A car drives along a near-empty motorway in Johannesburg during a 21-day lockdown period to control the spread of the coronavirus. Africa's biggest lender, FirstRand, says provisions made for likely bad loans as a result of the weaker economy will dent profits this year. AP Photo
A car drives along a near-empty motorway in Johannesburg during a 21-day lockdown period to control the spread of the coronavirus. Africa's biggest lender, FirstRand, says provisions made for likely bad loans as a result of the weaker economy will dent profits this year. AP Photo
A car drives along a near-empty motorway in Johannesburg during a 21-day lockdown period to control the spread of the coronavirus. Africa's biggest lender, FirstRand, says provisions made for likely bad loans as a result of the weaker economy will dent profits this year. AP Photo
A car drives along a near-empty motorway in Johannesburg during a 21-day lockdown period to control the spread of the coronavirus. Africa's biggest lender, FirstRand, says provisions made for likely b

Africa's biggest bank expects profits to fall by a fifth due to Covid-19


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FirstRand, Africa’s largest bank by market value, expects full-year earnings to decline by more than 20 per cent as the fallout from the coronavirus pandemic spurs a jump in impairments.

Normalised earnings per share for the 12 months through June will be lower than the 4.97 rand (Dh1.08) reported a year earlier, the Johannesburg-based lender said in a statement on Thursday. A full results report will be released on September 10.

A “materially higher credit-impairment charge” is being driven mainly by forward-looking assumptions to model expected credit losses, while there has also been a deterioration in its lending books, it said.

Lower interest rates weighed on lending income, while non-interest revenue growth “showed a marked decline” as a lockdown in South Africa resulted in a drop in transaction volumes.

The profit warning from FirstRand, the only of the big four South African banks to report earnings outside the calendar year, follows similar trading updates from its Johannesburg-based peers, which have all warned of a similar decline for the first six months of the year.

The economy could contract 7 per cent this year due to shocks caused by the virus and a lockdown to curb its spread, according to the central bank. That would be the most in at least six decades.

FirstRand fell 2.3 per cent as of 2.21pm on Thursday in Johannesburg, leading declines on the five-member South African banks index, which was down 1.4 per cent.

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Cyclists must wear a helmet, arm and knee pads

Have a white front-light and a back red-light on their bike

They must place a number plate with reflective light to the back of the bike to alert road-users

Avoid carrying weights that could cause the bike to lose balance

They must cycle on designated lanes and areas and ride safe on pavements to avoid bumping into pedestrians

UAE currency: the story behind the money in your pockets
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 1: Commit to countering all types of terrorism and extremism in all their manifestations

2: Denounce violence and the rhetoric of hatred

3: Adhere to the full compliance with the Riyadh accord of 2014 and the subsequent meeting and executive procedures approved in 2014 by the GCC  

4: Comply with all recommendations of the Summit between the US and Muslim countries held in May 2017 in Saudi Arabia.

5: Refrain from interfering in the internal affairs of countries and of supporting rogue entities.

6: Carry out the responsibility of all the countries with the international community to counter all manifestations of extremism and terrorism that threaten international peace and security

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Ship class: Meraviglia Class

Delivery date: February 27, 2019

Gross tonnage: 171,598 GT

Passenger capacity: 5,686

Crew members: 1,536

Number of cabins: 2,217

Length: 315.3 metres

Maximum speed: 22.7 knots (42kph)

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
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December 14- 17
6pm, Opening ceremony, followed by:
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UAE currency: the story behind the money in your pockets

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Auður Ava Ólafsdóttir
Pushkin Press

Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
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ADCC AFC Women’s Champions League Group A fixtures

October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA

RESULTS

Bantamweight: Victor Nunes (BRA) beat Azizbek Satibaldiev (KYG). Round 1 KO

Featherweight: Izzeddin Farhan (JOR) beat Ozodbek Azimov (UZB). Round 1 rear naked choke

Middleweight: Zaakir Badat (RSA) beat Ercin Sirin (TUR). Round 1 triangle choke

Featherweight: Ali Alqaisi (JOR) beat Furkatbek Yokubov (UZB). Round 1 TKO

Featherweight: Abu Muslim Alikhanov (RUS) beat Atabek Abdimitalipov (KYG). Unanimous decision

Catchweight 74kg: Mirafzal Akhtamov (UZB) beat Marcos Costa (BRA). Split decision

Welterweight: Andre Fialho (POR) beat Sang Hoon-yu (KOR). Round 1 TKO

Lightweight: John Mitchell (IRE) beat Arbi Emiev (RUS). Round 2 RSC (deep cuts)

Middleweight: Gianni Melillo (ITA) beat Mohammed Karaki (LEB)

Welterweight: Handesson Ferreira (BRA) beat Amiran Gogoladze (GEO). Unanimous decision

Flyweight (Female): Carolina Jimenez (VEN) beat Lucrezia Ria (ITA), Round 1 rear naked choke

Welterweight: Daniel Skibinski (POL) beat Acoidan Duque (ESP). Round 3 TKO

Lightweight: Martun Mezhlumyan (ARM) beat Attila Korkmaz (TUR). Unanimous decision

Bantamweight: Ray Borg (USA) beat Jesse Arnett (CAN). Unanimous decision

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Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett

Directors: Madeline Sharafian, Domee Shi, Adrian Molina

Rating: 4/5

Company profile

Name: GiftBag.ae

Based: Dubai

Founded: 2011

Number of employees: 4

Sector: E-commerce

Funding: Self-funded to date

The specs

Engine: 3.0-litre six-cylinder MHEV

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Take Me Apart

Kelela

(Warp)

Long Shot

Director: Jonathan Levine

Starring: Charlize Theron, Seth Rogan

Four stars

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Bharatanatyam

A ancient classical dance from the southern Indian state of Tamil Nadu. Intricate footwork and expressions are used to denote spiritual stories and ideas.

The biog

Favourite films: Casablanca and Lawrence of Arabia

Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins

Favourite dish: Grilled fish

Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.

Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

The specs

Engine: Four electric motors, one at each wheel

Power: 579hp

Torque: 859Nm

Transmission: Single-speed automatic

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