India

2019-05-22

A delegation of business executives representing 30 Indian companies led by the chairman of the Indian Silk Export Promotion Council met their Vietnamese counterparts at the Buyer-Seller meet held in Ho Chi Minh City on May 21.The visitors were from companies producing silk, fabrics, ready-made garments, silk scarves, stoles, Pareo shawls evening wear, beachwear, fashion accessories, tops, bottoms, trousers, jackets, kaftans, bags, embroidered shawls, silk blended products, natural silk carpets …


OMNICHANNEL synergies, product integration and regional expansion are all on the table for home design and renovation startup Livspace now that it has bagged a strategic investment from the largest owner of Ikea stores, chief executive Anuj.......


India's economic growth will regain strength and approach 7.5% by 2020 buoyed by rural consumption and subdued inflation, the Organisation for Economic Co-operation and Development (OECD) said in its Economic Outlook on Tuesday. “Gross domestic product (GDP) growth in India is projected to strengthen to close to 7.25% in FY19 and close to 7.5% in FY20,” the intergovernmental agency said. This growth will come from higher domestic demand due to improved financial conditions, fiscal and quas…


2019-05-22

DHFL has also halted pre-mature withdrawals of existing deposits to 'help reorganise its liability management' Last week, Care Ratings have downgraded its bonds and loans Shares of Dewan Housing Finance Corp Ltd (DHFL) today fell as much as 20% after the NBFC announced that it has halted accepting fresh public deposits and renewals of existing deposits with immediate effect. The stock hit a low of ₹103.95 on BSE and declined as much as 19.98%. At 9.25 am, the scrip was trading at ₹111.60 …


ShopClues shareholders may get 10% in the combined entity if all-stock deal goes through Online marketplace Snapdeal is close to buying its nearest rival ShopClues in an all-stock deal, two people familiar with the matter said, after the on-again, off-again talks fell through earlier following disagreement on its financial terms. The deal is likely to see Shop-Clues investors get one Snapdeal share for every nine they hold if the merger goes through in this planned structure, and will likel…


2019-05-22

Company lays off many employees, but will continue with cloud kitchens Ola is in talks with delivery companies such as Dunzo and Zomato to relist its cloud kitchen brands  About 18 months after acquiring Foodpanda India, ANI Technologies Pvt. Ltd-owned Ola has suspended the company’s food delivery business, laid off about 40 mid- to entry-level employees and terminated the contracts of most of its 1,500 food delivery executives, four people aware of the development confirmed. Most of the …


Large corporates looking to buy back shares may now have to factor in consolidated group debt in their calculations. The Securities and Exchange Board of India (Sebi) is planning to tweak share buyback norms by proposing that it would consider consolidated numbers instead of standalone financial metrics.  This policy review comes in the wake of its refusal to approve engineering-to-software giant Larsen & Toubro’s buyback proposal in January on the grounds that the group’s consolidated deb…


2019-05-22

Yes Bank is looking to bolster its balance sheet after taking a massive hit to cover loan losses The lender was further hit when rating agencies Icra and India Ratings downgraded the long-term ratings of the bank Yes Bank Ltd is considering an equity infusion from private equity (PE) funds, similar to the Bain Capital investment in Axis Bank, as the Ravneet Gill-led lender seeks to bolster its balance sheet after taking a massive hit to cover potential loan losses, two people aware of the pla…


Mumbai has all the right ingredients for women leaders to thrive The city of dreams, Mumbai has helped millions realize their potential and lead a successful life. How could it now provide opportunities for the enterprising women of India to thrive? In Maharashtra, women entrepreneurs get from INR 15 lakh up to INR 1 crore worth of financial assistance in a proportion of 15-35 per cent of the capital investment of project at the subsidized rate of interest up to 5 per cent. Such government initi…


Monsanto has said to have charged seed cos higher trait fee despite government cap The investigation arm of the competition watchdog has found Mahyco Monsanto Biotech Ltd (MMBL) has abused its dominant position in the market for Bt Cotton technology by charging unfair licence fee and entering into pricing agreements directly aimed at overcharging farmers who use Bt Cotton seeds. MMBL is an equal joint venture of Maharashtra-based seed company Mahyco and Monsanto Holding Pvt Ltd which has been a…


