Category: Investment

Categories
Arab News Finance Investment

UAE’s banking sector archives 10.2 percent annual growth

banking sector representative image

Savings Deposits in banks have been on a consistently upward trajectory in recent years… reports Asian Lite News

According to recent statistics from the Central Bank of the UAE (CBUAE), savings deposits in the UAE banking sector, excluding interbank deposits, grew by 10.2 percent annually, reaching AED270.48 billion at the end of January 2024 compared to approximately AED245.54 billion in January 2023, attracting around AED25 billion.

The local currency, the dirham, accounted for the largest share of savings deposits, about 82 percent or AED222.01 billion, while the share of foreign currencies amounted to 18 percent or AED48.4 billion.

Savings Deposits in banks have been on a consistently upward trajectory in recent years, rising from AED152 billion at the end of 2018 to AED172.2 billion in 2019, and reaching AED215.2 billion in 2020, AED241.8 billion in 2021, and AED245.8 billion in 2022.

The Demand Deposits increased to AED1.001 trillion at the end of January 2024, with an annual growth rate of 9.5 percent compared to AED914.74 billion in January 2023, an increase equivalent to AED86.6 billion.

Demand Deposits total comprised AED720.55 billion in the local currency, the dirham, accounting for 72 percent, and around AED280.8 billion in foreign currencies, accounting for 28 percent.

Demand Deposits continued to grow in recent years, rising from AED577.6 billion at the end of 2018 to AED599.6 billion at the end of 2019, AED696.8 billion at the end of 2020, AED848 billion in 2021, and AED907.3 billion in 2022.

According to the Central Bank’s bulletin, Time Deposits reached AED796.9 billion at the end of January 2024, with a 30.3 percent annual increase compared to about AED611.69 billion in January 2023, an increase of AED185.2 billion.

The local currency, the dirham, accounted for the largest share of time deposits, about 60 percent or AED474.88 billion, while the share of foreign currencies amounted to about 40 percent or AED322.04 billion.

ALSO READ : Arab Bank Group Posts Impressive 59% Profit Growth

Categories
Business Finance Investment News

Gold prices surged to an all-time high

Spot gold hit $2,304.09 per ounce, remaining steady at $2,299.28 per ounce as of 0343 GMT. Meanwhile, spot silver fell to $27.08 per ounce, platinum edged down to $935.39, and palladium rose to $1,017.83…. reports Asian Lite News

Gold prices surged to an all-time high on Thursday following Federal Reserve officials’ reaffirmation of anticipated interest rate reductions in 2024, as reported by Reuters.

Spot gold was steady at $2,299.28 per ounce as of 0343 GMT and hit a record high of $2,304.09 earlier in the session. Bullion has hit record highs in each session since last week’s Thursday.

Spot silver fell 0.5% to $27.08 per ounce, platinum edged down 0.1% to $935.39 and palladium was up 0.4% at $1.017.83.

ALSO READ :Lanka’s national airline for sale

Categories
Investment Lite Blogs

Women Redefining Investment Landscape

Through informed decision-making and strategic planning, women can unlock the full potential of their investments, ensuring a prosperous future for themselves and future generations. Here are four essential tips women must consider while investing outlined by Swati Saxena, Founder and CEO of 4 Thoughts Finance…reports Asian Lite News

In today’s dynamic financial landscape women emerge as influential investors, reshaping conventional perceptions and forging their path to economic empowerment.

Despite encountering challenges like financial literacy gaps and gender biases, women demonstrate resilience and skill in navigating the intricacies of the marketplace. From managing household finances to exploring equity markets, they bring a unique perspective driven by emotional intelligence and long-term vision.

Recognizing the significance of financial planning, there is a growing call to address barriers and create inclusive opportunities. By embracing their financial journey as a nurturing process, women can craft portfolios aligned with their values, aspirations, and risk tolerance.

Through informed decision-making and strategic planning, women can unlock the full potential of their investments, ensuring a prosperous future for themselves and future generations. Here are four essential tips women must consider while investing outlined by Swati Saxena, Founder and CEO of 4 Thoughts Finance.

