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 […]
Children sit in their classroom in Dubai. IPO candidate Amanat is betting that healthcare spending and student enrolments in the Gulf will continue to grow rapidly. Agence France-Presse/Getty Images As U.A.E.-based greenfield company Amanat prepares to launch its initial public offering in Dubai next week, its target sectors healthcare and education appear increasingly crowded. Amanat is hoping to raise $374 million from investors, funds it will mainly […]
United Arab Emirates-based Amanat Holdings, a healthcare and education start-up, will launch its 1.375 billion dirham ($374 million) initial public offer next Monday, it said in a statement on Wednesday. The offer period for the flotation, in which 55 percent of the company will be sold to investors at 1 dirham a share, will run until Nov. 4, said the statement issued at a media event. Amanat […]
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 S. Sethuraman A global economy, wobbling six years after the financial market crash of 2008, cannot need anything better than a firm commitment of the world’s financiers to build a more robust, sustainable, balanced, job-rich economic order. Global unemployment is at its all-time peak, especially in Europe and large parts of developing world. Finance Ministers of 188 nations met at the 2014 Annual Meetings […]
From L.S. Herdenia BHOPAL: The three day Global Investors meet concluded last week with the promise of investment to the tune of Rs. 6.89 lakh crores in Madhya Pradesh. Addressing media after the conclusion of the fourth such summit, Chief Minister Shivraj Singh Chauhan said that the government has received 3,165 investment proposals worth Rs. 4.36 lakh crore from investors who registered on the official website. […]
By BRIAN KNOWLTON October 12, 2014 WASHINGTON — Fighters for the Islamic State were managing to blend in with disenfranchised Sunni populations in some Iraqi towns and villages near the capital, raising the chances of militant attacks against targets in Baghdad, President Obama’s top military adviser said on Sunday. “I have no doubt there will be days when they use indirect fire into Baghdad,” the adviser, Gen. Martin E. […]
|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 […]
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 Harihar Swarup It is unbelievable but true that there are as many as 3,000 obsolete, redundant or repetitive laws in India. There are over 300 colonial-era enactments in force, which are absolutely redundant. Some of these British-era laws are even derogatory to a particular group and hence remind us of the days of slavery. Have a look at some of the ridiculous laws still […]
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. […]
By Nora Chopra While Narendra Modi has already held a number of rallies, the central leadership of the Congress is missing from action in both the states of Haryana and Maharashtra. Rahul began his campaign in Maharashtra on 8 October in Mahad in Raigad district and the second rally Ausa in Latur district. With these two rallies he has covered Konkan and Marathwada. He is supposed to […]
JPMorgan Chase & Co. (JPM) hired senior bankers from Rothschild and Standard Chartered Plc (STAN) for its investment banking business in the Middle East. The New York-based bank named Majed Al Mesmari, previously at Rothschild, as head of investment banking coverage in the United Arab Emirates, it said in a statement today. Fahad Al-Deweesh has joined from British lender Standard Chartered to lead investment banking coverage in […]
Emerging market-focused private equity firm Abraaj Group has bought a majority stake in Liberty Star Consumer Holdings (Libstar), a South African food and personal care product manufacturer, it said on Wednesday. Dubai-headquartered Abraaj bought shares in unlisted Libstar from its existing shareholders including Metier, Old Mutual Private Equity, Development Partners International and Lereko, it said in a statement. Abraaj said it would continue to support Libstar’s pan-African […]
|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 G. Srinivasan The inexorable humid weather in the capital in the festive month of October has robbed the exuberant moments of celebrations, even as the weather patterns across the country seem to be swinging in extremes. India and other developing countries may continue to be in a denial mood that weather-related aberrations are not directly due to the broad climate change that is sweeping the universe […]
From Pradeep Kapoor LUCKNOW: In the name of memorial for late Prime Minister Charan Singh, various political parties are coming together to face the challenge from BJP in Uttar Pradesh. Much significance is being attached to Meerut rally on October 12 when Samajwadi party national president Mulayam Singh Yadav and his chief minister son Akhilesh Yadav and JD President Sharad Yadav could share same platform. […]
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 […]
Dragon Oil (DGO) proposed a 492 million-pound ($789 million) cash offer for Petroceltic International Plc (PCI) to add exploration and output in North Africa and Kurdistan. Dragon Oil, backed by Dubai’s state oil company and with production in Turkmenistan, is in talks on a 230 pence-a-share offer, a 29 percent premium to the last closing price, Dublin-based Petroceltic said today in a statement. The target’s board is prepared to recommend the […]
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 […]
By ANNE BARNARD October 4, 2014 BEIRUT, Lebanon — Fighting continued Saturday across Syria, with the militant group Islamic State assaulting a Kurdish enclave on the Turkish border, American-led airstrikes hitting Islamic State positions in northeastern Syria and Syrian government airstrikes pounding other insurgents near Damascus, Syria’s capital. Video surfaced of Peter Kassig, an American medical worker held by the Islamic State, in which the militants threatened that he […]
German engineering has an outstanding reputation worldwide for quality, technological innovation and reliability, yet in the obsession for perfection, it can miss market opportunities. The German watch industry, for example, with its hundreds of companies, has for long had a fixation for mechanical perfection, but in the process neglected the design aspect and the very quartz technology it had developed on its own. Similarly, Siemens had a […]
By Ashok B Sharma Engulfed with scams and scandals in the functioning of the government, the Odisha Chief Minister, Naveen Patnaik is finding himself difficult to manage the growing dissatisfaction within his own party. There is no other option left for him but to expel anyone who raises voice against him. The party vice president and former finance minister Prafulla Ghadai was expelled from the party […]