2019-05-22

Restructuring could involve seeking a reduction in interest rates and a modification of the terms of loans If proposal gets nod, Moradabad Bareilly Expressway will be re-classified as a fully solvent “green” asset  Infrastructure Leasing and Financial Services Ltd (IL&FS) Tuesday said its board is considering a plan to recast some of its stressed loans from banks and mutual funds. In an affidavit submitted to National Company Law Appellate Tribunal (NCLAT), IL&FS said its board is alread…


2019-05-22

NITI Aayog is pushing for the government to invest about US $1.7 billion in funding for the development of a cloud computing platform India’s policy commission, the NITI Aayog (the National Institution for Transforming India) has announced that it plans to create a framework for AI in India. Through a cabinet note, it said that it is pushing for the government to invest IN ₹7,500 crores (about US $1.7 billion) in funding for the development of a cloud computing platform called AIRAWAT. A s…


A glimpse into the greening of business practice in the food and beverage industry According to a study done by The World Bank, one of the most worrying predictions about the future is the fact that agricultural production will reduce by 15% to 30% by 2080 due to climate change. This is worrying, because even the current production rates cannot feed the entire world. A substantial percentage of people still suffer from acute famine. This is perhaps why human beings have become very conscious abo…


A sneak peek inside Narendra Pasuparthy's house, face of 500-crore Nanda Group and founder of Nandu's Chicken   In the bustling Bangalore, everyone has their idea of a cool home. Narendra Pasuparthy, CEO and Founder of Nandu’s Chicken, is the owner of a cool home in posh Jayanagar. The 6500 sq.ft-sized house in the 5th block of the colony is not just a brick and mortar structure, it is where family members throw away their worries of the day and love to huddle and how. Pasuparthy is the face …


Facebook, Twitter Inc. and Google parent Alphabet Inc. are discovering the harsh reality that disinformation and hate speech are even more challenging in emerging markets than in places like the U.S. or Europe The world’s largest election has become something of a test case in how technology giants handle fake news after years of scandal. It’s not working out so well. India has as many as 900 million voters in an election that culminates this week, with Prime Minister Narendra Modi’s ruli…


2019-05-21

Markets are likely to hold in a range with a positive bias ahead of the vote count on Thursday: Analysts On Monday, Sensex and Nifty saw their biggest single-day gain in 10 years Indian markets hit new highs in early trade as sentiment continued to remain buoyant after exit polls showed Prime Minister Narendra Modi is set to win a second term with an even bigger mandate than in 2014. The Sensex gained over 200 points to hit a new high of 39,565 while Nifty rose to 11,883, also a new high. Marke…


It is incumbent upon us to get the NBFC and the HFC sector back on its feet, says NITI Aayog boss Focus more strongly on agro processing exports, tourism, health and education to create more employment for our young people, said Rajiv Kumar, Vice Chairman, Niti Aayog, in an interview with ETNOW.Edited excerpts......Read more at://economictimes.indiatimes.com/articleshow/69413337.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst


The blockchain startup, which was founded Mayank Tewari and Prerit Srivastava last year, has raised $1 million from Accel Partners Call it internet 2.0 or web 3.0, blockchain is here to stay. The underlying technology behind bitcoin is expected to be disrupting several redundant backend processes bringing in transparency and building customer trust. In fact, it is widely dubbed that 2019 is the year of blockchain startups. As we use cases and pilots have started to mature, relevant companies wil…


In FY18, Infosys reported fewer than 30 crorepati employees & that number has gone up to 64 in FY19 More than 60 senior executives at InfosysNSE -0.84 % earned more than Rs 1 crore in financial year 2019, double the number earning that figure in the previous fiscal, with several senior executives getting massive jumps in compensation after they exercised stock options for FY19, the company said. Infosys reported in financial year 2018 fewer than 30 employees who were based in India and who rece…


2019-05-21

Long-term view is that we want to get to a structural outcome similar to that of the JV. We’re not in a weak position’ If you look at fundamentals, India’s steel demand is growing annually at 5-6% With the proposed joint venture with German steel giant Thyssenkrupp now abandoned, Tata Steel will focus on making its European business self-sustainable. Koushik Chatterjee, executive director and chief financial officer of Tata Steel, said in an interview that the market can expect more cl…


Middle East

Saudi Arabia's Ministry of Housing has signed an agreement with construction firm Katerra to build 4,101 individual homes across the kingdom. The ministry said the new construction will provide housing units for the beneficiaries of the Development Housing Initiative. Under the agreement, the housing units will be built in Makkah, Madinah, Al Baha, Al Jawf and Al Qasim, a statement said......


