India

2020-01-18

 New Asian Development Bank (ADB) president Masatsugu Asakawa assumed office yesterday, becoming the 10th president of the Manila-based multilat­eral bank since its establishment in 1966. Asakawa succeeds Takehiko Nakao who stepped down on Jan. 16. “I am honored to assume the role of ADB president and to begin working in close cooperation with our 68 member countries. ADB has been a trusted part­ner of the region for more than half a century, supporting strong growth that has improved the l…


India's most-valued company Reliance Industries reported a 13.5 per cent rise in net profit for the quarter ended December 31, 2019, after a turnaround in oil refining business coupled with the continued rise of retail and telecom arms. In a regulatory filing on Friday, Mukesh Ambani-led oil-to-telecom conglomerate declared consolidated net profit of Rs 11,640 crore for the quarter under review, as opposed to Rs 10,251 crore in the corresponding quarter last year.....


2020-01-18

Beating India's financial capital Mumbai, IT hub and startup capital Bengaluru took the highest home loan and personal loan in the country, according to a market report. The highest home loan ticket size in India during 2019 was ₹2.2 crore while Mumbai stood second at ₹2 crore, BankBazaar Moneymood 2020 report said. Similarly in the personal loan segment, someone from Bengaluru walked away with the highest personal loan of ₹34 lakh......


Nehru had 'personality-driven working style' and centralised power in the hands of bureaucrats Jawaharlal Nehru and Indira Gandhi had 'personality-driven working styles' and centralised power in the hands of a few bureaucrats, an Atal Bihari Vajpayee Fellow at Nehru Memorial Museum and Library has claimed.Speaking about his research, 'the Prime Ministers' Office during the Congress years', Himanshu Prasad Roy claimed in New Delhi on Friday that Nehru 'promoted a PM-led system of administration',…


The country foreign exchange reserves rose by $ 58 million to reach a life-time high of $ 461.21 billion in the week to January 10, according to the data compiled by the Reserve Bank of India (RBI). In the previous week, the reserves had increased by $3.689 billion to $461.15 billion. In the reporting week, the reserves rose despite a decline in foreign currency assets (FCA), which is a major component of the overall reserves.....


The Amazon CEO discusses issues surrounding technology, data privacy concerns and global alliances; business leaders who attended the meeting included Reliance Chairman and MD Mukesh Ambani, Godrej Group Chairman Adi Godrej, Bharti Airtel Chairman Sunil Mittal, among others Amazon founder and Chief Executive Officer Jeff Bezos held a closed-door meeting with top industry honchos during the third day of his visit in Mumbai on Friday, CNBC TV 18 reported. The Amazon Inc CEO reportedly discussed i…


Yet again, the consumer businesses of Reliance Industries (RIL) — digital and retail — were the key growth drivers for the company. Bucking weak economic growth and subdued consumer spending, the operating profit of RIL’s retail business rose 58 per cent y-o-y, thanks to new store rollouts and higher sales at existing stores.....


2020-01-18

Piramal Enterprises Ltd will use the proceeds from the sale of its healthcare insights and analytics business to expand its financial services vertical, seeking to take advantage of opportunities created by the liquidity crisis in the non-banking financial company (NBFC) space, said Piramal Enterprises chairman Ajay Piramal. On Friday, Piramal Enterprises informed the stock exchanges that it was selling its healthcare insights and analytics business, Decision Resources Group (DRG), to NYSE-l…


Piramal Enterprises Ltd will use the proceeds from the sale of its healthcare insights and analytics business to expand its financial services vertical, seeking to take advantage of opportunities created by the liquidity crisis in the non-banking financial company (NBFC) space, said Piramal Enterprises chairman Ajay Piramal. On Friday, Piramal Enterprises informed the stock exchanges that it was selling its healthcare insights and analytics business, Decision Resources Group (DRG), to NYSE-l…


Reliance Industries Ltd said on Friday its plan to close the deal to sell a 20 per cent stake in its oil to chemicals business for $15 billion to Saudi Aramco will miss the March 31 timeline announced earlier. The deal was announced in August 2019. “It will not be a deal which will get done by March,” RIL’s joint chief financial officer V Srikanth told media on Friday.


