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 […]
Smart solutions… to enable low-energy living Shifting focus to smarter products MANAMA, 1 days ago As the world advances to its urban future and the global population rises, so does the degree of waste thereby causing major environmental challenges – in some cases catastrophes, said an industry expert. A quick glance at the growth in waste numbers (from water to industrial refuse to plastics) shows an alarming […]
UAE Exchange… handling 7.9 million customers worldwide UAE Exchange remittances top $25 billion DUBAI, 1 days ago UAE Exchange, the leading global money transfer, foreign exchange and payment solutions brand, said it handled $25.4 billion in remittances in 2013 and has a share of 6.1 per cent of the global remittance volume. Celebrating the brand’s 34th anniversary, UAE Exchange said in a statement that, it currently handles […]
By Nantoo Banerjee It is very heartening that the government has, for the first time, equipped itself with a clear and comprehensive policy to ensure the growth and competitiveness of India’s less-cared micro, small and medium enterprises (MSMEs) sector. MSMEs are regarded as backbone of development even in highly industrialized countries, including Germany, Japan, France, the US and China. They are incubators of ideas and homes […]
By P. Sreekumaran THIRUVANANTHAPURAM: An unfortunate war of words and articles has erupted between the CPI and the CPI(M), which can only cause immense damage to the communist movement in the country. What makes it all the more saddening is that the angry exchange has come at a time when both the parties should be bending their energies towards strengthening the left, secular and democratic forces […]
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 […]
NEW DELHI: With a decade’s existence of the Electricity Act of 2003 doing precious little in infusing efficiency and competition into the sector, the government has proposed some key changes in the Act to remedy the situation and prevent the loss-ridden sector, which is struggling to meet the reformist conditions of a financial restructuring package (FRP), from plumbing fresh depths. The Union power ministry’s draft amendments […]
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. […]
Microsoft has taken a lot of heat for unpopular Windows releases and less-than-hip tablet roll outs, but apparently Redmond is doing plenty right. The company on Thursday announced $4.54 billion in net income, or 54 cents per share in earnings, on revenue of $23.2 billion for the third quarter, outpacing its competition. Cloud strength and hardware sales helped buoy the firm’s record earnings. The good financial news […]
U.S. stocks were lower in afternoon trading on Wednesday, with major indexes erasing earlier gains as a shooting at the Canadian parliament unnerved investors and Boeing and Biogen sold off following results. Indexes had traded in positive territory for much of the session, putting the S&P 500 on track for a fifth straight day of gains. Earnings initially drove the move higher, with technology and material shares […]
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 […]
NEW DELHI: In order to make India a better place to do business, the government is working to cut down the time for registering a business from 27 days to a single day. Towards this end, it has readied a raft of measures, such as, single registration for all labour laws, overhaul of tax systems, reduction in the number of permits required, easing up property registration, quick […]
MUMBAI: Foreign funds are buying more Indian corporate bonds as there is no sign that the $25-billion limit on government securities — close to being exhausted — is going to be raised. Overseas portfolio investors have used up nearly half the overall investment limit in corporate bonds compared with 37 per cent four months ago. But foreign portfolio investors, or FPIs, can invest another Rs 1,23,580 crore […]
The bear market in oil has analysts reassessing the U.S. shale boom after five years of historic growth. The U.S. benchmark price dropped to $79.78 a barrel on Oct. 16, the lowest since June 2012. At that level, one-third of U.S. shale oil production would be uneconomic, analysts for New York-based Sanford C. Bernstein & Co. led by Bob Brackett said in a report yesterday. Drillers would […]
By Praful Bidwai The contrast between India’s two recent science and technology (S&T) projects couldn’t have been starker. One, by delivering accurate early warnings about Cyclone Hudhud, saved thousands of human lives, and prevented destruction of property on a monstrous scale. The other put India’s Mars Orbiter Mission (MOM) Mangalyaan spacecraft successfully into a distant orbit around the planet—a technological achievement, but without much scientific, leave alone […]
Mumbai: After years of regulatory dithering, foreign and domestic institutions might look forward to entry into the commodity derivatives market. The Reserve Bank of India (RBI) and the Forward Markets Commission (FMC) are meeting next week to consider the proposal, suggested by a sub-committee of the Financial Stability and Development Council. Allowing domestic financial institutions such as banks and mutual funds was made by the commodities markets […]
NEW DELHI: Eighty-eight infrastructure and industrial projects, involving investment of nearly Rs 3 lakh crore – which is more than the Centre’s budgeted income tax collections for the current financial year – have become operational over the past few months. This will help in adding jobs and easing pressure on banks, which had lent to the projects that got stuck due to lack of government clearances. […]
New Delhi: The government on Monday allowed private companies in the defence sector to sell equipment to state-run entities without prior approval of the defence ministry, a move that could attract investments in the sector. The decision came after the government opened the sector for higher foreign direct investments (FDI) and relaxed compulsory licensing for a number of equipment. “The licencee shall be allowed to sell […]
The founder of drinks maker PIPER says an IPO would help bank roll the firm’s international expansion strategy. Piper Dubai-based PIPER is considering an initial public offering of shares to help fuel the “feel good” drink maker’s global growth plans. “We are looking at ways to raise new capital to expand the brand globally,” said PIPER Founder Jeremy Miocevic. A share sale would help fund the production […]
By S. Sethuraman As the slow-grinding economy enters the second half of fiscal 2015, a tinge of optimism pervades policy-making circles in Modi Government that recovery would now begin to gather some steam to hit at least a minimum of 5.5 per cent GDP growth, in a distinctly improving macro-economic environment. Prime Minister Narendra Modi has now put in place a new economic team to […]
New Delhi: The department of industrial policy and promotion (DIPP) has finalised proposed foreign investment policy reforms related to composite limits as part of efforts aimed at greater clarity and the plugging of loopholes. DIPP, the nodal agency for overseas investment policy, has readied a cabinet note incorporating suggestions from various government departments that had raised concerns over the stringent guidelines recommended for portfolio investment, especially in […]
NEW DELHI: Private power producers have raised several concerns over bidding norms for ultra mega power plants (UMPPs), particularly the design-build-finance-operate-transfer (DBFOT) model where lenders’ exposure to the project is not fully secured. Under the model, developers are required to transfer the power plant to the government at the end of the contract period, a provision that makes potential lenders jittery. Last week, Adani Power, […]
There were six in contention; four were dropped, and one became the Chosen One: The Rafale. In French, ‘Rafale’ poetically means a ‘sudden gust of wind.’ It was one of the six fighter aircraft in competition for the Medium Multi-Role Combat Aircraft, MMRCA, when the Indian Air Force wanted to acquire 126 polyvalent fighter planes. In April 2011, the IAF shortlisted two birds — […]