2019-05-22

Under the umbrella of this program, 476 students are receiving their first and second phase of the training program at top US universities The Saudi Arabian Airlines has completed the procedures for the final admission phase for dispatching 400 applicants for the Aviators’ program in both its branches — commercial aviation and aviation sciences. The final phase includes medical and physical fitness tests related to aviation, and comes after initial admission tests that qualified them for …


2019-05-22

Aramco has been developing its own gas resources The proposed Port Arthur LNG Phase 1 project is expected to include two liquefaction trains DUBAI: Saudi Aramco has entered into a 20-year agreement with US-based Sempra Energy to purchase liquefied natural gas (LNG) from its subsidiary Sempra LNG, the two companies said on Wednesday.The Saudi state oil giant plans to become a major global gas player while the US market is undergoing a shale boom.Aramco has been developing its own gas resources…


UAE-based property website Bayut has announced its expansion into Saudi Arabia with the launch of Bayut.sa. Bayut said it has been planning an expansion into the Saudi market for some time and has conducted detailed research into the needs of the real estate industry in the country.   On the heels of its recent announcement of acquiring Lamudi Middle East, the company said the new Saudi domain will feature a portfolio of properties to cater to tenants and investors looking to rent, buy or sell …


2019-05-22

80 business leaders and senior delegates attend DMCC’s first roadshow in Sweden to discuss opportunities of doing business in Dubai through DMCC DMCC returns to London to highlight the commercial opportunity presented by Dubai to UK firms in a post-Brexit Britain DMCC COO speaks at major Chinese Free Zone conference, to outline Dubai Silk Road strategy and UAE and China trade ties  DMCC – the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise …


2019-05-22

The Ajman Media City Free Zone concluded its first European investment forums series with successful events in London and Lisbon, the two emerging and thriving hubs for creative and tech start-ups. Mahmood Alhashmi, CEO of the Ajman Media City Free Zone, led the high-level delegation, along with Rishi Somaiya, Commercial Advisor, and Nader Afify, Business Development Advisor. Alhashmi said, "Creating a strong presence and building long-term partner relations in global tech and digital media cent…


2019-05-22

Brazil Minister of Foreign Affairs, Ernesto Henrique Fraga Araujo met with DP World Group Chairman and CEO, Sultan Ahmed bin Sulayem in the Brazilian capital, Brasilia this week. They discussed social reform, a stable and efficient regulatory framework to attract investors alongside public private partnerships to encourage foreign direct investment, FDI. The meeting preceded Bin Sulayem’s discussions with President Jair Bolsonaro during the visit. DP World Santos, Brazil, is a key part of the …


UAE-based real estate marketplace Property Finder said more than 43,000 residential units are currently being constructed within 136 projects in Dubai, with these projects 85-99% complete and due to be ready by the end of 2019. Of this, 33,548 units are apartments, followed by serviced apartments (5,622) and villas and townhouses (4,612). By September 2020, Property Finder's data adds, 4,133 residential units across 18 projects in Dubai will be 65-99% complete – in time for Expo 2020 Dubai,…


Among the major attractions planned for Phase 3 of the project is a 3ha park that will be as large as four football pitches. The park will feature a central plaza, lawns, adventure zones, a parkour course, a skate park, barbeque areas, a gymnasium, jogging tracks, and a cricket pitch. Additional amenities at Arabian Ranches' third phase will include a mosque, schools, healthcare facilities, and children's playground areas.


