India

On the bourses, shares of the bank jumped over 5 per cent to an intra-day high of Rs 162.3 per share State-owned Bank of Baroda, on Friday, reported its highest-ever quarterly net profit of Rs 3,853 crore for the October-December quarter (Q3) of financial year 2023 (FY23), registering a staggering growth of 75.4 per cent year-on-year (YoY)....


Fitch Ratings said on Friday that there is no immediate impact on the Fitch-rated Adani entities and their securities, and that it expects no material changes to its forecast cash flow. The clarification comes after the damning Hindenburg report that alleged the Adani Group of stock manipulation, accounting fraud and other malpractices....


2023-02-03

The ongoing upswing in commercial vehicle sales is likely to stretch beyond the usual three to four years, given the continued government focus on capital expenditure in the infrastructure sector, said Shenu Aggarwal, the newly appointed managing director and chief executive officer of Ashok Leyland Ltd....


Markets will now have to recalibrate and find the best fit, says Revenue Secretary Sanjay Malhotra In paving the way for a new tax regime, the government intends to give more freedom to individual taxpayers to invest in the way they want to — in mutual funds, in equity, or in debt. Tax is not the only way through which an individual gets returns on savings and investment, but that pushed it higher. Markets will now have to recalibrate and find the best fit, says Revenue Secretary Sanjay Malhot…


The domestic equities witnessed yet another volatile session on February 2 as the selling in Adani group, oil & gas, metal & select financial services stocks impacted sentiment. However, buying in FMCG, IT and select banking stocks along with positive global cues provided good support. The BSE Sensex gained 224 points to 59,932, while the Nifty50 traded within the previous day's trading range and fell 6 points to 17,610, forming a bullish candle on the daily charts with upper and lower wicks as …


For online games, it is proposed to provide for TDS and taxability on net winnings at the time of withdrawal or at the end of the financial year: Budget Document Gaming was recognized as one of the potential sectors for job creation. Furthermore, the ministry of broadcasting announced the AVCG Centre of Excellence in 2020 in an attempt to cement the gaming sector as a major wealth generator for the country. The ministry of broadcasting was allocated a sum of Rs. 3980.77 crore by the government l…


Travel industry expressed mixed feelings about the budget as some of the demands for tax concessions or industry status for the sector too were not addressed in the budget The domestic tourism sector, which suffered a major setback during the pandemic, got a push from the Union Budget, with Finance Minister Nirmala Sitharaman proposing integrated development of 50 destinations. Overseas trips, though, are set to get dearer with the government hiking the rate of tax collected at source (TCS) to 2…


2023-02-02

Prices of mobile phones and large-screen televisions may become cheaper following a set of measures in the Union budget in a boost to the electronics and information technology sector. Finance minister Nirmala Sitharaman proposed to halve the customs duty on open cells from 5% to 2.5%, while completely exempting duty on mobile phone camera lenses from 2.5% and on specific chemicals such as pre-calcined ferrite powder and palladium tetra amine sulphate....


Among various initiatives announced, the most far-reaching is the proposal to provide new-age technology and digital platforms for farmers and rural entrepreneurs Budget 2023-24 is a bold step towards envisioning a prosperous and inclusive India. One of the key pillars of the Indian economy remains agriculture. And the budget has provided a much-needed boost to agriculture and allied sectors. The proposed unique and innovative approaches will increase farmer incomes and promote rural development…


2023-02-02

Gautam Adani said "The market has been unprecedented, and our stock price has fluctuated over the course of the day... Given these extraordinary circumstances, the Company's board felt that going ahead with the issue will not be morally correct" Adani Enterprises Ltd has called off its ₹ 20,000-crore share sale, saying it would not be "morally correct" in the current market condition. Adani Enterprises chief Gautam Adani has said although the FPO closed successfully yesterday, "the market ha…


Middle East

2023-02-03

The new four business groups are within the construction sector: Building Materials Business Group, Cement & Ready-Mix Business Group, Ceramics Business group and Paint Coating & Gypsum Business Group. Lootah: Our role at Dubai Chambers is to support the various economic sectors in Dubai including construction. AED247.4 billion is Dubai’s trade of building materials during the period 2011-2021 Dubai Chamber of Commerce, one of the three chambers operating under Dubai Chambers, has announ…


2023-02-02

Saudi Arabia’s Public Investment Fund has signed a joint venture agreement with US-based AeroFarms to establish a company in Riyadh to build and operate indoor vertical farms in the Kingdom and the wider Middle East and North Africa region.....


Abu Dhabi-based Aldar Properties has signed a binding joint venture agreement with Dubai Holding to enter Dubai’s real estate market, according to a statement released Thursday.   Expanding footprint The plan includes the development of new communities in three locations across an area of 3.55 million square meters (sqm) or 38.2 million square feet, Aldar said. They will be located in the suburbs of Dubai, along the E311 and E611 corridors....


The E-Business Awards 2023 will be held on March 13, 2023, at the Sofitel Dubai The Palm. Nominations for the E-Business Awards 2023, an annual event staged by Entrepreneur Middle East to recognize and reward key players in the MENA region's digital business landscape, will be accepted untill March 6, 2023.....


2023-02-02

For the second year in a row in 2022,  Dubai Electricity and Water Authority (DEWA) recorded a significant increase in using its digital services by all stakeholders. This reflects the excellence and leadership of the digital transformation process at DEWA and its success in providing innovative and advanced services that meet the needs of stakeholders at any time and from anywhere with ease and safety. This saves their time and effort and enhances their happiness, which contributes to making D…


2023-02-02

The move comes as part of the Abu Dhabi Health Department's Healthier Abu Dhabi initiative. Abu Dhabi's Health Department on Tuesday signed a memorandum of understanding with Maccabi Health Services' Khan Sagol Maccabi Research and Innovation Center pledging to increase cooperation in healthcare research and technological innovation, the organizations announced.....


