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UAE to unlock billions of dollars for Iran

DUBAI/LONDON: The United Arab Emirates has agreed to unlock billions of dollars for Iran, four sources said, in a tactical shift after weeks of ​Iranian attacks on the wealthy Gulf Arab state during the U.S.-Israeli ​war with the Islamic Republic.Word of the move, which has not been previously reported, coincides with the final stages of broader negotiations between ​Tehran and Washington on ending the war, talks that diplomats say could involve the release of tens of billions of dollars in Iranian oil revenues frozen in foreign banks under U.S. sanctions.Two regional sources told Reuters the UAE had agreed to release a total of $10 billion, more than $3 billion of which had already been delivered.Also read: UAE and Iran conduct first face-to-face meeting to try deescalating Middle East tensionsTwo other sources with knowledge of the arrangement put the total funds involved at $20 billion, adding that the move ‌had been agreed in return ⁠for a ⁠halt to Iranian attacks on the UAE. One o...
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Cupid Breweries to acquire United Spirits' unit

New Delhi: Cupid Breweries and Distilleries has announced it will acquire an operational alcoholic beverage manufacturing unit from Diageo-controlled United Spirits Ltd (USL) in Odisha for Rs 22.5 crore as part of its expansion plans.It has signed an agreement to acquire the alcobev unit situated at Gopalpur, Odisha, according to a regulatory filing."We wish to inform you that the Company has entered into an Agreement for Sale and Transfer dated June 05, 2026, with United Spirits Limited, a Diageo Group company," said the company, earlier known as Cupid Trades and Finance Ltd.The agreement has been executed for the proposed purchase of land, building, plant & machinery along with premium excise licenses pertaining to the production unit situated at Gopalpur, Odisha, for a total consideration of Rs. 22.50 crore, it said."The proposed transaction represents a significant step in the Company's growth and expansion strategy and envisages the acquisition of a large al...
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Vedanta demerger: Four spin-off companies list on exchanges on June 15

Investors in Vedanta will finally get a price for the group's demerged businesses on June 15, when four newly created entities — Vedanta Aluminium Metal (VAML), Vedanta Oil & Gas (VOGL), Vedanta Power and Vedanta Iron & Steel (VISL) — begin trading on Indian stock exchanges.The listings mark the end of Vedanta's long-awaited demerger exercise, one of the biggest corporate restructurings undertaken in India's metals, mining and natural resources sector.According to exchange notices, Vedanta Oil & Gas, Vedanta Power, Vedanta Aluminium Metal and Vedanta Iron & Steel will be listed on Monday and initially placed in the Trade-to-Trade (T2T) segment, where every transaction results in compulsory delivery.The demerger became effective earlier this year, with Vedanta fixing May 1 as the record date. Under the scheme, shareholders received one share each of Vedanta Aluminium Metal, Vedanta Power, Vedanta Oil & Gas and Vedanta Iron & Steel for every one share ...
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Banks can lend directly to REITs & InvITs

Mumbai: The Reserve Bank of India (RBI) Wednesday allowed banks to lend directly to Real Estate Investment Trusts (REITs). It capped overall bank exposure to a REIT or Infrastructure Investment Trust (InvIT), with its underlying SPVs and holding companies, at 49% of its asset value .The new framework requires that at least 80% of a REIT's underlying assets generate positive cash flows from operations for a minimum of one year for it to be eligible for bank funding.Also read: RBI cancels registration certificates of 135 NBFCsSimilarly, banks can lend only to listed InvITs with at least 80% of assets invested in completed, revenue-generating infrastructure projects that have generated positive cash flows for at least one year. The RBI said that a bank will be permitted to lend to REITs which are registered with and regulated by Sebi. The central bank said the overall exposure of all banks to a borrowing REIT, together with its underlying SPVs and holding companies, should not exceed ...
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Oil seen averaging at $105/b in June, July

New Delhi: Crude oil prices are expected to average $105 per barrel in June and July, assuming the Strait of Hormuz remains largely closed in the near term and global oil inventories continue to decline, according to the latest outlook from the US Energy Information Administration (EIA).International benchmark Brent was trading around $93 per barrel on Wednesday despite an exchange of strikes between the US and Iran. Brent has remained highly volatile this week as the US, Israel and Iran traded attacks, but prices have stayed below $100 per barrel. Markets are betting that both the US and Iran want to avoid a return to full-scale war and are using limited strikes largely for signalling during the truce period while negotiating a permanent deal, an industry executive said.Also read: Iran war fallout: Fuel use drops 6.5% in May; experts see warning signs for economySignificant demand destruction globally is also limiting the rise in prices despite what industry executives describe as the...
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India seeks global action as 20 killed in PoK

New Delhi: Condemning severe police brutality in Pakistan-occupied Kashmir (PoK), which had led to the death of at least 20 protesters, India on Tuesday said that the international community must hold Pakistan accountable for its misdeeds and abuses.Reacting to continued protests and a heavy-handed crackdown in PoK, external affairs ministry spokesperson Randhir Jaiswal said desperate attempts are being made to cover up failings by Pakistan, with a pattern of fake news and videos emanating to deflect attention away from human rights abuses.Also read: 190 vs 620: India has nuke edge over Pakistan but can it deter China?"There are reports of severe police brutality in Pakistan-occupied Kashmir in which several protestors have been killed and many injured. We hope the international community will hold Pakistan accountable for its misdeeds and abuses," Jaiswal said.People with knowledge of the matter said that the crackdown on civilians appeared to have intensified since the post...
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Modi passes Nehru. What's next for his legacy?

from Economic Times https://ift.tt/FcgEfnG
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