NEW DELHI: A few weeks before the Reserve Bank of India announces the monetary policy, Finance Minister Arun Jaitley has made his preferences clear in the raging debate over whether governor Raghuram Rajan should cut interest rates on December 2. “Reduction in the cost of capital will give a good fillip to the Indian economy,” Jaitley said at the Citi Investor Forum, but added that the decision […]
Brisbane: DRIVEN by a strong domestic political agenda of getting black money back home, Prime Minister Narendra Modi on Sunday managed to get the Group of 20 include a certain clause in the final Leaders’ Communique that will make it difficult for tax havens to give complete tax exemption to companies. This, along with the G-20’s endorsement of a global Common Reporting Standard for automatic exchange of […]
By Anjan Roy China is riding the crest of its economic success currently. It has taken one more step to make its currency globally traded and thus acceptable. China has announced what is known as the Hong Kong-Shanghai Stocks Connect from November 17. This in effect means off shore trading in the Chinese currency for purchase of stocks in Hong Kong and Shanghai exchanges. Earlier, […]
By S Sethuraman A Free Trade Area of the Asia-Pacific (FTAAP), by no means a new concept, was successfully pushed by Chinese President Xi Jinping at the APEC Summit in Beijing on November 11, projecting it as ‘historic’, in a move aimed at countering US-dominant trade moves in the region. The 21-member APEC, of Pacific rim nations, including the United States, China and Japan, now […]
By Ashok B Sharma In a situation where economies are seeking integration with neighbours in the form of institutional grouping, India has made attempts for engagement with the ASEAN bloc primarily for trade and integration of the economy, more particularly to derive benefit for its remote north-eastern region. But this has not been realised in full potential due to poor land route connectivity despite inking of free […]
NEW DELHI: HDFC Bank will not be able to raise much money by way of foreign investment even as the Foreign Investment Promotion Board (FIPB) on Friday regularised its current overseas investment structure. That is because the board turned down the bank’s plea to not treat the promoter stake as foreign investment. Besides, the bank will also have to deposit a penalty as it was in the […]
NEW DELHI: After cementing trade ties with China, energy-rich Russia is now looking to strengthen its relationship with India by reviving discussions on a hydrocarbon pipeline, in addition to inviting ONGC Videsh (OVL) to invest in oil and gas projects in the Russian Federation. India and Russia have decided to form a joint working group to study laying a ‘hydrocarbon’ pipeline connecting the nations. Preliminary discussions […]
|By TAP Staff| JAFZ, EZW’s primary business unit representing 97 per cent of revenue and operating profit for the year ended 31 December 2013, is a 57 square kilometre modern commercial and industrial logistics park adjacent to DP World’s flagship Jebel Ali port in Dubai. The free zone is an integral component of the supply chain for DP World’s customers at the Jebel Ali port. DP World […]
Mobily shares hit 32-month low RIYADH, 21 hours, 35 minutes ago Shares in Saudi Arabia’s Mobily tumbled for a fourth trading day on Sunday after the company scrapped its third-quarter dividend following its shock restatement of 18 months of earnings last week. Mobily’s shares were down 4.3 per cent at SR56.00 as of 0803 GMT, slumping to a 32-month low and taking its losses to 30 per […]
Saudi Arabia’s Etihad Etisalat (Mobily), which has seen its share price fall by the daily limit for three straight days since reporting an accounting error on Monday, said it would not distribute a dividend for the third quarter. The firm, under investigation by the bourse regulator after restating a year and a half of earnings, also said it would evaluate whether to pay shareholders in the coming […]
New Delhi: India Inc on Wednesday pitched for a rate cut by the Reserve Bank of India (RBI), saying the central bank should be “more courageous”, since inflation had come down drastically and growth is not picking up. RBI is slated to come out with its policy review on December 2. “RBI has to be more courageous,” said Anand Mahindra, chairman and managing director of Mahindra & […]
KATHMANDU: India and Nepal are holding negotiations to sign a second Project Development Agreement (PDA) to generate hydorelectric power in the Himalayan nation endowed with rich water resources. The negotiations for the 900 MW Arun-III project between Investment Board Nepal (IBN) and Satluj Jal Vidyut Nigam Ltd, India, which began here yesterday, continued today, Indian Embassy sources said, adding, they are set to continue tomorrow as […]
