India

Fund-raise was led by Prosus N.V., along with two others   Food delivery platform Swiggy has raised $113 million in an ongoing Series-I fund-raise led by existing investor Prosus N.V. (earlier called Naspers) and includes participation from Meituan Dianping and Wellington Management Company. This round was raised at a pre-money valuation of $3.5 billion....


Shaktikanta Das said that few sectors in India are likely to see some disruptions but alternatives are being explored to overcome those issues Amid raising concerns over the spread of coronavirus, RBI Governor Shaktikanta Das on Wednesday said the deadly virus will have a limited impact on India but the global GDP and trade will definitely get affected due to the large size of the Chinese economy. Shaktikanta Das said that few sectors in India are likely to see some disruptions but alternative…


2020-02-20

State Bank of India (SBI) has approved a restructuring plan proposed by Suzlon Energy Ltd as the first step towards saving the stressed wind power firm, according to two bankers familiar with the matter. Under the plan, Suzlon’s debt of ₹12,700 crore will be converted into sustainable and unsustainable debt and will be repaid over 20 years. Sustainable debt, which is 32-35% of the total, will be repaid over the first 10 years, after which unsustainable debt, including non-convertible de…


Trump said his country is “not treated very well by India” but the US is “doing a very big trade deal with India” Any further movement on India-US trade deal would depend on response from Washington, officials privy to the deliberations told ET, adding there is convergence on many issues.US president Donald Trump has said his country is “not treated very well by India” but the US is “doing a very big trade deal with India”. Indian trade negotiators said a decision on the deal and…


To plug loopholes, makes scheme voluntary for farmers The government on Wednesday announced that it would reduce its share in premium subsidy for the flagship crop insurance scheme — PM Fasal Bima Yojana (PMFBY) — to 30 per cent and 25 per cent, respectively, for unirrigated and irrigated crops from the existing 50 per cent for major States, even as it made the crop protection cover voluntary for farmers.....


High-income nations released less carbon dioxide last year. But emissions increased elsewhere as developing regions struggled to balance economic growth and climate action, while heavy industries and transport emissions were as hard to abate as ever. Even as power sectors in some of the world’s most energy-hungry economies pumped less carbon dioxide into the atmosphere in 2019, coal combustion in developing Asia and global demand for oil and gas soared, cancelling out energy-related emission…


Walmart said the return on assets (RoA) was 6.7% and 3.4% for the financial years ended January 31, 2020, and 2019, respectively Walmart, the world’s largest retailer, said on Tuesday its international net sales for fiscal 2020, increased 2.8 per cent in constant currency with strength in India, Mexico, and China. For fiscal 2020, revenue was $524.0 billion, an increase of $9.6 billion, or 1.9 per cent. Excluding currency, revenue was $528.1 billion, an increase of $13.7 billion, or 2.7 per ce…


"We're doing a very big trade deal with India. We'll have it. I don't know if it'll be done before the election, but we'll have a very big deal with India," says Trump US President Donald Trump has said he is "saving the big deal" with India for later and he "does not know" if it will be done before the presidential election in November, clearly indicating that a major bilateral trade deal during his visit to Delhi next week might not be on the cards. "We can have a trade deal with India. But …


2020-02-19

Venture capital fund Iron Pillar is in talks to raise a $30 million add-on fund to invest in existing portfolio companies such as online meat grocer FreshToHome and phone service management firm Servify, said two people directly aware of the matter, requesting anonymity. Iron Pillar is a growth-stage investor which invests between $7-15 million as the first cheque in Series B and C rounds of companies....


A Vodafone Idea collapse could have negative impacts on not just the telecom, but on banking as well The government is unlikely to invoke Vodafone IdeaNSE -11.76 %’s bank guarantees for now, even as the officials of the telecom and finance ministries met Cabinet secretary Rajiv Gauba to discuss ways to ensure that the sector retains three private players, officials said.“First round of meetings happened on Tuesday… Government could consider postponing or staggering other payments due to it…


Members hold ‘extreme’ positions on exemptions for developing countries India has made a case for allowing a small and tight ‘green box’ of permissible subsidies for fisheries. Under this, New Delhi wants to include livelihood support for fishermen during the period when fishing is banned and subsidies for navigation and safety equipment....


