Saudi Arabia mulls relaxing ownership limits for foreign investors

Agencies
April 27, 2019

Riyadh, Apr 27: Saudi Arabia’s Capital Market Authority (CMA) is considering relaxing a 49 percent limit for foreign strategic investors in shares of listed companies due to increased demand, its chairman Mohammed Al Kuwaiz said on Thursday.

Foreigners currently own 5.5 percent of Saudi equities but that could nearly double by the end of 2020, Al Kuwaiz said in an interview on the sidelines of a financial conference in Riyadh.

“We found most strategic investors are maybe looking to build more sizeable stakes,” Kuwaiz said.

The kingdom has introduced a raft of reforms in recent years, winning endorsements from international index compilers MSCI and FTSE Russell, as it seeks to position its bourse as an international capital markets hub.

An upcoming sale of shares in shopping mall operator Arabian Centres Company, owned by Fawaz Alhokair Group, will be the first offering in the kingdom under Rule 144a, which allows the sale of securities primarily to qualified institutional buyers in the United States.

The Saudi stock market is the Middle East’s largest exchange and has seen an upsurge in foreign fund flows since the start of the year due to the inclusion in the emerging markets indexes.

The country’s Tadawul All-Share Index is up more than 18 percent year-to-date, one of the best performances in the region.

At least six Gulf firms have expressed interest in an additional listing on the Saudi exchange, which is due to release detailed procedures in the next two weeks, the chief executive of the bourse told Reuters during the financial forum on Thursday.

“We have at least one to two companies already in a very good stage of their preparations to submit their files,” Khalid Al Hussan said at the conference.

The exchange will launch the country’s first index futures contracts in the second half of the year, Hussan added, allowing investors to take a view on the direction of the index without having to buy individual shares.

On Thursday the CMA, the country’s bourse and its Debt Management Office (DMO) announced a reduction in fees and commissions to encourage secondary market trading of debt.

The three entities said trading commissions for the Tadawul and the CMA had been reduced, while fees for new offerings and annual registration charges for issuers were also reduced.

The DMO also reduced the par value for government-issued sukuk, from 1 million Saudi riyals ($266,666.67) to one thousand, signaling further government efforts to facilitate access to the bond market for retail investors.

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Agencies
January 5,2020

New Delhi, Jan 5: A masked mob on Sunday entered the Sabarmati Hostel on the Jawaharlal Nehru University (JNU) campus and assaulted several students and professors with sticks and rods.

"I have been brutally attacked by goons wearing masks. I am bleeding. I was brutally beaten up," JNU Students' Union (JNUSU) president Aishe Ghosh told reporters.

She has been admitted to the AIIMS here for treatment.

Several other students were also injured in the incident.

In a video of the incident, a group of goons with their faces covered can be seen assaulting students with wooden sticks and rods.

A tweet from the official handle of the JNUSU said, "Sabarmati Hostel: right now. They are beating the students who are inside. Knocking on doors with rods. People are jumping from balconies. #SOSJNU #EmergencyinJNU."

"Professors who were trying to protect us have been beaten up. These are unknown ABVP goons, not all are students, they have covered their faces, and they are moving towards the hotels near the West Gate. Stay alert. Make human chains. Protect each other. #SOSJNU #EmergencyinJNU," another tweet added.

Meanwhile, the ABVP's JNU unit claimed in a tweet: "Emergency in JNU. Leftist goons of JNU accompained with their cadre from other universities have crossed every limit. They have proceeded with unimaginable violence on ABVP activists of JNU."

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News Network
March 11,2020

New Delhi, Mar 11: Congress leader Rahul Gandhi on Wednesday accused Prime Minister Narendra Modi of “destabilising” the elected Congress government in Madhya Pradesh.

Gandhi also said the PM may have “missed” noticing the 35 per cent crash in global oil prices and asked him to pass on the benefit to Indians by slashing petrol prices.

“Hey @PMOIndia, while you were busy destabilising an elected Congress Govt, you may have missed noticing the 35 per cent crash in global oil prices.

“Could you please pass on the benefit to Indians by slashing #petrol prices to under 60 per litre? Will help boost the stalled economy,” the former Congress chief said on twitter.

Congress' prominent youth leader Jyotiraditya Scindia quit the party on Tuesday and appeared set to join the BJP amid a rebellion in Madhya Pradesh by his supporters, pushing the 15-month-old Kamal Nath government to the brink of collapse.

