Hyderabad: Reserve Bank of India (RBI) Governor Raghuram Rajan has said the central bank is in talks with the Centre to set up a financial resolution authority (FRA). “We really need a financial resolution authority so that we can close financial institutions in trouble, without necessarily merging those and taking the losses. We need to clean institutions…while resurrecting those functioning well. FRA will be the entity that […]
New Delhi: Oil companies’ gains on diesel sales jumped 87 per cent within a fortnight on a historic slide in global crude prices. Their profits from diesel, recorded for the first time ever, continue as the government delays a decision on deregulating its price. “The over-recovery on high-speed diesel (HSD), applicable for the second fortnight effective October 16, is now Rs 3.56 per litre. The over-recovery […]
Asian stocks clawed back some of this week’s losses on Friday after a solid set of U.S. data calmed turbulence in global financial markets, though underlying worries about slowing world economic growth kept investors on edge. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS gained 0.2 percent, though it is likely to log its sixth straight week of losses with a fall of 0.5 percent so […]
NEW DELHI: The telecom regulator has proposed to set the base price of 1800 MHz band in the upcoming spectrum auctions at 10% more than the previous round, a recommendation that operators and analysts say is likely to hurt an industry that is laden with debt and facing an uncertain business environment. The Telecom Regulatory Authority of India (Trai) has suggested Rs 2,138 crore as the […]
The price of oil suffered its biggest drop in nearly two years earlier this week after the International Energy Agency reduced its forecast for demand for this year and next. Associated Press A slump in oil prices has eroded investor confidence in Persian Gulf stock markets, some of which are among the leading performers globally this year. The major oil-exporting states in the region such as Saudi […]
By Nantoo Banerjee Prime Minister Narendra Modi or Defence Minister Arun Jaitley may not be fully aware how the United States made India play a pawn under the UPA’s 10-year-long Sonia Gandhi-Manmohan Singh regime in America’s psychological war against the People’s Republic of China, trying to contain the latter’s geo-political ambition and keep control of the vital South China Sea that handles $5.5-trillion-worth global cargo movement […]
Dubai’s banks are extending loans to the local diamond industry, boosting the emirate’s ambitions of becoming a top trading hub as funding to rival Antwerp dries up. Emirates NBD PJSC. (EMIRATES), Mashreqbank PSC. (MASQ), and National Bank of Fujairah PJSC., are financing diamond cutters, polishers and traders operating on the Dubai Diamond Exchange for the first time, Peter Meeus, chairman of the exchange, said in an Oct. […]
Still haunted by its failed attempt to prevent a steep drop in oil prices by slashing production by almost three quarters in the 1980s, the world’s top oil exporter Saudi Arabia is determined not to make the same mistake again. The oil glut of the 1980s, the early days of the modern crude market and a distant memory for most traders, has resurfaced recently in conversations with […]
Stock markets across the Middle East tumbled on Sunday, led by Dubai and Saudi Arabia where the main indexes sank 6.5 percent, as declines on global bourses and falling oil prices sparked a broad sell-off in the region. Global markets took a big hit on Friday as investors fled to the safety of government bonds after a raft of weak indicators from Europe and China collided with […]
|By TAP Staff| The Board of Directors of Emaar Properties has approved a Special Cash Dividend of AED 9 billion (US$ 2.45 billion) to be distributed to the company’s shareholders taking the total value of dividends distributed this year to over AED 17.12 billion (US$ 4.66 billion) – one of the largest announced by any listed company in the UAE. The total value of the dividends is […]
Iran will sell its oil to Asia in November at the biggest discount in almost six years, matching cuts by Saudi Arabia as global crude benchmarks slide deeper into a bear market. State-run National Iranian Oil Co. cut official selling prices of its crude to buyers in Asia for November, two people with knowledge of the pricing decision said yesterday. The decrease came a week after Saudi […]
US banking firm to host seminars across GCC DUBAI, 2 days ago US Freedom Capital, the premier EB-5 investment banking firm, is all set to launch its US immigration investment seminar across the GCC. The seminar will be covering Dubai, Abu Dhabi, in the UAE; Manama in Bahrain and Muscat in Oman, and will be part of a roadshow. The seminar will commence at the Shangri-La hotel […]