HSBC, which generated about half its revenue in Asia last year, is accelerating its investment in the region even as it announced its biggest overhaul with plans to cut up to 35,000 jobs over three years and shrink its investment bank in the US and Europe. Europe's biggest lender, created 155 years ago as a merchant bank in Hong Kong, is betting that a China slump sparked by the coronavirus will be fleeting. Even if it's right about the impact of the virus, protests in Hong Kong remain a persi…


Banking giant reveals plans to strengthen business in Middle East and Asia Global banking giant HSBC is in a “strong position” to capitalise on opportunities in the Middle East, according to the company’s acting CEO Noel Quinn. This is despite Tuesday’s announcement of plans to slash 35,000 jobs over the next three years and slim operations in the United States and Europe, after profits slid by a third last year. HSBC reported pre-tax profits last year of $13.3 billion, 33 percent down o…


A Bengaluru-bound GoAir plane, carrying more than 130 people .. Read more at:http://timesofindia.indiatimes.com/articleshow/74192007.cms?utm_source=twitter.com&utm_medium=social&utm_campaign=TOIAhemdabad&utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst


Under the restructuring exercise, the broadcasting business will be housed in Network18 and the cable and ISP businesses in two separate wholly-owned subsidiaries of Network18 Reliance Industries has announced consolidation of its media and distribution businesses into a single entity, Network18. Under the Scheme of Arrangement, TV18 Broadcast, Hathway Cable & Datacom and Den Networks will be merged into Network18 Media & Investments. The board of directors of the respective companies approv…


2020-02-18

At least 15 suitors have shown interest in acquiring troubled mortgage financier Dewan Housing Finance Corp. Ltd (DHFL) under the bankruptcy process before the deadline for submission of expressions of interest (EoIs) ended at midnight on Monday, said two people aware of the matter, requesting anonymity. According to CNBC-TV18, KKR India Financial Services Ltd, and conglomerates Welspun Group and Adani Group, are among suitors who have expressed interest under ‘Option I’ to take over the e…


ESOPs rising post Budget as startups do the math Employees at young startups now have the option of deferring Esop tax payments A bunch of startups are tweaking their compensation packages to include more employee stock options, after the budget proposed a deferment of tax on the stock component for such companies incorporated after April 1, 2016.According to the proposal in finance minister Nirmala Sitharaman’s February 1 budget, employees at young startups would get the option to defer payme…


Amendments to Bill chart penalty clauses for cases filed by taxpayers, and those by Dept The payment of the disputed amount will be halved under the Vivad se Vishwas scheme in cases where the appeal has been filed by the Income-Tax Department.....


2020-02-17

Bharti Airtel has to pay ₹35,586 crore to the government SC on Friday rebuked Airtel, Vodafone, DoT for the delay in payment of dues Bharti Airtel Limited on Monday paid ₹10,000 crore to department of telecommunications (DoT) as part payment of its adjusted gross revenue (AGR) dues. The company is currently in the process of determining the total quantum of the money it needs to pay DoT for the dues....


The I-140 immigrant petition for alien worker is submitted by an employer to get permanent residency for the applicant. This is normally done in cases when the worker is either considered to have extraordinary skills or talent, or if there are no qualified workers for that position in the US Indian nationals received almost half the employer-sponsored green cards issued by the US in fiscal 2019, according to data from the United States Citizenship and Immigration Services (USCIS), even as the nu…


Middle East

A French probe into former Renault SA Chairman Carlos Ghosn that was handed over to elite investigators will focus on interactions with an Oman distributor as well as spending on trips and events. Prosecutors from Nanterre, near Paris, gave the case to investigative judges with wider probing powers. The judges will examine suspected misuse of corporate funds, aggravated breach of trust, document forgery and money laundering, according to a prosecutor’s statement Wednesday.....


2020-02-20

Buamim: ASEAN region with its quest for new markets and rising consumer demand presents an opportunity for Dubai to explore new avenues for bilateral cooperation Dubai- ASEAN bilateral trade reached $21 billion in 2018 ASEAN countries have a combined population of 650 million people and GDP of $2.9 trillion  Dubai Chamber organised a briefing session, recently, to create awareness among Ambassadors and Consul Generals from ASEAN countries about the first Global Business Forum ASEAN (GBF …


Bilateral trade between China and the UAE reached $34.7 billion in the first nine months of 2019, up 6 percent, according to a top Chinese diplomat. Of the total bilateral trade, China’s exports to the UAE amounted to $23.5 billion, up 9.9 percent, while imports from the UAE fell 1.4 percent to $11.2 billion due to lower oil prices in 2019. Ni Jian, the Chinese Ambassador to the UAE, said in an interview with state news agency WAM: "China-UAE trade and investment are expected to maintain the m…


