India

Peel-Works’ retail management platform Taikee announced on Thursday that it has secured venture debt of around $1 million from BlackSoil Capital. The company has also secured working capital to the tune of $2 million from others, including key suppliers....


Minister says says bidding will be completed by end of December, will attract parties who till now had constructed the debt amount as a minimum threshold bid amount. The government has changed a bidding parameter for state-owned airline Air India, allowing potential buyers to quote enterprise value instead of equity value. Simultaneously, the deadline for submitting bids has been extended to December 14 from October 30. The decisions were taken by Home Minister Amit Shah-led group of ministers o…


In a bizarre incident at the Capitol Hill, a panel of Democrats and Republican senators, who were questioning Google CEO Sundar, Facebook CEO Mark Zuckerberg, and Twitter CEO Jack Dorsey at the Section 30 hearing, consistently mispronounced Pichai's name. During the virtual hearing, chairman of the Committee on Commerce, Science, and Transportation, Senator Roger Wicker pronounced his last name as "Pick-Eye" in his opening remarks. Thereafter, Colorado Senator Cory Gardner was...


2020-10-30

American technology giant, Apple, today said it set a new record for itself in India for the quarter ended September 2020, said Tim Cook, chief executive officer of Apple. While the company didn’t disclose the exact revenues for the country, it’s revenues from the Asia Pacific region (excluding China) grew by 10% year-over-year. Cook said that at least part of the success is due to the company’s new online retail store in the country. Further, the growth in India was also part of a reco…


Maruti Suzuki India NSE -0.31 %, the country's largest car maker, on Thursday said there is no immediate need for GST rate cut on passenger vehicles with demand looking good for the next few months.The auto major, with around 50 per cent of market share in the domestic passenger vehicle segment, said the government can look at the GST relief if demand tapered off in the future. Read more at:https://economictimes.indiatimes.com/industry/auto/auto-news/no-immediate-need-for-gst-rate-cut-as-industr…


Sees a sustained revival of the economy with demand impetus lasting beyond the festival season Finance Minister Nirmala Sitharaman is all for greater public participation in the banking sector. The government will have to work out the modalities for that, she said while sharing her plans for the sector. “I would, probably in the later part of next year, focus on some more retail participation in ownership of the banks,” she told BusinessLine in an exclusive interview through video confere…


2020-10-29

The United Kingdom has entered into a strategic partnership to develop India’s fledgling international financial services centre GIFT City, and agreed to set up a new Fund of Funds to be managed by the State Bank of India group in order to route U.K.’s future capital investments into India. India and U.K. also signed off on a new infrastructure finance and policy partnership to help India execute its National Infrastructure Pipeline that envisages investments worth $1.4 trillion, at the tent…


2020-10-29

Recent webinar, co-organised by Dubai Chamber and Confederation of Indian Industry, attended by 310 participants from the UAE, India and other markets. Discussions focused on investment potential for infrastructure, logistics and sourcing for the UAE-India Food Corridor, which is expected to triple bilateral trade over the next 5 years. • Food security identified as key area where UAE-India non-oil trade can be expanded beyond the AED 152 billion accounted for in 2019. Dubai, UAE: Increasing c…


he funding has come on the heels of it raising INR 7 crore from Chiratae Ventures earlier last month, taking the total seed funding amount raised to INR 11 crore Railofy—a startup that provides travel guarantee to waitlisted (WL) or reservation against cancellation (RAC) passengers in the Indian Railways—on Wednesday announced that it has raised an additional INR 4 crore in a seed round from Roots Ventures, Astarc Ventures, Better Capital and others. The funding has come on the heels of it …


PM Modi spoke on a range of issues and called the latest labour reforms as very pro-worker Prime Minister Narendra Modi on Monday assured that everyone will be vaccinated and no one will be left behind. The statements came in an interview with The Economic Times, days after the BJP promised free vaccination in its poll manifesto in Bihar. "First and foremost, I would like to assure the nation that, as and when a vaccine becomes available, everyone will be vaccinated. None will be left behind,…


2020-10-29

Top Indian corporate leaders last fewer years in office than politicians do. A chief executive officer or managing director of an average BSE 500 company stays in the role for 3.4 years, a Mint analysis of data from the past decade suggests. The global average for the world’s largest 2500 companies during 2004-18 was 5 years according to a PwC study, about 47% higher than the Indian average....