India is set to change the bank it uses to make payments for Russian arms and is likely to route the money through UCO Bank, which is also being used to carry out trade with Iran India is set to change the bank it uses to make payments for Russian arms and is likely to route the money through UCO Bank, which is also being used to carry out trade with Iran. The payments, which are complicated due to the threat of US sanctions on purchase of military hardware like the S-400 air defence systems fro…


GSAT-30 is aimed at providing high-quality television, telecommunications and broadcasting services India's "high power" communication satellite GSAT-30, aimed at providing high-quality television, telecommunications and broadcasting services, was successfully launched onboard Ariane 5 rocket from French Guiana in the early hours of Friday, the Indian Space Research Organisation (ISRO) said here. Blasting off from the Ariane Launch Complex in Kourou, a French territory located in northeastern …


2020-01-17

Reliance Industries Ltd (RIL) is likely to report muted earnings growth in the fiscal third-quarter as gains from its telecom and retail arm will be offset by weakness in its refining and petrochemicals business, analysts said......


Vijay Mallya faces extradition to India on fraud charges. He was granted permission to appeal, which will be heard in February. Once known as the “King of Good Times” in India, he was arrested in London in April 2017 after 17 banks accused him of willfully defaulting on the debt accumulated by the airline, which shut in 2012. ndian tycoon Vijay Mallya’s palatial island home boasts 17 bedrooms, a cinema, private helipad and even its own nightclub. But one of the banks suing him for unpaid d…


Trade members worried Adani Group moving towards dominant position The ports of Dhamra, Vizag, Krishnapatnam, Kattupalli and Kamarajar on the East Coast may be located in different states but have something in common ― the Adani Group......


C.P. Gurnani, MD & CEO of Tech Mahindra is leading the company forward into the digital age. Group chairman Anand Mahindra has hailed him for his people skills, energy levels and unflinching customer focus. Where does the indefatigable CEO derive his inspiration from?  Watch the video where he talks about the best advice he ever received in his life and how it set him on the path of success.......


2020-01-17

Private sector lender RBL Bank which has raised ₹2,025.27 crore from institutional investors through a qualified institutional placement (QIP) offering, has drawn up plans to increase presence in key growth areas. In an interview, Vishwavir Ahuja, RBL Bank’s managing director and chief executive officer, lists the lender’s current priorities as it seeks to steer out of a recent spike in non-performing assets (NPAs) amid concerns of an uncertain business environment because of stalling gro…


Chief of Future Group said physical and online retail channels may converge soon Kishore Biyani, chief executive of the Future Group, Thursday said that traditional offline retailing and web commerce are not as distinct as they once were, with the odds shortening that the two channels to reach end consumers would head toward total convergence in the near future."Physical stores have their own advantages and nuances and digital has its own advantages,” Biyani said in New Delhi at a conference o…


Verdict may force Voda-Idea to shut shop, say analysts In a setback to telecom operators Bharti Airtel and Vodafone-Idea, the Supreme Court on Thursday dismissed their plea seeking a review of its earlier order asking them to pay ₹1.47-lakh crore in past statutory dues of adjusted gross revenue (AGR) by January 23. “Applications for hearing in open court/ oral hearing are rejected. Having perused the review petition and the connected papers with meticulous care, we do not find any justifia…


All central ministries to be accommodated alongside central vista If you are troubled by traffic restrictions around 7, Lok Kalyan Marg — the Prime Minister’s residence — when the PM moves out for his daily visit to South Block, you may get some respite soon. Vacating the decades-old official residence that has been the home of nine prime ministers, the PM may move to a new home by 2024. Used since 1984 when late Rajiv Gandhi became the PM, the current residence was built over 12 acres of …


Middle East

2020-01-18

The Royal Commission for AlUla has collaborated with Desert X to bring an interactive installation to the area for the first time. Desert X began in 2017, in California’s Coachella Valley, as a way to connect modern art with desert communities and cultures.It is Desert X’s first international collaboration and starts on Jan. 31, running through to March 7, as part of AlUla’s Winter at Tantora festival....


