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UAE guarantees deposits for three years to insulate economy
INT6International/Business/EconomyUAE guarantees deposits for three years to insulate economyDubai, Oct 13 IANS In a measure to insulate its economy against the global market crisis, the United Arab Emirates UAE has said it will guarantee deposits in all national banks and interbank lending operations within the country for a period of three years. The guarantee of deposits in the national banks would also include foreign banks which have significant operations in the UAE, the official WAM news agency quoted a ministry of finance release as stating. During an emergency cabinet meeting Sunday, the government decided on a string of measures, including injecting liquidity to secure the economy from the global market carnage.As a precautionary measure, last month the central bank pumped Dh50 billion $13.6 billion into the interbank market."The UAE economy and banking system are strong and sound," President Sheikh Khalifa Bin Zayed Al Nahyan said Sunday after a briefing on the latest developments on the global financial crisis by Vice President and Prime Minister of Dubai Sheikh Mohammad Bin Rashid Al Maktoum."We are determined to protect our financial and banking system to preserve the interests of our country and people," Shaikh Mohammad said.Sunday's statements by UAE leaders constitute the first assurance at the highest level yet in the Gulf region. Market, nevertheless, reacted negatively Sunday to the global crisis. Abu Dhabi's main index was down 3.1 percent and the Dubai index was down 4.87 percent Sunday. Business leaders and financial analysts said Sunday the government support was a very positive development for the economy and financial markets. "This is great news for the UAE economy and the banking sector," Ahmad Humaid Al Tayer, chief of Emirates National Bank of Dubai, said.The financial services sector said the government's unequivocal stand will restore the public's confidence in the country's financial system and the impact is expected soon to reflect on the market sentiment in the coming days and weeks."The time of fear is over and common sense should prevail. A decision of this magnitude is a reflection of the government's trust in the banking industry in the UAE," Abdul Aziz Al Ghurair, chief executive officer of Mashreq, said.--Indo-Asian News Servicedkg/mj396 Words13101155 read more
Exiled rebel leader returns to Indonesia's Aceh
INT54International/PoliticsExiled rebel leader returns to Indonesia's AcehJakarta, Oct 11 DPA Greeted by thousands of cheering supporters, the 83-year-old founder of Aceh's rebel movement returned to the tsunami-wracked Indonesian province of Aceh Saturday for the first time in almost 30 years. Hassan di Tiro fled to Sweden in late 1970s after declaring Aceh independent in 1976, a move triggered that a long-running conflict in the northwestern Indonesian province. About 15,000 people are estimated to have died in the conflict before a truce was reached between the government and the Free Aceh Movement GAM in August 2005, after the devastation and deaths of about 170,000 people in the province caused by the 2004 tsunami. The agreement was facilitated by former Finnish president Martti Ahtisaari, who was awarded the Nobel Peace Prize Friday for his role in global peacemaking, including in Aceh. Thousands of people, including from Aceh's eastern coastal areas started arriving in Banda Aceh since Thursday in trucks, minibuses and motorcycles. "We have come here at our own expense just to meet Hassan di Tiro in person," said M. Fakri, a resident of North Aceh district, was quoted as saying by the state-run Antara news agency. National Police Headquarters spokesman Abubakar Nataprawira said Thursday there would be no special security arrangements for the former Aceh separatist leader. "If he wishes to come, he is free to do so. For his security, well, there will be no special arrangements as we consider him to be an ordinary individual, not a state guest," Abubakar said. "The GAM problem is already settled. So, there is no more GAM. If he wants to visit Aceh, he can do so freely," he said. Di Tiro is expected to stay in Aceh for two weeks and travel to his home village Tiro in Pidie district Sunday.--DPAsnb/vm328 Words11101948 read moreIndia's small e-car to hit the road soon
Rajkot, Oct 10 ANI: Makers of electric scooters and bikes under the Oreva brand, Ajanta group of India is all set to roll out its first e-car.First it was India's Tata motors putting on anvil the world's cheapest car called 'Nano' which has hogged headlines for all the reasons, including 100,000 Rupees price tag and the agitation forcing it out of Singur of West Bengal.Now, it is Oreva, the 'green' car becoming talk of Rajkot,The Tata Motors decision to put up 'Nano' car plant in Sanand village of the state coincides with Oreva manufacturing its cars from Morbi, home to its e-bikes. Both the cars have their plants in Gujarat.Ajanta will be rolling out the car from the same unit as had produced e bikes.Without divulging details about the price of the car, Rakesh Nathwani, National Marketing Head of Oreva Group said that the car would be able to run up to 200-250 kilometers in one time charge."We don't have any competition with 'Nano'. This is our future product as we have seen electric bikes as out future products. We see electric cars also as future products for India and we are working on it. The research and development is going on. This car will go on battery and it will be a completely Indian made battery operated car," said Nathwani.But according to earlier news reports and industry sources, the company aims to price it at Rs 85,000, lesser than the 'Nano' car.Residents who came to take a preview said that they were keenly waiting for its launch. "I will definitely be the first customer," said Pooja, a resident. With oil prices having hit the rooftop this year and the countries focusing on energy security, there is greater pressure on carmakers to develop engines powered by alternate fuels. ANI read moreHugh Hefner 'down in the dumps' after breaking up with 'No1
