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Following the U.A.E. Central Bank’s regulation to limit GRE exposure, Emirates NBD pledged to trim this. But its latest financial statement shows that lending to sovereign entities has only increased. As Dubai’s flagship bank, Emirates NBD’s lending is inevitably concentrated accordingly around the emirate’s government and its various entities. In times of crisis, as ENBD learned the hard way in previous years, that sizeable single-party exposure can […]

As Dubai’s flagship bank, Emirates NBD’s lending is inevitably concentrated accordingly around the emirate’s government and its various entities. In times of crisis, as ENBD learned the hard way in previous years, that sizeable single-party exposure can have devastating consequences. Emirates NBD’s exposure to debt-laden Dubai has risen in recent years. Reuters ENBD had some bitter pills to swallow in the aftermath of the global financial crisis […]

inNEW DELHI: Rebutting the department of industrial policy and promotion’s (DIPP) contention that import surges due to bilateral free trade agreements (FTAs) harmed India’s manufacturing sector, the commerce department, part of the ministry to which the DIPP belongs, has said India needs to persist with the strategy of embracing such pacts to integrate itself more seamlessly to the world trade order.

 

In a letter to DIPP secretary Amitabh Kant, who has been vocal against FTAs and comprehensive economic partnership agreements (CEPAs), Rajeev Kher, his counterpart in the commerce department, said that instead of attacking (past) FTAs without any factual basis, it is better for the government to look ahead and use such partnerships for

fsMumbai: The Reserve Bank of India (RBI) has raised the foreign institutional investors’ (FIIs’) sub-limit in government bonds by $5 billion, after the existing $20-billion limit was almost exhausted. The move is expected to stabilise yields, volatile in the recent past. The overall limit for FII investment in government bonds has been kept unchanged at $30 bn. As a result on the rise in the sub-limit, that for long-term investors like insurance and pension funds will be reduced to $5 bn. RBI said the incremental investment limit of $5 bn shall be required to be invested in government bonds with a minimum residual maturity of three years. Besides, all future investment against the limit vacated, when the current investment by these foreign inve

egNEW DELHI: The subsidy burden for distribution utilities of 16 states is estimated at Rs 72,000 crore, 17% higher than the previous financial year, due to higher costs and cheaper tariff for the farm sector, said ICRA in a recent note. The note states that state electricity regulators in 16 out of the 29 states have issued tariff orders for the current fiscal so far, attributing the delay partly to the recently-held Lok Sabha elections.

 

The rating agency noted that subsidy dependence for utilities in Maharashtra is likely to increase sharply by about 55% on a year-on-year basis in FY15 as a result of tariff subsidy of 20% announced by the state government, and also for Jammu & Kashmir where the subsidy burden is projected to rise

ogMUMBAI: The state-run oil marketing companies (OMCs) plan to revive branded petrol such as IndianOil’s XtraPremium and Bharat Petroleum’s Speed, backed by aggressive marketing, to make the most of a significant excise duty cut announced in the budget.

 

Sales of branded petrol, which contain additives that enhance automobile’s performance, had plummeted in recent years as they became Rs 7-10 per litre more expensive than the regular fuel, forcing companies such as Hindustan Petroleum Corporation (HPCL), Indian Oil Corporation and Bharat Petroleum Corporation (BPCL) to pull out such products from most outlets. But with finance minister Arun Jaitley announcing a cut in central excise duty on branded petrol to Rs

defWhen Finance Minister Arun Jaitley kept the FDI cap in defence at 49 per cent, he said: “Our assessment of the market is that the 49 per cent FDI limit in the sector would be a significant step in establishing domestic defence market. The public opinion and Parliament’s opinion in India is ready to accept the proposal that I have made.”

 

Mr. Jaitley was also in consonance with the policy sentiment that has evolved within the government over many years. As far back as in 2004, key economists argued before the Planning Commission that 100 per cent FDI in high technology would enable India to reduce or limit its technology imports; in 2008, the National Manufacturing Competitiveness Council constituted by former Prime Minister Ma

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HSBC Holdings Plc (HSBA) and JPMorgan Chase & Co. (JPM) are among the banks set to profit after the Riyadh-based Capital Market Authority announced plans this week to open Saudi Arabia’s bourse to foreign investors. The CMA said on July 22 that it would open up the oil-producing kingdom’s $531 billion stock market to foreigners next year. That may attract inflows of about $35 billion to the […]

A broker monitors stock prices on a screen at the Saudi Investment Bank in Riyadh. Saudi Arabia plans to open its stock market, the Arab world’s biggest, to direct investment by foreign financial institutions in the first half of next year. Reuters With a market capitalisation of more than half a trillion dollars, Saudi Arabia’s plan to allow foreigners direct access to its listed companies early next […]

inMUMBAI: The Reserve Bank of India has said that up to six banks will be designated as systemically important, or SIBs, for the domestic financial market and will need to have higher capital than their peers to prevent the financial system from collapsing if there is a crisis.

 

The central bank said it would now go about identifying these banks which are too big to fail and would release a list of names in August 2015, according to a report uploaded on its website on Tuesday evening.

 

State Bank of India, Punjab National Bank, Citibank, Standard Chartered Bank, ICICI Bank and HDFC Bank may be among the six, according to consultants and analysts. Banks falling in this category will have to set aside more capital per l

egNEW DELHI: Consumers of Tata’s ultra mega power project (UMPP) and Adani’s power plant at Mundra in Gujarat might not see a major escalation in their procurement price after the Appellate Tribunal for Electricity (APTEL) gave its nod to include compensatory rate in the final rate of sale of power.

