Mon, Dec 29, 2014 - Page 15 News List

Wolrd Business Quick Take



Saudi bourse may open up

Saudi Arabia is seeking to open its US$509 billion stock exchange to foreign investors in April next year, according to three people briefed on the nation’s plans. Saudi Arabia’s Capital Market Authority informed brokers and fund managers of the plan in London last month, two of the people said, asking not to be identified as the meeting was private. Saudi Arabia is not planning significant changes to draft rules published in August, the people said. The country announced in July that it would open the market in the first half of next year. The world’s biggest oil exporter is removing barriers to one of the world’s most-restricted major stock exchanges as it pursues a US$130 billion spending plan to boost non-energy industries. Opening the market might prompt global index provider MSCI Inc to include the bourse in its emerging market gauge by 2017, attracting as much as US$40 billion to the exchange, Schroders PLC said in July.


Electric car stations to rise

The nation plans to expand its network of charging stations for electric cars countrywide to help boost lackluster demand, a Federal Ministry of Transport and Digital Infrastructure paper seen by reporters showed. Chancellor Angela Merkel’s government wants to bring 1 million battery-powered vehicles onto the roads of Europe’s largest economy by the end of this decade. However, high vehicle prices and drivers’ concerns about infrastructure and limited battery range have held back sales in the nation to just 24,000 models out of a market of about 3 million cars, government data show. The nation only has about 100 quick service charging points for electric cars, and about 4,800 charging stations running on alternating current, according to the ministry.


Dubai development surges

Dubai Investments PJSC plans to invest 10 billion dirhams (US$2.7 billion) in real-estate projects in the next five years as it seeks to benefit from resurgent property demand. Developments include Mirdiff Hills, a 2.5 billion dirham project in Dubai that is set to include 1,500 homes, a 230-room hotel, shops and 185,00m2 of office space, Dubai Investments chief executive officer Khalid Bin Kalban said in an interview. The company’s Dubai Investment Real Estate Co unit plans to start tendering for the development in the next two months, he said. Dubai Investments, whose largest shareholder is state-owned Investment Corporation of Dubai, is seeking to profit from a market recovery in the emirate after one of the world’s worst property crashes during the financial crisis in 2008. Local developers are reviving projects amid a surge in prices and new government measures which have helped stabilize the market.


SYRIZA lays out fiscal policy

A left-wing Greek government would not run deficits, but would pursue fiscal consolidation, the main opposition party’s chief economic policymaker said on Saturday. “Fiscal consolidation? Of course, yes, but in our way, in a way which places the burden on those who can pay,” SYRIZA Party’s Economic Policy Committee chief economist John Milios told reporters. Milios appeared certain Greece is headed for early elections that would result in a stable SYRIZA majority. “No, we are not going to follow a deficit policy. On the other hand, we will not accept, like the present government has agreed, to create an enormous budget surplus, 4.5 percent [of GDP] in 2016.”

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