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India
“Western countries feel that they have influenced this world for the last 200 years. How do you expect someone, who has been in that position, to give up those old habits so easily?” said Jaishankar. External Affairs Minister S Jaishankar slammed the western media for its ‘negative coverage’ of the Lok Sabha elections 2024. He said that they want to influence India because that’s their habit and that’s something they have been doing for years.....
Before the covid-19 pandemic, India’s real estate business was in a slump. Many developers defaulted and quit the market. Larger developers, meanwhile, gained share. Godrej Properties, whose shares shot up 239% in the last five years, was among them. Here’s the inside story. Sometime before the initial public offering (IPO) of Godrej Properties Ltd, in 2009, Pirojsha Godrej, who was then its executive director, met up with the executives of a prominent Mumbai-based investment banking firm. …
In April, India’s domestic passenger vehicle sales saw a marginal 1.3% year-on-year increase to 3,35,629 units, with the utility vehicle segment experiencing significant growth of over 21% y-o-y to 1,79,329 units Total passenger vehicles (PVs) sales in the domestic market grew marginally by 1.3 per cent year-on-year (y-o-y) in April to 3,35,629 units as compared with 3,31,278 units in the corresponding month last year, the Society of Indian Automobile Manufacturers (SIAM) reported on Tuesday..…
Cambodia Angkor Air, the national flag carrier of Cambodia, announced on Tuesday the launch of the first-ever direct flight services between Cambodia and India, commencing on June 16. These flights will operate four times weekly – Monday, Wednesday, Friday, and Sunday, connecting Phnom Penh and New Delhi..... More https://bit.ly/3wrvTej Via khmertimeskh.com
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…
Middle East
- Total number of wealth and asset management firms surpasses 370 in the first quarter of 2024. - Influx of new firms including State Street Global Advisors. "Dubai continues to be a leading global destination for wealth and asset management firms, with over 370 now operating within DIFC. Large pools of wealth embedded in sovereign funds, family offices, and via ultra-high net worth individuals, coupled with the stability and success of DIFC’s 20-year track record, continue to draw in the wo…
Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has announced details of several notable achievements during the first quarter of 2024. The chamber’s continuing strong performance reflects the positive impact of its drive to advance Dubai’s economic development, enhance the emirate’s competitiveness, support the private sector, and achieve the ambitions of the Dubai Economic Agenda (D33). A total of 19,056 new companies joined as members…
DP World has formed a partnership with freight mobility company Einride to electrify inter-terminal container flows at Jebel Ali Port, improving efficiency and sustainability at the 10th busiest port in the world. This will be the largest deployment of electric, autonomous freight mobility in the Middle East, operating 24/7 to reshape the landscape of transport in the region.Starting at the end of 2024, the partnership will quickly scale up to support approximately 1,600 container movements dail…
Under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, today approved the ‘Dubai Quality of Life Strategy 2033’, a visionary strategy dedicated to ensuring the comprehensive wellbeing of all segments of the community including nationals, residents and visitors. Encompassing a …
The Dubai Police is participating in the 23rd edition of the Airport Show 2024, which will be held from 14 to 16 May at the Dubai World Trade Centre. As part of their participation, Dubai Police is showcasing six specialized services, namely the Dubai Civil Aviation Security Centre in the General Department of Airport Security, the VIP Protection Department, the Explosives Security Department, the Security Inspection Department K9 Unit, the 901 Call Centre, and the Tourist Police Department in …
Jeddah's culinary landscape is set to undergo a transformative journey with the arrival of Zilos, an extravagant leisure dining destination nestled within the prestigious Le Prestige Mall, King Abdulaziz Road. Offering an exquisite fusion of Mediterranean and Asian flavors coupled with unparalleled entertainment, Zilos promises to redefine the city's dining experience. Officially opened on the 8th of May, Zilos is poised to captivate discerning palates with its eclectic menu curated by …
The General Authority of Civil Aviation (GACA) plans to unveil the General Aviation Roadmap during the upcoming Future Aviation Forum 2024. Held under the patronage of Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, the forum takes place May 20-22 under the theme "Elevating Global Connectivity." The roadmap aims to significantly increase the general aviation sector's contribution to the GDP, targeting a tenfold growth to reach $2 billion by 2030. It encompasses the business …
The Kingdom of Saudi Arabia is on a transformative journey toward environmental sustainability, a multi-stage process that aligns with the goals of Vision 2030 and entails regional and global initiatives focused on preserving natural resources, combating climate change, and improving the quality of life for current and future generations. This transformation was enabled by supportive regulations and legislation. In 2016, a significant shift occurred: the Ministry of Agriculture was transformed i…
Chamber arranges meeting to discuss ways to enhance performance of private schools “We are committed to fostering sustainable educational partnerships with the private sector that meet our common goals and enhance the global competitiveness of the education sector in line with Dubai’s future aspirations.” Aisha Abdulla Miran “We remain dedicated to enhancing the role of sector-specific Business Groups and strengthening engagement with all stakeholders across diverse business sectors.” …
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…
South East Asia
Cambodia Angkor Air, the national flag carrier of Cambodia, announced on Tuesday the launch of the first-ever direct flight services between Cambodia and India, commencing on June 16. These flights will operate four times weekly – Monday, Wednesday, Friday, and Sunday, connecting Phnom Penh and New Delhi..... More https://bit.ly/3wrvTej Via khmertimeskh.com
Vietnam’s industrial real estate industry is expected to continue its strong growth trajectory due to foreign direct investment (FDI) inflows benefiting from tax incentives. According to the General Statistics Office (GSO), the total FDI disbursed in Vietnam in the first four months of this year reached an estimated 6.28 billion USD, up 7.4 per cent year on year, the highest four-month amount in the past five years.....
The Department of Transportation (DOTr) will start next year the bidding process for a private partner for the ferry system that will traverse Manila Bay, Pasig River, Marikina River and Laguna de Bay. Transport Assistant Secretary Leonel de Velez said the government intends to bid out in 2025 the development of the ferry system being eyed as a public-private partnership (PPP) project.....
The property market is on the road to recovery and will see a further improvement this year on the back of an improved economic outlook, says Housing and Local Government Minister Nga Kor Ming. Citing a report from The Star, Nga also said the rising number of expatriates entering the country will be a boost for the property market outlook.....
Prime Minister Srettha Thavisin’s May 7 announcement of plans to put cannabis back on the narcotics list has faced opposition from businesses and even members of his ruling government, though some welcome the prospect of safeguards against foreign players. A need to regulate the cannabis sector against an influx of foreign investors and a desire to score with conservative voters are reasons fuelling the Thai government’s plans to U-turn against its decriminalisation of the drug, say observer…
The Infocomm Media Development Authority aims to launch the green data centre roadmap later this month. Data centre operators that are looking to go greener want more clarity on a roadmap to help them reduce energy consumption. The green data centre roadmap, which the Infocomm Media Development Authority aims to launch later this month to help data centres become more sustainable, takes into account feedback from the industry.....
On the occasion of Mother’s Day, AirAsia announced the addition of a new nursing cover to its signature uniforms for pilots and cabin crew. The cover is part of a Moms-on-Duty kit that the airlines will be providing to new mothers in operations starting this year. The uniform enhancement symbolically marks the launch of a new Diversity, Equity, and Inclusion (DEI) initiative at the airline to create stronger workplace policies in support of working mothers in operational roles. AirAsia C…
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…