India

2020-07-10

As businesses emerge from the pandemic, automation technologies will replace humans in certain jobs, leaving organizations to move employees higher up the value chain in more critical roles, said panellists in a Mint Pivot or Perish discussion on the technology and automation sector on Thursday....


Mumbai club is in talks with Paytm’s gaming arm to see the feasibility of digital betting amid Covid-19. The racegoers may not find too many symapthisers — more so, at a time the country is overwhelmed by a pandemic. Not only RWITC has to obtain a licence from the state, it has to take all the precautions....


Record kharif sowing, income schemes are the key drivers A good monsoon, record kharif sowing, improved rabi harvest, and a slew of government measures to increase rural incomes have helped the tractor industry fight the Covid-19 fever and grow sharply, with sales surging 52 per cent in June over May and 20 per cent year-on-year. Production also hit a 20-month high this June....


2020-07-09

The government is keen on mandatory display of ‘country of origin’ on products sold online beginning 1 August, but online retailers do not find the deadline feasible, two e-commerce executives who attended an official meeting said.....


The seizure of 30 kg of gold from a diplomatic consignment at the Trivandrum International Airport has snowballed into a major political controversy in Kerala as the prime suspect of the smuggling racket, Swapna Suresh, a woman who wears many hats, happens to be close to the ruling Left Democratic Front government in the state....


Resumption of normal services still a long way off The Railways is weighing the possibility of restarting train services after mid-August with new standard operating procedures (SOP), it is learnt.....


Bulgari’s creative director Lucia Silvestri and CEO Jean-Christophe Babin share their experiences in lockdown, as well as how they intend to navigate a post-pandemic world. Bulgari’s creative director Lucia Silvestri said she felt “rather like a tiger in a cage” during Italy’s strict lockdown to curtail the march of coronavirus. She has been grounded in Rome since March. “I miss my trips a lot,” she said. “I love to travel and I miss my previous life.” It was a peripatet…


2020-07-08

One of India's leading bicycle makers - Hero Cycles, has cancelled an upcoming Rs 900 crore deal with China as part of its commitment to boycott Chinese products, Indian Express has reported. As per its Chairman-cum-Managing Director (CMD) Pankaj Munjal, the company was scheduled to conduct a Rs 900 crore business with China but has cancelled those plans. He called it the company's commitment to boycott Chinese products.....


National flag carrier Garuda Indonesia plans to open direct flights to Denpasar, Bali, from the United States, France and India in an attempt to boost the country’s tourism that has been battered by the pandemic. The direct flights will connect Bali with American cities like Los Angeles and San Francisco and Indian cities like Mumbai and New Delhi as well as France. The airline is currently in talks with the State-Owned Enterprises (SOE) Ministry and the Tourism and Creative Economy Ministry …


The Union government has started the process of monetising landholdings of state-owned telcos Bharat Sanchar Nigam Ltd (BSNL) and Mahanagar Telephone Nigam Ltd (MTNL). In a definite first step, the Department of Investment and Public Asset Management (DIPAM) has appointed consultancy firms CBRE, JLL, and Knight Frank to look at the feasibility of such a sale during the pandemic. The consultants will submit their reports by end of the month. The asset monetisation of BSNL and MTNL, estimated to f…


2020-07-08

Police on Tuesday night arrested the CEO of LG Polymers and its two directors, besides nine other company officials in connection with the May 7 styrene vapour leak incident at Visakhapatnam, in which 12 people were killed and 585 fell sick. The Pollution Control Board also suspended three of its officials for "gross negligence." Visakhapatnam Commissioner of Police R K Meena told PTI that LG Polymers Managing Director and CEO Sunkey Jeong, Technical Director D S Kim and Operations Additiona…


The virus can stay aloft for hours in tiny droplets in air, infecting people as they inhale. The coronavirus can stay aloft for hours in tiny droplets in stagnant air, infecting people as they inhale, mounting scientific evidence suggests.This risk is highest in crowded indoor spaces with poor ventilation, and may help explain superspreading events reported in meatpacking plants, churches and restaurants.It’s unclear how often the virus is spread via these tiny droplets, or aerosols, compared …


Slight change in contours of deal given the unprecedented circumstances of Covid-19 GMR Infrastructure Ltd has completed its strategic partnership deal with Groupe ADP. The contours of the deal, announced earlier this year, have undergone slight modifications considering the unprecedented circumstances arising due to the pandemic. According to the revised Share Purchase Agreement, the second tranche of the investment for 24.01 per cent of GMR Airports Ltd has been structured in two parts:.....


