India

2020-01-19

The Trade Remedies Authority of Việt Nam on Friday announced that India has initiated an anti-dumping investigation concerning imports of viscose spun yarn originating in or exported from three countries, including Việt Nam, China and Indonesia. According to the notice of the India Ministry of Commerce and Industry’s Department of Commerce issued on Tuesday, the investigation was based on a complaint filed by the Indian Manmade Yarn Manufacturers Association. The association alleged that …


A new entrepreneurial force is taking your dining-out decisions for you. Veer Arjun Singh meets some of the people driving it Whether you gravitate towards your favourite bar for a cosy drink or pick a new gastropub in town to knock back a few, chances are you are being lured by the same set of people. They likely also own your favourite café and the new Asian bistro that you have been meaning to visit. They are feeding your Instagram and fuelling your greed. And they are doing all of this in f…


The Enforcement Directorate has taken custody of Anil Sharma and Shiv Priya for seven days following a Supreme Court direction. They will now be questioned how they siphoned the investors' money The Enforcement Directorate reportedly has taken two directors of Amrapali Group into custody for questioning. Earlier this week, Supreme Court had granted the financial probe agency to take Amrapali CMD Anil Sharma and director Shiv Priya for interrogation about fund siphoning. Both Amrapali directo…


2020-01-19

Six of the top-10 most valued Indian firms together added ₹62,772.95 crore in market valuation last week, with HUL and RIL emerging as the biggest gainers. Among the top 10, Reliance Industries, TCS, HUL, Infosys, Kotak Mahindra Bank and ITC witnessed gains in their market capitalisation (m-cap) for the week ended Friday, while HDFC Bank, HDFC, ICICI Bank and SBI suffered losses. HUL's valuation zoomed by ₹22,827.94 crore to ₹4,45,778.10 crore, topping the gainers' chart.....


When shadow bank Infrastructure Leasing & Financial Services Ltd (IL&FS) went belly up in August-September of 2018, sending shockwaves through India’s financial system, the IL&FS Financial Centre in Mumbai’s Bandra Kurla Complex commercial district witnessed a flurry of activity. There were raids by law enforcement. The high profile management personnel of the company were arrested from there......


‘Wings India 2020’, a civil aviation expo, to be held at Hyderabad from March 12-15 “Over the last decade, India has witnessed a robust civil aviation market, and through ‘Wings India 2020’ we aim to provide a congenial forum that will cater to the rapidly changing dynamics of the sector, focusing on new business acquisitions, investments, policy formation and regional connectivity,” said Pradeep Singh Kharola, Union Secretary, Ministry of Civil Aviation......


Enforcement Directorate (ED) has filed a prosecution complaint against former top management of Bhushan Power and Steel Limited (BPSL) including Sanjay Singal, the then Chairman and Managing Director of BPSL and 23 others based in Delhi, Mumbai and Kolkata. Accused Sanjay Singal who was arrested ED on November 22 last year, is in judicial custody. During the Prevention of Money Laundering (PMLA) investigation, ED has provisionally attached proceeds of crime valued at ₹204.31 crore in the f…


The regulator is also holding regular meetings with airlines, ground handlers, and other service providers like oil-marketing companies and catering companies The Directorate General of Civil Aviation (DGCA) is expanding its drive against unsafe ground handling practices at airports, aiming to achieve near-total compliance of norms in the next three months. “Initially, we focussed on 10 major airports, but now the drive will also include Jaipur, Bhubaneswar, Patna, Visakhapatnam, and Coimbator…


Gujarat Chief Minster Vijay Rupani flagged off Mumbai- Ahmedabad Tejas Express on Friday morning. The commercial run of the train will start from January 19.  Tejas Express will cover the distance in six and half hours. This is the second premium train by IRCTC after Delhi-Lucknow Tejas Express. The train will halt at Nadiad, Vadodara, Bharuch, Surat, Vapi and Borivali stations in both directions. The tickets can be booked only online via IRCTC website or mobile app. Children below the age of 5…


