India

In September 2020, the Jammu and Kashmir administration amended the Grant of Domicile Certificate (Procedure) Rules, 2020. In a significant move, the Centre has notified land laws, paving the way for any citizen if India to buy land in Jammu and Kashmir and Ladakh. The government in its release stated that the order will be called the Union Territory of Jammu and Kashmir Reorganisation (Adaptation of Central Laws) Third Order, 2020. The order comes into force with immediate effect. The General …


Proceeds from sale to New Mountain Capital to be used to reduce debt, and for new initiatives Aurobindo Pharma has reached a definitive agreement to sell Natrol LLC., a wholly-owned subsidiary of Aurobindo Pharma USA Inc., to New Mountain Capital and its affiliate Jarrow Formulas Inc....


The startup aims to change the way the nation finances its affordable homes Gurugram-based BASIC Home Loan, an arm of Basic Enterprises Pvt. Ltd has raised a $500,000 in seed round from Picus Capital, a Germany based early-stage technology investment firm. The startups’ vision is to digitize the home loan process and increase affordable loan penetration for middle and low-income households in India. It aims to use the 'Phygital' approach in creating a network of agents who utilize BASIC’s te…


In a significant relief for importers, customs clearance saw a dramatic improvement over the weekend with about three-fourths of sea consignments getting the nod in less than 48 hours on Sunday. This comes after the government swung into action to address complaints from industry over undue delays in clearances since the introduction of faceless assessment by the Central Board of Indirect Taxes and Customs (CBIC). About 74 per cent of the sea consignments were cleared in less than 48 hours on Su…


Revival in sentiments is attributed to the remarkable upturn seen in the real estate business, especially in the residential segment, in the third quarter of 2020 as a result of the unlocking process The retail sentiment towards real estate sector has improved significantly in the third quarter of 2020 - be it the current or future sentiments. According to the 26th Knight Frank-FICCI-NAREDCO Real Estate Sentiment Index Q3 2020 Survey, Future Sentiments scores (for next six months) for the sector…


2020-10-27

E-commerce firms such as Walmart-owned Flipkart and Amazon have sold goods worth nearly $4.1 billion ( ₹29,000 crore) in the first week of festive season sales, compared to $2.7 billion in 2019, according to data from Redseer Consulting.   Smartphones continued to be the biggest category, accounting for 47% of the overall gross merchandise value (GMV), followed by electronics and home appliances, as demand for work-from-home products surged, said the market research and advisory firm......


India's Future Retail Ltd (FRL) will go into liquidation if its deal to sell assets to Reliance Industries fails, the group told a Singapore arbitrator while arguing against Amazon.com Inc's bid to scupper the deal, a legal order seen by Reuters showed.Amazon on Sunday won an injunction from a Singapore arbitrator to halt FRL's deal to sell assets to Reliance. Amazon alleged FRL had breached certain contract provisions it entered into last year in a separate deal with the U.S. firm. Read more at…


Say bids are ‘not up to the mark given the portfolio and assets of home finance firm’ Lenders to Dewan Housing Finance Corporation Ltd have decided to ask all four bidders to improve their offer to avoid taking huge haircuts. While American global asset firm Oaktree Capital is ahead in the race to acquire the stressed assets of DHFL, the Committee of Creditors, which met on Monday, wants more money....


Modi to inaugurate India Energy Forum by CERA Week on Monday, is expected to woo companies to promote Atmanirbhar Bharat The country's oil and natural gas sector is likely to see investment to the tune of $206 billion during the next eight to ten years. With Prime Minister Narendra Modi addressing the top global executives at the India Energy Forum by CERA Week on Monday, it is expected he would further entice companies to promote an cor a self-reliant India. This when the domestic fuel market i…


The 50th annual meeting, held in January 2020, was the last major global event before almost the entire world got locked down due to the coronavirus pandemic Bullish on India's power to shape the global agenda, the WEF's Founder and Chairman Klaus Schwab has said the country''s early policy response to the COVID-19 pandemic was strong and now its biggest opportunity lies in leapfrogging to a more digital and sustainable economy....


