A judge in the Dubai International Financial Centre (DIFC) court approved on Sunday an application to liquidate ES Bankers (Dubai) Ltd (ESBD), the latest collapse of a unit of the Portuguese Espirito Santo family’s empire. Espirito Santo’s problems have mounted since accounting irregularities were identified at one of its holdings earlier this year, leading to a 4.9 billion euro ($6.3 billion) bailout for Banco Espirito Santo, formerly […]
The new Rera service charge index is focusing attention on the vast differences in the charges property owners in different areas of Dubai are being asked to pay for services. The index, which was launched by the regulatory arm of the Dubai Land Department last week, compiles a list of itemised annual service charges for 300 individual buildings located in 22 major developments. According to calculations by […]
NEW DELHI: The Narendra Modi government made a volte face of sorts on Friday when it cited the same reasons that the previous Congress-led regime had given to keep secret the names of people who have allegedly stashed black money in overseas accounts. In an application to the Supreme Court, which had directed the government to reveal those names, the government said such a step would […]
NEW DELHI: India is likely to next month sign a deal to lay an oil pipeline to Nepal for supply of petrol, diesel and ATF, said Sunil Kumar Thapa, Commerce Minister of the Himalayan nation. Prime Minister Narendra Modi during his visit to Nepal in August had “assured that India will assist in putting up a pipeline,” he told reporters after meeting Oil Minister Dharmendra Pradhan […]
David Wolf, a fund manager at Fidelity Investments in Toronto, says equity spasms such as those that shook global stocks this week scare professionals as much as everyone else. “My dad has been quite panicky,” Wolf said of his father, Bernard, a retired economics professor from Canada’s Schulich School of Business. “He knows what markets are all about and he knows what the economy is all about, […]
Syrian Kurdish refugees wait behind the border fences to cross into Turkey near the southeastern Turkish town of Suruc on Friday. Reuters SURUC—Some 1,000 people fleeing Islamic State insurgents in Kobani, remain stranded in a no-man’s-land at the Turkish-Syrian border. Some have been sleeping in their vehicles for a month, waiting for the fighting around the city to end, meanwhile risking their lives. Cars, taxi cabs, trucks, […]
By Subrata Majumder Paradoxically, while Prime Minister Narendra Modi succeeded in persuading the Japanese and Chinese investors, he failed to influence the big American investors. Instead, his political wave and speech impelled the Indian Diaspora only. While a number of billion dollar projects were signed during his visit to Japan and the Chinese President Xi Jinping’s visit to India, no major deal was signed during his […]
New Delhi: Oil companies’ gains on diesel sales jumped 87 per cent within a fortnight on a historic slide in global crude prices. Their profits from diesel, recorded for the first time ever, continue as the government delays a decision on deregulating its price. “The over-recovery on high-speed diesel (HSD), applicable for the second fortnight effective October 16, is now Rs 3.56 per litre. The over-recovery […]
NEW DELHI: DRDO is developing an air-launched version of the 1,500-km-range Nirbhay sub-sonic cruise missile which would be capable of being fired from the Air Force’s frontline Su-30MKI combat aircraft. “This Nirbhay missile would be capable of being used from air, land and ships and submarines. An air-launched version of the missile is also being planned,” DRDO chief Avinash Chander told PTI here. He said […]
Asian stocks clawed back some of this week’s losses on Friday after a solid set of U.S. data calmed turbulence in global financial markets, though underlying worries about slowing world economic growth kept investors on edge. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS gained 0.2 percent, though it is likely to log its sixth straight week of losses with a fall of 0.5 percent so […]
An advertisement by the highway outside Dubai’s massive Jebel Ali Port tells firms they don’t need to ship goods through the Strait of Hormuz, the traditional gateway to the Gulf. Instead they can have goods delivered to a port in Oman, outside the Gulf, and bring them into the region by road. “Why go through the Strait when you can go straight to the Gulf,” the billboard […]
NEW DELHI: The telecom regulator has proposed to set the base price of 1800 MHz band in the upcoming spectrum auctions at 10% more than the previous round, a recommendation that operators and analysts say is likely to hurt an industry that is laden with debt and facing an uncertain business environment. The Telecom Regulatory Authority of India (Trai) has suggested Rs 2,138 crore as the […]
