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Local lenders in Saudi Arabia are dominating the market, prompting overseas banks to surrender their licenses as they struggle to compete, the chief executive officer of Standard Chartered (STAN) Plc in the country said. “International banks have found this market more challenging to find their edge and differentiate themselves enough to build a viable business,” Boutros Klink, chief executive officer of Standard Chartered Capital Saudi Arabia, said […]

A computer generated image shows the stadium to be built in Al-Khor for Qatar’s 2022 World Cup. Agence France-Presse/Getty Images It hasn’t exactly been smooth sailing for Qatar since it started preparations to host the World Cup football in 2022. Ever since the wealthy Gulf state won the rights to host the tournament in 2010, it has been the subject of bribery allegations while at the same […]

Shares of Abu Dhabi National Energy Co. (TAQA), which took an impairment of $858 million in North America last year, climbed the most in three weeks after it returned to profit in the second-quarter and said it plans to sell assets. The state-controlled utility, also known as Taqa, reported a second-quarter attributable profit of 239 million dirhams ($65 million), rebounding from a loss of 172 million a […]

London-based Gatehouse Bank is developing new business lines and widening its investor base as the Islamic wholesale lender looks to build a more stable revenue stream, its chief executive said. Gatehouse, one of Britain’s six full-fledged Islamic banks, is joining several of its peers in broadening its scope, after the country’s Islamic finance sector got a boost from the government’s first issue of an Islamic bond 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 […]

U.S. Actions in Iraq Fueled Rise of a Rebel An image of Abu Bakr al-Baghdadi, taken from a video of a sermon he gave in July in Mosul. By TIM ARANGO and ERIC SCHMITT August 10, 2014 BAGHDAD — When American forces raided a home near Falluja during the turbulent 2004 offensive against the Iraqi Sunni insurgency, they got the hard-core militants they had been looking for. They also picked up […]

A container ship in the Suez Canal near Ismailia port city, northeast of Cairo. Reuters The Suez Canal–one of the world’s vital trading routes–is set for the first major expansion in its 145-year history. Egypt’s ambitious multi-billion-dollar plan, which could nearly double the waterway’s capacity to 97 passing ships a day by 2023, has been largely welcomed by shipping industry executives and economists, albeit with some skepticism. […]

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ogNEW 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&

ByMichael Blair: There are three keys to long term success in maturing markets. Market share, market share and market share. This axiom is as old as the study of economics. Sidney Shoeffler at General Electric kicked of the Profit Impact of Marketing Strategy (PIMS) studies in the 1960’s, subject of very good read by Tom Peters and Nancy Austin. The extensive study was carried out through 1983, […]

Etihad Airways PJSC signed a 1.76 billion-euro ($2.4 billion) deal to purchase 49 percent of Alitalia SpA, giving the Gulf company access to one of Europe’s biggest travel markets and providing a lifeline to Italy’s unprofitable former flag-carrier. Etihad will invest 560 million euros in Alitalia, while existing core investors have approved a 300 million-euro capital increase and Italian financial institutions will supply the same amount in […]

Energy companies are taking their controversial fracking operations from the land to the sea — to deep waters off the U.S., South American and African coasts. Cracking rocks underground to allow oil and gas to flow more freely into wells has grown into one of the most lucrative industry practices of the past century. The technique is also widely condemned as a source of groundwater contamination. The […]

egNEW DELHI: The government will bring a Bill, amending the Central Electricity Act, in winter session of Parliament to improve the tariff policy and regulations in the power sector. The power ministry is working out different tariff structure for different times of the day for easy availability of power for maximum hours in electricity deficit areas. It will soon consult states over the issue as the tariff matter comes under the states’ domain.

 

Besides, the government has decided to promote domestic power companies to help increase solar power generation in the country. Announcing these decisions in Rajya Sabha, power minister Piyush Goyal said the government will allow only 100% indigenous domestic companies to participate in the

defNEW DELHI: The Obama administration will push for the stalled mega deals for M-777 ultra-light howitzers and Javelin anti-tank guided missiles (ATGMs) when US defence secretary Chuck Hagel comes visiting from Thursday.

 

There will be talks on ways to further bolster the already expansive strategic partnership, ranging from sharing of intelligence and cooperation on counter-terrorism to joint combat exercises, but the cornerstone will remain the US offer to provide India with “ground-breaking” weapon technology on par with its closest allies.

