India

2019-06-27

Competition organised as part of roadshow to New Delhi and Bangalore attracted submissions from 200 startups Winning startups will receive business setup support and attractive benefits from Dtec • UAE Ambassador to India: There are still plenty of trade opportunities that can be explored by Indian companies and their UAE counterparts • Khan: Roadshow exceeded our expectations and achieved its objective of attracting high-potential Indian startups to Dubai that can offer valuable expertise a…


US Secretary of State Mike Pompeo on Wednesday suggested that Japan, America and India can collaborate on 5G technology. Pompeo praised India for ending oil imports from Iran and Venezuela. “You made hard choices to cut off Iran oil. We know this has a cost. We will do everything to ensure you have crude (supply),” assured Pompeo. He was speaking at ‘India Policy’ speech in New Delhi. “India’s IT sector, it’s more than just a digital miracle — it’s a source of national pride.…


2019-06-27

While the CEO will oversee M&As, the CFO will handle Wipro Ventures Rishad Premji is set to take over as Wipro chairman on 31 July after his father Azim Premji steps down With Rishad Premji set to become the chairman of Wipro Ltd on 31 July, India’s fourth-largest software services company has split his current role among three executives. Chief executive officer and executive director Abidali Z. Neemuchwala who will also be re-designated as CEO and managing director will oversee mergers …


Blockchain is a resource that can empower a sharing economy & it can potentially accelerate the process of ensuring full inclusion in economic prosperity Blockchain is a very old yet new technology. Blockchain has been introduced into the world in the last decade and have come into the limelight in the last few years. Blockchain technology is going to revolutionise the finance, real estate, justice and every other industry. So what exactly is blockchain and how will it revolutionise the industry…


2019-06-27

Credit rating agency Icra Ltd on Wednesday cut the long-term debt rating of Piramal Capital and Housing Finance Ltd and Edelweiss group companies by a notch, citing risks from loans to the real estate sector and difficulty in raising funds. The move, which comes in the midst of a liquidity crunch at non-banking financial companies (NBFCs), could raise the cost of money for the two non-bank lenders......


Company set to go live with UPI-based service with ICICI Bank; move big win for RBI  WhatsApp has set up data storage facilities within India for its payments business, according to two people in the know, paving the way for a full fledged commercial launch of digital payment services by the Facebook-owned messaging app. The development marks a major milestone for the country’s banking regulator, which has been firm in its demand that global payments companies store transaction data pertaini…


Financial institutions are helping MSMEs in building sustainable businesses MSMEs contribute significantly to India’s economy but due to their conservative approach and informal nature, they lack access to formal credit as banks face challenges in credit risk assessment owing to lack of financial information, historical cash flow data, etc. Further, very few MSMEs are able to attract equity support and venture capital financing. Lack of information about various schemes deprives MSMEs of avail…


2019-06-27

Delivery startup Dunzo has launched in Mumbai, currently running its services in the suburb of Powai, as the startup gears up for expansions in the city and outside, with new offerings even as it is in discussions to raise funds for the same purposes. Dunzo announced via social media platforms Twitter and Instagram that is now live in Mumbai, a city said to be generally difficult for startups to crack, as compared to Bengaluru, which is home to most of the country’s largest and upcoming firms.…


Concentration of the family’s land holding in Godrej & Boyce and its commercial exploitation by Godrej Properties The Godrej family, which controls the eponymous soaps-to-aerospace group, is discussing ways to rework certain family agreements after differences cropped up among members over development of land holdings owned by Godrej & Boyce. The crux of the issue appears to be the concentration of the family’s land holding in Godrej & Boyce and its commercial exploitation by the group’s …


2019-06-26

A proposal has been made by the CSC e-Governance and 100,000 digital villages may be set up as early as next month The government plans to set up 100,000 digital villages as early as next month. A proposal for IN ₹15,000 crores (about US $2.1 billion) has been prepared by CSC eGovernance Services India, which will be the nodal point for the digital villages project. CSCs are a part of the government’s Digital India initiative. They function as single access points for the delivery of servic…