Tata Consultancy Services is doubling down on its Cloud services business, streamlining the practice into five strategic units to generate more revenue. The move, it hopes, will lead to “exponential growth” in the coming years.India’s largest software services exporter has focussed on growing its Cloud practice for the last seven years, but it has now assumed higher revenue priority than ever, said Krishnan Ramanujam, president of business and technology services, who .. Read more at:http…


Internet of senses to be brought into virtual workplace of 2030: Report The virtual office is here to stay. But can you imagine a digital workspace where you have moved beyond voice and video and are able to remotely get a whiff of the cologne or perfume of your colleagues or customers, sense their mood and feel the texture of the product they are showing in a presentation?...


Agri-tech startup Freshokartz said on Wednesday it has raised INR 10 crore (USD1.4 million) in pre-series A funding round from Rajasthan Venture Capital Fund (RVCF) and AWE (Achieving Women Equity) Funds. The Jaipur-based company said it will use the funds to expand within Rajasthan and other nearby states of Haryana, Madhya Pradesh, Uttar Pradesh etc and in capacity building and tech development. .....


Experts say this may sustain for the next three months Bolstered by a jump in returns filing, the finance ministry is hopeful that goods and services tax (GST) collections would cross the Rs 1-trillion mark in October for the first time in eight months. Experts said GST collections are likely to be over Rs 1 trillion a month till November-December which would be reported in January and February. As many as 7.5 million returns have been filed as of October 25 against 6.3 million till the correspo…


Coronavirus vaccine: PM Modi said that a digital platform is being created now that will eventually help in enrolling, tracking and reaching beneficiaries Prime Minister Narendra Modi in an interview spoke about how India's vaccination drive could shape up. He said that the distribution process would involve over 28,000 cold chain points, as well as a digital platform to enrol, track and reach out to beneficiaries. PM Modi also assured that when the coronavirus vaccine is made available, no on…


2020-10-29

Lenders such as Punjab National Bank (PNB) are looking to deploy an artificial intelligence (AI)-enabled early warning system that will crawl the web for information on borrowers’ activities, including news articles and social media interactions. Having burnt its fingers in the Nirav Modi scam and seen quite a few wilful defaults, PNB has decided to outsource its early warning signal (EWS) system. So far, the bank has been using an in-house system but wants it revamped....


1. It’s been seven months since India launched its fight against coronavirus through the first lockdown in March. What’s your assessment on how we have fared?I am sure we all agree that this virus is something unknown, nothing like what has happened earlier in the past. So, while tackling this new unknown enemy, our response also evolves.I am no health expert but my assessment is based on numbers. I think we should assess our coronavirus fight against the metric  .. Read more at:https://eco…


Construction company Shapoorji Pallonji has outbid L&T for the construction contract of the proposed ₹600 crore-Telangana Secretariat complex. Following the technical and financial bids, Shapoorji Pallonji has been chosen L1, according to sources....


HCL Technologies has announced the acquisition of Australian IT firm DWS Ltd for $115.8 million in a bid to further expand its digital offerings especially in Australia and New Zealand.The DWS Group closed FY 2020 with revenues of $ 122.9 million and has over 700 employees with operations in Melbourne, Sydney, Adelaide, Brisbane, and Canberra. It provides a wide range of IT services including digital transformation, application development and support, programme and projec .. Read more at:https…


Middle East

2020-10-30

AlUla, the historical crossroad of ancient civilizations, has officially reopened for visitors.The Royal Commission for AlUla (RCU) has unveiled the full suite of experiences that are being introduced over the coming months.....


2020-10-30

The Saudi Ministry of Education’s online education platform Madrasati is currently hosting over 850,000 virtual classrooms allowing teachers and students from across the Kingdom to interact on a daily basis......


2020-10-30

This Sunday, November 1st, Dubai’s Roads and Transport Authority (RTA) will celebrate its 15th anniversary, which also marks the 11th Public Transport Day. RTA’s era is marked by huge successes and achievements that render it at par with the most prominent entities in Dubai and the world over. It has implemented strategic plans for upgrading the infrastructure of roads, mass transit systems, pedestrian facilities and traffic safety. It has also constructed and operated a host of strategic …


2020-10-30

Dubai Miracle Garden, the largest natural flower garden in the world, returns for its ninth season on Sunday, 1 November, promising visitors a truly memorable experience with its magnificent display of intricately designed blooms. The park is set to reopen under stringent health and safety protocols designed to ensure visitors can continue to enjoy a fun-filled experience within a safe environment.The attraction this year features the largest display of the most fragrant and colourful blooms, wi…


2020-10-29

Hossa Almutairi is a research fellow at KAPSARC. She is also the Think20’s (T20) Sherpa and leads the T20 Saudi Arabian secretariat.She is also the lead co-chair of the T20 Saudi Arabian taskforce for sustainable energy, water and food systems. Before joining KAPSARC, Almutairi was a faculty member at Wilfrid Laurier University in Canada....


