India

Japanese renewable energy firm, SB Energy Corp, is set to invest $4 billion, or roughly Rs 28,500 crore, to set up power generation capacity in Gujarat, the state government said on Friday. According to an official communique issued by the Gujarat Government, Manoj Kohli, executive chairman of SoftBank announced an intent to invest up to $4 billion after meeting with state chief minister Vijay Rupani.....


A new power sector scheme aimed at better infrastructure, smart meters, and a private franchisee model for improving power supply in states is likely have an estimated capital outlay of Rs 2-2.5 trillion. The scheme will replace UDAY (Ujwal DISCOM Assurance Yojana), which concludes in March next year. UDAY did not entail direct grants from the Centre to states. Of the several suggestions for the scheme, sources said it was likely to be called ADITYA — Atal Distribution Transformation Yojana …


2019-12-07

Prime Minister Narendra Modi on Friday said the Indian banking sector is “much stronger" than before as a result of the government’s moves to merge and recapitalize banks. “Three-four decades earlier when banks were nationalized, there was a lot of celebration. We found that (having) so many banks has its disadvantages. We needed strong banks, not so many in number," Modi said in his inaugural address to the 17th Hindustan Times Leadership Summit.....


Fund to be launched in two series with greenshoe option on Thursday The issue of the Bharat Bond Exchange-Traded Fund (ETF) is set to hit the markets on December 12, with public sector undertakings (PSUs) included in the ETF looking to raise as much as Rs 15,000 crore, according to sources close to the finance ministry. The book will open on December 12, and close on December 20. The net asset distribution will happen after five days. So, it will start trading from December 25-26 on the bourse…


Rajeev Singhal, MD, Tata Steel BSL, says that the results of financial year 2018-19 are a testimony to the overall improvement the company has been able to achieve in a short period of time Bhushan Steel, one of the 12 large non-performing asset (NPA) cases referred to National Company Law Tribunal (NCLT) by the Reserve Bank of India (RBI) for resolution under the insolvency law, has now completed over a year under its new promoter, Tata Steel. How has Bhushan Steel done under its new promoter? …


2019-12-07

Kumar Mangalam Birla, counted among India’s wealthiest individuals, said that as a parent he gives his children the freedom to choose their careers and follow their passion in a big shift from his time when following a set professional path was a given. “Both Neerja (his wife) and I felt that the kids should be given a chance to follow their passions," Birla, chairman, Aditya Birla Group, said at the Hindustan Times Leadership Summit held in the capital on Friday. Birla was addressing a ques…


Vehicles recalled due to fault in battery system Maruti Suzuki India (MSIL) has officially announced that it is recalling smart hybrid (SHVS) variants of its mid-sized sedan Ciaz, and multi purpose vehicles Ertiga and XL6. BusinessLine on Thursday had written that the company will be recalling around one-lakh of these vehicles due to fault in their battery system....


The company is fanning out operations to remote parts of the country to access more consumers Dabur IndiaNSE -0.49 % Ltd., the household goods maker controlled by the billionaire Burman family, is willing to spend part of its about $500 million cash reserve to acquire companies and revive sales that grew at the slowest pace in two years.The company is exploring options in the health care, foods and personal care segment, Chief Executive Officer Mohit Malhotra said in an interview. Dabur has iden…


The Bill will determine how global tech giants process, store and transfer consumers’ data Justice BN Srikrishna, one of the main architects of the landmark Personal Data Protection Bill, said he wants the final version of the legislation to be sent to a select committee of Parliament for a thorough review before it becomes law.This Bill, which will determine how global tech giants Amazon, Facebook, Alphabet’s Google and others process, store and transfer Indian consumers’ data, is based o…


In the last few years, the need for such standardisation was accentuated by increasing loss of small houses and commercial establishments due to natural calamities The Insurance Regulatory and Development Authority of India (Irdai) is coming out with standard guidelines for products aimed exclusively at units like ‘dwelling houses’ and small commercial establishments. Currently, there is no standardisation of insurance cover for units like small shops and houses. These units, however, can…