Hotstar, MXPlayer, others among 10 most popular entertainment apps globally, according to Sensor Tower Indian entertainment and live streaming platforms are among the most downloaded applications globally, as desi content gains in popularity the world over, according to the latest data released by Sensor Tower, a mobile app intelligence firm.Data for January-March showed Hotstar, MXPlayer, JioTV, ZEE5 and SonyLiv were among the top 10 downloaded entertainment applications worldwide.Of the t…


2019-06-26

Flipkart, India’s most valuable internet startup, is said to be gearing up for an initial public offering (IPO) in the US by 2022. As it looks to tap the public markets, the Walmart-owned e-commerce giant’s focus will be on strengthening compliance and achieving profitability. Mint analyses what an IPO means for Flipkart and whether this could set a precedent for other Indian unicorns. Why is Flipkart’s IPO important? Flipkart has been the poster boy of India’s much feted consumer inte…


2019-06-26

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Bharti Airtel has prepaid over Rs 22,000 crore of rupee-denominated domestic loans to multiple banks using a majority of the carrier’s Rs 25,000-crore rights issue proceeds, people familiar with the matter said. The payments will sharply reduce Airtel’s net finance costs and free up capital to expand its 4G network and buy spectrum in the next auction to take on Reliance Jio more effectively. The Sunil Mittal-led telco has prepaid a loan of about Rs 6,000 crore to Axis Bank,  ..  Read mor…


Banks and select financial institutions reported to RBI that frauds of Rs 1 lakh and above amounting to Rs 25,884 crore occurred during 2016-17  The amount lost in bank frauds of Rs 1 lakh and above has been on a decline since 2016-17, Parliament was informed Tuesday. Banks and select financial institutions reported to RBI that frauds of Rs 1 lakh and above amounting to Rs 25,884 crore occurred during 2016-17 . The amount involved in such frauds in 2017-18 and 2018-19 stood at Rs 9,866 crore …


2019-06-26

Never mind the trade war. A looming US interest rate cut is set to replace tariff headlines as the key driver of developing Asian bonds, according to money managers. As traders count down to the Group-of-20 summit this week, global funds are looking beyond the outcome to focus on an expected easing in Federal Reserve policy. Portfolio managers reason that regional central banks are likely to follow in the Fed’s footsteps, and this would galvanize demand for Asian bonds. “The good news is th…


2019-06-26

When US Secretary of State Mike Pompeo sits down for talks with his Indian counterpart Subrahmanyam Jaishankar on Wednesday the aim will be to inject new energy into a relationship that seems to have been weighed down by a series of disputes in the commercial space. Pompeo arrived in New Delhi late Tuesday and his first engagement on Wednesday is expected to be a closed door meeting with Indian business leaders. He will then call on Prime Minister Narendra Modi who took office for a second time …


News reports say firm sacked about 1,000 employees at its subsidiary Oyo Jiudian  Oyo Hotels & Homes has sacked an undisclosed number of employees at its Chinese subsidiary Oyo Jiudian, two Chinese media outlets said, although a company spokesperson refuted the claims, terming them “absolutely incorrect.” Oyo plans to lay off about 1,000 employees from its Chinese development team, Pandaily, which covers technology and startups, reported on Tuesday citing sources. The Beijing- and Silicon …


2019-06-26

Adani Power Tuesday said it will acquire GMR Chhattisgarh Energy Ltd (GCEL) as the consortium of lenders has approved its resolution plan. The consortium of lenders, led by Axis Bank, to GMR Chhattisgarh Energy Ltd (GCEL), has issued a Letter of Intent dated June 24, 2019, approving Adani Power's (APL) resolution plan to acquire controlling equity stake and restructure debt in GCEL, Adani Power said in a regulatory filing. "Post the transaction, Adani Power Limited shall hold 100% equity stake i…


This is Grofers’ second stint in brick-&-mortar format; in 2017, it opened tuck shops at Oyo properties  Read more at://economictimes.indiatimes.com/articleshow/69949174.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst


Middle East

2019-06-27

Master developer Nakheel is investing AED114 million in roads and bridges giving direct access to Al Khail Avenue, its new retail, dining and entertainment development at Jumeirah Village in Dubai. Nakheel, which is funding the roads project in full, has appointed Wade Adams Contracting to build the access routes, with the Roads and Transport Authority, RTA, overseeing their construction. Under the contract, signed today, work will begin immediately and is due for completion next year. The links…