The move entails moving from the current hardware-dependent networks to ones that will be software-centric with hardly any dependency on the underlying hardware. Three Indian giants — Anil Agarwal-run Sterlite Technologies, Reliance Industries-controlled Radisys, and Tech Mahindra — are developing software, manufacturing, and systems integration capabilities to power the building of the next-generation of ‘virtualised’ 5G telecom networks. The move entails moving from the current hardwar…


2020-07-07

Private equity (PE) investors KKR and Actis are in talks to acquire a solar portfolio of 435 megawatts (MW) from Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ)-backed Azure Power Global Ltd, said three people aware of the development. “KKR and Actis are interested in acquiring the portfolio of solar projects from Azure. The transaction is likely to happen at a value of around $200-250 million," said the first person cited above, requesting anonymity....


India sent over 2 lakh students to the US in fiscal 2019, the largest after China The Donald Trump administration has asked foreign students in the US, whose colleges have shifted to online teaching, to shift to schools that have in-person classes or leave the country, a move that potentially would affect thousands of Indian students in America.The US Immigration and Customs Enforcement (ICE) on Monday night issued a statement saying that Non-immigrant F-1 and M-1 students attending schools oper…


Upholds trucking company’s claim that puja for drivers’ safety is ‘business expense’ Think of it as an answered prayer. The Income Tax Appellate Tribunal (ITAT) has ruled that puja expenses incurred for the smooth functioning of a business can be treated as ‘business expenses’, which qualify for income tax deduction. The ruling came in a case in which Capital Tours (India) Private Limited, a transport business company plying trucks in Assam, Meghalaya and Mizoram, approached the Tri…


Kuwait's PM proposed reduction in the number of expats from 70% to 30% of the total population. As many 7-8 lakh Indians could be forced out of Kuwait if a new bill on expats is enacted into law. The legal and legislative committee of Kuwait's National Assembly has approved the draft expat quota bill, according to which Indians should not exceed 15 per cent of the population. The bill is to be transferred to the respective committee so that a comprehensive plan is created.The National Assembly's…


Firms providing information technology software related services to overseas client of an Indian business would be liable to pay 18 per cent GST, the Authority of Advance Ruling (AAR) has said. A firm engaged in the business of providing software related consultancy services in Oracle ERP approached the Tamil Nadu bench of the AAR seeking ruling on whether the services provided by it to foreign client of a GST-registered IT company, Doyen Systems, shall be treated as export of services....


2020-07-06

Bharat Petroleum's Corporate Research & Development Centre (CRDC) has bagged as many as 62 patents since its inception 19 years ago and is awaiting 68 more. Since its establishment in July 2001, CRDC has developed a bouquet of innovations, bagging as many as 62 patents from the country as well as abroad, including the US and Europe, and 68 more are pending for approvals.....


Middle East

2020-07-09

Makkah region’s great potential and natural diversity were key factors toward developing a flourishing tourism sector, its governor has claimed.Speaking during a video conference call with Saudi Minister of Tourism Ahmed Al-Khatib, Makkah Gov. Prince Khalid Al-Faisal discussed prospects to further open up the region as a visitor destination.....


2020-07-09

The empowerment and economic inclusion of Saudi women are necessary steps for the creation of a more productive society that supports improved economic growth. This was the conclusion of a discussion on Wednesday hosted by the G20’s women’s engagement group, W20.....


2020-07-09

Mazen Johar was recently appointed CEO of Aircraft Accessories and Components Co. (AACC), a subsidiary of Saudi Arabian Military Industries (SAMI). The board of directors wished Johar success in his new role, and said they hope that he will ensure the success of AACC’s next phase of development, and help achieve the company’s strategic goals, thereby enabling it to play an active role in meeting the aspirations of Saudi Arabia....


2020-07-09

Saudi Arabia spent more than SR214 billion ($57 billion) on 142 initiatives to tackle the impact of the coronavirus in the Kingdom, the Saudi Press Agency reported. Initial measures undertaken by the government to provide a buffer were followed up by a royal decree this month to extend the support to the public and private sectors and to investors....


2020-07-09

Saudi insurance stocks surged on Wednesday after the traffic department said that it would enforce vehicle checks to ensure drivers had appropriate cover. The move sent the share prices of several insurers soaring as investors bet they would benefit, as more people would subsequently be forced to buy policies....


