Saudi Arabia has announced that it will launch a national investment strategy next year, according to a state media report.
Saudi Minister of Investment Khalid Al-Falih revealed in Riyadh at a media briefing ahead of the Group of 20 (G20) Leaders’ Summit that the strategy grants full ownership rights to Saudi and foreign investors, Xinhua news agency quoted the report as saying.
Despite a global pandemic, Saudi Arabia was not distracted from its strategy and Vision 2030, he said.
“In fact, we doubled down on it. We accelerated our reforms. We continued to diversify our economy, and commit our resources to make sure that Vision 2030 is not derailed by the Covid-19,” the Minister added.
He said that the strategy would ensure an increase in investment opportunities and involves the establishments of industrial cities and various economic zones.
The strategy will cover different sectors, including tourism, culture, sports, industries, Artificial Intelligence, technologies and health.
At the end of the third quarter of 2020 total assets of banks operating in the UAE increased by 2% (q-o-q), reaching AED3,252.5 billion, the Central Bank of the United Arab Emirates said today.
During the period between September 2019 and September 2020, the total assets of banks operating in the UAE increased by 7.6 pct (y-o-y). Gross credit also rose by 0.8 pct (q-o-q), reaching 1,804.6 billion at the end of September 2020. On an annual basis, gross credit increased by 4.9 pct, according to the apex bank’s Q3 report issued today.
The report discusses the monetary and banking activities as well as developments in the UAE financial markets during the third quarter of 2020. It also reviews ratios of annual change over the period from September 2019 to September 2020.
At the end of the third quarter of 2020, total deposits of resident and non-resident customers with banks operating in the UAE rose by 2.2 pct (q-o-q), reaching AED1,907.2 billion.
Resident deposits increased by 3 pct (q-o-q), reaching AED 1,715.9 billion at the end of the third quarter of 2020. Nonresident deposits fell by 4.5 pct (q-o-q), reaching AED191.3 billion by the end of September 2020.
On an annual basis, resident deposits increased by 6.4 pct and Non-resident deposits increased by 0.8%.
Money Supply M1, which comprises Currency in Circulation outside Banks (Currency Issued – Cash at banks) plus Monetary Deposits, increased by 1.9 pct (q-o-q) during the third quarter of 2020.
On an annual basis, there was an 11 pct (y-o-y) climb in the monetary aggregate M1, reaching AED 568 billion at the end of September 2020.
Money Supply M2 (M1 plus Quasi Monetary Deposits (Resident Time and Savings Deposits in Dirham, plus Resident Deposits in Foreign Currencies)), also increased by 0.7 pct (q-o-q) during the third quarter of 2020.
On an annual basis, there was a 7.9% (y-o-y) increase in Money Supply M2, reaching AED 1,468.7 billion at the end of third quarter of 2020.
Money Supply M3 (M2 plus government deposits at banks and at the Central Bank) rose by 3 pct (q-o-q) during the third quarter of 2020.
On an annual basis, there was a 7.5 pct (y-o-y) growth in Money Supply M3, reaching AED 1,805.7 billion at the end of September 2020.
Typically, the money supply M2, is considered the best indicator for the availability of liquidity in the economy, as it comprises currency in circulation outside banks, in addition to various deposits of all the resident sectors in dirham denomination, except for the deposits of the government sector in the UAE.
Statistical data show that at the end of the third quarter of 2020, there was a q-o-q increase in M2. The rise in M2 during the third quarter of 2020 was mainly due to a 0.5 pct quarterly increase in the non-government resident deposits standing at AED1,372 billion at the end of September 2020.
Just two years to go until the next edition of the FIFA World Cup gets underway in Qatar on November 21, 2022.
The Supreme Committee for Delivery and Legacy is making sure they offer a unique experience during the first edition of the event to be held in the Middle East and Arab world.
Work is in full swing and the infrastructure planned for the event has reached 90 per cent completion, with three stadiums already been completed — Khalifa International, Al Janouband Education City. They have also safely hosted more than 100 matches in 2020 in spite of the Covid-19 pandemic, as per an official release from the organisers.