2020-01-18

The boss of one of Saudi Arabia’s biggest banks says that getting more women into leadership positions is a top priority.Samba CEO Rania Nashar chairs the action council for Women in Business created by the Business Twenty (B20), which is the official G20 dialogue with the business community. It represents the global business community across all G20 member states and all economic sectors.....


Azizi Developments has revealed that it has sold 81 percent of its inventory across its 54 ongoing projects in Dubai. The figure, correct as of the end of the third quarter of 2019, signifies a strong investor appetite for reasonably priced residences in Dubai’s high-growth corridors, the UAE-based developer said in a statement. It added that projects such as Aliyah in Dubai Healthcare City and Plaza in Al Furjan have yielded an average of approximately 90 percent of units sold prior to comple…


Abu Dhabi-based clean energy giant Masdar and Cepsa, a global energy and chemical company owned by Mubadala and The Carlyle Group, have announced an agreement to establish a joint venture company to develop renewable energy projects in Spain and Portugal. The 50:50 venture, which was announced at Abu Dhabi Sustainability Week 2020, will focus on developing wind and solar photovoltaic (PV) projects in the Iberian Peninsula, with an initial target of 500-600MW. In 2018, renewables accounted for 55…


2020-01-18

The Catalyst, the sustainability-focused accelerator supported by Masdar and BP, has announced three new companies for its second cycle of funding, training and mentorship. The announcement was made at Abu Dhabi Sustainability Week 2020, the region’s largest sustainability gathering, taking place this week in the UAE capital. According to a statement released by Masdar, all three start-ups will receive funding and training, access to The Catalyst’s mentor network, and office space at Masdar …


2020-01-18

The Emirate of Dubai's non-oil foreign trade volumes surged to 83 million tonnes in the first nine months of 2019, revealed Dubai Customs on Saturday. These figures represent an increase by 22 percent year-on year from 68 million tonnes during the same period in 2018. According to the customs authority, the volume of re-exports jumped 48 percent to 13 million tonnes, while exports rose by 47 percent (14 million tonnes) and imports grew by 13 percent (56 million tonnes). The Director-General of D…


2020-01-18

 New Asian Development Bank (ADB) president Masatsugu Asakawa assumed office yesterday, becoming the 10th president of the Manila-based multilat­eral bank since its establishment in 1966. Asakawa succeeds Takehiko Nakao who stepped down on Jan. 16. “I am honored to assume the role of ADB president and to begin working in close cooperation with our 68 member countries. ADB has been a trusted part­ner of the region for more than half a century, supporting strong growth that has improved the l…


2020-01-18

Roads and Transport Authority (RTA), in collaboration with Dubai Police General HQ, has held an awareness workshop about First Aid of Emergency Cardiac Cases. About 341 employees, including 147 citizens, took part in the event, which aimed to raise employees’ health education and equip them with the skills of handling such emergencies. “The workshop is part of our efforts to enrich employees with First Aid skills needed for handling cardiac conditions. It is a vital proactive step prior to t…


2020-01-17

CHO, one of the largest producers of olive oil in the southern Mediterranean, and IBM today announce that CHO is using IBM Blockchain to provide traceability for its Terra Delyssa extra virgin olive oil across eight quality assurance checkpoints, including the orchard where the olives were grown, the mill where olives were crushed, and the facilities where the oil was filtered, bottled, distributed, and more. Starting with its most recent harvest now being bottled, customers of Terra Delyssa…


2020-01-17

At the southernmost tip of Saudi Arabia, just a few kilometers from the Saudi-Yemeni border, is the verdant region of Jazan, blessed with its rocky mountain tops, green wadis, deep forests, hot springs and boundless fertile land. It is also home to the local Khawlani coffee bean. Although the Arabica coffee bean is well known, most people don’t associate it with Saudi Arabia. While the actual origin of coffee is debatable, the ancient tribes of the Khawlan, in reference to their great ancestor…


2020-01-17

In the first two weeks of the year the world teetered on the brink of war, with both the US and Iran exchanging a series of threats. It was certainly not the most pleasant of times for the GCC region. For a few days at least, many around the world worried about the ultimate outcome of a conflict between these two countries. However, this uncertainty did generate a certain enthusiasm among many gold investors. For as the tensions increased and missiles were fired, the value of yellow metal rose s…


2020-01-17

Egypt issued new regulations that appear to eliminate the need for mining companies to form joint ventures with the Egyptian government and to limit state royalties to a maximum 20%, measures long advocated by the private sector.The cabinet released a summary of the executive regulations to the mining law after its weekly meeting on Wednesday. The law itself was issued in August.....


