Morning round-up: Damac in Iraq

Damac Properties

, The National reports. A senior economic official there said the regional government was mulling canceling the project because the developer hadn't started any ground works, despite pledging to have begun the first phase by last December. Damac says it in negotiations with the government. The article also has an analysis of Damac's construction plight using its own construction updates available on its website.

"Damac is facing especially difficult challenges in the wake of the financial crisis because of its large portfolio of unfinished projects.

The company launched 75 projects since it was founded in 2003. So far, it has finished just seven buildings. Another 11 have reached significant levels of construction. However, 43 projects have not started construction and 14 have only completed either fencing around the site or basic piling, according to an analysis of the construction updates on Damac's website."

, Vicky Kapur reports in Emirates Business 24/7.

HSBC

alone increased mortgage lending by 25 per cent in the second quarter, compared to the quarter earlier.

, in what the paper calls "green shoots" of recovery.

Emirates Business 24/7 also

. Basically, he did some calculations to show Aldar actually had a loss in the second quarter. But, he could have avoided all that math if he had asked the company directly.

Shafqat Malik

, the chief financial officer,

in the quarter. Still, the analysis was interesting in that it showed how the fair value rule in accounting was helping property developers make their finances look rosy.

Some other good ones over the weekend. Frank Kane

l. Mr O'Donnell is facing the challenge of his life in steering the company through the financial crisis. And Paul McGeough, of the Sydney Morning Herald,

. It is well worth a read.