Improve financial literacy: Comprehending the complexities of financial products calls for strong financial literacy to avoid pitfalls. It is vital to possess knowledge of investing measures, stock types, industrial and economic cycles, and management ethics. Proficiency with digital banking and AI-powered financial tools helps in today’s environment. The ability to obtain up-to-date market data online and understand the basics of it is essential. A proficient level of financial literacy will aid the navigation of asset classes and maximize profits in an increasingly competitive environment.

Prioritizing needs and creating a comprehensive financial plan: Investments must have a rationale. They must be linked to objectives like retirement planning, economic independence, and resolving societal inequalities like the gender wealth gap. It’s also essential to save and increase income from investment because disposable income from static sources determines wealth. A clear understanding of risk and personal risk tolerance aids confident investing. Safer options like high-interest savings accounts and riskier ones like individual stocks must be prioritized based on understanding the risk as it suits the investor. It is also essential to review and monitor investments regularly.

Strategize and diversify investments: Investing across a broad range of assets reduces risk by reducing the effect of market volatility. Include mutual funds (note that mutual funds are a basket representing assets, but are themselves not an asset class), stocks, bonds, and insurance. Consult financial professionals to make well-informed judgments and avoid hurried investments. Customization is essential, including a wide choice of inexpensive, tax-efficient investments based on one’s financial condition, risk tolerance, goals and ambitions. Gains and stability are balanced by reducing overall portfolio risk through diversification across asset classes, industries, and geographies. This approach uses market possibilities for optimum returns and resilience against economic fluctuations, even as it synchronizes investments with long-term goals.

A guide for financial well-being: Handling market fluctuations while making the best of investments takes knowledge and expertise that involves effort. An experienced financial advisor provides objective fiduciary guidance to minimize conflicts of interest. Long-term economic success is protected by their understanding of logical, research-backed methodologies and tax-efficient strategies. Advice from experts is crucial in complex circumstances or in optimizing efficiency. Costs and giving up control could be difficult for a person who likes to be in charge but having a professional can provide customized solutions and sound decision-making. Wise investment management to achieve financial objectives is eased by qualified financial experts.

The growing involvement of women in the investment environment is critical in the movement toward financial emancipation and independence. Women may successfully negotiate the difficulties of investing, secure a prosperous future for themselves, and promote greater economic inclusivity by emphasizing financial knowledge, strategic planning, diversification, and seeking mentorship.

ALSO READ-Navigating the Path to Ivy League Success

Categories
-Top News Dubai Investment

Dubai Announces 20% Annual Tax On Foreign Banks

The Law specifies the principles governing the calculation of taxable income, tax filing and payments, procedures for the audit of tax filing, voluntary disclosure, and responsibilities and procedures related to tax auditing…reports Asian Lite News

In his capacity as the Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, issued Law No. (1) of 2024 on taxation of foreign banks operating in Dubai.

The Law applies to all foreign banks operating in Dubai, including special development zones and free zones, with the exception of foreign banks licensed to operate in the Dubai International Financial Centre (DIFC).

According to the law, foreign banks are subject to a 20% tax on their annual taxable income. However, if these banks pay corporate tax in accordance with Federal Law No. (47) of 2022 on the Taxation of Corporations and Businesses and its amendments, the amount of corporate tax will be deducted from their total tax liability.

The Law specifies the principles governing the calculation of taxable income, tax filing and payments, procedures for the audit of tax filing, voluntary disclosure, and responsibilities and procedures related to tax auditing.

The law also outlines the rights of foreign banks and their branches licensed by the Central Bank of the UAE. It specifies the steps for notifying the results of the tax audit. Further, it allows the taxable entity to lodge objections with Dubai’s Department of Finance regarding the amount of tax or fines imposed on them, subject to certain conditions detailed in the law.

According to the Law, the Chairman of The Executive Council of Dubai will issue a decision on acts deemed as violations of this Law and penalties imposed for violations. The total penalties imposed should not exceed AED500,000. The fine will be doubled in case of repeat violations within two years up to a maximum of AED1 million.