Middle East Broadcasting Centre (MBC) aims to substantially increase investments into drama productions over the next two years, its CEO revealed as the company launched a new version of its streaming platform Shahid. MBC Group’s CEO Marc Antoine d’Halluin said investment would increase four-fold, of which the majority will be in original and exclusive content. “During the past 10 years, MBC has acquired and produced approximately 46,000 hours of Arabic-language entertainment content, valu…


UAE-based Al Ramz Corporation Investment & Development has acquired the market-making business of Shuaa Capital. The deal will see all staff and market-making activities transferred to Al Ramz, according to a statement. Mohammad Al Mortada Al Dandashi, managing director of Al Ramz Corporation, said: “Market-making is a core business in our strategy which we continue to develop and grow. For over two decades now, Al Ramz has played an integral role in developing the UAE markets, contributing to…


More than 50 percent of GCC working professionals say they did not receive a pay rise in 2019, according to new research by Hays. The latest Hays 2020 GCC Salary & Employment Report found 54 percent of salaries in the GCC region remained the same year-on-year in 2019, 41 percent increased and 5 percent decreased. Hays surveyed more than 6,800 employers and employees across the Gulf region asking questions about salaries and employment experiences in 2019, as well as their expectations for 2020..…


2020-01-17

Stevie Awards, known widely as the ‘business Oscars’, has announced an extension to the deadline for entries to its first Middle East Stevie Awards until 22nd January 2020, due to an overwhelming response from businesses looking to participate. The announcement was made by Stevie Award organisers and Ras Al Khaimah Chamber of Commerce and Industry, RAK Chamber, at a workshop attended by a number of nominees to introduce the award’s goals, the nomination terms and conditions and the applica…


2020-01-17

The Abu Dhabi Department of Energy, DoE, launched a new platform to support innovation, the 'Department of Energy Innovation Platform', in line with Abu Dhabi’s strategic goals and DoE’s efforts towards energy transition during the Abu Dhabi Sustainability Week, ADSW 2020. The new platform seeks to attract innovators and experts from the energy sector, as well as owners of small and medium enterprises, students, and the domestic and global community to share innovation and generate ideas tha…


2020-01-17

Dubai’s Roads and Transport Authority (RTA) has deployed five traditional abras to enhance water transport network on Dubai Creek and Marina. The step is part of ongoing efforts to improve services on offer to public transport users and bring happiness to people.  “The addition to the fleet of abras aims to respond to the growing demand from residents, visitors and tourists for marine transport services and enhance the network in the Emirate,” said Mohammed Abu Bakr Al Hashmi, Director of…


2020-01-17

Sudan considers Vietnam a model of development, according to Chairman of the Transitional Military Council Abdalftah Alburhan A. Alrahman Alburhan He made the statement at a meeting with Vietnamese Ambassador to Egypt and Sudan Tran Thanh Cong, who came to present his letter of credentials on January 14. Praising Vietnam’s economic achievements, the host said Sudan can learn a lot in various fields from the Southeast Asian country. He said he hopes the Vietnamese ambassador will fulfill his mi…


2020-01-17

    سيدة الأعمال وخبيرة التجميل وعاشقة العطور منى قطان فتحت لنا الأبواب لدخول عالمها الخاص، حيث طرحنا عليها 25 سؤالاً سريعاً في سيتي ووك. من كشفها عن كل ما هو جديد لدى "هدى بيوتي" للعام 2020، إلى أنشطتها الشتوية المفضّلة في دبي، تعرّفوا على أبرز ما تُعدّ له أيقونة الأزياء المحلي…


