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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

du expects network sharing by year-end

Du, the United Arab Emirates’ second biggest telecoms operator, expects to offer Internet-based phone calls and broadband services across the country before the year-end in a network sharing deal with rival Etisalat that has been in the works since 2009.  This network sharing agreement is an important step for du, which ended Etisalat’s domestic telecoms monopoly in 2007, but which has since been limited to newer areas […]

COMMERCE DEPARTMENT REBUTS DIPP, PUSHES FOR FTAs

NEW DELHI: Rebutting the department of industrial policy and promotion’s (DIPP) contention that import surges due to bilateral free trade agreements (FTAs) harmed India’s manufacturing sector, the commerce department, part of the ministry to which the DIPP belongs, has said India needs to persist with the strategy of embracing such pacts to integrate itself more seamlessly to the world trade order.

In a letter to DIPP secretary Amitabh Kant, who has been vocal against FTAs and comprehensive economic partnership agreements (CEPAs), Rajeev Kher, his counterpart in the commerce department, said that instead of attacking (past) FTAs without any factual basis, it is better for the government to look ahead and use such partnerships for

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

SUBSIDY DEPENDENCE FOR DISCOMS OF 16 STATES MAY RISE SHARPLY, SAYS ICRA

NEW DELHI: The subsidy burden for distribution utilities of 16 states is estimated at Rs 72,000 crore, 17% higher than the previous financial year, due to higher costs and cheaper tariff for the farm sector, said ICRA in a recent note. The note states that state electricity regulators in 16 out of the 29 states have issued tariff orders for the current fiscal so far, attributing the delay partly to the recently-held Lok Sabha elections.

The rating agency noted that subsidy dependence for utilities in Maharashtra is likely to increase sharply by about 55% on a year-on-year basis in FY15 as a result of tariff subsidy of 20% announced by the state government, and also for Jammu & Kashmir where the subsidy burden is projected to rise

INDIAN OIL, BPCL, HPCL TO REVIVE PREMIUM PETROL BRANDS ON EXCISE CUT

MUMBAI: The state-run oil marketing companies (OMCs) plan to revive branded petrol such as IndianOil’s XtraPremium and Bharat Petroleum’s Speed, backed by aggressive marketing, to make the most of a significant excise duty cut announced in the budget.

Sales of branded petrol, which contain additives that enhance automobile’s performance, had plummeted in recent years as they became Rs 7-10 per litre more expensive than the regular fuel, forcing companies such as Hindustan Petroleum Corporation (HPCL), Indian Oil Corporation and Bharat Petroleum Corporation (BPCL) to pull out such products from most outlets. But with finance minister Arun Jaitley announcing a cut in central excise duty on branded petrol to Rs

Retailer Marka to list on DFM in September

Dubai retailing and restaurants group Marka plans to list its shares on the Dubai Financial Market (DFM) in the second week of September, in what would be the bourse’s first flotation for five years, the company said on Wednesday. New share issues dried up in Dubai when its financial crisis erupted five years ago and Marka’s float, which comes after its sale of shares to investors in […]

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

Saudis to open stock market to foreigners next year

Saudi Arabia plans to open its stock market, the Arab world’s biggest, to direct investment by foreign financial institutions in the first half of next year, the market regulator said on Tuesday. The opening of the Saudi market, capitalized at about $530 billion, is one of the most keenly awaited economic reforms in the largest oil exporting nation. The bourse would be one of the world’s last […]

Qatar stock rout creates opportunities to buy

The worst Qatar stock rout in nine months is creating a buying opportunity for some of the biggest Middle East investors, who say they’re undaunted by speculation the country will lose the right to host the 2022 World Cup. Emirates NBD PJSC, whose wealth management division oversaw about $2.1 billion at the end of 2013, says it’s looking to add stocks because any impact on corporate earnings […]

Saudi regulator clamps down on telco for disclosure default

Saudi Arabia’s market regulator has suspended trading in Etihad Atheeb after the landline operator failed to disclose sufficient details on a network sharing deal with Saudi Telecom Co (STC), according to a bourse filing on Thursday. Earlier on Thursday, Atheeb said it had signed a so-called Indefeasible Rights of Use (IRU) agreement that gives it access to 30,000 STC data connections for 15 years, with an option […]

