India

India’s insolvency resolution framework has truly arrived after a tortuous journey of three years. Banks will finally be able to keep out unscrupulous promoters with the law establishing the primacy of financial lenders on asset proceeds More than two years ago, the Reserve Bank of India ordered local banks to take Essar Steel and 11 other borrowers to ‘trials’ under a revamped bankruptcy law enacted in late 2016. The jury is finally out on India’s most significant piece of bad loan legi…


The affidavit states that PMC Bank had submitted fraudulently manipulated data to RBI for sample checks In a detailed affidavit filed before the Bombay High Court on Tuesday, the Reserve Bank of India (RBI) has virtually admitted that it was 'cheated' by the management of the scam-hit Punjab and Maharashtra Cooperative (PMC) Bank.The affidavit, filed by Rajlaxmi Sethi, Assistant General Manager, Department of Co-operative Bank Supervision, RBI, states that PMC Bank had submitted fraudulently man…


Defence production and R&D will not make the desired leap unless MoD proactively supports the private sector in manufacturing and R&D, and revamps the DRDO. It is time the MoD tapped the entrepreneurial energies of the private sector to bridge the... Read more at://economictimes.indiatimes.com/articleshow/72136590.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst


The move will result in significant savings in cost and time and help further improve India's ranking in the World Bank's Ease of Doing Business index Indian Customs could see consignment clearance time fall from 12 hours to 12 minutes. The government is set to introduce a seamless automated facility with zero human intervention next month, using blockchain, machine learning, and artificial intelligence. Machine clearance will initially be introduced for select importers; 3,800 of them accredite…


The companies include Haldiram's Snacks, JK Cement (Aligarh), Silverton Pulp and Papers and SLMG Beverages The Uttar Pradesh government on Tuesday picked seven companies to offer concessions under a policy that encourages industries that generate employment. The companies will invest a total of Rs 2,862 crore in the state and offer jobs to 7,592 people, a government statement said. At its meeting, the UP cabinet approved a proposal to send letters of comfort to the seven companies, indicating th…


2019-11-20

 Reliance Industries Ltd., run by Asia’s richest man Mukesh Ambani, has eclipsed BP Plc to break into an elite club of energy supermajors. The Indian conglomerate’s market capitalization was about $133 billion, overtaking the British energy giant’s $132 billion value at the close of trading on Tuesday. Reliance’s shares have increased at three times the pace of India’s benchmark index this year after its billionaire owner in August announced plans to cut the company’s net debt to ze…


Six Tata trusts had their registrations cancelled & will now challenge the order before ITAT The six Tata trusts that had their registrations cancelled by the income tax department in October will challenge the order before the Income Tax Appellate Tribunal (ITAT), arguing that they collectively hold less than 10% of Tata Sons, the conglomerate’s holding company. Top trust officials close to the development said the six entities did not breach the objectives listed in the trust deeds as claime…


The latest Road Accidents report shows that 1,51,417 people died on Indian roads in 2018. If the new Motor Vehicles Act is implemented strictly, that number will plummet It is unlikely but not inconceivable that some day, Indians will watch a late evening television address by their Dear Leader telling them that at the stroke of the midnight hour, when the world sleeps, they will have to start driving on the right side of the road. Perhaps, this shift will come about because the Communists woul…


State govt cancelled clean energy projects in July, citing wrong bidding Leading global financiers have warned the Indian government, through the Ministry of External Affairs (MEA), that they might drag Andhra Pradesh (AP) to international arbitration for cancelling clean energy projects. These were scrapped by the state government in July, citing wrongful bidding. Sources in the government said several countries had reached out the MEA, expressing concern and indicating global legal action if t…


The Reserve Bank is closely monitoring the situation at the bank and a forensic audit is underway, governor Shaktikanta Das had said earlier amid persisting uncertainty over depositors' funds Senior officials of scam-hit PMC Bank used special codes to hide hundreds of dummy loan accounts of HDIL, to which the bank had over 73 per cent of its loan exposure, the Reserve Bank informed the Bombay High Court on Tuesday. In an affidavit, the RBI also said of the 1,800 employees of Punjab & Maharashtra…