2019-06-27

 The number of new media licences and freelancer permits issued under the RAKEZ Media Zone has jumped 177 percent to 360 companies and freelancers in May 2019, up from 130 in May 2018. Of the new licences registered, 150 belong to companies and the rest to freelancers. RAKEZ issues media licences to companies in the fields of TV and radio broadcasting, animation, music, entertainment, publishing, advertising, communications, media services, production and film support, and events management, am…


2019-06-27

H.H. Sheikh Hazza bin Zayed Al Nahyan, Deputy Chairman of Abu Dhabi Executive Council, Wednesday inaugurated one of the world’s largest offshore oil platforms – the Umm Lulu Gas Treatment Plant (ULGTP), in the presence of H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, and H.H. Sheikh Hamed bin Zayed Al Nahyan, Chief of the Abu Dhabi Crown Prince's Court. The platform was made in the UAE by the National Petroleum Construction Company (NPCC…


2019-06-27

Over 75% sold in the first phase within the masterplanned community 20% of customers purchased their plot with 50% down payment Sales from 2019 development launches reached AED 2.4 billion   Aldar Properties PJSC ('Aldar') today announced that its latest development Alreeman II, located in the Alshamkha area of Abu Dhabi, has been a major hit with customers as the first phase within the community generates AED 420 million in sales, with over 75% of the land plots sold. In order to cater to the …


2019-06-27

Competition organised as part of roadshow to New Delhi and Bangalore attracted submissions from 200 startups Winning startups will receive business setup support and attractive benefits from Dtec • UAE Ambassador to India: There are still plenty of trade opportunities that can be explored by Indian companies and their UAE counterparts • Khan: Roadshow exceeded our expectations and achieved its objective of attracting high-potential Indian startups to Dubai that can offer valuable expertise a…


2019-06-27

HE Mattar Al Tayer, Director-General and Chairman of the Board of Executive Directors of Roads and Transport Authority (RTA) and Chairman of Dubai Future Council for Transportation has recently chaired the second meeting of the Dubai Future Council for Transportation in Bulgari Hotel, Dubai. A host of RTA board members, as well as local and global transportation experts attended the meeting.  The meeting reviewed future initiatives introduced by RTA, in addition to ideas and practices of severa…


UAE's long-term residency program will now reportedly include execs who earn a monthly salary of AED30,000 or more The UAE's long-term residency program will now reportedly include executive directors who earn a monthly salary of AED30,000 ($8,167) or more. Bloomberg on Wednesday cited a Gulf News report, quoting Mohammed Al Marri, head of the General Directorate of Residency and Foreigners Affairs. He was quoted as saying that executives applying for the so-called Golden Card, which entitles ho…


2019-06-26

The General Authority for Entertainment (GEA) launched its “Entertainment Pioneers” program, in partnership with the Initiatives Center at the Prince Mohammed bin Salman bin Abdulaziz Foundation (Misk). The program aims to prepare citizens, and especially fresh graduates, to work with the most renowned international companies in the field of entertainment, to gain experience, develop their skills in the field, and enable them to integrate this sector and contribute to its development and pro…


2019-06-26

Egypt will tap debt markets for between $4 billion and $7 billion in the coming financial year starting in July and is in talks with the IMF about a non-financial deal to help entice investors, its finance minister said on Tuesday.The country was considering all options for debt instruments, including sukuk, green bonds and Asian currency bonds, Finance Minister Mohamed Maait told Reuters on the sidelines of an investment conference at Bloomberg in London.......


