NEW DELHI: The Centre has prepared a detailed roadmap in consultation with states to make India “diesel generator and inverter free” in the next five years, and fulfill the Narendra Modi government’s promise to provide 24×7 power to every home, factory and farm and put the country back on the high-growth trajectory. Power, coal and renewable energy minister Piyush Goyal recently held meetings with ministers of […]
|By TAP Staff| Tecom Investments, a unit of Dubai Holding has mandated banks to raise a syndicated loan, with two banking sources saying the facility would be worth 4 billion dirhams ($1.1 billion). The banks are Citi, Dubai Islamic Bank , Mashreq, Abu Dhabi Commercial Bank and Noor Bank. Tecom Investments is expected to use the proceeds for its growth plans, while some of the cash will […]
The shine may be wearing off for high-end real estate investments by sovereign wealth funds, according to a new report, a consequence of perceived market frothiness and increased competition for property assets. Sovereign wealth funds collectively closed $5.9 billion in real estate deals in the first half of this year, according to the report from Institutional Investor’s Sovereign Wealth Center. That was a 43% decline in value […]
Dubai’s luxury hotel segment is just the tip of the iceberg in terms of business opportunities, says Accor CEO Sebastien Bazin. Reuters Dubai has always had a penchant for luxury hotels and some of the best-known ones such as the sail-shaped Burj al Arab have come to be an integral part of the city’s skyline. As Dubai’s economy has firmly picked up again following the infamous 2009 […]
MUMBAI: Leading public sector banks have lowered some of their term deposit rates by up to 100 basis points as credit growth remains sluggish and liquidity in money markets has improved (100 basis points = 1 percentage point). The lenders who reduced deposit rates recently include the Bank of Baroda, Bank of India and Andhra Bank. The State Bank of India, ICICI Bank and Central Bank of […]
Dubai redeemed $1.93 billion of Islamic bonds that were sold in 2009 before the emirate roiled global capital markets by seeking to freeze debt payments. The government settled a 2.5 billion-dirham ($681 million) sukuk and a separate $1.25 billion security complying with Shariah that matured today, the state-run WAM news agency reported. The yield on Dubai’s dollar-denominated Islamic bonds due in January 2023 fell two basis points […]
By S. Sethuraman Tamil Nadu political scene is now astir, with BJP and other state-level parties looking ambitiously for a hold on power through new alignments in the run-up to the 2016 Assembly elections, and thus hoping to open a new chapter in the State’s chequered politics, hitherto dominated by two Dravidian majors alternately. Undoubtedly, political space dramatically opened up in the wake of the […]
New Delhi: Output of core industries grew at an eight-month low of 1.9 per cent in September, down from 5.8 per cent in August, indicating overall industrial production will be subdued. This could have repercussions on the gross domestic product for the second quarter. Official data showed on Friday infrastructure industries had slowed down the most since January when production grew 1.6 per cent. Output had […]
By Kalyani Shankar Will Delhi go for fresh polls or is the BJP in a position to give a stable government? After the people of Delhi chose a hung Assembly, the Capital does not have a popular government since 17 February when the Aam Aadmi party chief Kejriwal resigned as chief minister claiming he was not allowed to get the Jan Lokpal bill passed. Now grapevine […]
Alongside the Dubai Mall, one of the world’s largest shopping centers, sits an ersatz version of what would be an authentic retail experience in most Persian Gulf cities: an Arab souk. If, in the evening, you stroll through this air-conditioned, hassle- and haggle-free caricature of a market, staffed mostly by smiling South Asians, you can amble out onto the shores of man-made Burj Khalifa Lake, named after […]
By S. Sethuraman Entering the sixth month post-bifurcation, Telengana and the truncated Andhra Pradesh are still in such unsettled conditions that governance and credibility are at a discount in the new State of Telengana while Seemandhra, battered recently by a super-cyclone, faces baffling problems of land acquisition for capital-building and fiscal management. Both states are in massive budget deficits and have vainly looked to the Centre […]
Look at computer models for the Venice-like Arabian Canal proposed for central Dubai, or the plans for the world’s biggest shopping mall, and it seems as if the collapse of the United Arab Emirates real estate market six years ago never happened. Citibank estimated earlier this year that there were already two thirds of a trillion dollars worth of construction projects underway in the UAE. That was […]
