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India
Ethiopian Cargo & Logistics Services in the latest expansion move, has added two new freighter destinations in India including Ahmedabad in Gujarat. Hyderabad and Ahmedabad are added to Ethiopian Cargo’s freighter network from May 11, said Ethiopian Cargo & Logistics Services in a LinkedIn post on May 10. ....Cont
As of the end of March 2024, the Reserve Bank of India held a total of 822 metric tonnes of gold, with 408 metric tonnes held within the country India's gold reserve, held domestically, surged by 40 per cent between March 2019 and March 2024, latest data released by the Reserve Bank of India showed. Total gold reserves saw an uptick of 34 per cent during the same period..... More https://bit.ly/4dGz3eY Via business-standard.com
The consortium is keen to buy 74-76 per cent of Haldiram Snacks Food, valuing the business at $8-8.5 billion (Rs 66,400-70,500 crore). A consortium led by Blackstone, along with Abu Dhabi Investment Authority (ADIA) and GIC of Singapore have reportedly submitted a non-binding bid to acquire a controlling stake in Haldiram Snacks Food last week. Haldiram is India’s largest snack and convenience food company and if the deal goes through, it would be the largest equity buyout in India......
In a 15 April letter, Cognizant Technology Solutions Corp. asked those who have not returned despite warnings to refer to earlier communications from business leaders on in-office expectations For Cognizant workers refusing to return to office, the axe may be about to fall. The Nasdaq-listed company has warned defiant employees that they may be fired for not turning up, becoming the first large IT firm to invoke termination to repopulate office spaces. In a letter to employees in mid-April, Cog…
For a land-starved city, redevelopment is the only way for builders to get their hands on prime real estate in the financial capital Last week, Raymond Ltd honcho Gautam Singhania pointed out that Mumbai was built 60-80 years ago, and a large part of the city was slum, adding that redevelopment projects presented a $2-trillion opportunity. This is an opportunity that developers are not letting go, as for a land-starved city, redevelopment is the only way for builders to get their hands on prime …
The move by the company, valued at $33 billion, may provide a huge tax gain for the Indian govt Walmart-owned e-commerce firm Flipkart is reportedly planning to move its domicile back from Singapore to India, according to industry sources. The company, valued at $33 billion, may provide a significant tax gain for the Indian government, according to a report by The Economic Times (ET). Flipkart Pvt Ltd is a holding company based in Singapore..... More https://bit.ly/4dBbtQE Via business-standa…
India aims to make Chabahar Port a transit hub under the International North-South Transport Corridor (INSTC) to reach out to CIS (Commonwealth of Independent States) countries. India will reportedly sign an agreement with Iran to manage the strategic Chabahar Port for the next 10 years. This is the first time India will take over the management of an overseas port. A pact regarding the port was earlier signed in 2016 when Prime Minister Narendra Modi visited Iran....
In an interview, Saugata Gupta, MD & CEO, Marico Ltd, says that for companies in mass categories, direct distribution will be a source of long-term competitive advantage. Parachute oil maker Marico reported a 3% rise in the March quarter volumes in its India business, while revenue from operations increased 2% year-on-year. Mint spoke to Saugata Gupta, MD & CEO, Marico Ltd, on the company’s plans to improve top-line in the coming quarters—after successive price cuts in its Saffola edible o…
The Mukesh Ambani-owned retailer is looking for a player with a pan-India presence, sources said Reliance Retail Ventures is planning a determined push into the $150 billion diagnostic healthcare segment with the acquisition of a majority stake in a pure-play diagnostic services company, with a cheque size in the range of ₹1000-3000 crore, sources said....
