Abu Dhabi's ADC Bank likely to lay off hundreds of employees

Agencies
July 28, 2020

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Dubai, Jul 28: Abu Dhabi Commercial Bank (ADCB) (ADCB.AD) is letting go hundreds of employees, sources said, the latest in a round of lay-offs by regional banks as pressure mounts to cut costs amid lower oil prices and the coronavirus crisis.

The UAE’s third-biggest lender is laying off 400 employees, two sources familiar with the matter said, after it had committed to not cutting staff because of the crisis.

In a statement, a spokesman said ADCB had pursued efficiency over the last decade by managing out its lowest underachievers after regular reviews, while ensuring talent was deployed in high-growth areas, such as digital banking.

“A certain number of redundancies are therefore expected every year in the normal course of business,” the bank spokesman added.

The sources said the cuts would involve ADCB’s consumer business and several in top management were among those being let go. One source said the bank was looking to close 20 branches.

In March, ADCB had declared, “No employee will be made redundant during 2020 as a result of the COVID-19 pandemic.”

UAE banks have been hit by government measures to rein in the spread of the virus, forcing many businesses to shut temporarily.

Last week, Dubai’s largest bank, Emirates NBD, reported a slump of 58% in profits. In June, sources told Reuters the bank started a new round of hundreds of lay-offs.

In May, ADCB reported a fall of 84% in first-quarter net profit as it took impairments of $292 million on debt exposure to troubled hospital operator NMC Health and payments group Finablr.

It was a major lender, with an exposure of about $981 million, to NMC Health, which went into administration this year after months of turmoil following questions over financial reporting.

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News Network
December 17,2024

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US and British warplanes have carried out fresh airstrikes on the Yemeni capital Sana'a and other regions, intensifying attacks as Yemeni Armed Forces continue their anti-Israeli operations in support of the Palestinians in the Gaza Strip amid the regime’s genocide.

Yemen’s al-Masirah television network reported that US and British aircraft targeted the premises of the Yemeni Defense Ministry in the the Assafi'yah district of Sana’a early on Tuesday.

Local sources heard loud explosions echoing from the site of the strikes. 

The report, however, did not provide any details regarding potential casualties or damage.

For his part, the Yemeni information minister vehemently denounced the latest US and British airstrikes against Sana’a, stating that the act of aggression “falls within the framework of attempts to diminish the Yemeni nation’s will to support Palestinian people.”

Hashem Sharaf al-Din underscored that enemies are unable to undermine Yemen’s military capabilities, as its government and nation are standing firm in the face of their vicious and terrorist attacks.

This came hours after the spokesman for the Yemeni Armed Forces announced in a statement that the country’s missile units had carried out a military operation against an Israeli military target in Tel Aviv, using a hypersonic Palestine 2 ballistic missile

Brigadier General Yahya Saree noted that the missile strike was in support of the Palestinians in the Gaza Strip, and successfully achieved its desired objectives.

The Yemeni Armed Forces will continue their operations, and will strike all Israeli facilities within the occupied territories, Saree pointed out, adding that such strikes will not stop unless the ongoing aggression on Gaza ends and the siege is completely lifted.

Early on Monday, American and British warplanes conducted a joint airstrike on targets at the Midi district in Yemen’s northern province of Hajjah.

US and British military aircraft also targeted a number of locations in the At Tuhayta district of the strategic western province of Hudaydah. Details on potential human or material losses from the strikes were not quickly disclosed.

Yemenis have declared their open support for Palestine’s struggle against the Israeli occupation since the regime launched a devastating war on Gaza on October 7, 2023, after the territory’s resistance movements carried out Operation Al-Aqsa Flood against the occupying entity.

The Yemeni armed forces have said they will not stop their attacks as long as Israel continues its ground and aerial offensives in Gaza.

So far, Israel has killed at least 45,028 Palestinians, mostly women and children, and injured 106,962 others in Gaza.

In October, the US military unleashed B-2 stealth bombers to bomb Yemen in support of Israel. Since then, attacks against Yemen have continued in a bid to halt the retaliatory attacks by Sana'a. 

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News Network
December 16,2024

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The Israeli regime sustains its heavy attacks against various areas across Syria as Western-backed militants, who ousted the country’s government earlier this month, strengthen their foothold.

On Monday, the regime’s warplanes struck vital facilities and military infrastructure along the country’s western coastline, including the cities of Tartus and Latakia, where they pounded missile bases and ammunition depots.

