S&P Global Ratings said it has taken fewer rating actions on banks globally in May due to measures taken by lenders to protect their balance sheets from the impact of the Covid-19 pandemic.
The agency took 212 credit rating actions on banks from the time the pandemic began up to June 10, Alexandre Birry, S&P Global Ratings’ credit analyst, said. About three quarters of those actions were outlook revisions, with 30 per cent of banks around the world now carrying a negative outlook.
“We expect that second-quarter results will shed more light on the relative impact of the pandemic on banks across the globe, but the full effect on asset quality will likely only become clear much later in the year,” Mr Birry said on Thursday.
Governments around the world have leapt into action to protect their economies from the effects of pandemic-related movement restrictions that have devastated air travel, hurt international trade and triggered the deepest recession since the Great Depression.
Governments and central banks have introduced economic stimulus packages to shore up the private sector. They have also cut interest rates and injected more liquidity to support citizens and businesses hit by the fallout from the coronavirus.
“We continue to expect that bank rating downgrades this year due to the Covid-19 pandemic will be limited by banks’ strengthened balance sheets over the past 10 years, the support from public authorities to household and corporate markets and our base case of a sustained economic recovery next year,” S&P Global Ratings said in its report.
However, the ratings agency said its outlook bias is still markedly “negative” due to the potential long-term impact on banks’ profitability.
Governments and central banks have poured in about $9 trillion (Dh33.05tn) in economic stimulus packages this year to ease the pressure on businesses and stem job losses.
The UAE was the first country in the Middle East and North Africa to unveil fiscal and monetary support packages worth more than Dh282bn. The packages include zero-interest funding from the UAE Central Bank to encourage banks to lend, and measures such as discounted utility bills and waivers of government fees for business and residents.
The International Monetary Fund said the global economy is recovering more slowly than expected from the coronavirus pandemic and will bear lasting scars from the experience.
The IMF is set to release economic growth projections on June 24 that "will be, very likely, worse than what we had" in April, even as "profound uncertainty" remains concerning the forecasts, Gita Gopinath, the IMF's chief economist, said in a video recorded on June 4 and released on Friday as part of the seventh annual Asian Monetary Policy Forum, Bloomberg reported.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The figures behind the event
1) More than 300 in-house cleaning crew
2) 165 staff assigned to sanitise public areas throughout the show
3) 1,000 social distancing stickers
4) 809 hand sanitiser dispensers placed throughout the venue
RESULT
Valencia 3
Kevin Gameiro 21', 51'
Ferran Torres 67'
Atlanta 4
Josip Llicic 3' (P), 43' (P), 71', 82'
Global state-owned investor ranking by size
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1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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7.
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Singapore
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8.
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Australia
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9.
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Saudi Arabia
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10.
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South Korea
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Command%20Z
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Winners
Best Men's Player of the Year: Kylian Mbappe (PSG)
Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)
TikTok Fans’ Player of the Year: Robert Lewandowski
Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)
Best Women's Player of the Year: Alexia Putellas (Barcelona)
Best Men's Club of the Year: Chelsea
Best Women's Club of the Year: Barcelona
Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)
Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)
Best Coach of the Year: Roberto Mancini (Italy)
Best National Team of the Year: Italy
Best Agent of the Year: Federico Pastorello
Best Sporting Director of the Year: Txiki Begiristain (Manchester City)
Player Career Award: Ronaldinho
Company%20profile
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UAE currency: the story behind the money in your pockets
THREE POSSIBLE REPLACEMENTS
Khalfan Mubarak
The Al Jazira playmaker has for some time been tipped for stardom within UAE football, with Quique Sanchez Flores, his former manager at Al Ahli, once labelling him a “genius”. He was only 17. Now 23, Mubarak has developed into a crafty supplier of chances, evidenced by his seven assists in six league matches this season. Still to display his class at international level, though.
Rayan Yaslam
The Al Ain attacking midfielder has become a regular starter for his club in the past 15 months. Yaslam, 23, is a tidy and intelligent player, technically proficient with an eye for opening up defences. Developed while alongside Abdulrahman in the Al Ain first-team and has progressed well since manager Zoran Mamic’s arrival. However, made his UAE debut only last December.
Ismail Matar
The Al Wahda forward is revered by teammates and a key contributor to the squad. At 35, his best days are behind him, but Matar is incredibly experienced and an example to his colleagues. His ability to cope with tournament football is a concern, though, despite Matar beginning the season well. Not a like-for-like replacement, although the system could be adjusted to suit.
Traits of Chinese zodiac animals
Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent
POWERWASH%20SIMULATOR
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Major honours
ARSENAL
BARCELONA
- La Liga - 2013
- Copa del Rey - 2012
- Fifa Club World Cup - 2011
CHELSEA
- Premier League - 2015, 2017
- FA Cup - 2018
- League Cup - 2015
SPAIN
- World Cup - 2010
- European Championship - 2008, 2012
