jmmgroup-blog
JMM Group Of Companies
JMM group is the only of its kind & foremast company in U.A.E which spreads itself in diverse trade activities.To mention a few which are in the areas are General Contracting On Shore & Off Shore Oil Field Services,Project Management & Consultancy,Pilling Foundation & Dewatering, Electro mechanical Project Contracting,Interior Contracting,General Maintenance,General Transport & Heavy Machinery Equipment,Logistics & Cargo, Manpower & HR Consultants,Real Estate & Investments,Commercial Brokerage,General Trading,Hospitality & Entertainment,Advertising & Media Production, Event Management & Catering, Travel & Tourism etc
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Tiny Core: Small Footprint, Big Potential
Tiny Core Linux 8.0, released last week, is a minimalist Linux OS built from scratch with a focus on being as small as possible. That means you should be able to run this Linux distro on a wide range of legacy machines. The tradeoff for ultra smallness, however, often is a not-so-powerful OS that can leave you longing for better options. The Core Project is based on a highly modular system with community build extensions or applications. This is more a set of building blocks than a finely tuned distro.
Source: Techworld
Tiny Core: Small Footprint, Big Potential was originally published on JMM Group of Companies
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Microsoft's Timely Response to Shadow Brokers Threat Raises Questions
Just as the Shadow Brokers hacker group started crowing about a dump of never-seen-before flaws in Windows, Microsoft announced it already had fixed most of the exploits. “Today, Microsoft triaged a large release of exploits made publicly available by Shadow Brokers,” said Microsoft Principal Security Group Manager Phillip Misner. “Most of the exploits are already patched.” Three of the zero day vulnerabilities, which the hackers claimed were leaked from the NSA, did not work at all on Windows 7 and above.
Source: Techworld
Microsoft's Timely Response to Shadow Brokers Threat Raises Questions was originally published on JMM Group of Companies
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North Sea producers turn to robots to cut costs
Drones are one way industry is using technology to improve efficiency
Source: Financial Time
North Sea producers turn to robots to cut costs was originally published on JMM Group of Companies
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Why Is It OK to Abuse Customers?
I don’t know about you but I can’t seem to get out of my head the image of that poor Asian doctor who, seemingly unconscious, was dragged off that United flight. The fact that the airline did that to a 69-year-old doctor just so it could save money moving employees around is nearly as unbelievable as the initial tone-deaf response from United’s CEO, who blamed the passenger. It was only later that he offered an actual apology. While the United debacle was going on, I happened to be reviewing Qualcomm’s counterclaim against Apple, and holy crap.
Source: Techworld
Why Is It OK to Abuse Customers? was originally published on JMM Group of Companies
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‘Crude Volatility’, by Robert McNally
Analysis of the history and future of oil prices predicts a bumpy ride
Source: Financial Time
‘Crude Volatility’, by Robert McNally was originally published on JMM Group of Companies
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Al Etihad Credit Bureau launches credit scoring system
Al Etihad Credit Bureau (AECB) launched a credit scoring system today, which could signal the end of blanket high credit card rates in the UAE.
Credit scoring, common in mature markets, is a three-digit number assigned to each borrower – in the UAE’s case between 300 and 900 – that represents their creditworthiness and future risk of default. The higher the number, the lower the risk.
The bureau hopes the new system will result in borrowers with good payment histories receiving better rates when applying for a credit card or loan.
“What we would like to see going forward, just like any other developed market, is if you have a good credit history and that is reflected in your score, you should not be charged the same interest rates or profit rates because you are part of a pool,” said Marwan Ahmad Lutfi, the chief executive of AECB.
“We want to make sure those who are good payers get rewarded and those who might not be very disciplined when it comes to payment behaviours will start realigning themselves.”
According to the financial comparison site Souqalmal.com, the average interest rate on UAE credit cards is about 40 per cent per annum.
Gaurav Bhalla, the founder and chief executive of debt advisory company Lotus Loans and Rescheduling Services, said UAE interest rates on unsecured debts are high because of the transient nature of the workforce. Expats who lose their jobs often leave, he said, rather than risk bouncing a cheque – a criminal offence – which leaves lenders reluctant to lower rates.
