EU proposal at WTO may delay progress on patent waiver
The European Union has submitted a draft declaration at the World Trade Organisation (WTO), "ignoring" the objectives of intellectual property (IP) waiver jointly sought by India and South Africa on Covid-19 drugs and vaccines.
States' borrowing costs rise as yields touch 7%: Report
Notwithstanding the Rs 10,000-crore liquidity infusion through the G-Sap route by the RBI last week and fewer states tapping the bond markets, their cost of borrowing has been heading north, as the coupon hit the highest level since mid-March at 7 per cent.
Crude output slips 6.3% in May, gas production jumps
India's crude oil output fell 6.3 per cent in May after state-owned ONGC produced nearly a tenth less due to cyclone 'Tauktae', government data showed on Tuesday. Crude oil production at 2.43 million tonne in May was 6.32 per cent lower than 2.6 million tonne output in the same month last year, according to the latest data released by Ministry of Petroleum and Natural Gas.
Wealth of India's super-rich slips 4.4% in 2020: Report
In spite of Mukesh Ambani, Gautam Adani, the Poonawallas and many other Indians seeing a jump in their net worth in the pandemic-hit 2020, overall wealth of the country's super-rich dipped 4.4 per cent to $12.83 trillion in the year due to the rupee's fall, and so did their tally, says a report.
FM meets Infosys officials, reviews tech glitches on new I-T e-filing portal
Finance minister Nirmala Sitharaman on Tuesday reviewed with Infosys officials the technical glitches that continue to mar the new income tax e-filing portal. Sitharaman, along with minister of state for finance Anurag Thakur, revenue secretary Tarun Bajaj, CBDT chairman Jagannath Mohapatra went point by point on the issues facing the new portal with officials of Infosys.
UAE: Stimulus packages of Dh395b to support economic recovery
Business|Government|: Abu Dhabi: The total economic stimulus packages and initiatives provided by the federal and local governments since the beginning of the COVID-19 pandemic has reached Dh395 billion to date, thanks to the unlimited support by the wise leadership, Humaid Al Muhairi, official spokesperson of the Ministry of Economy, said. "The Cabinet adopted a general economic recovery plan in August 2020 to support economic sectors and activate business activities under the supervision of the Ministry of Economy,” Al Muhairi, said during the weekly media briefing on Tuesday. Through the three-phase plan, including 33 initiatives, UAE aimed to mitigate the effects of the pandemic on the private sector, ensure business continuity, maintain the competitiveness of the national economy and accelerate the transition towards a more flexible, developed and sustainable model of economic work, he said. It also aims to create new opportunities and encourage investment in future sectors. “We have achieved 80 per cent of the first phase, 25 per cent of the second one, and work is underway to achieve 100 per cent of the plan by the end of this year,” Al Muhairi said. He said that the UAE was ranked first in the Arab world in the COVID Economic Recovery Index Ranking issued by the Horizon Research Group, thanks to the country’s wise leadership. Meanwhile, the National Emergency Crisis and Disaster Management Authority urged all community members to take the COVID-19 vaccine as soon as possible to support the health sector’s efforts for a safe return to normality.
Dubai International Airport opens an in-house airport lab to process PCR tests ahead of summer traffic
Aviation|Health|UAE|: Dubai: Dubai has opened one of the world's largest in-house airport labs for processing of COVID-19 RT PCR tests at Dubai International (DXB). Located close to Terminal 2, the 20,000 square-foot lab is a dedicated facility for round-the-clock processing of RT-PCR test samples collected from passengers. It can process up to 100,000 samples per day and provide reliable results within a few hours. The lab is equipped with negative and positive pressure rooms and is linked to government reporting platforms ensuring secure and easy sharing of information between health and regulatory authorities and airlines. The opening of the lab follows close on the heels of the announcement of the reopening of Terminal 1 and Concourse D after 15 months. “The lab is a fine demonstration of Dubai's collaborative approach to tackling complex challenges and achieving great results,” said Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of Dubai Airports. "As the world's busiest international hub preparing for a surge in passenger traffic over the summer holidays and beyond, we were keen to make sure that the airport journey is safer, smoother and faster while fulfilling the required health protocols.” The initiative is the result of a close cooperation between Dubai Airports, the Dubai Health Authority (DHA) and Pure Health.
Dubai Government pays out in full after $500m Fixed Rate Note matures
Markets|: Dubai: The Dubai Government, acting through the Department of Finance (DoF), has paid out in full the $500 million Fixed Rate Note issued on June 22, 2011. All the notes have been redeemed by making the required payment through the paying agent to the holders of the notes, along with accrued interest. Abdulrahman Saleh Al Saleh, Director General of DoF, said: "The Government of Dubai’s ability to fulfill its financial obligations reflects its deep fiscal stability amidst the circumstances imposed by the current global crisis. The government's solvency has allowed it to fulfill its past and current obligations and will continue to enable it to meet all future obligations on time." "We have been successful in overcoming the most challenging repercussions of the global pandemic, and have now entered a solid phase of recovery, thanks to the measures taken by the government to ensure rational prioritised spending, under the directives of our leadership."
Central Bank of UAE Governor seeks continued support of banks to the UAE economy
Banking|: Dubai: The governor of Central Bank of the UAE (CBUAE) Khaled Mohamed Balama, held a meeting with the CEOs of all banks operating in the UAE to discuss the macroeconomic environment. At the meeting, he briefed the CEOs on CBUAE’s assessment of financial stability, and inform about the central bank’s ongoing regulatory and supervisory initiatives. The agenda of the meeting was on role of banks in supporting UAE’s economic recovery by ensuring continued flow of credit to the economy. The CBUAE assesses financial system of the UAE as stable. Liquidity and capital buffers of banks remain adequate, supported by stable deposit volumes and growth in capital market funding. Meeting participants also discussed areas subject to close monitoring by the CBUAE, which included asset quality and credit conditions. Role of banks The CBUAE emphasised the role of banking sector in the continued flow of credit to the private sector, supported by different components of the CBUAE’s Targeted Economic Support Scheme (TESS). The governor called on banks to support the economy and continue lending to credit worth customers in the context of its extension of TESS until June 30, 2022. “Our assessment and recent economic data point to a post-pandemic rebound of the UAE economy. The UAE banking system remains resilient, and our support measures in the form of the CBUAE’s Targeted Economic Support Scheme and other measures will remain in place until the mid-2022,” said Balama. Need for faster credit growth Against the background of gradual economic recovery, continued government support, healthy funding growth and bank lending remains flat, reflecting subdued demand and the conservative risk appetite of banks. Parties in the meeting discussed the pre-requisites and critical enablers for the banking sector to increase their support of the UAE economy, especially during the early stages of recovery. They also also discussed the trends in the real estate market and the CBUAE’s proposed framework for surveillance and supervision of real estate exposures, with a view of addressing risks associated with lending to this sector.
Jet Airways restart approved by bankruptcy court
In a major step towards its resurrection, the National Company Law Tribunal (NCLT) on Tuesday cleared the resolution plan submitted by Kalrock-Jalan consortium. The consortium will now apply for the relevant government approvals before it can recommence operations.