Saudi Arabia’s Housing Development Programme – driven by the kingdom’s Ministry of Housing as part of the country’s Vision 2030 economic diversification mandate – has signed an agreement with American construction technology firm Katerra to construct 4,101 homes in the areas of Makkah, Madinah, Al Bahah, Al Jouf, and Qassim. The deal, signed in the presence of Saudi Arabia’s Minister of Housing, HE Majid bin Abdullah Al-Hogail, will see 2,482 homes built in Makkah, and 1,043…


Oman’s Ministry of Commerce and Industry (Moci) will launch a construction tender for the Oman Pavilion at Expo 2020 Dubai in 'the near future'. In a tweet dated 18 May, Moci said the package – set to be the project's second – would include construction activities, as well as equipping work. Oman's Tender Board, which offers an electronic tendering platform, will carry additional information about bidding guidelines, and Moci said licensed companies from Dubai would also be able to parti…


2019-05-22

All the features in the Emirates app are now available in Arabic, bringing the total number of languages supported to 19. The Emirates app currently receives an average of 600,000 monthly downloads and allows users to search, book and manage their flights as well as their Emirates Skywards accounts. Emirates is the only airline globally to have its mobile app available in 19 languages, including Arabic, English, Traditional and Simplified Chinese, Czech, French, German, Greek, Italian, Japanese,…


2019-05-22

HE Mattar Al Tayer, Director-General and Chairman of the Board of Executive Directors of Roads and Transport Authority (RTA), honoured 4085 volunteers; 3669 from outside RTA, and 416 from RTA including 38 posted in leading positions. During the event, which was held in recognition of the immense contribution of volunteers in the successes of RTA’s 2018 initiatives, also included honoring of 13 employees who achieved more than 50 volunteering hours, and 9 others for giving more than 30 voluntee…


Dubai-based real estate developer Nakheel has awarded a contract worth $2.3m (AED8.6m) for the construction of a 5km cycling track, a jogging route, and outdoor gyms within its Nad Al Sheba community, located off Sheikh Mohammed Bin Zayed Road. The developer said the project would be delivered “early next year”. Tracks for biking and running will be built in a loop around the perimeter of the 1,500-villa community.   In a statement, Nakheel said the four- and five-bedroom community’s …


Dubai is among the world's top 15 cities for high monthly salary and disposable income, according to a report. The Deutsche Bank's 'Mapping the World's Prices' 2019 report ranks Dubai as the 14th best city to offer a monthly salary to its employees, estimated at Dh10,488 ($2,856) in 2019, and the 11th best city for disposable income after rent, estimated to be around Dh7,595 ($2,068).


His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has launched the 'Golden Card' scheme to grant permanent residency benefits to investors, entrepreneurs, specialized talents, researchers, and outstanding students.


Two Indian businessmen have become the first UAE residents to receive long-term visas. Vasudev Shamdas Shroff, chairman, Regal Group, and Khushi Khatwani, owner of Khushi Jewellers, got their 10-year UAE visas stamped on their passports on Tuesday (May 21).


The finalists of the Dubai Smartpreneur Competition 4.0 were selected out of more than 250 smart business ideas submitted this year The winners of the Dubai Smartpreneur Competition 4.0, presented by Dubai Startup Hub, the entrepreneurship support arm of Dubai Chamber of Commerce and Industry, and Smart Dubai, were announced during the closing ceremony of Entrepreneur Middle East's Enterprise Agility Forum 2019 in Dubai last month, which gathered business leaders and representatives of Duba…


2019-05-21

New regulations by Oman’s Capital Market Authority will stop companies and owners from abusing the market to take over more than 25 per cent of any company in Oman, according to the authority.The regulation aims to limit take over and acquisition processes at not more than 25 per cent of the shares of pubic joint stock companies and controlling percentage in the company to provide protection for shareholders and for fair, transparent and equitable treatment of all the parties and to provide ex…


2019-05-21

Chinese officials have expressed the desire to strengthen economic relations with the Sultanate and increase investments for the mutual benefit of both countries and peoples.This was said in a statement during the meetings held by the delegation of the Public Authority for Investment Promotion and Export Development (Ithraa), chaired by Nasima bint Yahya Al Balushi, Director General of Investment and Exports in Ithraa, with a number of Chinese officials in Yunnan Province in the south-west of Ch…


