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FUEL SUBSIDY SYSTEM REVAMP LIKELY, ONGC GETS REASON TO CHEER

NEW DELHI: The government plans to tweak the system of calculating fuel subsidies to make ONGC’s public offer more attractive for investors. It plans to make subsidy sharing more predictable and transparent so that analysts can properly assess the ONGC’s earnings outlook.

Currently they are unable to assess the amount and the timing of the huge subsidy payout. This diminishes the interest of top institutions in the stock.

The oil ministry may soon approach the Cabinet to overhaul the fuel pricing system to incorporate some of the observations of the Comptroller and Auditor General of India, which recently submitted a report on the matter.

The pricing system has a direct impact on O

Middle East set to gain gold global market share

The Middle East will take a bigger share of gold demand as buyers from Kuwait to Saudi Arabia to the United Arab Emirates diversify investments and Dubai nears offering a contract for immediate delivery bullion. MKS (Switzerland) SA, a Geneva-based bullion trader and refiner, expanded into Dubai three years ago and employs 25 people there, with the gold trade an “important market,” said Frederic Panizzutti, chief executive […]

Israel’s Gaza Offensive Continues

Thousands of Israeli troops backed by tanks, aircraft and navy ships continued what appears to be a limited advance into the Gaza Strip on Friday, the second day of a ground invasion into the Palestinian territory. Palestinian medics say at least 21 Gaza residents have been killed since the start of the ground offensive, which has the stated aim of destroying tunnels militants have used to attempt […]

Israel, Hamas Agree to Brief Truce in Gaza

GAZA — Israel and Hamas militants have agreed to a United Nations request for a temporary cease-fire in Gaza on Thursday. The truce will last five hours to give Palestinian civilians a chance to restock supplies, repair damaged buildings, and get medical care. But Israel warns it will react if militants fire rockets during the truce. Palestinian officials say the death toll since Israel began its offensive […]

We won’t follow Dubai, says Singapore FM

Singapore is willing to accept slower growth as a trade-off for social stability as it aims to keep down the number of foreigners working in the city-state, Finance Minister Tharman Shanmugaratnam told Reuters. Over the past decade, Singapore’s economy has expanded by a 6.4 percent annual average. Tharman said that he would be happy if Singapore grew 3 percent a year, as long as growth was driven […]

GL Events exhibitions: The United Arab Emirates on the way to become THE hub for the Pool & SPA in the Middle East

United Arab Emirates, June 2014 – GL Events exhibitions, the organizer of Piscine Middle East exhibition has confirmed the attendance of  2 800 visitors during the second edition of Piscine Middle East held in Abu Dhabi from the 22-24th of April. Most part of these visitors was architects, developers and key buyers specialized in pool and spa industry. The event hosted visitors from 50 different countries. 88% […]

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 […]

Behind P.O.W.’s Release: Urgency and Opportunity

WASHINGTON — Weeks before a Black Hawk helicopter lifted off in the dying light of eastern Afghanistan, carrying with it an American soldier who had spent five years in the hands of the Taliban, American officials grew increasingly worried that Sgt. Bowe Bergdahl’s life might be in jeopardy. A video produced by his captors months earlier had shown him weak and dazed, and there was a growing […]

Former Ambassador to Syria Faults U.S. Stance Toward Rebels

BEIRUT, Lebanon — Robert S. Ford, who was United States ambassador to Syria when the country’s uprising began in 2011 and went on to carry out American policy from abroad on the ensuing civil war, has revealed that he gave up his post in February because he could “no longer defend the policy in public.” Mr. Ford made the remarks on Tuesday night on PBS NewsHour. A […]

Aldar retires $1.25 billion debt

|By TAP Staff|Aldar Properties  announced it has repaid a US$1.25 billion bond that matured at the end of May 2014 as the company pushes ahead with a strategy to deleverage, reduce its cost of borrowing and build a strong platform for growth. The bond that matured in May 2014 carried an annual interest cost of 10.75% and it was repaid using cash and by drawing down on […]

Air India seeks compensation from Boeing

Air India Ltd. said it’s demanding compensation from Boeing Co for delivering 787 Dreamliner aircraft that don’t meet promised fuel-efficiency targets because the planes are heavier than planned. Design changes made after targets were set meant some 787s are overweight, Air India Chairman Rohit Nandan said in an interview in Doha, Qatar. The Mumbai-based airline and the planemaker are negotiating a formula for compensation, which may be […]

