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Revenue increases 12.6% to RMB1.84 Billion   Gradual Results Delivered From Operational Reforms Optimises Sales Channel Mix Results Highlights (RMB million） For the twelve months ended 31 March 2020 2019 Change Revenue 1,841 1,635 +12.6% Gross profit (before provision for/reversal of impairment losses of inventories) 1,138 914 +24.5% Gross profit margin (before provision for/reversal of impairment losses of inventories) 61.8% 55.9% +5.9pts Operating profit 484 584 -17.1% Operating […]

Converging the power of mobile credit risk scoring and digital fraud management technology to access Southeast Asia’s 400 million unbanked and new-to-credit population   SINGAPORE – Media OutReach – 16 June 2020 – GBG (AIM:GBG), the global technology specialist in fraud and compliance management, identity verification and location data intelligence today announced a technology partnership with CredoLab, the leading developer of bank-grade digital scorecards based on privacy-consented and permissioned smartphone […]

By Matein Khalid Oscar Wilde once spoke of his friendship with Lord Alfred Douglas, the fabled Bosie, as “the love that dare not speak its name”, in Victorian London, when Sherlock Holmes and Jack the Ripper roamed amid the fog and the gaslights! The love that dare not speak its name in my life is, of course, my obsession with foreign exchange markets, a love that mesmerizes […]

Presumptive Democratic nominee Joe Biden is enjoying a boon in the presidential race, soaring in national opinion polls to new heights and overtaking Donald Trump in political betting markets. A shifting political landscape that is proving to be a subject of great interest with the punditocracy and handicappers, keen to serve up predictions for what lies ahead for the ‘land of the free and the home of […]

Two companies team to deliver integration capabilities to simplify OT/IT integration for the most critical OT data sources to bring the Connected Enterprise to life for customers   MILWAUKEE, U.S. – Media OutReach – 11 June 2020 – Rockwell Automation, Inc. (NYSE: ROK) and PTC (NASDAQ: PTC) today announced strategic enhancements to industry leading FactoryTalk InnovationSuite, powered by PTC, to serve the needs of a very fast growing, dynamic […]

by James M. Dorsey The Middle East is at a crossroads. The coronavirus pandemic and its economic fallout confronts regional leaders with a stark choice: dial down tensions to open the door toward cooperation in tackling existential challenges or risk ever more aggravated political and economic threats enhanced by a potential wave of social protest. A second wave of the coronavirus pandemic is raising its ugly head. […]

Development programme creates opportunities in a volatile economy   HONG KONG, CHINA – Media OutReach – 10 June 2020 – Start-up Express, an entrepreneurship development programme organised by the Hong Kong Trade Development Council (HKTDC), has returned for its third edition. The pitching contest under the programme successfully concluded today as a judging panel selected exceptional start-ups to participate in local and international activities to build connections, explore markets, […]

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Atradius Payment Practices Barometer highlights importance of risk management to Asian businesses   HONG KONG, CHINA – Media OutReach – 10 June 2020 – As global recession looms, Asian businesses tighten their credit management processes in a bid to minimise bad debt risks.   COVID-19 containment measures around the world have impacted both national and international supply chains and trade. Responses to the 2020 Atradius Payment Practices Barometer (PPB) survey […]

Residential Sale & Purchase Agreements in May rose to 5,984, the highest level in the past year Prices at representative estates are down by around 0.5%-10.8% year-to-date With 19 major deals, the property investment market has not rebounded yet in Q2 as buyers and vendors remain on the sidelines amid the continuous uncertainties.  HONG KONG, CHINA – Media OutReach – 9 June 2020 – As the local coronavirus outbreak gradually […]

Government policies on climate change and consumer demand could see the number of electric cars reach 100 million by start of next decade compared with seven million today. China is the world’s largest market for electric vehicles in total, accounting for around 45%, while a quarter (24%) are in Europe and 22% in the US. In Asia – China, Japan and India to drive future sales. New […]

Arabian Post Staff Dubai International Financial Centre (DIFC) announced sustained performance in the reinsurance sector. The sector grew by 17.4% in 2019, representing the highest volume of premiums ever written in the market, further reinforcing the Centre’s position as the leading reinsurance hub in the region. The DIFC confirmed that Gross Written Premiums (GWP) for Q1 2020 reached $472 million, on par with the same period during Q1 […]