2020-01-19

Private sector lender HDFC Bank Ltd is likely to send a shortlist of candidates to the Reserve Bank of India (RBI) by July-August, seeking approval for a replacement of outgoing managing director Aditya Puri, said a senior bank official on Saturday. Speaking to analysts after the bank’s December quarter results, Sashidhar Jagdishan, executive director, HDFC Bank, said that the board of directors on Saturday has agreed upon the search firm that is going to help in the process. He declined to …


A boost from other income, one-off recovery and lower tax, aid earnings Given the persisting challenges within the banking sector, HDFC Bank’s December quarter performance lends comfort on several parameters. A strong 20 per cent growth in loans (when bank credit growth at aggregate sector level is just 7 per cent), near 33 per cent rise in net profit, strong capital ratios and only a marginal increase in GNPA ratioare key positives that can cheer investors. But significant moderation in net …


Now that Washington and Beijing have a phase one trade deal, Mastercard could be a beneficiary in China These are good times for Mastercard, and they could get better. The "technology company", as the world's No. 2 credit card and payment processing firm likes to style itself, is slated to report another stellar year in two weeks' time, after three fine quarters last year.....


2020-01-18

 New Asian Development Bank (ADB) president Masatsugu Asakawa assumed office yesterday, becoming the 10th president of the Manila-based multilat­eral bank since its establishment in 1966. Asakawa succeeds Takehiko Nakao who stepped down on Jan. 16. “I am honored to assume the role of ADB president and to begin working in close cooperation with our 68 member countries. ADB has been a trusted part­ner of the region for more than half a century, supporting strong growth that has improved the l…


India's most-valued company Reliance Industries reported a 13.5 per cent rise in net profit for the quarter ended December 31, 2019, after a turnaround in oil refining business coupled with the continued rise of retail and telecom arms. In a regulatory filing on Friday, Mukesh Ambani-led oil-to-telecom conglomerate declared consolidated net profit of Rs 11,640 crore for the quarter under review, as opposed to Rs 10,251 crore in the corresponding quarter last year.....


2020-01-18

Beating India's financial capital Mumbai, IT hub and startup capital Bengaluru took the highest home loan and personal loan in the country, according to a market report. The highest home loan ticket size in India during 2019 was ₹2.2 crore while Mumbai stood second at ₹2 crore, BankBazaar Moneymood 2020 report said. Similarly in the personal loan segment, someone from Bengaluru walked away with the highest personal loan of ₹34 lakh......


Nehru had 'personality-driven working style' and centralised power in the hands of bureaucrats Jawaharlal Nehru and Indira Gandhi had 'personality-driven working styles' and centralised power in the hands of a few bureaucrats, an Atal Bihari Vajpayee Fellow at Nehru Memorial Museum and Library has claimed.Speaking about his research, 'the Prime Ministers' Office during the Congress years', Himanshu Prasad Roy claimed in New Delhi on Friday that Nehru 'promoted a PM-led system of administration',…


The country foreign exchange reserves rose by $ 58 million to reach a life-time high of $ 461.21 billion in the week to January 10, according to the data compiled by the Reserve Bank of India (RBI). In the previous week, the reserves had increased by $3.689 billion to $461.15 billion. In the reporting week, the reserves rose despite a decline in foreign currency assets (FCA), which is a major component of the overall reserves.....


The Amazon CEO discusses issues surrounding technology, data privacy concerns and global alliances; business leaders who attended the meeting included Reliance Chairman and MD Mukesh Ambani, Godrej Group Chairman Adi Godrej, Bharti Airtel Chairman Sunil Mittal, among others Amazon founder and Chief Executive Officer Jeff Bezos held a closed-door meeting with top industry honchos during the third day of his visit in Mumbai on Friday, CNBC TV 18 reported. The Amazon Inc CEO reportedly discussed i…


Yet again, the consumer businesses of Reliance Industries (RIL) — digital and retail — were the key growth drivers for the company. Bucking weak economic growth and subdued consumer spending, the operating profit of RIL’s retail business rose 58 per cent y-o-y, thanks to new store rollouts and higher sales at existing stores.....


