Dh28 billion surplus in 2018 revenue: UAE Govt

UAE Govt reported Dh28 billion surplus in 2018 revenue

The surplus surge is accredited to the rise in the UAE government’s revenues.

By GulfnewsTFMNews

Abu Dhabi: The UAE government’s surplus posted Dh28 billion in the first nine months of 2018, according to the latest figures released by the Federal Competitiveness and Statistics Authority.

The surplus increase is attributed to the rise in the UAE government’s revenues, which hit Dh304.5 billion in 2018’s first nine months, an increase of 4.8 percent compared to the same period of 2017.

Meanwhile, the expenditures increased from Dh259.3 billion to Dh276.2 billion during the same monitoring period. Total current expenditure as well as capital expenditure also increased by 4.8 per cent in the third quarter of 2018, resulting in the net operating balance recording a deficit of Dh2.5 billion in the third quarter of 2018, compared to a surplus of Dh21.7 billion in the previous quarter.

Oil prices improvements in the second and third quarters of 2018 as well as ongoing fiscal reforms have contributed to diversifying non-energy revenues sources, raising the total government revenues.

Source: GulfNews

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India announced seven-phase national elections to be held in April and May

India announced seven-phase national elections to be held in April and May

The number of registered voters stood at around 900 million, Sunil Arora said. This is around 84.3 million more than in the 2014 elections, he said, adding that there are around 15 million new voters in the 18-19 years age group this time.

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Sunil Arora announces dates for the general elections, in New Delhi on March 10.Photographer: T. Narayan/Bloomberg

The election commission of India (ECI) on March 10th declared dates for a seven-phase national elections.

The polls to form the 17th Lok Sabha, the lower house of parliament, will be held on April 11, 18, 23, and 29, and May 06, 12, and 19, the ECI has said. The results of the elections will be declared on May 23, Sunil Arora, the chief election commissioner, said at a media briefing in New Delhi, the national capital.

Phase Date

Constituencies

I April 11 91 constituencies across 20 states (Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Chhattisgarh, Jammu & Kashmir, Maharashtra, Manipur, Meghalaya, Mizoram, Nagaland, Odisha, Sikkim, Telangana, Tripura, UP, Uttarakhand, West Bengal, Andaman & Nicobar, Lakshadweep)
II April 18 97 constituencies across 13 states (Assam, Bihar, Chhattisgarh, Jammu & Kashmir, Karnataka, Maharashtra, Manipur, Odisha, Tamil Nadu, Tripura, Uttar Pradesh, West Bengal, Puducherry)
III April 23 115 constituencies across 14 states (Assam, Bihar, Chhattisgarh, Gujarat, Goa, Jammu & Kashmir, Karnataka, Kerala, Maharashtra, Odisha, Uttar Pradesh, West Bengal, Dadra & Nagar Haveli, Daman & Diu)
IV April 29 71 constituencies across 9 states (Bihar, Jammu & Kashmir, Jharkhand, Madhya Pradesh, Maharashtra, Odisha, Rajasthan, Uttar Pradesh, West Bengal)
V May 06 51 constituencies across 7 states (Bihar, Jammu & Kashmir, Jharkhand, Madhya Pradesh, Rajasthan, Uttar Pradesh, West Bengal)
VI May 12 59 constituencies across 7 states (Bihar, Haryana, Jharkhand, Madhya Pradesh, Uttar Pradesh, West Bengal, National Capital Territory of Delhi)
VII May 19 59 constituencies across 8 states (Bihar, Jharkhand, Madhya Pradesh, Punjab, West Bengal, Chandigarh, Uttar Pradesh, Himachal Pradesh)

Of the 545 seats in all, two are reserved for the Anglo-Indian community, to which the president of the country nominates members.

The number of registered voters stood at around 900 million, Arora said. This is around 84.3 million more than in the 2014 elections, he said, adding that there are around 15 million new voters in the 18-19 years age group this time.

There will be approximately one million voting booths during these elections and around 11 million personnel who will be part of the electoral machinery.

“VVPATs (voter verifiable paper audit trail) will accompany EVMs (electoral voting machines) in all polling booths this election,” Arora said, referring to the EC’s chosen method of providing feedback to voters.