“2020 has surely been a challenging year for the entire world, and football was no exception. Despite the difficulties, steady progress was made in the last few months, showing yet again Qatar’s strong and continued commitment – under the leadership of the Amir, whom I personally thank – to hosting an unforgettable FIFA World Cup in two years’ time, which will no doubt build a legacy long beyond 2022,” said FIFA President Gianni Infantino.
“During my short visit to Doha a few weeks ago, I witnessed first-hand how well preparations have advanced, and I am looking forward with confidence to Qatar 2022, for the transformative impact it is already having on the country and the region, for the unique experience it will provide fans from all over the world and, of course, for witnessing the best World Cup ever.”
Among the many distinctive features, travelling fans will have the opportunity to potentially attend more than one match a day during the group stage, which will feature an exciting schedule with four daily fixtures, as announced earlier this year, the release added.
Hassan Al Thawadi, Secretary General of the Supreme Committee for Delivery & Legacy, said: “This is an incredibly important FIFA World Cup — for Qatar, the region and the world. Qatar 2022 will introduce billions of people to the Middle East and Arab world for the first time, and help to foster a greater understanding and break down stereotypes that people may have of our country and region. We’re very excited to welcome the world in 2022.”
“The Asia-Pacific economy is leading the global recovery from the pandemic. The entire region is in recovery, driven by the control of the pandemic, the easing of lockdowns, and the improvement in global trade,” the report said…Asian Lite Newsdesk
The economy of the Asia-Pacific region is leading the global recovery from the Covid-19 pandemic, said a report by Moody’s Analytics.
It said that the region’s recovery contrasts with Europe — where Greece, Italy and Spain appear to be still in recession and several other European economies are once again at the risk of recession, as a second wave of the pandemic spreads across the continent at rates much higher than last spring.
The same is true for parts of the US, where a new surge is spreading quickly and deeply, noted the report.
“The Asia-Pacific economy is leading the global recovery from the pandemic. The entire region is in recovery, driven by the control of the pandemic, the easing of lockdowns, and the improvement in global trade,” it said.
It noted that although only a few countries have reported third-quarter GDP growth rates, those which have reported as of November 13 — China, Indonesia, Malaysia and South Korea – have reported quarter-to-quarter growth.
Asia’s recovery, according to the report, is led by China, and its recovery in turn is led by exports, which have been above pre-COVID-19 levels since mid-year.
Each month through October, they have been stronger than in the prior month, driven by pent-up demand for many durable goods around the world, and by a surge in pandemic-related demand for pharmaceuticals and medical equipment as well as rising demand for electronics, computer systems, laptops, and mobile phones as the global population increasingly works and studies from home.
More recently, China’s imports have also been accelerating, an indication of the ramping up of supply chains throughout much of the Asia-Pacific region.
It said that this can be seen in the official China PMI, in which both new export orders and the import index have risen above the neutral 50 benchmark.
The PMI’s production index is as optimistic as it was in 2018 prior to the US-China trade war.
The domestic economy of China is also revving up. Retail sales rose above the year-ago level in September for the first time since the arrival of the pandemic in January.
Vietnam, Singapore, Taiwan, Malaysia, and New Zealand reported exports above those one year ago as of September. Korea’s exports also were up for the first time in September, although they fell back in October because of seasonal effects, it said.
“The pattern of trade is still narrow, with concentrations in tech industries and medical equipment and supplies,” the report added.
Trade is rising slowly in Japan, Thailand, the Philippines, Indonesia, and India but not yet nearly to pre-pandemic levels, as per the report.
The entire APAC region won’t fully recover until an extended rebound of the global economy expands the range of global trade to include more consumer goods such as automobiles and commodities such as crude oil and petrochemicals, it said.
The economic recovery in the APAC region will also not be complete until international travel and tourism flourish once again, it said, adding that this will be a long process as officials assess the pandemic control measures in the origin countries vis-a-vis their inbound travellers and tourists.
“The process has begun, however, in a very slow way, mostly allowing for limited travel for business and for permanent residents, particularly between China and several countries in the region,” said the report.
As per Moody’s Analytics, the baseline economic outlook calls for growth across the entire APAC region in 2021. The fastest growth will be in China, Vietnam, and Hong Kong, it said.
The outlook, however, is not without risks. Within the region, the risks are largely related to continued suppression of the coronavirus until a vaccine is available and provision of enough fiscal support in the near term.
