Latest news with #andDevelopment
Business Recorder
12 hours ago
- Business
- Business Recorder
European shares tumble as economic, trade uncertainty muddies growth outlook
European shares dropped on Tuesday, weighed down by economically-sensitive bank and mining stocks as investors awaited updates on the trade war clouding global growth. The pan-European STOXX 600 reversed early gains to fall 0.5% by 0830 GMT, extending Monday's losses, as banks dropped 1.4% and miners slumped 2.3%. The Paris-based Organisation for Economic Cooperation (OECD) and Development trimmed its global growth outlook and said the trade war was taking a bigger toll on the U.S. economy than before. 'The OECD forecasts is going to cause a great deal of concern…. a lot of people were thinking maybe inflation is behind us, but big concern now is about what happens next,' said Danni Hewson, head of financial analysis at AJ Bell. The news comes ahead of a flash estimate of euro zone inflation numbers and the European Central Bank's monetary policy meeting this week. Anxiety over how U.S. President Donald Trump's tariffs would be implemented after they ran into legal hurdles last week still prevailed after the administration asked an appeals court to pause a second court ruling. European shares pressured by Trump's new tariff threats However, the administration pushed countries for their best trade offers by Wednesday and said that Trump and his Chinese counterpart will likely speak this week amid escalating trade tensions, a sign that trade negotiations were on the horizon. 'Markets feel like they're on the Trump tariff roller coaster at the moment…. The biggest problem is that it always feels like it's one step forward, 2 steps back,' said Hewson. Defensive stocks were in a bright spot with utilities and telecom advancing. Meanwhile, Dutch far right leader Geert Wilders said his PVV party would leave the governing coalition, toppling the rightwing government and likely leading to new elections. Stocks in Netherlands were down 0.6%, largely in-line with declines in regional bourses. Among individual names, British water utility Pennon Group fell 2.1% after it swung to an annual pretax loss. UBS gained 2% after Jefferies upgraded the bank's stock to 'buy' from 'hold'. Julius Baer slipped 1.9%. The Swiss bank announced further cost-saving measures amounting to 130 million Swiss franc ($159.02 million) by 2028. Real estate investment trust Cofinimmo gained 2.9% after announcing a merger with healthcare real estate firm Aedifica.
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Business Standard
a day ago
- Business
- Business Standard
Govt to launch Umeed portal on June 6 to digitise, regulate Waqf properties
The central government is preparing to roll out a new platform called the 'Umeed' portal on June 6, aimed at improving the management and transparency of Waqf properties across India, according to a report by India Today. The name 'Umeed' stands for Unified Waqf Management, Empowerment, Efficiency, and Development. The portal will serve as a centralised system to register all Waqf properties across the country, the report added. Mandatory registration within six months Under the new plan, all Waqf properties must be registered on the portal within six months of its launch. Each registration must include full details such as measurements (length and width) and geotagged locations. Properties that are registered under women's names will not be eligible to be classified as Waqf properties. However, women, children, and people from economically weaker sections will continue to be key beneficiaries of Waqf assets. The State Waqf Boards will be responsible for helping with property registrations. If technical or serious issues prevent registration within the deadline, a one- to two-month extension may be granted. After that, any unregistered property will be labelled as disputed and referred to the Waqf Tribunal for settlement. Linked to New Waqf (Amendment) Bill, 2025 The launch comes soon after the passage of the Waqf (Amendment) Bill, 2025, which received presidential assent from President Droupadi Murmu on 5 April. The Bill was passed by both Houses of Parliament after considerable debate. Currently, multiple petitions challenging the Waqf Act are pending before the Supreme Court. The central government has asked the court to dismiss these petitions, arguing that the Act is not in violation of constitutional rights. On April 17, the Supreme Court refused to stay the law after the government promised not to enforce some provisions for now. In the most recent hearing on 27 May, the court asked the Centre and other parties to submit their responses. What is Waqf Law? The term 'waqf' comes from the Arabic word waqufa, meaning to detain, hold, or tie up. In Islamic tradition, it refers to a charitable endowment where property is donated permanently for religious or charitable purposes. Once declared as Waqf, the property cannot be sold, inherited, or transferred. A Waqf involves three main roles: The wāqif: the person who donates or dedicates the property. The mawqūf 'alayh: the beneficiaries who receive the support or benefits. The mutawalli: the trustee who manages the property. Major changes in the new law The new Waqf law introduces major reforms in how such properties are managed. It increases government oversight in both managing the assets and handling disputes. A key change is that the decisions of the Waqf Tribunal will no longer be final. Those unhappy with the tribunal's ruling can now appeal directly to the relevant high court within 90 days. This is intended to strengthen judicial supervision and prevent misuse of power by the Waqf Boards or tribunals. The Waqf (Amendment) Bill was approved in the Lok Sabha after a 12-hour debate. A total of 288 members voted in favour, while 232 opposed it. During the discussions, the NDA government supported the Bill, calling it beneficial for minority communities, while the opposition labelled it as 'anti-Muslim'. All amendments proposed by the opposition were rejected by voice votes.