2020-10-26

With 45,149 new coronavirus infections, India's total cases surged to 79,09,960 on Monday. India recorded its lowest death toll in about four months on Monday with 480 deaths reported in the last 24 hours, taking total fatalities to 119,014. Total active coronavirus cases in India stand at 6,53,717 after a decrease of 14,437 in last 24 hours. India has cured a total of 71,37,229 coronavirus cases with 59,105 new discharges in last 24 hours....


Smartphone maker Motorola is looking to clock a "profitable growth" and grow "faster than the industry" in India on both quarterly and yearly basis, with devices in the price range of Rs 9,000 to Rs 20,000 a unit driving the momentum, a top company official has said. The company registered growth in the April-June quarter over the previous three-month period in India even though the overall shipment of smartphones declined, Motorola Mobility Managing Director and Country Head for Lenovo Mobile B…


Says transaction was entered into under ‘proper legal advice’ Despite an interim stay by the arbitrator, Reliance Retail Ventures Ltd (RRVL) said it will go ahead with the deal to acquire Future Retail. "RRVL has entered into the transaction for the acquisition of assets and business of Future Retail Ltd under proper legal advice and the rights and obligations are fully enforceable under Indian Law. RRVL intends to enforce its rights and complete the transaction in terms of the scheme and a…


Water supply sector and especially safe drinking water availability continues to face increasing pressures due to the declining water resource, increasing population, impacts of climate change and the onslaught of the current COVID-19 pandemic. To improve the resilience, reliability and sustainability of water, innovation and technology have a vital role to play.....


Kotak says no comments to offer; IndusInd CEO says promoters have denied the deal Kotak Mahindra Bank is exploring a takeover of smaller rival IndusInd Bank, people with knowledge of the matter said, a move that would create the nation’s eighth-largest financial firm by assets. Uday Kotak, founder and chief executive officer (CEO) of Kotak Mahindra, is looking at the possibility of an all-stock acquisition, one of the people said, asking not to be identified as the talks are private. Uday Ko…


The retrospective salary restoration as well as the performance bonus has been announced for employees of RIL's hydrocarbons division, putting money in their hands during the festival season Reliance Industries Ltd (RIL) is rolling back salary cuts for its employees, restoring them to pre-COVID levels with retrospective effect. The Mukesh Ambani-led conglomerate is also handing over the performance bonus that been put off after its business was hit by the coronavirus-induced lockdown....


2020-10-26

Amid the Covid-19 pandemic, Biocon Executive Chairperson Kiran Mazumdar-Shaw today said that intra-nasal vaccines will be far easier to deliver than intra muscular injections. Taking to Twitter, the Biocon chief said Asha workers can be trained to deliver intra-nasal vaccines at mass scale. She further added that IM injections which will need nurses, doctors and MBBS students which is a challenge....


ike self-improvement books, the purpose of pension adequacy surveys is to make us feel lousy about ourselves.Lousy and scared: We haven’t saved enough because we’re myopic and lack self-control. We don’t have a retirement plan, and it’s getting late. That next avocado toast may deny our future selves a pair of reading glasses.And the nagging chases us right into our graves. At the back of our minds, there's always the guilt that we should be leaving something — actually, a lot — .. …


The former Attorney-General of Singapore, V.K. Rajah, in his order said an interim stay was prudent as the deal was ‘disputed’ The arbitrator looking into the dispute between Amazon and Future group has put an interim stay on the latter's Rs 25,000-crore deal with Reliance Retail. The former Attorney-General of Singapore, V.K. Rajah, was the arbitrator for the case. In his order granting interim relief for Amazon, Rajah said it was prudent for an interim stay in the deal as it was “disput…


2020-10-26

Prime Minister Narendra Modi on October 25 urged people to light a “Diya” (lamp) while they celebrate festivals, to honor security forces guarding its borders.  