The risks from elsewhere in the world are similar, the report said, adding that they are amplified many times by the waves of COVID-19 overtaking Europe and North America at this time, and by the uncertainty of the public health response or the fiscal support that will emerge in this new round.
China Plans Disruptions On Border; Sangay Thanks US Congressman For Crucial Tibet Resolution; ‘Shuggie Bain’: Douglas Stuart’s Debut Novel Wins Booker Prize – all in India Daily Digital – please click here to read.
As the economy recovers from the lows of pandemic-induced lockdown, the year-on-year contraction in India’s GDP is expected to narrow appreciably to (-) 9.5 per cent in Q2FY21 from (-) 23.9 per cent in Q1, said ratings agency ICRA on Thursday.
Similarly, the contraction in the gross value added (GVA) at basic prices is expected to have moderated considerably to (-) 8.5 per cent in Q2FY21 from (-) 22.8 per cent in Q1FY21, led by industry and services.
According to Aditi Nayar, Principal Economist, ICRA, “A substantial recovery in manufacturing and construction is likely to underpin the expected improvement in the performance of the industrial GVA in Q2 FY2021. Various sectors of manufacturing recorded an improvement in demand and volumes in Q2 FY2021, although the performance was admittedly uneven.”
Growth chart. (File Photo: IANS)
“In addition to the continued cost-cutting measures, the availability of raw material inventory that had been procured previously at subdued costs, supported the earnings of the manufacturing entities in the just-concluded quarter relative to Q1 FY2021. We expect the contraction in manufacturing GVA to narrow considerably to around 10 per cent in Q2 FY2021 from 39.3 per cent in Q1 FY2021.”
Nevertheless, she pointed out the extent of the recovery in the performance of the informal sectors in Q2FY21 remains unclear.
Besides, the rating agency highlighted that the robust recovery in the performance of key inputs of construction such as cement and steel, and healthy central government awards in roads and railways during Q2FY21, stood in contrast to the contraction in the outgo towards capital spending by the government and the private sector.
Moreover, labour availability challenges persisted in some regions. Driven by the trend in inputs and central government awards, ICRA expects the contraction in construction GVA to narrow to around 12 per cent in Q2FY21 from the sharp 50.3 per cent in Q1FY21.
The Sahara group has alleged that markets regulator is “acting biased” and is raising a “wrong demand” asking Sahara group to pay Rs 62,600 crore or $8.48 billion.
“It is absolutely wrong demand by SEBI. Hon’ble Supreme court has in the past directed us to deposit the principal amount which is around Rs 24,700 Crore and already there are more than Rs. 22,000 Crore deposited. SEBI has mischievously added 15% interest from the beginning so they are very wrongfully mentioning $8.48 billion,” Sahara said in a statement.
“In fact SEBI had advertised throughout the country through around 150 newspapers inviting claimants but they could only pay around Rs. 107 Crore to investors. Also, SEBI has mentioned in the last advertisement which appeared almost a year back that they would not entertain any more claimants. Which means that there are no more claimants at all. How can there be claimants since Sahara has already paid back, long time back. SEBI is acting biased. It is a typical case of double payment,” Sahara group said.
SEBI has petitioned the Supreme Court to direct Sahara Group chief Subrata Roy to pay Rs 62,600 crore immediately, or cancel his parole if he doesn’t yield.
The markets regulator said the outstanding liability of the Sahara India Parivar group’s two companies and the group’s chief Roy stand at Rs 62,600 crore, including interest.
Head coach Pep Guardiola has extended his stay as Manchester City after signing a new contract which will see him at the club until the end of the 2022-2023 season.
“Ever since I arrived at Manchester City I have been made to feel so welcome in the club and in the city itself, by the players, the staff, the supporters, the people of Manchester and the chairman and owner. Since then we have achieved a great deal together, scored goals, won games and trophies and we are all very proud of that success,” Guardiola said in a statement.
“The challenge for us is to continue improving and evolving, and I am very excited and about helping Manchester City do that,” he added.
Pep Guardiola (C) signing the agreement to extend his stay as Manchester City’s Manager
Guardiola’s current deal was due to end at the end of the current campaign but the new deal gives him the chance to improve on the two Premier League titles, one FA Cup and the two League Cups he has won with Manchester City since joining from Bayern Munich in 2016, with the Champions League the club’s main target.
