MUMBAI: The Securities and Exchange Board of India (Sebi) plans to make it mandatory for issuers to reserve 25% of an initial public offering (IPO) for domestic mutual funds and insurers. But if they don’t subscribe to their portion fully, the IPO could be considered a failure, said investment bankers briefed on the matter. The regulator thinks that a higher participation of 25% of the issue size […]
Iran’s possible response to new U.S. sanctions could “not be pleasant”, its foreign minister said on Sunday, raising the prospect of tit-for-tat retribution against the Islamic Republic’s old adversary weeks ahead of fresh nuclear talks. Iranian leaders reacted with dismay to Friday’s announcement that Washington was going to penalize a number of Iranian and other foreign companies, banks and airlines for violating sanctions against Tehran, most of […]
Middle East funds are bullish on Saudi Arabia’s stock market despite concern it is getting richly valued, while they think the United Arab Emirates has bottomed out after a volatile few months, a Reuters survey showed. The Saudi stock market index has jumped 13 percent since authorities announced in late July that they would open the market to direct investment by foreign institutions in the first half […]
Emaar Properties will launch its highly anticipated initial public offer of at least 15 percent of its shopping malls and retailing unit on Dubai’s main stock market in September, and plans to list the shares in October. The offer would be one of the largest equity sales in the Middle East since 2008, underlining Dubai’s recovery from a credit crisis that forced many state-linked developers to stall […]
A logo of Emaar is seen near the Dubai Mall Reuters Emaar Properties plans to float at least 15% of its profitable and fast-growing malls business in a September IPO. The chances are high though that Dubai’s flagship developer may sell an even bigger stake. It all depends on getting the right valuation for Emaar Malls Group. After all, Emaar will be cutting its own stake in […]
|By TAP Staff| King Abdullah bin Abdulaziz of Saudi Arabia warned that terrorists will target the West if the world does not unite to confront them. King Abdullah made the statement during a presentation of credentials ceremony held in Jeddah yesterday for new ambassadors to Saudi Arabia, including U.S. Ambassador Joseph W. Westphal. “If neglected I’m sure they [terrorists] will reach Europe in a month and America […]
Barack Obama got a warm reception in Rhode Island last week, yet his lack of strategy has dismayed many others Photo: AP Just in case you thought that the Leader of the Free World was secretly harbouring a calculated, well-developed plan for bringing Isil under control and putting Russia’s imperial leader back in his box, Barack Obama banged that idea firmly on the head last week. He gave […]
The Republic of South Africa will begin marketing its debut sukuk from September 8. The roadshow will begin in London, before heading to Dubai and Abu Dhabi on September 9, Riyadh on September 10, and Qatar the following day. The roadshow will wrap up on September 12, though the destination is still being decided, according to a lead. A 144A/Reg S dollar sukuk transaction may follow. BNP […]
Hong Kong’s government will hold investor meetings next week for its maiden Islamic bond issue, a spokeswoman for the Hong Kong Monetary Authority said on Thursday. A meeting will be held in Hong Kong on Monday before one in Singapore on Tuesday, Kuala Lumpur on Wednesday and meetings in Dubai, Doha, Abu Dhabi and London on Thursday. The AAA-rated government earlier mandated HSBC, Standard Chartered, CIMB Group […]
NEW DELHI: The prices of electricity in the spot market have zoomed to record highs of around Rs 6 per unit (kWh) over the last week, a reflection of the debilitating coal shortage and severe strains on the transmission interconnections between the northern and western regions. Spot prices on the IEX, the country’s largest exchange, have shot up to over Rs 10 during peak hours, with […]
NEW DELHI: As government debates on gas price hike and a new contract for oil and gas exploration, Vedanta Resource today said domestic rates should be linked to international markets and an independent regulator be set up. Speaking at an Oil & Gas Seminar organised by Indian Chambers of Commerce, Vedanta chief executive Tom Albanese said “the current policy environment fostered uncertainty and did not encourage […]
NEW DELHI: Prime Minister Narendra Modi today said India sees possibility of a new era of cooperation with Japan in high-end defence technology and equipment and noted that progress has been made in parleys on civil nuclear agreement and amphibious aircraft deal between them. “In the field of defence and security, I feel time has come for us to upgrade our relations. I see in the […]