2019-11-20

In its avatar as a bank, microlender Bandhan Bank Ltd has managed to give investors enough to cheer. Its operating metrics have been robust and analysts expect the acquisition of Gruh Finance Ltd to add to its growth rate. For the September quarter, Bandhan Bank reported a 38% growth in net profit on a sequential basis. It now boasts profits higher than all listed public sector banks put together. The acquisition of Gruh Finance, although costly, has diversified Bandhan Bank’s loan book. Mo…


National retail framework for small stores on cards The proposed exercise is aimed at consistency, simplification & low compliance burden to cuty costs India is preparing a national retail framework for small neighbourhood stores to ensure they can better cope with competition from ecommerce platforms, which have been gaining ground. The programme could include one-time registration fees, soft loans for working capital and support to adopt electronic payments.“Work has started on a national fr…


2019-11-20

Broker's call: Gabriel India (Sell) In Q2-FY20, Gabriel India’s revenue declined by 12.7 per cent y-o-y to ₹472.70 crore on account of 39 per cent/27 per cent y-o-y decline in PV and CV segments. However, 2W revenue grew by 3 per cent y-o-y. Growth in two-wheeler segment was on account of increase in market share of TVS and addition of other successful models like Jawa, RE twin models and Suzuki models.....


2019-11-19

The number of Indian tourists travelling to the GCC is expected to increase 81 percent from 5.4 million in 2018 to 9.8 million in 2024, growing at a Compound Annual Growth Rate, CAGR, of 10 percent, according to the latest data published ahead of Arabian Travel Market, ATM, 2020. As destinations throughout the Middle East prepare to showcase their latest offering at ATM 2020, which is set to be held at the Dubai World Trade Centre in April 2020, Colliers International predicts more than 20 perce…


Most highly rated companies are enjoying rate benefit of more than 150 basis points in their working capital raised from the market The working capital cost for India’s top-rated companies has fallen significantly since the IL&FS-induced credit crisis a year ago. They are now raising money very close to the overnight repo rate, as liquidity improves in the banking system to more than Rs 2.5-trillion surplus. Rates on AAA-rated papers up to one year have fallen from 8.51 per cent on November 27…


The idea is to promote modern agricultural practices and marketing methods among smallholder farmers to help them become agri-entrepreneurs and running their own Better Life Farming centres to empower their local farming communities Bayer CropScience, one of the leading crop protection sciences and seeds companies operating in India, has launched Better Life Farming, an initiative to empower 2.5 million Indian smallholder farmers by 2025 through 5,000 agri-entrepreneurs in horticulture, corn and…


2019-11-19

The implementation of the goods and services tax (GST) in a large and diverse federal country ruled by different political parties is a remarkable achievement. Almost all the 166 countries that have implemented GST in one form or the other have taken considerable time to stabilize the value-added tax that has been seen as a money machine and an appropriate instrument to offset revenue losses from reducing tariffs. In India, the tax has been evolving over the last 27 months. This is a good time…


Huge discounts and extended warranty have attracted consumers looking for value buys Maruti SuzukiNSE -0.42 % is witnessing a sudden surge in demand for its diesel models, compelling the maker of the Vitara Brezza and Dzire to ramp up production of some of the variants that it plans to phase out before the new emission standards come into effect in April.Huge discounts and extended warranty that the company is offering to clear the inventory of Bharat Stage-IV variants have attracted consumers l…


Domestic airlines flew 1.23 crore passengers in October this year registering a 4 per cent growth over 1.18 crore passengers flown in October 2018. The latest data released by the Directorate General of Civil Aviation shows that IndiGo carried 58.42 lakh of the 1.18 crore passengers flown in October this year followed by SpiceJet (20.05 lakh) and Air India (15.47 lakh)......


A steel producer said lower prices would hopefully support the auto sector For the automobile sector reeling from slowdown, there could be some breather from steelmakers lowering contract prices by 11-14 per cent for the second half (H2) of the financial year (2019-20 or FY20). Some have already sealed half-yearly contracts for the auto segment; others are in the process of finishing them. “The auto industry is an important stakeholder for the steel industry. It is important for us to suppor…


