|By TAP Staff| The Dubai International Financial Centre Court appointed Philip Bowers and Neville Kahn of advisory firm Deloitte as joint provisional liquidators of Portuguese financial group Espirito Santo’s Dubai subsidiary ES Bankers (Dubai) Ltd (ESBD. This came after the regulator was informed ESBD was “no longer able to meet its obligations and continue as a going concern”, the statement added. The DIFC action is the latest […]
A Palestinian family looks from a window at the rubble of a collapsed tower following Israeli airstrikes in Gaza City in a Aug. 26 file photo. Associated Press The outlook for Gaza’s economic recovery is “bleak” after a 50-day war between Israel and Hamas unless there is “a fundamental change of the political status quo”, according to a sobering International Monetary Fund report released Tuesday on the […]
Dubai’s boom-and-bust real estate market can land you at the wheel of a Rolls-Royce or behind bars. Kabir Mulchandani should know: he’s experienced both. Five years after spending 140 days in jail facing charges of fraud and embezzlement for which he ultimately was cleared, the chairman of developer SKAI Holdings stands at a building site watching cranes start work on one of the company’s three projects. They […]
By Bjørn K. Haugland & Erik Rasmussen How can we use the pressure from global risks such as extreme weather or water scarcity to create new sustainable business opportunities? This might be the single most important question for any company today. In current strategizing and business developing, we are very good at spotting risks associated with the sustainability challenges facing us. Markets will change, access to critical […]
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 revival of international bond issues from the Gulf is set to draw heavy demand from local and foreign investors, despite the latest geopolitical upheavals in the Middle East and the approach of higher U.S. interest rates. Gulf bond issuance has dried up since early July, because of a traditional summer lull in local investor activity as well as global market instability due to the crisis in […]
People watched as rescue workers searched for victims under the rubble of a house in Rafah that witnesses said was destroyed on Thursday in an Israeli airstrike that killed three senior Hamas military commanders. By JODI RUDOREN and FARES AKRAM August 21, 2014 JERUSALEM — Israeli airstrikes killed three senior commanders of the armed wing of Hamas early Thursday in the southern Gaza Strip city of Rafah, Israeli and Palestinian officials […]
|By TAP Staff| Oil prices have never been so stable as they are now since the breakup of Bretton Woods system in 1971. Despite major geopolitical tensions in Libya, Syria, Iraq, or the Ukraine, global crude oil prices have been remarkably steady in the past three and a half years. Global oil prices have not been this stable since the break-up of the Bretton Woods system in […]
Leader of the Labour Party Ed Miliband Photo: PA To win in 2015, Ed Miliband not only has to set out a credible governing prospectus; he must demonstrate he fully understands Labour’s past mistakes. Mr Miliband has been coy about admissions of error on economic management, naturally preferring to castigate Britain’s Coalition government for overzealous austerity driving harsh cuts in the social fabric. Yet voters will only listen […]
NEW DELHI: State-run oil refiner-marketer Bharat Petroleum Corporation Ltd has drawn up plans to ramp up the capacity of its refinery at Numaligarh in Assam’s Golaghat district from three million tonnes per annum to nine million tonnes at an investment of Rs 16,600 crore.
The project includes laying a 1,350-km pipeline to bring in crude from a port on the east coast. While the refinery expansion would cost about Rs 8,800 crore, the remaining investment is expected to go into laying the pipeline and other assorted facilities.
Company sources said the project would mark the single-largest investment in Assam and boost economic activities in the north-east as well as unlock potential for exporting fuels to India&
NEW DELHI: Contrary to popular perception, India has little to worry about its product-specific support to agriculture exceeding the limits prescribed by the World Trade Organisation (WTO), a recent study has revealed.
This implies that New Delhi’s aggressive stance at the world body, seeking leeway from the cap on public stockholding for food security or even a total waiver from the restriction citing the resource-poor status of its farmers, lacked rationale.
The country’s product-specific subsidy for rice stood at minus 2.87% and that for wheat at minus 10.22% of the respective production values in 2010-11 when calculated on a fully inflation-adjusted basis, according to a joint paper by Icrier exper
MUMBAI: The Adani Group and Indian Oil Corporation are in talks to build a Rs 30,000-crore joint venture refinery at Mundra, which would give Gautam Adani an entry into the oil sector while the state-run company would get land port facilities for the proposed export-focused unit.
The proposed 30-million-tonne refinery at Mundra will make Prime Minister Narendra Modi’s native state, Gujarat, a bigger energy hub. It already has refineries of Reliance Industries, Essar Oil and Indian Oil, apart from two LNG terminals and the country’s biggest city-gas distribution network.