The announcement of the election dates also immediately brings into effect the ECI’s model code of conduct. essentially rendering the Modi government lame duck. This code is a set of guidelines and rules to ensure free and fair conduct of elections and the campaigning preceding it. The code will remain effective till the day the results are announced. These guidelines includes a bar on the use of religious and caste sentiments to seek votes and announcement of fresh projects and schemes by the government.

“Any violation will be dealt with in the strictest manner,” Arora said.

There will be approximately one million voting booths during these elections and around 11 million personnel who will be part of the electoral machinery.

“VVPATs (voter verifiable paper audit trail) will accompany EVMs (electoral voting machines) in all polling booths this election,” Arora said, referring to the EC’s chosen method of providing feedback to voters.

The announcement of the election dates also immediately brings into effect the ECI’s model code of conduct. essentially rendering the Modi government lame duck. This code is a set of guidelines and rules to ensure free and fair conduct of elections and the campaigning preceding it. The code will remain effective till the day the results are announced. These guidelines includes a bar on the use of religious and caste sentiments to seek votes and announcement of fresh projects and schemes by the government.

“Any violation will be dealt with in the strictest manner,” Arora Said.

Source: Quartz India

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Thomson Reuters reported $1.52 billion income in Q4; beats expectations

Thomson Reuters presented higher than expected fourth income of $1.52 billion

Highlights

  • Thomson Reuters detailed final quarter income of $1.52 billion, comparatively $1.41 billion in earlier year. 
  • They have profited by the organization repurchasing $10 billion worth of shares since August.
  • The organization has put aside $2 billion to develop its Legal, Tax and Accounting and Corporates organizations.
  • Legal income rose 4 percent amid the quarter to $599 million. Duty and Accounting deals ascended by 8 percent to $248 million. Deals to corporate customers ascended by 7 percent to $315 million.

Reuters – TFM Watch

ThomsonReuters

TORONTO (Reuters) – Thomson Reuters presented higher than expected income on Tuesday and said it is proceeding to pursuit for acquisitions to strengthen its Legal and Tax and Accounting units, where request is up to some extent due to U.S. charge changes. They have profited by the organization repurchasing $10 billion worth of shares since August.

Thomson Reuters announced final quarter income of $1.52 billion, comparatively $1.41 billion in earlier year. Profit barring exceptional things were 20 cents for each share, down from 22 cents per share a year ago.

Thomson Reuters sold a 55 percent stake in its Financial and Risk (F&R) sector to private equity firm Blackstone Group LP last October in an arrangement that esteemed the unit, presently an independent business called Refinitiv, at about $20 billion.

The organization has put aside $2 billion of the $17 billion continues from the Blackstone arrangement to influence buys to develop its Legal, Tax and Accounting and Corporates organizations.

“We have various potential targets,” Chief Executive Jim Smith told investigators on a phone call. “We’re organizing those targets and, at some cases, starting some discussions, yet we’re not very nearly pulling the trigger on something big at the present time.” Smith also revealed to Reuters News in a meeting that advertise valuations were “challenging.”

Smith said U.S. tax changes were helping stimulate demand for the organization’s tax and accounting products.

“We need to verify we find the privilege key fit as well as the fit that bodes well also. It’s a quite foamy M&A showcase right now,” he said.

“Fast regulatory change is useful for our business,” he said.

Legitimate, Corporates and Tax and Accounting are the three greatest units following the F&R agreement.

Barring exchange rates, Legal income rose 4 percent during the quarter to $599 million. Duty and Accounting deals ascended by 8 percent to $248 million. Deals to corporate customers ascended by 7 percent to $315 million.

“We were supported by deals development during the quarter,” said Edward Jones expert Brittany Weissman. “There are as yet many moving pieces in the outcomes following the closeout of the F&R business, however Thomson Reuters is seeing early indications of accomplishment in speeding up deals development and improving profitability.”

Profit were better than expected because of a lower tax rate and the shares buyback, Weissman said.

For 2019, the organization estimate balanced profit of $1.4 billion to $1.5 billion, up from $1.4 billion in the present year.

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The organization has held a 45-percent stake in Refinitiv, which offers information and news principally to financial clients. Under the deal with Blackstone, Refinitiv will make least yearly annual payment of $325 million to Reuters more than 30 years, balanced for expansion, to verify access to its news service, equivalent to nearly $10 billion altogether.

Refinitiv income developed by 3 percent, barring money developments, to $1.55 billion during the quarter, Thomson Reuters said.

