Gold at heart of India-UAE wobbles

All is not well with the India-UAE comprehensive economic partnership. An Indian minister has ordered a review because of?surging imports of gold?and other precious metals from the UAE, according to Megha Merani . There is a suspicion that rules of origin are being flouted. And Diwali is due at the end of October. Don’t mention Russia, capisce?

Adia is being linked with a stake in?Vodafone Idea, India’s third-largest mobile telephone?operator, Matt Smith wrote. The company has never made an annual net profit and lost $3.5 billion in the last financial year. Other than that, it is a good prospect.

There should be one in every bite. Or you can take them and cover them in chocolate. This is a great year for?growers of the humble hazelnut, where Turkey dominates. But Williamtyson Sellars found that Turkish growers are concerned about 1) climate change and 2) a dearth of cocoa. It stands to reason, dummy. No chocolate, no hazelnuts.?It’s called correlation. Next up, cashews. Or perhaps walnuts. And then brazils.

The Libyan National Oil Company has said it will drill more than 120 oil and gas wells this year and carry out maintenance on 1,300 others. The potential is huge but the country?needs to reassure jittery oil companies of its stability?and improve productivity and corporate governance, according to our columnist Salem Maiar.

It is all due to fly fishing apparently. An uninvited Frank Kane homed in on Jackson Hole where Jay Powell, the chairman of the Federal Reserve, is expected to give guidance on Fed fund interest rates. What he says?will impact markets and business?around the world, and no more so than in the Arabian Gulf.

Fancy a dip? In the artificial lake in front of that beachfront pad in 50 degree temperatures? Valentina Pasquali looked at the role of water, and?specifically a waterfront,?in boosting property values and yields. No mention, please, of strange odours or mosquitoes.

Kuwait has seen rolling blackouts as?the grid has struggled to meet demand?in a burning summer, according to Gavin Gibbon . At the same time fuel oil exports have risen to record highs. Interesting.

Coming up: Morocco, its World Cup and the Grand Stade de Casablanca.

Question:?UAE banks are setting aside less money to deal with the consequences of bad loans, in a sign of benign economic conditions. What was the total loan loss provision in the second quarter of this year?

James M L Drummond

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