2020-01-18

Piramal Enterprises Ltd will use the proceeds from the sale of its healthcare insights and analytics business to expand its financial services vertical, seeking to take advantage of opportunities created by the liquidity crisis in the non-banking financial company (NBFC) space, said Piramal Enterprises chairman Ajay Piramal. On Friday, Piramal Enterprises informed the stock exchanges that it was selling its healthcare insights and analytics business, Decision Resources Group (DRG), to NYSE-l…


Middle East

2020-01-19

Dubai Electricity and Water Authority (DEWA), in cooperation with the British Standards Institute (BSI) will soon launch the PAS 60518:2020 standard for risk management in the energy and utilities sector, for a first of its kind in the world. DEWA approved the number 60518 for the new standard in reference to the birthdate of the late Sheikh Zayed bin Sultan Al Nahyan (6 May 1918). DEWA started preparations for the standard in the Year of Zayed 2018, which marked the centennial birth of the late…


Qatar Airways has announced a new route between Doha, Qatar, and Siem Reap with the scheduled service to commence in November this year The new Doha to Siem Reap route is the second flight that Qatar Airways operates in Cambodia, meaning the airline will have two liaisons, one linking Doha to Phnom Penh and the new one between Doha and Siem Reap. The route will initially be running five times per week according to the Cambodia Airports statement released....


2020-01-19

Phase I completed covered bus Stations, parking, counters and directional signs Dubai’s Roads and Transport Authority (RTA) has accomplished the initial phase of bringing its premises and facilities in conformity with the Dubai Universal Design Code for People of Determination.    The step is in line with “My Community... A City for Everyone" initiative launched by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of the Executive Council, calli…


2020-01-19

A delegation composed of 24 Philippine companies is taking part in one of the world’s biggest trade shows for food and hospitality in United Arab Emirates next month. The Philippines’ participation  in these trade events will allow the country to get a bigger share in the growing halal market. The export promotions arm of the Department of Trade and Industry (DTI) said Philippine firms engaged in halal and organic food sectors are joining the 25th edition of the Gulf Food, Hotel and Equipme…


2020-01-18

The Royal Commission for AlUla has collaborated with Desert X to bring an interactive installation to the area for the first time. Desert X began in 2017, in California’s Coachella Valley, as a way to connect modern art with desert communities and cultures.It is Desert X’s first international collaboration and starts on Jan. 31, running through to March 7, as part of AlUla’s Winter at Tantora festival....


2020-01-18

The boss of one of Saudi Arabia’s biggest banks says that getting more women into leadership positions is a top priority.Samba CEO Rania Nashar chairs the action council for Women in Business created by the Business Twenty (B20), which is the official G20 dialogue with the business community. It represents the global business community across all G20 member states and all economic sectors.....


Azizi Developments has revealed that it has sold 81 percent of its inventory across its 54 ongoing projects in Dubai. The figure, correct as of the end of the third quarter of 2019, signifies a strong investor appetite for reasonably priced residences in Dubai’s high-growth corridors, the UAE-based developer said in a statement. It added that projects such as Aliyah in Dubai Healthcare City and Plaza in Al Furjan have yielded an average of approximately 90 percent of units sold prior to comple…


Abu Dhabi-based clean energy giant Masdar and Cepsa, a global energy and chemical company owned by Mubadala and The Carlyle Group, have announced an agreement to establish a joint venture company to develop renewable energy projects in Spain and Portugal. The 50:50 venture, which was announced at Abu Dhabi Sustainability Week 2020, will focus on developing wind and solar photovoltaic (PV) projects in the Iberian Peninsula, with an initial target of 500-600MW. In 2018, renewables accounted for 55…


2020-01-18

The Catalyst, the sustainability-focused accelerator supported by Masdar and BP, has announced three new companies for its second cycle of funding, training and mentorship. The announcement was made at Abu Dhabi Sustainability Week 2020, the region’s largest sustainability gathering, taking place this week in the UAE capital. According to a statement released by Masdar, all three start-ups will receive funding and training, access to The Catalyst’s mentor network, and office space at Masdar …


2020-01-18

The Emirate of Dubai's non-oil foreign trade volumes surged to 83 million tonnes in the first nine months of 2019, revealed Dubai Customs on Saturday. These figures represent an increase by 22 percent year-on year from 68 million tonnes during the same period in 2018. According to the customs authority, the volume of re-exports jumped 48 percent to 13 million tonnes, while exports rose by 47 percent (14 million tonnes) and imports grew by 13 percent (56 million tonnes). The Director-General of D…


