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People-centered development needed to boost economic advancement -FM

Foreign Minister Dinesh Gunwardena stressed the importance of enhanced cooperation among states and other partners in addressing the COVID-19 challenges, including by recognising the vaccines as a global public health good. He also highlighted Sri Lanka’s policy focus and thrust on sustainable development with renewable energy as a national priority.Minister Gunwardena was addressing the Asia-Pacific High Level Conference on Belt and Road. ....

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UAE banks' Q1 earnings will reflect continued pressure on profitability


Dubai: UAE banks reporting their first quarter results for 2021 starting this week are expected to reflect continued pressure on their profitability, largely due to margin pressures, modest loan growth and slow growth in non-interest income streams.
The aggregate net profit of the top 10 UAE banks declined by about 40 per cent year on year in 2020, on the back of lower operating income and increased provisions, according to data analysed by Alvarez & Marsal (A&M) and KPMG.
A&M expects the operating environment for the UAE’s banking sector to remain less volatile in 2021 compared to last year, although profitability isexpected to remain under stress. ....

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