Latest news with #Alvarez&Marsal
Times
2 days ago
- Business
- Times
NMC Health's Clanwilliam aids administrator's claim against EY
The former chairman of the audit committee of NMC Health reached a settlement agreement with the administrators of the collapsed former FTSE 100 company, including to provide evidence relating to its £2 billion High Court negligence claim against the big four auditor EY. Lord Clanwilliam, 64, was a non-executive director from the time of NMC's London stock market listing in 2012 to the appointment of Alvarez & Marsal as administrator in 2020 in the wake of a major alleged fraud scandal. In a witness statement submitted by Clanwilliam, as part of his evidence last week in the trial brought by the administrators against former auditors EY, the veteran FTSE director said the separate proposed claim against him had been 'baseless' and he 'had done nothing wrong'. However, he had 'wanted to draw a line under these events'.
Al Etihad
11-06-2025
- Business
- Al Etihad
UAE banks put up a strong show in Q1 2025
11 June 2025 22:06 MAYS IBRAHIM (ABU DHABI)UAE banks kicked off 2025 on a strong note, posting an 8.4% quarter-on-quarter (QoQ) increase in aggregate net income to Dh22.2 billion, according to Alvarez & Marsal (A&M) latest UAE Banking Pulse report for Q1 surge was attributed to a 59.3% QoQ reduction in impairment charges and an 18% rise in net fee and commission report, which tracks the performance of the UAE's ten largest listed banks, indicates that the first quarter was marked by enhanced cost efficiency, a rise in non-interest income, and renewed momentum in mergers and acquisitions a 2.1% dip in net interest income (NII), profitability ratios showed improvement: Return on equity (RoE) rose to 18.6%, while return on assets (RoA) increased to 2.1%.Lending activity also gained traction, with net loans and advances rising 3.6% QoQ, driven largely by corporate and wholesale lending, which saw a 5.1% grew at an even faster pace, climbing 5.8% due to a 7.6% jump in current and savings account (CASA) inflows. As a result, the loan-to-deposit ratio (LDR) declined to 74.7%, signalling improved sector discipline and digital transformation efforts further strengthened banks' performance. Operating expenses dropped by 7.8% QoQ, pushing the cost-to-income (C/I) ratio down by 234 basis points to 28.2% – the lowest level in the past efficiency gains contributed meaningfully to overall profitability, even as topline revenue remained mostly quality also showed significant improvement. The cost of risk (CoR) fell by 45 basis points to 0.29%, while the coverage ratio rose to 110.5%.The non-performing loan (NPL) ratio declined to 3.2%, supported by stronger recoveries and a healthier loan book. Stage 1 loans increased 3.9% QoQ, while Stage 2 and 3 exposures key trends in Q1 include deposits mobilisation outpacing credit growth. Aggregate deposits grew by 5.8% QoQ, driven by a 7.6% QoQ increase in CASA deposits, exceeding loan growth of 3.6% QoQ. As a result, the Loan-to-Deposit Ratio (LDR) declined 1.5 percentage points to 74.7%.Operating income remained broadly flat, declining marginally by 0.2% QoQ. Net interest income decreased by 2.1%, while fee and commission income rose sharply by 18%, partially offsetting pressure from interest interest margin (NIM) compressed by 15bps QoQ to 2.52% due to lower yield on credit, which dropped by 99 basis points QoQ to 10.9% amid ongoing rate cuts. Cost of funds improved by 52 basis points QoQ to 3.9%, offering some margin protection. The banks analysed in the report are First Abu Dhabi Bank (FAB), Emirates NBD (ENBD), Abu Dhabi Commercial Bank (ADCB), Dubai Islamic Bank (DIB), Mashreq Bank (Mashreq), Abu Dhabi Islamic Bank (ADIB), Commercial Bank of Dubai (CBD), National Bank of Fujairah (NBF), National Bank of Ras Al Khaimah (RAK) and Sharjah Islamic Bank (SIB).