2020-10-29

The two-day virtual G20 Young Entrepreneurs’ Alliance (YEA) 2020 Summit will begin on Thursday under the theme “Entrepreneurship is a Source of Innovation and Resilience.” The G20 YEA 2020 chairman, Prince Fahad bin Mansour bin Nasser bin Abdul Aziz, said the summit would motivate young entrepreneurs to face the challenges and impacts of the coronavirus disease (COVID-19) pandemic....


2020-10-29

The Kingdom is planning an SR8 billion ($2.1 billion) boost for its space program as part of Vision 2030, said Saudi Space Commission (SSC) Chairman Prince Sultan bin Salman. The commission has finalized a plan for the government, expected to be revealed later this year, under which the sector’s budget would receive an initial boost of SR2 billion.....


2020-10-29

The ASEAN Secretariat is pleased to announce its participation at the WorldExpo2020, scheduled to take place in October next year in Dubai, United Arab Emirates (UAE). Originally slated from 20 October 2020 to 10 April 2021, Expo2020 has been rescheduled from 1 October 2021 to 31 March 2022 due to COVID19 pandemic.  It is expected that about 200 participating countries and international organisations will join the WorldExpo2020, under its theme “Connecting Minds, Creating the Future”. Held…


2020-10-29

Protecting lives and livelihoods remains the immediate priority due to the global COVID-19 pandemic Unprecedented global policy intervention has helped cushioning the economic impacts of the pandemic, with governments in the region acting swiftly and resolutely Looking ahead, policymakers must remain nimble as countries pivot from the immediate response to support the recovery and should act decisively to build stronger, more resilient, and more inclusive economies Dubai International …


2020-10-29

DMCC hosted a high-tech Israeli delegation today comprised of senior officials, companies and investors. Feryal Ahmadi, Chief Operating Officer of DMCC welcomed the delegation to Almas Tower that was headed by Jerusalem Venture Partners Fund, with expertise in cybersecurity, fintech, insurance, and agriculture The delegation toured the world’s leading Free Zone, and discussed future collaborations, the commercial appeal of Dubai, DMCC’s role as a trade hub and the ease of setting up a compan…


2020-10-29

Recent webinar, co-organised by Dubai Chamber and Confederation of Indian Industry, attended by 310 participants from the UAE, India and other markets. Discussions focused on investment potential for infrastructure, logistics and sourcing for the UAE-India Food Corridor, which is expected to triple bilateral trade over the next 5 years. • Food security identified as key area where UAE-India non-oil trade can be expanded beyond the AED 152 billion accounted for in 2019. Dubai, UAE: Increasing c…


2020-10-29

Dubai’sRoads and Transport Authority (RTA) announced the timings of its services covering customer happiness centres, paid parking zones, public buses, metro, tram, marine transport, and service provider centres (technical testing of vehicles) during the holiday marking the Prophet’s birthday, Thursday 29th October 2020.  The Service Provider Centres will close on Thursday, 29th October and resume business on Saturday, 31st October. The Customer Happiness Centres will close on Thursday, 29t…


2020-10-28

Saudi Arabia will announce a new set of initiatives to organize and improve the labour market, a spokesperson for the Ministry of Human Resources and Social Development said on Tuesday.Nasser bin Abdulrahman Al-Hazani tweeted that all initiatives will be announced as soon as they are ready and urged everyone to only rely on official channels for accurate information about the upcoming changes.....


2020-10-28

Mandatory appointment of Company Service Providers by certain special purpose vehicles and foundations Proposed framework to safeguard interests of ADGM entities The Registration Authority (RA) of Abu Dhabi Global Market (ADGM) has issued a consultation paper to invite public feedback and comments on its proposed Company Service Providers’ (CSP) framework. The success and increasing demand for ADGM’s special purpose vehicles (SPVs) and foundations structures have brought with it several cha…


2020-10-28

This Sunday, November 1st, Dubai’s Roads and Transport Authority (RTA) will celebrate its 15th anniversary, which also marks the 11th Public Transport Day. RTA’s era is marked by huge successes and achievements that render it at par with the most prominent entities in Dubai and the world over. It has implemented strategic plans for upgrading the infrastructure of roads, mass transit systems, pedestrian facilities and traffic safety. It has also constructed and operated a host of strategic pr…