South East Asia

Sriwijaya Air has announced it will open three new domestic routes ahead of Idul Fitri. On May 23, the airline will kick off its maiden flight from Makassar in South Sulawesi to Tobello in North Maluku; on May 27, the airline will start its Medan-Surabaya route; and on May 30, it will start its Manado-Jakarta route. “We always aim to improve our connectivity. The opening of the three routes is part of our efforts. The new routes will provide more choices for people,” Sriwijaya Air corporate…


2019-05-22

Vina T&T Import - Export Service Trading Co Ltd (Vina T&T) has said its mango shipments to the US amounted to 71 tonnes.Following it first mango batch of 20 tonnes to the market via air and sea routes a month ago, the company has so far sent the fruit to the US every week.In 2018, Vina T&T reeled in 30 million USD from fruit export. The US’s permission for the import of Vietnamese fresh mango is said to be helpful to increasing the revenue by 15 to 20 percent this year. Mango is the sixth fre…


Singapore has agreed to suspend the construction of the Johor Bahru-Singapore Rapid Transit System (RTS) Link until Sep 30 at Malaysia's request, Singapore Transport Minister Khaw Boon Wan said on Tuesday (May 21). Under a supplemental agreement signed between both governments on Tuesday, Malaysia will also reimburse Singapore for the abortive costs incurred - around S$600,000 - due to the suspension, Mr Khaw said during a press conference with his Malaysian counterpart, Mr Anthony Loke.  …


2019-05-22

A delegation of business executives representing 30 Indian companies led by the chairman of the Indian Silk Export Promotion Council met their Vietnamese counterparts at the Buyer-Seller meet held in Ho Chi Minh City on May 21.The visitors were from companies producing silk, fabrics, ready-made garments, silk scarves, stoles, Pareo shawls evening wear, beachwear, fashion accessories, tops, bottoms, trousers, jackets, kaftans, bags, embroidered shawls, silk blended products, natural silk carpets …


 Singapore's sovereign wealth fund GIC and US private equity giant Blackstone Group were among bidders for a portfolio of 15 hotels owned by Anbang Insurance Group Co., the Financial Times reported on Wednesday (May 22), citing unnamed sources. Anbang, under temporary control of Chinese government regulators, received offers of as much as US$5.8 billion (S$7.99 billion), the paper said. Other potential buyers to reach the final round included Canada's Brookfield Asset Management Inc, South Kore…


Two familiar National Day Parade (NDP) songs will form the basis of this year’s theme song as the parade commemorates 200 years since the founding of modern Singapore. The theme song, titled Our Singapore, will draw on the lyrics of the NDP 2002 theme song We Will Get There and the 2015 edition of Our Singapore.   Speaking at the launch event for this year’s NDP at the Asian Civilisations Museum on Wednesday (May 22), music director Sydney Tan said the song represents a way of expressi…


ASEAN's semiconductor exports to China, particularly Malaysia's, could be directly hurt, following the US's Huawei ban.  With China the biggest buyer for Asian semiconductor exporters (51 per cent in 2017), countries like South Korea (69 per cent), Taiwan (56 per cent), Vietnam (51 per cent), Japan (43 per cent) and Malaysia (39 per cent) are dependent on China and Hong Kong's import demand.  Following the announcement that the US government banned Huawei from purchase of the US's products wi…


Besides security, firm offers services such as managing facilities and customer care   Certis, which provides security services at Changi and Seletar airports, as well as at Changi's new Jewel complex, is looking to grow its overseas business. Outside Singapore, it already has a presence at Hamad Airport in Qatar, as well as at eight airports in Australia, including in Sydney, Canberra, Adelaide and Newcastle...........


2019-05-22

Deputy Prime Minister Vuong Dinh Hue has asked the Ministry of Industry and Trade and relevant departments to join hands to increase the value of Vietnamese brands to make inroads into international markets.He made the request at a conference in Hanoi on May 21 to review the 10-year implementation of the campaign “Vietnamese people prioritise using Vietnamese goods.”The Deputy PM told the ministry to continue improving the efficiency of its steering committee for the campaign while strengthe…


he UK-based Oxford Economics expects Philippine economic growth to rebound as the government finally spends its P3.7-trillion budget for 2019 after months of delay. “GDP (gross domestic product) growth slowed sharply to 5.6 percent year-on-year in the first quarter of the year amid delays in public spending and a substantial drag from net exports,” Oxford Economics director of global macroeconomic research Ben May and economist John Payne said in their “Global macro themes and asset views …


