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India
The number of deals closed in Q1 of 2024 is one more than the previous year India bucked the trend, showing the best numbers in terms of merger and acquisition deals in the Asia-Pacific region in the first quarter (Q1) of 2024 in the financial sector, with 27 deals closed, compared to 13 in Japan, 12 in Australia, 11 in South Korea, and only nine in Mainland China, according to S&P Global Market Intelligence...... More https://bit.ly/3WE6ZTr Via business-standard.com
Defence stocks: BEL may sustain secular growth, driven by market dominance and increased project sizes as it further ascends the value chain as a system integrator, Nomura India said. Reforms in the defence sector have had many false starts in the past but the granularity that has gone into recent policy announcements highlights the serious intent of the Modi government towards developing indigenous defence manufacturing capabilities, Nomura India said in its latest note.....
Air India Express Airlines has sacked around 25 employees after they did not report to work on May 8, ANI reported citing sources within the airline.....
Nirmala Sitharaman emphasised the government’s focus on defence sector self-reliance, citing increased defence spending and arms exports Finance Minister Nirmala Sitharaman on Wednesday said that the market valuation of Hindustan Aeronautics has surged over 1,300 per cent. She also said that post-disinvestment erstwhile Central Public Sector Enterprises (CPSEs) are doing well....
Backed by Prem Watsa’s Fairfax group, the new age insurance company may raise Rs 1,500 crore via its IPO, including a fresh share sale of Rs 1,250 crore. Go Digit General Insurance is looking to launch its initial public offering (IPO) next week, likely on Wednesday, May 15, 2024, said a report from ET Now. The company price band of the issue will be declared on Friday, May 10 and the anchor book may open on Tuesday, May 14.....
Indian carriers increase market share to 43% in FY24 driven by network expansion and geopolitical factors Indian carriers added over 49 international routes in FY 2024 — the highest in seven years increasing their share in international traffic from little over 33 per cent in FY 2017 to 43 per cent in last fiscal.....
With an initial production capacity of over 500,000 e-cycles annually, the gigafactory aims to meet the rising demand for alternative modes of transportation EMotorad, an electric vehicle company backed by cricketer Mahendra Singh Dhoni, is building the world’s biggest integrated electric cycle gigafactory. The firm is set to follow Ola as it expands its existing manufacturing unit in Pune. With this expansion, India will be home to two of the world's largest gigafactories: one for Ola Electri…
Britannia Industries on Monday said it will focus on a double-digit sales volume growth this fiscal year, as the company expects normal monsoons to aid consumption despite a likely rise in prices of wheat and sugar, key ingredients for packaged foods.....
‘We have leveraged the existing merchant infrastructure on the UPI to facilitate CBDC transactions’ Reserve Bank of India Governor Shaktikanta Das said while currently there is preference for UPI (Unified Payments Interface) among retail users, the advantages of retail CBDCs (central bank digital currencies) will be more visible once they are enabled for offline use.....
