Virus hit: HSBC bad loan charges could touch $11b

London: HSBC Holdings Plc cautioned bad loan charges may climb to as much as $11 billion this year – the highest since the last financial crisis as the coronavirus pandemic halts economic activity around the world.

Adjusted profit slumped 51 per cent and expected credit losses surged to $3 billion in the first three months of the year, driven in part by a Singaporean client exposure, according to its earnings statement. The Asia-focused bank also pushed back parts of its restructuring programme until at least till the end of 2020.

Newly appointed CEO Noel Quinn’s plan to boost profitability at Europe’s biggest lender is being curtailed by the virus outbreak that has also shaken peers worldwide. Even as turbulent markets boosted trading income, the biggest banks in the US set aside about $25 billion in the quarter to cover bad loans, while loan losses are also mounting in Europe.

HSBC estimated that expected credit losses may reach $7 billion to $11 billion this year. That will result in “materially lower profitability” in 2020, which will be cushioned by lower expenses. “The impact will vary by sectors of the economy, with heightened risk to the oil and gas, transport and discretionary consumer sectors,” according to HSBC.

COVID-19 counter: UAE F&B businesses to launch own food order-delivery app

Dubai: More than 100 small and mid-sized F&B outlets in Dubai are coming together to launch their own order booking and delivery app and take on Zomato, Talabat, Uber Eats and others. The app could be ready to roll in three months.

Orders made through the app will also have no servicing fee imposed on the consumer.

The decision to launch follows the break down in talks between these F&B outlets and “food aggregators” – the online portals that take in orders and even deliver them – on the issue of the commissions they charge restaurants. These fees can make up to 35 per cent of an order (if delivery is included as well), and with the discounts and other costs added, there is little left for F&B owners to survive on.

Businesses say that such high commissions can only be justified when they had their restaurants and cafes running at full capacity.

Their situation has turned dire after the one-month long restrictions on commercial and social activity. Now, even with the restrictions rolled back gradually, there are still clear limits on the number of patrons F&B outlets can serve at any one point. (It should not exceed 30 per cent and there should be safe distances between tables and seating arrangements.)

Lilly Iaschelcic

 

Lilly Iaschelcic, combines beauty, athleticism, and intelligence and maximises her natural gifts with determination, dedication, and diligence to exceed potential in multiple fields, all whilst maintaining elegance and integrity.

 


Her beauty and determination has seen her become a successful model held in high esteem by many exclusive and boutique fashion designers. She is the face of Esthetica Clinic one of London’s leading laser treatment centres, was crowned Miss Monaco Grand Prix in 2018, and is now to appear on the other side as a judge in the next Miss Philippines.
Her athleticism and dedication have seen her rise to the top as a black belt Taekwondo champion, regularly beating better known international stars in local competitions. She has now won the English Open Championship 3 years in a row and will defend it again in 2020.
Her intelligence and diligence have seen her qualify as a vet, work for a year in a practice in Chelsea, and then cross over into human medicine. She will shortly be awarded her second degree from the internationally renowned British College of Osteopathic Medicine.
This might be enough for some but she also manages to actively support and promote both the Global Kidney Foundation and Save The Children charities.
Lilly has a deep rooted kindness and some her friends will feel this as she converts them from meat lovers to veganism – kind to them and the animals! Her strong moral and ethical code born from her own freewill and strength of mind means she leads well and follows rarely. This is a Russian girl you won’t catch wearing fur !

Ali El Husseini

In Africa, the opportunities for land administration reform – that is, securing and providing titles and deeds to millions of property owners who previously did not have the privilege – drive the heart of the technology and bundles of products and services Medici Land Governance (MLG) is developing.

Africa is an especially important continent to us at MLG because we are recognizing the potential of the young people’s desire for entrepreneurial small business opportunities and their rapid capabilities for adopting technology. Many African countries have, on average, millions more of young people in comparison to elsewhere in the world. For example, Rwanda is among the youngest countries, in terms of age demographics.

We see mutually strategic benefits and opportunities for working with governments both on a local and national level to reform their land administrations systems with a blockchain platform that provides streamlined, secure access to titles, deeds, and all pertinent information about properties. More importantly, MLG is incorporating a broad bundle of technological applications, such as drones, to augment the work of enumerators working in the field. The net result will be that people who previously were unable to secure legal titles and deeds for their properties will now be able to secure one for their personal economic and business use.

We are seeing first hand how the land administration reforms that are underway in Africa could engage the youth to use their creative power for influencing the world around them and finding solutions to common problems. Perhaps more than other age groups, youth instinctively understand how adopting technology early on opens up creative outlets in their communities to work together and develop new opportunities for their career dreams and aspirations. One area that has gained traction in youth focus is agri-preneurship (small farms or specialized businesses in agriculture). Certainly, reforms in the land records system and access to titles and deeds so that young entrepreneurs can use their properties for economic resources and development open the door to youth engagement initiatives.