Emirates Airline reported a 21 percent jump in profit to US$288 million (Dh1.1 billion) in 2019-2020 financial year ending March 31, 2020, compared to $245 million (Dh900 million) reported in 2018-19 financial year, despite the effects of Covid-19 that grounded its fleet in the 12th month of the reporting period. The airline reported strong profit growth despite a 6 percent decline in revenue to $25.1 billion (Dh92 billion), […]

Non-Residential Indians (NRIs) and Person of Indian Origin (PIO) have several banking needs that are difficult to be served by any regular bank account. Since these people reside abroad, they generally have their savings and income in foreign denominations such as US Dollars, Euros, etc. Therefore, such individuals need a different account to suit their requirements. NRI accounts have distinctive facilities for amount transfers, tax-related issues, currency […]

Arabian Post Staff In the event of another deadlock between Russia and Saudi Arabia, the desert kingdom is likely to suffer a bigger hit than Russia in an extended oil price war, according to Rystad Energy. Rystad feels Saudi Arabia will suffer a bigger hit in all five financial criteria: the impact on oil and gas revenues, fiscal breakeven price, fiscal deficit and foreign currency reserves, budget […]

Arabian Post Staff Dubai International Financial Centre (DIFC) announced a record growth in 2019. The total number of firms in the Centre reached 2,437, up 14% from 2018, with a total of 32% growth since 2017. It attracted 493 new businesses in 2019 and  now counts 17 of the world’s top 20 banks, 8 of the 10 leading global law firms, 3 of the top 5 insurance companies […]

Over the past few years the UAE has seen a boom in start-ups and online businesses. The influx of female entrepreneurs heading start-ups have systemically changed office culture, making it accessible for all genders, and giving a stronger voice to women in general. In fact, the UAE is considered one of the best markets for business women. Back in 2017 the UAE pledged $50 million to the […]

Arabian Post Staff The International Air Transport Association (IATA) sees 2020 global revenue losses for the passenger business of between $63 billion (in a scenario where COVID-19 is contained in current markets with over 100 cases as of 2 March) and $113 billion (in a scenario with a broader spreading of COVID-19). No estimates are yet available for the impact on cargo operations. IATA’s previous analysis (issued […]

Arabian Post Staff The UAE Central Bank has advised banks to implement measures to counteract the effects of COVID-19 including rescheduling loans, offering temporary deferrals on monthly loan payments and reducing fees and commissions. Management consultancy Oliver Wyman warns that the resulting impact of the Coronavirus outbreak on the global economy could lead to reduced borrowing and lending that will affect banks with a bearing on corporate and […]

The sight of a Roulette wheel is something that pretty much all gamblers cannot help but get at least a little excited by. Sometimes when gambling you want to flex your tactical muscles, like in a heated game of Poker, for example, but other times you simply want to throw a ball around a wheel and watch it spin… For these times Roulette is undeniably the best […]

By Matein Khalid The US dollar is the traditional safe haven currency during times of geopolitical or financial stress even when the cause of a risk aversion spasm is ultimately American, such as the failure of Lehman Brothers in 2008, Obama’s epic budget battles with the Republicans in 2011 and the Trump White House’s drone hit on Iran’s most revered Revolutionary Guard commander on 3 January 2020. […]

In the past, gambling was seen as something ‘other’. It was something that only the rich would and could do, and unless you had a huge fortune then gambling was always a mistake – it would lead to big financial problems and potentially ruin your life.  Thankfully, a lot has changed since this idea was first circulated. Today, gambling at Barbados – as long as you are […]

Arabian Post Staff The Dubai Financial Services Authority (DFSA)  announced that it has fined Enness Limited (Enness DIFC), a DIFC Representative Office. The DFSA fined Enness DIFC USD 105,000 (approximately AED 386,000) for engaging in unauthorised activity outside the scope of its Representative Office DFSA Licence. As a Representative Office, Enness DIFC is only permitted to carry out a narrow set of activities in the DIFC relating […]

By Matein Khalid I had published an article expressing my shock at the abysmal corporate governance and financial disclosure at NMC Healthcare, the London listed UAE’s largest private operator of healthcare clinics and hospitals. NMC Healthcare shares were at 1816 pence on the LSE when I published my article in the Gulf and UK financial press on 30 December 2019. NMC Healthcare has now plunged to 775 […]

Arabian Post Staff DP World has decided to delist its shares from Nasdaq Dubai citing better operational efficiency as a private entity. Accordingly, DP World’s  parent company Port and Free Zone World has offered to acquire the 19.55 per cent of DP World’s shares traded on Nasdaq Dubai, returning the company to private ownership. The company said the move will enable DP World to focus on its […]

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