2003
- The news you choose »
- Login to Add to Watchlist
Mutual fund packages for NRIs
Inda's Birla Sun Life Mutual Fund is offering three packages - Advantage India for risk takers, Interesting Gains for those who want a balanced approach and Capital Preserved for conservative investors. The company hopes to garner some of the funds, NRIs will receive from the maturing Resurgent India Bonds.
Dollar touches three-year lows
The US dollar briefly hit three-year lows on worries aout expanding US trade and current account deficits. On Tuesday, it dropped nearly one per cent to yen 109.60. Gulf residents are affected by the swings in US dollar and yen as most Gulf currencies are linked to the US dollar, while the region's major trade partner is Japan.
Templeton bullish on India stocks
Stocks investors in the Gulf may be encouraged by the bullish attitude of Templeton Chief Mark Mobius, who said export-driven Indian technology stocks are poised for further growth. He said he was long term bullish on India, but that the market is prone to pullbacks. He said some oil and gas firms' valuation may be a little stretched after their recent rally.
Visa offer to cardholders
Visa has invited cadholders to enter its 'Win a Dream Home' competition using Internet, email, SMS and ATMs, making the promotion the first fully-integrated electronic competition launched by Visa in the region. The promotion runs in the Gulf and Lebanon until October 26. The grand prize is worth USD275,000 with supplementary weekly prizes.
NBAD sets up trust firm in Jersey
National Bank of Abu Dhabi (NBAD) has set up a managed trust firm in Jersey in the Channel Islands in response to growing demand from customers to provide additional wealth management services.To manage the Trust firm, NBAD is partnering with law firm - Mourants, which is one of Europe's leading providers of trusts and inheritance planning services.
Indian rupee at three-year high
US dollar linked Gulf currencies will fetch less rupees which on Tuesday shot up to a new three-year high against the US currency. Riding on fresh foreign fund and trade inflows, the rupee closed at a new 38-month peak of 45.33/3325 per dollar. The majority of the expatriate population in the Gulf is Indian.
NRIs offered shares in Vijaya Bank
Expatriate Indians are being offered shares in one of India's leading banks - Vijaya Bank. The public offer opens on October 9 and will close on October 15. Each share of face value USD0.22 (Rs10) is priced with a premium at USD0.53 (Rs24). Shares can be received in demat form.
NBAD opens branch at Marina Mall
National Bank of Abu Dhabi has opened a new branch on the ground floor of Marina Mall in Abu Dhabi. The bank opened a full service equipped with staff and express ATM banking for shoppers and visitors to the mall, whic has over 160 local and international retailers and services.
UAE Dirham fetches more Taka
Bangladesh expatriates in US dollar linked Gulf countries gained aainst the domestic currncy, Taka, when it eased to 58.4225/58.4240 to a dollar on Monday. The US dollar rose on demand for govenmentloans repayment to Islamic Development Bank. Some USD13m were bought from the maket.
India rupee slips against US dollar
The Indian rupee slipped on Monday after suspected intervention by the country's central bank. The US dollars mild recovery in global markets left the rupee at 45.4350/4400 to a dollar against the peak of 45.39/40 on Friday. However, bankers expect the rupee to strengthen again.
India stocks likely to rise further
NRI punters could be looking forward to a profitable week ahead with analysts projecting a third straight week of rise in Indian share prices. Incoming funds and good crops, are among the factors that are expected to boost corporate results that will be announced this month.
NRIs allowed to trade in contracts
From September 1, expatriate Indians have been allowed to invest in exchange traded Sebi-approved derivative contracts out of their rupee funds held in India subject to a Sebi ceiling. Such investments will not be eligible for repatriation benefits.
Forex hedge funds in vogue
There is likely to be a spurt in currency hedge funds from investment banks following the patchy performance of traditional assets and equities. A three-year equity bear market and sharp reversal in the US dollar's fortunes have woken up investors to the perils of unmanaged currency risks, reports said.
Investors begin to look at gold
Some investors are beginning to look at gold as being at the beginning of a bull run, said a Reuters report. Gold is up 50 per cent from its lows in 2001 and could provide an alternative for portfolio diversification against the backdrop of worries over the pace of US recovery, weaker dollar, low interest rates and doubts abouts stocks.
Equity meet to be held on Oct 8
A Private Equity and Venture Capital conference will be held at Crowne Plaza Dubai on October 8, which will be free for delegates. Organised by the Churchill Group, it will discuss issues such as investing in Germany and Europe, early stage venture investing, practical private equity strategies for Asia and how to secure venture capital investments.
It looks like you are using a Mac - check out our 
Web Feeds