Muscat Daily
31-05-2025
- Business
- Muscat Daily
Omani British Society hosts workshop on advancing sultanate's food security
Muscat – The Omani British Society hosted a workshop on Wednesday titled 'Harvesting Oman's Resilience: Advancing Food Security Through Innovation'. The event brought together a diverse group of experts from Oman and the UK – including government officials, agri-tech pioneers, policy strategists, and business leaders – to explore innovative solutions to the sultanate's food security challenges. Saleh Zakwani, Chairman of the Omani British Society, stated that the workshop reflects the Omani British Society's commitment to facilitating dialogue on issues of strategic national importance. 'Food security is a key component of Oman's long-term vision, with a clear goal of increasing self-sufficiency and building a resilient, sustainable food system. By bringing together experts, policymakers, and industry leaders, we aim to support the national agenda through collaboration and knowledge exchange. We are proud to serve as a platform for these vital conversations that shape Oman's future.' In addition to individual presentations, the workshop featured a dynamic panel discussion with five distinguished participants. The panel comprised Andrea Di Lello, Senior Director, Alvarez & Marsal; Eng Asma al Hinai, Manager of the Oman Vision 2040 Office at the Ministry of Agriculture, Fisheries and Water Resources; Edward Gilbert, Regional Agriculture and Food Counsellor for the Gulf, British Embassy Riyadh; Sameer Ul Haque, Chief Investment Officer, Tawoos Group; and Shepard (Colie) Spink, Managing Director, Alvarez & Marsal. The engaging panel discussion was moderated by Jesal Asher Rajda, Executive Director, Al Ansari Group. Panellists shared insights into the complex challenges facing Oman's food systems – from water scarcity to supply chain optimisation and investment in agri-tech. Eng Asma al Hinai shared updates on the government's ongoing efforts and strategic initiatives to strengthen national food security, attract investment, and increase self-sufficiency in key food commodities. She noted that, as part of its Vision 2040 objectives, the Ministry of Agriculture, Fisheries and Water Resources adopted Food Security Labs as a core mechanism to implement its five-year plan. 'The outcome of the first phase, launched in 2021, has already resulted in over 340 investment projects across the agriculture, fisheries, and water resources sectors. We are currently preparing for the final session of the Food Security Lab in October this year to conclude the first phase.' These Food Security Labs, she said, are aligned with the pillars of Oman Vision 2040. More than 40 enabling initiatives have also been launched to support long-term sustainability and investor confidence in the agriculture sector. Eng Asma also highlighted the ministry's support for entrepreneurs and investors through a range of incentive packages. She emphasised Oman's strategic focus on increasing production of food commodities where self-sufficiency is currently below 75%. 'We have established a National Food Basket that includes 25 commodities across eight food crop categories. These strategic crops are the focus of a national plan to raise sufficiency levels to at least 75% by 2028.' 'To guide these efforts, we developed a comprehensive investment map, which analyses crop composition, soil texture, and groundwater availability across Oman's governorates. This will help optimise agricultural production based on regional strengths.' Looking beyond primary production, Eng Asma said that the ministry is also working to enhance value-added processing capabilities for various food commodities. Success stories include Oman's growing industries in date processing, fish canning, and dairy by-products – many of which have already surpassed 75% self-sufficiency due to domestic value addition. Haifa al Khaifi, General Secretary of the Omani British Society, expressed deep appreciation for the insightful dialogue held during the workshop. She said, 'Under the esteemed leadership of His Majesty Sultan Haitham bin Tarik, Oman has charted a clear path towards sustainable agricultural development. Convening experts from both Oman and the UK – from government officials to agri-tech pioneers – demonstrated the power of collaboration, innovation, and strategic investment in bolstering national food security.' She acknowledged the critical role of public–private partnerships, the water–energy–food nexus, and coordinated supply–demand planning, and extended gratitude to all speakers, partners, and attendees for their valuable contributions.
AU Financial Review
29-05-2025
- Business
- AU Financial Review
How an ‘unusual director' rose to the boardroom at age 32
Bridget Loudon-Harris says she is an 'unusual director', whose appointment to the Telstra board ruffled feathers with some institutional investors. On Thursday night she was named winner of the Alvarez & Marsal award in the inaugural Financial Review BOSS Director Awards. The special award is for leaders whose values and actions clearly align with Alvarez & Marsal's principles and positioning, which emphasises leadership, action and results.
Time of India
29-05-2025
- Automotive
- Time of India
UP has maximum number of registered EVs
Uttar Pradesh has maximum number of registered electric vehicles in the country at 4.14 lakh, surpassing even Delhi and Maharashtra, an official statement said on Wednesday. While Delhi has 1.83 lakh registered EVs, Maharashtra has 1.79 lakh. Uttar Pradesh has also emerged as the biggest beneficiary of the Centre's FAME I and FAME II (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles in India) schemes, further bolstering its e-mobility efforts, according to the statement. The Yogi Adityanath government launched the Electric Vehicle Manufacturing and Mobility Policy 2022, aimed at accelerating EV adoption, and building a robust charging infrastructure. This has helped establishing Uttar Pradesh as a global hub for EV and battery manufacturing. "The policy aims to attract an investment inflow of Rs 30,000 crore and create 10 lakh jobs, setting the stage for transformative growth in the state's electric vehicle (EV) ecosystem," the statement said. "A key driver of this momentum is the widespread popularity of e-rickshaws, which now account for 85 per cent of electric vehicle (EV) sales in the state. These vehicles have proven highly effective for passenger and goods transport, particularly in urban areas," it added. In line with its focus on infrastructure, the UP government said it has recently approved the installation of over 300 new EV charging stations across 16 municipal bodies. "Ayodhya, a rapidly growing tourist destination, is expected to see the highest number of new charging points. India has around 33,000 EV chargers, of which 35 per cent are fast chargers. Given the rising demand, Chief Minister Yogi Adityanath has prioritised the development of additional fast-charging stations and the upgrading of existing facilities," it said. Projections suggest that India could have 102 million EVs by 2030. The current EV-to-public-charger ratio in India stands at 135, far above the global ideal of 6 to 20, as per a study by Alvarez & Marsal.
