Latest news with #FSC
India Gazette
17 minutes ago
- Business
- India Gazette
Taiwan banking Giant, Taipei Fubon Commercial Bank, secures approval to open branch in India
Taipei [Taiwan], July 2 (ANI): Taipei Fubon Commercial Bank, the banking arm of Fubon Financial Holding Co., has received approval from Taiwan's Financial Supervisory Commission (FSC) to set up a branch in Gujarat International Finance Tec-City (GIFT City), India's emerging financial and technology hub, Focus Taiwan reported. The bank has dropped its earlier plan to open a branch in Mumbai, believing GIFT City offers a more strategic location to serve Taiwanese businesses and other enterprises operating in India. GIFT City, located in Gujarat, offers single-window clearances and approvals and provides plug-and-play infrastructure for businesses. Quoted by the news platform, Hou Li-yang, Vice Director General of the FSC's Banking Bureau, said India's favourable tax incentives in GIFT City played a key role in Taipei Fubon's decision to pivot away from Mumbai, which had already received FSC approval in February this year. Taipei Fubon Bank emphasised that GIFT City -- India's first greenfield smart city project -- aligns with its goals to tap into India's population advantage and rapid economic expansion. The city's emphasis on international finance and tech innovation is expected to bolster the bank's competitive edge in the region. The final go-ahead now rests with Indian authorities, as Taipei Fubon awaits regulatory clearance to proceed. If approved, it will become the second Taiwanese bank to set up in GIFT City after CTBC Bank, which secured FSC approval in January but has yet to operationalise its branch. CTBC currently runs two branches in India -- in New Delhi and Kattupakkam -- while Bank of Taiwan and Mega International Commercial Bank operate representative offices in Mumbai. Taipei Fubon Bank already has a strong regional footprint, with branches in Hong Kong, Ho Chi Minh City, Hanoi, Binh Duong, and Singapore, as well as representative offices in Jakarta, Sydney, and Seoul. It also runs a full-fledged subsidiary, Fubon Bank (China), based in Shanghai. (ANI)
Morocco World
2 days ago
- Business
- Morocco World
Saudi Business Delegation Explores Investment Opportunities in Morocco
Marrakech – A high-level delegation from the Federation of Saudi Chambers of Commerce (FSC) began an official visit to Morocco on Sunday. The delegation, led by FSC President Hassan Al-Huwaizi, includes more than 30 Saudi investors and representatives from various government agencies. The visit aims to strengthen economic cooperation and explore new investment opportunities between Rabat and Riyadh, according to the Saudi Press Agency (SPA). Both sides hope this visit will open new horizons for trade and investment cooperation. The Saudi delegation also plans to hold meetings with Moroccan economic officials to highlight investment opportunities and incentives in Morocco. The Saudi investors seek to conclude commercial agreements and partnerships with their Moroccan counterparts in targeted economic sectors. This initiative aligns with Saudi Vision 2030 objectives, which focus on diversifying the national economy, strengthening international economic partnerships, and attracting quality investments. Trade relations between Morocco and Saudi Arabia have grown significantly in recent years. Bilateral exchanges increased from 5 billion Saudi riyals ($1.33 billion) in 2021 to 16.4 billion riyals ($4.37 billion) in 2022, representing a 228% growth. Morocco now ranks 26th among Saudi Arabia's export trading partners and 38th for imports. The exchange is primarily driven by oil and petrochemical products from Saudi Arabia, while Morocco exports agricultural and fishery products, automotive parts, textiles, and various industrial chemical products. The FSC has conducted official business visits to 17 countries in recent months, in line with the Gulf country's strategic vision to develop global trade and investment links. The Moroccan visit follows a similar mission to Mauritania as part of the same regional outreach effort. Read also: Morocco's Construction Giant TGCC Expands to Saudi Market Tags: investment opportunities in Moroccomorocco saudi arabia
Arab News
3 days ago
- Business
- Arab News
Saudi Arabia eyes untapped opportunities in Mauritania, Morocco
JEDDAH: Saudi Arabia is strengthening its trade and investment ties with Africa as more than 30 top investors and officials visit Mauritania and Morocco to explore opportunities across multiple sectors. The delegation, led by the Federation of Saudi Chambers, began an official visit to Northwest Africa on June 29. The agenda includes meetings to highlight investment incentives, assess the business climate, and identify partnership opportunities in key economic sectors, according to the Saudi Press Agency. The mission aims to promote the Kingdom's investment prospects and foster collaboration between Saudi companies and their African counterparts, thereby advancing trade and economic cooperation. This initiative is part of the FSC's broader efforts to enhance international economic ties and align with Saudi Arabia's Vision 2030 strategy, which focuses on diversifying the Kingdom's economic base and expanding global partnerships. It also reflects Riyadh's growing interest in deepening commercial engagement with African nations. 