Washington, Oct 10 ANI: After Holly Madison, Hugh Hefner has now come forward to confirm his split with the stunner.The Playboy mogul has claimed that he has been down in the dumps since breaking up with his No1 girlfriend."I had planned to spend the rest of my life with Holly. I was road kill a couple of weeks ago," Us magazine quoted Hefner, as saying.One of the major reasons behind the break up was Holly's constant desire to have children."We tried to have a baby earlier this year and it didn't work out. Sheecame very depressed," he said.The 'Girls Next Door' star Madison had confirmed the news of the break up on Oct 7."Hef and I aren't together," she told TMZ.com. ANI read moreMittal increasing investment in Poland
BUS10Business/InternationalMittal increasing investment in PolandWarsaw, Oct 8 IANS With the recent financial meltdown, steel magnate Lakshmi Mittal may have seen his wealth eroded by a reported 16 billion pounds, but he is very active in Poland and increasing investments, says the online news agency EuAsiaNews. The Mittal-controlled ArcelorMittal, the world's largest steel producer, has decided to invest 700 million euros $955 million or Rs.46.5 billion in its Polish subsidiary ArcelorMittal Poland, the agency said quoting reports published in Polish daily Rzeczpospolita The Republic. ArcelorMittal plans to invest in Krakow to increase the capacities of its hot rolling mill there, as well as to construct a new galvanising plant. Additionally, ArcelorMittal Warszawa, another subsidiary of the group, has began work on a rolling mill on an investment of 84 million euros $114 million. Greater demand is stimulating development of more advanced products, and ArcelorMittal has already spent 920 million euros $1.25 billion on modernisation and new investments in the past three years. The investments have taken place in their steel mills at Krakow, Dabrowa Gornicza, Sosnowiec and Swietochlowice. Mittal has also shown interest in taking over the Huta Labedy Steelworks in Gliwice, once the Polish government decides to sell off this plant. The process of privatisation has already begun and the tender will be issued shortly. ArcelorMittal controls over 70 percent of the Polish steelworks industry. --Indo-Asian News Serviceeu/ank/dg253 Words08101400 read more'Mittal loses 16 billion pounds in credit crunch'
INT22International/Diaspora/Business/Economy'Mittal loses 16 billion pounds in credit crunch'London, Oct 5 IANS More than 16 billion pounds have been wiped off the fortune of India-born steel magnate Lakshmi Niwas Mittal, making him Britain's biggest loser from the global credit crunch, a newspaper reported Sunday. Mittal is among 10 super-rich Britons who have lost 23 billion pounds between them, the Sunday Times reported. Mittal, Britain's wealthiest man and head of the world's largest steel company ArcelorMittal, remains a multi-billionaire, the paper said. But Mittal's family stake in the company has fallen from 33.24 billion pounds on June 4 to 16.63 billion pounds Friday - equivalent to losing nearly six million pounds an hour, or 137 million pounds a day. The paper said the losses suffered by other billionaires pale in comparison to Mittal's. However, another Indian-origin billionaire to have been hit hard is Vedanta head Anil Agarwal, who is 2.7 billion pounds poorer, the paper added. --Indo-Asian News Servicedds/am/vt 173 Words*05101624 read moreBerlin, Oct 5 DPA Germany's finance ministry said Sunday it
BUS10BusinessGermany in new bid to rescue Hypo Real Estate bankBerlin, Oct 5 DPA Germany's finance ministry said Sunday it is working on a new attempt to save Hypo Real Estate HRE, the German mortgage lender caught up in the wave of Western bank failures. "We'll have to see how we can sweep together the pieces that have been dumped on our doorstep," spokesman Torsten Albig said a day after HRE disclosed the collapse of a hoped-for government-backed bail-out. The German government and the banking industry had announced Sep 29 a 35-billion-euro $50 billion set of guarantees to enable HRE to resume short-term lending. But newspaper reports said the deal unravelled when several leading banks pulled out after discovering that HRE's troubles were more serious than first thought. A spokesman for HRE, which is listed on Germany's blue chip stock index DAX, said the company was "working around the clock" with regulators, investors, shareholders and the government.--DPAdkg 165 Words05101632 read moreRussian troops begin dismantling posts in Georgia
INT28International/DefenceRussian troops begin dismantling posts in GeorgiaMoscow, Oct 5 Xinhua Russian troops started dismantling posts in the buffer zone around South Ossetia and Abkhazia to meet the Friday deadline for withdrawal from Georgia's territory, Itar-Tass news agency reported Sunday."Indeed, we started withdrawing material property and dismantling defence barriers at peacekeeping observer posts, put up on the southern border in the security zone, adjoining South Ossetia," Igor Konashenkov, the assistant to the commander-in-chief of the land troops, was quoted as saying.Georgia launched a sudden attack against South Ossetia Aug 8 to reclaim control over the region. Russia sent in troops the next day and defeated the Georgian forces.The military conflict was halted Aug 12 by a France-brokered ceasefire pact, under which Moscow promised to pull back its troops.A follow-up agreement set a timetable for the withdrawal of Russian troops as well as the deployment of foreign observer missions. The agreement obliged Russia to pull its troops out of the Georgian territory by Oct 10.Moscow recognized South Ossetia and Abkhazia, Georgia's two breakaway regions, as independent states on Aug 26.--Xinhuasy/vt193 Words05101858 read moreMarkets end in red despite mid-week rally Weekly Market Revi
BUS4Business/BusinessMarkets end in red despite mid-week rally Weekly Market ReviewMumbai, Oct 4 IANS Amid weak global cues and the news of signing of the $700 billion bailout plan coming only late on... read moreBangladeshi insurgents' role not ruled out in Agartala blast
Agartala, Oct 3 ANI: Tripura Director-General of Police Pranay Sahay has said that the involvement of Bangladeshi insurgents could not be ruled out in the Agartala serial blasts.Addressing a news conf... read more| << < 1 2 3 4 5 6 ... > >> | ||
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