Manus on Markets: Firing Fed chair divides White House
Manus Cranny, The National's geo-economics editor, cuts through the noise and presents insights from the stories making headlines around the world.
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The National
an hour ago
- The National
A new energy era is within reach, but we need to grab it quickly
Energy has shaped humanity's path – from mastering fire, to harnessing steam, to splitting the atom. Today, we are at the dawn of a new era. The Sun is rising on a clean energy age. Last year, nearly all new power capacity came from renewables. Investment in clean energy soared to $2 trillion – $800 billion more than fossil fuels. Solar and wind are now the cheapest sources of power on Earth, and clean energy sectors are creating jobs, boosting growth and powering progress – despite fossil fuels still receiving far greater subsidies. Countries that cling to fossil fuels are not protecting their economies, they are sabotaging them – undermining competitiveness, and missing the greatest economic opportunity of the 21st century. Clean energy also delivers energy sovereignty and security. Fossil fuel markets are at the mercy of price shocks, supply disruptions and geopolitical turmoil, as we saw when Russia invaded Ukraine. But there are no price spikes for sunlight, no embargoes on wind, and almost every nation has enough renewable resources to be energy self-sufficient. Finally, clean energy spurs development. It can reach the hundreds of millions of people still living without electricity – quickly, affordably and sustainably, particularly through off-grid and small-scale solar technologies. All this makes the clean energy era unstoppable. But the transition is not yet fast or fair enough. Developing countries are being left behind. Fossil fuels still dominate energy systems, and emissions are still rising when they must plummet to avoid the worst of the climate crisis. To fix this, we need action on six fronts. First, governments must fully commit to the clean energy future. In the coming months, every country has pledged to submit new national climate plans – known as Nationally Determined Contributions – with targets for the next decade. These plans must align with limiting global temperature rise to 1.5°C, cover all emissions and sectors, and lay out a clear path to clean energy. G20 countries, responsible for about 80 per cent of global emissions, must lead. This is our moment of opportunity to supercharge the global shift. Let's seize it Second, we must build 21st-century energy systems. Without modern grids and storage, renewable power can't fulfil its potential. But for every dollar invested in renewable power, just 60 cents go to grids and storage. That ratio needs to be one-to-one. Third, governments must aim to meet the world's surging energy demand with renewables. Major tech companies must also play their part. By 2030, data centres could consume as much electricity as Japan does today. Companies should commit to power them with renewables. Fourth, we must embed justice in the energy transition. This means supporting communities still dependent on fossil fuels to prepare for the clean energy future. And it means reforming critical minerals supply chains. Today, they are riddled with rights abuses and environmental destruction, and developing countries are trapped at the bottom of value chains. This must end. Fifth, we must make trade a tool for energy transformation. Clean energy supply chains are highly concentrated and global trade is fragmenting. Countries committed to the new energy era must work to diversify supplies, cut tariffs on clean energy goods and modernise investment treaties so they support the transition. Sixth and finally, we must drive finance to developing countries. Africa received just 2 per cent of renewables investment last year, despite having 60 per cent of the world's best solar resources. We need international action – to prevent debt repayments sucking developing country budgets dry, and to enable multilateral development banks to substantially increase their lending capacity, and leverage far more private finance. We also need credit rating agencies and investors to modernise risk assessments, to account for the promise of clean energy, the cost of climate chaos, and the danger of stranded fossil fuel assets. A new energy era is within reach – an era where cheap, clean and abundant energy powers a world rich in economic opportunity, where nations have the security of energy autonomy, and the gift of electricity is a gift for all.