2020-01-18

 New Asian Development Bank (ADB) president Masatsugu Asakawa assumed office yesterday, becoming the 10th president of the Manila-based multilat­eral bank since its establishment in 1966. Asakawa succeeds Takehiko Nakao who stepped down on Jan. 16. “I am honored to assume the role of ADB president and to begin working in close cooperation with our 68 member countries. ADB has been a trusted part­ner of the region for more than half a century, supporting strong growth that has improved the l…


2020-01-18

Roads and Transport Authority (RTA), in collaboration with Dubai Police General HQ, has held an awareness workshop about First Aid of Emergency Cardiac Cases. About 341 employees, including 147 citizens, took part in the event, which aimed to raise employees’ health education and equip them with the skills of handling such emergencies. “The workshop is part of our efforts to enrich employees with First Aid skills needed for handling cardiac conditions. It is a vital proactive step prior to t…


2020-01-17

CHO, one of the largest producers of olive oil in the southern Mediterranean, and IBM today announce that CHO is using IBM Blockchain to provide traceability for its Terra Delyssa extra virgin olive oil across eight quality assurance checkpoints, including the orchard where the olives were grown, the mill where olives were crushed, and the facilities where the oil was filtered, bottled, distributed, and more. Starting with its most recent harvest now being bottled, customers of Terra Delyssa…


2020-01-17

At the southernmost tip of Saudi Arabia, just a few kilometers from the Saudi-Yemeni border, is the verdant region of Jazan, blessed with its rocky mountain tops, green wadis, deep forests, hot springs and boundless fertile land. It is also home to the local Khawlani coffee bean. Although the Arabica coffee bean is well known, most people don’t associate it with Saudi Arabia. While the actual origin of coffee is debatable, the ancient tribes of the Khawlan, in reference to their great ancestor…


2020-01-17

In the first two weeks of the year the world teetered on the brink of war, with both the US and Iran exchanging a series of threats. It was certainly not the most pleasant of times for the GCC region. For a few days at least, many around the world worried about the ultimate outcome of a conflict between these two countries. However, this uncertainty did generate a certain enthusiasm among many gold investors. For as the tensions increased and missiles were fired, the value of yellow metal rose s…


2020-01-17

Egypt issued new regulations that appear to eliminate the need for mining companies to form joint ventures with the Egyptian government and to limit state royalties to a maximum 20%, measures long advocated by the private sector.The cabinet released a summary of the executive regulations to the mining law after its weekly meeting on Wednesday. The law itself was issued in August.....


Middle East Broadcasting Centre (MBC) aims to substantially increase investments into drama productions over the next two years, its CEO revealed as the company launched a new version of its streaming platform Shahid. MBC Group’s CEO Marc Antoine d’Halluin said investment would increase four-fold, of which the majority will be in original and exclusive content. “During the past 10 years, MBC has acquired and produced approximately 46,000 hours of Arabic-language entertainment content, valu…


UAE-based Al Ramz Corporation Investment & Development has acquired the market-making business of Shuaa Capital. The deal will see all staff and market-making activities transferred to Al Ramz, according to a statement. Mohammad Al Mortada Al Dandashi, managing director of Al Ramz Corporation, said: “Market-making is a core business in our strategy which we continue to develop and grow. For over two decades now, Al Ramz has played an integral role in developing the UAE markets, contributing to…


More than 50 percent of GCC working professionals say they did not receive a pay rise in 2019, according to new research by Hays. The latest Hays 2020 GCC Salary & Employment Report found 54 percent of salaries in the GCC region remained the same year-on-year in 2019, 41 percent increased and 5 percent decreased. Hays surveyed more than 6,800 employers and employees across the Gulf region asking questions about salaries and employment experiences in 2019, as well as their expectations for 2020..…


2020-01-17

Stevie Awards, known widely as the ‘business Oscars’, has announced an extension to the deadline for entries to its first Middle East Stevie Awards until 22nd January 2020, due to an overwhelming response from businesses looking to participate. The announcement was made by Stevie Award organisers and Ras Al Khaimah Chamber of Commerce and Industry, RAK Chamber, at a workshop attended by a number of nominees to introduce the award’s goals, the nomination terms and conditions and the applica…