While credit scoring may reduce interest, it could take time, he said: “Banks may want to hold on to see how the market matures and then take that impact from there on the balance sheet.”
As well as negotiating power on interest rates, AECB says the scores will help residents secure lower insurance premiums, better payment terms with landlords and enhanced benefits with telecommunications and utility companies.
Credit scores are available from today for individuals, establishments or corporates in the UAE. A standard credit report for individuals or establishments costs Dh100, while the document with a score is an additional Dh50. A credit score only, with no report, for an individual costs Dh60. Standard reports for corporates cost Dh180, or with a score for Dh220.
Previously, UAE credit reports listed personal identity information and any liabilities, along with a payment history and any defaults, including bounced cheques.
Credit scoring is a natural progression for the bureau, said Mr Lutfi, and part of the organisation’s drive to “adopt international standards in credit reporting”.
“From gathering and aggregating data for over four years on borrowers in the UAE, we were able to move into what we call a correlation phase,” he said.
“Now that we have data we can start building correlations and creating tools that can help identify and predict some of the behaviour in the market.”
The score is calculated using a proprietary algorithm owned by the bureau, which takes into account about 2,000 attributes to determine a borrower’s risk of default over the next 12 months. Attributes include nationality, age, outstanding balances and the number of loans, said Mr Lutfi.
“Then when you put them in a matrix and multiply each one by another factor, you can look at several thousands of attributes. We narrow it down to see what the attributes are that make an impact on whether this person, individual or company is going to possibly miss a payment in the future,” said Mr Lutfi. “And you can slowly statistically refine that down to maybe around 50 or so attributes. Then we assign weights to them, specifically.” The model will be reviewed every six months.
Those with poor credit histories may be concerned about how the new rating system will affect them.
British expatriate Derek, who did not want to reveal his full name, bounced a Dh155,000 cheque guaranteeing a private loan for his former business partner who failed to pay it back. He was taken to court and found guilty.
While the father of two realises his credit score will be low, he said it will incentivise him to make payments on time. “You are definitely going to be thinking more about how you don’t want to affect your credit score and asking can I afford that?”
AECB, which first issued reports in 2014, said 59 financial institutions and telecommunications companies have provided credit data so far and 64 institutions have subscribed to its credit reporting services.
Follow The National’s Business section on Twitter
Source: The National
Al Etihad Credit Bureau launches credit scoring system was originally published on JMM Group of Companies
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Chesapeake digs deep to overcome its weaknesses
Pioneering shale producer has cut debt and improved profitability, but has more to do
Source: Financial Time
Chesapeake digs deep to overcome its weaknesses was originally published on JMM Group of Companies
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Apple May Transform Diabetes Care and Treatment: Report
Apple is working on a secret project to develop wearable devices that can monitor the blood sugar of diabetics without using invasive finger sticks, part of a vision that originated with company founder Steve Jobs, according to a report. Cor, a company Apple acquired in 2010, has been working for more than five years on a way to integrate noninvasive glucose monitoring into a wearable like an Apple Watch device. Glucose monitoring traditionally has required that diabetics use lancets to pierce their fingertips at least four times daily.
Source: Techworld
Apple May Transform Diabetes Care and Treatment: Report was originally published on JMM Group of Companies
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Dubai visa holders required to have medical insurance plans
I have recently taken on a full-time maid and I understand that we have to provide her with some medical insurance. She is on a trial period so I don’t want to pay out yet more money, so what is the deadline to get this sorted? I was told it keeps being extended. AB, Dubai
Under Dubai Health Authority (DHA) rules, it is mandatory that all visa holders have DHA compliant medical insurance plans in place. The final deadline, for individuals, dependents and domestic staff, was initially June 30, 2016, but it was then extended to the end of 2016 and extended again as people still had not arranged cover, despite the details being widely publicised since 2014. The final deadline to ensure everyone is April 30, so anyone who has not yet organised appropriate cover will be subject to fines.
