Latest news with #foreignfirms
Arabian Business
2 days ago
- Business
- Arabian Business
Qatar posts $138m budget deficit in Q1 2025
Qatar recorded a budget deficit of QR500m ($138m) in the first quarter of 2025, according to data released by the Ministry of Finance (MoF). The deficit, which covers the months of January through March, was financed through debt instruments, the ministry confirmed via its official statement on social media platform X. The total revenues for Q1 2025 stood at QR49.4bn ($13.56bn), marking a 7.5 per cent decrease compared to the same period in 2024. Breaking down the revenue: Oil and gas revenues amounted to QR 42.5bn ($11.68bn) Non-oil revenues contributed QR 6.9bn ($1.9bn) On the expenditure side, Qatar spent QR49.9bn ($13.7bn) in Q1 2025, reflecting a 2.8 per cent year-on-year decrease. Spending was distributed across key categories: Salaries and wages: QR16.9bn ($4.64bn) Current expenditures: QR18.5bn ($5.08bn) Major capital expenditures: QR13.1bn ($3.59bn) Minor capital expenditures: QR 1.2bn ($330m) Qatar economy The MoF also reported that government procurement contracts during Q1 2025 totalled QR6.4bn ($1.76bn). Notably, contracts awarded to foreign firms reached QR1.5bn ($412m) — a 50 per cent surge compared to Q1 2024, underscoring Qatar's expanding engagement with international partners. Among sectors leading economic activity based on the Business Activity Index were: Municipality and environment Health Energy
Reuters
2 days ago
- Business
- Reuters
Wall St watchdog to consider rules on US-traded foreign firms
June 4 (Reuters) - The U.S. Securities and Exchange Commission on Wednesday is due to take the first steps toward producing new rules on which foreign firms qualify for less stringent investor disclosure requirements, according to a public notice. The public meeting, set for 1 p.m. in Washington, comes a year after a Republican Commissioner Mark Uyeda called for a public comment process on changing the definition of publicly traded foreign firms. He singled out Chinese companies as enjoying easier reporting requirements even when they are solely traded on U.S. stock markets. The commission is due to consider whether to issue a call for public comment on possible new rules, the substance of which the SEC has not yet made public. Spokespeople for the agency and for Uyeda declined to comment. In an address at Harvard last year, Uyeda said companies primarily owned and administered abroad qualified as "foreign private issuers" -- meaning they were only required to file annual reports and occasional market updates, even if they were solely traded on a U.S. stock exchange. A 2024 congressional study indicated nearly 90% of the 265 Chinese firms publicly traded in the U.S. were not listed on stock exchanges elsewhere, according to Uyeda. On the other hand, U.S. firms trading on the same stock exchanges fall under the full scope of American securities laws, including quarterly financial reporting, proxy solicitation rules and prompt disclosure of "material events" such as mergers and the departures of board members, he said at the time. "This issue deserves attention, and the SEC should consider evaluating whether foreign private issuers should be limited to companies whose securities are also listed on a foreign stock exchange," Uyeda said.
Al Arabiya
23-05-2025
- Business
- Al Arabiya
India may let US, foreign firms bid for government contracts: Sources
India is opening up a chunk of its protected government procurement market to foreign firms, including the US, two government sources said, in a shift that could extend to other trading partners after it was offered to the UK under a trade deal this month. The government is likely to allow US firms to bid for contracts worth over $50 billion, mainly from federal entities, as it negotiates a trade deal with Washington, the sources said. Total public procurement - including by federal, state and local governments and state-run firms - is worth an estimated $700 billion-$750 billion per year, according to government estimates. Most is reserved for domestic firms, with 25 percent set aside for small businesses, although sectors like railways and defense can buy from foreign suppliers when domestic options are unavailable. Earlier this month, India and the UK agreed on a free trade pact that gives British firms access to federal government contracts in select sectors - covering goods, services and construction - on a reciprocal basis. 'In a policy shift, India has agreed to open its public procurement contracts gradually to trading partners including the US in a phased manner and reciprocal manner,' said one of the officials, with the knowledge of the matter. Only a portion of the government's procurement contracts - mainly linked to federal projects worth around $50-$60 billion - will be opened to foreign firms, while state and local government purchases will be excluded, the official said. 'Following the UK pact, India is ready to open a part of its public procurement market to the US as well,' said a second official. Both sources requested anonymity, as details of the ongoing talks have not been made public. The commerce ministry did not respond to requests for comment on the US proposal or extending the plan to other nations. India has long resisted joining the World Trade Organization's Government Procurement Agreement, citing the need to protect small businesses. In its March report on foreign trade barriers, the US Trade Representative said India's restrictive procurement policies pose challenges for US firms due to 'changing rules and limited opportunities.' Indian Trade Minister Piyush Goyal visited Washington this week to advance trade talks, with both sides aiming to sign an interim agreement by early July, officials said. New Delhi is pushing to clinch a trade deal with the US within the 90-day pause on tariff hikes announced by US President Donald Trump on April 9 for major trading partners, which includes a 26 percent tariff on imports from India. The commerce ministry said in a text message that UK firms would only be allowed limited access to bid for contracts of non-sensitive federal entities, excluding state and local government procurement. UK-based suppliers can bid for Indian tenders above 2 billion rupees ($23.26 million) while the UK will offer non-discriminatory access to Indian suppliers under its public procurement system, the ministry said. The government has assured small industry that a quarter of the orders will be reserved for them, said Anil Bhardwaj, secretary general of the Federation of Indian Micro, Small and Medium Enterprises (FISME), a leading industry body. 'Opening procurement to foreign firms on a reciprocal basis offers an opportunity for Indian businesses in overseas markets as well,' he said. ($1 = 85.9810 Indian rupees)