South East Asia

2020-01-19

The United States, Japan and South Korea are keen to invest in Indonesia’s Natuna Islands as President Joko Widodo steps up efforts to rebuff Chinese claims over the resource-rich waters in the South China Sea. The countries are interested in building fisheries processing and manufacturing industries in Natuna, Coordinating Minister for Maritime Affairs and Investment Luhut Pandjaitan, told reporters in Jakarta on Friday. Indonesia can manage the sea dispute with China without going into a war…


2020-01-19

Malaysia Airports Holdings Bhd (MAHB) is planning various activities to attract more tourists into the country in conjunction with the Visit Malaysia 2020 (VM2020).   The airport operator yesterday kicked off its Chinese New Year (CNY) festive campaign with a theme inspired by a floating garden with the koi fish to bring luck and prosperity.     "We have sufficient allocations for our campaigns throughout this year not only for VM2020 but also the Asia-Pacific Economic Cooperation Summit in N…


Qatar Airways has announced a new route between Doha, Qatar, and Siem Reap with the scheduled service to commence in November this year The new Doha to Siem Reap route is the second flight that Qatar Airways operates in Cambodia, meaning the airline will have two liaisons, one linking Doha to Phnom Penh and the new one between Doha and Siem Reap. The route will initially be running five times per week according to the Cambodia Airports statement released....


CBRE, a commercial real estate services and investment firm have stated that the trend of using mixed-use development building has been increasing in the Kingdom, because of the rising land prices in the city centre. In the Commercial Business District, the current average land price is $4,700 per square metres. CBRE has said the use of mixed developments can be a combination of retail space, office space and residential or sometimes a combination of all three......


At least 7 firms have confirmed they will be listed on the local bourse this year, almost doubling the current companies listed at eight, according to the Cambodia Securities Exchange (CSX). Citing that it expects this rapid influx to draw more attention from the public to the country’s securities market. Of the seven firms, 4 will be equity- and 3 will be bond-insured, said CSX’s senior officials at a news conference on Cambodia Securities Outlook 2020 held....


Local business Cambodian Natural Gas Co Ltd and Chinese firm CNOOC Gas Power Group Co Ltd teamed up in importing liquefied natural gas (LNG) to distribute within Cambodia’s market. The company’s officers said the cooperation is to import the LNG to supply  demand in the local market, as the company focuses on hotels and restaurants in the first-step plan. Pheng Sros Choronei, administration officer at Cambodia Natural Gas, said yesterday that the LNG containers were shipped in from China an…


Angkor Resources (Angkor) has entered into an Earn-In-Agreement with a Canadian investment firm that will see the mineral exploration company earning close to $5 million in exchange for giving up substantial interests in its Oyadao North Licence located in Cambodia’s northeast province of Ratanakiri. A media release from Angkor two days ago stated the agreement will give Hommy Oyadao up to 70 percent of participating interest in exchange for payments amounting to $4.6 million. It means the mor…


Acleda Bank inked a partnership agreement with Wing (Cambodia) to launch the Fund Transfer and Payment Service Dr In Channy, president of Acleda Bank said he is delighted to be a strategic partner with the company. He said the partnership will enable the two companies to have a wider range of operational networks across the country to facilitate customer transfers and payment services faster, more conveniently and more securely.....


Tie-up holds potential to introduce more value-added services in the coming years as high technology takes over from hard cash As announced this week, Smart Axiata Co Ltd’s subsidiary SmartLuy will soon be merging with the country’s leading payment platform, Pi Pay Plc, according to a joint statement by both Smart and Pi Pay. The link is expected to strengthen Pi Pay’s operations with SmartLuy’s strong agent network and complemented by Smart’s subscriber portfolio and analytics capabil…


2020-01-19

OneSiam and ICONSIAM – two of Thailand’s world-class destinations and centres for the Kingdom’s retail and tourism – have together set aside over 100 million baht to prepare for the upcoming Chinese New Year celebrations in 2020. The goal is to encourage spending and boost the economy. Big events are being brought about for Thai shoppers and foreign visitors to experience the grandeur of the Chinese New Year festival in Thailand. OneSiam plans full-scale celebrations at Siam Paragon, Sia…


Indonesia will need to boost investment to ensure sustainable growth as household spending, currently the main driver of economic growth, is not expected to see any significant growth in the future, a senior economist has said. "Going forward, the challenge is to maintain economic growth and the key is investment," Standard Chartered economist Aldian Taloputra said at the bank's annual Global Research Briefing and Investor Forum in Jakarta.....