The government is confident of meeting the steep 2019-20 disinvestment target of Rs 1.05 trillion, even without the Air India sale this year. Business Standard has learnt from a top government official that the Centre is open to the idea of Air India’s stake sale being completed in the next financial year. However, the disinvestment of Bharat Petroleum Corporation (BPCL) will likely be completed before March 31, and it will form the bulk of the proceeds, the official said. “Because of the co…


Speaking at India Today's Conclave East, Sanjiv Goenka said that under-utilisation of capacity due to slow demand is holding back investments, not fear RP-Sanjiv Goenka Group Chairman Sanjiv Goenka said he doesn't believe that there is an atmosphere of fear among industrialists, as suggested a few days ago by Bajaj Group Chairman Rahul Bajaj. Speaking at India Today's Conclave East, Goenka said that under-utilisation of capacity due to slow demand is holding back investments, not fear. "I quite …


2019-12-07

Ride hailing firm Ola on Friday said it aims to double the scale of business in Australia and New Zealand by 2021. The company announced expansion of its presence to 33 locations from 11 cities in these countries in January with the roll-out of service expected to start from next week onwards. "With over 85,000 driver-partners signed up, Ola is the fastest-growing ride sharing player in the region. The company aims to double its scale by 2021," Ola said in a statement.....


US sanitaryware brand has over 500 showrooms, will focus on top cities For the US-based premium sanitaryware brand Kohler Co, India remains one of its three most strategic markets, despite the slowdown, said David Kohler, President and CEO, Kohler Co. Ïndia does have very strong, long term potential and it’s demonstrating that year-by-year with one of the highest GDP growth rates in the world. And the country is making progress. So to me this is a very different market than other markets in …


FSSAI wants to end annual renewal ritual with an e-declaration Food business operators (FBOs) may soon get perpetual licences and registrations as the Food Safety and Standards Authority of India (FSSAI) is looking to do away with the complex year-on-year licence renewal process. This could simplify licensing regime for food companies and thereby help improve their ease of doing business.....


2019-12-07

In a bid to promote digital transactions, the RBI on Friday said round-the-clock transactions will be allowed under the National Electronic Funds Transfer (NEFT) system from December 16. The 24X7 NEFT system will be available on all days of the year, including holidays, it added. NEFT transactions are settled in hourly batches. For weekdays, the batches are from 8 am to 7 pm. On first and third Saturdays, the settlement happens from 8 am to 1 pm. In a notification, the central bank said it has b…


Asian governments are starting to do their bit to revive economic growth as central banks gradually pull back on monetary policy easing. Japan's government announced a stimulus package on Thursday (Dec 6) worth some 26 trillion yen (SUS$325 billion), with about half coming from government spending. That came a day after Hong Kong announced additional steps to shore up businesses suffering from months of political unrest. "We're going to see more of this," said Chua Hak Bin, a senior economist a…


Digital solutions enable manufacturing and consumer goods brands to get a 360° view of their partners and inventory across all channels, enabling them to stitch together previously-isolated journeys In recent years, India has witnessed high growth in the manufacturing and consumer goods sectors. According to the Global Manufacturing Competitiveness Index published by Deloitte, it is estimated that by end of year 2020, India would become the fifth largest manufacturer in the world. With the line…


Tata recently took to his Instagram handle to craft an exemplary pitch deck for aspiring entrepreneurs In less than two months since joining Instagram, Ratan Tata has hit the headlines several times for his posts on the photo and video-sharing social networking site. Yet again, Chairman Emeritus of Tata Sons has struck a chord with budding entrepreneurs by posting a pitch deck template for startups on his Instagram handle.  It all started with Tata conducting a poll on his Instagram status aski…


When the first industrial revolution happened, capital was considered to be the most important resource before knowledge took over. It was recognized that knowledge is a resource and its impact on organizational knowledge was immense. Undoubtedly, knowledge is power but knowledge keeps changing its forms. Knowledge about finance ruled the industry for decades but an era has commenced where technology could rule finance to a large extent. It might seem trivial right now, could be a ‘must have…


Middle East

2019-12-07

The Saudi Falcons Club has announced the launch of the Falconry Beauty Pageant at the King Abdulaziz Falconry Festival in its second edition next Thursday in Malham city. The club allocated cash prizes of SR3 million ($800,000), distributed over five runs, dedicated to the categories of perch and qurnas, gathering Saudi and international falconers.....


