London, May 5 (IANS) The International Maritime Organisation (IMO) has said that vessels operating near the Strait of Hormuz should continue to exercise “maximum caution”, following reports of a US operation to “guide” stranded ships out of the area.In a written response to Xinhua news agency, an IMO spokesperson on Monday said: “We are aware of the reports but do not have further details. We continue to urge ships to practice maximum caution in the area.”US President Donald Trump said on Sunday…
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Abu Dhabi, May 5 (IANS) The Indian Embassy in the United Arab Emirates (UAE) has said that three Indian nationals have been injured in “today’s attacks in Fujairah”.The Embassy said that it is in touch with local authorities to ensure adequate medical care and welfare of the affected Indian nationals.The UAE’s Ministry of Foreign Affairs condemned the “renewed unprovoked Iranian aggression” using missiles and drones.The Ministry also confirmed that three Indian nationals were injured due to the …
New Delhi, May 4 (IANS) Commerce and Trade Minister Piyush Goyal on Monday held a review meeting with key officers and chief negotiators to assess the progress of India’s Free Trade Agreements (FTAs).“Discussed ways to encourage more businesses to export from India, further unlocking the country’s potential to export world-class products,” the minister posted on X.“Also, explored avenues to strengthen India’s position in global value chains,” he added.Earlier in the day, Goyal held talks…
New Delhi, May 4 (IANS) Ministry of External Affairs (MEA) said on Monday that it is monitoring the developments in West Asia and their efforts are focused on ensuring the safety and welfare of the Indian community in the region. While addressing an inter-ministerial briefing on recent developments in West Asia on Monday, Aseem R Mahajan, Additional Secretary (Gulf), MEA, stated that Indian embassies and consulates are operating round the clock helplines to provide assistance to people. He state…
New Delhi, May 4 (IANS) Indian banks are well positioned to implement the Reserve Bank of India’s new Expected Credit Loss (ECL) framework and absorb the initial impact on its capital, a report said on Monday.The report from CareEdge Ratings said that the sector’s strong Capital Adequacy Ratio of over 17 per cent and a Common Equity Tier I ratio exceeding 14.5 per cent, provide adequate room for the change.The ratings agency estimated that the impact of shifting to ECL models would be roughl…
New Delhi, May 3 (IANS) The UAE General Civil Aviation Authority has announced the full resumption of normal air navigation operations within UAE airspace and the lifting of temporary precautionary measures, and consequently, Indian and UAE carriers have started operating more flights from the UAE to various destinations in India, according to a statement issued by the Ministry of External Affairs on Sunday. The overall flight situation in the Middle East continues to improve with additional fli…
New Delhi, May 3 (IANS) Amid the ongoing West Asia conflict, OPEC+ countries have agreed in principle to raise oil output targets in June.Multiple reports say that seven OPEC+ countries have agreed to raise oil output targets by about 188,000 barrels per day next month. The output hike would rather be largely symbolic until Strait of Hormuz reopens.This will be the third consecutive monthly increase amid the geopolitical crisis and the departure of the UAE from the group.With the UAE leaving, OP…
New Delhi, May 2 (IANS) The government on Saturday said it has facilitated the safe repatriation of more than 2,922 Indian seafarers so far, including 30 in the last 24 hours from various locations across the Gulf region.The Ministry of Ports, Shipping and Waterways continues to coordinate with the Ministry of External Affairs, Indian Missions, and maritime stakeholders to ensure seafarer welfare and uninterrupted maritime operations.“All Indian seafarers in the region are safe, and no inciden…
New Delhi, May 1 (IANS): Leading UAE telecom major Etisalat is reviewing its investment in Pakistan, which could lead to its exit from Pakistan Telecommunication Company Ltd (PTCL), according to a report in the local media.Insiders say Etisalat had indicated that the review is driven by a combination of global macroeconomic uncertainty, regional geopolitical tensions, and evolving capital allocation strategies among sovereign-linked investors, the report in the Dawn said.Etisalat’s plans …
New Delhi, May 1 (IANS) The India-UAE Comprehensive Economic Partnership Agreement (CEPA) is driving robust trade expansion and opening new avenues for Indian businesses, Union Minister Piyush Goyal said on Friday.Four years after the implementation of the India-UAE Comprehensive Economic Partnership Agreement, the bilateral economic relationship between India and the United Arab Emirates has witnessed significant growth across multiple sectors.Highlighting the progress in a post on social media…