2019-06-26

Abu Dhabi Global Market (ADGM), the award-winning International Financial Centre in Abu Dhabi, is pleased to launch a new initiative FinTech 50 and the third edition of its signature Innovation Challenge as part of the FinTech Abu Dhabi Festival 2019 (“FinTech Abu Dhabi”).   The much-anticipated ADGM Innovation Challenge poses a set of FinTech problem statements that represent the various challenges that financial institutions, corporates and consumers face in the United Arab Emirates (UAE)…


2019-06-26

Etihad Rail, the developer and operator of the UAE national railway, has approved the award agreement for civil and track works of Packages B and C for Stage Two of the UAE national railway network connecting Abu Dhabi and Dubai, during a board meeting, chaired by H.H. Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Chairman of Etihad Rail. The total value of the works is AED4.4 billion. Package B runs for 216km, and Package C runs for 94km, and the two packages are part of the 605km line from Gh…


2019-06-26

The Abu Dhabi Government, under the directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has reinforced its commitment to the private sector's development, launching nine new initiatives on Monday. At the Abu Dhabi Government Private Sector forum attended by H.H. Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, Deputy National Security Adviser, who oversaw the development of the new programmes in his capacity…


Kuwait will now have to compete for the attention of money managers that invest in much bigger markets such as China, India, Brazil, Russia and neighbouring Saudi MSCI will add Kuwait to its main index tracking stocks in emerging markets next year, an upgrade that has been priced in by investors on anticipation it will attract billions of dollars in investment. The change will happen in June, 2020, the New York-based index compiler said in a statement on Tuesday. The Gulf country, whose $98 bill…


Short-term property lets in Dubai can net owners more than three times the annual rental returns compared to a long-term leasing option. An infographic produced by GuestReady Dubai shows the most lucrative areas for studio homeowners to choose along the red line of Dubai Metro – from City Walk down to Jumeirah Lakes Towers (JLT). Highest annual returns of AED180,000 can be found in City Walk for a short-term lease. This compares to AED110,000 for a long-term let.....


Kingdom Holding has given the green light to buy more than 4.7 million shares in US ride-hailing company Lyft worth SAR 846 million ($225.45 million). A statement to the Saudi bourse Tadawul said approval had been given for the purchase by Kingdom Holding chairman Prince Alwaleed bin Talal. It also said the deal was completed with no preferential terms. Based in California, Lyft was launched in 2012 as a rival to Uber, operating only in the US and Canada, and was valued at $24.3 billion in the f…


2019-06-26

Following a recent announcement from Ghadan 21 that aims to bolster private sector growth in Abu Dhabi, Hub71 has announced today the strategic decision of four startup pioneers to set up a presence with the majority of their development and engineering capabilities at Hub71 in Abu Dhabi. The startups include UAE-based BitOasis, the largest digital asset exchange platform in the Middle East, Lamsa, an award-winning Arabic language learning app, US-based Surkus, the world’s most powerful experi…


2019-06-26

RTA’s Rail Agency is set to relocate the Women & Children’s Metro Cabin in the existing metro trains over two months. During this period, these cabins, along with posters, will be relocated from the current location near the Gold Cabin to the new location at the other end of the train.  The relocation process will be completed by the end of August 2019 year.  “In accordance with its vision of ‘Safe and Smooth Transport for All’, RTA looks out for the comfort of Dubai Metro riders, es…


2019-06-25

ction’, that reports on the organization’s peacekeeping efforts as well as United Nations’ projects aimed at reducing poverty and human suffering, fighting disease, providing humanitarian assistance and stimulating economic growth. The main objective of this agreement between Gulf Air and United Nations is to broaden the reach of multimedia products produced by the UN to inform the public and raise awareness of global issues, sustainable development goals, and the work of the organization …


Ayman Hariri has lashed out on Facebook and similar social media platforms for "building addiction into their design" by mining people’s data and insights, affecting their privacy, mental health and even national elections. Hariri, son of former Lebanese prime minister Rafik Hariri and brother of current PM Saad Hariri, is a prominent investor in tech, and launched an ad-free social network ‘Vero’ in 2015. Meaning ‘truth’ in Latin, Vero claims to protect its users by eliminating the ne…


2019-06-25

 Lebanon has had zero percent growth so far in 2019 but the prospects for its economy are set to improve, central bank governor Riad Salameh said on Tuesday.“Despite the fact that we have this year 0% growth till now, we think at the horizon the prospects will be better for the Lebanese economy,” he told a Euromoney conference in Beirut.......