Middle East

2019-11-20

The Registration Authority of Abu Dhabi Global Market (ADGM) and the Ras Al Khaimah International Corporate Centre (RAK ICC) have signed an agreement that intends to advance business operations between Abu Dhabi and Ras Al Khaimah by exchanging insights on matters of common interest and enhancing secondment opportunities in both jurisdictions. The Statement of Co-operation (‘Agreement’) was signed by Mr. Dhaher bin Dhahr Al Mheiri, CEO of ADGM Registration Authority and Dr. Sameer Al Ansari,…


2019-11-20

Art Nights to feature the first ever 3D-printed art installation in the Middle East Eclectic and vibrant art pieces by local UAE talent and international artists to transform Dubai’s 8th ranked international financial centre to outdoor art gallery Biggest lifestyle event, reinforces DIFC’s commitment to recently announced Dubai’s Culture and Arts strategy The popular DIFC Art Nights will return bigger than ever to the Dubai International Financial Centre (DIFC), the global 8th ranked inte…


2019-11-20

“Be Part of Dubai” initiative launched by Dubai Chamber, General Directorate of Residency and Foreigners Affairs (GDRFA) Dubai Free Zone Council Dubai Chamber of Commerce and Industry (Dubai Chamber) has announced that it has signed a memorandum of understanding (MoU) with the General Directorate of Residency and Foreigners Affairs (GDRFA) and Dubai Free Zone Council to launch the “Be Part of Dubai” initiative which will see prominent businessmen receive UAE Golden Residency Visas. The M…


2019-11-20

The Emirates Group and GE Aviation, the world-leading provider of jet and turboprop engines, have signed a Memorandum of Understanding (MoU) to extend GE’s development and leadership training programmes to UAE National employees at the Emirates Group. The MoU was signed at the Dubai Airshow by Nasser Bin Kherbash, Emirates’ Divisional Senior Vice President, HR Development and Customer Service and Aziz Koleilat, Vice President of Sales, MENAT Region, GE Aviation, in the presence of Adel Al Re…


2019-11-20

The facility supports working mothers with children experiencing emergency cases HE Mattar Al Tayer, Director-General and Chairman of the Board of Executive Directors of Roads and Transport Authority (RTA) has opened Mother & Child Corner coinciding with the Universal Children's Day (20 November 2019). The initiative contributes to the corporate resiliency and empowerment of working women through nurturing an exceptional working environment for them to do perfect jobs.  “Establishing Mother &…


Oman-based low-cost carrier Salam Air is looking to expand its network into Europe, the Far East, India and Africa after signing a lease deal for two longer-range aircraft. The airline has signed a lease agreement with GE Capital Aviation Services (GECAS) for two new A321Neo, which has the capability to be operated on medium-haul routes. With A321Neo possessing a flying range of over 6.5 hours, Salam Air said it can now connect Muscat and Salalah to Europe, Far East, Indian sub-continent and Afr…


Riyadh will become a "phenomenally attractive" city in which to live, to work and to visit under multi-billion plans to transform the Saudi capital, according to an international expert. A panel of prominent experts from various academic and professional fields made the conclusion at a symposium on Riyadh’s plans to become a world-class sustainable city. The symposium, hosted by The Royal Commission for Riyadh, centred on four wellbeing projects – King Salman Park, Green Riyadh, Riyadh Art, …


2019-11-19

Dubai Islamic Bank PJSC, DIB, successfully closed a US$%750 million 5-year Sukuk with a profit rate of 2.950 percent per annum, which is equivalent to 140bps over the 5-year Mid Swap Rate. The transaction is DIB’s second foray into the international capital markets in 2019, the first being a $750mn Additional Tier 1 Sukuk priced earlier this year. The Sukuk’s profit rate of 2.95 percent is the tightest achieved by an FI Sukuk in 2019. DIB is rated A3 by Moody's and A by Fitch (both stable). …


2019-11-19

The number of Indian tourists travelling to the GCC is expected to increase 81 percent from 5.4 million in 2018 to 9.8 million in 2024, growing at a Compound Annual Growth Rate, CAGR, of 10 percent, according to the latest data published ahead of Arabian Travel Market, ATM, 2020. As destinations throughout the Middle East prepare to showcase their latest offering at ATM 2020, which is set to be held at the Dubai World Trade Centre in April 2020, Colliers International predicts more than 20 perce…