 

The beneficiary utilities in Gujarat, Haryana, Rajasthan, Punjab and Maharashtra are already buying power for Rs 3.61 to Rs 3.7 a unit, according to the annual revenue requirement reports submitted to state regulators.

 

The levelised tarifforiginally offered by Tata’s imported coal-based UMPP is much lower at Rs 2.26, but after the compensatory tariff of 52 paise, it would work out to Rs 2.8. Power from

ogNEW DELHI: The government plans to tweak the system of calculating fuel subsidies to make ONGC’s public offer more attractive for investors. It plans to make subsidy sharing more predictable and transparent so that analysts can properly assess the ONGC’s earnings outlook.

 

Currently they are unable to assess the amount and the timing of the huge subsidy payout. This diminishes the interest of top institutions in the stock.

 

The oil ministry may soon approach the Cabinet to overhaul the fuel pricing system to incorporate some of the observations of the Comptroller and Auditor General of India, which recently submitted a report on the matter.

 

The pricing system has a direct impact on O

The Emirates Red Crescent has signed an agreement with the United Nations Relief and Works Agency for Palestine Refugees in the Near East to provide Dh150 million for future reconstruction projects in Gaza. Sheikh Hamdan bin Zayed, the Ruler’s Representative in the Western Region and president of ERC, reiterated the UAE’s commitment to standing up for the Palestinian people, and to supporting humanitarian causes. He explained that […]

National Bank of Abu Dhabi, the United Arab Emirates’ biggest lender, raised its full-year profit forecast and said it hired 150 senior managers amid increasing growth at its fee-generating businesses. Net profit will probably rise 8 percent to 10 percent in 2014, up from an earlier forecast of 6 percent to 8 percent, the bank said today in an emailed statement. Revenue will likely be 6 percent […]

The Middle East will take a bigger share of gold demand as buyers from Kuwait to Saudi Arabia to the United Arab Emirates diversify investments and Dubai nears offering a contract for immediate delivery bullion. MKS (Switzerland) SA, a Geneva-based bullion trader and refiner, expanded into Dubai three years ago and employs 25 people there, with the gold trade an “important market,” said Frederic Panizzutti, chief executive […]

Abu Dhabi Commercial Bank , the fourth-largest lender by market value in the United Arab Emirates, beat analysts’ estimates slightly on Tuesday as it posted a 22 percent rise in second-quarter net profit on lower impairments. The bank made a net attributable profit of 1.06 billion dirhams ($289 million) in the three months to June 30, versus 868.5 million dirhams in the corresponding period last year, it […]

By removing the boost to people who stay in work, the government will now be penalising those who it should be rewarding Photo: Alamy Britain’s state pension has never been known for its generosity. But one of the lesser known perks of the system is that it’s possible to get a very generous bonus if you decide to carry on working and take your state pension later. As […]

Saudi Arabia plans to open its stock market, the Arab world’s biggest, to direct investment by foreign financial institutions in the first half of next year, the market regulator said on Tuesday. The opening of the Saudi market, capitalized at about $530 billion, is one of the most keenly awaited economic reforms in the largest oil exporting nation. The bourse would be one of the world’s last […]

Thousands of Israeli troops backed by tanks, aircraft and navy ships continued what appears to be a limited advance into the Gaza Strip on Friday, the second day of a ground invasion into the Palestinian territory. Palestinian medics say at least 21 Gaza residents have been killed since the start of the ground offensive, which has the stated aim of destroying tunnels militants have used to attempt […]

Thousands of Israeli soldiers began a ground invasion into the Gaza Strip late Thursday, escalating a 10-day military operation that aims to destroy Hamas’ offensive capabilities, including the group’s weapons arsenal and tunnels that infiltrate Israel’s territory. The Israeli military said the operation was open-ended but limited in its scope, and would be carried out in several areas of the coastal strip. The office of Israeli Prime […]

GAZA — Israel and Hamas militants have agreed to a United Nations request for a temporary cease-fire in Gaza on Thursday. The truce will last five hours to give Palestinian civilians a chance to restock supplies, repair damaged buildings, and get medical care. But Israel warns it will react if militants fire rockets during the truce. Palestinian officials say the death toll since Israel began its offensive […]

Ukrainian President Petro Poroshenko said in a combative inaugural speech that Ukraine would not give up Crimea, the Black Sea peninsula that Russia annexed from it in March. “Crimea was, is, and will be Ukrainian,” Poroshenko said in an emotional address after his swearing-in on Saturday. He was greeted with a standing ovation. He stressed the unity of Ukraine, which is fighting a pro-Russian separatist uprising in the east, and said it […]

Vote winner: Thailand’s rulers attempt to ‘return happiness to the people’ in Bangkok Photo: AFP/Getty Images What to make of the Thai military junta offering free haircuts (in lieu of actual freedom) to the people? It’s an unconventional way to capture hearts and minds, but there’s a fine tradition in the corridors of power of generously providing bread and circuses and tax cuts and Qatari bank transfers to […]

 Western advisers are drawing up plans for reshaping the Egyptian economy, sources said, with the apparent blessing of president-elect Abdel Fattah al-Sisi who so far has spoken only vaguely in public about reviving the state’s finances. The driving force behind the consulting project is the United Arab Emirates, which along with Saudi Arabia and Kuwait has showered Egypt with billions of dollars in aid since Sisi removed […]

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