Since joining Manchester City, the 49-year-old has had a transformational effect on the Club’s playing style and has guided the team to eight major trophies, setting a series of significant records along the way. In total, the team has won 181 of the 245 matches under his in charge – a win rate of 73.87 per cent – winning a piece of silverware every 31 games he has overseen.
His current five-year stay is already the longest commitment he has made to a football club since becoming a manager in 2008 – and this extension will see him overtake Joe Mercer and put him second on the club’s list of longest-serving post-war managers.
“Pep’s contract extension is the natural next step in a journey which has evolved over many years. It is a product of the mutual trust and respect that exists between him and the entire club,” City chairman Khaldoon Mubarak said.
“It also goes to the stability and creativity at the heart of our football operations. Importantly it is a validation of the football structure and philosophy that has been built over more than a decade and to which he has contributed so much,” he added.
Shares of Bharti Infratel surged over 7 per cent on Friday after the company completed its long-awaited merger with Indus Towers.
Around 10.25 a.m., Bharti Infratel’s shares on the BSE were trading at Rs 198.70, higher by Rs 13.10 or 7.06 per cent from its previous close.
The much-delayed merger of the two companies was completed on Thursday.
Post the completion of the transaction, Vodafone Idea Ltd (VIL) has received cash consideration of Rs. 3,760.1 crore for its 11.15 per cent shareholding in Indus.
“The said transaction had been executed and completed on November 19, 2020 (“VIL closing”),” the filing said.
Further, the Board of Bharti Infratel has allotted 757,821 ,804 equity shares of Rs 10 each to the Vodafone group and 87,506,900 equity shares of Rs 10 each to PS Asia Holding Investments (Mauritius) Limited (Providence) aggregating to 28.12 per cent and 3.25 per cent respectively in the post-issue share capital of the company.
“Accordingly, the paid-up equity share capital of the company stands increased to Rs 26,949,369,500 divided into 2,694,936,950 Equity Shares of Rs 10 each fully paid-up,” it said.
The board has appointed Bimal Dayal as the CEO of the company eith immediate effect and Manish Dawar will be the CFO with effect from December 1, 2020.
Shares of Vodafone Idea also jumped 4 per cent post the merger. Post the completion of the transaction. Vodafone Idea’s shares on the BSE were trading at Rs 9.64, higher by 3.99 per cent from its previous close.
US Treasury Secretary Steven Mnuchin has asked the Federal Reserve to end five emergency Covid-19 lending facilities and return $455 billion of unused funds.
“I am requesting that the Federal Reserve return the unused funds to the Treasury,” Mnuchin wrote in a letter to Fed Chairman Jerome Powell on Thursday.
“This will allow Congress to re-appropriate $455 billion, consisting of $429 billion in excess Treasury funds for the Federal Reserve facilities and $26 billion in unused Treasury direct loan funds,” he added.
In March, Congress approved a $2.2 trillion Covid-19 relief bill known as the CARES Act, which provided the Treasury around $500 billion to set up a variety of emergency lending facilities through the Fed and guarantee loans, reports Xinhua news agency.
Mnuchin said in the letter that these emergency lending facilities, which are set to expire at the end of the year, “have clearly achieved their objective”.
“While portions of economy are still severely impacted and in need of additional support, financial conditions have responded and the use of these facilities has been limited,” he said.
Mnuchin noted that “in an abundance of caution”, he requested the central bank to extend for another 90 days four of the emergency lending facilities — the Commercial Paper Funding Facility, the Primary Dealer Credit Facility, the Money Market Liquidity Facility and the Paycheck Protection Program Liquidity Facility, while shutting down another five facilities.
However, the Fed wanted to continue all these emergency facilities.
“The Federal Reserve would prefer that the full suite of emergency facilities established during the coronavirus pandemic continue to serve their important role as a backstop for our still-strained and vulnerable economy,” the Fed said in a statement.
Earlier this week, Powell said that it’s premature to shut down these emergency facilities now as “the next few months may be very challenging” amid a record surge in Covid-19 cases across the country.
As of Friday, the US is the worst-hit country with the world’s highest number of Covid-19 cases and deaths at 11,710,084 and 252,484, according to the Johns Hopkins University.