Billionaire investor Warren Buffett said that the Indian market has unexplored opportunities which his conglomerate holding company, Berkshire Hathaway, would like to explore in the future". Buffett's remarks came at Berkshire's annual meeting on Friday when Rajeev Agarwal of DoorDarshi Advisors, a US-based hedge fund that invests in Indian equities, asked him about the possibility of Berkshire exploring in India, the world's fifth-largest economy..... More https://bit.ly/3WmUOtY Via busi…
Middle East
- 15-year, 0.6 mmtpa LNG supply agreement with Germany’s EnBW reinforces ADNOC’s position as a reliable global natural gas provider - Agreement builds on ‘UAE-Germany Energy Security and Industry Accelerator’ which aims to advance cooperation in energy security, decarbonization and lower-carbon fuels - Ruwais LNG to be one of world’s lowest-carbon intensity LNG facilities leveraging latest technologies and AI tools to minimize emissions and drive efficiency ADNOC announced today the …
Mubadala Investment Company (“Mubadala”), the Abu Dhabi sovereign investor, has announced an investment alongside Global Infrastructure Partners in Perdaman’s A$6.4bn (US$4.2bn) Western Australia Urea project, the largest such plant in Australia and one of the largest urea fertilizer facilities in the world. The project represents the largest investment ever made in the Australian fertilizer industry, with the facility expected to produce more than two million tons of urea per annum. The p…
The Dubai Department of Economy and Tourism (DET) and Emirates have signed a strategic partnership outlining joint initiatives to intensify international efforts and bolster Dubai’s mindshare as a hub for trade, tourism and investment. Building on both entities’ long-standing partnership and success in tourism promotion, this latest development underlines their respective commitment to achieving the goals of the Dubai Economic Agenda, D33, and to further enhance the city’s status as a lead…
During the second day of the Arabian Travel Market 2024, Dubai Police and 'MTM Marine', a subsidiary of the Al Masaood Group, unveiled the 'Defender' beach bike at the Dubai World Trade Centre, where Dubai Police showcases eight services aimed at enriching the tourism experience for tourists and visitors in the emirate. The unveiling of the beach bike was attended by Brigadier Musabah Saeed Al Ghafli, Deputy Director of the General Department of Organisation Protective Security and Emergency fo…
Dubai’s Roads and Transport Authority (RTA) announced the Dubai Metro services would return to normalcy at stations impacted by the recent extreme weather condition, known as the “Hadeer” Storm, as of May 28th. On Passive, Equity, Mashreq, and Energy Metro stations would resume normal operations upon completing all the maintenance and safety tests to ensure that the stations are ready to operate at the highest standards and efficiency. RTA is keen to swiftly restore Dubai Metro services at…
The Board of Directors of the Qiddiya Investment Company (QIC) announced today the launch of Aquarabia, the first water theme park of its kind in Saudi Arabia and the largest in the region. Located in Qiddiya City, Aquarabia will complement Six Flags Qiddiya City, the city's flagship theme park and the first Six Flags park to be designed and built outside of North America. Embracing Qiddiya's Power of Play philosophy, Aquarabia will be Saudi's first home-grown water theme park and will draw visi…
Riyadh Air, Saudi Arabia’s new world-class airline and Saudi Tourism Authority (STA), have signed a significant memorandum of understanding (MoU) at Dubai’s Arabian Travel Market, that will enhance the travel experience for passengers to and from Saudi Arabia. Riyadh Air aims to fly to over 100 countries by 2030, and through this partnership, both entities will collaborate on various initiatives to enhance the level of service for tourists. STA CEO Fhad Hamidaddin said: Increasing Saudi…
By Rashid Alhatilah, Group Head of Environmental Compliance and Operations at Red Sea Global Responsible tourism is about making better places for people to visit and live in. It's about shared responsibility and tangible actions to foster sustainability. At Red Sea Global (RSG), we are championing a dynamic evolution toward responsible development in the hospitality sector. This ethos transcends the construction of exclusive destinations; we’re enriching the experiences of our guests, empower…
“We are committed to strengthening trade and investment relations between the business communities in Dubai and Indonesia in a way that contributes to achieving our common goals.” Mohammad Ali Rashed Lootah “The discussions held during the business forum will positively contribute to the enhancement of bilateral investment cooperation between the two countries.” Acting Chargé d’Affaires at the UAE Embassy in Jakarta - Non-oil bilateral trade between Dubai and Indonesia increased by 7.…
The Dubai Integrated Economic Zones Authority (DIEZ) signed a memorandum of understanding (MoU) with the Ministry of Investment, Industry, and Trade of the Republic of Uzbekistan. The MoU aims to foster collaboration, enhance strategic partnerships, and increase the volume of trade exchange between the UAE and Uzbekistan, driving economic growth in both countries.This took place during an official visit by a delegation from DIEZ to the Uzbek capital of Tashkent, where His Excellency Laziz Kudrat…
South East Asia
Two men, Su Wenqiang and Wang Baosen, both of whom hold Cambodian passports and were convicted in Singapore's largest-ever money laundering case, were deported to Cambodia on May 6, according to the Straits Times. The pair, aged 32, were part of a group of 10 foreigners arrested in August 2023 in connection with a money laundering investigation involving over $3 billion in cash and assets.....