This new Law applies to the tax year beginning after its enactment.

The Director-General of the Department of Finance will also issue the necessary decisions to implement the provisions of this Law, which will be published in the Official Gazette.

The new Law annuls Regulation No. (2) of 1996 or any other legislation that may contradict it. Decisions and memos issued to implement Regulation No. (2) of 1996 will remain in place till the issuance of new decisions that replace it.

Law No. (1) of 2024 on taxation of foreign banks operating in Dubai is effective from the date of its publication in the Official Gazette.

ALSO READ-Dubai Residency, Work Permits in Just 5 Days

Categories
Gujarat India News Investment

GIFT City Attracts Global Investors at Vibrant Gujarat Summit

The Education Centre of Australia has submitted an Expression of Interest to become an academic infrastructure service provider to foreign universities in GIFT City…reports Asian Lite News

GIFT City, which has expanded into a major international financial hub in India, has attracted a host of global investors. Many of them have made a beeline to mark their presence and to take the first movers’ advantage.

GIFT City is billed as a world-class business district envisaged and built to cater to global and domestic business enterprises. It aims to set an international benchmark for finance and technology hubs worldwide. During the ongoing Vibrant Gujarat Global Summit, the Abu Dhabi Investment Authority decided to set up a one-of-a-kind sovereign fund in GIFT City. APEX Group, one of the leading fund administrators, decided to set up their office in GIFT City as a fund administrator and fund accounting service provider. APEX Group would employ around 1,000 people over 3 years.

Mizuho Bank becomes the second Japanese Bank to set up IFSC Banking Unit in GIFT IFSC. Deakin University inaugurated its campus in GIFT City, which is India’s first campus of a foreign-based university. Chancellor and Vice Chancellor of Deakin University, Iain Martin inaugurated the campus. Prime Minister Narendra also held a one-on-one meeting with Deakin University VC.

The Education Centre of Australia has submitted an Expression of Interest to become an academic infrastructure service provider to foreign universities in GIFT City. This will bring leading foreign universities to GIFT City. Through the new education policy brought in in 2020, India has opened floodgates for foreign educational institutes to set up brick-and-mortar infrastructure. Further, Transworld Group has announced plans to set up ship leasing and aircraft leasing activities in GIFT IFSC. Transworld is one of the leading UEA-based groups.

Moreover, Accenture has shown a keen desire to establish its presence in GIFT City. Stonex Group intends to set up a bullion trading desk in GIFT City IFSC. As part of the Vibrant Gujarat Global Summit 2024, Prime Minister Narendra Modi participated in the Global Fintech Leadership Forum held at GIFT City on Wednesday, the first day of the summit. The forum saw the participation of the chairman and CEOs of 26 prominent fintech companies worldwide, including Mukesh Ambani, Sanjay Mehrotra, and Lakshmi Mittal. The Prime Minister received recommendations from leaders of fintech companies to elevate GIFT City to an international standard and position India as a leading fintech country. PM Modi attentively listened to all the industrialists for nearly three hours. Addressing the gathering, Prime Minister Narendra Modi highlighted the significance of bringing together top industrialists in finance and technology to explore innovative solutions for the digital economy. The Prime Minister said that it is interesting to see how fintech will have a transformative impact on the world, and extended an invitation to industrialists to invest in GIFT City, aligning with the vision of making India a global leader in the financial sector. Hasmukh Adhia, Chief Advisor to the Chief Minister of Gujarat, Bhupendra Patel and Chairman of GIFT City, provided insights into the purpose behind organising the Global FinTech Leadership Forum. The forum was moderated by renowned businessman Uday Kotak. On Wednesday, Prime Minister Narendra Modi inaugurated the 10th edition of Vibrant Gujarat Global Summit 2024 at Mahatma Mandir, Gandhinagar.

