<p>Standard & Poor’s Ratings Services has lowered its long- and short-term counterparty credit ratings on Bahrain-based Al Baraka Banking Group (ABG) to 'BB+/B' from 'BBB-/A-3'. The outlook is negative. The rating action follows S&P's review of the wider implications of deteriorated sovereign creditworthiness in the past 12 months in some countries in the Middle East and North Africa (MENA) , where ABG operates, especially Egypt and Jordan. The ratings agency lowered its assessment of ABG's risk position to "adequate" from "strong," owing to its operations in high-risk MENA countries. The ratings remain supported by ABG's strong business position, and its average funding and adequate liquidity position. The negative outlook reflects S&P's view that ABG’s capitalization could deteriorate to levels deemed as weak if, for instance, Egypt defaults and further economic stress materializes in Jordan.</p>
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<p><a href="http://www.bi-me.com/main.php?c=3&cg=2&t=1&id=62829" title="http://www.bi-me.com/main.php?c=3&cg=2&t=1&id=62829">http://www.bi-me.com/main.php?c=3&cg=2&t=1&id=62829</a></p>
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<p>According to a recent focus group held in Dubai by ACCA (the Association of Chartered Certified Accountants), a common definition of what sustainability is and what it means in the UAE would help to encourage more companies to invest in creating their own corporate sustainability reports on a regular basis. The UAE focus group brought together 11 high level delegates representing a range of organisations. Whilst the level of sustainability reporting is currently low in the UAE, it was felt that sustainability reporting should play an important role in the development of the UAE in the years to come. Represantatives of the ACCA hope that these discussions will make a difference in helping to change perspectives and show just how important corporate sustainability reporting is to helping the UAE’s growing economy maintain its momentum.</p>
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<p><a href="http://www.bi-me.com/main.php?c=3&cg=2&t=1&id=62680" title="http://www.bi-me.com/main.php?c=3&cg=2&t=1&id=62680">http://www.bi-me.com/main.php?c=3&cg=2&t=1&id=62680</a></p>
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Ahmad Hamad Algosaibi & Brothers plans to make a new offer on US$7.2 billion of debt to creditors as it seeks to bounce back from the Middle East's biggest corporate default. The Saudi Arabian company, which runs a bottling plant for PepsiCo Inc. (…
<p>A new whitepaper released by Deloitte in July examines the potential mortgage industry in Saudi Arabia and highlights key issues that need to be addressed in order to create both lender and consumer confidence in this market. The whitepaper lists and describes the five laws that will make up the Finance Law, which are The Enforcement Law, The Real Estate Finance Law, The Registered Real Estate Mortgage Law, The Finance Lease Law and The Finance Companies Control Law. The description is followed by a discussion of lenders and consumers’ potential concerns with regards to the new mortgage infrastructure. In principle, the multi-dimension reforms appear sufficient to develop a functioning mortgage market. However, fundamental to this is whether they are executed in their entirety, or whether there is any uncertainty as to their exact definition.</p>
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<p><a href="http://www.bi-me.com/main.php?c=3&cg=3&t=1&id=62705" title="http://www.bi-me.com/main.php?c=3&cg=3&t=1&id=62705">http://www.bi-me.com/main.php?c=3&cg=3&t=1&id=62705</a></p>
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<p>A new whitepaper released by Deloitte in July examines the potential mortgage industry in Saudi Arabia and highlights key issues that need to be addressed in order to create both lender and consumer confidence in this market. The whitepaper lists and describes the five laws that will make up the Finance Law, which are The Enforcement Law, The Real Estate Finance Law, The Registered Real Estate Mortgage Law, The Finance Lease Law and The Finance Companies Control Law. The description is followed by a discussion of lenders and consumers’ potential concerns with regards to the new mortgage infrastructure. In principle, the multi-dimension reforms appear sufficient to develop a functioning mortgage market. However, fundamental to this is whether they are executed in their entirety, or whether there is any uncertainty as to their exact definition.</p>