 

Having bagged defence deals worth over $10 billion over the last decade, the US is obviously hungry for more. Of the different co-development and co-prod

|TAP Special| Dubai is going ahead with plans to submit candidature to host the 2024 Olympics and is expanding sports facilities across the emirate as part of the move. “Hosting the Olympics is a dream. We hope to submit such a bid within the next eight years, God willing,” Ali Omar, the director of Dubai Sports Council (DSC) sports development department, said The bidding process for the […]

ByMark Hibben: On September 9, Apple (NASDAQ:AAPL) is widely expected to unveil two new iPhones, one with a larger ~4.7 inch screen and a “phablet” version with a 5.5 inch screen. The introduction of two completely new iPhones at the same time will mark a departure from the Jobs era of focusing on “just building the best device” to a more mature strategy of product diversification. Whether […]

by Christopher Morris Apple’s next generation flagship smartphone should hit the stores in early October After months of speculation, rumor and leaks, it finally seems that the iPhone 6 may be about to be unveiled. The Wall Street Journal is reporting today that Apple will unveil its next-generation smartphone at a special event on September 9. Apple follows typical strategy Although Apple Inc. (NASDAQ:AAPL) is currently declining […]

By Regarded Solutions: For many years now, I have been preaching about dividend growth investing to just about any investor who cared to listen. The foundation for a more secure financial future can be found by investing in mega cap, blue chip, dividend growth stocks. While no investment strategy could ever be perfect for everyone, dividend growth investing certainly has been shown to produce increasing income during […]

When Saudi Arabia started to seriously tackle its labor market problems a few years ago, it had to take decisions that made it quite unpopular with both businesses and the general public. The government argued that some tough measures must be taken even if they are painful. After decades of depending on low-paid foreign workers, it was clear that fixing the labor market would be difficult and […]

inNEW DELHI: The government is working on developing a bankruptcy framework to offer easier exit routes to sick companies while helping revive those with viable options, said Kalraj Mishra, the new minister for micro small & medium enterprises (MSMEs).

 

Another issue the ministry is dealing with is availability of land for industrial units. It is asking states to create land pools by listing out all unused land available with them.

 

“Entrepreneur bankruptcy framework will be developed to enable easy exit of sick units,” Mishra told ET. “It has been a major demand of the MSME sector for a very long time. The details will be worked out soon.”

 

SMEs employ close to 40 per cen

egNEW DELHI: The Centre is looking to move amendments to the Atomic Energy Act, 1962 to enable the licensing of three joint ventures proposed by state-owned Nuclear Power Corporation of India Ltd — with NTPC Ltd, Indian Oil Corporation and National Aluminium Company Ltd (Nalco) — to set up new atomic power projects in the country.

 

Amid concerns over India’s nuclear liability provisions holding up the deployment of imported Light Water Reactor-based projects in collaboration with global vendors, the proposal by NPCIL to strike joint ventures with cash-rich PSUs is being seen as an alternative strategy to tide over the paucity of funds and ramp up execution capability for new projects using the indigenous pressurised heavy water react

Britain declared war 100 years ago tonight , but some other countries had already begun. On July 29, a Hungarian painter, Béla Zombory-Moldován, was on holiday at the seaside resort of Novi, on the Croatian coast, then part of the Austro-Hungarian empire. Suffering from a hangover, he had slipped out in the early morning for a swim from the spit. The bathing attendant approached, and told him, […]

Dubai is once again proving to be the choicest destination for Saudis this summer, with hotels in the city showing 35 percent occupancy by them during the Eid Al-Fitr holidays, Al-Riyadh daily reported. The more than one-third occupancy of rooms by Saudis during the holidays complements the statistics revealed by Dubai tourism authorities that more than 2 million Saudis visited the city during the past six months, […]

egNEW DELHI: A visiting US team has told Indian negotiators it would link pacts on the power sector to the agreement the two countries draw on climate change and one would not happen without the other.

 

This message was conveyed by the US team to India in a meeting held with the power ministry on Wednesday. Power Minister Piyush Goyal and other ministry officials attended the meeting.

 

The US team, headed by Todd Stern, the US special envoy on climate change, also called on Environment, Forests and Climate Change Minister Prakash Javadekar in its bid to stitch an agreement on various climate change issues.

 

Sources said the meeting with the environment ministry focused on areas where the two countries

ogNEW DELHI: Petrol became cheaper by Rs 1.09 per litre in Delhi from Friday after state oil companies slashed the price of the fuel for the first time since mid-April because benchmark gasoline rates in the international market dropped.

 

Companies, however, raised the price of diesel by 56 paise in Delhi, helping to reduce the gap between pump and market rates by about Rs 1.50 per litre and increasing the prospects of deregulating the fuel soon.

 

If the trend continues, diesel pricing could be freed from state control in three months, government and industry officials said. Prices of diesel sold to bulk consumers such as the railways and state transport companies at market rates have been reduced, IOCsaid in a statement.

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