AirAsia welcomed (03.05.24) its inaugural flight from Ahmedabad, India's first UNESCO World Heritage City, further enhancing its India-Malaysia air connectivity. This new route, operating four times weekly, allows travellers to easily explore Ahmedabad's rich cultural heritage and Kuala Lumpur's vibrant city life at affordable prices. Guests onboard today's inaugural flight (AK90) with a 100% load factor received a warm welcome from Deputy Director South Asia Unit of Tourism Malaysia, En. Solehu…
Middle East
Yie-Hsin Hung, President & Chief Executive Officer, State Street Global Advisors, participated in a fireside chat on ‘High Interest Rates and Macroeconomic Volatility’ with Joumanna Bercetche, TV Anchor, Bloomberg, UAE, at the Dubai FinTech Summit 2024. This is what she said. State Street Global Advisors (SSGA) is Reopening its Dubai Office Ms. Hung highlighted Dubai as a growing financial centre with a vibrant intermediary market and an influx of family offices and hedge funds. Consequentl…
- His Excellency Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade: “Over the past 21 years, the Kimberley Process has fulfilled an important role. We must continue to focus on consensus and collaboration and ensure that we strengthen the functioning of the body under the review and reform cycle.” - Ahmed Bin Sulayem, DMCC’s Executive Chairman and CEO and Kimberley Process Chair: “For the first time in the KP’s history, we are hosting a Special Session of Plenary t…
Dubai’s Roads and Transport Authority (RTA) has recently started implementing the ‘Seasonal Network’ operational schedule for marine transport services. This initiative uses big data to analyse daily passenger patterns to match them with trip timetables and service frequencies to suit various seasons and events. The initiative targets all operated maritime transport services and lines (Dubai Ferry, Abra, Dubai Water Taxi). The operational timing will be adjusted to suit the nature of each …
The consortium is keen to buy 74-76 per cent of Haldiram Snacks Food, valuing the business at $8-8.5 billion (Rs 66,400-70,500 crore). A consortium led by Blackstone, along with Abu Dhabi Investment Authority (ADIA) and GIC of Singapore have reportedly submitted a non-binding bid to acquire a controlling stake in Haldiram Snacks Food last week. Haldiram is India’s largest snack and convenience food company and if the deal goes through, it would be the largest equity buyout in India......
Many people aspire to create wealth, but for the ultra-wealthy, just as important is enhancing and safeguarding their substantial financial assets. This is where the expertise of wealth managers becomes invaluable. Kuwait-headquartered NBK Wealth—part of the larger NBK Group, a banking group with a market cap of $23.4 billion as of April 2024—has been growing fast since launching a new strategy in 2021. NBK Wealth today combines NBK Group’s private banking business and asset managemen…
The digital economy ties between Saudi Arabia and the UK are poised to advance following the official visit of the Kingdom’s delegation to London. The Governor of the Digital Government Authority, Ahmed Al-Suwaiyan, engaged with leaders and officials from the UK’s public and private sectors, focusing on strengthening cooperation between nations in the digital economy and learning from shared global experiences....
Saudi Arabia’s palm and dates sector is experiencing significant growth, with exports increasing by 13.7 percent in the first quarter of 2024 compared to the same period last year. This food division is regarded as a significant contributor to diversifying income sources and boosting the gross domestic product, as the Kingdom has ambitions to establish its dates as the premier choice globally......
Thuwal Private Retreat, Shebara and Desert Rock, are set to become the first resorts in the Kingdom to leverage Oracle’s cutting-edge cloud hospitality Red Sea Global (RSG), the developer behind regenerative tourism destinations The Red Sea and Amaala, has teamed up with global tech giant Oracle to introduce its hospitality technology solutions, including OPERA Cloud Central Hospitality platform, into the Kingdom for the first time. RSG’s premier luxury resorts – Thuwal Private Retreat, Sh…
UAE-founded real estate developer with global aspirations, DAMAC Properties, has announced brand-new office openings in Beijing and Singapore. With its sights firmly set on global expansion, the office openings signal the brand’s push and significant investment and commitment to APAC. As UAE’s largest private real estate developer with headquarters in Dubai since 1982, DAMAC has grown exponentially to an impressive diverse portfolio, including luxury real estate developments, hospitality exp…