2020-10-27

Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Group CEO of the Abu Dhabi National Oil Company, ADNOC, reinforced the close and deep-rooted economic ties between the UAE and India during a virtual session with Narendra Modi, Prime Minister of India. Speaking at the interactive session between Prime Minister Modi and leading global oil and gas CEOs during the 5th annual roundtable organised by NITI Aayog and India’s Ministry of Petroleum and Natural Gas, Dr. Al …


2020-10-27

Two sectors amassed billions in losses due to the coronavirus disease (COVID-19) pandemic this year — travel and aviation as well as hotels and hospitality.   According to Saudi Minister of Tourism Ahmed Al-Khateeb, who spoke at the Future Hospitality Summit on Monday, airlines will lose up to $6 billion while hotel occupancy rates, to date, are at under 10 percent their usual levels.The summit was organized by the Ministry of Tourism and the Saudi Secretariat of the G20 as part of the Intern…


2020-10-27

New concept designs for the Sharaan by Jean Nouvel resort revealed today offer a deeper understanding of the architect’s daring vision for AlUla, the cultural oasis in north-west Arabia. Located deep within the Sharaan Nature Reserve, the designs draw on the nearby Nabataean wonders of Hegra, Saudi Arabia’s first UNESCO World Heritage Site. In a world-first, this 2,000-year-old architectural legacy is being revived by Jean Nouvel for potentially the first time since the Nabataeans carved int…


2020-10-27

Dana Gas PJSC has entered into a binding agreement with IPR Wastani Petroleum Ltd. for the sale of its onshore Egyptian oil and gas assets for up to $236 million, including contingent payments. As part of the transaction, Dana Gas is selling its full operative shares in its four onshore concession areas of El Manzala, West El Manzala, West El Qantara and North El Salhiya, and their associated development licenses.....


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…


South East Asia

2020-10-30

Foreigners will also be able to invest in the public companies listed on the pre-listing board (second board) of the Yangon Stock Exchange (YSX), said U Thet Htun Oo, YSX Executive Senior Manager. The Pre Listing Board is a new trading board for public companies that have yet to qualify for a YSX listing to tap the market for funds that will help them expand and gradually meet the requirements to qualify for a listing on the YSX. It will also help encourage fund flows and deepen the Myanmar capi…


2020-10-30

The United States may increase its investments in energy, telecommunications, tourism, and natural gas production sectors following a discussion to cooperate in Myanmar beyond the COVID-19 pandemic, said U Maung Maung Lay, chair of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI). The development comes after a delegation led by Mr Adam Boehler, CEO of the US International Development Finance Corporation (IDFC), met with Myanmar’s Ministry of Investment and Foreign …


The construction of a combined more-than $400 million power transmission line connecting Cambodia to Laos and the Thai border will start next year, according to an official from the Ministry of Mines and Energy (MME)....


Insiders are positive about the future of the tourism sector as the government and private sector seek ways to mitigate the impact caused by COVID-19. The Ministry of Tourism (MOT) and members of the tourism-based private sector are in discussions about a travel bubble measure to attract tourists to Cambodia during the pandemic, with China a priority....


The National Bank of Cambodia (NBC) yesterday officially launched Bakong, a payment system infrastructure that it says enables banks and other financial institutions to work together, with an emphasis on safety, efficiency, cost-saving and, more importantly, financial inclusion...


The Kingdom’s new draft law on investment is scheduled to be finalised by the end of November this year. It will help to drive the economic recovery in the context of COVID-19, according to the Ministry of Economy and Finance (MEF)....


2020-10-30

Ekovest Bhd has launched a mandatory general offer (MGO) for PLS Plantations Bhd at 95 per share and 15 sen for each warrant. Ekovest, in a brief filing with Bursa Malaysia today, said the MGO followed its proposed acquisition of an additional 24.54 per cent PLS stake on ....


2020-10-30

Asia Poly Holdings Bhd (APH) has registered a net profit of RM4.09 million in the third quarter (3Q) ended September 30, 2020 (FY20), compared to a net loss of RM2.13 million posted in the same quarter last year. Quarterly revenue rose 49.05 per cent to RM30.12 million from RM20.21 million, largely due to the soaring demand of cast acrylic sheets in local and export markets. Executive chairman Datuk Yeo Boon Leong said the rising demand for cast acrylic sheet is mainly attributed to the emergenc…


2020-10-30

Focus Dynamics Group Bhd has today signed a heads of agreement with Saudee Group Bhd to jointly roll out Malaysia's first robotics operated burger kiosks. This will be the company's first foray into robotics food and beverage (F&B) operations, Focus Dynamics said in a statement. The parties are targeting to launch the kiosks in the new year....