Middle East

2020-10-27

The Abu Dhabi National Oil Company (ADNOC) announced today the award of contracts worth $324 million (AED 1.19 billion) to optimize onshore field operations and enhance efficiencies as it continues to invest responsibly to drive smart growth.ADNOC Onshore, a subsidiary of ADNOC, awarded the three contracts which will see the procurement and construction (PC) of flowlines and wellhead installations across several onshore oil fields in the Emirate of Abu Dhabi. The contracts also include the engin…


2020-10-27

Efforts in building the most advanced network contributed to the country’s international recognition UAE network ranked with the fastest mobile download speed worldwide in January, March and July 2020 Ookla, the global leader in fixed broadband and mobile network testing applications, data and analysis today recognised Etisalat for being the fastest mobile network operator worldwide in 2020 providing its subscribers the most superior experience with the fastest mobile speeds from anywhere in …


2020-10-27

Ask most people where they would go for a loan, and the answer is usually their bank. But what about when the banks can’t, or won’t, lend? The commercial disruption and consequent financial ramifications, first of the financial crisis and now more dramatically COVID-19, have challenged the banks’ primacy in the lending arena.  As a direct result of the financial crisis in 2008, regulators sought to build up bank liquidity and limit leverage. Basel III was introduced which required banks t…


2020-10-27

Dubai Chamber’s largest sustainability conference brought together public and private sector stakeholders to discuss strategies for surviving and thriving sustainably. Businesses in the UAE must prioritise sustainability and make it an integral part of their strategies as they tackle new challenges and prepare for the post-pandemic recovery, industry experts said during the Dubai Dialogue 2020. The annual conference, recently hosted virtually by Dubai Chamber of Commerce and Industry, examined…


2020-10-27

The campaign carried out 1011 inspections at 111 schools resulting in 56 offences Dubai’s Roads and Transport Authority (RTA) carried out 1011 inspections of operating school buses in 111 schools across the Emirate. The campaign is part of RTA’s ongoing efforts to streamline practices, verify the compliance of operators with the stipulations in place, and ensure the implementation of precautionary measures against Covid19 onboard.  The inspection campaign resulted in the issuance of 56 offe…


2020-10-26

The Palm Fountain at The Pointe, Dubai’s premier lifestyle and dining destination by Nakheel, has secured the Guinness World Record for the World’s Largest Fountain after a breathtaking launch streamed live across the world.  The magical show was attended by distinguished guests, residents and tourists, who watched in awe as The Palm Fountain broke the record in tune to an exclusive song – Dubai is another planet, produced to reflect the city’s vibrant and inspirational spirit.  A cele…


2020-10-26

Offer includes a free 6-month trial period allowing businesses to test the Dubai market with no initial investment Fully digital company set up in as little as 5 working days Further information available at https://landing.dmcc.ae/dubai-rep-office   DMCC – the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise – has rolled out a company setup offer for businesses worldwide. The offer provides international companies the opportunity to set u…


2020-10-26

51 workshops identify 140 development projects Dubai’s Roads and Transport Authority (RTA) has concluded a study assessing the current situation of its artificial intelligence study, which paved the way for embarking on an updated strategy guided by the UAE Artificial Intelligence Strategy 2031 as well as the latest trends and benchmarks of the industry worldwide. The study concluded to identify 140 projects to improve the technological performance of all operational, service and administrativ…


2020-10-26

A recent report by the Business Registration & Licensing (BRL) sector of Dubai Economy shows that the number of operating businesses in Al Lisaili (Al Marmoom) has reached 365 to date. Of these, 60 per cent licences are Commercial, followed by Professional (36 per cent) and the rest related to Tourism and Industrial activities.   In terms of legal forms of the active licences in Al Lisaili (Al Marmoom), Sole Establishment ranked first at 55.6 per cent, followed by Limited Liability Company (LL…


