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India
In the week ending September 27, 2024, the reserves reached an all-time high of $704.885 billion. India’s foreign exchange reserves (FER) may see another year of robust accretion in FY25, supported by overseas inflows into the equity and bond markets, remittances by Indians employed overseas, and NRI deposits, say economists....
Bakul Patel, Senior Director of Global Digital Health Regulatory Strategy at Google, discussed the company's commitment to expanding its presence in India by integrating health features into platforms Technology giant Google has announced that the Ayushman Bharat Health Account (ABHA) ID — a digital health ID providing access to healthcare services and personal health records in India — will be available on Google Wallet next year. In an interview with Business Today, Bakul Patel, Senior Dir…
Prime Minister Modi, during his visit to Maharashtra, will disburse the latest instalment of NaMo Shetkari Mahasanman Nidhi Yojana totalling ₹2,000 crore Prime Minister Narendra Modi will launch several initiatives related to the agricultural and animal husbandry sector worth around ₹23,300 crore on Saturday during his Maharashtra visit. He will also disburse the 18th instalment of the PM-KISAN Samman Nidhi worth about ₹20,000 crore to around 9.4 crore farmers from Washim in Maharashtr…
TEMASEK is in talks to buy a minority stake in Haldiram Snacks, sources familiar with the matter said, a transaction that may value India’s biggest snack maker at about US$11 billion. The Singapore investment company is holding preliminary talks to buy from 10 to 15 per cent in Haldiram, the sources said, asking not to be identified because the matter is private.... More https://bit.ly/4eRwR3T Via businesstimes.com
Says deficit to decline further from 5.6 per cent of GDP in FY24 (provisional actuals) to 4.9 per cent in FY25 Finance Minister Nirmala Sitharaman on Friday said the upcoming decades will witness the steepest rise in Indians’ living standard. She said that per capita is projected to increase by $ 2,000 over the next five years. The FM simultaneously reiterated the government’s commitment to reducing the fiscal deficit.....
- Firm expands into Middle East and North Africa region - New division enables the company to tap into new growth opportunities and offer a range of services to potential customers “We are delighted to welcome Mahindra Insurance Brokers to DIFC. The firm joins over 125 registered insurers, reinsurers, captives, MGAs and insurance-related entities in the Centre. Our enabling world-class laws and regulations are on par with other global insurance and reinsurance hubs, and will provide Mahindra w…
Private sector companies announced the setting up of factories and other new projects worth Rs 4.1 trillion in the three months ended September, a 42 per cent rise from the year-ago period, according to data from project tracker Centre for Monitoring Indian Economy (CMIE)....
A review conducted by the RBI revealed significant deficiencies in sourcing and appraisal, valuation, due diligence, end-use monitoring, auction transparency, Loan-to-Value (LTV) monitoring, and risk-weight application. The Reserve Bank of India (RBI) has issued a circular highlighting irregularity in the practices of granting of loans against pledge of gold ornaments and jewellery. A review conducted by the RBI revealed significant deficiencies in sourcing and appraisal, valuation, due diligenc…
The funds are earmarked for significant expansions, including setting up a new 3,000 MW solar cell and module manufacturing facility and expanding existing capabilities Solar photovoltaic (PV) module manufacturer Vikram Solar has filed its draft red herring prospectus (DRHP) with SEBI to raise up to ₹1,500 crore through an initial public offering (IPO).....
