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Erdogan named Turkey Wealth Fund chair in board overhaul - Dotemirates
12/09/2018

Erdogan named Turkey Wealth Fund chair in board overhaul

Mubasher: Turkey's President Recep Tayyip Erdogan named himself chairman of Turkey Wealth Fund, completely changing its management. Treasury and Finance Minister Berat Albayrak, Erdogan’s son-in-law, was appointed as the deputy chairman of the $50 billion-worth sovereign wealth fund, the country’s Official Gazette said on Wednesday. In addition, head of Turkey and Africa for Malaysia’s government investment vehicle Khazanah Nasional Bhd, Zafer Sonmez, was named as general manager. Among the removed board was Yigit Bulut, one of the president’s advisors. The new board included head of the Turkish chambers of commerce Rifat Hisarciklioglu, the banking association chairman Huseyin Aydin and investment...


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13/06/2019

Saudi energy minister: Only Russia is undecided on OPEC deal extension

Saudi Energy Minister Khalid al-Falih said Russia was the only oil exporter still undecided on the need to extend an output deal between OPEC and its allies until the end of the year, TASS news agency reported on Monday.Falih, in Moscow for talks with his Russian counterpart Alexander Novak, said there was clearly disagreement in Russia about whether to prolong the pact at a policy meeting in Vienna in coming weeks.“So, I think the remaining country to jump onboard now is Russia. I will wait for the Russian dynamics to work themselves out,” Falih told TASS in an interview.“There is...

Extend tax sops to retail investors in corporate bond: Market players to FM

New Delhi: Financial market players on Thursday urged Finance Minister Nirmala Sitharaman to extend tax incentives to retail investors in corporate bonds, and also pitched for additional tax sops for investments in term insurance plans. In the pre-budget meeting, financial and capital markets players made suggestions concerning infusion of capital in niche/regional banks, enhanced role of Financial Sector Development Council (FSDC) in the NBFC sector and creation of dedicated liquidity window for NBFCs. The Union Budget for 2019-20 is scheduled to be presented on July 5. "Discussed how to enhance corporate bond market. At present retail investors invest through mutual...

Ficci for increasing FDI cap in insurance to 74 per cent

New Delhi: The government needs to increase foreign direct investment cap in the insurance sector and multi-brand retail trading for products manufactured and sourced from India for attracting overseas inflows, industry chamber Ficci said on Thursday. "In line with 100 per cent FDI in food retail, a similar policy could be considered for multi-brand retail in products that can be fully manufactured in and sourced from India," Ficci said in its pre-Budget suggestions to the government. It said that in the insurance sector, FDI cap can be increased from 49 per cent to 74 per cent. "To increase FDI flows...

India Inc revenue growth hits six-quarter low in Q4: Report

Mumbai: Weakness in consumer sentiments and softening commodity prices have led India Inc to deliver a six-quarter low revenue growth of 10 percent in the fourth quarter of FY19, a report said on Thursday. The revenue growth in consumer-linked sectors was only 3.8 percent in the fourth quarter of FY19 on a year-on-year basis, down from 27.9 percent in the third quarter of FY19. Commodity linked sectors revenue growth slowed to 12.4 percent in the January-March quarter of FY19 as against 51.4 percent in the third quarter of FY19. "The weakness in the consumer-linked sectors was visible across most consumer-oriented...
13/06/2019

Huawei files to trademark mobile OS around the world after US ban

LIMA/SHANGHAI: China’s Huawei has applied to trademark its “Hongmeng” operating system (OS) in at least nine countries and Europe, data from a UN body shows, in a sign it may be deploying a back-up plan in key markets as US sanctions threaten its business model.The move comes after the Trump administration put Huawei on a blacklist last month that barred it from doing business with US tech companies such as Alphabet, whose Android OS is used in Huawei’s phones.Since then, Huawei — the world’s biggest maker of telecoms network gear — has filed for a Hongmeng trademark in countries such...
13/06/2019

OPEC cuts 2019 oil demand growth forecast, sees more downside risk

LONDON: OPEC on Thursday cut its forecast for growth in global oil demand due to escalating trade disputes and pointed to the risk of a further reduction, building a case for prolonged supply restraint in the rest of 2019.World oil demand will rise by 1.14 million barrels per day this year, 70,000 bpd less than previously expected, the Organization of the Petroleum Exporting Countries said in a monthly report.“Throughout the first half of this year, ongoing global trade tensions have escalated,” OPEC said in the report. “Significant downside risks from escalating trade disputes spilling over to global demand growth remain.”OPEC,...