2019-12-07

The Saudi marketplace Souk Al-Majlis, or the Divan Heritage Souk, is part of the old town of Al-Maznab and lies 7 kilometers from the urban center of the city in Al-Derah district. Al-Maznab township itself is located  in southeastern Qassim province and covers an area of about 2 square kilometers. It contains more than 380 houses of various sizes, while the old Divan Heritage Souk and the Masque of Bahla Palace form the starting point for the district and its main center......


Global water technology company Xylem Inc. has signed a memorandum of understanding (MoU) with the Saudi Arabian General Investment Authority to work together to develop and localize advanced water and wastewater products in the kingdom, the two entities announced this week. Representing an investment of $50 million, the agreement will also see the two work to increase Xylem’s footprint of service points and rental fleets across the system, as well as accelerate the adoption of digital water s…


Dubai-based logistics firm Tristar Group is on the verge of signing a memorandum of understanding (MoU) with Canadian firm TransPod to help develop ultra-high-speed transportation technology and vehicles. TransPod vehicles are being designed to travel at over 1,000 km/h (620 mph) between cities, using fully electric propulsion to carry passengers and cargo. Eugene Mayne, CEO of Tristar Group, told Arabian Business that the MoU should be signed “by the end of this month”.....


2019-12-07

13 Dec Dubai Media City Amphitheatre Britain’s legendary songstress Dido is set to make her Dubai debut this December at Dubai Media City Amphitheatre. Enjoy the award-winning sensation take the stage after a 15-year hiatus from tours while making the most of the city’s winter weather at the open-air venue. The artist behind megahits ‘White Flag’ and ‘Thank You’ was one of the biggest names in England’s music scene during the late 1990s and early 2000s. She has sold over 40 million…


Dubai has revealed its 2020 Retail Calendar, kicking off with the 25th anniversary of the Dubai Shopping Festival (DSF), which it is hoped will grow the emirate’s retail sector to $43.8billion (AED160.7bn) by 2021. DSF will launch on December 26 and is set to run right through until February 1, 2020, with sales of up to 90 percent off in more than 3,500 retail outlets across the emirate. The 38-day event will also feature a series of concerts by Emirati and international singers, cultural and …


Saudi Arabia has surprised the oil market with deeper production cuts, sending crude prices soaring and predicting that Aramco, fresh from its initial public offering, will soon surge past the elusive $2 trillion valuation. After two days of grueling talks in Vienna that had focused on adjusting the OPEC+ quota and redistributing output cuts more equitably, Energy Minister Prince Abdulaziz bin Salman sent prices soaring with the promise to take the kingdom’s production down to levels not seen …


UAE-based equity fund Immersive Experiences has raised AED 35 million ($9.53m) over the last year and a half to launch a series of entertainment projects, the company announced this week. Formed in 2017, Immersive Experiences has identified what it believes are gaps in the region’s entertainment industry and has selected a number of entertainment concepts, which include their own facilities and franchises of well-established intellectual property concepts. “Strategic partners from all over t…


Kuwaiti low-cost carrier Jazeera Airways will begin services to Dammam in Saudi Arabia on December 19, flying to the Eastern Capital’s province three times a week on Tuesdays, Thursdays and Saturdays. The service will mark Jazeera’s fifth destination in Saudi Arabia following Riyadh, Jeddah, Madinah and Taif. Using Jazeera, Dammam’s many expatriate residents will also be able to connect to flights to Hyderabad, Alexandria, Amman, Mumbai, Cochin and Katmandu.....


2019-12-06

The Misk Foundation is organizing Awalmna — an interactive recreational platform that aims to encourage children to discover and develop their talents — as part of Riyadh Season. The event will take place at the Abu Bakr Salem Theater on Saturday from 5:30 p.m. to 8:30 p.m.  Through Awalmna, Misk aims to develop children’s personal and performance skills, imagination and ideas.  The event will include a comprehensive fantasy theatrical play with child actors, and activities in the areas …


2019-12-06

A persistent sinus problem prompted a Jordanian entrepreneur to launch an eco-friendly dry-cleaning service that could help end the widespread use of a dangerous chemical. “Dry cleaning” is somewhat of a misnomer because it is not really dry. It is true that no water is involved in the process, but the main cleaning agent is perchloroethylene (PERC), a chemical that experts consider likely to cause cancer, as well as brain and nervous system damage....