BHEL struggled to get power equipment contracts for about three years before FY24. Now, it has a full order book for boilers and engineering, procurement and construction contracts and faces a capacity constraint. The government’s renewed focus on setting up thermal power projects in the country and a surge in demand for coal-fuelled power generation have revived the fortunes of BHEL Ltd, India’s largest power equipment manufacturer, two people familiar with the matter said. More https://bi…
Middle East
Dubai maintained its position as the world’s top city for attracting Greenfield Foreign Direct Investment (FDI) projects in the first half of the year, according to the Financial Times Ltd’s ‘fDi Markets’ data. Underscoring its competitiveness and appeal to international investors, Dubai attracted 508 Greenfield FDI projects from January to June 2024, representing a 6.2% global share, growing from 5.7% in the same period last year.His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Mak…
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, today approved a new master plan for Expo City Dubai in the presence of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of The Executive Council of Dubai. The new plan outlines Expo City Dubai’s role in spearheading Dubai’s future development and enhancing the emirat…
Dressed in the force’s full livery, Dubai Police has unveiled its latest tourist police patrol Lucid Air Grand Touring, one of the most advanced electric vehicles. His Excellency Lieutenant General Abdulla Khalifa Al Marri, Commander-in-Chief of Dubai Police, received a detailed handover from Faisal Sultan, Vice President and Managing Director Middle East at Lucid, at the Dubai Police Officers Club. The event was attended by His Excellency Major General Expert Khalil Ibrahim Al Mansouri, Assis…
The Ministry of Tourism announced in a press release today that Saudi Arabia saw a notable 8.2% growth in inbound visitor spending during the first half of 2024 compared to the same period in 2023, reaching around SAR92.6 billion. The Kingdom also recorded a surplus in the travel account of around SAR41.6 billion. The growth in spending by inbound visitors to Saudi Arabia reflects the significant progress made by the tourism sector. According to UN Tourism, Saudi Arabia led G20 countries in inte…
Shadwi coffee in Al-Baha region is one of the finest types of coffee in the world. It is produced in Al-Baha, and yields an annual production of more than 12 tons. On the occasion of the International Coffee Day, which falls on October 1 every year, lovers of the Shadwi coffee aroma are even prouder of it and show support for coffee farmers and producers. Shadwi coffee farmers farm it in the upper and lower Shada mountains, between the governorates of Qilwah and Al-Makhwah, a mountain range in t…
- Firm expands into Middle East and North Africa region - New division enables the company to tap into new growth opportunities and offer a range of services to potential customers “We are delighted to welcome Mahindra Insurance Brokers to DIFC. The firm joins over 125 registered insurers, reinsurers, captives, MGAs and insurance-related entities in the Centre. Our enabling world-class laws and regulations are on par with other global insurance and reinsurance hubs, and will provide Mahindra w…
- DMCC and CV VC sign collaboration agreement to pioneer regional Web3 ecosystem growth - Agreement signed during CV Summit, Switzerland’s premier Web3 and blockchain event, which gathered thousands of entrepreneurs and industry leaders in Zug, Switzerland - DMCC and CV VC will bridge two of the world’s most vibrant blockchain ecosystems, providing cross-border ecosystem development through joint educational drives, events and workspace exchanges DMCC and CV VC, one of Switzerland’s leadin…
Daily service will reinstate connectivity and enhance premium travel options from Lagos to Dubai and beyond Emirates, the world’s largest international airline, has resumed passenger services to Lagos, Nigeria, with a daily service. The official delegation onboard was led by Adil Al Ghaith, Senior Vice President Commercial Operations, Gulf, Middle East and Central Asia; David Broz, Senior Vice President of Aeropolitical and Airline Industry Affairs and Sami Aqil Abdullah, Senior Vice President…
The Communications, Space and Technology Commission (CST) has announced the launch of the Tech Innovation Challenge 2024 in collaboration with the National Technology Development Program (NTDP), Huawei and the Artificial Intelligence Governance Association. This initiative aims to motivate the communications, space and technology sectors growth by developing innovative solutions, raising awareness of emerging technologies and artificial intelligence (AI) among stakeholders and professionals, …
The chamber hosted a briefing session today at its headquarters for members of the trade mission’s delegation The mission programme includes bilateral business meetings between Dubai-based companies and their counterparts in Serbia and Türkiye to explore opportunities for cooperation, expansion, and new trade and investment agreements Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, has announced the completion of preparations for its upco…
South East Asia
TEMASEK is in talks to buy a minority stake in Haldiram Snacks, sources familiar with the matter said, a transaction that may value India’s biggest snack maker at about US$11 billion. The Singapore investment company is holding preliminary talks to buy from 10 to 15 per cent in Haldiram, the sources said, asking not to be identified because the matter is private.... More https://bit.ly/4eRwR3T Via businesstimes.com
The Information Technology and Business Process Association of the Philippines (IBPAP) reported on Wednesday that 8 percent of its surveyed members reported a headcount reduction due to artificial intelligence (AI), but said it is optimistic that the number will not rise in the coming years. At the 16th IT-Business Process Management (BPM) Summit in Parañaque Wednesday, IBPAP president Jack Madrid said there are more companies that reported headcount gains, or 13 percent of IBPAP members accoun…
Meta’s President of Global Affairs Nick Clegg says it is one of the the two significant new mile stones in Meta’s commitment to Việt Nam. The Quest 3S line uses a similar technology to its predecessor model Quest 3, but will be cheaper and lighter, he said at the Innovate Vietnam 2024 conference in Hà Nội on Tuesday.....