Golan Diary: A View into Syria

A view of southwestern Syria in late April, from an Israeli lookout post in the Golan Heights. Israel has placed soldiers in the Golan to stand guard against any Syrian attack. Nicholas Casey/The Wall Street Journal GOLAN HEIGHTS—Each morning after sunrise, soldiers from the Israel Defense Forces stand on a hill and look into their binoculars over two parallel fences topped in barbed wire that stretch out […]

GCC seen headed for IPO boom

Initial public offers of equity in Gulf Arab countries are set to boom, helped by lighter regulation and legal reforms as governments seek to diversify their oil-dependent economies, according to one of the region’s top IPO lawyers. An exemption from Dubai IPO rules granted by regulators to real estate giant Emaar Properties, which will permit an offer worth up to $2.45 billion, is a sign of the […]

Quips at the ready, the former premier is a man transformed facing a fight that he can win

By Alan Cochrane, Scottish Editor 8:59PM BST 03 Jun 2014 A FUNNY thing happened to me on my way to save the Union yesterday; Gordon Brown cracked a joke and everyone laughed. Mind you, there was a bit of a delay, a sort of double-take, whilst the people in the room – assorted Labour politicians and reporters – worked out if their ears had deceived them or […]

Apple to help ‘keep’ good health

Apple Inc on Monday took the wraps off mobile applications that pool and analyze health and home data, kicking off an annual developers’ conference lacking in big surprises, despite hopes the iPhone maker would offer a glimpse into its secretive pipeline of products. Apple Chief Executive Tim Cook and software-engineering boss Craig Federighi told several thousand developers about new features that come with the latest “Yosemite” Mac […]

Banker-turned-bookie is World Cup betting king

Inside a nondescript office building in central London, a roomful of men and women sit at computer screens and talk over Skype with people in faraway places. Sharp-edged Cantonese fills the air, and a flat-screen TV emits a continuous din. It’s the chanting, singing Midlands crowd at Birmingham, England’s Villa Park Stadium: Liverpool at Aston Villa. The match has just kicked off. The name of the company, […]

FBI probes billionaires for insider trading

The U.S. Federal Bureau of Investigation and the Securities and Exchange Commission are investigating possible insider trading involving billionaire investor Carl Icahn, golfer Phil Mickelson and Las Vegas gambler William Walters, a source familiar with the matter said. Federal investigators are looking into whether Mickelson and Walters may have traded illegally on private information provided by Icahn about his investments in public corporations, the source told Reuters, […]

Funds cut UAE, Qatar exposure

A substantial number of Middle East funds intend to cut their exposure to stocks in the United Arab Emirates and Qatar, shifting money to less richly valued markets such as Saudi Arabia, a monthly Reuters survey showed. Shares in Dubai, Abu Dhabi and Qatar have surged over the past 12 months in anticipation of those markets’ upgrade to MSCI’s emerging market index, which will take place at […]

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 […]

Arabtec Owners Up Stakes Ahead of MSCI Upgrade Implementation

The main shareholders of U.A.E. construction giant Arabtec Holding are consolidating their control over the company as the country’s stock markets prepare for the implementation of an upgrade to emerging-market status by stock-index provider MSCI. Arabtec chief executive Hasan Ismaik raised his stake from 8.03% to 21.46% by buying shares on the market, the company said in an emailed statement Wednesday. This follows a move three years […]

CEO invests $1b in Arabtec as equity

The chief executive of Arabtec Holding has raised his stake in the Dubai-based contractor to 21.46 percent, the company said, in an investment worth about $1 billion which it described as a vote of confidence in the group’s prospects. Hasan Ismaik, who has been leading a growth strategy at the company since taking charge early last year, bought the shares because of “his strong belief in the […]

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 […]

Qatar raises foreign ownership level before MSCI upgrade

Qatar raised the foreign ownership limit for shares listed on Doha’s stock exchange, less than a week before an MSCI Inc. upgrade to emerging market status. The benchmark index rose. Investors outside the six-nation Gulf Cooperation Council will be able to hold as much as 49 percent of a company listed on the Qatar Stock Exchange after Emir Sheikh Tamim bin Hamad Al Thani gave instructions to […]

Etisalat Gets $500 Million Abu Dhabi Grant for Maroc Telecom Stake Buy

It’s every chief executive’s dream: make a potentially game-changing acquisition and your biggest shareholder gives you a massive no-strings-attached grant to help seal the deal. That’s the reality Etisalat enjoys after the Abu Dhabi government gave the telco a $500 million grant to complete the $5.65 billion purchase of Vivendi SA’s 53% stake in Maroc Telecom, according to a new bond prospectus. “In connection with the acquisition, the group […]