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Struggling foreign banks surrender Saudi licence

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 […]

Oil prices most stable since 1971

|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 […]

Fitch affirms Abu Dhabi at ‘AA’; Outlook Stable

LONDON, August 15 (Fitch) Fitch Ratings has affirmed Abu Dhabi’s Long-term foreign and local currency Issuer Default Ratings (IDR) at ‘AA’. The Outlooks are Stable. The issue ratings on Abu Dhabi’s senior unsecured foreign and local currency bonds have also been affirmed at ‘AA’. The Short-term foreign currency IDR has been affirmed at ‘F1+’. The UAE Country Ceiling has been affirmed at ‘AA+’; this Ceiling also applies […]

‘Scaremongering’ about NHS is Salmond’s last gamble

Alex Salmond is taking refuge in scare stories about the NHS  Down in the Salmond-bunker things are getting desperate. Assailed on all sides by, in no particular order, falling opinion poll ratings, senior colleagues who’ve lost confidence in him, a hammering at Alistair Darling’s hands in last week’s TV debate, the man in charge of the campaign to break up Britain is struggling to keep his head […]

Relaunched Indian Rupee contract picks up on DGCX

|By TAP Staff|The re-introduced Indian Rupee Options contract is picking up on DGCX. The Indian Rupee Options contract which was re-introduced on July 18 traded 343 contracts, according to the exchange. Indian Rupee Futures grew 22 percent from last month, while Mini Indian Rupee Futures rose 3 percent. Among the other currency pairs, British Pound, Australian Dollars and Yen Futures, grew 45 percent, 47 percent and 7 […]

India in possession of secret black money data

|TAP Special| In its effort to unearth black money stashed away abroad, India has received data on over 24,000 instances of alleged tax evasion and dubious funds which has been detected in foreign shores in the last financial year, the Economic Times reported. These cases are now under investigation by the taxman even as the Special Investigation Team (SIT) on black money has set its eye on […]

Investor confidence unshaken by Iraq fighting

|TAP Special|Fighting in Iraq has had little impact on the overall market confidence in the Gulf as investors do not see any direct impact on the GCC, as a result of which currency forwards and credit default swaps have not risen. But several Gulf stocks with exposure to Iraqi Kurdistan could face fresh pressure in coming days. Abu Dhabi National Energy Co (TAQA) has announced suspension of […]

STATE BANK NET UP 3.3% AS BAD LOAN PRESSURE EASES

Mumbai: After witnessing decline in profit for six consecutive quarters, State Bank of India (SBI), the country’s largest lender, reported 3.3 per cent net profit growth to Rs 3,349 crore for the quarter ended June, compared to Rs 3,241 crore in the corresponding period of last year. Arundhati Bhattacharya, Chairman, SBI, said: “Pressure (on asset quality) appears to be subsiding. But we need to see a pick-up in the economy to see appreciable changes in asset quality.” Net interest income grew 15 per cent to Rs 13,252 crore and fee income growth was 11 per cent to Rs 2,837 crore, though there was a fall in treasury income. The profitability got a boost of Rs 6,000 crore from sale of stressed assets to asset reconstruction companies (ARCs) during the q

NDA EASES GREEN RULES TO PUSH INVESTMENTS

NEW DELHI: Through a quick series of notifications, the Union environment ministry has eased rules for mining, roads, power and irrigation projects and other industrial sectors. It has diluted a host of regulations related to environment, forest and tribal rights. Besides, sources in the ministry say, more changes in regulations are in the pipeline.

Environment Minister Prakash Javadekar had earlier done away with the requirement of public hearing for coal mines below 16 million tonnes per annum (mtpa) wishing to expand output by up to 50 per cent. This has now been extended to mines above 16 mtpa, permitting them to mine up to five mtpa more without consulting affected people. Public hearings, the only occasion when affected people are

Offline UAE yellow pages app launched

|By TAP Staff| A Dubai-based company has launched the UAE’s first offline business directory for Smart phones, named Call UAE, which can work without an internet connection or a mobile network. With over 400,000 listings and more than 5,000 search categories, Call UAE is claimed to be the only “patented” offline Search Engine for Business Data in the UAE. can work without an internet connection or a mobile […]

Egypt plans Suez parallel channel

Egypt plans to build a new channel parallel to the Suez Canal in a 60 billion Egyptian-pound ($8.4 billion) venture to boost capacity at the vital global waterway, marking a new era of regeneration after the 2011 revolution. Construction of the new passage is scheduled to take three years, though President Abdel-Fattah El-Sisi has ordered it to be completed in a year, Mohab Mamish, head of the […]

GOVT OPEN TO MINOR CHANGES IN INSURANCE BILL

New Delhi: Finance Minister Arun Jaitley on Monday said the government was open to accommodating minor modifications to the Insurance Laws (Amendment) Bill, 2008, so that it could be passed in the current session of Parliament. He also said calling a joint session of Parliament was a real option if the Bill was defeated in one of the Houses. After an all-party meeting failed to break the deadlock on the issue between the government and Opposition, Jaitley on Monday reached out to the Congress. But the Congress continued to insist the Bill be sent to a select committee of Parliament, as it now was much changed from the one the United Progressive Alliance (UPA) government had tabled in the Rajya Sabha. The party added it would be willing to support the legisl

Advantage Dubai: Singapore is losing shopping charm

|TAP Special| Dubai stands to gain from a changing shopping profile of Singapore as strengthening exchange rate, rising labour costs and sales tax are putting foreign shoppers at a disadvantage in the island city state. Reports already suggest a marked drop in tourist arrivals, particularly from China. Dubai retailer Al-Futtaim has closed its stores for brands including Shana and Vince Camuto in Singapore, and is closing Mango […]

INDIA GAVE BEFITTING REPLY TO PAKISTAN AFTER BEHEADING INCIDENT: GEN BIKRAM SINGH

NEW DELHI: Outgoing Army chief General Bikram Singh on Thursday said that India has given a befitting reply to Pakistan after the beheading of an Indian soldier by Pakistani troops in 2013 along the Line of Control (LoC) even as he did not rule out the possibility of skirmishes on the western front in future.