2020-07-09

Foreign capital is flooding out of Turkey in a massive vote of no confidence in President Recep Tayyip Erdogan’s economic competence.Overseas investors have withdrawn nearly $8 billion from Turkish stocks since January, according to Central Bank statistics, reducing foreign investment in the Istanbul stock exchange from $32.3 billion to $24.4 billion....


2020-07-09

Jordan’s Princess Raiyah bint Al-Hussein has married her British fiancé, Ned Donovan, who is a journalist and also the grandson of children’s author Roald Dahl. The princess shared a series of photos on Twitter thanking everyone for their “kind messages”. She also revealed the couple were due to marry in Jordan in April, but the COVID-19 pandemic put their plans on hold, with the pair eventually opting for a smaller ceremony in the UK with family and friends....


2020-07-09

The formation of key committees and the management of the country’s strategic stocks of food were two of the main topics on the table at the third meeting of the Emirates Food Security Council. Chaired by Mariam Almheiri, Minister of State for Food and Water Security, the virtual event also assessed the latest trends driving the food security domain, reviewed the recommendations of the council’s first two meetings, and appraised the work of the Abu Dhabi Food Security Taskforce and the Dubai…


2020-07-09

 First Abu Dhabi Bank, FAB, has signed an agreement with the Ministry of Human Resources and Emiratisation, MoHRE, to launch a unified payment solution for domestic workers. The solution is designed to facilitate monthly salary transfers and ensure domestic workers across the UAE are paid in a transparent and cashless manner where earnings are deposited directly on to their cards, which are fully integrated and linked to the payit wallet. Under the agreement signed, FAB is launching an exclusiv…


2020-07-09

Abu Dhabi Securities Exchange, ADX, has announced today the transfer of its Ras Al Khaimah and Fujairah branch offices to its Sharjah branch and the transfer of its Al Dhafra Region branch office to Abu Dhabi. The move is in line with ADX's business development strategy, which is designed to facilitate digital acceleration and provide smart services in an effort to be more customer centric and create a smarter environment for investing. It is also in response to a significant shift in consumer b…


2020-07-09

Annual visitor report 2019 - Dubai welcomed 16.73 million overnight visitors in 2019, a rise of 5.1 % compared to 2018, with double-digit growth in arrivals from key source markets.Even as the world witnessed the first Emirates Airline flight take to the skies from one sandy airstrip in 1985, the unwavering confidence, steely determination, and ambitious vision of the city and its leadership was not lost on the international community that has since, closely followed the meteoric rise of Dubai t…


2020-07-09

  In his capacity as Ruler of Dubai, Vice President and Prime Minister of the UAE His Highness Sheikh Mohammed bin Rashid Al Maktoum issued Decision No. (5) of 2020 partially amending Decision No. (3) of 2017 pertaining to the formation of Dubai’s Committee for Building Permit Procedures Development. Pursuant to the new decision, a temporary committee named ‘Dubai’s Committee for Building Permit Procedures Development’ will be formed. The Assistant Director General for Engineering an…


2020-07-09

Dubai Electricity and Water Authority (DEWA) has participated in launching the ‘AI Procurement in a Box’ toolkit in collaboration with the World Economic Forum’s Centre for the Fourth Industrial Revolution and The Centre for the Fourth Industrial Revolution UAE (C4IR UAE). This is part of DEWA’s efforts to support using Artificial Intelligence (AI) technologies in government work. The toolkit provides advanced mechanisms for government procurement of AI technologies. The set of tools hel…


2020-07-09

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has officially inaugurated the Route 2020 Project.   Speaking on the occasion, His Highness said the UAE’s journey towards sustainable development is backed by quality projects and an infrastructure that is globally acclaimed for its efficiency and reliability. Developed by Emirati talent with the support of international expertise, these projects meet the highest global standa…


2020-07-09

A new office has been established in the UAE dedicated to supporting those who have been frontline workers throughout the COVID-19 pandemic and beyond. Launched by President Sheikh Khalifa, the Frontline Heroes Office will be a key force in highlighting the incredible work and key roles frontline workers have played during crises and emergencies. As reported by WAM, the UAE state news agency, the initiative will acknowledge the sacrifices of frontline workers “while also looking after their n…


2020-07-08

Expat business owners in Saudi Arabia hit by loss of sales during the coronavirus disease (COVID-19) lockdown period have expressed hope for the future as trading gradually gets underway again. Many foreign-run firms operating in the Kingdom have been facing uncertain times due to curfews and restrictions put in place throughout the Kingdom to stop the spread of the virus....