2020-02-20

The total assets of Emirates Telecommunications Corporation, Etisalat, and the Emirates Integrated Telecommunications Company, du, increased to AED145.12 billion in 2019, a YoY growth of around 2.8 percent from AED141.74 billion. The financial statements announced by the two listed companies show their total combined revenues hit AED64.8 billion in 2019, while the royalty fee they paid to the government stood at circa AED7.85 billion. The net profit secured by Etisalat and du in 2019 grew to aro…


2020-02-20

Introducing a paradigm change in the culture of dealing with units of measurement, the UAE will enforce a mandatory application of the "gram /milli-litre" unit system instead of "Tula" in the perfume trade in all of the country’s markets, starting, Thursday, February 20, 2020, . Eng. Amina Zainal, Director of Metrology Department at the Emirates authority for Standardisation and Metrology, ESMA, said that the move fits within the synergy and concerned efforts between all government, and federa…


From banks to builders, more companies are going carbon neutral. Carbon offsetting is not without controversy, but in cases where sustainability can only be approached and not achieved, it may be the appropriate way to balance out emissions The term “carbon neutral” is being increasingly slung around alongside phrases like “net zero emissions”.  From paint manufacturers and the livestock industry, to banks and developers, more corporations in diverse industries are announcing plans to …


2020-02-20

Dubai Chamber of Commerce and Industry (Dubai Chamber) organised a workshop titled ‘Key Aspects of Foreign Direct Investment’, to help the private sector to understand the key aspects of UAE FDI Law. Organised in collaboration with international law firm Clyde & Co, the workshop raised awareness about the FDI Law and focused on other important issues like regulations on foreign ownership in the UAE, corporate structuring for foreign investors, economic substance, and fines for non-compliance…


2020-02-20

Hosted by Roads and Transport Authority (RTA), the upcoming MENA Transport Congress & Exhibition (13-15 April 2020) in Dubai promises to be a flagship event for the public transport industry worldwide. It couldn’t have come at a better time for the sector, especially in the MENA region.  “This edition, which is held under the theme: Building the Future of Mobility, is organised by the International Association of Public Transport (UITP). It will focus on the latest developments of urban mob…


2020-02-20

Utico asks SIAS and Hyflux to hold a PNP vote for option 1 or 2 within 3 weeks. Hyflux’s white knight Utico has confirmed that it will consider a soft landing for the holders of the embattled water treatment firm’s preference shares and perpetual securities (PNP) in the case that its listing on a stock exchange is delayed beyond two years, according to a statement. Utico will also consider this option if it gets the scheme passed and closed by April 2020. This is in response to queries by S…


The maker of a $3.4 million supercar that can hit speeds of almost 250 miles per hour has sensed the time is right to target a wider audience by going electric. Dubai-based luxury carmaker W Motors has hired investment bank Guggenheim Partners to help raise as much as $100 million to back expansion and its push into electric vehicles, founder Ralph Debbas said in an interview.....


Despite prime residential rents in Dubai falling by five percent last year, the emirate offers up some of the best yields in the world, according to the latest Savills Prime Index” World Cities report. Dubai and Kuala Lumpur (four percent) saw the highest drops in rents throughout 2019. The emirate was also the third cheapest city in the world to buy prime property, at $580 per square foot, ahead only of Cape Town and Kuala Lumpur. This was a result of “oversupply and potential renters have …


A Dubai-based education consultancy has been tasked with recreating one of the UK's most famous schools in China. BBD Education said it will work as an adviser and project manager to set up a version of Scotland-based Gordonstoun in China. Three generations of British royalty were educated at Gordonstoun, including the Duke of Edinburgh and the Prince of Wales....


2020-02-19

Gulf Cooperation Council (GCC) member states, including Saudi Arabia, have long been providing generous supplies of water for drinking and sanitation to their populations. But with average annual rainfall rates of less than 100 mm, the Gulf states’ ecosystems and water resources are under even greater stress than the arid Middle East and North Africa region as a whole.....



2020-02-19

The music scene in the Kingdom is exploding, with young, talented Saudis taking full advantage of the developments in the country by showcasing their talent.  In a limited time, young Saudi musicians have proven that they are equal to any other young cohort of musicians anywhere in the world......


