Saudi Arabia has opened applications for a permanent residency program designed to attract foreign investment to the kingdom, but it will cost a hefty 800,000 riyals ($213,000). There’s also a cheaper option, with a one-year renewable residency costing 100,000 riyals. The so-called premium residencies will allow foreigners to buy property and do business without a Saudi sponsor, switch jobs and exit the kingdom easily and sponsor visas for family members, according to the website for registrations. Along with paying high fee, applicants must be at least 21 years old, prove financial solvency and have a clean criminal record and bill of health. The program approved in May is the latest sign of how the quest for non-oil revenue is prompting Gulf nations to rethink the role of foreigners in their societies. It’s a landmark move in a region where many overseas workers are subject to some of the world’s most restrictive residency rules. The United Arab Emirates approved a plan to allow wealthy foreigners to apply for a 10-year stay, while Qatar passed a law that’ll grant some permanent residencies. The idea for a long-term Saudi residency program was first floated in 2016 by Crown Prince Mohammed bin Salman, as a part of his plan to reduce the economy’s reliance on oil and boost foreign direct investment. At the time, he estimated the program would generate about $10 billion in annual revenue by 2020. Wh..
Saudi to charge $213,000 for permanent residency in step to boost economy2019-06-23
PATRIARCH AND PATRIOT2019-05-12
Yogesh Chander Deveshwar, who turned tobacco major ITC Ltd into a conglomerate with a sprawl of businesses ranging from fast-moving consumer goods and hotels to foods and paper, and ran it like a fortified fief out of Virginia House on Chowringhee, passed away in Delhi this morning. He was 72, and is survived by wife Bharti, son Gaurav and daughter Garima. Fondly called ‘Yogi’ within his intimate circle, Deveshwar stayed for more than five decades with ITC of which over 20 years were spent as its executive chairman. A domineering chieftain of Indian industry, he was a fier..
Uber’s crazy ride!2019-05-12
-Uber’s initial public offering values the business at $75.5 billion. -Garrett Camp came up with the idea for Uber in 2008, while running a popular website he created called StumbleUpon. How much is a great idea worth? In the case of Uber Technologies Inc., the answer is $3.7 billion. That’s the value of the stake held by Garrett Camp, the inventor of Uber, ahead of the company’s first day of stock trading on Friday. It’s an unfathomable sum, even for Camp, who was already an internet millionaire. With that haul, Camp could buy his hometown hockey team, the Calgary..
India’s consumption story losing the plot!2019-05-07
Consumption is sputtering across a range of products including cars, two-wheelers, air travel and fast-moving consumer goods(FMCG), with volumes dropping to multi-quarter lows. The decline in demand stems from an income growth slump in urban and rural areas that’s forced people to curb spending, falling money supply in the economy and rising uncertainty over how customers will respond to regulatory action, experts said. The next government may need to prime the pump as consumption has been one of the engines that has been driving the economy in the absence of private investment and ..
Avengers: endgame 2nd highest grossing movie ever!2019-05-07
The No. 1 highest-grossing film of all time worldwide remains Avatar with $2.8 billion (not adjusted for inflation). Only five films have ever crossed the $2 billion mark and three of them are Disney releases (Avatar was released by Fox, which has since been acquired by Disney). The Top Five Highest-Grossing Movies of All Time(via Box Office Mojo): 1. Avatar $2,788.0 billion 2. Avengers: Endgame $2,188.7 billion 3. Titanic $2,187.5 billion. Read more at https://in.ign.com/movie/134727/news/avengers-endgame-passes-titanic-to-become-2nd-highest-gr..
IFTDA Appeals Godrej to Build 'Raj Kapoor Museum' at RK Studios Land!2019-05-07
A major fire broke out at one of the main stages of RK Studio in 2017 and destroyed the sets of a dance reality show, while the ground floor was gutted. With flames having engulfed one of its main shooting areas, as well several other key facilities, the Kapoor family decided to sell off the studio citing that the renovation cost is not economically viable. Last week, Godrej Properties announced the acquisition of iconic R K Studios' land in Chembur, Mumbai, where it will reportedly develop mixed-use projects-- luxury flats and retail space. Now, Indian Film and Telev..
Jeff Bezos, world's richest man, is about to get even richer!2019-05-05
The rich keep getting richer. Amazon founder and CEO Jeff Bezos, whose estimated net worthof $157 billion makes him the richest man in the world, is expected to haul in hundreds of millions of dollars from Uber's anticipated initial public offering next week. The 55-year-old tech entrepreneur was one of the early investors in the ride-hailing app. When Uber goes public, it's expected to be valued at more than $80 billion. Uber said it anticipates that the initial public offering will be priced between $44 and $50 per share. Watch this video to know more about Jeff..
Khashoggi’s Fiancée Seeks Answers and Justice: ‘It Is a Moral Duty’2019-05-05
The two — she 36, he 59 — developed a deep emotional relationship, with a shared passion for politics, international affairs and justice for the Arab world. A week later, he asked her to marry him, and she accepted.Overwhelmed with grief and attacked on social media, she withdrew from view, even rebuffing an invitation to visit the White House. Now she is reversing field, determined to seek answers and justice for her partner. “One must take action to conclude this case legally and humanely,” she said in an interview last month. “It is a moral duty.” She r..
Oil’s well until India goes to polls2019-05-04
It’s an open secret that during elections there is an informal diktat to keep down petrol and diesel prices, even in the face of a global spike. Should we brace for a shocker after the votes are in? With the general elections on now, this ‘informal’ price control is apparent, even as global crude oil prices are on the rise.You may then ask, what is the politics being played out here? It is all about manipulating the price in a way that the government doesn’t lose sleep, but the common man does — namely, robbing Peter to pay Paul.The many populist schemes that gov..
Cyclone FANI- interesting facts!2019-05-03
The name for this cyclone was picked up from a pool containing 64 names suggested by eight countries in the North Indian Ocean basin. Fani was suggested by Bangladesh.The word Fani (pronounced as Foni) means snake. “The main purpose of naming a tropical cyclone is basically for people to easily understand and remember the tropical cyclone in a region, thus to facilitate tropical cyclone disaster risk awareness, preparedness, management and reduction," WMO says in its explanation of how cyclones are named. Another important reason why cyclones are named is to help authorities qui..