Iran Situation Update
Isn't it ironic....Iranian born Israeli defence minister warns Iran over its nuclear 'research' work hinting at Israeli willingness to undertake military action to ensure Israel remains Middle East's only Nuclear Club member.
General Shaikh Mohammed Bin Zayed Al Nahyan Abu Dhabi Crown Prince and Supreme Commander of Armed Forces of UAE expressed concern while visiting France: "Any nuclear programme will pose a threat to the Gulf region".
NPLs - Non Performing Loans
Dr Mahathir Mohammed former Prime Minister of Malaysia often liked to label George Soros as the man who caused the great Asian economic meltdown of 1997 with his currency speculation. Debating Papa Doc's Weltanschauung theories is like trying to argue with your deaf grandmother. What Doc didn't mention, but what his policies for getting Malaysia out of the mess of '97 included, was the need for firm action on dealing with NPLs. The NPL millstone was what almost destroyed Malaysia - NPLs don't really seem to matter too much when the bull is snorting and bubble and boom are the order of the day. When things slow however, NPLs are very bad news for banks. Through the Danaharta company, the Malaysian government took decisive and ultimately effective action to deal with the NPL problem and rehabilitate Malaysia's financial sector.
UAE's banking sector has become increasingly concerned about NPLs and more prudent as a result. The next step is a comprehensive national credit bureau/agency system insh'allah. With this kind of pre-emptive action the NPL variable need not drag the economy down.
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