2020-07-08

The Saudi Control and Anti-Corruption Authority (Nazaha) has initiated 105 corruption cases in the health, interior, power, and education sectors.The cases involved fraud, bribery, and financial and professional corruption.A Nazaha official said the Kingdom will continue to pursue cases of misappropriation of public money and harming state interests....


2020-07-08

Iranian oil production has reached its lowest point in almost four decades, according to industry experts, with the country’s storage facilities fast approaching full capacity. The news comes amid a dip in Iran’s oil exports due to a crash in global demand, and in a period when its refineries have been hampered as a result of the coronavirus outbreak....


2020-07-08

The United Arab Emirates Central Bank said on Tuesday the country’s banking sector can withstand any scale of shock as banks are well capitalised, despite forecasting a deterioration of credit metrics in the country. Ratings agency Moody’s said on Monday the twin challenges of the coronavirus crisis and the drop in oil prices will hit bank profits hard in the oil-producing Gulf region.....


2020-07-08

Saudi unemployment dipped below 12 percent in the first quarter for the first time in four years — but the government data does not reflect the impact of the coronavirus COVID-19 pandemic. The Labor Force Survey published by the General Authority of Statistics (GASTAT), which was conducted in January 2020, before the pandemic, showed that the total unemployment rate amounted to 5.7 percent in the first quarter, unchanged compared to the first quarter of the previous year....


South East Asia

2020-07-10

 The Philippine real estate market is among the top 10 improvers in Jones Lang Lasalle (JLL)’s Global Real Estate Transparency Index, driven by its push for sustainability. The country ranked 44th among 99 countries and 163 city regions included in the study, climbing a spot higher than its 45th ranking in 2018. “Sustainability, including a rise in the number of green-certified buildings, contributed to the Philippines’ improvement. Developer focus on sustainability in the Philippines wil…


2020-07-10

Negotiations between the government and a group of conglomerates seeking to rehabilitate the Ninoy Aquino International Airport (NAIA) have been terminated after more than two years of review and discussions. According to the Department of Transportation (DOTr), the Manila International Airport Authority has officially terminated negotiations with the NAIA Consortium and revoked its original proponent status (OPS) upon the recommendation of the NAIA government negotiating panel.....


FASHION commerce and technology startup Zilingo has laid off another 11 employees in Singapore as part of a 12 per cent global cut to its staffing, and had briefly put its Singapore office up for rent. The company, which is backed by investors such as Temasek, EDBI and...


Three weeks into phase two of Singapore's reopening, shoppers here have adjusted well to safety measures, said retailers. Though some stores continue to see consistent shopper traffic, the initial rush of crowds seen during the first week of phase two has subsided, as malls and customers acclimatised to safe distancing rules....


After nine frantic days of campaigning, voters are ready to head to 1,100 polling centres to pick their MPs for the 14th Parliament TODAY, 2.65 million Singaporeans go to the ballot box to vote in what Prime Minister Lee Hsien Loong has called a "crisis election". This will be the nation's most unusual general election (GE) as the black swan event that is the Covid-19 pandemic continues to unfurl here...


Rising demand for gold that has sent prices to a nine-year high will boost Singapore's export outlook. The precious metal has, for most of this year, bolstered non-oil domestic exports (Nodx) against the coronavirus-induced collapse in global demand for goods....


2020-07-09

Cambodian rice exports to the US could face full tariffs after a lobby group called for the imposition of full tariffs on the crop. Currently, the Kingdom’s rice enjoys some tax-protection under what is known as the Generalised System of Preferences (GSP)-eligible commodities list. However, lobbyists USA Rice last month provided virtual testimony to the US International Trade Commission (USITC) in support of removing Cambodian rice from the list.....


Exports in garment sector dropped more than 5 percent to around $3.78 billion in the first half of the year, according to a spokesman of the Ministry of Labour and Vocational Training....