Thomson Reuters, constrained by Canada’s Thomson family, is the parent of Reuters News. Income from Reuters News dramatically increased to $155 million, mirroring a first-time commitment from the Refinitiv deal. Smith told experts on a meeting he anticipates that the division should be a more grounded supporter of the general benefit going ahead.

For 2018 all in all, Thomson Reuters detailed generally speaking income development of 4 percent. Incomes barring the effect of the Blackstone bargain ascended by 2.5 percent.

For 2019, the organization is determining natural income development of 3 to 3.5 percent. For 2020, it expects income development of 3.5 percent to 4.5 percent, in accordance with December direction.

Source: Reuters

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US Court revives claim by villagers in India for environmental damage; blame on Power Plant

US Supreme Court revives claim by villagers in India for environmental damage which was blamed on India Power Plant

The judges, in a 7-1 decision, toppled a lower court’s deciding that the International Finance Corp (IFC), some portion of the World Bank Group, was completely safe from such claims under US law.

Reuters

power.jpg

The US Supreme Court on Wednesday agreed to consider reviving a claim by locals in India looking to hold a Washington-based worldwide money related organization re-sponsible for natural harm they fault on an influence plant it financed.

The judges, in a 7-1 decision, upset a lower court’s deciding that the In-ternational Finance Corp (IFC), some portion of the World Bank Group, was categori-cally safe from such claims under US law.

The IFC gave $450 million in credits in 2008 to help build the coal-terminated Tata Mundra Power Plant in Gujarat, India. IFC credits included provi-sions necessitating that specific ecological guidelines are met. Lead offended party Budha Ismail Jam and other angler and ranchers living close to the plant sued in government court in Washington in 2015, blaming the IFC for neglecting to meet its commitments.

In a choice composed by traditionalist Chief Justice John Roberts, the high court decided that there are points of confinement to invulnerability for elements like the IFC under the 1945 International Organizations Immunity Act, similarly as there are for remote nations under a 1976 law called the Foreign Sovereign Immunities Act.

Equity Stephen Breyer, a liberal, was the solitary protester, saying that when the 1945 law was composed, universal associations appreciated wide resistance.

Equity Brett Kavanaugh, a deputy of President Donald Trump who joined the court last October, did not participate on the grounds that he was engaged with the case in his earlier job as a government offers court judge.

The IFC had communicated worry that a decision against the association could welcome comparable claims focusing on it and other global improvement banks.

The locals said the plant’s development and activities did not conform to the natural arrangement set out for the task. The nearby condition has been crushed, as per the offended parties, with marine life slaughtered by wa-ter releases from the plant’s cooling framework and coal dust debasing the air.

Lower US courts had decided that the claim was banished in light of the fact that the IFC was safe from such prosecution under the 1945 law.

President Donald Trump’s organization upheld the offended parties, saying interna-tional associations ought not be given anything over the constrained im-munity outside nations are concurred.

Source: Reuters

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Nuclear summit in Hanoi finished without an agreement

The Nuclear summit between US President Donald Trump and Kim Jong Un in Hanoi ended without a treaty Thursday

They had “exceptionally great and valuable gatherings and talked about different approaches to propel denuclearisation and monetary driven ideas”, White House press secretary Sarah Sanders said in an announcement.

trump-kim-jong-un-split-exlarge-169

The nuclear summit between US President Donald Trump and Kim Jong Un in Hanoi finished without a treaty Thursday, the White House said after the two chiefs cut off their talks.

They had “exceptionally great and valuable gatherings and talked about different approaches to propel denuclearisation and monetary driven ideas”, White House press secretary Sarah Sanders said in an announcement.

But she went on: “No agreement was reached at this time,” adding that their “respective teams look forward to meeting in the future,” No joint communique was issued, despite high expectations beforehand for progress.

In the original White House programme, a “Joint Agreement Signing Ceremony” was scheduled as well as a working lunch for the two leaders. In the event, both men left the summit venue without a public signing ceremony and Trump moved up his news conference by two hours, sparking doubts about the progress made at the summit.

The Hanoi summit was supposed to build on their initial historic meeting at Singapore that critics said was more style over substance.

In Hanoi, the smiles and bonhomie remained as Trump touted the “special relationship” between the two but concrete statements were vague.

From the outset, Trump had appeared to downplay expectations of an immediate breakthrough in nuclear talks, saying he was in “no rush” to clinch a rapid deal and was content if a pause in missile testing continued.