Massive explosions rang out across the cities during the attacks.

Lebanon’s al-Mayadeen television network said Israeli occupation forces had also advanced as far as 15 kilometers (9 miles) in the western Syrian province of Quneitra.

'An earthquake'

Russia’s Sputnik news agency also reported Israeli assaults against military facilities in Hama and Homs, two other western provinces, adding that attacks against Hama and Aleppo, which is likewise situated in western Syria, shook the targeted areas like an “earthquake.”

Local sources, meanwhile, reported that the regime’s warplanes had also hit the Military Airport in the eastern province of Deir al-Zawr.

The agency cited sources as saying that Israeli warships had launched a number of missiles towards the Syrian coast, especially targeting the Tartus Province.

According to them, this was the first time that the Israeli military was deploying “such missiles” against Syria’s military sites.

The reports came a day after the regime attacked the positions that used to belong to the country’s Republican Guard and the Syrian military’s Fourth Armored Division in the Tal Mneen area and the town of Hafir, north of the capital Damascus.

Also on Sunday, Israeli forces occupied three new villages across the country, namely the Jamla village in the western Syrian province of Dara’a as well as the Mazraat Beit Jan and Mughr al-Mir رillages in Rif Dimashq Province.

Israeli aircraft also bombed an air defense site in the town of Muhajja in the eastern countryside of Dara’a’s capital and attacked the warehouses of the Syrian military’s 18th Armored Division in the eastern suburbs of Homs.

The regime has markedly intensified its deadly attacks against the country, especially targeting its military infrastructure, in the aftermath of its takeover by anti-Damascus militants, who are widely reported to have been receiving extensive military support and cooperation on the part of the Israeli regime and the West.

As part of its aggression, the regime has expanded its occupation of Syria’s Golan Heights, overrunning a buffer zone in the territory, and announced plans to ramp up the population of illegal settlers in the mountainous region.

Regional Arab states, including Saudi Arabia, Qatar, the United Arab Emirates, Egypt, and Iraq, have lashed out at Tel Aviv over the measures.

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News Network
December 26,2024

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The UN agency for Palestinian refugees (UNRWA) says the northern part of the Gaza Strip has been going through “the hell of the hell" amid Israel's bombing campaign on civilian facilities and blockade of aid for almost three months.

In an interview with Irish state media RTE on Wednesday, UNRWA Communications Director Juliette Touma said northern Gaza has witnessed “heavy, heavy bombardment," as well as loss of life among civilians and attacks on hospitals and shelters.

She was also asked about the situation in the Kamal Adwan hospital, which is still barely functioning in northern Gaza despite an Israeli order to shut down and evacuate.

Touma said the evacuation orders of medical centers and raids on them "have become commonplace in Gaza" since last October, when Israel unleashed its genocidal war on the Palestinian territory.

“We shouldn’t become numb, though, to the fact that this happens all the time. Because, at the end of the day, this is a violation of international law," she added.

"This is crossing a very thick red line and way too many times the rules of war have been broken in Gaza, and those responsible must be held accountable."

Over the past few months, Israel has used tanks, snipers and quadcopters to attack the Kamal Adwan hospital, where over 400 civilians have sought medical care and shelter.

On Wednesday, Physicians for Human Rights - Israel (PHRI), an Israeli NGO that advocates for medical rights, filed an urgent petition with the regime's top court to end the ongoing attacks on the Kamal Adwan hospital.

The petition calls for the establishment of a humanitarian corridor to deliver medical supplies, fuel, and for the safe evacuation of patients and staff.

“The relentless attacks on Kamal Adwan hospital have caused catastrophic harm to medical infrastructure, claimed the lives of patients and staff, and denied access to essential healthcare services," it said.

"Under international law, Israel is obligated to protect the safety and security of patients, medical personnel, and healthcare facilities—even in times of conflict.”

Israel launched its brutal Gaza onslaught on October 7, 2023, after the Palestinian Hamas resistance group carried out a historic operation against the usurping entity in retaliation for its intensified atrocities against the Palestinian people.

So far, the occupying regime has killed at least 45,361 Palestinians, mostly women and children, and injured 107,803 others, in Gaza. 

Since early October, Israel has intensified its attacks in the northern Gaza Strip, cut the area off from the rest of the territory, and blocked nearly all food aid from entering the region.

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