South East Asia

2019-06-27

A solar-powered product that measures several parameters of water to compute its quality index won the Hack for Good 2.0: Connected Mangroves Hackathon at Universiti Teknologi Malaysia’s Kuala Lumpur campus recently. Named Hydro Health On-Demand, the project involved a real-time monitoring system deploying Narrowband-Internet of Things (NB-IOT) technology in measuring temperature, pH, turbidity, dissolved oxygen and heavy metal levels across various geographical areas. NB-IoT is a low-power …


An auction for government sukuk on Tuesday broke a record in terms of incoming bids at Rp 40 trillion (US$2.82 billion), of which the government absorbed Rp 8 trillion. “Usually, the incoming bids [in a sukuk auction] only reach about Rp 20 trillion,” said Bank Central Asia (BCA) economist David Sumual in Jakarta on Tuesday as quoted by kontan.co.id.........


The Indonesia Stock Exchange (IDX) will likely kick two companies that failed to show good performance out of the bourse this year amid the stock exchange’s intensive campaign for more companies to go public. Coal miners PT Borneo Lumbung Energi & Metal (BORN) and PT Bara Jaya International (ATPK) may have their stocks delisted for failing to demonstrate a healthy business operation. “Both companies have also been suspended for almost 24 months so we’re considering delisting them,” IDX a…


The government has been urged to scrap the import tax for aircraft components to incentivize airlines to adhere to a request that they cut airfares for domestic flights. PT Garuda Maintenance Facility AeroAsia (GMF) acting president director Tazar Marta Kurniawan said that, of the total 300 spare parts that were imported, the government imposed the import tax on 275 of them. “Only 25 of the aircraft components were categorized under the HS code, meaning they are exempt from paying the impo…


The government plans to develop 12 special economic zones (KEKs) this year that include tourist destinations. The Tourism Ministry's head of development acceleration for priority tourist destinations, Hiramsyah S. Thaib, said the ministry expected eight KEK destinations to be approved by President Joko “Jokowi” Widodo this year. He said the President would decide on whether Tanjung Gunung and Sungai Liat in Bangka Belitung and Singosari in East Java would be three of the destinations. Hirams…


THE Department of Transportation (DoTr) gathered airline operators Wednesday to sign a pledge of commitment supporting the government’s initiatives to decongest the Ninoy Aquino International Airport (NAIA), particularly the development of Danilo Atienza Air Base in Sangley as an alternative gateway. While Cebu Pacific said it is ready to fly its cargo freighters from Sangley once it opens, Philippine Airlines (PAL) and AirAsia Philippines said it may take time for them to use the runway at th…


Despite its many qualities, both good and bad, that endear the metropolis to foreigners, Metro Manila is fast becoming a costlier place for expatriates to live in. Based on global consultancy firm Mercer’s 2019 Cost of Living Survey, eight out of the top 10 of the world’s most expensive cities for expats are Asian cities. The high cost of living was mostly driven by high-cost consumer goods for expats and a dynamic housing market. Read more: https://business.inquirer.net/273375/amid-the-bus…


As logistics remains a big issue in e-commerce expansion in Indonesia, online marketplaces are showing an interest in investing in unmanned aerial vehicles (UAVs), also known as drones, to help reach rural areas across the country. Under its global smart supply chain network, China’s second-largest online retailer JD.com has tested drones in Indonesia following the government’s approval earlier this year as it wants to expand to overseas markets. “We want to transfer our cutting-edge tech …


S&P Global Ratings has again slashed its projection for Philippine economic growth this year, according to a report the debt watcher released on Wednesday, in the face of subdued state spending amid a four-month delay in enactment of the P3.662-trillion national budget and bigger-than-expected impact of the Sino-US trade dispute on electronics, which accounts for half of Philippine merchandise exports. S&P — which at the end of April raised the Philippines’ credit rating a notch to “BBB+…


More than 130 proposals to put up buildings for IT-BPM companies might now be stuck in limbo after the government banned new economic zones in Metro Manila for an indefinite period. Malacañang has imposed a moratorium on new ecozones in Metro Manila, leaving room only for project proposals that are already pending President Duterte’s approval, according to Administrative Order No. 16. Read more: https://business.inquirer.net/273336/moratorium-puts-130-ecozone-plans-in-limbo#ixzz5s0pd7qpT