South East Asia

2020-01-18

MALAYSIA’S sovereign fund and Telenor ASA have revived talks on a potential deal involving Axiata Group Bhd, people familiar with the matter said, just four months after the carriers scrapped negotiations on a broader merger of their Asian operations. Khazanah Nasional Bhd and Telenor are in the early stages of exploring several possible scenarios including Telenor buying part of the wealth fund’s stake in Axiata, the people said, who asked not to be identified because the deliberations are …


2020-01-18

Central Retail Corporation (CRC), the retail arm of Central Group and the country's biggest mall operator, has vowed to continue investing heavily this year, even as an attempt to operate Tesco's stores in Thailand and Malaysia has not materialised. Yol Phokasub, the company's chief executive, said CRC will press on with investments this year, with an emphasis on the booming Vietnam market, regardless of what happens with Tesco.....


2020-01-18

Budget is B5.9bn higher than for previous fiscal year Some 8.9 billion baht available from the budget integration will be allocated to support grassroots economic development in fiscal 2021. Rachada Dhnadirek, a deputy government spokeswoman, said a panel on the integration of the fiscal 2021 budget chaired by Deputy Prime Minister Jurin Laksanawisit yesterday approved the allocation, which is 5.9 billion baht higher than for the previous fiscal year.....


2020-01-18

Central Retail Corporation Plc (CRC), Thailand's largest retailer and the retail arm of Central Group, has set its initial public offering (IPO) price range at 40 to 43 baht per share, which will possibly become the country's biggest-ever fund-raising deal worth up to 72.7 billion baht. The IPO price range suggests CRC's market capitalisation will be between 67.6 billion and 72.7 billion baht. Thailand's biggest IPO to date was the BTS Rail Mass Transit Growth Infrastructure Fund, which raised m…


2020-01-18

The government’s decree on non-cash payment, once promulgated, will pave the way for mobile money to develop in Vietnam The Minister of Information and Communication (MIC), Nguyen Manh Hung, recently said Vietnam once had the opportunity to become one of the first countries to employ mobile money in payment, but it was missed because of slow licensing. Speaking at a banking conference held earlier this month, the Minister stated that mobile money would be a solution that helps accelerate non…


2020-01-18

Preparation for 5G infrastructure, mobile number portability and the removal of ‘trash’ sim-cards were the most noteworthy events in 2019 The Ministry of Information and Communications (MIC) published a press release that highlighted IT-related growth in Vietnam last year. The preparation for 5G infrastructure, the mobile number portability policy, and the removal of ‘trash’ sim-cards were the most noteworthy events. The telecommunications boom The telecom industry witnessed strong g…


2020-01-18

Thailand's government is working closely with the private sector in Thailand and overseas to increase research and human resource development Thailand’s government has merged four separate government departments into a new Ministry of Higher Education, Science, Research and Innovations, which aims to work closely with the private sector in Thailand and overseas to increase research and human resource development.....


2020-01-18

The new feature will focus on transactional banking services to boost convenience and fee income for the bank A local bank in Thailand plans to add an advisory feature to the Bualuang m-Banking mobile app in March 2020 as a means to generate fee income from the digital platform. The new feature, covering mutual funds and bancassurance, will focus on transactional banking services to provide more convenience for customers and generate higher fee income for the bank, according to the Executive V…


2020-01-18

Digitisation is seen as a way to spread banking services more widely as well as boost competition Thailand is laying the foundations for standalone digital banks as it strives to catch up with other Asian markets, according to the governor of its central bank. It was noted that, currently, Thailand is working to build the ecosystems in place in places like Singapore or Hong Kong. Three key pillars are needed to build digital banks: data from non-financial sources, an electronic identification sy…


2020-01-18

Total digital payments in Malaysia are expected to grow 10.8% annually, reaching about $17 billion by 2023 The Malaysian government launched a program on 15 January 2020 handing a total of RM450 million to nearly half of its citizens, the government said, in a drive to increase digital transactions that will be a big boost for e-wallet companies. The money will be distributed through a Southeast Asian e-wallet operator which is also a Singapore-based ridesharing company.....


