Abu Dhabi's ADC Bank likely to lay off hundreds of employees

Agencies
July 28, 2020

Dubai, Jul 28: Abu Dhabi Commercial Bank (ADCB) (ADCB.AD) is letting go hundreds of employees, sources said, the latest in a round of lay-offs by regional banks as pressure mounts to cut costs amid lower oil prices and the coronavirus crisis.

The UAE’s third-biggest lender is laying off 400 employees, two sources familiar with the matter said, after it had committed to not cutting staff because of the crisis.

In a statement, a spokesman said ADCB had pursued efficiency over the last decade by managing out its lowest underachievers after regular reviews, while ensuring talent was deployed in high-growth areas, such as digital banking.

“A certain number of redundancies are therefore expected every year in the normal course of business,” the bank spokesman added.

The sources said the cuts would involve ADCB’s consumer business and several in top management were among those being let go. One source said the bank was looking to close 20 branches.

In March, ADCB had declared, “No employee will be made redundant during 2020 as a result of the COVID-19 pandemic.”

UAE banks have been hit by government measures to rein in the spread of the virus, forcing many businesses to shut temporarily.

Last week, Dubai’s largest bank, Emirates NBD, reported a slump of 58% in profits. In June, sources told Reuters the bank started a new round of hundreds of lay-offs.

In May, ADCB reported a fall of 84% in first-quarter net profit as it took impairments of $292 million on debt exposure to troubled hospital operator NMC Health and payments group Finablr.

It was a major lender, with an exposure of about $981 million, to NMC Health, which went into administration this year after months of turmoil following questions over financial reporting.

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Agencies
July 19,2020

Occupied Jerusalem, Jul 19: Israeli Prime Minister Benjamin Netanyahu’s corruption trial resumed on Sunday.

Netanyahu is charged with fraud, breach of trust and accepting bribes in a series of scandals in which he is alleged to have received lavish gifts from billionaire friends and exchanged regulatory favors with media moguls for more agreeable coverage of himself and his family.

Netanyahu denies wrongdoing, painting the accusations as a media-orchestrated witchhunt pursued by a biased law enforcement system.

The trial opened in May. Just before appearing in front of the judges, Netanyahu took to a podium inside the courthouse and flanked by his party members bashed the country’s legal institutions in an angry tirade.

Netanyahu was not expected to appear at Sunday’s hearing, which is taking place at an occupied Jerusalem court and is mostly a procedural deliberation.

The trial resumes as Netanyahu faces widespread anger over his government’s handling of the coronavirus crisis.

While the country appeared to have tamped down a first wave of infections, what’s emerged as a hasty and erratic reopening sent infections soaring. Yet even amid the rise in new cases Netanyahu and his emergency government — formed with the goal of dealing with the crisis — appeared to neglect the numbers and moved forward with other policy priorities and its reopening plans.

It has since paused them and even re-impose restrictions, including a weekend only lockdown set to begin later this week.

Netanyahu’s government has been criticized for a baffling, halting response to the new wave, which has seen daily cases rise to nearly 2,000. It has been slammed for its handling of the economic fallout of the crisis.

His trial thus comes at inopportune timing. Netanyahu had hoped to ride on the goodwill he gained from overcoming the first wave of infections going into his corruption trial, but the increasingly souring mood has affected his approval rating and may deny him the public backing he had hoped for. The anger has sparked protests over the past few weeks that have culminated in violent clashes with police.

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Saudi Gazette
June 2,2020

Abu Dhabi, Jun 2: The United Arab Emirates on Monday recorded 635 new coronavirus cases, taking the total number of infections in the country to 35,192, the UAE’s Ministry of Health and Prevention said in a statement carried by state news agency WAM.

The new cases were detected after the health authorities conducted 30,147 additional COVID-19 tests citizens and residents.

The ministry also announced that 406 more patients have fully recovered after receiving the necessary medical care, raising the total number of recoveries in the country to 18,338.

The announcement was made during the regular media briefing held in Abu Dhabi, wherein Dr. Amna Al Dahak Al Shamsi, official spokesperson for the UAE government, provided an update on coronavirus-related developments and measures taken to mitigate its impact.

During the briefing, Dr. Al Shamsi also announced the death of two patients from COVID-19, taking the total number of deaths in the country to 266.

"The number of COVID-19 cases still receiving treatment now stands at 16,588 from different nationalities," she added, noting that more than 650,000 COVID-19 tests have been conducted over the past two weeks.