The theme of this year’s summit is ‘Gateway to the Future’ and includes the participation of 34 partner countries and 16 partner organisations. The Summit is also being used as a platform by the Ministry of Development of the North-Eastern Region to showcase investment opportunities in the North-Eastern regions. (ANI)

ALSO READ- Vibrant Gujarat Summit Seals 26.3L Cr Deals

Categories
-Top News India News Investment

Indian investments are flourishing in Armenia, says Kerobyan

This two-way economic engagement not only reflects mutual trust and confidence but also signifies a commitment to fostering sustainable economic growth and development…reports Asian Lite News

Vahan Kerobyan, Minister of Economy for Armenia, took centre stage at the inauguration of the Vibrant Gujarat Global Summit 2024, emphasising the growing significance of trade and investments between India and Armenia.

Minister Kerobyan underscored the robust bilateral investment landscape as evidence of the strengthening of economic bonds between the two nations.

Kerobyan said, “A pivotal aspect of our economic narrative is the increasing movement of trade and investments between India and Armenia. This bilateral investment floor is a testament to the deepening economic ties between our nations. It’s heartening to see Armenian investments finding fertile ground in India and likewise, Indian investments are flourishing in Armenia.”

The Minister’s remarks shed light on the encouraging trend of reciprocal investments, with Armenian investments finding fertile ground in India and, reciprocally, Indian investments flourishing in Armenia.

This two-way economic engagement not only reflects mutual trust and confidence but also signifies a commitment to fostering sustainable economic growth and development.

India and Armenia share friendly relations rooted in historical ties between the people of the two countries. India recognized Armenia on 26 December 1991. With an aim to strengthen business relations and develop reciprocal cooperation, Investment Support Centre of the Republic of Armenia and Invest India signed an MoU on 28 June 2021. The objective of this MoU is to provide business solutions for stakeholders of both sides to promote the investment climate in Armenia and India and establish a practical framework for the development of stronger business relations between the two sides

As the Vibrant Gujarat Global Summit serves as a catalyst for international collaboration, Minister Kerobyan’s address highlighted the importance of such platforms in facilitating meaningful discussions and partnerships.

The Armenian Minister’s positive sentiments about the deepening economic ties align with the broader theme of the Vibrant Gujarat Global Summit- fostering economic growth through international collaboration.

The summit provides an opportunity for leaders and representatives from diverse nations to explore avenues for cooperation and investment.

The emphasis on bilateral investments as a crucial aspect of the economic narrative reinforces the commitment of nations to explore and strengthen economic relations for mutual benefit.

As discussions unfold during the summit, the focus on India-Armenia economic ties adds a unique dimension to the diverse array of partnerships being discussed.

Minister Kerobyan’s words resonate with the spirit of collaboration and mutual prosperity, underscoring the positive trajectory of economic relations between India and Armenia. (ANI)

ALSO READ-Modi, DP World’s CEO discuss potential investment plans

Categories
India News Investment Karnataka

Invest Karnataka Forum Plans Sectoral Sub-Groups for Focused Investment

Jindal said that being an industrialist residing in the state, he knew very well why Karnataka stands out as a preferred investment destination…reports Asian Lite News

Invest Karnataka Forum (IKF) Co-Chairman Sajjan Jindal on Monday pitched for setting up industrial parks in regions that are about two hours road drive from airports in the state.

Making the suggestion while participating online in the first-reconstituted IKF meeting chaired by Large and Medium Industries Minister M.B. Patil, he opined setting up such industrial parks would facilitate attracting increased investment.

Jindal said that being an industrialist residing in the state, he knew very well why Karnataka stands out as a preferred investment destination.

Responding to his suggestion, Patil said that the government also intended to set up industrial parks in an area of about 5,000-10,000 acres.

To enable the operationaling of industries, plug-in facilities will be established in such parks, he added.

Investments of Rs 55,000 crore have been confirmed in the present government and various proposals of about Rs 40,000 crore to Rs 1 lakh crore are in various stages of the process, Patil said.

It was also decided in the meeting to form sub-groups within the IKF to focus on sectoral investment. The meeting reviewed key developments in the last months and deliberated on framing the roadmap for going forward.