These are Dh500 per uninsured person per month, or partial month, and visas will no longer be issued without proof of insurance. The DHA has recently increased staffing levels and is taking the matter seriously. The cost of insurance for domestic staff is low as most are eligible for the Essential Benefits Plan, basic cover for anyone earning less than Dh4,000 per month.
The annual premium for these plans, which are offered by nine participating insurers, is capped at Dh700 a year and most companies are charging less.
Details of the providers can be found on the DHA website: isahd.ae/Home/DHAPIResults2016.
Keren Bobker is an independent financial adviser and senior partner with Holborn Assets in Dubai, with over 20 years’ experience. Contact her at [email protected]. Follow her on Twitter at @FinancialUAE
The advice provided in our columns does not constitute legal advice and is provided for information only.
Follow us on Twitter @TheNationalPF
Source: The National
Dubai visa holders required to have medical insurance plans was originally published on JMM Group of Companies
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UAE company has trouble with salary payments to employees in other countries
My company banks with HSBC and we are having ongoing problems making salary payments to two employees based in Saudi Arabia and in Qatar. I have been processing the payments without a problem since 2014, but I put the payments through 10 days ago and the bank has still not processed them. I contacted the call centre to inquire why the payments were stalled, only to be told that they cannot tell me anything and to refer to our relationship manager. Our admin manager has called them and been told that they can’t give a reason as to why the payments have not gone through and that we now have to inform them whenever we intend to make these payments in the future. Our two guys have mortgages and bills to pay and should have been paid on March 28. Can you help? EC, Dubai
I understand from EC that this has happened before so I got in touch with my contacts at HSBC who passed the query on to the relevant person who oversees issues with corporate banking.
I am happy to report that the problem was resolved within a day and EC was contacted by the bank with an explanation. She is delighted with the outcome, which I understand will solve the issues going forward.
HSBC said: “Thank you for the opportunity to comment, but unfortunately we cannot regarding customer issues as per the bank’s policy due to confidentiality reasons.” I am happy that they acted so quickly to solve a reader’s problem.
I have recently taken on a full-time maid and I understand that we have to provide her with some medical insurance. She is on a trial period so I don’t want to pay out yet more money, so what is the deadline to get this sorted? I was told it keeps being extended. AB, Dubai
Under Dubai Health Authority (DHA) rules, it is mandatory that all visa holders have DHA compliant medical insurance plans in place. The final deadline, for individuals, dependents and domestic staff, was initially June 30, 2016, but it was then extended to the end of 2016 and extended again as people still had not arranged cover, despite the details being widely publicised since 2014. The final deadline to ensure everyone is April 30, so anyone who has not yet organised appropriate cover will be subject to fines.
These are Dh500 per uninsured person per month, or partial month, and visas will no longer be issued without proof of insurance. The DHA has recently increased staffing levels and is taking the matter seriously. The cost of insurance for domestic staff is low as most are eligible for the Essential Benefits Plan, basic cover for anyone earning less than Dh4,000 per month.
The annual premium for these plans, which are offered by nine participating insurers, is capped at Dh700 a year and most companies are charging less.
Details of the providers can be found on the DHA website.
Keren Bobker is an independent financial adviser and senior partner with Holborn Assets in Dubai, with over 20 years’ experience. Contact her at [email protected]. Follow her on Twitter at @FinancialUAE
The advice provided in our columns does not constitute legal advice and is provided for information only.