Saudi Arabia’s Al Ula will host a ‘desert polo’ tournament in January as part of the Winter at Tantora, officials have announced. The event – being held in cooperation with the Saudi Polo Federation – will take place on between January 16 and 18. Al Ula, a UNESCO world heritage site, will officially open to the public in October 2020. ‘....


2019-12-06

More than 5 million people - Saudi citizens, resident expats and nationals of other GCC countries - have bought shares in the initial public offering (IPO) of shares in Saudi Aramco, the biggest stock market flotation in history. Because of the huge demand for shares in the flagship initiative of the Vision 2030 strategy to diversify the Saudi economy away from oil dependency, all those who applied for up to 1,500 shares will get the full entitlement, but bigger buyers will be scaled back......


Dubai’s Emirates and Mexico’s Interjet Airlines have announced an enhanced interline agreement to open new routes and destinations for passengers travelling between Mexico, the Gulf, and the greater Middle East, the airlines have announced. With a single ticket, Emirates’ passengers can now seamlessly connect through Mexico City to Internet flights to a number of Mexican cities, including Culiacan, Cancun, Chihuahua, Tijuana, Puerto Vallarta and Monterrey....


2019-12-06

Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of Climate Change and Environment, and Dr. Sahar Nasr, Minister of Investment and International Cooperation of Egypt, today opened Egypt's City Center Almaza, constructed as part of the Egyptian Free Zones Investment System with total investments of EGP9.5 billion. Al Zeyoudi, currently visiting the Egyptian capital, hailed the bilateral relations with Egypt as an exemplar for longstanding partnerships across various fronts, particularly in areas of g…


2019-12-06

e total number of international tourist arrivals to Dubai and Abu Dhabi increased to 15.88 million during the first nine months of the year, as compared to 15.26 million during the same period last year, according to the Q3 Economic Review issued by the Central Bank of the UAE. Based on the data published by Department of Tourism and Commerce Marketing- Dubai, it is estimated that approximately 56.3 percent (6.8 millions) of tourists who arrived during the period of January-September 2019 stayed…


Cambodia and Jordan have signed a memorandum of understanding on air connectivity, paving the way for the establishment of the first direct flight between the countries, an official from the State Secretariat of Civil Aviation (SSCA) announced The deal was signed this week by SSCA’s Secretary of State Mao Havannall during his visit to Aqaba, in the Middle Eastern nation, SSCA said in a statement. From Dec 2 to 6, Aqaba is hosting the Air Services Negotiation Event.....


2019-12-06

The Abu Dhabi National Oil Company (ADNOC) hosted 200 members of the global financial and investment community at its second investor forum in Abu Dhabi, providing attendees with a deeper understanding of ADNOC’s transformation and delivery, value creation plans, 2030 smart growth strategy and pipeline of new partnership and co-investment opportunities across its value chain on its path to building an integrated global energy leader of the future.During the forum, ADNOC senior management prese…


2019-12-06

Abu Dhabi’s media hub, and Joe Lewis Company (JLC), a world leader in event production – consistently delivering the Oscars, Grammy’s and other high profile events, have joined forces to offer two aspiring Emirati media talents in event production the chance to learn from the industry’s best in an internship in one of the world’s most exciting media hubs – Los Angeles. twofour54 launched its hunt for Emirati candidates – aged between 21 to 25 – to fill the two positions, which w…


2019-12-06

Organised as part of Dubai Chamber Sustainability Week 2019, “Let’s Reduce and Recycle” Campaign attracted participation of more than 17,700 individuals, 41 companies and 10 schools • More than 35,000 plastic bottles, 10 tonnes of paper and 66 tonnes of waste were recycling during week-long campaign • Nearly 400 delegates from local business community attended events during Dubai Chamber Sustainability Week 2019 More than 35,000 plastic bottles, 10 tonnes of paper and 66 tonnes of wast…