2020-10-30

Siam Park Bangkok Co, the operator of Siam Amazing Park amusement and theme park, plans to open its new retail and entertainment project in 2022, a few months behind its original schedule because of the pandemic and economic uncertainty. Noppagarn Luangamornlert, the deputy managing director, said the company has postponed the opening of Bangkok World, its retail and entertainment project with an investment cost of 1 billion baht....


2020-10-30

As more customers look to branded residences for a retreat or second home away from urban hustle, well-being needs to be a focal selling point As the world faces a global health crisis head-on, more people are conscious of well-being and are trying to prevent chronic diseases. Many lifestyle industries have adapted their products and services to this customer demand, including branded residences, often looked at as second homes for buyers looking for a retreat. A property consultant thinks such …


Malaysia recorded 799 new Covid-19 infections on Friday (Oct 30), with 466 or 58.3 per cent of the cases coming from Sabah state. This is slightly higher than 649 cases on Thursday. Except for Thursday's figure, Malaysia has reported at least 700 cases a day in the last 14 days....


2020-10-30

Scheme 'will help airline stay afloat' Almost 5,000 Thai Airways International employees have signed up for the company's early retirement programme, as concerns mount over the airline's ability to reduce its operating costs to match falling revenues. The scheme had been welcomed by employees, almost 5,000 of whom have applied, the airline's acting president, Chansin Treenuchagron, said on Thursday. Applications for the scheme closed on Oct 28. Employees whose applications were approved will rec…


2020-10-30

Central banks became gold sellers for the first time since 2010 as some producing nations exploited near-record prices to soften the blow from the coronavirus pandemic. Net sales totalled 12.1 tonnes of bullion in the third quarter, compared with purchases of 141.9 tonnes a year earlier, the World Gold Council said....


The sharia economy could become the “new wave” of Indonesia’s economy and strengthen the country’s economic resilience, Vice President Ma’ruf Amin has said. He cited a Boston Consulting Group (BCG) estimate that there were 64.5 million middle-class Muslims in Indonesia in 2020. This presents a huge opportunity for sharia finance, as they will need to have options of halal products and sharia-compliant financial services to fit their lifestyle and principles.This article was published i…


Mitsubishi Motors has launched production of the 1,500-cc Xpander multipurpose vehicle in Malaysia, the third country to produce the model following Indonesia and Vietnam. The major Japanese automaker's local distributor, Mitsubishi Motors Malaysia, announced Wednesday the first units of the seven-seater crossover model have rolled off an assembly line at a plant of HICOM Automotive Manufacturers, to which Mitsubishi vehicle production is commissioned.This article was published in thejakartapos…


2020-10-30

The Vietnam Card Day 2020, the first of its kind, was officially announced on Thursday in Hà Nội with an aim to promote the development of non-cash payments in the country. The event was co-organised by Tiền phong (Vanguard) Newspaper and the National Payment Corporation of Việt Nam (NAPAS) under the instruction of the State Bank of Việt Nam (SBV). This also responds to the Government’s project on promoting cashless payments, contributing to support production and business as well a…


2020-10-30

Chairman of the People’s Committee of HCM City Nguyen Thanh Phong on October 29 hosted a reception for a delegation of ambassadors from European Union (EU) member countries.   During the meeting, the two sides agreed to step up cooperation in the context of the EU-Vietnam Free Trade Agreement (EVFTA) coming into force.   Phong said the visit to HCM City by the ambassadors has reflected the EU member countries’ interest in the local business environment as well as their confidence in …


2020-10-30

A circular on new regulations for customs risk management will come into effect on January 1 next year to helping businesses comply with regulations and clear customs more easily. Hồ Ngọc Phan, deputy head of the General Department of Customs’ risk management department, told a conference on October 28 that risk management has been developing quickly in recent years....


2020-10-30

Vietnam has attracted 23.48 billion USD worth of FDI in the first 10 months of this year, equal to 80.6 percent of the figure in the same period last year, the Ministry of Planning and Investment (MPI) has reported.From January to October, 2,100 new projects have been licensed with total registered capital of 11.66 billion USD, down 32.1 percent in volume and 9.1 percent in value year-on-year.Just over 900 projects have increased their capital, by an additional 5.71 billion USD, down 20.8 perc…