2020-02-19

25 March 2020 Riyadh The Kingdom has been working hard alongside the Real Estate Development Fund to provide access to housing finance for the population and hit targets for the 2030 vision. In discussing the progress of the initiative. be part of the change and join to discuss the future of housing in the KSA. Event page:http://bit.ly/2P8El98


2020-02-19

The Sharjah FDI Office, Invest in Sharjah, operating under the Sharjah Investment and Development Authority, Shurooq, in collaboration with the Korea International Trade Association, KITA, organised a Sharjah-Korea Business Roundtable on 17th February, 2020, at the Sharjah Chamber of Commerce and Industry, SCCI, to explore greater economic ties and synergies between Sharjah and Korea. The meeting also introduced the emerging prospects and investment opportunities in competitive sectors to Korean…


2020-02-19

Ras Al Khaimah strives to provide an attractive and developed investment environment, supported by a flexible and comprehensive legal framework that meets the needs of companies based in the Emirate, asserted H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, as he inaugurated the new hub of Peikko Gulf in Al Hamra Industrial Zone. "The fact that multiple high-profile international companies have set up shop in Ras Al Khaimah is testament to the exponential …


High-income nations released less carbon dioxide last year. But emissions increased elsewhere as developing regions struggled to balance economic growth and climate action, while heavy industries and transport emissions were as hard to abate as ever. Even as power sectors in some of the world’s most energy-hungry economies pumped less carbon dioxide into the atmosphere in 2019, coal combustion in developing Asia and global demand for oil and gas soared, cancelling out energy-related emission…


2020-02-19

The Abu Dhabi National Oil Company (ADNOC) announced, today, the award of two contracts for the construction of offshore facilities for the Dalma Gas Development Project located about 190 kilometers northwest of Abu Dhabi city. The Dalma project is a key part of the Ghasha ultra-sour gas concession which is central to ADNOC’s strategic objective of enabling gas self-sufficiency for the United Arab Emirates (UAE). The two Engineering, Procurement and Construction (EPC) contracts have a total v…


South East Asia

2020-02-20

Buamim: ASEAN region with its quest for new markets and rising consumer demand presents an opportunity for Dubai to explore new avenues for bilateral cooperation Dubai- ASEAN bilateral trade reached $21 billion in 2018 ASEAN countries have a combined population of 650 million people and GDP of $2.9 trillion  Dubai Chamber organised a briefing session, recently, to create awareness among Ambassadors and Consul Generals from ASEAN countries about the first Global Business Forum ASEAN (GBF …


ThorCon International Pte Ltd has been pushing to build an experimental nuclear power plant in Indonesia over the past five years, but with unproven technology and regulatory limitations, the company is unlikely to finish the facility by the expected deadline. The Washington-based power producer has been engaging with Indonesian regulators and state-owned enterprises to launch a 500-megawatt floating nuclear power plant in the country by 2027.....


2020-02-20

The Ministry will need to ensure that research and innovation will contribute to the economic growth acceleration agenda Indonesia’s President Joko Widodo officially opened the 2020 National Coordinating Meeting of the Ministry of Research and Technology / National Agency for Research and Innovation. According to a recent press release, President Jokowi stated that the Ministry, being the research and innovation activities consolidator, should focus on developing strategic research priorities…


2020-02-20

A well-developed telecommunications infrastructure will help Indonesia thrive in the digital era Indonesia’s Minister of Communication and Information Johnny G. Plate highlighted the importance of having the government introduce to the public, especially millennials, the portrait of the development of digitalisation in Indonesia. Indonesia’s connectivity status.....


Bank Indonesia (BI) decided on Thursday to cut its benchmark interest rate to help mitigate the potential impacts of the coronavirus outbreak on the country’s economic growth. During a two-day board of governors meeting, the central bank decided to slash its benchmark interest rate, the BI seven-day reverse repo rate, by 25 basis points to 4.75 percent after holding the rate last month.....


2020-02-20

The Bangko Sentral ng Pilipinas and Bank Indonesia commit to enhance mutual economic and financial system development The Philippines and Indonesia, through their respective central banks, have signed a Memorandum of Understanding on cooperation in the area of payment systems and digital financial innovation.....


2020-02-20

Date: 21 February 2020, FridayTime: 4:00pm – 7:00pmVenue: Perl & Java @ BASH, Level 3, 79 Ayer Rajah Crescent, Singapore 139955 Presented by AngelCentralPartnered with SGInnovate AngelCentral’s monthly by-invite pitch day showcases a curated pool of startups pitching to raise funds. During the session, you will also find out more about what AngelCentral does to build an active community of effective and competent angel investors in Southeast Asia. Date: 21 February 2020, FridayTime: 4:0…


2020-02-20

Date: 21 Feb 2020, FridayTime: 4:00pm – 6:00pm Venue: 32 Carpenter Street, Singapore 059911 Presented by SGInnovate   A significant change is happening within the computing industry, and it is driven by the massive volume of data generated by billions of connected devices in the enterprise, as well as the recent advancements in AI algorithms processing all this data.  However, for the change to be useful, the AI processing or inference has to happen at real-time and with limited bandwidt…


PT Mandiri Sekuritas, a subsidiary of state-owned Bank Mandiri, is aiming to further improve its online stock trading platform to attract more retail investors using its brokerage services. With the improved online trading application, called MOST, the company hopes to have 148,000 users by the end of this year or a 25 percent increase from 119,000 in 2019, Mandiri Sekuritas executive vice president Theodora VN Manik said in Jakarta on Wednesday.....