South East Asia

2019-12-07

The app will show e-learning video clips from The Philippines’ Technical Education and Skills Development Authority (TESDA) Online Program, schedule of available trainings and other relevant information.. The Philippines’ Technical Education and Skills Development Authority (TESDA) has recently launched a mobile application that provides users information on the different technical-vocational education and training (TVET) programs being offered by the agency. According to a recent press rel…


2019-12-07

The training was in support of the implementation of the Movement Towards 100 Smart Cities in Indonesia The Human Resource Research and Development Agency of Indonesia’s Ministry of Communication and Information recently held a Smart City Technical Training for selected State Civil Apparatus, who came from 6 districts, 2 cities and one ministry. According to a recent press release, the goal of the training was to support the implementation of the Movement Towards 100 Smart Cities in Indonesia…


Last week, a report from the World Meteorological Organisation found that the world is warming faster than previously believed, and could warm by between three to five degrees Celsius by the end of the century—that’s almost three times the goal set by the Paris climate agreement. But amid the doom and gloom, there are reasons for us to be optimistic. Even Assaad Razzouk, the outspoken chief executive of Singapore-based renewables firm Sindicatum, has started to believe there is hope for …


2019-12-07

The Eastern Economic Corridor (EEC) Policy Committee has approved a waste management plan in the corridor's three provinces to deal with 5.57 million tonnes within 12 years. Under the plan, the panel aims to set up a prototype project in Rayong for waste-to-energy power generation with a capacity of 10 megawatts, with the plan feeding 500 tonnes per day of solid waste to the project.....


The dismissal of Ari Askhara from his job as president director of national flag carrier Garuda Indonesia, only 15 months after being appointed, has been welcomed with an outpouring of delight from several quarters. Flower boards from Garuda employees began arriving at the State-owned Enterprises (SOEs) Ministry office in Jakarta on Friday expressing support and appreciation for Erick Thohir, the minister who fired Ari on Thursday following the recent discovery of a smuggled Harley-Davidson moto…


Tech giants Google and Facebook are considering setting up data centers in Indonesia, Communications and Information Minister Johnny G. Plate has said. He told journalists about the matter after accompanying President Joko “Jokowi” Widodo in a meeting with delegates from the United States-ASEAN Business Council at Merdeka Palace on Thursday. “Google and Facebook already have plans to build data centers here,” Johnny said. The minister stopped short of disclosing details of the plan …


2019-12-07

Hanoi and beach town Nha Trang have been listed among the best 10 cities to go for honeymoon in Asia by The Travel, a leading travel site of Canada Vietnam’s capital ranked second while Nha Trang in central Khanh Hoa Province rounded off the top 10 list, released by the site last month. The Travel describes Hanoi as a "great place for a romantic trip, experiencing Vietnamese culture, learning about local history, and savoring delicious food." The "thousands of years old" city is said to provid…


2019-12-07

With a record trade surplus of 9.12 billion USD over the first 11 months and year-on-year export growth of 7.8 percent, experts believe that 2019 will be the fourth straight year Vietnam will post a trade surplus With a record trade surplus of 9.12 billion USD over the first 11 months and year-on-year export growth of 7.8 percent, experts believe that 2019 will be the fourth straight year Vietnam will post a trade surplus.According to the Export-Import Department under the Ministry of Industry …


2019-12-07

Buoyed by the upcoming increase in foreign ownership limit, international investors will be offered expanded opportunities to explore the lucrative Vietnamese aviation industry. However, concerns have been raised that the amendments will not fully meet the expectations of interested parties, preventing aviation in the country from truly thriving. Bich Thuy reports The government has agreed to raise the foreign ownership limit (FOL) in Vietnamese air carriage enterprises to 34 per cent from the c…


2019-12-07

The third Vietnam Coffee Day will run in Pleiku City, the Central Highlands province of Gia Lai from December 8 – 10, with coffee-drinking culture in focus The third Vietnam Coffee Day will run in Pleiku City, the Central Highlands province of Gia Lai from December 8 – 10, with coffee-drinking culture in focus.This year’s festival will highlight the promotion and development of specialty coffee and organic coffee products in a bid to make Gia Lai and the Central Highlands at large a p…