New Indian Express
a day ago
- Business
- New Indian Express
Centre to launch ‘UMEED' portal on June 6 to streamline registration of Waqf properties
The Central Government is set to officially launch the Waqf UMEED (Unified Waqf Management, Empowerment, Efficiency, and Development) portal on 6 June, aimed at streamlining and digitising the registration and management of Waqf properties across India. This follows the enactment of the Waqf (Amendment) Bill, 2025, which received the Presidential assent from Droupadi Murmu on 5 April. According to sources, the UMEED portal has been designed to provide transparent and efficient online registration of Waqf properties. It also offers support services for individuals seeking information on the amended law and their rights or obligations under it. The Waqf (Amendment) Bill, 2025 was passed in both Houses of Parliament following intense debate and heated exchanges between the ruling coalition and the Opposition. The legislation introduces stricter guidelines and procedural clarity around Waqf property registration and dispute resolution.
India Today
a day ago
- Business
- India Today
Government to launch portal for registration of Waqf properties on June 6
The central government is set to launch the 'Umeed' portal on June 6 with the aim of promoting better management and enhanced transparency of Waqf properties across the country, sources said. The portal, which stands for 'Unified Waqf Management, Empowerment, Efficiency, and Development', will serve as a centralised platform for registering Waqf properties nationwide, sources per the plan, all Waqf properties must be registered on the portal within six months of its launch. Detailed descriptions, including length, width, and geotagged locations of the properties, will be mandatory. Properties registered under the names of women will not be eligible to be declared as Waqf. The primary beneficiaries of Waqf assets will include women, children, and economically weaker sections of will be facilitated by respective State Waqf Boards. Properties not registered within the stipulated timeframe due to technical or other significant reasons may be granted an extension of one to two months. However, properties that remain unregistered beyond the permitted period will be considered disputed and referred to the Waqf Tribunal for resolution. The portal is being launched against the backdrop of the recently enacted Waqf (Amendment) Bill, 2025, which received presidential assent from President Droupadi Murmu on April 5 following its passage in both Houses of Parliament after intense petitions challenging the Waqf Act are currently pending before the Supreme Court. The Centre has urged the court to dismiss these petitions, maintaining that the law does not violate constitutional April 17, the apex court declined to order a stay on the Act after the government assured it would not implement certain provisions for the time being. During the most recent hearing on May 27, the Supreme Court sought responses from the Centre and other parties on the InMust Watch
Yahoo
6 days ago
- Business
- Yahoo
Gov. Cox seeks to unite state agencies, organizations to strategize on Utah growth
New homes are under construction in Spanish Fork on Tuesday, July 16, 2024. (Photo by Spenser Heaps for Utah News Dispatch) Utah Gov. Spencer Cox signed an executive order on Wednesday bringing a handful of state agencies together to try and better manage the state's growth. The order creates the BUILD (Blueprint for Utah's Infrastructure, Land, and Development) Coordinating Council, tasked with streamlining efforts and long-term planning related to housing, transportation, water, energy, open space, recreation, air quality and quality of life. Utah routinely ranks among the country's fastest growing states, and the executive order is the latest example of elected officials trying to wrangle the population boom. 'As Utah evolves, everything from water use to transportation is affected,' Cox said in a statement on Wednesday. 'This council will help us combine efforts and make better decisions to maintain the quality of life that makes Utah exceptional.' According to the executive order, the council has five main responsibilities — creating a shared vision for Utah's future; making sure state agencies are aligned in their long-term plans; identifying ways to 'leverage state investments for greater impact'; and collaborating across state agencies to address growth. The council is also required to produce an annual report to the governor, lieutenant governor and Legislature. The order builds on a resolution passed by the Legislature earlier this year. Sponsored by Rep. Bridger Bolinder, R-Grantsville, HCR11 encourages state and local governments, as well as the private sector, to consider 'cross-issue growth impacts in decision-making processes.' 'A growing population means an increased demand for housing, transportation, water, energy, and open space and recreation,' Bolinder said earlier this year. 'Growth issues are interrelated and decisions on one issue often affect other growth-related issues.' The council will be made up of the following: The senior adviser for long-range planning, who also serves as the Utah planning coordinator and will act as the chair of the committee The senior adviser for housing strategy and innovation The Utah energy adviser The state homeless coordinator The executive director of the Governor's Office of Planning and Budget The executive director of the Governor's Office of Economic Opportunity The executive director of the Utah Department of Natural Resources The executive director of the Utah Department of Transportation The executive director of the Utah Department of Public Safety The executive director of the Utah Department of Environmental Quality The executive director the Utah Department of Heath and Human Services The commissioner of the Utah Department of Agriculture and Food The commission will also include a number of representatives from higher education and local governments, like: The University of Utah's Kem C. Gardner Policy Institute Utah State University's Janet Quinney Lawson Institute for Land, Water and Air Southern Utah University's Utah Center for Rural Life Olympic and Paralympic Winter Games Salt Lake City 2034 The Salt Lake Chamber of Commerce The Utah League of Cities and Towns The Utah Association of Counties Envision Utah A rural region Association of Governments An urban region Association of Governments SUPPORT: YOU MAKE OUR WORK POSSIBLE