He frequently dangled the prospect of a brighter economic future for a nuclear-free North Korea, at one point saying there was “AWESOME” potential.

As in Singapore, the two men put on a show of bonhomie, appeared to share jokes in front of reporters.

Looking relaxed but appearing to say little, they indulged in a poolside stroll Thursday around the gardens of the luxury Metropole Hotel, a colonial-era building that has played host to stars ranging from Charlie Chaplin to Brad Pitt.

It echoed a garden walkabout in Singapore, where the two men bonded over Trump’s hulking car — the “Beast” — with the US president allowing the younger man a glimpse inside.

It was a far cry from the height of missile-testing tensions in 2017 when Trump slammed Kim as “rocket man” and the younger man branded the American president a “mentally deranged US dotard”.

In apparently unprecedented scenes, Kim answered unscripted questions from foreign reporters, saying that he would welcome the establishment of a US liaison office in Pyongyang, which would be a step on the way to diplomatic normalisation.

The Pyongyang strongman is looking for relief from sanctions imposed on the North because of its weapons programmes, which saw tensions soar in 2017 before a wave of detente.

He said there were “people who hold a sceptical view of our meeting” but pledged to seek “great, ultimately good results”.

“I think watching us have a great time will be like watching a scene from a fantasy movie,” he added.

Before the summit, there was talk that there could be a political declaration ending the 1950-53 Korean War which finished technically with an armistice rather than a peace treaty.

There were also hopes Kim could pledge to destroy North Korea’s decades-old Yongbyon nuclear complex, which has long been at the heart of Pyongyang’s atomic development but remains shrouded in secrecy — and North Korea has promised to mothball it twice before.

A patent distraction from the summit was a scandal back home in Washington with Trump’s former personal lawyer and fixer Michael Cohen calling him a “racist” and a “conman” during a congressional hearing.

The president already showed he had the testimony at the back of his mind when he tweeted about it before his first meeting with Kim, saying Cohen — who has been sentenced to three years in jail — was “lying in order to reduce his prison time”.

Source: PTI MoneyControl

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Commodities: The worst week this year; Chinese traders in focus on their return

Safe-haven buying pushed the dollar to levels above 96 after the U.S. president told reporters he would not meet Chinese President Xi before 1st March, reducing the likelihood of ending the trade war.

By Ravindra Rao – Head of Commodity Research & Advisory, Anand Rathi Commodities

Commodities.png

In the week gone by, commodities fell sharply due to the rising dollar. The yellow metal, although range-bound, skidded as traders bought the US dollar to safeguard their investments. Holdings of the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell for a fifth straight session. The greenback rose sharply in the week gone by for a couple of reasons.

The US reported a sharp rise in non-farm payrolls on February 8, and a narrowed trade deficit this week. Moreover, the European Commission slashed its growth forecasts for the euro area’s big economies and warned that Brexit and the slowdown in China could worsen the outlook for crude oil.

Safe-haven buying pushed the dollar to levels above 96, after the US president told reporters he would not meet Chinese President Xi before 1st March, reducing the likelihood of ending the trade war.

Crude oil prices dipped after US inventories rose and as production levels in the country held at record levels, but OPEC-led supply cuts and the crisis in Venezuela supported markets.

Countering the rising US crude output and inventories are voluntary supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) aimed at tightening the market and propping up prices. Meanwhile, US sanctions against Venezuela’s oil industry are expected to knock out at least 500,000 barrels a day of crude exports.

Next week, Chinese markets will resume trading after celebrating the Lunar New year. Industrial metals may be weak due to the appreciating dollar. WTI Crude oil is poised to challenge the $50 psychological support on the lower side as US inventories have hit an all-time high once again.

Moreover, the Trump administration is confident that key ally Saudi Arabia will fill any oil-supply gap caused by US sanctions on Venezuela, with refineries along the Gulf Coast told not to expect any crude release from the Strategic Petroleum Reserve.

But Saudi officials have indicated no such plans, with OPEC in the midst of a production-cut accord aimed at boosting oil prices. The kingdom slashed its output to 10.21 million bpd in January, down almost 400,000 bpd from December’s levels.

Saudi Energy Minister Khalid al-Falih has said February?s output would fall even lower. Lastly, the yellow metal may experience profit-booking due to the rising dollar? nevertheless, $1,300 is a strong short-term support.

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