Iraqi Kurdish peshmerga fighters are headed to Kobani to help Syrian Kurds who have been fighting Islamic State militants since September for control of the town just south of the Turkish border. Saleh Moslem, co-chairman of the Kurdish Democratic Union Party (PYD), told Reuters that some peshmerga fighters were expected to arrive in Kobani late Tuesday. Kurdish officials said 80 fighters, equipped with artillery and machine guns, […]
By Praful Bidwai With its impressive performance in the Maharashtra and Haryana Assembly elections, the Bharatiya Janata Party has clearly reconfirmed its status, established by the Lok Sabha elections, as the principal pole or central point of reference in Indian politics. Behind its latest success, and not least its marginalisation of established regional parties in the two states, lie medium- and long-term factors which are likely to […]
IMF Middle East director Masood Ahmed says risks associated with Dubai’s property market have decreased, in part due to steps taken by local authorities to stamp out speculation. Reuters A recent surge in Dubai real estate prices has become less of a worry for the International Monetary Fund, its Middle East director said Monday, reversing his earlier calls for additional reforms to prevent another market bubble. An […]
NEW DELHI: After clarity on natural gas prices and an ordinance on coal, the government is set to decide on pooling of imported and domestic fuel prices to help stressed power stations with a combined capacity of 91,000 mw generate electricity that’s badly needed as India tries to revive its economy. The Cabinet Committee on Economic Affairs is likely to decide on pooling gas and coal prices […]
FRANKFURT: Twenty-five banks including Italy’s Banca Monte dei Paschi di Siena SpA failed a stress test led by the European Central Bank, which said almost half of them must act to raise more capital. The central bank in Frankfurt identified a 25 billion-euro shortfall ($32 billion) for the region’s lenders, and said 12 of them have now raised enough funds. Eleven banks need more capital, including Monte […]
Kuwait’s privately owned Jazeera Airways is preparing to bid for a big stake in state-run flag carrier Kuwait Airways, Jazeera’s chairman told Reuters. If the deal goes through, it will be a sign that the business scene is changing in the Gulf. For several decades, Gulf Arab economies have been dominated by the heavy hand of the state. Governments’ huge oil revenues have eclipsed private sector activity. […]
News Analysis By DAVID D. KIRKPATRICK October 24, 2014 CAIRO — The British police arrest four men accused of plotting a bombing on the scale of the Mumbai hotel attack six years ago. The Australian authorities arrest a ring of 12 accused of plotting daring murders, including a public beheading. In Canada, a gunman assaults the Parliament building and kills a soldier guarding a war memorial, and a motorist strikes […]
Emirates NBD… aided by a fall in provisioning Emirates NBD Q3 net profit doubles DUBAI, 3 days ago Emirates NBD, Dubai’s largest lender, made a net profit of Dh1.56 billion ($424.7 million) in the third quarter (Q3) of the year aided by a fall in provisioning, compared to Dh775 million ($211 million) in the same period last year. The earnings of the lender, 55.6-per cent owned by […]
The Dubai government has borrowed more than 100 billion U.A.E. dirhams ($27.24 billion) from Emirates NBD as of the end of the third quarter, according to the bank’s most recent financial statements, underscoring the extent to which the emirate has come to rely on its biggest lender for financing after the global recession. Emirates NBD, which is majority-owned by the Dubai government through the Investment Corporation of […]
Emirates NBDs lending to the Dubai government has increased despite recent attempts by regulators to rein in local banks exposures. Bloomberg News The Dubai government has borrowed more than 100 billion U.A.E. dirhams ($27.24 billion) from Emirates NBD as of the end of the third quarter, according to the bank’s most recent financial statements, underscoring the extent to which the emirate has come to rely on its […]
By Kalyani Shankar The BJP is jubilant after its spectacular success in Maharashtra and Haryana Assembly polls this week. Coming as it does on the heels of the recent impressive Lok Sabha victory, the BJP can claim that the momentum as well as the Modi magic is intact. The Congress on the other hand is demoralized further after its humiliating defeat in both the states. There is […]
By G. Srinivasan The upcoming G-20 Heads of State meeting in Brisbane, Australia in mid-November is being convened when urgent policy actions from major economies, advanced and emerging, call for coordinated and focused approach to get the world economy out of the anemic recovery. Latest economic data from global financial institutions such as the World Bank, the IMF, OECD and the WTO do not inspire hope that […]