2020-01-18

The RM100 million allocation will incentivise Malaysia’s micro SMEs towards sustainable growth and greentech initiatives A local bank recently launched its renewable energy financing for micro and small SMEs in Malaysia, as part of its RM15-billion SME allocation for 2019 – 2020 and its sustainability commitment. The programme was launched at CIMB’s The Cooler Earth Sustainability Summit and was witnessed by the Minister of Energy, Science, Technology, Environment and Climate Change, in Ku…


2020-01-18

The initiative's aim is to prepare Malaysia’s SMEs for the trillion-dollar global e-commerce market A foundation under a major local bank, in partnership with Malaysia Digital Economy Corporation (MDEC) and its knowledge partner, launched CIMB SHINE – Empowering SMEs (CIMB SHINE), a platform for start-ups, entrepreneurs and SMEs to equip them with the right knowledge in finance, 4IR and e-commerce.....


2020-01-18

Supporting the local animation industry will enable the growth of Malaysia’s digital economy The Malaysia Digital Economy Corporation (MDEC) will continue to support local companies that have excelled in producing animated films of a global standard. The MDEC’s CEO stated that continued support was not only to enable local companies to emerge as global champions but also to advance the animation industry which contributes to the country’s digital economy.....


Indonesian and Chinese companies have signed a US$695 million contract to construct the Mempawah alumina refinery in West Kalimantan, as Indonesia moves to add value to its mineral products and create a domestic mining industry value chain. Indonesian state-owned construction firm Pembangunan Perumahan (PP) and China Aluminum International Engineering Corporation Limited (CHALIECO) signed the contract on Jan. 11 in Beijing with the smelter’s owner, Borneo Alumina Indonesia (BAI). Construction …


President Joko “Jokowi” Widodo has called for reform in the country's financial services companies to improve the public’s trust following cases that rocked the country’s insurance industry. He said on Thursday that the industry was in need of reform to improve regulations, supervision and capital, especially for the nonbanking financial services industry, which consists of insurance, multifinance and pension fund businesses....


The Tourism and Creative Economy Ministry formally introduced Indonesia’s five super-priority tourism destinations to 43 international journalists attending the ASEAN Tourism Forum 2020 in Brunei Darussalam on Thursday. The ministry said it expected the effort would spread the word and further information about the destinations, dubbed the new Balis, to more audiences in the world. This is the first time Indonesia introduced the five destinations to international journalists in a formal intern…


Top tire manufacturers in Indonesia plan to expand their sales networks this year, confident a strengthened economy will lead to improved automotive sales . Hankook Tire Sales Indonesia, owned by South Korean tire producer Hankook Tire, will expand its retail distribution network and launch new SUV-related products to increase its market share to double-digits in 2020 from 8 percent last year, president director Yonsoo Shin said. “Last year, Hankook Tire Indonesia was able to attain quali…


2020-01-18

Computer viruses caused estimated losses of VNĐ20.9 trillion (US$902 million) to Vietnamese users last year, much higher than the VNĐ14.9 trillion reported in 2018, reported Bkav Technology Group. The group's report focused on cyber security last year and forecasts for 2020. The proliferation of computers infected with data encryption malware and advanced persistent threat (APT) malware were the main cause of these huge losses. The total number of infected computers recorded last year reach…


2020-01-18

Though Tet (Lunar New Year) is approaching with rising capital demands, the liquidity of the banking system is abundant, helping interest rates in the inter-bank market drop sharply, industry insiders said Though Tet (Lunar New Year) is approaching with rising capital demands, the liquidity of the banking system is abundant, helping interest rates in the inter-bank market drop sharply, industry insiders said.According to Hoang Minh Hoan, Deputy General Director of Saigon Commercial Bank, no…


2020-01-18

According to a survey announced by many consultancies, the Hanoi real estate market in the last months of 2019 and the beginning of 2020 shows upbeat prospects, with a blooming apartment segment Apartment price slightly increase According to a survey from CBRE Vietnam, in the fourth quarter of 2019, the Hanoi apartment market saw many positive changes, with apartment prices increasing steadily in all segments, with the average price recorded at $1,370 per square metre, up 5 per cent on-year. CBR…