs to muscles and bones. To avoid protein deficiency after stopping dairy products, increase your intake of foods like quinoa, Brussels sprouts, tofu, chickpeas, asparagus, black beans, eggs, fish, and meat. skinny.
  • Make up for the lack of calcium. Lack of calcium in your daily diet can weaken and make your bones porous, putting you at risk for osteoporosis. Include more calcium-rich foods in your meals, like cooked collard greens, white beans, black-eyed peas, chia seeds, sesame seeds, and seaweed, suggests Sass. Broccoli, kale, and mustard greens are also great non-dairy sources of calcium, explains Sheth.
  • Don’t skimp on vitamin D. Portobello mushrooms, especially those exposed to UV light, are a great source of vitamin D, says Sass. In addition, animal foods like wild Alaskan salmon, sardines and whole pasture-raised eggs also contain high amounts of vitamin D, the nutrition coach explains.

Plus, consult with a registered dietitian who can help you identify your exact nutritional needs and tailor recommendations based on your dietary preferences, budget, and more, suggests Sheth.

To find a dietitian in your area, visit mangerright.org and click on the “find a dietitian” tab.


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