The Asian Development Bank (ADB) has positioned itself as the climate bank for the Asia Pacific region, continuing to support countries in the region in general and Việt Nam in particular in terms of green growth. Việt Nam News reporter Vũ Hoa interviewed Shanatu Chakraborty, the ADB Country Director for Việt Nam about the bank’s support for Việt Nam during the ADB 57th annual meeting held in Tbilisi, Georgia last week....
THE Philippines’ dependence on imports to address food shortages leaves it exposed to price shocks and food market manipulation, the World Food Programme (WFP) said. In a report, “Feeding Resilience: Unraveling the Asia-Pacific Food Crisis,” the WFP said the Philippines’ “unique contextual specificities of being a net food importer, particularly for staple commodities like rice, contribute to vulnerabilities in its food system.”.... More https://bit.ly/4acTsFr Via bworldonline.com
Analysts say the rally has been driven primarily by the return of foreign funds Malaysia’s stock market reached a milestone as it hit RM2 trillion (S$571.6 billion) in market capitalisation for the first time ever on Tuesday (May 7), driven by renewed interest from foreign funds on heavyweight counters. On the same day, the benchmark index FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) breached the psychological barrier of 1,600 points for the first time in two years......
Singapore has been ranked the fourth wealthiest city in the world, overtaking London, according to Henley & Partners. According to the investment migration consultant’s 2024 World’s Wealthiest Cities Report, 3,400 high-net-worth individuals (HNWIs) moved to Singapore in 2023 alone.....
Cambodia is committed to further enhancing the e-commerce ecosystem as the country is a leading nation in implementing the eTrade readiness assessment recommendations, achieving a remarkable 92 percent implementation rate. The remarks were made by Mrs. Cham Nimul, Minister of Commerce, in a ministerial panel discussion under the topic “Addressing digital readiness challenges in developing countries,” which is one of the main sessions of the 7th session of the “Intergovernmental Group of Ex…
Vietnam's inbound tourism is experiencing a remarkable resurgence, exceeding pre-pandemic levels as of the late April, signaling a promising season for the sector. Statistics from the Vietnam National Administration of Tourism (VNAT) showed that in April alone, the country welcomed nearly 1.6 million foreign arrivals, a 58.2% increase compared to the same period last year. This momentum propelled the total number of international arrivals in the first four months of this year to 6.2 million,…
The government has unveiled a comprehensive strategy to boost the nation’s cultural influence and economic growth through the expansion of its soft power capabilities. Prime Minister’s Office Minister Jiraporn Sindhuprai, during an event hosted by the Pheu Thai Party, outlined the government’s plan, which includes creating a television station dedicated to promoting the soft power sector. This platform is designed to provide a venue for industry professionals to demonstrate their talents a…
Footwear company Sepatu Bata announced last week the closure of its factory in Purwakarta after 30 years of operation due to declining demand and continuous losses over the past four years. As a result, 233 employees lost their jobs. President Joko "Jokowi" Widodo commented on the closure of the Bata shoe factory, attributing it to the company's inefficiency and competition with new products....
The Philippines' gross international reserves (GIR) settled at USD103.4 billion as of the end of April this year, the Bangko Sentral ng Pilipinas (BSP). In a statement released late Tuesday, the BSP said the GIR last month was slightly lower than the end-March GIR level of USD104.1 billion. "The month-on-month decrease in the GIR level reflected mainly the National Government’s (NG) net foreign currency withdrawals from its deposits with the BSP to settle its foreign currency debt obligations …