2020-07-09

The Securities Commission Malaysia (SC) today cautioned the public against the usage of Crypto Automatic Teller Machines (Crypto ATMs). In a statement today, the SC said a Crypto ATM is a machine that allows individuals to buy and/or sell digital assets via cash, debit or credit cards or e-wallets. These machines are installed iat various locations in Malaysia, facilitating the exchange of different types of digital assets with fiat currency and vice versa. "The SC wishes to alert the public tha…


2020-07-09

NR Instant Produce Co, the producer and distributor of instant food and drink, vegetarian food and food from plant protein, vows to invest in 100 startups over the next 2-3 years, enhancing its global food production in the future. Chief executive Dan Pathomvanich said the investment will allow the company to learn about food innovation and technology, as well as know-how at a global level. Moreover, it will offer an opportunity for the company to secure new customers.....


2020-07-09

Retail investors make pandemic comeback Average trading value per day in Thailand's two stock indices saw a 27.8% year-on-year rise in June, a 30-month high, as retail investors returned to capture capital gains from lower share valuation because of the pandemic.....


SHARES             The government has guaranteed working capital loans worth Rp 100 trillion (US$6.92 billion) for micro, small and medium enterprises (MSMEs) following the launch of a loan guarantee program to help small businesses survive the pandemic. Under the guarantee program, the government has paid out Rp 5 trillion worth of credit insurance premiums to state-owned credit insurers PT Jaminan Kredit Indonesia (Jamkrindo) and PT Asuransi Kredit Indonesia (Askrindo) to provide …


State-owned oil and gas giant Pertamina has reaffirmed plans to phase out pollutive fuels but a top executive has made clear that the company will not do so until certain multibillion-dollar projects are completed. Pertamina, which operates over 90 percent of Indonesia’s gas stations, is legally bound to stop producing its best-selling but pollutive diesel fuel, Solar, by April 2021. It stopped the production of gasoline brand Premium in October 2018, as required by Environment and Forestry Mi…


2020-07-09

The COVID-19 pandemic has seriously affected businesses in the Mekong Delta region, with the number of new orders down 80.7 percent year-on-year.The information was released on July 7 by Director of the Vietnam Chamber of Commerce and Industry (VCCI) – Can Tho chapter Nguyen Phuong Lam at its annual members’ gathering.Lam cited the organisation’s recent report as saying that the total revenue of regional businesses decreased by 77.8 percent, while the volume of purchased input material…


2020-07-09

 Vietnam’s exports of fruits and vegetables to major markets like the US, the Republic of Korea (RoK) and Thailand have surged despite the COVID-19 pandemic worldwide.Exports of those products to Thailand brought home 68 million USD, up 233.4 percent; the RoK 67.4 million USD, up 21.8 percent; the US 62 million USD, up 6.1 percent; Japan 57.7 million USD, up 15.5 percent; and the Netherlands 34 million USD, up 9 percent.However, a reduction of 29.1 percent year-on-year in exports to China in …


2020-07-09

The Duy Tan Plastics Corporation and HSBC Vietnam on July 8 signed a green credit deal to build a factory producing renewable plastics.Some 60 million USD will be allocated in the first phase of the project.This is the first green credit from HSBC to a Vietnamese company, sourced from 100 billion USD the bank has committed to sustainable investment around the world to 2025....


2020-07-09

A webinar on chances brought by the EU-Vietnam Free Trade Agreement (EVFTA) for Vietnamese and French businesses took place on July 8. It was jointly held by the Ministry of Industry and Trade and France’s Ministry of Europe and Foreign Affairs. As the EVFTA is due to take effect on August 1, the event aimed to provide French businesses with information on Vietnam’s trade and investment policies following the deal, as well as on the potential market with a population of nearly 100 million…


2020-07-09

Listed independent oil firm Phoenix Petroleum Philippines Inc. plans to issue up to P3.5 billion in commercial papers (CP) within the month to fund its importation program. In a disclosure to the Philippine Stock Exchange yesterday, Phoenix Petroleum said it submitted a proposal to the Securities and Exchange Commission (SEC) to issue the fourth tranche of its P10 billion CP program.....


Thailand's financial system had become more vulnerable due to a weaker-than-expected economic outlook amid the coronavirus outbreak, minutes from the latest central bank policy meeting showed on Wednesday. The Bank of Thailand's (BOT) monetary policy committee (MPC) voted unanimously on June 24 to leave the one-day repurchase rate unchanged at a record low of 0.50 per cent. It will next review policy on Aug 5.....


Winding-up petitions have been filed against Papparich Group Sdn Bhd, which runs a chain of namesake restaurants serving Malaysian cuisine in several countries. The Malaysian company is a joint venture partner of Singapore-listed ST Group Food Industries, in connection with ST Food Group's indirect subsidiary Papparich Australia....