Follow us on Twitter @TheNationalPF
Source: The National
UAE company has trouble with salary payments to employees in other countries was originally published on JMM Group of Companies
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Danish pension fund dumps Canadian oil
PKA concerned that fossil fuel businesses are at risk of heavy financial losses
Source: Financial Time
Danish pension fund dumps Canadian oil was originally published on JMM Group of Companies
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Danish pension fund PKA dumps Canadian oil
Scheme is concerned that fossil fuel businesses are at risk of heavy financial losses
Source: Financial Time
Danish pension fund PKA dumps Canadian oil was originally published on JMM Group of Companies
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Saudi Aramco chief warns of looming oil shortage
Head of state energy giant warns of shortfall due to $1tn drop in investment since 2014
Source: Financial Time
Saudi Aramco chief warns of looming oil shortage was originally published on JMM Group of Companies
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Week in Review, April 15
United’s ejector seat; Shell, Tesco, Toshiba, and Elliott’s feud with BHP and Akzo Nobel
Source: Financial Time
Week in Review, April 15 was originally published on JMM Group of Companies
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Google Spins VR Experiences on the Web
Google on Thursday announced compatibility of its WebVR on Chrome with its low-cost Google Cardboard virtual reality system. It also launched WebVR Experiments, an online showcase for virtuality reality content in development. WebVR became available on Daydream-ready phones earlier this year. The newly launched WebVR Experiments are essentially proof-of-concept offerings — from simple VR games such as Konterball, a ping pong game, to The Musical Forest, which lets users around the world tap or click on objects to make sounds.
Source: Techworld
Google Spins VR Experiences on the Web was originally published on JMM Group of Companies
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What to know when investing in a London property
London property has had its fair share of challenges to contend with recently, most notably stamp duty hikes and the Brexit result. While some property commentators are predicting Armageddon, others are waving the “business as usual” flag. The reality, of course, is somewhere in between.
The United Kingdom’s historic decision to leave the EU resulted in the pound falling to a record low. Buyers from dollar-pegged currencies, such as the UAE, can also rely on a 20 per cent discount when the correction in property values is taken into account. Ironically, Brexit may have been the resurrection the London property market needed. Tracking London’s property prices over the past 40 years confirms its inflation-hedging qualities. With significant rises in values recorded despite many challenging circumstances, including 2008, the UK economy was one of the first to recover globally, largely buoyed by the London property market.
The referendum outcome has cemented the investor strategy of flocking to tangible asset classes and London is now the world’s most attractive city for investment ahead of New York, according to Knight Frank’s latest Global Wealth Report.
So where is it best to invest? Options include:
Prime central London: this is undoubtedly the best for wealth preservation and capital appreciation. According to a recent Savills report, values in prime central London are set to rise by 21 per cent between now and 2021. The limitations on supply versus demand have kept values high.
the capital appreciation versus yield conundrum can perhaps be solved by investing in so called “twinned markets”. JLL has recently identified 10 such pairs in London. These are areas immediately adjacent to affluent areas which therefore currently command lower capital values and enjoy better yields than their neighbours. The theory being there is scope to benefit from an uplift in pricing as future boundaries become blurred. Data from fourth quarter of 2016 shows that a buyer of a property costing £3.4 million (Dh15.6m) in Chelsea would only need to spend £1.1m in Battersea’s creative quarter.
Crossrail: locations along the Elizabeth line (Crossrail) are set for more price rises and will therefore be a popular choice for tenants. Put simply, Crossrail has shrunk commute times and made London smaller. These locations are still affordable and can present a speculative opportunity for lower budgets. Yields will also be higher and can attract up to 4 per cent. A typical two-bedroom property in Ealing, for example, selling for £500,000 could achieve a monthly rental income of £1,600 per month.
Common principles to follow for buying:
1. Decide on your investment strategy – whether based on capital appreciation or yield. This will dictate where you buy.
2. If you’re not familiar with London, appoint a buying agent to represent your interests by helping to find the property and negotiate the price.
3. Steer clear of new build blocks with any more than 10 units. It makes your property less unique and competition on both the sales and lettings market becomes fiercer. Effectively you are competing for a tenant’s attention with other identical units at any one time.
4. Do your homework around pricing; ask local agents what they have recently let nearby and for how much.
5. Good local amenities are essential to attract a wide tenant base. Vibrant areas with great schools and transport infrastructure perform the best and attract both a domestic and foreign rentals.
6. Buy in a building that has smart common areas, a porter and lift. These elements make it easier to attract professionals and other high-value tenants, although this could mean higher service charges.