It will support the increase in the country’s air cargo handling capacity from 3 million tonnes per annum to 5.4 million tonnes SINGAPORE will develop a second Airport Logistics Park (ALPS2) from 2030 onwards to boost cargo handling capacity and help cement the country’s role as a regional logistics hub.... More https://bit.ly/4erVPHn Via businesstimes.com
Singapore’s manufacturing output increased 21.0% in August 2024 on a year-on-year basis. Excluding biomedical manufacturing, output increased 27.5%. On a threemonth moving average basis, manufacturing output increased 5.7% in August 2024, compared to a year ago. On a seasonally adjusted month-on-month basis, manufacturing output increased 6.7%. Excluding biomedical manufacturing, output increased 11.0%. Highlights On a year-on-year basis, Singapore’s manufacturing output increased 21.0% in A…
Ha Noi will build a hi-biotechnology park in Bac Tu Liem district following the Government's approval of the project. Covering an area of 199.03 hectares, it is managed by the Ha Noi Municipal People's Committee. The park will engage in high-tech activities in accordance with the international trends and Viet Nam's policies and orientations for high-tech development, with a strong focus on biotechnology. The park will provide an open space, an ecological park that combines the functions of scien…
Delay to full enforcement follows complaints from Singapore motorists about the lengthy delays in the application and issuance of the permits Over the past few weeks, thousands of drivers of foreign-registered vehicles – mostly from Singapore – have expressed frustration and anger over the muddled process to obtain a Vehicle Entry Permit (VEP) that they need when driving into Malaysia... More https://bit.ly/4eK8wNh Via businesstimes.com
Collectors and enthusiasts will be wowed by a showcase featuring the world’s most exclusive and internationally acclaimed lineup of rare liquor products to enhance their collections. A selection of over 100 premium and rare fine liquors from 66 prestigious brands including Bowmore, The Singleton, The Macallan and The Glenlivet are available for purchase through the WOWS online portal. Exclusive masterclasses offer guests privileged access and expert insights into a curated selection of fin…
Việt Nam and Thailand have been implementing action plans as part of the enhanced strategic partnership between the two countries, with a target of boosting bilateral trade turnover to US$25 billion. Vice Minister of Foreign Affairs Nguyễn Minh Hằng stated at the opening ceremony of the Meet Thailand conference in the central city that the two countries have strengthened connections in the supply chain and business exchanges as well as development policy links between Việt Nam’s ‘Gre…
Foreign Affairs Minister Maris Sangiampongsa has reaffirmed Thailand’s focus on the sufficiency economy philosophy and the fight against transnational crime as key strategies for sustainable development during the United Nations Summit of the Future in New York. The summit, which adopted the Pact for the Future as its outcome, seeks to tackle global challenges and accelerate progress towards achieving the UN's Sustainable Development Goals (SDGs) by 2030. In his address on “Multilateral Solu…