A broker monitors stock prices on a screen at the Saudi Investment Bank in Riyadh. 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. Reuters With a market capitalisation of more than half a trillion dollars, Saudi Arabia’s plan to allow foreigners direct access to its listed companies early next […]
MUMBAI: The Reserve Bank of India has said that up to six banks will be designated as systemically important, or SIBs, for the domestic financial market and will need to have higher capital than their peers to prevent the financial system from collapsing if there is a crisis.
The central bank said it would now go about identifying these banks which are too big to fail and would release a list of names in August 2015, according to a report uploaded on its website on Tuesday evening.
State Bank of India, Punjab National Bank, Citibank, Standard Chartered Bank, ICICI Bank and HDFC Bank may be among the six, according to consultants and analysts. Banks falling in this category will have to set aside more capital per l
NEW DELHI: Consumers of Tata’s ultra mega power project (UMPP) and Adani’s power plant at Mundra in Gujarat might not see a major escalation in their procurement price after the Appellate Tribunal for Electricity (APTEL) gave its nod to include compensatory rate in the final rate of sale of power.
The beneficiary utilities in Gujarat, Haryana, Rajasthan, Punjab and Maharashtra are already buying power for Rs 3.61 to Rs 3.7 a unit, according to the annual revenue requirement reports submitted to state regulators.
The levelised tarifforiginally offered by Tata’s imported coal-based UMPP is much lower at Rs 2.26, but after the compensatory tariff of 52 paise, it would work out to Rs 2.8. Power from
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
Russian-Indian international naval drills Indra-2014 ended in Russian far eastern city of Vladivostok. “Russian and Indian naval sailors fulfilled all tasks completely,” head of the press service of the Russian Pacific Fleet Captain First Rank Roman Martov told Itar-Tass on Sunday.
At the final meeting aboard the guards missile-carrying cruiser Varyag Assistant Commander of the Pacific Fleet Rear Admiral Andrey Ryabukhin noted that interoperability and trust between two fleets reached a very high level.
For his part, Commander of the Indian Eastern Fleet Rear Admiral Atul Kumar Jain said at this meeting that naval sailors had acquired a very good experience and were on the way back home with the posit
DUBAI // Camels will not be sacrificed during this year’s Haj in Mecca in an attempt to stop the spread of the Mers coronavirus. Dr Ulrich Wernery, scientific director at the Central Veterinary Research Laboratory (CVRL) in Dubai, said he was part of a team that recommended the measures to the Saudi Arabian ministry of health. A genetic link between the Mers found in humans and a […]
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 […]
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 […]
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 […]
Ukrainian President Petro Poroshenko said in a combative inaugural speech that Ukraine would not give up Crimea, the Black Sea peninsula that Russia annexed from it in March. “Crimea was, is, and will be Ukrainian,” Poroshenko said in an emotional address after his swearing-in on Saturday. He was greeted with a standing ovation. He stressed the unity of Ukraine, which is fighting a pro-Russian separatist uprising in the east, and said it […]
Lapses in hospital infection control measures exacerbated an outbreak of a deadly new viral disease which has infected more than 60 people and killed at least 10 in the United Arab Emirates, health investigators said on Friday. Reporting the findings of a five-day mission to the UAE, experts from the World Health Organisation said, however, that they found no evidence of sustained human-to-human transmission of new Middle […]
Western advisers are drawing up plans for reshaping the Egyptian economy, sources said, with the apparent blessing of president-elect Abdel Fattah al-Sisi who so far has spoken only vaguely in public about reviving the state’s finances. The driving force behind the consulting project is the United Arab Emirates, which along with Saudi Arabia and Kuwait has showered Egypt with billions of dollars in aid since Sisi removed […]
Call it a perfect market storm of wealth creation. Since the start of 2013, the Dubai stock market has registered a near 200% gain to become the best performing financial market in the world. The Gulf emirate’s securing of the World Expo in 2020 is likely one factor behind this success as is the wider UAE’s reputation as a safe-haven in a region riddled with uncertainty. Oil […]
Two car bombings against members of an ethnic minority in northern Iraq and militant attacks on Iraqi soldiers and police officers killed at least 27 people on Friday, Iraqi officials said. The bombings struck in Tahrawa, a village inhabited by families from the Shabak ethnic group, killing seven people. The village is near Mosul, 225 miles northwest of Baghdad. Police officials also said that 43 people were […]
CAIRO — The military-appointed interim president of Egypt on Friday issued an election law that experts say all but eliminates the chance of parliamentary opposition to his successor, Abdel Fattah el-Sisi, the former general who installed the interim government. “The members of Parliament are almost all definitely going to be loyal to the president in one way or another,” said Zaid al-Ali, who tracks the Egyptian transition […]
DOHA, Qatar — The five hardened Taliban militants were quickly whisked in a fleet of cars to the shoulder of a highway on the outskirts of the capital just as they arrived. There, out of the public eye and under the watchful gaze of Qatari security, they exchanged warm hugs with a welcome delegation and then once more were whisked off into hiding. If Qatar holds to […]
The annual Banker Middle East Industry Awards is the Middle East’s foremost gathering of key players within the banking and financial services industry (Dubai – June, 2014) – Some 500 top bankers and financiers from around the region came together at the Gala Dinner held at Jumeirah Emirates Towers in Dubai to celebrate their achievements. The top awards went to institutions in Saudi Arabia and the UAE; […]
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% […]
Russian President Vladimir Putin and Ukraine’s president-elect Petro Poroshenko have discussed a ceasefire and other possible steps to de-escalate the crisis between their countries in a brief meeting in France, French officials said. The meeting hosted by French President Francois Hollande, before D-Day celebrations on Friday, took place as clashes continued in eastern Ukraine near a border crossing with Russia, killing at least 15 pro-Russian separatists overnight. Putin and […]
BEIRUT, Lebanon — The fevered struggle between Saudi Arabia and Iran for regional dominance has for years aggravated nearly every conflict across the Middle East as the two nations armed, funded and encouraged each other’s adversaries. So it has come as a surprise to many here that even with the region still in tumult, there have been signs that both powers are looking to temper their destructive […]
Police in Brazil’s biggest city Sao Paulo have used batons and fired tear gas to break the subway strikes by the protesting workers and commuters that have caused chaos in the country’s economic capital, according to reports. The second straight day of commuting chaos on Friday confronted Brazil less than a week before it hosts the opening match of the football World Cup. “Ana Rosa station, one of the […]
A suicide bomber and a roadside bomb have struck the convoy of Afghanistan’s presidential candidate Abdullah Abdullah as it left a campaign event in the capital Kabul, the Interior Ministry said. Friday’s explosions killed four civilians but left the candidate himself unharmed. In a televised statement shortly after the attack, Abdullah said that several of his security guards had been wounded in the attack. The interior ministry spokesman […]
Samsung Electronics Chairman Lee Kun Hee, South Korea’s richest person, was ordered to appear before an Indian court in a dispute over a $1.4 million payment after losing a motion to avoid presenting himself. Lee should appear on July 14 after his petition was dismissed, Magistrate Ram Karan Yadav of Ghaziabad district court in Uttar Pradesh state said in an order issued June 2. Samsung spokeswoman Rhee […]
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 […]