2020-10-25

Recent webinar, co-organised by Dubai Chamber and DMCC, attended by 388 participants from the UAE, Brazil, Colombia, Guatemala, Costa Rica and other Latin American markets. Khan: Growing demand for coffee in UAE and MENA region presents a major growth opportunity for Latin American coffee exporters. Value of UAE coffee imports from Latin American reached $26.2 million in 2019, growing by an average rate of 20% over the last five years.   Dubai is fast becoming a global gateway for Latin…


2020-10-25

Triple nol Points on offer to commuters from 25th October 2020 till Nov 1st 2020 From  Sunday, October 25th 2020, the Roads and Transport Authority (RTA) will kick-off a series of distinctive events that will continue to Nov 1st 2020, in celebration of the 11th Public Transport Day. This year’s events feature magnificent prizes highlighted by two million nol Plus points available through a virtual game on RTA’s website.  “RTA’s annual celebrations of Public Transport Day on November 1s…


2020-10-24

IN PARTNERSHIP: As the seasons change visit The Galleria Al Maryah Island, Abu Dhabi to style your home with Autumn/Winter furnishings you will want to live in forever. It’s the perfect place to be inspired by the best selection of homeware stores, offering statement pieces to stand out as well as subtle additions for your home. There’s also an exciting personal touch you can add to your visit during their ‘Step into Style’ campaign which is running from October 10 to November 9. If you…


2020-10-24

Dubai Culture and Arts Authority welcomed visitors to the Al Fahidi Historical Neighbourhood following a temporary suspension due to the circumstances imposed by the COVID-19 pandemic. The Authority seeks to restore cultural emphasis while adhering to preventive measures to ensure a strong start for the sector following the gradual return of the tourism sector in the emirate. This step also constitutes an opportunity for people within the emirate and from across the world to engage with Dubai’…


2020-10-23

Six international organizations have completed two studies on e-learning in the Kingdom and praised its efforts in providing a rapid response, multiple options and continuous improvement during the coronavirus pandemic.The studies involved the participation of 342,000 respondents and were conducted under the supervision of the Kingdom’s National Center for e-Learning....


2020-10-23

His Excellency Essa Kazim, Governor of DIFC discusses the Centre as part of the Young Economist Programme Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region has welcomed the first batch of Emirati students from the Young Economist Programme, an initiative by the Federal Youth Authority. Under the patronage of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of D…


2020-10-23

The contactless airport experience reduces human interaction, putting emphasis on health and safety As part of Emirates’ commitment to continuous innovation and an unmatched customer experience, the airline has launched an integrated biometric path at Dubai International airport (DXB). The contactless airport experience is now open to Emirates passengers travelling from and through Dubai. The integrated biometric path will give passengers a seamless travel journey from specific check-in to boa…


2020-10-22

On October 25th, Dubai’s Roads and Transport Authority (RTA) will launch Bus Route (F81), a new metro link service. It will also open a dedicated bus lane on Al Khan & Mamzar links for Route (E303) to lift commuters between Dubai and Sharjah and introduce other route improvements on the same date. “The new Route (F81), a metro link service, will be opened on October 25th from Al Qusais Industrial Area to Al Nahda Metro Station. The service frequency will be 15 minutes during peak hours,” …


2020-10-22

Emirates SkyCentral DWC in Dubai South to be operated as a dedicated anchor hub for COVID-19 vaccine distribution Air cargo carrier has also set up a dedicated rapid response team to handle requests for vaccine transport Dubai, UAE, 22 October 2020- Emirates SkyCargo is stepping up its readiness to handle the logistical complexities of distributing a potential COVID-19 vaccine globally by creating the world’s first dedicated airside cargo hub for the vaccine in Dubai. The air cargo carrier is…


2020-10-22

Dubai Healthcare City (DHCC), the healthcare free zone in Dubai, today announced the launch of the ‘DHCC Theme-based Campaign Program’ which aims to increase access to quality healthcare services, events and information to help people maintain a healthy lifestyle.   The program kicks start with the ‘Ready for the Comeback: Fitness and Sports Medicine Season’. In line with Dubai Fitness Challenge 30X30 objectives, the season aims to empower Dubai residents to work towards a common goal o…