2019-11-19

The Ministry of Finance, MoF, stated that issuing Decree-Law No. (19) of 2019 on the Insolvency of Natural Persons affirms the UAE’s leading position in building a legislative and legal system that strengthens the financial and economic stability of the nation. The ministry added that although important, independent legislation dealing with the insolvency of a natural person through specialised independent legislation is rare. The confirmation came during a media briefing held by the ministry …


2019-11-19

High-performance car maker W Motors joins Nasdaq Dubai to accelerate its expansion  Maker of supercars and the Ghiath Dubai Police car will enhance relationship with its investors through link to region’s international exchange  W Motors is the first private company to deposit shares in Nasdaq Dubai CSD   W Motors announces the launch of W Motors Automotive Group Holding Limited, a DIFC established company Dubai-basedW Motors today teamed up with Nasdaq Dubai,as the first manufactur…


2019-11-19

Holographic aircraft, personalised aviation journeys, futuristic fuselages, and exciting interactive experiences await Expo 2020 visitors With just under one year to go until Expo 2020 Dubai, billed as “the world’s greatest show”, Emirates airline is lifting the lid on the futuristic, interactive technologies and experiences in store for visitors at its Expo 2020 pavilion. Emirates has been working with academics and its industry partners in aviation and aerospace, to create and carefully…


2019-11-18

Agricultural development and environmental sustainability in Saudi Arabia will receive a boost in the coming years, thanks to a new agreement between the International Center for Biosaline Agriculture (ICBA) in Dubai and the Saudi Ministry of Environment, Water and Agriculture. The agreement aims to enable Saudi Arabia to achieve its goal of preservation and sustainable management of its natural resources by raising the quality of biosaline agriculture research and systems. The ministry says tha…


2019-11-18

Defectless, a six-month-old lifestyle brand, is inspired by revealing hidden beauty. It started by highlighting the diversity of Saudi Arabia’s landscape. Unlocking the once-hidden treasures and memorializing them into contemporary and sustainable art pieces.“I want to create pieces that are not only aesthetically beautiful, but that tell stories of people and places and inspire human progress,” 24-year-old artist Miraim El-Maoula told Arab News.“That is why I am so inspired by what’s …


2019-11-18

 Investment professionals and energy experts delivered a mainly enthusiastic response to the pricing of shares in Saudi Aramco and the overall valuation of the biggest oil company in the world at between $1.6 trillion and $1.7 trillion. Al Mal Capital, a Dubai-based investment bank, said that it was positive on the Aramco initial public offering (IPO) on that kind of valuation, which it said was justified by the financial metrics. “We believe Aramco’s IPO is a central pillar of Saudi Arabia…


2019-11-18

New rotorcraft terminal to be established in Dubai next year in proximity of Expo 2020 supporting helicopter transport operations to and from the site The innovative concept will bring similar comforts and services to a private airport and will also open new point-to-point opportunities   The AW609 tiltrotor will be on display beside the terminal showing the unique advantages of the world’s fastest commercial rotorcraft paving the way for a new era in point-to-point connections    Leonardo…


Etihad Airways and Boeing on Monday announced a first-of-its-kind "eco partnership", in which a specially-themed Boeing 787 Dreamliner will be used to test products, procedures and initiatives designed to reduce aircraft carbon emissions. The Etihad Greenliner, to be introduced early next year, will be used by both companies to explore and assess environmental sustainability initiatives while the aircraft operates scheduled services across the airline’s network. Other stakeholders, from equipm…


2019-11-18

Roads and Transport Authority (RTA) and Majid Al-Futtaim (MAF) Group recently renewed their partnership for the naming rights of Mall of the Emirates and Deira City Centre Metro Stations. The renewal is a clear testament of the benefits reaped by both parties over 10 years of a fruitful partnership.  Abdul Mohsen Ibrahim Younes, CEO of RTA’s Rail Agency was delighted with the extension of the partnership agreement following a decade of success since the naming of Mall of the Emirates and Deir…


2019-11-18

Airbus is considering the production of a corporate jet "based on A380," the world's largest passenger airliner, according to a top company official. The aerospace and defence giant announced earlier this year that it will stop deliveries of double-deck A380 in 2021. "It’s a question of having an aircraft that is efficient and having to fill it in [with passengers] ... Today, the A380 is doing a great job. There is a possibility of having a corporate jet based on A380 one day," David Velupilla…


