The News As You Need
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
The production of "jameed" (fermented, dried yogurt) and "khathir" (sour yogurt) is a long-standing traditional dairy industry that has been practiced for centuries, utilizing milk from livestock. The term "jameed" is known by various regional names, such as "iqatt" and "mudayir," while "khathir" is also referred to as "roob" or "zabadi." Many families in the Northern Borders Region continue this time-honored tradition, ensuring its preservation for future generations. Some families have also tu…
Drydocks World today announced a series of significant enhancements to its Propeller Repair Services' operational capabilities, solidifying its position as the one-stop solution for comprehensive propeller repair needs, catering to all sizes and types with unparalleled efficiency and precision. The facility is uniquely equipped to handle in-situ repairs for minor damages directly on the vessel without removing the propeller and more extensive repairs within its workshop, which includes a dedicat…
Dubai Financial Market (“DFM”) today welcomed the successful listing of Spinneys 1961 Holding PLC (the “Company” or “Spinneys”), an operator of premium grocery retail supermarkets under the Spinneys, Waitrose and Al Fair brands in the UAE and Oman, with plans to open in the Kingdom of Saudi Arabia in 2024. Spinneys’ IPO saw significant demand from international and regional institutional investors, as well as retail investors in the UAE, attracting around AED 71 billion (USD 19 bil…
The Board of Directors of NEOM has announced Jaumur, the largest cosmopolitan luxury community set on the coast of Gulf of Aqaba, designed to serve the highest standards of future livability and active lifestyle. This new addition promises a unique blend of experiences on both land and sea, complementing NEOM’s evolving regional development in northwest Saudi Arabia. Jaumur is an exclusive residential community thoughtfully master planned around an inspiring marina for more than 6,000 residen…
- AlUla and Riyadh Air are poised to leverage their respective platforms and audiences to increase travellers. - The signed Memorandum of Understanding (MoU) is designed to foster the creation of distinctive digital content, utilising the strengths of both entities and optimising audience reach through cross-promotional efforts. AlUla, the ancient oasis city in the northwest of Saudi Arabia, has entered into a strategic partnership with Riyadh Air, Saudi Arabia’s new world-class airline whic…
Sharjah Airport revealed that the first quarter of 2024 witnessed the arrival of more than 4.2 million passengers and recorded 26,473 flight movements, and transported more than 42 thousand tons of cargo, thereby enhancing its regional position in providing a distinguished travel experience and improving the quality of services for its customers, reflecting positively in the development of tourism and the economy in the Emirate of Sharjah, and promoting its commercial growth. A pioneering role i…
- Issue achieved the tightest credit spread ever priced by Aldar and was 4 times oversubscribed by regional and international investors - Aldar tendered to buy back the Sukuk maturing in 2025, offering existing investors an opportunity to invest in the new issuance - Proceeds of the sukuk will be used in accordance with Aldar’s Green Finance Framework - Represents the second issuance under the company’s USD 2 billion Trust Certificate Issuance Programme Aldar Investment Properties (…
- 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…
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 …