2023-02-01

The Public Authority for Special Economic Zones and Free Zones (OPAZ) yesterday signed a memorandum of understanding (MoU) with Economic Cities and Special Zones Authorities in the Kingdom of Saudi Arabia (KSA) in the field of economic and investment development. The MoU seeks to optimise the competitive advantage of cities and special economic zones by setting a general framework for joint activities and developing capabilities between the two sides in a manner that achieves mutual benefits....…


Among the most prominent changes in the Planning and Statistics Authority’s latest issue is the increase in total number of vessels arriving at Qatari Ports and total net tonnage, at a monthly rate of 6.6 percent and 22.9 percent, respectively (compared to November 2022), and an annual increase of 10.4 percent ​​and 11.1 percent (compared to December 2021)....


Saudi Arabia will continue to be a jobseekers' market for many years to come, with the competition for skilled workers across various industries becoming fiercer than ever. As the economy of the Kingdom of Saudi Arabia grows and diversifies in the wake of Vision 2030, the competition for skilled workers is only likely to increase. The businesses and government agencies that win the tug-of-war for talent will be those that understand and respond to the changing needs of tomorrow's employees. By…


2023-02-01

Initiative aimed at reinforcing Dubai’s reputation as a global metaverse leader DIFC Metaverse Platform is aligned with the Dubai Metaverse Strategy which aims to add $4 billion to Dubai's GDP First initiative of the platform is a six-month accelerator programme that seeks to generate 500 applications from global metaverse innovators and stimulate investment opportunities Dubai International Financial Centre (DIFC), announced, today, the launch of the “DIFC Metaverse Platform” in li…


South East Asia

2023-02-03

The Department of Finance welcomed the US Federal Reserve’s “softer” interest rate hike while forecasting that inflation in the Philippines has reached its long-awaited peak. This was what Finance Secretary Benjamin Diokno told the private sector in a Friday briefing organized by the Makati Business Club.... More Via philstar.com


Takings at the till climbed at a faster pace in December, rising 7.4 per cent year on year, according to figures released by the Department of Statistics on Friday. This was better than the revised 6.5 per cent rise in November, which had eased from the double-digit growth in the previous seven consecutive months. The high growth in those months was fuelled by tourist spending and shoppers buying big-ticket items ahead of the goods and services tax hike in January....


2023-02-02

Gobi Partners, an interconnected Pan-Asian venture capital firm with US$1.5 billion (RM6.5 billion) in assets under management, has onboarded four more promising startups to help spur the growth of Malaysian entrepreneurs. The four firms being onboarded to Gobi Superseed II Fund (Gobi SSII Fund) are Islamic-themed streaming service Durioo+, e-commerce marketplace Lapasar, earned wage access provider Paywatch and online investing platform pitchIN.... More https://bit.ly/40rHhAL Via nst.com.my


2023-02-02

PRESIDENT Ferdinand R. Marcos, Jr. is expected to sign seven key bilateral deals covering infrastructure, defense, and tourism, among others, during his trip to Japan next week. Mr. Marcos’ working visit from Feb. 8 to 12 also gives the Philippines a chance to further boost exports to Japan, Foreign Affairs Assistant Secretary for Asia and Pacific Affairs Nathaniel Imperial told a news briefing...... More https://bit.ly/3l1NTFQ Via bworldonline.com


SINGAPORE’S property market is bracing for surging demand from Chinese buyers as the world’s second-largest economy reopens. Real estate agencies in the city-state have seen more inquiries from mainland Chinese, with industry watcher OrangeTee & Tie noting a 10 per cent to 15 per cent increase in January since Beijing announced it was ending three years of global isolation. The border reopening has also seen a spike in queries about immigration to Singapore.....


2023-02-01

According to the General Statistics Office (GSO), Vietnam lured $1.69 billion in foreign direct investment (FDI) as of January 20 this year, a year-on-year decrease of 19.8 per cent. There were 153 newly-registered projects totalling $1.2 billion, up 48.5 per cent in quantity and 3.1 times in value against last year's January....


2023-02-01

Local factories opened the year strong, with output soaring to a 7-month high as the economy’s reopening brightened the sector’s prospects.  A survey of around 400 manufacturers in the country found that the Philippines’ Purchasing Managers’ Index (PMI), a gauge of manufacturing output, grew 53.5 in January from 53.1 in December, S&P Global said in a report on Wednesday..... More https://bit.ly/3kXiHYk Via philstar.com


Local power producer YTL PowerSeraya will import electricity on a commercial basis from Malaysia for the first time, the company announced on Monday. YTL PowerSeraya will purchase 100 megawatts (MW) of electricity over two years from TNB Power Generation’s gas-fired plant in Pasir Gudang, Johor....


2023-01-31

But strengthening baht could make sales in 2023 more challengingThailand exported 7.69 million tonnes of rice in 2022, up 22.1% fryear earlier, the Ministry of Commerce said on Tuesday. The exports exceeded a target of 7.5 million tonnes with top markIraq, South Africa, China and the United States, it said in a statement https://www.bangkokpost.com/business/2495600/2022-rice-exports-beat-target.


2023-01-31

Perusahaan Otomobil Kedua Sdn Bhd (Perodua) is planning to maximise its production and sales to 330,000 and 314,000 units this year, on the back of outstanding orders carried forward from last year. The plans would also be supported by continued demand for its vehicles this year..... More https://bit.ly/3HTfFO1 Via nst.com.my