7. When negotiating the purchase terms, ask to market the property between exchange of contracts and completion to minimise void periods.
8. When renting out, the offer you get within the first two weeks of marketing is usually the best offer.
9. Employ a professional property management firm, particularly if you are based overseas.
10. Invest in your investment. Repaint between long tenancies, change bathrooms and kitchens when they become tired and invest in technology – this will add to your property’s value and ensure you always let to quality tenants.
Caroline Takla is the founder and managing partner of The Collection, a UK property consultancy based in London
Follow The National’s Business section on Twitter
Source: The National
What to know when investing in a London property was originally published on JMM Group of Companies
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Money & me: Dubai marketing head plans ahead to reap rewards
Ashwin Gedam is vice president and head of global marketing at Xpress Money Services, a money transfer company founded in the United Kingdom in 1999 and now headquartered in Dubai. Born in Mumbai and raised in Pune, Mr Gedam, 44, has been with Xpress Money for three years, before which he spent more than seven years with ICICI in Mumbai.
How did your upbringing shape your attitude towards money?
I had a very modest upbringing in India. My dad became an entrepreneur around 50, quite late in life. Because he started late with three teenagers he wanted to ensure we had certain privileges, but we were never very extravagant. He provided school, college, everything we needed, but we were taught by our parents to appreciate what we had and the importance of hard work to achieve financial security.
How much did you get paid for your first job?
I finished my engineering degree in 1995 and picked up a job on campus for a mobile company, making about 4,000 rupees (Dh228) per month. I didn’t think of how low or high the salary was, I was just really excited to have an income and a sense of independence.
Are you a spender or saver?
I would call myself a wisespender/saver. First, I prioritise my savings and keep aside a certain amount of money. I’ve been doing that for 12 or 13 years and try to save 12 per cent to 15 per cent.
What is your most cherished purchase?
My first motorbike that I bought way after I started working. On my first wedding anniversary, I put down a down payment. It was a road bike racer – a Pulsar 180. A bike in Mumbai is one of the most important things because travelling is a nightmare. It allowed my wife and I to travel to and from work together.
Have you ever had a month where you feared you could not pay the bills?
Not really. The way I am as a person ever since I’ve had disposable income I’ve always planned ahead and put savings aside. Any high-ticket items like a house, a car are always pretty well planned.
Where do you save?
Two or three different “buckets”. The largest [share] goes to mutual funds, a long-term portfolio of balanced equity and debt and a set of insurance products covering liabilities. I look at it every three to four years and churn in terms of performance. I’ve been doing that for about 14 years or so.
Do you prefer paying by credit card or in cash?
I prefer paying by card, at least in Dubai. But I pay off 100 per cent on the due date. I worked with a bank in India for nearly eight years. I ran up credit and it is a hard lesson to learn.
What has been your best investment?
My first home would have been one of my best investments. I bought it in Pune, 200 kilometres from Mumbai. I always knew I was not going to live there, it was for the family. The real estate market was on the point of explosion in 2002 when I bought the house. I could now sell at 10 times what I paid, but more important is that it’s a place where the family can get together. Pune is a thriving hub for the auto industry.
What do you most regret spending money on?
I’m painfully effective as a planner, at the risk of sounding immodest. So I’m very careful about big and small purchases.
What financial advice would you offer your younger self?
Invest early, as soon as you get your first job and build up a savings base. It allows you a longer time to let the compounding aspect work. Another thing, when I was first in mutual funds I was a little skewed towards equity, so the balance wasn’t there. It was the aggression of youth.
Do you have a plan for the future?
In terms of investments, I would continue to diversify. I have focused on India mainly so I could look at more international funds to spread my investment exposure.
If you won Dh1 million, what would you do with it?
Pay off my loans and have a clean record. I don’t want to owe anyone any money. The balance would be for my daughters, ages 11 and five.
* Anthony McAuley
Source: The National
Money & me: Dubai marketing head plans ahead to reap rewards was originally published on JMM Group of Companies
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