India

Carmakers concentrated on reducing inventory while factory production was lesser this month due to holidays, and November auto sales fell below estimates as a result India’s two largest carmakers — Maruti Suzuki and Hyundai — are looking to ramp up production in December as they see strong signs of demand sustaining even after the festive season. Carmakers concentrated on reducing inventory while factory production was lesser this month due to holidays, and November auto sales fell below e…


The RBI has advised HDFC Bank to temporarily stop all launches of the digital business generating activities planned under its program Digital 2.0, other proposed business generating IT applications and new credit card issuance HDFC Bank new CEO Sashidhar Jagdishan today said that the second largest bank in the country is working on war footing to strengthen its systems. "Some of our strategic digital initiatives to improve the front-end digital experience, improve digital origination, straight…


The funding will be deployed towards new product development and customer acquisition Wealthtech company Fisdom on Thursday announced to have raised $7 million in a new round of funding. The funding round was led by PayU with participation from existing investors Quona Capital and Saama Capital. The funding will be deployed towards new product development and customer acquisition. The company will also look at acquisition opportunities that would add to its product portfolio.....


On Wednesday, airline said it is operating 1,000 daily international and domestic flights In an apparent sign of recovery of the aviation sector from the Covid-19 pandemic, India’s largest airline IndiGo has eliminated Leave Without Pay (LWP) for all employees which was introduced since April to control costs. The airline took this decision on a day when the government has allowed airlines to utilise 80 per cent of their pre-Covid capacity as the number of passengers taking the flight contin…


The investment in a core infrastructure sector will accelerate the wheels of economic activity and aid the kickstart of the private investment cycle, says Kumar Mangalam Birla, Chairman, Aditya Birla Group Aditya Birla group's flagship cement company, UltraTech Cement, on Thursday announced Rs 5,477 crore investment towards 12.8 million tonnes per annum (MTPA) capacity expansion. The investment in the infrastructure sector will boost economic activity and kickstart the private investment cycle,…


2020-12-04

The nephew has just begun to earn. The euphoria of the first salary. The joy of living at home and seeing almost the entire money sit warmly in the bank account. Checking every five minutes to see that indeed the balance reads what it did five minutes ago. But he is Gen Z and is eager to do more with his money than his elders were at his age. He’s seen his aunt all over social media. He’s seen her book at airports. He’s heard some good stuff about making your money work for you. So, he com…


The final contours of the Covid-19 vaccination programme are taking shape. After healthcare and frontline workers such as police, armed forces and municipal workers, the third category to be vaccinated is likely to be people over the age of 50, followed by those who are below 50 but suffer from co-morbidities.....


South African media and Internet investment company Naspers has been investing in India since 2006-07 when the Internet ecosystem barely existed. While the initial years were a struggle and largely unsuccessful, the experience of being in the market early has helped the company to not only engage with the local entrepreneur here but also to understand the market potential. Naspers has invested nearly $4 billion in India over the last five years and is hungry for more. BusinessLine spoke with N…


2020-12-04

Uptick in economic activities have fuelled the demand for such vehicles Demand for medium and heavy commercial vehicles (MHCV), particularly heavy trucks weighing 16 tonnes or more, has started picking up, three senior industry executives told Mint, thanks to greater manufacturing, freight transport, and government investments in infrastructure.....


 Tata Sons is seeking up to $1 billion in overseas loans to set up a globally scalable mobile phone and component contract manufacturing plant in Tamil Nadu that will start by making iPhone parts, said people aware of the plan.This is part of group chairman N Chandrasekaran’s bid to woo mobile makers such as Apple to alternative production sites in India as they seek to diversify out of China, they said.....


Middle East

2020-12-04

Dubai is full of expensive kids’ entertainment options but, when they’re little, all they really need is some space to run around, a bit of fresh air, and a few swings and slides.     While there are many parks dotted across the emirate, it’s not always easy to tell what they’re going to be like: Is there ample parking? Are there toilets? Is there anywhere to buy food? Does it charge an entry fee? Is it good for my toddler or better for an older kid?


2020-12-04

Excellences, Ladies and Gentlemen,     Thank you for joining us today. Dubai Economy is indeed proud to honour the winners of the 2019 cycle of the Business Excellence Awards. This ceremony is also a reaffirmation of our commitment to continue the excellence journey in Dubai past all barriers, and realise the vision of the UAE to be among the best countries in the world. I take this opportunity to express our gratitude to His Highness Sheikh Mohammed bin Rashid al Maktoum, UAE Vice Preside…


2020-12-03

SABIC, the Riyadh-headquartered global chemicals company, has launched two new products aimed at the lucrative personal care and hygiene sector. The two polyethylene glycol products — SAPEG 400/600 PH — are non-irritant and odorless liquids that can be used in pharmaceutical preparations for consumer items such as cosmetics, creams, toothpaste and soap....


2020-12-03

The Prince Mohammed bin Salman bin Abdul Aziz Foundation “MiSK” has announced a strategic investment of SR813 million ($216.5 million), acquiring 33.3 percent of Japanese video game hardware and software company SNK....


2020-12-03

The Ministry of Commerce suspended some provisions of the Companies Law, and granted the commerce minister the necessary powers in this regard. According to the ministry, some exceptions from those provisions are as follows:......