2020-10-22

- Buamim: The Covid-19 crisis has shown that digital transformation is a fundamental pillar in the future of business, and we have a target to enhance the digital presence of more than 50,000 Chamber member companies Al Falasi: Investing in technology, innovation and digital transformation is an imperative to ensure continuity of competitiveness Al Falasi: Adapting to the new reality is a key factor in accelerating the pace of recovery of countries’ economies Buamim: It is no longer enou…


South East Asia

2020-10-27

Once the first to launch 3G in Thailand, True Corporation PLC is moving forward further to a wireless future with the upcoming 5G The saying “The future is now” is not completely impossible. With all the advancements we humans have created over past decades, technologies, especially the Internet and smartphones, have unprecedentedly changed our lives for the good....


2020-10-27

The student-led protests against the government will not seriously affect the domestic economy as foreign investors view them as a short-term event, less frightening than the pandemic, says Industry Minister Suriya Jungrungreangkit. He said people in the business world understand the political dispute and expect the government to be able to cope with the situation....


2020-10-27

Protests sweeping across Thailand threaten to snuff out chances of a consumption-led recovery from the nation’s worst-ever economic slump. Nattananporn Hamali, a 29-year-old saleswoman at a car showroom in Bangkok, is already feeling the pinch from consumers’ thrifty behaviour. With the bulk of her earnings coming from sales commission, she’s struggling to pay her mortgage and utility bills....


2020-10-27

A tourism project worth almost 25 trillion VND (over 1 billion USD) was started on October 26 in the northern coastal province of Thanh Hoa by Sun Group, one of Vietnam's largest real-estate developers.The 550-hectare project consists of a massive plaza, pedestrian streets, hotel and resort complexes and recreational facilities.The Sam Son project is part of the Sun Group's long-term development strategy to transform Sam Son city and Thanh Hoa province into a tourism centre of Vietnam, said …


2020-10-27

A conference gathering together overseas Vietnamese entrepreneurs was held in Ho Chi Minh City on October 27, with a view to tapping into this resource to contribute to the southern economic hub’s development.Standing Vice Chairman of the municipal People’s Committee Le Thanh Liem said the conference was an occasion for local authorities to hear the opinions of domestic and overseas entrepreneurs and experts, to help with the city’s economic recovery, digital transformation, and COVID-1…


2020-10-27

Prudence in stimulus spending must be observed by Southeast Asia and neighboring advanced economies to ensure debt levels are kept in check, a recommendation from regional economists that reflects the Duterte administration’s fiscally-controlled recovery strategy.  While inevitably coronavirus spending would lead to higher deficits and debts, economists at ASEAN+3 Macroeconomic Research Office (AMRO) suggested that policymakers must quickly employ a “credible medium-term plan” to get thei…


2020-10-27

The Duterte administration will no longer accept proposals to construct new coal power plants, a dramatic shift in energy policy that counts on declining costs of renewables to attract clean power investments. The moratorium was announced in tandem with the relaxation on foreign ownership limits in geothermal energy projects worth $50 million or more, doubling down on the slow transition to clean power seen as a long-term fix to the Philippines’ supply problems and now even sky-high power cost…


2020-10-27

Ninja Van Philippines is looking to expand its headcount to meet surging demand for logistics services from people staying indoors to avoid contracting the coronavirus. While he did not mention how many people will be recruited, Martin Cu, country head, said the logistics courier would go on hiring to augment the company's current pool of around 7,000 riders.....


SINGAPORE is set to ink an agreement with Laos, Thailand and Malaysia at an Asean meeting next month to advance cooperation on cross-border power trading, Second Minister for Trade and Industry Tan See Leng said on Monday. The memorandum of understanding for the Lao PDR-...


