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OFID approves over US$303 million for developing countries - Dotemirates
16/03/2019

OFID approves over US$303 million for developing countries

VIENNA, 16th March, 2019 (WAM) -- The OPEC Fund for International Development, OFID, has approved over US$303 million of new funding to benefit developing countries across the globe. The funding was approved at the 166th session of OFID’s Governing Board at the organisation’s Vienna headquarters. Most of the approved funds will finance projects in the transportation, water and energy sectors. The public sector loans, amounting to approximately US$225 million, will support the following countries; Honduras, Madagascar, Maldives, Senegal, Suriname, and Uzbekistan. The Governing Board also approved a $300,000 grant for a project aimed at enhancing access to safe drinking water...


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17/03/2019

Deutsche Bank and Commerzbank in formal merger talks

Germany's two biggest lenders, Deutsche Bank and Commerzbank, will hold formal talks about a merger.The announcement caps months of speculation that the two struggling banks would attempt to combine.A merger could result in massive cost savings, in particular by closing branches. But critics say integrating the firms would be complicated and risky.The German government appears to favour a deal.Deutsche Bank has been struggling to generate growth and has been hampered by losses at its US investment banking operations. "What is also important to me is that we will only pursue options that make economic sense, building on the progress we...
17/03/2019

M&S plans big store shift towards weekly food shop

Marks and Spencer is planning a big shift towards food at its stores, the retailer has said.It said it wanted to target the weekly family shop by having more stores that offer its full range of food.At the moment, only around 12 of its stores offer all 6,500 of its food products.The plan is to convert more space in existing stores to food, with new stores better designed and located for customers who want to do food shopping.In a letter to suppliers, M&S said it was not getting its line of food products "in front of enough customers" - leaving...

Assocham charter of demands for political parties pitches for 8-8.5 pc growth rate

New Delhi: Industry body Assocham on Sunday released a charter of demands to make India a USD 5 trillion economy by 2025 and called on political parties to incorporate the same in their Lok Sabha poll manifestos. Listing out the charter, Assocham in a statement said it wants political parties to pledge, among other steps, to enable growth rate of 8-8.5 per cent per annum. Some of the demands that Assocham wants political parties to incorporate in their 2019 election manifestoes include simplification of GST structure, time-bound dilution of government stake in Public Sector Undertaking (PSUs), providing tax rebate of...

SEBI mulls reducing rights issue listing time

Kolkata: After reducing time to list shares on the stock exchanges post-closure of initial public offerings (IPOs), markets regulator SEBI is aiming to cut down the time for listing of rights issue shares, an official said. In September last year, the Securities and Exchange Board of India (SEBI) decided on reducing the time to list shares on the bourses after IPO to 3 days from the present 6. The SEBI directive is likely to come into effect from July this year. SEBI had cited mitigating external risks such as market volatility and uncertainty of financial markets as the reason behind...

CAIT urges govt to probe Chinese goods imported via hawala route

New Delhi: Traders' body Confederation of All India Traders (CAIT) on Sunday urged the government to probe Chinese goods imported through hawala channels, which is resulting in huge revenue loss to the exchequer. CAIT, in a statement, claimed that "such hawala money might be transferred to Pakistan for conducting terrorist activities". Calling it a serious matter, the traders' body urged the government to start a high-level enquiry at Indian ports to bring an end to the crony nexus. "Who are these hawala operators who facilitate the transfer of money from our country to China. Are exports to China being under...

Centrum to launch Rs 500-cr structured credit fund

Mumbai: The diversified Centrum Group, which is into wealth management, equity broking and credit business with a focus on SME financing and housing, is planning to launch a structured credit fund with an initial corpus of Rs 500 crore shortly. The Jaspal Bindra-run group offers integrated financial solutions under various verticals like the flagship Centrum Capital with its various subsidiaries like wealth management, broking, housing finance, financial advisory, and infrastructure & reality advisory and is present pan-India with 80 branches. The privately held group also has plans to enter the now lucrative ARC (asset reconstruction company) space given the trillions...