2019-11-18

Announcement made during H.E. Al Hashimy’s address at 5th Global Business Forum Africa in Dubai  Dubai Chamber to host 33 events during Expo 2020, including 30 Country Focus Briefings, the next editions of GBF Africa and GBF Latin America and the first GBF ASEAN  H.E. Buamim: We look forward to hosting several high-level forums and events during Expo 2020 that will offer an ideal platform for facilitating business exchange and cross border cooperation   Dubai, UAE: Dubai Chamber of Co…


South East Asia

2019-11-20

The US group Archer Daniels Midland (ADM) inaugurated an animal feed plant in the northern province of Ha Nam on November 19.The plant, built on 4.6 ha at Hoa Mac industrial park, Duy Tien district, mainly produces feed for pigs, poultry and rabbits.Pierre Duprat, president of ADM's Animal Nutrition business, said the building of the plant is part of the group’s strategy of expanding to key breeding areas in the north of Vietnam with convenient access to seaport facility services.The plant…


2019-11-20

The age of second-hand aircraft imported into Vietnam is among new regulations in the Government’s Decree The age of second-hand aircraft imported into Vietnam is among new regulations in the Government’s Decree 89/2019/ND-CP which amends and supplements some articles in Decree 92/2016/ND-CP regarding conditions in the civil aviation.For passenger transportation, the age of a used aircraft must not exceed 10 years counting from the release date to the date it is imported into Vietnam un…


2019-11-20

National flag carrier Vietnam Airlines has won the 2019 ICT Award from the Asian-Oceania Computing Industry Organisation (ASOCIO) for its outstanding achievements and important contributions to the development and application of information technology in operation and services The carrier was the only Vietnamese enterprise to be honoured at the ASOCIO ICT Awards, which were presented at the ASOCIO-PIKOM Digital Summit in Kuala Lumpur, Malaysia last week. The ASOCIO ICT Awards are leading prestig…


2019-11-20

The 2019 Vietnam Furniture and Home Furnishing Fair will be held in HCM City from November 28 to December 1 to promote locally made wooden furniture, home decor and handicrafts.... Read more at http://vietnamnews.vn/economy/548670/annual-furniture-fair-targets-domestic-market.html#c6ymAvoEfAQpdWds.99


2019-11-20

With strong commitments and impactful activities, Nestlé for Healthier Kids aims to improve the nutritional status and physical stature of Vietnamese children To kick off Nestlé for Healthier Kids in the 2019-2020 school year, a special programme for primary students to improve nutrition knowledge and strengthen physical activity was held on November 16 at Tong Phan Primary School, Hung Yen province, attracting more than 300 students from five primary schools in the province. The programme fea…


2019-11-20

The limit for foreign investors’ ownership in Vietnamese air transport businesses will be increased to 34 percent from the current level of 30 percent, according to the Prime Minister’s decree signed last week The limit for foreign investors’ ownership in Vietnamese air transport businesses will be increased to 34 percent from the current level of 30 percent, according to the Prime Minister’s decree signed last week. Decree 89/2019/ND–CP, revised from Decree 92/2016/ND–CP issued …


While on her way to a meeting at the Laguna Technopark, Trixie Whyte was approached by a lady in the parking lot who expressed her gratitude because she was given a chance to work again when a giant pharmaceutical company hired her for a supervisory position. She told Whyte that her family would be in dire straits if her company, Q2 HR Solutions, did not give her that job opportunity.   The lady is just one of the thousands of individuals who were deployed by Q2 HR Solutions in various position…


VISTA LAND & Lifescapes, Inc. (VLL) is partnering with Japanese real estate developer Mitsubishi Estate Co., Ltd. to develop a mixed-use condominium in Taft Avenue, Manila. The Villar-led homebuilder said in a statement yesterday it signed an agreement with Mitsubishi Estate to form a 60-40 joint venture for the project. The deal involves VLL’s vertical development arm Vista Residences, Inc. and Mitsubishi Estate’s subsidiary Mitsubishi Estate Residence Co., Ltd. The joint venture company wi…


2019-11-20

Regent Foods Corp. is mulling moving its plant away from Pasig City, amid labor row with its employees backed by its Mayor Vico Sotto. Sotto on Sunday urged the snack corporation to rethink pushing the case against striking workers if they want to “have a healthy relationship” with Pasig City. "Moving forward, RFC may simply accept its fate that the Pasig City Administration will unjustly make life hard for it and its 400-strong workforce, and contemplate simply bringing its business elsew…


THE Radisson Hotel Group (RHG) is pursuing partnerships with other hotel property owners in a bid to expand its footprint in the Philippines. In a press briefing Tuesday, Andre de Jong, vice president for Operations, Southeast Asia and Pacific for the RHG, said, “We’re open to conversations with the right partners for the right opportunities.”....