On Tuesday morning, as much of India was celebrating Holi, Scindia met senior BJP leader and Union Home Minister Amit Shah, following which he called on Prime Minister Narendra Modi at his 7, Lok Kalyan Marg residence.

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Agencies
May 23,2020

Washington, May 23: President Donald Trump has labeled churches and other houses of worship as “essential" and called on governors nationwide to let them reopen this weekend even though some areas remain under coronavirus lockdown.

The president threatened Friday to “override” governors who defy him, but it was unclear what authority he has to do so.

“Governors need to do the right thing and allow these very important essential places of faith to open right now — for this weekend," Trump said at a hastily arranged press conference at the White House. Asked what authority Trump might have to supersede governors, White House press secretary Kayleigh McEnany said she wouldn't answer a theoretical question.

Trump has been pushing for the country to reopen as he tries to reverse an economic free fall playing out months before he faces reelection. White evangelical Christians have been among the president's most loyal supporters, and the White House has been careful to attend to their concerns throughout the crisis.

Following Trump's announcement, the Centers for Disease Control and Prevention released new guidelines for communities of faith on how to safely reopen, including recommendations to limit the size of gatherings and consider holding services outdoors or in large, well-ventilated areas.

Public health agencies have generally advised people to avoid gatherings of more than 10 people and encouraged Americans to remain 6 feet (1.8 meters) away from others when possible. Some parts of the country remain under some version of remain-at-home orders.

In-person religious services have been vectors for transmission of the virus. A person who attended a Mother's Day service at a church in Northern California that defied the governor's closure orders later tested positive, exposing more than 180 churchgoers. And a choir practice at a church in Washington state was labeled by the CDC as an early “superspreading" event.

But Trump on Friday stressed the importance of churches in many communities and said he was “identifying houses of worship — churches, synagogues and mosques — as essential places that provide essential services.”

“Some governors have deemed liquor stores and abortion clinics as essential” but not churches, he said. “It's not right. So I'm correcting this injustice and calling houses of worship essential." “These are places that hold our society together and keep our people united,” he added.

Dr. Deborah Birx, coordinator of the White House coronavirus task force, said faith leaders should be in touch with local health departments and can take steps to mitigate risks, including making sure those who are at high risk of severe complications remain protected.

“There's a way for us to work together to have social distancing and safety for people so we decrease the amount of exposure that anyone would have to an asymptomatic," she said.

A person familiar with the White House's thinking who spoke on condition of anonymity to discuss internal deliberations said Trump had called the news conference, which had not been on his public schedule, because he wanted to be the face of church reopenings, knowing how well it would play with his political base.

Churches around the country have filed legal challenges opposing virus closures.

In Minnesota, after Democratic Gov. Tim Walz this week declined to lift restrictions on churches, Roman Catholic and some Lutheran leaders said they would defy his ban and resume worship services. They called the restrictions unconstitutional and unfair since restaurants, malls and bars were allowed limited reopening.

Some hailed the president's move, including Kelly Shackelford, president of the conservative First Liberty Institute.

“The discrimination that has been occurring against churches and houses of worship has been shocking," he said in a statement. "Americans are going to malls and restaurants. They need to be able to go to their houses of worship.” But Rabbi Jack Moline, president of Interfaith Alliance, said it was “completely irresponsible” for Trump to call for a mass reopening of houses of worship.

“Faith is essential and community is necessary; however, neither requires endangering the people who seek to participate in them,” he said.

“The virus does not discriminate between types of gatherings, and neither should the president." Rhode Island Gov. Gina Raimondo, a Democrat, made clear that churches and other houses of worship will not resume in-person services in her state until at least next weekend and said she was skeptical Trump had the authority to impose such a requirement.

“It's reckless to force them to reopen this weekend. They're not ready,” she said. “We've got a good plan. I'm going to stick with it.” New Hampshire Gov. Chris Sununu, a Republican, said he would review the federal guidance, while maintaining a decision rests with him.

"Obviously we'd love to get to the point where we can get those open, but we'll look at the guidance documents and try to make some decisions rather quickly, depending on what it might say,” he said. “It's the governor's decision, of course.”

The CDC more than a month ago sent the Trump administration documents the agency had drafted outlining specific steps various kinds of organizations, including houses of worship, could follow as they worked to reopen safely.

But the White House dragged its feet, concerned that the recommendations were too specific and could give the impression the administration was interfering in church operations.

The guidance posted Friday contains most of the same advice as the draft guidance. It calls for the use of face coverings and recommends keeping worshippers 6 feet from one another and cutting down on singing, which can spread aerosolized drops that carry the virus.

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