2019-05-22

The country’s banking industry continued to undergo major consolidation as the number of banks fell by almost half to 571 from 996 over a 20-year period, according to the Bangko Sentral ng Pilipinas. In a report, the BSP said the leaner banking industry was a result of the rationalization of merger and consolidation incentives introduced in 1998 as well as the closure of weaker and problematic banks. “During the period, healthy banks merged to create stronger institutions, while weaker playe…


THE NATIONAL PRIVACY COMMISSION (NPC) has begun looking into 48 online lending applications that have been subject to almost 500 harassment complaints. In a media briefing at the NPC office in Pasay City Tuesday, Privacy Commissioner Raymund E. Liboro said there are 485 complaints with the commission at the moment, of which 235 cases have been formally pursued, accusing operators of online lending applications that allegedly misused borrowers’ information for public shaming. “Over the past f…


xcellence—and nothing less. Such is the demand of the Hotel Sales and Marketing Association’s prestigious Virtus Awards, which, on its fifth year, has become the premier event for the Philippines’ hotel sales and marketing industry professionals......   Read more: https://business.inquirer.net/271032/wanted-best-of-the-best-in-hotel-sales-and-marketing-for-virtus-2019#ixzz5ockPlyQY


2019-05-22

The government is targeting to increase the number of Filipinos covered by microinsurance to 50 million by 2022, a senior official of the Department of Finance (DOF) said. In an interview with reporters on Monday evening, Finance Undersecretary and chief economist Gil Beltran said the government wants to expand the microinsurance uptake in the country in the next three years to 50 million from 38.9 million in 2018. “We would like to cover at least 50 million by 2022,” he said on the sideline…


2019-05-22

The public can browse, access, and request government records, documents, and information from the eFOI portal The public’s call for the right to information is a reminder for the government to promote good governance through transparency, accountability, and citizen participation. This falls under the principle that informed and critical citizens and an open government are indispensable components of a democratic society. Recognising the importance of this universal right, the United Nations …


2019-05-22

The Singapore Government and the Law Society are actively encouraging legal practices to adopt technology solutions through the SmartLaw Guild Minister Iswaran was recently speaking at the launch of the SmartLaw Guild, where he discussed digitisation in Singapore and the importance of adopting technology in the legal sector. He said that the legal fraternity has an important role in the evolution of a regulatory architecture and the creation of legal solutions to deal with these challenges. Henc…


2019-05-22

Discovery's new documentary uses virtual reality to capture the lives of the last sea wanderers of Sabah, Malaysia. Meet Bajau Laut, one of the last sea gypsy tribes in the world. Living in the great ocean in water villages, beneath the beautiful blue skies of Sabah, Malaysia may sound idyllic, but these come at a cost. The Bajau Laut villagers are essentially stateless, and have to worry about depleting fish stocks caused by illegal fish bombing. Discovery's latest VR documentary, Bajau Laut - …


2019-05-22

Singapore is poised to draw in more unicorns - private companies valued over US$1 billion - as a launchpad for regional expansion with its favourable business climate and access to talent, say market watchers.   This sentiment was strengthened as US ride-hailing giant Uber became the latest unicorn to designate Singapore as its regional base. On Tuesday, Uber launched its Asia-Pacific (APAC) hub at its new premises at Frasers Tower, currently housing about 165 employees.   Despite having no i…


2019-05-22

Over 1,000 miners, steelmakers, traders, brokers, shippers, analysts and industry experts from across 20 countries came together in May for the 7th annual Singapore Iron Ore Week (SIOW). SIOW continues to be the leading global iron ore conference with a great diversity of events and participants - providing an excellent platform for networking and collaboration. Industry experts led thought-provoking discussions on key issues and market trends across the global steel value chain - in iron ore…


2019-05-22

Beezy Inc., the all-in-one Intelligent Workplace solution for Office 365, announced the opening of a new office in Singapore. This expansion is a testament to the rapid growth Beezy has undergone over the past few years and will greatly benefit customers and partners in the Asia-Pacific region......