UAE bank results, job contracts and Lebanon crisis: our editors comment on the top stories of Jan 27

UAE’S MEGA-BANKS AND THEIR MEGA-NUMBERS: UAE banks have started 2023 in fine fettle. A glance at the results of the FAB, Emirates NBD and DIB will attest to that. The first two netted 2022 profits of Dh13 billion and over, confirming that they and the local economy are building enough resilience to face global economic challenges. More tellingly, UAE’s mega-banks are making further improvements on their impairments and even speeding up recovery on loan exposures in the past. The UAE’s universe of listed companies is well-placed to take on ebbs and flows in 2023. Even insurers are seeing the wisdom of consolidation — but more can be done. (By Manoj Nair, Business Editor)

EMPLOYERS MUST RECTIFY JOB CONTRACTS: Companies in the UAE should make use of the Ministry of Human Resources and Emiratisation’s decision to extend the deadline for turning indefinite-term employment contracts into fixed-term contracts. According to the UAE Labour Law, the employment contract is for a period not exceeding three years. With mutual agreement, it can be extended or renewed for a similar term or a shorter period. The law that came into effect on February 2, 2022, will bring more stability to the job market, ensuring more transparency in the contracts. (By Ashfaq Ahmed, Senior Assistant Editor)

LEBANON: ANOTHER NAIL IN THE COLLAPSING STATE? Lebanon, which has been struggling to recover from multiple crises, is witnessing a major showdown between a judge investigating the August 4, 2020, Beirut blast and the country’s top prosecutor. Investigating judge Tarek Bitar defied the ruling class to indict powerful figures — including prosecutor Ghassan Oueidat and former prime minister Hassan Diab — and revive the probe that was suspended for over a year amid vehement political pushback. The move irked Oueidat, who has charged Bitar with insubordination. When the families of over 200 people killed in the explosion are waiting for justice, such a confrontation is reprehensible. (By N.R. Stephen, Senior Associate Editor)

SALUTING SANIA MIRZA: Sania Mirza’s incredible Grand Slam journey started and finished at the same venue, the Rod Laver Arena in Melbourne, where she shot to fame as an 18-year-old. Eighteen years later and with six doubles grand slam titles, the 36-year-old mother reached the Australian Open mixed doubles final with Rohan Bopanna. But she could not end her grand slam career with a win. That does not diminish her tremendous body of work. Mirza is a champion and path-breaker in Indian tennis. (By A.K.S. Satish, Sports Editor)

A TIMELESS BOLLYWOOD MOVIE: Few Bollywood films have captured the imagination of every Indian in their ascent to box office success. Rakeysh Omprakash Mehra’s ‘Rang De Basanti’ (paint it yellow), released 17 years ago, belongs to this category. When actor Siddharth reminisced about it on social media, thousands around the world would have doubtless resonated with him. A simple story of a group of wayward youths who see purpose in life and patriotism without resorting to jingoism separates this movie from the chaff. Actors Aamir Khan, Madhavan, Waheeda Rahman, Atul Kulkarni and Siddharth put in impactful performances, while two-time Academy Award winner AR Rahman’s soundtrack amplified every mood of the movie. ‘Rang de Basanti’ was resoundingly entertaining while also carrying a subtle message. (By Rajagopalan Venkataraman, Assistant Editor)