2020-02-20

Both countries recognise the significance of upskilling human resources, particularly in the Fourth Industrial Revolution Indonesia and Singapore are collaborating for the implementation of human resources (HR) training that is focused on industry development 4.0. According to a recent press release, the Government of Indonesia, through the Industrial Human Resources Development Agency (BPSDMI) Ministry of Industry, worked with Singapore Polytechnic to further improve the quality of education i…


2020-02-20

CIMB Singapore announced the launch of its virtual account today, which it hopes can eliminate manual and inefficient reconciliation processes that are inherent to businesses with a high number of suppliers and vendors.....


From banks to builders, more companies are going carbon neutral. Carbon offsetting is not without controversy, but in cases where sustainability can only be approached and not achieved, it may be the appropriate way to balance out emissions The term “carbon neutral” is being increasingly slung around alongside phrases like “net zero emissions”.  From paint manufacturers and the livestock industry, to banks and developers, more corporations in diverse industries are announcing plans to …


The Ministry of Economy and Finance said it wants Japanese tech firms to join the government in its goal to transform the country into a more fully digital economy. The information was shared during a meeting between Minister Aun Pornmoniroth and President of Japanese firm A2A Town (Cambodia) Takeshi Izuka in Phnom Penh, where they discussed and sought collaborative opportunities regarding digitalisation. Finance Minister Aun said he has introduced Kirirom Institute of Technology (KIT), owned by…


Sweden-based fashion retailer H&M said it will make an evaluation over the business impact of the European Commission’s (EC) recommendation to partially withdraw Cambodia’s Everything but Arms (EBA) tariff benefits. The EC announced last week it wanted the European Union parliament to remove 20 percent of the Kingdom’s EBA trade status, over serious human and labour rights violations. In its statement, EC said the recommended partial withdrawal will specifically affect selected garment and…


Century 21 Zillion Holdings, will be recruiting 3,800 new agents across the country, to serve the high demand of Cambodia’s real estate market, according to Grace Rachny, executive director of Century 21 Cambodia speaking at a workshop.... She said land demand is increasing in all parts of the country because of an increase in investment projects from both local and foreign investors. She added that this growth would require Century 21 Zillion Holdings, a sub-franchise of Century 21 Cambodia (…


2020-02-20

Line Thailand aims to make Line TV a professional content provider in Asean by 2023 while partnering with out-of-home (OOH) media to support advertisers using Line's platform to reach online and offline users. "By the second half, Line TV will license local content to Cambodia, Laos and Myanmar, where people watch a lot of Thai media content. This is part of our strategy to provide professional content in Asean in three years," Kanop Supamanop, chief of content business for Line Thailand, said y…


2020-02-20

Vehicle production in January dropped 12.99% year-on-year to 156,266 units, hit by contractions in local sales and exports, according to the monthly report from the Federation of Thai Industries (FTI). However, January output was up 16.44% from December, The FTI's automotive industry club said....


2020-02-20

The share price of SET-listed Central Retail Corporation Plc (CRC) held steady during the first day of trading Thailand's largest-ever market capitalisation equity on Thursday, amid sentiments blighted by the Covid-19 epidemic. The price stood at 42 baht per share at the end of the morning trading session, equalling the IPO price......


2020-02-20

Thai Industries Sentiment Index (TISI) in January increased slightly to 92.2 points from 91.7 in December, thanks to massive sales of products for the virus protection, says the Federation of Thai Industries (FTI). FTI chairman Supant Mongkolsuthree said although the index was up last month it was still below the 100-point benchmark, meaning overall business sentiment was still low. "The slight increase last month was from the acceleration to produce consumer products after the New Year holiday,…


2020-02-20

Vietnam expects to gain a total export value of US$12.5 billion from timber, wooden products and forest products this year, up 10 per cent year on year, according to the Việt Nam Timber and Forest Product Association (VIFORES). Of which, $8.68 billion would come from timber exports and $2.99 billion from wooden product exports, while other forest products would gain an export value of $830 million.  In terms of market, the US this year is forecasted to be the largest export market for local t…