By Ashok B Sharma India’s foreign trade has badly suffered since the beginning of the global financial crisis in August-September 2008 and the subsequent shock of the sovereign crisis in Eurozone added to the problem. Over dependence on markets in the developed countries was the cause for shrinkage in Indian exports. As the recovery in developed countries and increase in demand is slow, India should […]
|By TAP Staff| Etisalat is planning its first ever sukuk issuance in a follow-up to its debut conventional bond earlier this year, bankers are being quoted as saying. According to these sources, the state monopoly telecom player of the UAE, rated Aa3/AA-/A+, is in talks with banks for the potential Islamic bond issuance, proceeds of which are set to go towards infrastructural improvements of its telecommunications network. […]
Hackers are threatening to post online a large collection of photos, including nude images, sent by Snapchat users and apparently intercepted via third-party apps, Business Insider is reporting. The number of photos in question — at least 100,000 — is much larger than number of the nude celebrity photos stolen from Apple’s iCloud earlier this year. Many images are likely to be of users under the age […]
|By TAP Staff| The herd mentality on the UAE stock market is once again visible, with a flurry of new stock listings that could scupper the market’s nascent revival. Prospective companies do not seem to be in a mood to wait and want to go to the market ahead of others. The first IPO in five years came when Emaar Malls Group floated an issue and attracted […]
By Nantoo Banerjee Believe it or not, the half-a-million-employee-strong postal department of the government of India faces the biggest threat to its 150-odd years’ existence from no other than the world’s largest courier conglomerate, Deutsche Post AG, a $55-billion German behemoth. Already a victim of governmental apathy and the Narasimha Rao-Manmohan Singh-led 1991-92 reform that led to a massive overhaul of the then departments of posts […]
Gold futures rose for the second straight day as the dollar’s decline boosted the metal’s appeal as an alternative investment. The greenback fell as much as 0.2 percent against a basket of 10 major currencies, erasing earlier gains, as yields eased on Treasury 10-year notes. Yesterday, the dollar slumped 0.9 percent, the most since Sept. 18, 2013, while gold climbed 1.2 percent, the biggest gain in two […]
Hedge funds cut bullish bets on Brent crude to the lowest level in three years amid speculation that Saudi Arabia may refrain from paring output to tackle global oversupply. Speculative bets that prices will rise, in futures and options combined, outnumbered short positions by 36,704 lots in the week to Sept. 30, the London-based ICE Futures Europe exchange said today in its weekly Commitments of Traders report. […]
IMF FORECAST: SELECTED MENA ECONOMIES Note: Data for some countries are based on fiscal years. 1Movements in consumer prices are shown as annual averages. 2Percent of GDP. 3Percent. 4Includes Bahrain, Libya, Oman, and Yemen. 5Includes Djibouti and Mauritania. Excludes Syria because of the uncertain political situation. IMF The International Monetary Fund has revised its 2015 economic growth projection downward for the Middle East and North Africa by […]
By S. Sethuraman The world economy is yet to make a full exit of the 2008 financial crisis and its recessionary aftermath, so that growth prospects for 2014, the sixth year, have had to be revised down, with the disappointing and uneven recovery, mainly among advanced nations. And geopolitical tensions in Eastern Europe and the Middle East, with limited impact so far, may hold greater risks […]
|TAP Special| The oil market scene is turning murky, with indications of a price war developing among major producers to defend their market shares. Crude futures tumbled to a 17-month low on signs that global supply is outstripping demand and by all indications, crude oil is poised to extend the biggest slump in more than two years. To make things worse, Saudi Arabia is said to be […]
Big On Telecom signs distribution deal with Blackphone DUBAI, 3 days ago Blackphone has signed a master distributor partnership with Big On Telecom, a Big on Group company headquartered in Dubai, to expand the brand’s presence in the Middle East and Africa (MEA) regions. The agreement marks a significant step in Blackphone’s growth, with Big On Telecom having started testing and launch discussions with telecom operators in […]
Abu Dhabi e-govt showcase solutions at Gitex ABU DHABI, 3 days ago Twenty-two Abu Dhabi Government entities will showcase their latest innovative IT solutions, product apps and software offerings, all under the theme, “Towards a Digital Abu Dhabi’, at Gitex 2014, Dubai. UAE. The apps have been designed specifically to strengthen customer service and enhance the customer experience. Abu Dhabi Systems and Information Centre (Adsic) will host […]
