Connect with us

Finance

Expansion of Dubai’s financial center will be gradual, in line with demand: governor By Reuters

Published

on

Expansion of Dubai’s financial center will be gradual, in line with demand: governor

DUBAI (Reuters) – Dubai’s financial district DIFC will be expanded gradually and only when there is demand for new space, its governor said on Sunday.

The state-owned Dubai International Financial Centre (DIFC) started expanding last year and upon completion the new district will have 6.4 million square feet of office space.

“It is on plan but it’s going to be done on gradual basis, in phases. We will start with phase 1A, B, C and then we build according to the needs,” Essa Kazim told reporters at a briefing.

DIFC is the major finance center in the Middle East, hosting international banks, insurance companies and investment firms.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Finance

North Cowichan council members face financial ding for bad behaviour – Cowichan Valley Citizen

Published

on

By

Council members in North Cowichan will now have to pay a financial price if found guilty of contravening the municipality’s new standards of conduct policy.

In 2018, the municipality adopted the policy which set out the expectation for council members to adhere to when carrying out their duties and functions on behalf of North Cowichan.

If a council member is accused of harassment, bullying, intimidation, violence, and/or discrimination during these times, the municipality is mandated under the policy to hire a third-party investigator to determine the validity of the accusations.

The hiring of an investigator can be a significant expense, and council decided at its meeting on Oct. 21 that when a member of council has been found to have breached the policy, he or she must contribute towards the costs of the investigation.

For the first offence, council members will receive a 10 per cent pay reduction for 12 months, which is approximately $3,000 for a councillor and $8,000 for the mayor.

A second offence will result in a 15 per cent pay reduction, but if there is any overlap between the first offence and second offence, the offending council member will see a pay reduction of 25 per cent while those periods coincide.

Council members will face a 25 per cent reduction in pay for 12 months for the third and subsequent offences, and overlapping offences within those 12 months could result in reductions of 50 per cent where there are three concurrent offences, 75 per cent for four concurrent offences, or even 100 per cent if there are five or more concurrent offences.

Mayor Al Siebring said some may say that the financial penalties are overkill, but they are a good deterrent to bad behaviour of council members.

“Without this, our code of conduct would be just symbolic, but this will add some enforcement to it,” he said.

Coun. Kate Marsh said she was impressed with the repercussions council members could face when exhibiting bad behaviour.

“One of the challenging things about the code of conduct is consequences, and a cut in pay will add teeth to it,” she said.



robert.barron@cowichanvalleycitizen.com

Like us on Facebook and follow us on Twitter

municipal politics

Get local stories you won’t find anywhere else right to your inbox.
Sign up here



Source link

Continue Reading

Finance

HSBC considers paying 2020 dividend as profits beat estimates

Published

on

By

HSBC said it would consider paying a “conservative” 2020 dividend after Europe’s largest bank unveiled a better-than-expected third-quarter profit on lower provisions for bad loans.

The lender on Tuesday reported a 36 per cent year-on-year drop in pre-tax profits to $3.1bn for the three months to September, which was above bank-compiled analyst forecasts of $2.1bn. Noel Quinn, HSBC’s chief executive, labelled the results “promising”.

HSBC shares rose as much as 5.3 per cent in Hong Kong on Tuesday after the results were released, hitting their highest level in about two months.

HSBC cancelled its payout for the first time in 74 years earlier this year following pressure from the Bank of England, infuriating its Hong Kong shareholders. It said a 2020 payout would depend on the bank’s forecasts for 2021 and its consultations with regulators. “We will seek to pay a conservative dividend if circumstances allow,” Mr Quinn said.

Provisions for bad loans dropped to $785m in the third quarter compared with $3.8bn in the previous quarter. The average analyst forecast was for $2bn in provisions for the third quarter.

The lender said it expected total loan losses to be closer to the lower end of the $8-13bn range it had earlier forecast for the whole year.

