Bahraini investment bank Gulf Finance House Chairman Esam Janahi speaks at a media briefing in Manama.
Bahraini investment bank Gulf Finance House Chairman Esam Janahi speaks at a media briefing in Manama.

Run of losses continues at Gulf Finance House



Bahrain's Gulf Finance House (GFH) yesterday posted its seventh straight quarterly loss, ending the April-June period about US$40 million (Dh146.9m) deeper in the red. The second-quarter loss was smaller than the $54.4m loss recorded in the same period last year. But it took the cumulative loss to $786.6m since the final quarter of 2008.

GFH's business virtually ground to a halt when the financial crisis hit the region. Many of its competitors in Bahrain and Kuwait - Global Investment House (GIH) and The Investment Dar among them - suffered a similar fate. GFH was caught with exposures to huge industrial property projects in India, Jordan, Bahrain and Morocco and with a funding model that relied on short-term and medium-term debt. When world credit markets froze and investor appetite for Gulf corporate debt dwindled, the company found itself in a liquidity crisis.

Ted Pretty, an Australian with expertise in reorganisations, was brought in to turn things around. Mr Pretty, now the chief executive of GFH, is leading a drive to restructure and reduce debts and phase in a new business model under which the company plans to seed Islamic financial institutions across the Middle East. "On all counts, we are making real progress and continue to do so," Mr Pretty said yesterday. "Like every global investment bank, GFH has had to review its business model, adjust its liquidity profile and reassess its investment projects. GFH's recovery plan and new strategy will position a stronger GFH to capture the potential value of Islamic finance across the region and beyond for the benefit of investors, shareholders and customers."

GFH is trying to deal with debts before it embarks fully on its new strategy. The company began to address the issue this year when it reached an agreement with bankers to repay two thirds of a $300m loan that came due in February. The remaining $100m was supposed to be repaid this month, but the company received a repayment extension of up to three years. GFH also reached an agreement with bankers to extend repayment of another $100m of debt.

The company plans to raise cash for debt payments by selling assets and cutting expenses. It has already pared its staff, and Mr Pretty said earlier this year he hoped to raise $250m from asset sales. The sale of its 49.9 per cent stake in Bahrain Financial Harbour, a collection of office towers in the centre of Manama, was completed this week. Raising more capital may also be on the cards for GFH as it tries to put itself on a firmer financial footing, executives have said.

"Our half-year results demonstrate the progress GFH has made in taking good steps in the implementation its recovery plan," said Esam Janahi, the company's chairman. "Our focus now will be on strengthening the capital structure of GFH and working towards our new business model." GFH was one of the hardest-hit of the region's financial companies during the global financial crisis. Also badly affected were the Kuwaiti firms GIH, which entered into a restructuring arrangement last year covering $1.7 billion of debt, and The Investment Dar, which is in the middle of a $3.5bn restructuring.

All of those companies have tried to sell assets, reduce debt and refocus on fee-generating businesses. GFH said yesterday the book value of its assets fell to $1.4bn at the end of June from $2.7bn at the same point last year. It also reduced overall debt from $625.5m at the end of last year to $412m at the end of June. GFH is listed in Bahrain, Dubai, Kuwait and London. Trading in its shares has been suspended in each location since it failed to report financial results by Sunday's deadline.

@Email:afitch@thenational.ae

The specs

Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
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Match info

Premier League

Manchester United 2 (Martial 30', Lingard 69')
Arsenal 2 (Mustafi 26', Rojo 68' OG)

THE POPE'S ITINERARY

Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport


Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial


Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport

German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

So what is Spicy Chickenjoy?

Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
 

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

Know your Camel lingo

The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home

Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless

Asayel camels - sleek, short-haired hound-like racers

Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s

Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival

SPEC%20SHEET
%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20Apple%20M2%2C%208-core%20CPU%2C%20up%20to%2010-core%20CPU%2C%2016-core%20Neural%20Engine%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%2013.6-inch%20Liquid%20Retina%2C%202560%20x%201664%2C%20224ppi%2C%20500%20nits%2C%20True%20Tone%2C%20wide%20colour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%208%2F16%2F24GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStorage%3A%3C%2Fstrong%3E%20256%2F512GB%20%2F%201%2F2TB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20Thunderbolt%203%20(2)%2C%203.5mm%20audio%2C%20Touch%20ID%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wi-Fi%206%2C%20Bluetooth%205.0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%2052.6Wh%20lithium-polymer%2C%20up%20to%2018%20hours%2C%20MagSafe%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECamera%3A%3C%2Fstrong%3E%201080p%20FaceTime%20HD%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%20Support%20for%20Apple%20ProRes%2C%20HDR%20with%20Dolby%20Vision%2C%20HDR10%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAudio%3A%3C%2Fstrong%3E%204-speaker%20system%2C%20wide%20stereo%2C%20support%20for%20Dolby%20Atmos%2C%20Spatial%20Audio%20and%20dynamic%20head%20tracking%20(with%20AirPods)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Silver%2C%20space%20grey%2C%20starlight%2C%20midnight%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20MacBook%20Air%2C%2030W%20or%2035W%20dual-port%20power%20adapter%2C%20USB-C-to-MagSafe%20cable%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh4%2C999%3C%2Fp%3E%0A
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Mountain%20Boy
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How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

Ireland v Denmark: The last two years

Denmark 1-1 Ireland 

7/06/19, Euro 2020 qualifier 

Denmark 0-0 Ireland

19/11/2018, Nations League

Ireland 0-0 Denmark

13/10/2018, Nations League

Ireland 1 Denmark 5

14/11/2017, World Cup qualifier

Denmark 0-0 Ireland

11/11/2017, World Cup qualifier

 

 

 

Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
  • Stay invested: Time in the market, not timing the market, is critical to long-term gains.
  • Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
  • Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.