Singapore's factory output extended a rebound that began in August, thanks to the booming pharmaceutical and electronics sectors, according to data released on Monday (Oct 26) by the Economic Development Board (EDB). Manufacturing output surged 24.2 per cent in September, compared with the same month last year. This was the biggest year-on-year increase since December 2011, and far exceeded the 2.5 per cent increase expected by economists in a Reuters poll. Excluding biomedical manufacturing, ou…


A total of S$23 million in grants has been awarded by the Energy Market Authority (EMA) to three power generation companies for energy efficiency projects that will reduce their carbon emissions, said the authority on Tuesday (Oct 27). The three companies are Senoko Energy, Tuas Power Generation as well as YTL PowerSeraya......


As at mid-Oct, 223 hotels were welcoming staycationers. Others continue to be used as quarantine or SHN facilities FOR a city with just 5.6 million people and a severe cap on tourists because of the ongoing global pandemic, it may come as a surprise that some hotels in Singapore are achieving high occupancies on weekends. Starved of overseas travel, Singaporeans and other residents have been going on staycations at a steady clip. And as the year-end peak season approaches, more hotels are re…


Sheldon Adelson’s Las Vegas Sands Corp is exploring the sale of its casinos in Las Vegas, according to people with knowledge of the matter, a move that would leave the mogul focused on Asia and mark his exit, for now, from the US gambling industry. The world’s largest casino company, Sands is working with an adviser to solicit interest for the Venetian Resort Las Vegas, the Palazzo and the Sands Expo Convention Center, which together may fetch US$6 billion (S$8.2 billion) or more, said the p…


2020-10-26

These days, telco service in our country is mostly erratic, if not really bad. There are good days, yes, but the bad days are quite a lot lately, adding to our COVID-19 nightmare. One would think their ads of fast internet service were written by used-car salesmen. The promised “Mbps” is a dream in this time of pandemic, what with work-from-home setups and online schooling. President Duterte wants to call Bethlehem on Christmas Day. Good luck....


2020-10-26

Vietnam’s pepper exports have shown signs of recovery, coming in at 45 million USD in September, a year-on-year surge of 22.2 percent.According to the Ministry of Agriculture and Rural Development’s Agro Processing and Market Development Authority, the country shipped 18,000 tonnes of pepper abroad in the month, up 20.4 percent from the same time last year.During the January-September period, the country earned 489 million USD from selling 220,000 tonnes of pepper to foreign countries, down …


2020-10-26

The development of single-detached homes and lots in areas outside Metro Manila is among the opportunities residential developers can tap, driven by the growing demand for these properties, including vacation homes, a property consultancy said. In a report, Lobien Realty Group (LRG) said the residential market would have an increased importance as work-from-home and online school have become the default social distancing solution of the government for companies and schools.....


2020-10-26

Vietnam always considers the US one of its most important partners and wishes to continue developing its comprehensive partnership with the country, especially in economic, trade, and investment cooperation, Prime Minister Nguyen Xuan Phuc has told US officials.At a reception in Hanoi on October 26 for the CEO of the US International Development Finance Corporation (DFC), Adam Boehler, and representatives from the US Department of Treasury (USDT), Department of Commerce, and the US Export-Import…


2020-10-26

Two of the country’s largest banks grew their profits in the third quarter, although succeeding growth remained at risk from rising amount of unpaid loans from virus-battered borrowers. After building up defenses against loan losses, and therefore suffering losses in previous quarter, BDO Unibank Inc. hiked its net income 3.16% year-on-year to P12.3 billion. UnionBank, meanwhile, netted P4.2 billion during the same period, up 11% annually. ....


2020-10-26

The projected two percent decline in remittances from overseas Filipino workers (OFWs) due to the COVID-19 pandemic may have minimal impact on the economy, according to the Bangko Sentral ng Pilipinas. BSP Governor Benjamin Diok-no said risks to OFW remittances remain on the downside due mainly to the continued large repatriation of displaced workers, the 61.8 percent drop in deployment from January to July and remaining containment measures in some places in host countries....


Singapore will import electricity from Peninsular Malaysia under a two-year trial, said the Energy Market Authority (EMA) on Monday (Oct 26). The trial aims to "assess and refine the technical and regulatory frameworks" for importing electricity into Singapore, said the authority in a press release. ....