2019-06-27

The Insurance Commission (IC) is now allowing insurance firms and pre-need companies to invest in real estate investment trusts (REIT), providing them opportunities to diversify their investments and improve earnings. On June 21, Insurance Commissioner Dennis Funa issued IC Circular Letter 2019-27, which qualifies REIT as admitted asset for insurance companies and mutual benefit associations (MBA), and allowable investment for pre-need companies.  “While the Insurance Code specifically allows…


2019-06-27

Vietnamese dairy producer Vinamilk’s organic product have impressed delegates to the 13th Global Dairy Congress which is being held in Lisbon, Portugal, from June 26-27. The annual event attracted representatives from the world’s top 50 dairy and nutrition companies from Europe, the US and Japan. Vinamilk is the only Asian representative to be invited to the event to share its success story about leading premium organic trend in Vietnam. Vinamilk Executive Director Phan Minh Tien said the…


2019-06-27

Vietnam plans to launch new rules that make it easier for foreign-invested enterprises to list on domestic stock markets, amid necessity to draw in international capital. Nam Phuong reports Last week, the State Securities Commission (SSC) ­revealed that it is collaborating with relevant ministries and ­government agencies to ­accommodate foreign-­invested enterprises (FIEs) that want to list on the ­Vietnamese stock market. Up to now, lagging ­regulations have held many FIEs back from thei…


2019-06-27

Viettel Group on Wednesday officially launched the Viettel Digital Services Corporation (VDS), its 8th subsidiary. The corporation’s establishment aims to create a foundation for Viettel’s digital transformation process and development strategies in a new period of digital society creation. With the goal of “originating digital life”, VDS is a technology company focusing on the digital financial sector, the data service sector, and credit, insurance and advertising and e-commerce.…


2019-06-27

The New York State Department of Financial Services has granted operating license to the Commercial Bank for Foreign Trade of Vietnam (Vietcombank) to open a representative office in New York. Accordingly, the office will be based at One Rockefeller Plaza in Manhattan centre. It is due to be open in the third quarter this yearEarlier in October 2018, the bank obtained the US Federal Reserve’s approval to open the office. Last year, the lender took the lead nationwide with a net profit of ove…


Hyflux said its wholly-owned unit Tianjin Dagang Newspring Co Ltd (TDN) has successfully restructured a 617 million yuan (S$121.3 million) Bank of China loan. The loan's maturity date has been extended by three years to 2026, with the repayment schedule adjusted for lower annual repayments. The loan is for TDN's 100,000 cubic metre per day seawater desalination plant in Dagang City, Tianjin Province, and is guaranteed by Hyflux.......


EVENT management technology startup PouchNATION has closed a Series B funding round led by regional technology company Traveloka and joined by SPH Ventures. The amount raised was not disclosed. Singapore-based PouchNATION, which specialises in near-field communications technology, will use the proceeds to expand its product range and its geographical operations. The firm aims to go beyond music festivals and take on a wider range of events such as sports events and conferences. PouchNATION is al…


Singtel is looking at monetising some of its loss-making digital investments, its leadership confirmed in an annual report out on Wednesday (June 26) which also revealed a big pay cut for its chief executive. Board chairman Simon Israel pointed to cyber-security business Trustwave, as well as digital marketing units Amobee and Videology, which are part of the digital life division. “Part of our digital transformation involved making calculated investments in new businesses that would thrive i…


Once a newspaper delivery boy, Ismail Gafoor became Propnex chief executive officer only with persistence and through many twists and turns on his journey to success When he was 14 years old, Mohamed Ismail Gafoor faced a serious problem. Between him and his elder brother, only one could continue schooling, as the other was needed to work behind the cashier’s counter at their father’s provision shop. Ismail knew he had to persuade his brother to let him continue studying. He understood that …


GROWTH of Asean's electric vehicle market is likely to be led by taxis and commercial fleets -- or even two-wheeled vehicles -- rather than passenger cars, according to a new Bain & Company report, Finding a New Route to Southeast Asia’s Electric Vehicle Future. Bain estimates that Asean's annual new investment in passenger electric vehicles will reach US$6 billion by 2030. Growth in electric mobility brings other opportunities, with another US$500 million in new charging infrastructure pos…