National Bank of Abu Dhabi Q1 net profit rises 36%

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Updated 24 April 2013
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National Bank of Abu Dhabi Q1 net profit rises 36%

ABU DHABI: Higher income from investments and fees helped National Bank of Abu Dhabi, the UAE’s largest lender by market value, to a 35.5 percent jump in first-quarter net profit, the bank said.
The bank posted net profit of AED 1.41 billion ($ 384 million) in the first three months of 2013, beating the average forecast of AED 1.09 billion in a Rueters poll of analysts.
Impairment charges for the first quarter of this year were AED 322 million, up 3 percent higher on the corresponding period last year.
Non-interest income grew 70.9 percent to AED 974 million, which the bank attributed to a combination of strength in financial markets and successful hedging strategies.
Net interest income and net income from Islamic financing increased 5.3 percent against last year and net fees and commissions grew 8.9 percent to AED 414 million.
Loan growth continued to be lower than expected, the bank said, but deposits rose 9.6 percent year on year, helped by net inflows of government deposits.
The bank, which this month appointed Australia and New Zealand Banking Group’s Alex Thursby to take over as new chief executive in July, added that it has now fully repaid AED 5.6 billion of finance ministry subordinated notes after repaying AED 1.5 billion in the first quarter and a further AED 1.5 billion at the start of the second quarter.


US unveils new veto threat against WTO rulings

Updated 23 June 2018
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US unveils new veto threat against WTO rulings

  • US tells WTO appeals rulings in trade disputes could be vetoed if they took longer than the allowed 90 days
  • Trump, who has railed against the WTO judges in the past, threatens to levy a 20 percent import tax on European Union cars

GENEVA: The United States ramped up its challenge to the global trading system on Friday, telling the World Trade Organization that appeals rulings in trade disputes could be vetoed if they took longer than the allowed 90 days.
The statement by US Ambassador Dennis Shea threatened to erode a key element of trade enforcement at the 23-year-old WTO: binding dispute settlement, which is widely seen as a major bulwark against protectionism.
It came as US President Donald Trump, who has railed against the WTO judges in the past, threatened to levy a 20 percent import tax on European Union cars, the latest in an unprecedented campaign of threats and tariffs to punish US trading partners.
Shea told the WTO’s dispute settlement body that rulings by the WTO’s Appellate Body, effectively the supreme court of world trade, were invalid if they took too long. Rulings would no longer be governed by “reverse consensus,” whereby they are blocked only if all WTO members oppose them.
“The consequence of the Appellate Body choosing to breach (WTO dispute) rules and issue a report after the 90-day deadline would be that this report no longer qualifies as an Appellate Body report for purposes of the exceptional negative consensus adoption procedure,” Shea said, according to a copy of his remarks provided to Reuters.
An official who attended the meeting said other WTO members agreed that the Appellate Body should stick to the rules, but none supported Shea’s view that late rulings could be vetoed, and many expressed concern about his remarks.
Rulings are routinely late because, the WTO says, disputes are abundant and complex. Things have slowed further because Trump is blocking new judicial appointments, increasing the remaining judges’ already bulging workload.
At Friday’s meeting the United States maintained its opposition to the appointment of judges, effectively signalling a veto of one judge hoping for reappointment to the seven-seat bench in September.
Without him, the Appellate Body will only have three judges, the minimum required for every dispute, putting the system at severe risk of breakdown if any of the three judges cannot work on a case for legal or other reasons.
“Left unaddressed, these challenges can cripple, paralyze, or even extinguish the system,” chief judge Ujal Singh Bhatia said.
Sixty-six WTO member states are backing a petition that asks the United States to allow appointments to go ahead. On Friday, US ally Japan endorsed the petition for the first time, meaning that all the major users of the dispute system were united in opposition to Trump.