India

The clarification came from the Indian IT industry body NASSCOM after report that robotic process automation will lead to 30 percent reduction in low-skilled jobs by IT outsourcing firms. The sector will continue to be a net hirer in 2022 and set to become $300-350 billion industry by 2025, the agency added.....


The funds will be utilized to build the product and scale the member base Insurtech platform Vital—offering tailor-made, comprehensive, and pocket-friendly health plans designed specifically for every member’s individual needs—announced to have raised $3 million in total with a pre-Series A round led by venture capital company BLinC Invest. Venture Catalyst, Survam Partners, and several other angel investors also participated in the pre-Series A round.....


There have been some points of good news for the Indian economy in recent days, suggesting that the impact of the second wave of the pandemic on economic output and activity has not been as great as was initially feared. One important such data point is the figure for the advanced collection of personal income tax and corporation tax in the first quarter of the current fiscal year. Compared to the equivalent quarter of the previous year — the one in which the initial nationwide lockdown had re…


The increase in aggregate funds of Indian clients with Swiss banks, from 899 million Swiss francs (Rs 6,625 crore) at the end of 2019, reverses a two-year declining trend and has taken the figure to the highest level in 13 years Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to 2.55 billion Swiss francs (over Rs 20,700 crore) in 2020 on a sharp surge in holdings via securities and similar instruments...…


2021-06-18

Indian UHNIs (ultra high net worth individuals) are expected to invest up to USD 30 billion in tech startups in the country by 2025, reflecting the growing investment opportunity for home-grown tech ventures, a report by 256 Network and Praxis Global Alliance said......


Lok Sabha Speaker says the 17th Lok Sabha had taken financial reforms on its plate so as to curb unnecessary expenditure Till early this year, even after a heavy repast at a Parliament canteen, rarely would a diner even look at the bill. After all, MPs, Secretariat staff and even mediapersons were enjoying a plate of mutton cutlet at just ₹18, mutton curry with bone cost no more than ₹20, and a masala dosa an absurd ₹6, thanks to heavily subsidised dishes, some by over 80 per cent.....


The Bombay Plan was ambitious - and not just because it was the country's first economic plan. Harish Bhat tells the story of the plan and the thinking behind it, in the chapter "Tata, Birla and the Bombay Plan" in '#Tata Stories', his new book released on June 14, 2021......


The technology is enabling and empowering COVID-19 management across segments and industries The Internet has an ocean of images and videos that exude diverse meaning/context to its creator. It can become an extremely informative/relevant source of information should there be a way this data can be read, analysed to arrive at coherent information, and applied to derive meaningful applications, beneficial to a larger audience. Video surveillance is a common technology owned by public and private …


Company scales up its ambition after government advanced it Rs 1,500 crore for 300 million doses of its vaccine candidate. A few weeks ago, Hydera­bad-based Biological E made headlines by becoming the second created-in-India vaccine player with the government announcing an advance of Rs 1,500 crore for 300 million doses of its candidate Corbevax, which is awaiting the drug regulator’s approval. This order is part of a larger vaccine plan by this 73-year-old company, currently the world’s la…


Earlier this month, Paytm's board had given an in-principle approval to raise around Rs 22,000 crore through its IPO One97 Communications, the parent company of Paytm has roped in some of the most influential investment bankers for its proposed initial public offering (IPO). JP Morgan, Morgan Stanley, Goldman Sachs and ICICI Securities are likely to lead the issue, touted to be the largest IPO in the financial sector.....


Middle East

2021-06-18

Naqel Express, a leading express logistics and supply chain company in Saudi Arabia with the largest seamless network, is powering ahead with a raft of initiatives in the Kingdom and globally.   In alignment with the Kingdom’s Vision 2030 initiative, Naqel has unleashed new investments of over SR200 million ($53 million) in the western province of Saudi Arabia to further facilitate imports and trading with the three continents connecting the Kingdom....


The offer was hugely oversubscribed, with orders exceeding $60bn Saudi Aramco, the world's largest oil-exporting company, raised $6 billion through its first US dollar-denominated sukuk issue. The company raised $1bn through the issue of three-year notes offering a profit rate of 0.946 per cent, $2bn through 15-year notes with a profit rate of 1.602 per cent and $3bn through 20-year notes with a rate of 2.694 per cent, it said in a statement on Thursday.....


Signs of a global food crisis are emerging, represented by high prices and scarcity of quantities in specific commodities that receive many requests from all countries. Reliable sources told the Annahar daily that Kuwait, the first Arab in global indicators on the level of food security, has hedged well in this aspect and stressed Kuwait spends about 1.5 billion dinars on imported goods annually. The sources indicated that the country is expanding externally with large investments in the field o…


Union of domestic labor office stated that domestic workers are excluded from the Cabinet’s decision allowing vaccinated expats to enter Kuwait with vaccines approved in Kuwait. The clarification was issued today that domestic workers can enter without any vaccination reports Al Rai. Earlier today the Cabinet announced that from 1st August onward vaccinated expats with valid residence will be allowed to enter Kuwait. ....


2021-06-18

The government will pitch in about OMR200 each for salaries of about 15,000 private sector jobs, the Minister of Labour said on Thursday. "These will be temporary contracts, which is common across the world now, especially with remote and part-time work. Job seekers can earn and learn skills this way, until they find a more stable source of income," His Excellency Dr Mahad bin Said Ba’owain, Minister of Labour, said in an interview with Oman TV....


