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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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Non-life insurers witness 13 per cent rise in premium in FY19

New Delhi: Non-life insurance firms registered a rise of 13 per cent in their collective premium income to Rs 1.70 lakh crore in the financial year ended March, according to data from Irdai. The 34 non-life insurers had a gross premium of Rs 1.51 lakh crore in 2017-18. Among these insurers, as many as 25 are categorised as general insurers, seven as standalone private sector insurers while the rest of the two are government-owned specialised insurers. For the 25 general insurers, the collective gross premium in 2018-19 stood at Rs 1.50 lakh crore, up by nearly 13 per cent from...

India still not power-surplus nation; energy deficit at 0.6 pc in 2018-19

New Delhi: India has again missed the target of becoming an electricity-surplus nation by a whisker as its peak power deficit stood at 0.8 per cent and the overall energy deficit remained 0.6 per cent in 2018-19. In its load generation balancing report (LGBR) for 2018-19, the Central Electricity Authority (CEA) had pegged overall energy and peak power surpluses at 4.6 per cent and 2.5 per cent, respectively, indicating that India would be a power-surplus country in the financial year. In 2017 also, the CEA in its LGBR had projected that India would become a power-surplus nation in 2017-18. But,...
19/04/2019

Alibaba head’s remarks spark debate over China working hours

BEIJING: Remarks by the head of Chinese online business giant Alibaba that young people should work 12-hour days, six days a week if they want financial success have prompted a public debate over work-life balance in the country.Jack Ma is one of China’s richest men and his comments last week brought both condemnation and support as China’s more mature economy enters a period of slower growth.Newspaper People’s Daily, the ruling Communist Party’s mouthpiece, issued an editorial, saying mandatory overtime reflects managerial arrogance and was also impractical and unfair to workers. Online complaints included blaming long work hours for a lower...

Nissan to cut global production by 15 per cent: Nikkei

Nissan Motor Co Ltd will cut global production by about 15 per cent for the fiscal year ending March 2020 as the company shifts away from the aggressive expansion campaign promoted by former Chairman Carlos Ghosn, the Nikkei newspaper reported on Friday. The Japanese automaker aims to produce about 4.6 million units in fiscal 2019, according to plans being communicated to its suppliers. The move is expected to impact earnings and could cast a pall over its alliance with French automaker Renault, the Nikkei said. ...

Saudi Aramco could buy Shell's 50% stake in refining JV SASREF

Saudi Aramco is reportedly planning to buy oil major Shell's 50% stake in Saudi Aramco Shell Refining Co (SASREF), a Saudi refining complex developed as a joint venture between the two oil companies. Reuters reported that an agreement has already been reached, citing an anonymous source. SASREF is based in Jubail Industrial City, with refining capacity of 305,000 barrels per day (bpd), according to the company website. It mainly produces liquefied petroleum gas, naphtha, kerosene, diesel, fuel oil and sulphur.

India gets its first Quadricycle

Offers seating for four, including the driver. Provides better weather protection than an auto rickshaw. Powered by 216.6cc petrol engine mated to a 5-speed sequential gearbox. Available in CNG version as well. Claimed fuel economy of 35kmpl on petrol and 43km/kg with CNG. Top speed limited to 70kmph. The Bajaj Qute quadricycle has been launched in India for both personal and commercial purposes. While the petrol-powered version for personal use costs Rs 2.48 lakh, the CNG-powered variant for commercial purposes will set you back by Rs 2.78 lakh (both prices, ex-showroom Maharashtra). Private buyers can also opt for the CNG...