2020-12-03

The Minister of Human Resources and Social Development will issue soon the executive regulations of the Labor Reform Initiative (LRI), Sattam Alharbi, Deputy Minister for Inspection and development of work environment, was cited by Saudi Press Agency as saying....


2020-12-03

Dur Hospitality Co. opened Holiday Inn & Suites four-star hotel in Jubail Industrial Zone, Jubail City, the firm said in a bourse filing. The hotel, located near a beach and business district, comprises 144 rooms and a number of suites that cater to the need of long-term guests. It also includes cafes, restaurants, a spa and meeting halls....


2020-12-03

The governor of the Saudi Central Bank on Wednesday revealed measures taken by the Kingdom to combat the “risks and threats” posed by financial crimes during the coronavirus pandemic.  Speaking at the opening session of the 12th Annual Forum for Compliance and Combating Money Laundering, Ahmed Abdulkarim Al-Kholifey said that Saudi Arabia had acted on a number of cases of money laundering, corruption and financial fraud.....


2020-12-03

The mining sector in Saudi Arabia is witnessing major changes to achieve one of the most important goals of Vision 2030, which is to diversify the resources of the national economy and make it the third pillar of the local industry, along with oil and petrochemical industries, Al-Eqtisadiah newspaper quoted Khalid Al-Mudaifer, vice minister of industry and mineral resources for mining affairs, as saying.....


2020-12-03

Dubai International (DXB) has added a new member to its airline family with the historic arrival of Israeli carrier Israir’s inaugural flight from Tel Aviv on Tuesday. Flight 6H 663, which departed Tel Aviv-Yafo at 10.00 AM local time arrived at DXB at 5:10 PM UAE time on Tuesday with 166 passengers onboard, making Israir the first Israeli carrier to operate a commercial flight into Dubai. Israir’s inaugural flight is part of a broader engagement between the UAE and Israel to further peace, …


South East Asia

Deutsche Post DHL Group, the Bonn-based global transport and logistic giant, is increasing its workforce in Singapore.   Delivery and shipment volumes have already risen to unprecedented levels as economies worldwide recover from the shock of the coronavirus pandemic, DHL Express chief executive officer John Pearson and DHL Express Singapore managing director Christopher Ong told The Straits Times on Thursday (Dec 3).....


Singapore’s factory activity in November expanded for the fifth consecutive month but at a slower rate than the previous month, as demand continued to improve amid the COVID-19 pandemic.....


Rising competition from SEA also adds impetus to a union THE dominance of Grab over archrival Gojek outside of Indonesia may have become more obvious with Covid-19, and this may be a key factor spurring both South-east Asian unicorns closer towards a union, industry observers said. Furthermore, a global tech rally has likely...


Non-professionals, managers, executives and technicians (PMETs) experienced a higher jobless rate compared to PMETs, as industries more affected by COVID-19 had a greater concentration of non-PMETs, latest data from the Ministry of Manpower (MOM) showed. .....


Boom in cellphone use, digital platforms seen as cost-efficient way to reach consumers; exit of some players has prompted others to enter market THE Covid-19 crisis has thrown Singapore into its worst recession since independence. But it has also ignited the biggest spark of small business formation in crisis times. The Business Times found that the Republic has seen a mushrooming number of businesses formed over......


The income of Singaporeans and permanent residents took a hit not felt since 2004 because of the Covid-19 pandemic, according to advance estimates released by the Ministry of Manpower (MOM) on Thursday (Dec 3). The nominal median income for residents - that is, Singaporeans and PRs - dipped by 0.6 per cent to $4,534 over the year to June, down from $4,563 last year....


2020-12-03

2020 will be the year Yangon River accommodates the largest vessels in its history in terms of size and draft as a result of improved waterways in the river, said Win Myint Aung, Deputy Director-General of the Myanmar Port Authority (MPA). "This year will be the best year in the history of the Yangon River, as it will be the year when the longest ships will start docking at the deepest part of the river," said Win Myint Aung. The draft of a ship's hull is the vertical distance between the waterl…


2020-12-03

Myanmar will begin exporting watermelons to Dubai and Qatar this week, said U Naing Win, Chair of the Myanmar Watermelon and Muskmelon Exporters and Producers Association. The move will help Myanmar diversify beyond China, where most of the country's locally produced watermelons are now being exported to. If sustainable, this will benefit local farmers as it will enable them to reduce the risks of price volatility as a result of fluctuating Chinese demand......


2020-12-03

Myanmar is building new power stations that will contribute a total of 500 kilovolt amperes (KV) to the national grid in fiscal 2020-21, said U Win Khaing, Minister for Electricity and Energy. Construction of the Eastern Grid, Western Grid, Southern Grid and Northern Grids are underway. The four grids will support the existing fully loaded 230 KV power lines and enable more electricity to be transmitted across the country as more power is generated over the next years......


2020-12-03

Myanmar welcomes Japan’s offer to invest in the Dawei Special Economic Zone project in Tanintharyi Region, according to the Dawei SEZ Management Committee. An official reply from the Ministry of Foreign Affairs has been sent to Japan. Japan on November 5 offered to invest in the long delayed Dawei SEZ, expected to be Southeast Asia’s largest industrial zone, on a government-to-government level. A letter was sent to both the Myanmar and Thai governments indicating its interest to participate …