Five years after collapsing, Dubai’s strengthening real-estate industry is getting a vote of confidence from investors in the emirate’s stock market. In September, Dubai’s flagship developer Emaar Properties spun off its malls business in a $1.6 billion initial public offering that enjoyed strong demand from investors. The IPO of Emaar Malls—whose main asset is Dubai Mall, one of the largest shopping centers in the world—marked the biggest […]
Mumbai: Non-performing assets (NPAs) in the banking system are set to increase in the range of R60,000 crore to 1 lakh crore in the next five months, rating firm India Ratings and Research said on Tuesday. With the Reserve Bank of India’s forbearance on classification of restructured asset to end after March 31, 2015, no fresh restructured accounts can be classified as standard after the deadline. The […]
NEW DELHI: The Centre has prepared a detailed roadmap in consultation with states to make India “diesel generator and inverter free” in the next five years, and fulfill the Narendra Modi government’s promise to provide 24×7 power to every home, factory and farm and put the country back on the high-growth trajectory. Power, coal and renewable energy minister Piyush Goyal recently held meetings with ministers of […]
Mumbai: It’s exactly 125 years since the first oil deposits were discovered in India. The big push to India’s oil and gas sector came after the early 1990s, when it was opened up to private players. Yet, the sector is still dominated by public sector undertakings (PSUs) such as Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) in oil and gas exploration and production; […]
Qatar will become the Middle East’s first hub for clearing transactions in the Chinese yuan, in a step that could over the long run help Gulf oil exporting countries reduce their dependence on the U.S. dollar. Industrial and Commercial Bank of China’s Doha branch has been appointed as the clearing bank for yuan deals in Qatar, China’s central bank said on Tuesday. “The signing of the MoU […]
NEW DELHI: In an attempt to force local consumers such as power projects and fertilizer plants to finalize their purchase plans, state-owned gas supplier GAIL (India) Ltd is set to increase the domestic price of liquefied natural gas (LNG) by 10 cents per unit. Of the total 5.8 million tonnes (mt) of LNG it contracted with US suppliers, GAIL has found Indian buyers for only 2.5 […]
New Delhi: Prime Minister Narendra Modi, who prefers to cut hierarchy and have direct interaction – be it bureaucrats or students – will next meet chiefs of public-sector banks. The proposed meeting comes amid rising bad loans and reports of various irregularities in state-owned banks. The prime minister is likely to take stock of the banks’ performance – an exercise usually undertaken by the finance minister. “Credit […]
NEW DELHI: The Appellate Tribunal for Electricity (Aptel) delivered a technical knockout to 1,424 MW Adani Power over the weekend, quite similar to the one it delivered against 4,000 MW Coast Gujarat Power Limited (Tata Power) on September 15. The main case about giving compensatory tariffs to the two companies, however, continues in Aptel. Given the 18-month delay in the case already, a quick resolution is […]
Gold traded within 40 cents of a four-year low after the Bank of Japan boosted stimulus and the Federal Reserve ended asset purchases, highlighting divergent central-bank policies and hurting bullion demand as the dollar climbed. Silver retreated to the lowest level since 2010. “One printing press stops and another one cranks up,” Felicity Emmett, senior economist at Australia & New Zealand Banking Group Ltd., wrote in a […]
Gold and silver slumped to the lowest since 2010 as the dollar strengthened after the Bank of Japan unexpectedly boosted stimulus and the Federal Reserve ended asset purchases this week. The Fed is weighing the timing of interest-rate increases as other central banks add to stimulus to bolster their economies. The Bank of Japan today raised its annual target for enlarging the monetary base to 80 trillion […]
Asian traders are split on whether Saudi Arabia will deepen the crude price cuts that propelled oil into a bear market this month. State-run Saudi Arabian Oil Co. will announce official selling prices for supplies to buyers in Asia for December next week after cutting prices to the lowest in almost six years for a month earlier. The world’s biggest oil exporter will further discount supplies, according […]
|By TAP Staff| Nigerian property investors account for 60 percent of hotel apartment purchases in the Dubai hospitality market, according to a Nigerian newspaper. During the property market boom which suffered a crash in the world economic recession of late 2008 to 2010, Nigerian investors accounted for well over 40 percent of Dubai’s residential market, such that a significant number of houses on Palm Jumaireh—one of Dubai’s exclusive […]
