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India
Air India Express employees called in sick as a mark of protest leading to the cancellation and delay of flights. Before this, employees at Vistara, an airline under the Tata Group, also reported sick leading to more flight cancellations. These incidents notwithstanding, there was a decrease in the number of incidents of employees expressing dissatisfaction with their employers in recent years, according to an analysis of data from the Ministry of Labour and Employment. Industrial disputes…
Indian sovereign bonds have seen about $8 billion of inflows into the Fully Accessible Route securities since the JPMorgan announcement, though there were some outflows in April amid a global debt selloff JPMorgan Chase & Co is on track to include India in its emerging market debt index from June with most of its clients ready to trade, according to the firm’s global head of index research, Bloomberg reported....
Net interest income up 3% on year at ₹41,655 crore; board declares dividend of ₹13.70 per share for FY24 State Bank of India (SBI) reported its highest standalone quarterly net profit at ₹20,698 crore in the fourth quarter due to robust growth in non-interest income, including treasury income, tight rein on operating expenses and write-back in standard asset provisions and other provisions.....
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…
Middle East
20 - 22 May 2024 King Abdulaziz International Conference Center (KAICC) Riyadh, Saudi Arabia Elevating Global Connectivity Under the esteemed patronage of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al-Saud, the General Authority of Civil Aviation (GACA) is hosting the third edition of the Future Aviation Forum (FAF 2024) at the King Abdulaziz International Conference Center in Riyadh, Saudi Arabia, on 20-22 May 2024. FAF 2024 will focus on 'Elevating Global Connectivity' and…
An ambitious roadmap setting out how Saudi Arabia will grow its aviation sector tenfold into a $2 billion industry will be unveiled at a special event in May. The plans cover the business jet segment, including charter, private, and corporate aircrafts, and will support Saudi Arabia’s development as a global high-value enterprise and tourist destination.......
SAMACO Marine & Powersports and Saudi Arabian Airlines (SAUDIA) announced a strategic partnership aimed at enriching tourism in Saudi Arabia. This collaboration will harness SAUDIA’s exceptional air industry services alongside SAMACO’s luxury yacht charter services, culminating in an unparalleled holiday experience to travelers that will showcase the breathtaking beauty of Saudi Arabia’s Red Sea to the world. This strategic collaboration is in perfect alignment with Saudi Vision 2030, spec…
Delivered in partnership with the University of Prince Mugrin and École hôtelière de Lausanne hospitality business school Red Sea Global (RSG), the multi-project developer behind regenerative tourism destinations The Red Sea and AMAALA, celebrated the graduation of the first batch of students on the RSG Scholarship program, delivered in partnership with the University of Prince Mugrin (UPM) in Madinah. The graduation ceremony was held at King Salman International Convention Center under the p…
- Non-oil bilateral trade between Dubai and Vietnam increased by 12.2% during 2023 to reach a value of AED 31.7 billion. - A total of 118 Vietnamese companies were registered as members of Dubai Chamber of Commerce as of the end of 2023. - As part of the trade mission, the chamber hosted the ‘Doing Business in Vietnam’ forum in Ho Chi Minh City, which attracted 238 participants. - Cosmetics, perfumes, beverages, meat, coffee, and spices are among the most promising sectors for exports to Vie…
Emirates continues its focus on boosting inbound tourism flows from across its network through close collaborations with the Mauritius Tourism Promotion Authority (MTPA) and the Uganda Tourism Board. Both pacts were signed on the sidelines of ATM, where the airline concluded a packed schedule of MoU signings and meetings with industry and trade partners. Emirates pledged its continuous support to the island nation of Mauritius by renewing its partnership with the Mauritius Tourism Promotion Au…
On the sidelines of the Arabian Travel Market 2024, Dubai Police signed a Memorandum of Understanding (MoU) with the Emirates Scholar Center to enhance collaboration and coordination between both parties in utilizing scientific research to serve and support the tourist security sector, further strengthening its efforts to ensure the safety and well-being of tourists. The MoU was signed by Brigadier Khalfan Obaid Al Jallaf, Director of the Tourist Police Department, and Dr. Firas Habbal, Presid…
- Global diamond industry, civil society and world governments to gather in Dubai next week for Kimberley Process mid-year intersessional meeting - UAE is Chair of Kimberley Process in 2024 under “Year of Delivery” focused on long-term security, efficiency and operationalisation of Kimberley Process - The UAE has secured historic special plenary to accelerate decision making DMCC has announced today on behalf of the UAE that the Kimberley Process (“KP”) Intersessional Meeting will begin …
