Business

New Delhi, Nov 17 (PTI) India has granted visa-on-arrival facility to the citizens of the United Arab Emirates (UAE) with an aim to enhance people-to-people contacts and trade relations, officials said on Sunday.

The visa-on-arrival facility for the nationals of the UAE came into effect from Saturday. It will be available for a period of up to 60 days with double entry for business, tourism, conference and medical purposes, a government official said.

DUBAI (Reuters) - Saudi Aramco is worth up to $1.7 trillion at the IPO price range set by the oil giant on Sunday, below the $2 trillion targeted by Saudi’s crown prince but still vying for the title of the world’s biggest IPO.

However Aramco cannot sell the shares directly to investors in the United States and other markets, as the deal will now be restricted to Saudis and foreign institutions, who can invest in shares in the kingdom’s stock market.

New Delhi, Nov 15 (PTI) Finance Minister Nirmala Sitharman on Friday said the government will bring legislations on raising insurance cover on bank deposits from the current Rs 1 lakh and regulating multi-state cooperative banks.

These legislations will be brought during the Winter Session of Parliament starting coming Monday, the minister told reporters here.

Kolkata, Nov 15 (PTI) The number of military aircraft in the country will soon increase to 2,000 from the present 1,400, thus opening up more opportunities for the MSME sector in repair and overhaul, a senior IAF officer said on Friday.

There will be a huge requirement of aircraft in the next 10 to 20 years in military aviation of the country, said Air Marshall R K S Shera, Air Officer Maintenance of the IAF.

"The number is going to blow up from whatever we have today at 1,400, it will rise to 2,000 soon," he said at a programme here.

New Delhi, Nov 15 (PTI) India's exports contracted for the third month in a row in October by 1.11 per cent to USD 26.38 billion mainly on account of a significant dip in shipments of petroleum, carpet, leather products, rice and tea.

Imports too declined by 16.31 per cent -- the steepest fall in more than three years -- to USD 37.39 billion in October, narrowing the trade deficit to USD 11 billion, according to the government data released on Friday.

BRASILIA, Nov 15 (NNN-AGENCIES) — Five of the biggest emerging economies railed against protectionism as they vowed to overcome “significant challenges” facing multilateralism, in a swipe at US tariffs and unilateral action.

The joint declaration by BRICS countries – Brazil, Russia, India, China and South Africa – came on the second day of the annual gathering, which Brazilian host President Jair Bolsonaro used to boost ties with Chinese counterpart Xi Jinping.

15 Nov 2019; MEMO: Egypt’s unemployment rate rose to 7.8 per cent in the third quarter of 2019, compared to 7.5 per cent in the previous quarter, state-run Central Agency for Public Mobilisation and Statistics (CAPMAS) announced yesterday.

Unemployment in Egypt amounted to 10 per cent of the total labour force in the third quarter of 2018.

Brasilia, Nov 14; PTI/GANASHAKTI: Prime Minister Narendra Modi held in-depth talks with Chinese President Xi Jinping here and the two leaders have agreed to maintain close contact on matters relating to trade and investment to further deepen and add new vigour to India-China relations.

During the meeting held on the margins of the 11th BRICS Summit on Wednesday, prime minister Modi said there was a "new direction and new energy" in bilateral ties after their second informal summit in Chennai last month.

New Delhi, Nov 15 (PTI) The Supreme Court on Friday paved the way for ArcelorMittal takeover of debt-ridden Essar Steel for Rs 42,000 crore and set aside the July 4 NCLAT order giving equal status to financial creditors and operational creditors.

A bench headed by Justice R F Nariman clarified that financial creditors enjoy primacy over operational creditors and the adjudicating authority cannot interfere with the decision approved by the committee of creditors.

Thiruvananthapuram, Nov 14 (PTI) Union Minister Dharmendra Pradhan on Thursday heaped praise on the LDF government in Kerala and said it is a model for other BJP, non-BJP-ruled states on implementation of Central projects.

He thanked the state government for the successful implementation of the Gas Authority of India Ltd (GAIL) pipeline project.

The Union minister of petroleum, natural gas and steel was speaking to the media after he met chief minister Pinarayi Vijayan at his office here.