Industry sources said Gautam Adani has held initial talks with top executives at IOC and offered around 3,500-4,000 acres of land for th
By Kofi Bofah: Last June, BlackBerry (NASDAQ: BBRY) CEO John Chen first revealed the Passport phone at the company annual general meeting at Waterloo. Originally codenamed Windermere, the Passport is scheduled for official showing at a launch event in London this September. Already, the optimistic Chen has argued that the Passport will reclaim original BlackBerry customers lost to the iOS ecosystem. Going forward, however, the initial optimism […]
Op-Ed Contributor Eight Days in Gaza: A Wartime Diary By ATEF ABU SAIF August 4, 2014 Sunday, July 27 For the last two hours we’ve heard nothing but sonic booms and the sound of rockets and mortars. Shells have fallen on our street a few hundred yards from my father-in-law’s house, where my wife and I, and our five kids, are staying, and on the street behind us. My wife, […]
Photo: STEFAN ROUSSEAU/PA As they head for their holidays, senior Conservatives are beginning to worry that they are failing to benefit fully from Britain’s economic recovery. Recent months have seen a succession of good news stories, with growth well established, living standards no longer falling and predictions of future performance regularly upgraded. Yet the Tories seem unable to overturn Labour’s narrow lead. The table below illustrates what […]
The government is proposing a major overhaul of its foreign direct investment (FDI) policy as part of the Narendra Modi-led administration’s plan to woo overseas investors and improve ease of doing business in India, which ranks at a lowly 134 out of 189 global economies in this respect, according to the World Bank.
The government is looking to adopt the international practice of linking policy with industrial codes to ensure foreign investors won’t have to wade through complicated press notes or circulars to decipher the policy for a sector.
“Discussions are on. There is merit in seeding the industrial codes with the FDI policy,” said a government official aware of the deliberations. The mov
Aldar Properties, the developer that took over Sorouh Real Estate Co. last year, dropped in Abu Dhabi after reporting quarterly profit that missed estimates. The shares fell 3.2 percent to close at 3.65 dirhams. Aldar, which has the fourth-highest weighting on the benchmark ADX General Index (ADSMI), helped drag the measure down 1.2 percent. Second-quarter net income surged to 506 million dirhams ($138 million) from 189 million […]
By JODI RUDOREN and ISABEL KERSHNER August 1, 2014 JERUSALEM — Palestinian militants sprang from the ground and confronted Israeli soldiers Friday morning, as they have repeatedly in recent days. This time, Israeli officials said, one exploded a suicide belt while another unleashed machine-gun fire. This time, two Israeli soldiers were killed and the militants apparently escaped with a third. The attack, at the start of what was supposed to be […]
The World Trade Organization failed on Thursday to reach a deal to standardise customs rules, which would have been the first global trade reform in two decades but was blocked by India’s demands for concessions on agricultural stockpiling. “We have not been able to find a solution that would allow us to bridge that gap,” WTO Director-General Roberto Azevedo told trade diplomats in Geneva just two hours […]
Dubai construction company Arabtec’s former boss has sold about $4 million worth of shares in the group this week, cutting his stake slightly, stock exchange data showed. Arabtec’s shares have swung around wildly this year on apparent tensions between chief executive Hasan Ismaik and Abu Dhabi state fund Aabar Investments, also a major Arabtec shareholder. Ismaik resigned abruptly in June. Ismaik cut his stake to 28.77 percent […]
Family members mourned on Thursday in Tel Aviv at the grave of Staff Sgt. Guy Algranati, 20, who was killed on Wednesday. By MICHAEL R. GORDON and MARK LANDLER July 31, 2014 NEW DELHI — A 72-hour humanitarian cease-fire in the Gaza conflict negotiated by the United States and the United Nations took effect Friday morning, a diplomatic bolt-from-the-blue that will suspend the bloody 24-day military campaign and set the stage for […]
Dubai shares gained the most in almost seven years in July, helping claw back some of the losses sustained in a bear market that wiped a quarter off the benchmark index. Real estate-related companies led the rally. Arabtec Holding Co. (ARTC), which spurred the DFM General Index’s collapse in May and June, advanced 4.9 percent today to bring monthly gains to 63 percent. Emaar Properties PJSC, the […]
Bangalore: Electronics production in the country’s Defence sector touched Rs. 13,800 crore during 2013-14 and is expected to grow over 15 per cent this year, said Electronic Industries Association of India (ELCINA) President Subhash Goyal.
The production of strategic electronics stood at Rs. 12,000 crore in 2012-13 and has been growing steadily from Rs. 5,700 crore in 2007-08 to Rs. 9,000 crore during 2010-11.
ELCINA has been holding the strategic electronics summit (SES) since 2010. This year it is being held in Bangalore on July 30 and 31.
The SES brings all stakeholders together on one platform to enable a better understanding of Defence requirements. The summit also aims to facilitate
People walk through the rubble of the Prophet Younis Mosque after it was destroyed in a bomb attack by militants of the Islamic State, formerly known as the Islamic State in Iraq and the Levant (ISIL), in the city of Mosul, July 24, 2014. REUTERS A campaign by Sunni insurgents to establish an Islamic caliphate across Iraq and Syria and expel other Muslim sects and religions is […]