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<p><a href="http://www.bi-me.com/main.php?c=3&cg=3&t=1&id=62705" title="http://www.bi-me.com/main.php?c=3&cg=3&t=1&id=62705">http://www.bi-me.com/main.php?c=3&cg=3&t=1&id=62705</a></p>
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Household debt poses a growing risk to the financial sector in the United Arab Emirates (UAE). As of June 2012, household debt totalled over US$114 billion, which translates to over US$95,000 in debt per household. 48% of UAE citizens have monthly loan…
<p>On July 1, Abu Dhabi Islamic Bank (ADIB) launched BusinessPulse, a portal aimed at providing advice and support to small and medium-sized businesses in the UAE. <a href="http://www.businesspulse.ae/" title="www.businesspulse.ae">www.businesspulse.ae</a> has three main sections: ‘Ignite’ is all about seeding the idea and kick starting the business plan; ‘Enrich’ is about funding the plan and ‘Grow’ deals with facilitating growth and future expansion. A key feature of the portal is a comprehensive library of case studies and videos from successful entrepreneurs. It also features a networking section that will enable SMEs to find the right business partners and contacts. Moreover, visitors can apply for a financing facility of up to AED 2 million through the portal and receive funding advice through interactions with ADIB’s Business banking team. BusinessPulse will be supported by a series of events and seminars, offering SMEs an opportunity to showcase their success stories and learn from others.</p>
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<p><a href="http://www.bi-me.com/main.php?c=3&cg=2&t=1&id=62565" title="http://www.bi-me.com/main.php?c=3&cg=2&t=1&id=62565">http://www.bi-me.com/main.php?c=3&cg=2&t=1&id=62565</a></p>
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The MENA Private Equity Association has released its 2012 annual report highlighting the outlook of the private equity industry in the region. According to the report, the sector continued to show signs of recovery in 2012 with investments and exits bo…
Abu Dhabi Islamic Bank (ADIB), in partnership with Thomson Reuters, have launched global awards to recognize and reward innovation in ethical and Islamic finance. Presented in three categories: Islamic Finance Industry Development Award, Ethical Financ…
<p>Deloitte Touche Tohmatsu Limited (DTTL) and its member firm network have launched the Humanitarian Innovation Program, which will deliver two global pro bono projects for humanitarian organizations. The program launches at a time when humanitarian organizations are increasingly responding to a variety of disasters, requiring an immediate response with limited resources. Deloitte’s Program aims to deliver solutions to humanitarian agencies to help them during the preparation and readiness phases, which could ultimately help to strengthen the response of the local and international community, sustain livelihoods, and save more lives. The Humanitarian Innovation Program will be open to any humanitarian organization worldwide and DTTL will receive applications through July 2013. A panel will review the applications and select two pro bono projects which Deloitte member firms will begin work on in late 2013.</p>
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<p><a href="http://www.bi-me.com/main.php?c=3&cg=2&t=1&id=62343" title="http://www.bi-me.com/main.php?c=3&cg=2&t=1&id=62343">http://www.bi-me.com/main.php?c=3&cg=2&t=1&id=62343</a></p>
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While many investors have focused on the performance of travel and leisure companies to gauge the reopening of the economy, there is also a lot that can be learned from industrial companies that actually make things that are used to make the things people use in their daily lives.
Friday's losses come on the heels of a 300-point loss for the Dow industrials after a media report that President Joe Biden is weighing a plan to nearly double capital-gains tax on the wealthy. While stocks bounce back Friday, bitcoin remains under pressure.
A Centers for Disease Control and Prevention committee voted to let Americans once again receive Johnson & Johnson's single-shot COVID-19 vaccine without any additional stipulations.
So much for a lasting tax-inspired selloff. Here's why stock-market investors were quick to put worries about a proposed jump in the capital-gains tax rate for wealthy investors behind them after Thursday's market dip.
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