'Both sides hope that this visit will open new horizons for trade and investment relations,' SPA reported, noting that trade with Mauritania reached SR119 million ($32.13 million), with Saudi exports accounting for 99 percent. Trade with Morocco totaled SR5 billion, with 13 percent of this amount representing imports, signaling untapped investment opportunities that the visit aims to uncover. Led by FSC Chairman Hassan Moejeb Al-Huwaizi, the delegation will hold talks with Mauritanian officials and business leaders in Nouakchott. The two-day mission aims to strengthen bilateral economic ties and foster strategic partnerships across various sectors. A joint Saudi-Mauritanian business forum will be held to explore cooperation opportunities, featuring participation from the Ministry of Industry and Mineral Resources, the Ministry of Investment, the General Authority of Foreign Trade, and the Saudi Fund for Development. Saudi exports currently dominate the trade balance with Mauritania, while imports remain limited at around SR100,000. Mauritania is Saudi Arabia's 88th largest export destination and 196th in terms of imports. Key Saudi exports to Mauritania include metals, rubber products, dairy and animal-based goods, and machinery. Imports from the West African country primarily consist of fish and shellfish, tea and spices, textiles and unstitched garments, as well as medical and optical instruments. Trade volume with Morocco stands at SR5 billion, with imports making up 13 percent. In 2024, Riyadh and Rabat signed a cooperation agreement between their chambers of commerce aimed at deepening economic ties. The pact facilitates financial collaboration, information exchange, joint events, trade delegations, and dispute resolution, all designed to promote stronger business partnerships. With this African outreach, the FSC continues its international expansion efforts, having recently completed trade missions to 17 countries as part of its Vision 2030-driven strategy to open new markets and boost trade and investment.
Yahoo
5 days ago
- Politics
- Yahoo
SCOTUS porn ruling opens door to sweeping internet age verification
The United States Supreme Court ruled Friday to uphold a Texas law requiring websites with 'sexual material harmful to minors' to verify the ages of all visitors. The Free Speech Coalition (FSC), a trade association for the adult industry, had brought the lawsuit against Texas Attorney General Ken Paxton challenging the state's age verification law. 'The power to require age verification is within a State's authority to prevent children from accessing sexually explicit content,' Judge Clarence Thomas wrote in the court opinion. Age verification in this context does not mean mindlessly clicking a box to declare that you are an adult – it means uploading government ID documents or using third-party verification platforms to prove your age. This decision has far-reaching ramifications for internet privacy. Eighteen states have already enacted laws requiring age verification to access such websites, while six additional states have passed legislation that has not yet taken effect. Under the Texas law that the FSC challenged, a pornographic website is defined as having at least one-third of its content deemed 'harmful to minors.' Internet privacy advocates have long criticized these age checks for their potential to compromise users' digital security, even when verification companies vow not to retain identifying information. In some cases, these age checks are conducted via government tools, and it's not abnormal for hackers to breach government databases. At a time when LGBTQ rights are under attack in the U.S., activists have protested that laws like this could be used to classify non-pornographic information about the LGBTQ community, as well as basic sex education, to be 'sexual material harmful to minors.' These concerns appear well-founded, given that President Trump's administration has removed references to civil rights movements and LGBTQ history from some government websites. The original Texas age-verification law, HB 1181, was passed around the same time the state imposed other legal restrictions on the LGBTQ community, including limits on public drag shows and bans on gender-affirming care for minors. The drag show law was later deemed unconstitutional for violating the First Amendment. This story is developing. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Mint
6 days ago
- Business
- Mint
Taiwan Insurers' FX Losses Double in May on US Dollar Slump
Taiwan's life insurers' foreign exchange losses more than doubled to a combined NT$263.8 billion from January through May, as the US dollar's recent slide drove down the value of their foreign holdings. Losses grew from NT$118.3 billion during January to April, according to a statement from the Financial Supervisory Commission in Taipei on Thursday. The industry's foreign exchange loss of NT$145.5 billion in May was the worst since the FSC started releasing the data in 2018, according to calculations by Bloomberg News. The Taiwan dollar's roughly 12% gain against the greenback this year has pummeled local life insurers by reducing the nominal value of their approximately $786 billion foreign currency assets. The $1.2 trillion industry's foreign exchange loss in May doubled from the roughly NT$68 billion shortfall seen in April. The foreign exchange loss also swung the industry's pretax profit into a loss of NT$61.7 billion for first five months of the year. The sector reported a profit of NT$44.9 billion in the first four months. Regulators have taken steps to give life insurers more flexibility in using their reserves. The FSC earlier this month said insurers could also use six-month average exchange rates in their semi-annual reports, a move that could help them reduce the impact of sudden swings in the currency. The Taiwan dollar on Thursday again strengthened and rose 0.8% to 29.165 at close, marking the highest level since 2022. The central bank is closely monitoring foreign investors' inflows in local inverse and leveraged ETF products, which are usually used as tools to profit from gains in the Taiwan dollar. With assistance from Betty Hou and Argin Chang. This article was generated from an automated news agency feed without modifications to text.