Talking to reporters before demitting office, he admitted that face-offs between Indian and Chinese army soldiers take place while patrolling their ‘claimed areas’ along the Line of Actual Control (LAC) but they are dealt with in accordance with the existing mechanisms.

Asked if India had given a befitting reply after the January 8, 2013 beheading incident, he said, “It has been done. Please

FM MAY BRIEF RBI BOARD ON STEPS TAKEN TO CUT DEFICIT, NEED TO LOWER RATES ON AUGUST 9

New Delhi: Finance minister Arun Jaitley will address the board of the Reserve Bank on August 9 amid expectations that the central bank will complement government actions by reducing rates to boost growth. “The meeting has been scheduled for August 9 where he would be addressing the board members and talk about announcements made in the Budget to perk up growth,” a source said. Jaitley is likely to inform the RBI board about the steps taken to contain the fiscal deficit and may underline the need to reduce interest rates to promote growth. It has been a custom that the finance minister addresses RBI board, consisting of RBI governor and existing three deputy governors, after the Budget. The meeting comes in the backdrop of the persistent high food

NEW MFI BILL AFTER CONSULTING STATES: JAITLEY

New Delhi: The government will come up with a new Bill to regulate the micro-finance institutions after consultation with states, finance minister Arun Jaitley told Lok Sabha on Friday. “We have started the consultation process with everyone, including state governments, to prepare a new Bill,” he said. The Micro Finance Institutions Development and Regulation Bill, 2012, was introduced in Lok Sabha on May 22, 2012, and was referred to the Standing Committee, which submitted its final report on February 17, 2014. The committee had urged the government to have wider consultations with state governments and stakeholders and bring forth a fresh legislation before Parliament, he said. The Bill lapsed due to the dissolution of Lok Sabha and shall have

MONTHLY LIMIT OF ONE SUBSIDIZED CYLINDER PER HOUSEHOLD MAY GO

New Delhi: The National Democratic Alliance (NDA) government plans to do away with the limit of one subsidized cooking gas cylinder per household.

The move comes before assembly elections in Maharashtra, Haryana, Jammu and Kashmir, Delhi and Jharkhand slated to happen later this year.

The issue is expected to be taken up soon by the Cabinet Committee on Political Affairs (CCPA).

To reduce its subsidy bill and cut the fiscal deficit, the previous United Progressive Alliance (UPA) government had restricted the number of subsidized domestic cylinders per household to six every year in September 2012, revising it to nine the following January. The cap was revised in January 2014 to 12 cylinders pe

RBI RAISES FII SUB-LIMIT IN GOVT BONDS BY $5 BN

Mumbai: 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

Etisalat bond may set record for tight pricing

An impending bond issue by Abu Dhabi-based telecommunications firm Etisalat may not only be the region’s largest deal so far this year, but also set a record for tight pricing as the Gulf becomes more of a mainstream investment destination. Etisalat’s debut bond will replace some of the debt used to fund its 4.2 billion euro ($5.7 billion) purchase of a majority stake in Morocco’s Maroc Telecom […]

Too Many Ports, Not Enough Trade in the Middle East

An aerial view of Khalifa Port in Abu Dhabi Reuters Capacity at seaports and airports in the Middle East is growing faster than regional trade, potentially jeopardizing the viability of billions of dollars worth of new investment in transportation infrastructure. Government-led investment in regional logistics and transport has taken off in the past decade, driven by energy-rich Gulf Arab countries trying to carve out a niche as […]

Etisalat picks banks for bond issue

Etisalat has added four banks to the list of bookrunners for its potential debut bond, which could include dollar and euro-denominated paper of up to 12 years duration, banking sources said on Monday. The mainly state-owned company added Bank of Tokyo-Mitsubishi UFJ, Morgan Stanley, National Bank Of Abu Dhabi and Natixis as passive bookrunners, three sources said, speaking on condition of anonymity as the information is not […]

Iran art market thrives despite sanctions

Iran’s smart set turned out in force for this year’s Tehran Art Auction, spending a record amount as the country’s modern and contemporary art scene thrives despite economic sanctions. The annual event on Friday was a sell-out, raising $5.1 million from the auction of works by Iranian artists, more than double the amount fetched last year. While Western sanctions since 2010 on Iran’s oil and financial sectors […]

With BRIC on wall, it may be time to enter India

Although the world’s largest democracy has been hobbled by inflation, a declining currency and difficult business environment, the pro-business Bharatiya Janata Party that just won an epic election in India has engendered optimism that the country can turn around its sagging economic scenario. It’s time to increase your exposure to India’s stock market. The timing is good with equities in India perking up of late, something that […]

Rupee falls on intervention fears

India’s rupee fell the most in a month on speculation the central bank intervened to curb gains that threaten exports, while importers stepped up dollar purchases to pay month-end bills. The rupee has gained 2.8 percent this month in Asia’s best performance on optimism a new government will step up efforts to revive the economy. Narendra Modi will be sworn in as India’s prime minister today after […]