“We have to be honest, we weren’t able to finish it the way we wanted,” said Kassem Eid, a Syrian rebel who has joined the opposition in exile. By ANNE BARNARD August 29, 2014 BEIRUT, Lebanon — As he rode onto the base of the Fourth Division, the formidable Syrian Army unit that had been starving and bombarding his town near Damascus for months, Kassem Eid prepared for a […]
MUMBAI: There is a new buzz in boardrooms around ‘natural capital sustainability’. Even as awareness on this issue is picking up, a handful of companies in India, cutting across industry segments, are giving back more than they take — being water- or carbon-positive is part of their business model. “Companies need to set quantifiable objectives around a crucial natural capital on which they are predominately dependent, […]
NEW DELHI: India’s diverse set of targets and financial incentives support growth of renewable energy generation even as expensive capital keeps renewable costs high, Paris-based International Energy Agency said today. According to IEA, stability of the policy environment and implementation are key for determining the cost and availability of financing for renewables over the medium term. “India’s diverse set of targets and financial incentives support […]
NEW DELHI: State-owned Oil and Natural Gas Corp (ONGC) today said it will invest Rs 5,219 crore in bringing to production Daman gas fields in the Arabian sea by July 2016. The board of ONGC at its meeting today approved “investing Rs 5,219 crore towards Daman Development project to enhance production of natural gas and condensate in its Tapti Daman Block in Arabian Sea,” the company […]
NEW DELHI — Indian Prime Minister Narendra Modi’s upcoming visit to Japan will include talks on possible joint production of amphibious aircraft and other matters related to strategic and defense ties between the two countries. Modi, who leads a new government here, personally extended his stay in Japan from a planned four days to five, beginning Aug. 30. He will be accompanied by a 20 high-ranking […]
Claire Hajaj with her mother, father and brother in Kuwait, 1979 At 11, I discovered I was a stranger in my own family. It happened at a relative’s “do” in Regent’s Park – a bar mitzvah, or a wedding. I remember soft-pink tablecloths, gilded place-cards and cutlery gleaming like silver fish. A board at the reception-room entrance listed table numbers and names in grand, italicised print. I […]
By NICK CUMMING-BRUCE August 29, 2014 GENEVA — The number of refugees from the Syrian civil war has risen above three million, the United Nations refugee agency said Friday, calling the crisis “the biggest humanitarian emergency of our era.” More than a million people have fled in the last 12 months alone, the refugee agency said, counting only those who registered as refugees. The total number is believed to […]
A cluster bomb was spotted at the Taftanaz air base in Syria after rebels seized the site last year. By RICK GLADSTONE August 27, 2014 Cluster bombs, outlawed munitions that kill and maim indiscriminately, have caused more casualties in the Syrian civil war than in the 2006 Lebanon conflict, when Israel’s heavy use of the weapons hastened the treaty banning them two years later, a monitoring group said Wednesday. […]
First-time sellers of bonds that adhere to Islam’s ban on interest are poised to revive an industry suffering its worst quarter in more than four years. Luxembourg and Hong Kong aim to market debut offerings of sukuk next month, while Kenya, South Africa, Bangladesh and Tatarstan have announced plans for maiden issues. Islamic bond sales have fallen 82 percent to $2.6 billion this quarter compared with the […]
Arabtec Holding Co. (ARTC) declined for the first time in nine days after former chief executive officer Hasan Ismaik turned down an offer from Aabar Investments PJSC to buy part of his stake in the company. Arabtec, the United Arab Emirates’ largest publicly traded builder, lost 1.7 percent to close at 4.71 dirhams, the biggest drop since Aug. 12. It jumped 13 percent in the previous five […]
DP World Jebel Ali, UAE. DP World After posting a decent set of numbers in the first half, a company can be excused if it sounds optimistic about its growth outlook. In DP World’s case – the numbers are more than decent. The Dubai-based ports operator, one of the largest globally, reported a solid 26% jump in six-month earnings as it added new capacity amid a pick […]
Prime Minister Narendra Modi is yet to finish his first 100 days in office, but India Inc CEOs are convinced an economic revival is around the corner. A huge majority of 50 CEOs ET polled in the run-up to this special edition are preparing to make fresh investments and are also stepping up hiring, all in anticipation of 6-8% GDP growth most feel is possible over […]