NY fund raises $120m for GCC real estate

PineBridge Investments, a New York-based asset manager, said on Tuesday its Middle East unit had raised $140 million for a sharia-compliant fund that would invest in income-producing real estate assets in Gulf Cooperation Council countries. PineBridge Investments Middle East’s fund will acquire existing real estate assets that generate stable returns, with a focus on the logistics, social infrastructure and community retail sectors, chief executive Talal Al Zain […]

Emirati students win Dh45,000 each with unique gym idea

DUBAI // Two Zayed University students have won Dh45,000 each for their idea to open a gym for pregnant and elderly women. Sumaia Alharthi, and Shamma Alfahim, both 21, decided to enter the “Business for Better” competition as this was a good chance for their voices to be heard, said Ms Alharthi. The competition was aimed at encouraging young entrepreneurs, and eight universities from across the UAE […]

Qatar loss more reputational than economic

Qatar’s sizzling growth would slow if it lost the right to host the 2022 World Cup soccer tournament, but the tiny country is so rich that the impact on its economy and financial markets would be much smaller than the blow to its reputation. The Qatari stock market sank 1.1 percent on Monday, underperforming the region, after a British newspaper published what it said was evidence of […]

Abbas Swears In a New Palestinian Government

JERUSALEM — President Mahmoud Abbas of the Palestinian Authority swore in a transitional government on Monday intended to unify the West Bank and Gaza after seven years of division, though the run-up was marred by last-minute disputes over its composition. The move is likely to complicate further the Palestinians’ already fraught relations with Israel and put them under international scrutiny because the new government is supported by […]

Activists Protest Jordan Army Uprooting Bergesh Trees

A controversy over cutting down centennial trees to pave the way for building a military academy in one of Jordan’s shrinking forests is taking center stage once again. Environmental NGOs and activists held an emergency meeting Saturday to halt what they called an illegal chopping of trees by the Jordan Armed Forces in Bergesh forest, near the city of Ajloun – some 90kms north west of Amman. […]

Private Sector Key to Egypt Economic Turnaround – Citadel

Now that Egypt has held its elections, many in and outside the country will be turning to the new president to see how he plans to pull the domestic economy back from the brink. The economic challenges former army chief Abdel Fattah Al Sisi faces in many ways resemble those of Citadel Capital, one of Egypt’s foremost investment firms which itself is in the middle of a […]

Asian shares ride Wall Street optimism; dollar down

Asian shares edged higher on Friday, catching a lift from another record close on Wall Street, while the dollar groaned under the pressure of slumping U.S. yields. The S&P 500 index .SPX posted its third record closing high in four sessions, as investors shrugged off the first quarterly contraction of the U.S. economy in three years and focused on signs of a strengthening labor market. MSCI’s broadest […]

Average London Help to Buy buyer wage? £80,395

The property game: Help to Buy is also helping Londoners Photo: Justin Sutcliffe The Government is persistently defensive about its Help to Buy scheme, partly because the criticism has been so consistent. Two parts of the scheme have been rolled out by David Cameron in an attempt to improve the route to property ownership, or in his emotive words: “As prime minister I am not going to stand […]

Only our PM can lead the fight for a new-look European Union

David Cameron could place himself at the head of a movement to halt the European Union steam-roller and turn it around  Photo: EPA Earthquake or not, British politics has certainly undergone a seismic change over the past few weeks. Familiar landmarks have vanished, fresh features emerged, and the outlook has fundamentally changed. Let’s start with an intrusion into private grief, and take a long look at the […]

Egypt Elections: A Message in Spoiled Ballots

Egypt’s apparent low voter turnout in presidential elections could be driven by millions boycotting the process because of objections to the two candidates or simply by apathy to yet another ballot during a tumultuous three years. But wedged in between the boycotters and enthusiastic voters is a group that is carrying on the tradition of spoiling their ballots, often with poignant or whimsical messages to the state. Here’s […]

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 […]

UP plans cheap hotels in lap of luxury

In Dubai, a city known for some of the world’s most luxurious hotels and penthouses, developer Union Properties PJSC (UPP) is looking to tap demand from people who want to visit the emirate without breaking the bank. The company plans to build around 1,000 hotel rooms in the next five years to address a shortage in the middle- and lower-end of the market, managing director Ahmad Al […]

US airports: ‘menacing, cramped and devoid of humanity’

‘No country demand anything like the same assurances as the USA immigration authorities’ Photo: GETTY Having recently returned from the US, I feel obliged to offer a few thoughts about American transport. Because – certainly at Los Angeles and New York – something has gone very badly wrong. A lot of people complain about Heathrow and Gatwick but the truth is that we British have quietly set about […]