"Since the onset of the crisis, the UAE has focused on select segments of society, primarily the elderly and patients with chronic diseases, in order to ensure they survive the crisis," she added.

"We believe it is particularly morally important to support and stand by them, provide them with their daily needs, and keep them from harm’s way," she added.

Dr. Al Shamsi asserted that all precautionary measures announced, including the updated fines and penalties, will be enforced against violators, including citizens and residents.

"The law does not differentiate between citizens and residents. We are living in one homeland, which is for all of us," she continued.

"Your safety and health are a priority. We must comply with all precautionary measures. Though restrictions have been relaxed, caution must continue to be exercised."

Dr. Al Shamsi also warned, "Recklessness may undermine the efforts made by our frontline defenders. It is the responsibility of every individual to support protective efforts to ensure the safety of all."

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News Network
January 6,2020

Riyadh, Jan 6: Saudi Arabia was not consulted by its ally Washington over a US drone strike that killed a top Iranian general, an official said Sunday, as the kingdom sought to defuse soaring regional tensions.

Saudi Arabia is vulnerable to possible Iranian reprisals after Tehran vowed "revenge" following the strike on Friday that killed powerful commander Qasem Soleimani in Baghdad.

"The kingdom of Saudi Arabia was not consulted regarding the US strike," a Saudi official told AFP, requesting anonymity.

"In light of the rapid developments, the kingdom stresses the importance of exercising restraint to guard against all acts that may lead to escalation, with severe consequences," the official added.

Saudi Arabia's foreign ministry made a similar call for restraint at the weekend and King Salman emphasised the need for measures to defuse tensions in a phone call on Saturday with Iraqi President Barham Saleh.

In a separate phone call with Iraq's Prime Minister Adel Abdel Mahdi, Saudi Crown Prince Mohammed bin Salman stressed "the need to make efforts to calm the situation and de-escalate tensions", the official Saudi Press Agency reported.

The crown prince has instructed Prince Khalid bin Salman, his younger brother and deputy defence minister, to travel to Washington and London in the next few days to urge restraint, the pan-Arab Asharq al-Awsat newspaper reported.

Prince Khalid will meet White House and US defence officials, the paper said, citing unnamed sources.

The killing of Soleimani, seen as the second most powerful man in Iran, is the most dramatic escalation yet in spiralling tensions between Washington and Tehran and has prompted fears of a major conflagration in the Middle East.

US President Donald Trump, who ordered the drone strike, has warned that Washington will hit Iran "very fast and very hard" if the Islamic republic attacks American personnel or assets.

The American embassy in Riyadh on Sunday warned its citizens living close to military bases and oil and gas installations in the kingdom of a "heightened risk of missile and drone attacks".

A string of attacks blamed on Iran has caused anxiety in recent months, as Riyadh and Washington deliberated over how to react.

In particular, devastating strikes against Saudi oil installations last September led Riyadh and Abu Dhabi to adopt a more conciliatory approach aimed at avoiding confrontation with Tehran.

Analysts warn that pro-Iran groups have the capacity to carry out attacks on US bases in Gulf states as well as against shipping in the Strait of Hormuz -- the strategic waterway that Tehran could close at will.

"Expect Iranian reprisals (directly or through partner groups in Iraq, Lebanon or elsewhere) to target US partners in the region including Saudi Arabia," said Thomas Juneau, an assistant professor at the University of Ottawa.

"Given the climate in the US, where support for Saudi in the media and Congress is at an all time low, it will be difficult for Trump to commit significant resources to come to its aid."

Yemen's pro-Iran Huthi rebels, locked in a five-year conflict with a Saudi-led military coalition, have also called for swift reprisals for Soleimani's killing.

"The aggression... will not go without a response," said Huthi political council member Mohammed Al-Bukhaiti.

"How the response is going to be, when and where will be determined by Iraq and Iran, and we will stand with them as a hub for the resistance."

It was unclear if the Huthi warning was directed in part at Saudi Arabia, which has stepped up efforts to end Yemen's conflict amid a lull in Huthi attacks on the kingdom.

Saudi Arabian military commanders recently met with counterparts from "friendly countries" to formulate a new strategy to tackle the Yemeni rebels, particularly those "opposing" a political solution, according to Asharq al-Awsat.

Riyadh has said it will host a separate meeting of foreign ministers of Arab and African coastal states on Monday.

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