NEW DELHI: To expedite infrastructure projects — road and rail — along the border with China for strategic reasons and also for better connectivity, principal secretary to Prime Minister has called a meeting of top officials of key ministries such as defence, rail and road, head of Border Roads Organization (BRO), national security adviser and others on Thursday. Sources said the agenda of the meeting to […]
Children sit in their classroom in Dubai. IPO candidate Amanat is betting that healthcare spending and student enrolments in the Gulf will continue to grow rapidly. Agence France-Presse/Getty Images As U.A.E.-based greenfield company Amanat prepares to launch its initial public offering in Dubai next week, its target sectors healthcare and education appear increasingly crowded. Amanat is hoping to raise $374 million from investors, funds it will mainly […]
Still haunted by its failed attempt to prevent a steep drop in oil prices by slashing production by almost three quarters in the 1980s, the world’s top oil exporter Saudi Arabia is determined not to make the same mistake again. The oil glut of the 1980s, the early days of the modern crude market and a distant memory for most traders, has resurfaced recently in conversations with […]
By S. Sethuraman A global economy, wobbling six years after the financial market crash of 2008, cannot need anything better than a firm commitment of the world’s financiers to build a more robust, sustainable, balanced, job-rich economic order. Global unemployment is at its all-time peak, especially in Europe and large parts of developing world. Finance Ministers of 188 nations met at the 2014 Annual Meetings […]
Stock markets across the Middle East tumbled on Sunday, led by Dubai and Saudi Arabia where the main indexes sank 6.5 percent, as declines on global bourses and falling oil prices sparked a broad sell-off in the region. Global markets took a big hit on Friday as investors fled to the safety of government bonds after a raft of weak indicators from Europe and China collided with […]
By BRIAN KNOWLTON October 12, 2014 WASHINGTON — Fighters for the Islamic State were managing to blend in with disenfranchised Sunni populations in some Iraqi towns and villages near the capital, raising the chances of militant attacks against targets in Baghdad, President Obama’s top military adviser said on Sunday. “I have no doubt there will be days when they use indirect fire into Baghdad,” the adviser, Gen. Martin E. […]
Iran will sell its oil to Asia in November at the biggest discount in almost six years, matching cuts by Saudi Arabia as global crude benchmarks slide deeper into a bear market. State-run National Iranian Oil Co. cut official selling prices of its crude to buyers in Asia for November, two people with knowledge of the pricing decision said yesterday. The decrease came a week after Saudi […]
Egypt consumer inflation fell to 11.1pc in Sept CAIRO, 2 days ago Egypt’s annual urban consumer inflation fell to 11.1 percent in September from 11.5 percent in August, the official statistics agency CAPMAS said on Thursday. Egypt’s economy has been in turmoil since a popular uprising ousted autocrat Hosni Mubarak in 2011, deterring tourists and foreign investors and straining the country’s finances and foreign reserves. Annual inflation […]
Hugh Grant in Four Weddings and a Funeral Photo: Alamy Anyone who thinks Hugh Grant is not an accomplished actor is surely underestimating how difficult it is to do light comedy. It’s harder than drama, but the secret is making it look effortless, and effortless performances are rarely appreciated – it’s the showy mannerisms and thundering speeches that win awards, not comic timing (which you only notice when […]
October 10, 2014 Open Source By ROBERT MACKEY The American-led coalition’s bombing campaign against Islamist militants in Syria has focused new attention on the Westerners among their ranks. In television interviews broadcast this week, American, Australian and Dutch citizens who traveled to Syria to take part in the jihad against President Bashar al-Assad’s government expressed bitterness at the airstrikes their nations have carried out against Islamist rebels. […]
By Ashis Biswas KOLKATA: There are no two opinions about it: unless the Indian government cracks down hard on the unholy nexus between the Trinamool Congress (TMC) and the Bangladeshi Jamat-e-Islami, India’s regional foreign policy objectives will be seriously compromised. The recent accidental explosion at a house in Khagraghar, Burdwan town, where Muslim extremists with Bangladeshi links had set up an explosive manufacturing centre and […]
Video | Fighting Rages in Syrian Border Town President Recep Tayyip Erdogan of Turkey warned that the Syrian border town of Kobani might fall to Islamist militants as fighting intensified between Kurdish rebels and Islamic State fighters. By KARAM SHOUMALI and ANNE BARNARD October 7, 2014 MURSITPINAR, Turkey — President Recep Tayyip Erdogan of Turkey said Tuesday that the Syrian border town of Kobani, under siege from Islamic State fighters, was […]