“This latest guidance, which continues to be subject to a high degree of uncertainty due to Covid-19 and geopolitical tensions, assumes that the likelihood of further significant deterioration in the current economic outlook is low,” the bank said.

The slower rate of new provisions in the third quarter came as the global economy tentatively reopened from strict lockdowns prompted by the pandemic.

This matched the trend last week at Barclays, which set aside an additional £608m, substantially lower than the £3.7bn reserved in the first six months of the year.

HSBC revenue fell by 11 per cent year on year to $11.9bn in the third quarter.

HSBC’s shares have plunged by more than 40 per cent this year as the lender struggles with the combined challenges of coronavirus, a UK regulatory ban on dividends, ultra-low interest rates and a confrontation between China and the west over Hong Kong, its most important market.

The bank said it expected to further cut costs. It would look to lower its original $31bn target for its annual cost base for 2022, adding it would release a “detailed and updated” transformation plan when it published its full-year results.

Mark Tucker, chairman, and Mr Quinn are re-evaluating a strategy unveiled only in February, preparing deeper cuts and exploring the sale of persistently underperforming businesses, such as its US retail arm, the FT has reported.

Mr Quinn said on Tuesday that the smaller fall in profits before tax for the quarter was in part due to the lower expected loan losses and “continued good cost management”. 

HSBC said it expected to increase investment in Asia due to the region’s economies “rebounding strongly” from the pandemic. The bank said it would provide an update on the future of its French and US operations in February 2021.

The bank highlighted the passage of a national security law and US sanctions on 11 Hong Kong officials under a list of risks to its operations. The US has threatened secondary sanctions on financial institutions which fail to cut ties with the officials.

“The financial impact to the group of geopolitical risks in Asia is heightened due to the strategic importance of the region, and Hong Kong in particular, in terms of profitability and prospects for growth,” HSBC said.

Source link

Continue Reading

Finance

Retiring finance minister Carole James tears up at outpouring of support

Published

on

By

Signing thank you cards in her B.C. Legislature office is what “retirement” looks like for out-going finance minister Carole James.

“I guess I’m a failure at retirement so far,” laughs James.  “I’m continuing on as a caretaker government for the next couple of weeks.”  

This is the first election in three decades that the four-time MLA and former Greater Victoria School Board trustee hasn’t run.

“This is the first election since 1990 when my name wasn’t on the ballot when I went to vote so it was a very strange experience, very strange experience, going to take some adjustments no question about it,”  James says. 

James led the BC NDP for seven years — taking over in November 2003 when morale was low after the party had been decimated to just two seats in the 2001 election.

In 2005, she helped the NDP win more than 41 per cent of the popular vote and 33 seats — including her own riding of Victoria-Beacon Hill, beating incumbent Jeff Bray, who she’d lost to in 2001 by just 35 votes.

“There are nice people in politics and Carole is one of them,” Bray says.

“She has always been respectful, always been friendly and is always trying to do the right thing. ”

But one of the toughest political moments came in December 2010, when Jenny Kwan publicly criticized James and called for an immediate leadership convention.

“I joked I’ve seen the good the bad and the ugly in politics and I think lots of leaders have gone through that experience but I also think it strengthens your values,” James says.

James stepped aside but instead of quitting, she stayed on to help the party.

“Credit to her, rather than fighting back, rather than being bitter about it she doubled down and gave all of her time and effort to both incoming leaders who followed her,” says Stephen Smart, former press secretary to premier Christy Clark and a member of the press gallery during the leadership crisis.

As accolades pour in on social media for the 62-year-old who’s made friends across party lines, she can’t help but tear up.

“It really has been pretty overwhelming,” says an emotional James. “I get choked up thinking about it because it has really been such a privilege for me to be able serve my community.”

Focusing on her family and her health after being diagnosed with Parkinson’s Disease, James plans to take up boxing and hopes people will remember her for working hard and always keeping her integrity.



Source link

Continue Reading

Trending