AYALA Healthcare Holdings, Inc. (AC Health) said it acquired 100% of clinic network Healthway from Hong Kong’s HKR International Ltd (HKRI). “We are very pleased to welcome Healthway to AC Health and the Ayala group. The Healthway name has become synonymous with quality healthcare and has been well-regarded among patients and medical professionals. We intend to build on this further, as we integrate Healthway with our AC Health portfolio,” AC Health Chairman Fernando Zobel de Ayala said in…


2019-12-07

 Francis J. Kong | The Philippine Star When I read this article “Excellence fatigue: The normalization of defects” written by Steve Moore I immediately sent a request to Dr. Tim Elmore for permission to feature it in this column and he graciously granted me an approval. Steve Moore is the president of Dr. Elmore’s program “Growing Leaders.” Enjoy and learn. If you’ve talked with programmers about the problems that come with the release of new software, you may be familiar with the …


THE government is likely to struggle to complete most of the infrastructure projects on its flagship list before President Rodrigo R. Duterte steps down in 2022, largely due to slow implementation of foreign-aided loans and unresolved bottlenecks, the Economist Intelligence Unit (EIU) said. “(EIU) maintains its view that the authorities will struggle to complete the bulk of its infrastructure agenda before the next presidential election in 2022,” it said in a report sent to BusinessWorld. T…


2019-12-07

The real estate bubble is not about to burst, at least not in the next three years. Colliers International Philippines, in its latest report, said that with the economic growth for the remainder of President Duterte’s term likely to be anchored on government and infrastructure spending, it sees a sustained property market over the next 12 to 36 months. It noted that the growth in the country’s gross domestic product of 6.2 percent in the third quarter was mainly government spending-driven, w…


SM Prime Holdings, Inc. has received the official notice from the Pasay City government to proceed with its 360-hectare reclamation project within the city’s municipal waters, the Sy-led listed company said in a disclosure on Friday. “This new reclamation project in Pasay City will be connected to the Mall of Asia (MOA) Complex, which is also a reclaimed-land project of both parties, and turned into a vibrant business district featuring world-class mall, offices, residences, entertainment ar…


2019-12-07

Amando Tetangco Jr., the two-termer former governor of the Bangko Sentral ng Pilipinas who has been widely recognized as one of the world’s best central bankers, has resigned as independent director of Lucio Tan-owned Philippine Airlines Inc., marking the latest chapter in the saga of the four-star carrier. Estelito Mendoza, a long time lieutenant of the taipan and touted as one of the country’s best legal minds with a roster of awards in his name, has also tendered his resignation from the …


Exporters were encouraged anew to equip themselves with new technologies and technology-based solutions to expand internationally, as industry stakeholders gathered on Friday,  December 6, 2019, to tackle the importance of digitalization in business growth. This year’s National Export Congress (NEC) carrying the theme “Driving Exports Through Digital Transformation” focused on technology and innovation initiatives to grow exports and promote collaboration among businesses. Trade Secretary…


FEWER FILIPINOS were mired in poverty in 2018, the Philippine Statistics Authority (PSA) reported on Friday. The PSA’s full-year 2018 official poverty data placed poverty incidence among individuals — the proportion of Filipinos whose incomes fell below the poverty threshold — at 16.6%, compared to the revised 23.3% recorded in 2015. The data were derived from the Family Income and Expenditure Surveys (FIES) which the PSA conducts every three years. The latest FIES 2018, which used a sampl…


2019-12-07

The Bangko Sentral ng Pilipinas (BSP) continued to beef up the country’s foreign exchange buffer with the gross international reserves (GIR) hitting a record high of $86.39 billion in November. BSP Governor Benjamin Diokno said in a text message that the GIR level rose by $560 million to hit $86.39 billion in November from $85.83 billion in October. Read more at https://www.philstar.com/business/2019/12/07/1974882/forex-reserves-hit-record-high-864-billion#jCPJzP65MtXoeXAx.99


2019-12-07

Council chaired by Singapore’s Minister for Communications and Information Mr S Iswaran to bolster thought leadership in the region The Singapore Media Festival (SMF) today announced the launch of the Media International Advisory Council (IAC), which gathers top international industry leaders from the media sector to exchange views and develop insights to the rapidly evolving media landscape, and discuss how policy makers and industry players could work together to increase the vibrancy of the…