IKF Directors Geetanjali Kirloskar of Kirloskar Systems, and Vijay Krishnan Venkateshan of Kenna Metals were also present, while another Director, Ankith Fatehpuria of Zetworks participated online. Principal Secretary, Industries, S. Selvakumar, Commissioner Gunjan Krishna and CEO C.T. Muddukumara were also present.

ALSO READ-Indian investments are flourishing in Armenia, says Kerobyan

Categories
-Top News Business Investment

TN Secures Investment Commitments of Rs. 6.64 Lakh Crore

Stalin said the clearances will be given under a single window system. The Chief Minister said the projects are proposed to be set up across the state so that there is a distributed growth…reports Asian Lite News

Several MoUs with an investment intention of Rs.664,180 crore have been inked between the Tamil Nadu Government and various industrial groups, said Tamil Nadu Chief Minister MK Stalin.

Speaking at the valedictory function of the Tamil Nadu Global Investors Meet, Stalin said the state has attracted investment proposals from varied sectors like automobiles, Electric Vehicle (EV), aerospace, Defence, footwear and others.

Stalin said the investment proposals can generate about 26.90 lakh direct and indirect employment opportunities.

He also said the government will take special effort to convert the MoUs into actual projects and a special group headed by Industries Minister TRB Rajaa and senior officials will look into it.

Stalin said the clearances will be given under a single window system. The Chief Minister said the projects are proposed to be set up across the state so that there is a distributed growth.

Giving an overall sector-wise break-up of the MoU’s, Stalin said the investment from the manufacturing sector was about Rs.3.79 lakh crore; energy Rs.1.35 lakh crore; Information Technology and Digital Services Rs.22,130 crore; MSMEs Rs.63,573 crore and others.

Some of the mega investment proposals are from the Adani Group Rs.42,768 crore (Adani Green Rs.24,500 crore, Ambuja Cements Rs.3,500 crore, Adani Connex Rs.13,200 crore and Adani Total Gas & CNG Rs.1,568 crore); Tata Power Renewable Energy about Rs.71,000 crore; Chennai Petroleum Corporation Rs.17,000 crore; Leap Green Energy Rs.22,842 crore; SembCorp Rs.36,238 crore; Salcomp Manufacturing India Rs.2,271 crore; Boeing (to set up global capability centre) Rs.309 crore; Ashok Leyland Rs.1,200 crore; Stellantis EV Rs.2,000 crore; Eicher Motors Rs.3,000 crore; Sify Technologies Rs.2,500 crore; JAM Infra (Jindal Defence) Rs.1,000 crore; Saint Gobain Rs.3,400 crore and several others.

Adani’s Mega Investment plans in Tamil Nadu

The multi-business Adani Group has decided to invest a whopping Rs 42,768 crore in Tamil Nadu in renewable energy, cement manufacturing, data centre, city gas distribution and generate 10,300 employment opportunities.

The Group announced this decision during the Tamil Nadu Global Investors Meet 2024 held on Monday.

A Memorandum of Understanding (MoU) was also exchanged at the investors’ meeting by Karan Adani, Chief Executive Officer of Adani Ports and SEZ Limited (APSEZ) and the Tamil Nadu government.

The break-up of the investments by different Adani group companies are as follows: Adani Green Rs 24,500 crore (employment 4,000), Ambuja Cements Rs 3,500 crore (5,000), Adani Connex Rs 13,200 crore (1,000) and Adani Total Gas & CNG Rs 1,568 crore (300).

ALSO READ-Stalin Urges Centre to Help Indian Fishermen Held in Lanka

Categories
Business India News Investment

Chennai Emerges as South India’s Industrial Hub

The presence of industrial corridors, acting as an economic ecosystem, fosters heightened economic activity within the transportation corridor. Like a vital artery, it serves as the central hub of economic vitality in the region…reports Asian Lite News

Chennai is slowly but surely becoming the industrial hub of South India, if not the entire subcontinent. With the government’s plans to upgrade the highway roads, travel time will be reduced as well as vehicle operating costs. As a major seaport, the city’s proximity to raw materials, easy access to major seaports, airports, and different parts of Southern India has rendered it a major industrial hub.