Participants at the 9th Dubai International Project Management Forum (DIPMF), organised by the Roads and Transport Authority (RTA) under the patronage of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of the Executive Council, from January 15 to 18, in cooperation with Dubai Electricity and Water Authority (DEWA), DP World, and the Project Management Institute (PMI), made 13 recommendations centred on sustainability, modern project management techn…
"I don't want the next Tesla or the next Uber- I want to know what makes you stand out without comparing yourself to a trillion-dollar company." On the morning of May 1, 2024, the 25Hours hotel in Dubai was abuzz with a convergence of entrepreneurs, investors, and other stakeholders from the UAE entrepreneurial ecosystem, all of whom were set to partake in the Demo Day of the seventh cohort of the Mohammed Bin Rashid Innovation Fund (MBRIF) Accelerator program. But ahead of the pitch competitio…
South East Asia
Three more nickel processing plants are expected to be built in the Philippines within the term of President Ferdinand R. Marcos Jr., a Trade official said on Friday. "There are interested parties to put up HPAL (High-Pressure Acid Leach) facility in the Philippines. I mentioned three because they are looking at three areas like Zambales, Surigao, Palawan," Trade Undersecretary and Board of Investments managing head Ceferino Rodolfo said at the sidelines of the Mining Summit in Makati City. Rodo…
Malaysia’s industrial production index (IPI) rose 2.4 per cent in March from the year before, driven by higher output from the mining and electricity sectors, said the Department of Statistics Malaysia (DOSM) on Friday (May 10). The growth, slower than the 3.1 per cent recorded in February, also fell short of the 2.5 per cent growth forecast by 15 economists in a recent Reuters poll. A report by DOSM showed that the output from the mining sector accelerated by 4.9 per cent year on year in Marc…
Resorts World Sentosa (RWS) operator Genting Singapore May 10 reported a net profit of $247.4 million for the first quarter ended March, an increase of 91.5 per cent from $129.2 million in the previous corresponding period. The group posted a revenue increase of 61.9 per cent to $784.4 million from $484.5 million a year ago.....
- Non-oil bilateral trade between Dubai and Vietnam increased by 12.2% during 2023 to reach a value of AED 31.7 billion. - A total of 118 Vietnamese companies were registered as members of Dubai Chamber of Commerce as of the end of 2023. - As part of the trade mission, the chamber hosted the ‘Doing Business in Vietnam’ forum in Ho Chi Minh City, which attracted 238 participants. - Cosmetics, perfumes, beverages, meat, coffee, and spices are among the most promising sectors for exports to Vie…
Thailand expects to stimulate food export growth of 2% this year as it prepares for THAIFEX-Anuga Asia 2024, Asia's leading food and beverage trade show. Phusit Ratanakul Sereroengrit, director-general of the Department of International Trade Promotion (DITP), said the food industry is one of the most important sectors contributing to exports. https://www.bangkokpost.com/business/general/2790022/thai-food-exports-expected-to-see-2-growth-this-year
Factory will produce Hilux pickup trucks and Fortuner SUVs for domestic market. Japanese automotive giant Toyota has put into operation its new assembly plant at the Phnom Penh Special Economic Zone in Cambodia, where it has started producing Hilux pickup trucks and Fortuner SUVs. The factory is operated by Toyota Tsusho, whose main business is supporting Toyota Motor’s global vehicle business across the industrial, commercial, and consumer sectors....
Consumer spending in the Philippines is expected to surge this year due to easing inflationary pressures, healthy employment conditions and lower borrowing costs, according to BMI Country Risk & Industry Research. In a report, BMI said household spending would likely grow by 6.4 percent to P12.7 trillion in 2024 from 5.1 percent last year. This is also higher than the previous estimate of 6.3 percent made in November 2023......
The country’s stock market has seen little action from the global AI and Big Tech equities frenzy Le Van Nam, an investor in Vietnam, has been meticulously scouring the Vietnamese stock exchange for promising tech stocks, hoping to claim a slice of the action in the big global boom in artificial intelligence (AI). Having spent three years at a venture capital (VC) fund specialising in early-stage tech startups, the 28-year-old had expected companies in several key sectors – chiefly microc…
Italy on May 9 opened the Singapore office of its export credit agency Sace in a move to help its companies capture growing trade and investment opportunities across South-east Asia. Sace’s new office in downtown Capital Square will manage more than $8 billion worth of new South-east Asian projects in the pipeline and act as a bridge between sellers of Italian goods and technologies to firms in the region that need them.....
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.....