Khalifa Economic Zones Abu Dhabi – KEZAD Group, the largest operator of integrated and purpose-built economic zones, and UAE-based Golden Spike and Wheat today announced the signing of a 50-year land lease agreement for the establishment of a bakery and sweets manufacturing facility in KEZAD.The 26,000 sqm facility in ICAD 3 (KEZAD Musaffah) will have a large production capacity to cater to the requirements of the UAE market.Mohamed Al Khadar Al Ahmed, CEO Khalifa Economic Zones Abu Dhabi – …
South East Asia
Significant Queensland export capacity boost to the Philippines Qantas is also expanding services between Singapore and Brisbane - New Qantas non-stop service from Manila to Brisbane - 4 return services each week Qantas has deepened its commitment to Queensland, today announcing it will operate flights between Manila and Brisbane, with 4 return services each week starting 28 October 2024. Over a three-year period, the new service is forecast to bring almost 170,000 additional inbound …
UAE-founded real estate developer with global aspirations, DAMAC Properties, has announced brand-new office openings in Beijing and Singapore. With its sights firmly set on global expansion, the office openings signal the brand’s push and significant investment and commitment to APAC. As UAE’s largest private real estate developer with headquarters in Dubai since 1982, DAMAC has grown exponentially to an impressive diverse portfolio, including luxury real estate developments, hospitality exp…
The move by the company, valued at $33 billion, may provide a huge tax gain for the Indian govt Walmart-owned e-commerce firm Flipkart is reportedly planning to move its domicile back from Singapore to India, according to industry sources. The company, valued at $33 billion, may provide a significant tax gain for the Indian government, according to a report by The Economic Times (ET). Flipkart Pvt Ltd is a holding company based in Singapore..... More https://bit.ly/4dBbtQE Via business-standa…
A study by the Cambodia Microfinance Association (CMA) and M-CRIL, involving 3,262 households,found that nearly 87 percent of borrowers have one to two loans. Now, at the far end of the study, it was found 2.1 percent of those surveyed had taken as high as four or more loans. When applied to the larger sample size of 3.3 million borrowers in the country – this means 69,300 households taking loans from microfinance institutions (MFIs) are facing a debt problem. Khmer Times takes a look Vannak (…
AirAsia welcomed (03.05.24) its inaugural flight from Ahmedabad, India's first UNESCO World Heritage City, further enhancing its India-Malaysia air connectivity. This new route, operating four times weekly, allows travellers to easily explore Ahmedabad's rich cultural heritage and Kuala Lumpur's vibrant city life at affordable prices. Guests onboard today's inaugural flight (AK90) with a 100% load factor received a warm welcome from Deputy Director South Asia Unit of Tourism Malaysia, En. Solehu…
Farmers in the south and central regions have begun harvesting their winter-spring rice crop, earning large profits because of high yields and prices. On the 30,000 hectares planted in the central province of Quang Binh, the average yield reaches 75 quintals per hectare, a year-on-year increase of 20 quintals per ha. Rice are sold at a high price of 8 - 9 millionVND (314 - 354USD) per ton, giving large profits to local farmers....
The operator of the Clark International Airport (CRK) is exploring renewable energy projects within the airport complex with the power unit of Filinvest Development Corp. Luzon International Premier Airport Development (LIPAD) Corp. president and chief executive officer Noel Manankil said CRK’s master plan includes a space for solar farms. “We are exploring this with Filinvest Power… Because there's about 10 hectares or 15 hectares of open space that's really non-buildable,” Manankil tol…
It’s hard to believe anyone would still fall for the “pay fees to release huge inheritance” scam given the number of times it’s been rolled out but two local business veterans fell for it and lost more than $2 million. One of them had begun dealing with a Singapore scammer by the name of Don Brendan Robert, who had spun a tale about an “inheritance” of over $60 million that would be released after the payment of about $2 million in fees....
The first Ho Chi Minh City International Film Festival 2024 (HIFF 2024) brought an excited atmosphere to roads and streets in the city last month. The event was not only eagerly awaited by many filmmakers and actors, but also created an opportunity for the Vietnamese film industry to get closer to the thinking and filmmaking methods of other cultures.....
Engineers at a data centre. Malaysia has received US$16bil worth of investments for data centres between 2021 and March 2023. DATA centres have been the flavour of our current times with stocks linked to such activities hitting their highs. The unstoppable digitalisation and “Big Data” wave sweeping over the country means data centres will continue to be the overarching hot topic of conversation. More specifically, the debate continues afoot on the pros and cons of setting up so many data ce…