Our field work in Africa – Lusaka, Zambia, Rwanda and soon, Liberia – is a gateway to building networks for tech-savvy young people, some of whom have been locally hired to build awareness in their communities as MLG continues its work and as enumerators for collecting the data that will be incorporated into blockchain records platform.

There are opportunities to build business and technical skills that young people can translate into creating their own innovative incubators and micro-enterprises. And, as MLG’s land titling reform work also is focused on economic empowerment for women as titled property owners, there are opportunities for permaculture initiatives and training for capacity development and value chain opportunities. An integral part of MLG’s technology focus on the individual is acknowledging how this enhances the technological culture in the locations where we are carrying out projects. And, young people are definitely being engaged. And, they are enthusiastic about the technology they see in our work.

At MLG, we consider data to be part of the foundation for wisdom and, in turn, direct our efforts to finding the best practices process to create, use and act on information. It is capitalizing on experience for everyone’s benefit.

The approach MLG takes to working with communities and governments is to maximize the personal impact of adopting its technologies into a holistic program uniting commitment and partnership across the board, including women, youth and others who for the first time can enjoy the benefits of having a secure, legal title to their property.

Combating coronavirus: Abu Dhabi launches survey for expat employees over 50 who want to go home

A survey asking companies for details of employees over the age of 50 who wanted to travel to their home country has been released in Abu Dhabi as part of protection for workers’ rights under the current Covid-19 situation.

“With a view towards protecting the labour rights in the emirate of Abu Dhabi and providing support to the same in the present circumstances due to the repercussions of the coronavirus (Covid-19) crisis, the Abu Dhabi Department of Economic Development (DED) is pleased to coordinate with entities looking to send the workers whose age is over 50 years and registered with your company, provided that you will pay the costs incurred by their travel to their home country,” said a statement issued by DED.

To facilitate and expedite coordination, DED asked the firms to access this link and fill out the detailed information related to the workers they have nominated for travel.

Companies have also been asked to grant the aged employee indefinite leave during the present conditions so that authorities can enumerate them and determine their travel destinations to their home countries.

The first page of the survey website which requires firms to add all data from the workers aged 50 and above has seven questions or areas to be filled with details of the company before proceeding to other pages. These include the industrial license number, company name as per the industrial license, contact person name (company manager, owner), contact person mobile number, contact person direct land line number, contact person e-mail address.

Commenting on the initiative, Bangladeshi expat, Khalid Muhdeen, 52, working for a facilities management company in Abu Dhabi, said his family stays back home and he was planning to travel home for holiday during March.

“I am happy with this new initiative. I was meant to go home towards end of March. But I couldn’t travel because of the current Covid-19 situation as all international flights had been suspended,” said Muhdeen, adding that he has spent almost two years without going back home to see his wife and children.

Another expat, Mohammed Rafiq, a Pakistani national working for a contracting firm in Musaffah industrial area, also welcomed the initiative.

“Some expats have families and other obligations back home. They would like to travel to their countries but it is not easy given the current situation,” said Rafiq.

“I believe this government initiative will benefit many expats.”

Won’t agree to Asia Cup cancellation to accommodate IPL: PCB Chairman Mani

Karachi: Pakistan Cricket Board chairman Ehsan Mani has asserted that the PCB will not agree to cancelling the Asia Cup, scheduled in the UAE in September, to make room for the Indian Premier League, which has been postponed due to the COVID-19 pandemic.

The IPL was to be held from March 29 to May 24 but has been postponed indefinitely because of a extended lockdown to combat the deadly virus in India.

“I have read and heard about these speculations but right now just remember that having or not having the Asia Cup is not a decision between Pakistan and India it involves other countries as well,” asserted Mani here on Tuesday.

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Pakistan were to host the event but it was shifted to Dubai and Abu Dhabi after India expressed reluctance to come here owing to security concerns and the strained diplomatic ties between the two countries.

“.it is important to have the Asia Cup if cricket activities resume by then because development of Asian cricket depends on funding from the tournament. It is important for many countries who are members of the Asian Cricket Council,” he added in a podcast released by the PCB.

However, he also conceded that holding the Asia Cup this year is a big challenge because right now “we don’t know if it can be held or not.”

“But if the conditions change and we can have the Asia Cup, it must be held as earnings from it are distributed as development funds to member countries for next two years,” he said.

He said reports about the Asia Cup being hosted by Bangladesh or UAE were mere speculation at this stage.