Zawya
an hour ago
- Zawya
Ajman Bank reports AED266mln in H1 2025 profit before tax
His Highness Sheikh Ammar bin Humaid Al Nuaimi Chairs Ajman Bank Board of Directors Meeting Ajman, United Arab Emirates: His Highness Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of the Board of Ajman Bank, chaired the Bank's Board of Directors meeting on Tuesday to review key financial and administrative matters, and issue resolutions on commercial activities. Ajman Bank announced a profit before tax of AED 266 million for the first half of 2025, a 14% increase compared to the same period in 2024, driven by sustained focus on core business performance, increased financing activity, and improved operational efficiency. Ajman Bank delivered a Total Operating Income of AED 751 million, while net operating income reached AED 399 million. The Bank's total assets increased by 17% compared to year-end 2024 to AED 26.6 billion, supported by a 16% growth in the financing portfolio to AED 17.8 billion. Customer deposits reached AED 20 billion, up 11% year-to-date, reflecting continued growth across Consumer and Wholesale business segments. The Bank's total shareholders' equity rose to AED 3.2 billion, up 4% year-to-date. His Highness Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Bank, said: 'Ajman Bank continues to deliver consistent results, underpinned by a resilient business model and a focused growth strategy. Our performance in the first half of 2025 reflects disciplined execution and the Bank's growing role in supporting economic development and financial sector sustainability in the UAE'. Ajman Bank's capital and liquidity metrics remained strong, with a Capital Adequacy Ratio (CAR) of 17.3% and a Tier 1 Capital Ratio held firm at 16.1%, notwithstanding 17% growth in total financing portfolio. Return on Equity (ROE) improved to 15.6% (up by 29 bps), while Return on Assets (ROA) increased to 1.9% (up by 9 bps). Ajman Bank's further strengthened strong liquidity position achieved an improved Eligible Liquid Assets Ratio (ELAR) at 18% and Loans-to-Stable Resources Ratio (LSRR) at 74%. Mustafa Al Khalfawi, Chief Executive Officer of Ajman Bank, said:" Our first-half results demonstrate the strength of Ajman Bank's funding base, balance sheet, and operational model. We are focused on scaling platform productivity, improving cost-to-income performance, and diversifying access to capital. The successful launch of our co-branded POS solution, real-time settlement platform, and global Sukuk issuance all reflect growing confidence in our trajectory." On the back of proactive credit portfolio management, Asset quality continued to improve with the Non-Performing Loans (NPL) Ratio at 8.6% (down by 126 bps), 15% reduction in the aggregate of Gross Stage 2 & 3 exposure during H1 2025 and greater diversification achieved with the Real Estate Ratio reduced to 32.9% (down by 705 bps). The Bank continued to advance its digital infrastructure with targeted investment in SME onboarding platforms, merchant POS enablement, and real-time processing capabilities. These improvements are enhancing productivity, accelerating digital origination, and supporting end-to-end service automation across core segments. In May 2025, Ajman Bank successfully issued its debut USD 500 million 5-year Sukuk. The five-year issuance, listed on Nasdaq Dubai, achieved a 5.4X oversubscription, which also evidences the great trust of 100+ regional and international investors with participation of 65% and 35% allocation respectively. The Sukuk marks a strategic milestone in the Bank's funding diversification and access to international capital markets. Ajman Bank remains committed to its AED 4 billion 'Sustainable Finance' pledge by 2030 and 'Net Zero Emission' by 2050, aligning its long-term strategy with Ajman Vision 2030 and the UAE's broader sustainable growth framework. About Ajman Bank Ajman Bank is an Islamic bank with an ambitious Vision based on the values of integrity, trust and transparency. It provides a wide range of Sharia-compliant, high-quality banking services to its customers, from individuals in its Consumer Banking vertical to companies, Government Related Enterprises and Financial Institutions in its Wholesale Banking business across the UAE and GCC. Leading technology is at the heart of customer experience, supplemented by the human touch to deliver bespoke financial solutions. Ajman Bank is headquartered in Ajman and enjoys the strong support of the Government of Ajman and is a key pillar in the Emirate's economic development strategy. The Bank continues its tireless efforts to establish a prominent position in the banking sector as a sustainable Islamic banking institution, with an emphasis on the need to achieve an optimal balance in the community and caring staff, in order to provide real value for shareholders and customers alike.
Zawya
an hour ago
- Zawya
Egypt current account deficit narrows to $13.2bln in July-March 2024/25
Egypt's current account deficit decreased to $13.2 billion in July to March 2024/25 from $17.1 billion in the same period a year earlier, the central bank said on Tuesday, Egypt's central bank said on Tuesday. (Reporting by Ahmed Elimam and Tala Ramadan, Writing by Jaidaa Taha, Editing by Louise Heavens)