2020-01-19

The Finance Ministry is planning to stimulate domestic investment this year by lavishing more tax reduction incentives on entrepreneurs. "We've yet to come up with final figures but it will be more than the incentives we have offered before," Finance Minister Uttama Savanayana said on Saturday, adding the cabinet will have a final say soon on how generous the tax deduction will be.....


2020-01-19

The Trade Remedies Authority of Việt Nam on Friday announced that India has initiated an anti-dumping investigation concerning imports of viscose spun yarn originating in or exported from three countries, including Việt Nam, China and Indonesia. According to the notice of the India Ministry of Commerce and Industry’s Department of Commerce issued on Tuesday, the investigation was based on a complaint filed by the Indian Manmade Yarn Manufacturers Association. The association alleged that …


2020-01-19

HCM CITY  Vietjet on Thursday commenced its latest international route connecting Da Lat – the famous tourist destination in Vietam’s Central Highlands and Seoul – the capital city of South Korea, in a move to expand its network to Northeast Asia.  The airline offers four return flights weekly on the newest route. The flight departs from Da Lat at 5.10pm and arrives in 11.55pm (local time) while the return flight takes off from Seoul's Incheon airport at 2.30am (local time) and …


2020-01-19

    Date: 21 January 2020, Tuesday   Time: 4:00pm – 6:00pm   Venue: 32 Carpenter Street, Singapore 059911   Presented by SGInnovate   Partnered with Cambridge Quantum Computing and Centre for Quantum Technologies   As companies strive for or have (possibly) already achieved quantum supremacy, the global quantum technologies scene is set to be even more disruptive as we move into 2020. On the international scale, there is increasing interest in quantum technologies, leading to opportuni…


Philippine exporters are seen to gain more opportunities in 2020 on the back of strong support and commitment from both the government and the private sectors. This as the latest Philippine exports of goods and services grew by 5.1 percent year-on-year (YOY) to $25.0 billion in the third quarter of 2019 based on the Balance of Payment Manual 6 (BPM6) data from the Bangko Sentral ng Pilipinas (BSP). The 2019 third-quarter export growth performance was bolstered by an 8.6-percent YOY increase in s…


2020-01-19

A delegation composed of 24 Philippine companies is taking part in one of the world’s biggest trade shows for food and hospitality in United Arab Emirates next month. The Philippines’ participation  in these trade events will allow the country to get a bigger share in the growing halal market. The export promotions arm of the Department of Trade and Industry (DTI) said Philippine firms engaged in halal and organic food sectors are joining the 25th edition of the Gulf Food, Hotel and Equipme…


SUN LIFE OF Canada (Philippines), Inc. has hit its customer target one year ahead of its initial plan and is now looking at deepening its relationships with its existing client base for the next few years. “We achieved our target five million clients last December 2019, one year ahead of schedule. So Sun Life Philippines has more than five million clients as of today,” Sun Life Philippines Chief Executive Officer and Country Head Benedicto C. Sison said in a speech at the celebration of Sun …


2020-01-19

The Bangko Sentral ng Pilipinas (BSP) is optimistic the country would be able to achieve an “A” credit rating within the next two years as the government continues to push for more structural reforms and the development of infrastructure. In a press briefing, BSP Governor Benjamin Diokno said getting an A credit rating upgrade within two years would be an achievable feat for the Philippines. “With additional structural reform measures, and as long as the national government is able to impl…


Now that Washington and Beijing have a phase one trade deal, Mastercard could be a beneficiary in China These are good times for Mastercard, and they could get better. The "technology company", as the world's No. 2 credit card and payment processing firm likes to style itself, is slated to report another stellar year in two weeks' time, after three fine quarters last year.....