Speaking about another big event, Mani warned that if the T20 World Cup, to be held in Australia in October-November, is postponed, the financial fallout will be big for many countries.

“The financial impact will be felt by many countries if the ICC can’t distribute their shares from the tournament. Many countries including Pakistan will feel the pinch,” he admitted.

Mani confirmed that Pakistan was to receive around USD 7 to 8 million in June and January.

“Pakistan is fortunate it has good financial controls in place and in short term, it will be better off than most countries if the lockdowns continue because of the coronavirus pandemic,” he claimed.

“We are to get 7 to 8 Million dollars from the ICC in June but we know they might not come so we have planned accordingly,” he added.

On whether Pakistan’s forthcoming tours to Holland, Ireland and England between late June and August will gohead, Mani said the PCB was prepared for disruptions.

But he ruled out resumption of international cricket in empty stadiums.

“Empty stadiums also offer their big challenges as teams have to travel by air and stay in hotels so the risks start there. The logistical arrangements have to be manageable,” he explained.

Mani said Pakistan was prepared to show goodwill and flexibility and support the hosts of these tours.

“We wouldn’t mind if two series are held at the same time like one team playing Tests and another white-ball cricket. In these difficult times we need to support each other,” he said.

Mani also revealed that Pakistan had shown interest in hosting several ICC tournaments to be held between 2023 and 2031, including the ICC Youth Cup and World Cups.

“Unfortunately the last time the cycle of ICC events were bid for the big three, India, Australia and England distributed all the main events among themselves. This time I can say there are more countries interested in hosting the events,” he said.

UAE makes big plans to host ICC world cricket events

Dubai: The UAE has made known to the International Cricket Council (ICC) that they will be interested in hosting world cricket events. The Emirates Cricket Board (ECB) has been included in the list of cricket boards from around the world who would be willing to be considered to stage the next cycle of global cricket events.

Speaking to Gulf News, Mubashir Usmani, General Secretary of the ECB, said: “We have submitted our Expression of Interest (EOI) to stage global events. The ICC meeting which could be held in June is likely to make the decision based on the bidding from member nations.”

The ICC’s global events for an eight-year period from 2023 to 2031 is in for allotment from the ICC.

Elaborating further, Usmani added: “We have expressed our interest to host the Under-19 and World Cup qualifiers. We have also expressed our keenness to host big events based on our infrastructure. For example, an event like the Champions Trophy did not require more than three or four grounds. So we have expressed our interest for events like that.”

The UAE had hosted the 2014 Under-19 World Cup and also been regularly staging World Cup qualifier matches for various formats over the years.

“We have also expressed interest in staging women’s cricket events as well as for tournaments that do not require about seven grounds,” noted Usmani.

It is understood that the ICC has received EOI from 18 member boards. UAE has staged the Asia Cup on behalf of the Asian Cricket Council thrice and was to the stage the 2020 edition of the event in September when the COVID-19 pandemic has resulted in uncertainty over the dates.

Some of the big global ICC events between 2023 and 2031 will be the 2023 Women’s ODI Champions Cup, 2024 men’s and women’s T20 Champions Cup, 2025 World Test Championship final, 2026 men’s and women’s T20 World Cup, 2027 World Test Championship final, Men’s ODI World Cup and Women’s ODI Champions Cup, 2028 Men’s and women’s Champions Cup, 2029 World Test Championship final, Men’s ODI Champions Cup, Women’s ODI World Cup, 2030 Men’s and Women’s T20 World Cup, 2031 Men’s World Test Championship final, and Men’s ODI World Cup.

The next step after the EOI will be a formal submission of a Request For Proposal (RFP) process, which will run for six months. Members will be asked to respond to the RFP and submit a proposal detailing infrastructure, growth in the market, and development of sports in the country. Guarantees with regard to visas and tax exemptions and security will also be needed.

The Pakistan Cricket Board (PCB) is also among the nations that have shown interest in staging global events. Pakistan have not been unable to stage global events since the 2009 terror attack in Lahore as due to security reasons teams were not ready to play in Pakistan. The PCB will now join hands with ECB to stage events which they may get allotted.

The PCB chairman in a podcast released on the PCB’s official website, said: “We had expressed an interest to host five to six events and, frankly, it is likely we won’t be getting more than one or two. But we also thought out of the box to bid jointly with another country. I have already begun speaking with the Emirates Cricket Board for a team-up to increase the chances of hosting some of it together but, again, it needs cooperation. There are a few events with 16 games and then there are events with 30-40 games, so depending on the scale, the workload can be divided between us,” he added.

Mani also said that ideally they would like ICC tournaments in Pakistan. “We intend to make a very serious expression of our interest on this matter and we will be getting full government support as well,” he said.