A LENDER is looking to join the virtual banking race in the Philippines, according to Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier. “There’s one right now na (that is) currently engaging the BSP but I cannot disclose the name,” Ms. Fonacier told BusinessWorld in an interview on the sidelines of the Asian Bankers Association Conference on Friday when asked about the development. She added that the lender is also looking to offer retail banking, just like the two …


2019-11-20

Malacanang said Tuesday that online casinos in the country should be taxed, adding that the Duterte administration will not be stopped from collecting what is due to the government. The Bureau of Internal Revenue has already been going after Internet-based gambling companies, locally known as POGOs for Philippine offshore gambling operators, for alleged tax evasion. But in an opinion given to the Philippine Amusement And Gaming Corp. and the BIR, the Office of Solicitor General argued that POGO…


AS haze blanketed large tracts of Southeast Asia last month, office workers with Genting Plantations Bhd. in Jakarta were investigating the source of the choking smoke more than a thousand kilometers away. Images collected from drones flying up to 400 meters (about 1,300 feet) above Genting’s oil palms help the company spot fires in remote and inaccessible areas. It’s part of a technology drive catapulting palm oil, the world’s most-consumed vegetable oil, from dependence on manual labor t…


THE HEALTH CARE information sector has tempered its targets with the rest of the information technology and business process management (IT-BPM) industry after the overall sector recalibrated its targets due to a growth slowdown in recent years. Despite this, the subsector continues to have a higher growth rate compared to the rest of the industry, which it attributes to demand brought about by the growing aging population abroad. The Healthcare Information Management Association of the Philippi…


2019-11-20

The country posted a Balance of Payments (BOP) surplus for the fourth straight month in October as more remittances flowed into the country ahead of the Christmas season, the Bangko Sentral ng Pilipinas (BSP) reported yesterday. The country’s BOP position recorded a $163-million surplus in October, reversing the $458-million deficit recorded in the same month last year. BSP Governor Benjamin Diokno said the latest figures reflected the increase in the government’s net Read more at https://ww…


Commercial real estate transaction volumes for the Asia Pacific region have hit a new high of US$128 billion year-to-date, according to JLL.  Transaction volumes for the period of July to September climbed 18 per cent year-on-year to US$42 billion, representing the best Q3 performance on record. It also represents a 10 per cent increase in volume versus 2018’s figures.  This was in part driven by robust recovery in Singapore where year-to-date activity stands at an all-time high. The office …


Businesses in Singapore can look forward to more opportunities for collaboration as Mexico looks to Asia for partners in sectors like infrastructure and technology. Elizabeth Neo reports.Read more at https://www.channelnewsasia.com/news/business/opportunities-for-singapore-businesses-as-mexico-looks-to-asia-12108394


TWO co-founders of fintech startup GoBear have resigned and will leave by the end of the year, and the company is to close down its Indonesia operations just about a year after expanding to that market, The Business Times has learned from sources. GoBear chief executive...


2019-11-20

The economic corridor from Kuala Lumpur to Johor will likely run parallel to the HSR’s alignment. Whilst the fate of the massive Kuala Lumpur-Singapore High-Speed Rail (HSR) hangs in the balance as the neighbouring governments sort out cost issues, the proposed establishment of an economic corridor stretching from Kuala Lumpur to Johor in Peninsular Malaysia could provide tailwinds to the rail project, according to Fitch Solutions. The Malaysian government plans to implement the proposal nex…


2019-11-20

It has not disclosed if it will seek a retail or wholesale licence. Bloomberg reported that Ant Financial Services Group, China-based fintech operating Alipay and owned by billionaire Jack Ma, said it may apply for a virtual banking licence in Singapore. "We are actively looking into this opportunity," Ant Financial said in an emailed response to questions from Bloomberg News.....