The presence of industrial corridors, acting as an economic ecosystem, fosters heightened economic activity within the transportation corridor. Like a vital artery, it serves as the central hub of economic vitality in the region.

In 2022, the Government of India greenlit 8 projects to develop industrial corridors between major hubs in the country. These projects will take place under the National Industrial Corridor Development and Implementation Trust (NICDIT).

One of these projects is the 96-km Chennai-Bengaluru Industrial Corridor (CBIC). This project is already underway and is scheduled to be completed by 2025. With the completion of the project, the travel time between Chennai and Bengaluru will be cut to two to three hours.
“The project will also increase economic activity in the region by opening up new areas for industrial development. There is potential for manufacturing facilities, warehousing facilities along the corridor. Also, the project will be closer to the port and will facilitate easy cargo movement on the corridor,” Suresh Krishna, State President of CREDAI, Tamil Nadu, told The Hindu.

The CBIC will go through cover Chennai, Sriperumbudur, Ponnapanthangal, Ranipet, Vellore, Chittoor, Bangarupalem, Palamaner, Bangarpet, Hoskote, and Bengaluru.
CBIC: Prime Investment Destination

The Chennai Bangalore Industrial Corridor (CBIC) stands as an enticing prospect for investors, offering a multitude of advantages. Positioned at the onset of a major industrial corridor, Chennai promises abundant job opportunities. Escaping urban congestion, many are gravitating towards the city’s outskirts, lured by available land parcels, ideal for realizing their dream homes.

This burgeoning industrial landscape has given rise to a thriving economy, with job prospects that foster personal and professional growth. Renowned for its top-notch infrastructure and connectivity, Chennai boasts an exemplary transportation system. This includes ongoing initiatives, including metro expansions toward Parandur, which promise enhanced accessibility for suburban residents, significantly reducing travel times.
Furthermore, Chennai’s strong economic foundation, fueled by diverse industries like manufacturing, automotive, IT, and logistics along the CBIC, continues to bolster its status as the state’s economic hub.

ALSO READ-Chennai Down Under

Categories
Business Investment

TikTok Partners with GoTo’s Tokopedia

The shopping features within the TikTok app in Indonesia will be operated and maintained by the enlarged entity…reports Asian Lite News

Chinese short-video making platform TikTok on Monday committed to invest $1.5 billion in Indonesian firm GoTo’s e-commerce unit Tokopedia to drive long-term growth for MSME sector and the country’s digital economy as a whole.

As part of the agreement, Tokopedia and TikTok Shop Indonesia’s businesses will be combined under the existing PT Tokopedia entity in which TikTok will take a controlling 75.01 per cent stake.

The shopping features within the TikTok app in Indonesia will be operated and maintained by the enlarged entity. The arrangement will allow both TikTok and GoTo to each serve Indonesian consumers and MSMEs more comprehensively, the companies said in a statement.

GoTo will benefit from the growth of the enlarged entity and will remain an ecosystem partner to Tokopedia, through its digital financial services via GoTo Financial and on-demand services via Gojek. GoTo will also receive an ongoing revenue stream from Tokopedia commensurate with its scale and growth.

“The transaction, which is expected to close in the first quarter of 2024, is in line with the GoTo Group’s strategy to strengthen its financial and strategic position by growing its total addressable market,” said the Indonesian firm.

The strategic partnership will commence with a pilot period carried out in close consultation with and supervision by the relevant regulators.

The first campaign will be the Beli Lokal initiative which will launch on December 12, coinciding with Indonesia’s National Online Shopping Day (Harbolnas).

Going forward, TikTok, Tokopedia and GoTo will transform Indonesia’s e-commerce sector, creating millions of new job opportunities over the next five years.

“More than 90 per cent of the combined business’s merchants are MSMEs and the companies will undertake a series of joint initiatives to support them,” they said.

ALSO READ-TikTok Banned in Nepal Over Social Harmony Concerns