Pakistan has hosted two World Cups in 1987 and 1996 but could not jointly host 2011 World Cup along with India, Bangladesh and Sri Lanka over security concerns.

COVID-19: You can now draft and register a will online in the UAE

Dubai: Are you worried about making your will? Despite the current restrictions on movement, you can easily make a registered will online in Dubai, which is enforceable within the UAE.

Why do you need to make a will?

Non-Muslim expats with assets (cash, bank accounts, properties) in the UAE should make a will and register it in order to ensure that their assets are passed on to the legally assigned family members or friends or even a legal entity.

The UAE courts adhere to Sharia law and in the absence of a will, the local courts will distribute your estate and appoint guardians according to the principles of Sharia law.

This is why it is important to draft and register a will, which you can do in the UAE at the Abu Dhabi courts as well as Dubai International Financial Centre (DIFC) Courts. During the current restrictions on movement, DIFC Courts have also offered additional will registration services online.

Shannon Herriot, Manager and Senior Compliance Officer, DIFC Courts Wills Service Centre, spoke to Gulf News about how many non-Muslim residents were unaware that there was no concept of the right of survivorship in the UAE, which affects jointly owned assets.

What is right of survivorship?

When jointly owned property includes a right of survivorship, the surviving owner automatically receives the dying owner’s share of the property.

“In fact, some [expatriates] were even unaware until they considered having a will that if they own property and bank accounts jointly with their spouse, ownership would not automatically pass to the survivor, but instead will be divided according to the UAE’s sharia-based law, whether or not they are Muslim. This can lead to a time-consuming and complex legal process to transfer assets in the absence of a will,” Herriot added.

In fact, some were even unaware until they considered having a will that if they own property and bank accounts jointly with their spouse, ownership would not automatically pass to the survivor, but instead will be divided according to the UAE’s sharia-based law, whether or not they are Muslim. This can lead to a time-consuming and complex legal process to transfer assets in the absence of a will.

Coronavirus: Pregnant American expat is finally home in Dubai

Abu Dhabi: She was once stranded out of the UAE due to coronavirus-related travel restrictions. The UAE’s efforts brought her safely back, and now Hannah O Reilly is finally home with her husband in Dubai.

“I feel so appreciative to be back in the UAE, where we are very safe compared to the rest of the world. I’m beside myself with gratitude,” the 29-year-old American expat told Gulf News.

The supply teacher, who is nearly into the third trimester of her first pregnancy, had found herself unable to return from New York after all commercial flights to and from the UAE were suspended on March 19. She had been visiting her mother after the latter had undergone cancer surgery, while her British husband, Dan, 44, stayed on in the UAE, and the couple had never expected the turn of events.

Gulf News reported O Reilly’s plight on March 24, and it caught the attention of the UAE leadership. By March 29, she had been flown back on a flight bringing Emiratis back home, and was quarantined in an Abu Dhabi hotel. There, she documented her quarantine on her Instagram account in the hope that it would help other stranded expats.

“I have been extremely impressed with how smooth and efficient the entire evacuation and quarantine process was, despite the limited time to plan them,” she added.

NAT-Hannah-oreilly 2-1587027588133
Hannah O’ReilyImage Credit: Supplied

O Reilly had earlier told Gulf News about how she had been delivered three meals a day free of charge, and had had access to laundry services twice a week.

“I was let out of quarantine on April 9, and my baby is well. I was even able to complete the required tests with my doctor after getting back,” O Reilly said.

Dan said, “The whole thing feels like a dream. I was constantly worried and felt totally helpless. I don’t know how we can ever say thank you to the UAE. Looking at the rest of the world, especially New York where Hannah’s parents are, it was clearly the right choice for her to be here. I’m just happy to have my wife safe at home with me.”

O’Reilly had been unable to step out of her hotel room during the quarantine, so the first thing she did after getting back home was spend some time in the garden with her cat.

“I’m home and I am feeling good,” she said.

Coronavirus: Now get a Dubai move permit once in 3 days

Dubai: Dubai residents can apply a one time permit every three days to go out and buy groceries or medcines, Gulf News has learnt.

In an update on the Dubai Permit website, residents can apply for the ATM cash withdraw permit once every five days.

According to the update in the system, people who want to withdraw money can get one permit every five days while those who want to visit the supermarket or pharmacy to buy food or medicines can get one permit every three days.

Residents who wish to go out on essential trips during the sterilisation restrictions must apply for a movement permit in line with the Supreme Committee for Crisis and Disaster Management’s directives to prevent the spread of COVID-19.

The online system requires residents to state their reason for going outside, even in cases of emergency.