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India
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…
"Previous Indian governments have even put Chinese interests ahead of our own," he said. "I cannot, in the name of an open economy, open up my national security to work with a country which is laying claim to my territory. Both our economic and national security are at stake," the minister added. "Today, we are focused on what is good for India. This is in contrast to an earlier left-wing liberal belief that there is a bigger cause out there, which causes our national interest to take second pla…
By 2027, JSW Infrastructure anticipates a 50% increase in capacity to 258 million tonne with an investment of ₹14,000 crore Private port operator JSW Infrastructure Ltd plans to invest over ₹2,500 crore in fiscal year 2025 to expand its cargo handling capacity, said Arun Maheshwari, joint MD and CEO of the company told Mint.....
Secure IOT is now being pitched to electronics manufacturers, ODMs and other mid-market customers in India and abroad For the first time, a microprocessor chip designed, owned, and marketed from India is set to be out in the open market and will soon power smart electronic devices....
Middle East
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…
In a new global achievement that adds to its record of success, Dubai Electricity and Water Authority (DEWA) has won the Smart Water Project of the Year Award 2024 at the prestigious Global Water Awards. DEWA received this award for its fully automated Hydro Insight system, a world first for a water utility. DEWA developed the system internally using the latest AI and data science technologies developed in-house for smart grid automation and management. The system allows DEWA to monitor over 1 m…
As part of Emirates’ efforts to deliver an enriched customer experience across diverse platforms, engage with new consumer segments, and tap into premium traveler preferences, the airline has reaffirmed its partnership with Expedia Group and has signed agreements with tech solutions providers Huawei and Tap Payments on the sidelines of Arabian Travel Market. These partnerships align closely with the airline’s objective of continuously engaging with diverse consumer segments and audiences to …
On the second day of the Arabian Travel Market 2024, Dubai Police and Al Nabooda Automobiles unveiled the latest tourist Police Patrol 'Audi RS Q8'. The latest addition joined the Dubai Police's fleet of luxury patrols that aimed to enhance their operational efficiency and public presence in touristic places and landmarks. The car unveiling was attended by Brigadier Musabah Saeed Al Ghafli, Deputy Director of the General Department of Organisation Protective Security and Emergency for Emergency …
Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region and Nium, a global leader in real-time in cross-border payments have announced a strategic alliance to empower customers with a cutting-edge remittance solution and redefine the financial services landscape in the Middle East. The partnership, subject to regulatory approvals, seeks to elevate the remittance experience with seamless, instantaneous cross-border transfers between the UAE and countries…
Exploring new horizons for pilot driverless and urban air mobility means Dubai’s Roads and Transport Authority (RTA) and the Seoul Metropolitan Government have entered into a Memorandum of Understanding (MoU) aimed at bolstering cooperation and enhancing their strategic partnership. This agreement seeks to promote collaboration in the public transport sector, explore development opportunities across various fields including autonomous driving and urban air mobility, and leverage related techno…
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 …