Metro Observer Daily

 ANKARA: Turkish warplanes, helicopters and drones hit Kurdish militant targets in northern Iraq in an air and land operation that targeted facilities ranging from camps to ammunition stores, Turkey’s defense ministry said on Monday. The military action was part of a long-running Turkish campaign in Iraq and Syria against militants of the Kurdistan Workers Party (PKK) and the Syrian Kurdish YPG militia, both regarded as terrorist groups by Ankara. The operation focused on the Iraqi regions of Metina, Zap, and Avasin-Basyan, the ministry said in a statement. Alongside the air operation, commandos and special forces also participated, both by land and air. “Our operation is continuing successfully as planned,” the state-owned Anadolu news agency quoted Defense Minister Hulusi Akar as saying. “The targets identified in the first phase have been captured.” No information on casualties was given. The action, called “Operation Claw Lock,” aimed to “prevent terror attacks”...

 JEDDAH: The Oversight and Anti-Corruption Authority has put up information on its official Twitter account about 13 corruption cases it has been pursuing. The authority, also known as Nazaha, said the cases included financial and administrative corruption crimes, abuse of power, embezzlement and money laundering. Below are four of the most prominent of the cases. A resident working for a local company has been suspended for bribery, receiving money transfers to his personal accounts outside the Kingdom in Switzerland. Investigations revealed bribery of SR1,296,061 ($346,000) from the manager of a foreign company in exchange for obtaining a subcontract with the resident’s company that is also in contract with a university in Saudi Arabia. The authority also arrested five Ministry of Health employees for exploiting the influence of the public office, embezzlement, and forgery. They were caught taking SR9,263,900 in the form of salaries and entitlements of for...

JEDDAH: When entering Jeddah’s historical district from the northern gate near the Al-Bayaa roundabout, the city’s walls and historical buildings catch visitors’ eyes. Most visitors get the impression that they are stepping back in time. The location lets them delve into the depths of history and contemplate the lives of the people who once lived in the historical area. Through alleys and corridors, visitors will come across a corner in the center of the historical area turned into a daily meeting place and a cultural salon that promotes cultural, literary, artistic and heritage knowledge. To know more: https://www.arabnews.com/node/ 2065066/saudi-arabia

 RIYADH: Saudi Arabia on Monday condemned the “deliberate” abuse of the Holy Qur'an, as well as provocations and incitement against Muslims by some extremists in Sweden. In a statement, the Saudi Ministry of Foreign Affairs stressed the importance of concerted efforts to spread the values of dialogue, tolerance, and coexistence. The statement also emphasized renouncing hatred, extremism, and exclusion. The Kingdom highlighted the efforts to prevent abuse of all religions and holy sites, the statement said. Three people in the Swedish city of Norrkoping needed medical attention after being hit by police bullets during clashes between police and protesters following Qur'an burnings that caused riots in several Swedish towns over the Easter weekend. In some places counter-protesters attacked police ahead of planned right-wing extremist demonstrations. Prime Minister Magdalena Andersson has condemned the violence. "Three people seem to have been hit by ricochets...

The government has undertaken deep structural and sustained reforms in the last few years. One of the sectors it focused on, is the health and insurance sector. The government introduced the flagship scheme Ayushman Bharat (PM-JAY), one of the most ambitious schemes, to increase awareness and bring more citizens covered under insurance. The Covid-19 pandemic has also created growth opportunities for the sector. The insurance sector categorised into life, general and health insurance, comprises 54 insurance companies out of which 24 are life insurers. The life insurance policies have increased – approximately 28 million new policyholders in the FY 2020-21.  A notable reform, ‘the FDI cap for the insurance sector has increased from 49 per cent to 74 per cent. The increase in the limit was primarily focused to get foreign investors, as this sector is highly capital intensive with a long gestation period, takes companies 7-10 years to break even and start becoming profitable. This refo...

 In a major and much-awaited financial development, EbixCash Limited, a technology enabled provider of digital products and services with a leadership position in the B2C, B2B and financial technology arena through its integrated business model has filed its draft red herring prospectus (DRHP) with market regulator Sebi to raise Rs 6,000 crore via an initial public offering (IPO).  Here are top things to know about the EbixCash's Rs 6000 crore IPO:- 1- IPO, equity shares, face value and more The IPO comprises equity shares of face value of Re 1 each which is a complete fresh issue of shares and the entire proceeds will go to the company. The offer also includes a reservation for subscription by eligible employees. 2 - Rights Issue Additionally, the company, in consultation with the lead bankers to the issue may consider a further issue of equity shares including a rights issue aggregating up to Rs 1200 crore. If such placement is completed, the fresh issue size will be reduced...

JSW Energy stock gained 5 per cent to Rs 323.7 against the previous close of Rs 308.30 on BSE . Market cap of the firm rose to Rs 53,217 crore. Shares of JSW Energy hit upper circuit of 5 per cent today after the firm's arm JSW Neo Energy inked an agreement with the Chhattisgarh government for setting up a 1,000 MW capacity of hydro pumped storage project in the state. JSW Energy stock gained 5 per cent to Rs 323.7 against the previous close of Rs 308.30 on BSE . Shares of JSW Energy opened with a gain of 3.76 per cent at Rs 319.90. JSW Energy is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The large cap stock has risen 257 per cent in one year and gained 7.61 per cent since the beginning of this year Total 0.23 lakh shares of the firm changed hands amounting to a turnover of Rs 73.35 lakh on BSE . Market cap of the firm rose to Rs 53,217 crore. The stock hit a 52-week high of Rs 408.70 on October 14, 2021 and touched a 52-week low of Rs 85.10 on...