2021-06-18

Astronomically, the Khareef season begins from Monday in the Governorate of Dhofar. Muhammad Al Barami, Meteorology expert said: "The Khareef season will begin on June 21, the date of the summer solstice, according to astronomical calculations, but the effects of the season began with the intensification of monsoon clouds, and a number of areas in the Dhofar Governorate witnessed mist and drizzle."....


2021-06-18

QNB Group, the largest financial institution in the Middle East and Africa, topped the ranking of the Forbes’s ‘Top 50 Banks in the Middle East’ list featuring the region’s banking giants that help drive the region’s economies.  QNB Group hit first place with sales of $13.5 billion sales and profits totaling $3.3 billion. As of June 6, 2021, the banks featured on Forbes Middle East’s list of the “Top 50 Banks in The Middle East” had a total value of $513.6 billion and assets wor…


2021-06-18

flydubai, the Dubai-based airline, has announced the start of a twice-weekly service to Ankara Esenboga International Airport (ESB) from 29th July, 2021, its second destination in Turkey after Istanbul (IST) which is currently served with a daily flight.The carrier also added two destinations in Turkey to its seasonal summer schedule. It operates two weekly flights from Terminal 2, Dubai International (DXB) to Milas-Bodrum Airport (BJV) and to Trabzon Airport (TZX) between June and September.Ham…


2021-06-18

 The UAE GDP is expected to grow by 2.4 percent in 2021 and 3.8 percent in 2022 while the non-oil GDP to expand by around 4 percent in both years, according to the Financial Stability Report (FSR) released by the Central Bank of the UAE (CBUAE) today. The CBUAE has published its FSR for the year 2020, featuring key solvency and liquidity indicators that demonstrate the resiliency of the UAE’s financial system amid the COVID-19 pandemic. The report gives a comprehensive overview of the develop…


2021-06-18

The Representative Committee of the Industry Sector Business Group of the Sharjah Chamber Commerce & Industry (SCCI), in cooperation with the Sharjah Police General Command, organised on Wednesday the second introductory session on the security measures of the industrial facilities in the Emirate of Sharjah. The session falls within the framework of the awareness campaign launched under the theme "Your business safety is a key to thrive" and aims to raise awareness among owners of industrial est…


South East Asia

2021-06-18

As the country tries to drum up interest in high-tech agriculture, overseas investors preferring to invest in the sector via mergers and acquisitions are hoping to receive adequate support from state authorities, instead of purely waiting for changes in regulations....


2021-06-18

Hà Nội’s Department of Agriculture and Rural Development has been supporting farmers, cooperatives, and enterprises to promote the consumption of farming products via modern distribution channels in the context of the COVID-19 pandemic. Deputy director of the department Nguyễn Ngọc Sơn said that, to expand the agricultural product market, the department has strengthened the connection between Hà Nội and other provinces and cities in consuming safe agricultural products....


2021-06-18

Container goods shipped via Vietnam’s seaports still maintained growth in the first half of this year despite the COVID-19 pandemic, said the Vietnam Maritime Administration (VMA). Specifically, the total volume of goods via seaports reached nearly 363 million tonnes in the first six months, up 7 percent annually. In particular, the volume of container cargo grew by 22 percent year-on-year to more than 12.4 million TEUs.....


Globe Telecom Inc. has partnered with PhilTower Consortium Inc. to put up 500 new cell sites this year in its bid to give its subscribers “better, reliable, and accessible connectivity in the new normal.”...


THE PHILIPPINES slipped seven spots in an annual global competitiveness report, the steepest decline in Asia after its economic performance slumped amid the coronavirus disease 2019 (COVID-19) pandemic. Switzerland-based business school International Institute for Management Development’s (IMD) 2021 World Competitiveness Report ranked the Philippines 52nd out of 64 countries, down seven spots from 45th last year. This year’s ranking is the Philippines’ lowest in five years...


2021-06-18

AC Energy Corp. is getting out of the biomass energy business in Visayas to focus more on expanding its solar and wind power operations. In a disclosure to the stock exchange on Friday, the power unit of conglomerate Ayala Corp. said Negros Island Biomass Holdings Inc. (NIBH) is divesting its shares in three biomass-fired power plants in Visayas....


To tackle a budget deficit exacerbated by the coronavirus pandemic, the government wants to increase state revenue with a second tax amnesty program just a few years after the first, but critics fear the move will backfire.This article was published in thejakartapost.com with the title "Second tax amnesty: How is it different from the first?". Click to read: https://www.thejakartapost.com/news/2021/06/17/second-tax-amnesty-how-is-it-different-from-the-first.html.Download The Jakarta Post app …


The Indonesia Stock Exchange (IDX) has temporarily halted trading of Garuda Indonesia shares after the national flag carrier failed to make timely coupon payments on its global sukuk. The airline operator announced on Thursday that it would delay payment as the COVD-19 pandemic had impacted its financial condition.This article was published in thejakartapost.com with the title "IDX suspends trading of Garuda Indonesia shares after airline defaults on sukuk". Click to read: https://www.thejak…


2021-06-18

Prime Minister Tan Sri Muhyiddin Yassin has called on Egypt - the largest Malaysian palm oil importer in Africa - to increase future palm oil imports from the country. Muhyiddin also proposed for a Comprehensive Economic Cooperation agreement between both countries, which was well received by Egyptian president Abdel Fattah Al Sisi....


2021-06-18

Swiss food and beverage (F&B) behemonth Nestle will be conducting a review of media agencies for its businesses in Malaysia and Singapore. Nestlé, the world's largest F&B manufacturer, has nourished generations of Malaysians and Singaporeans with a strong presence of over 108 years in the market....