The News As You Need
India
Axiata Group Bhd's Sri Lankan unit Dialog Axiata PLC will acquire rival telco Airtel Lanka from Bharti Airtel Limited in exchange for 10.355% of the total issued shares in Dialog. According to a joint statement, the Telecommunications Regulatory Commission of Sri Lanka (TRCSL) has granted its approval for the proposed merger between Dialog Axiata, the operator of Sri Lanka’s leading quad-play connectivity provider, and Airtel Lanka, which offers 5G-ready 4G network across the country.....
Launched as Dailyhunt Premium, this subscription-based offering will provide users access to premium content from international publishers in over 60 languages VerSe Innovation, India’s biggest local language technology platform, announced its acquisition of Magzter, a cross-platform, self-service, global digital newsstand with a library of over 8,500 premium magazines and newspapers. VerSe runs new aggregator platform DailyHunt and short video platform Josh..... More https://bit.ly/4aFN62c…
The report noted that in India, where sales topped $250 million in 2022, all Cerelac baby cereals contain added sugar, averaging almost 3 grams per serving despite the World Health Organization's guidelines prohibiting added sugar in baby food. The Government of India has taken suo-moto cognisance of reports that Nestle reportedly added sugar to infant milk sold in India.....
The ambitious 50% jump in pre-tax profits from the expected $5 billion of Ebitda in FY24 follows the group’s demerger plan that entails a reorganization of its Mumbai-based Vedanta Ltd. into six separate entities based on their sectors Billionaire Anil Agarwal on Wednesday said his group’s UK-based flagship Vedanta Resources Ltd. will be achieving an annual operating profit of $7.5 billion within the next two years.....
Due diligence said to be at advanced stages, company to be valued at $430–450 million Japan’s Mizuho Bank and Dubai’s government-owned NBD Emirates are frontrunner to take over KKR’s stake in Avendus Capital. The two foreign investors are said to be at advanced stages of due diligence and are expected to submit their bids in the next 2 – 3 weeks......
Godfrey Phillips India had on April 12 announced its plan to sell the loss-making 24Seven convenience store chain after a review of its retail business division Godfrey Phillips, backed by the KK Modi group, is in discussions with Tata Trent, Reliance Retail, and Avenue Supermarts for a potential sale of its retail grocery chain, 24Seven, The Economic Times (ET) reported. The outcome of the talks will depend on the valuation, the business daily said, citing sources..... More https://bit.ly/444r…
Matthew Miller was asked why the US has not considered sanctions against India over the matter of the murder plot of Khalistani terrorist Gurpatwant Singh Pannun in New York, the killing of Hardeep Singh Nijjar in Canada and the reported killings in Pakistan.....
LinkedIn Top Companies 2024: Social media job portal LinkedIn has released its list of top 25 workplaces in India with over 5,000 employees, and a top-15 list for mid-size companies with less than 5,000 workers. Take a look. LinkedIn India Top Companies 2024: LinkedIn's annual ranking of top companies, listing the top 25 workplaces in India with over 5,000 employees globally, was released by the social media job portal in a blogpost on April 16....
The first phase of operations with a dedicated line for manufacturing new range of engineered wooden doors have already begun Shakti Hörmann, an industrial, commercial and residential door manufacturing company, has commissioned a 2.50 lakh sq ft manufacturing facility in Mahindra World City in Jaipur. The company invested ₹175 crore to develop the facility, which can produce 1.50 lakh engineered wooden doors......
Cash deposits or withdrawals exceeding Rs 10 lakh (1 million) in a year in a savings account (except current accounts and fixed deposits) require reporting to the Income Tax department. Cash deposits or withdrawals exceeding Rs 10 lakh (1 million) in a year in a savings account (except current accounts and fixed deposits) require reporting to the Income Tax department. Banks and post offices are responsible for reporting such transactions. Certain high-value financial transactions in India can…
Middle East
Key government, business and industry leaders attended a series of presentations and meetings in Beijing and Shanghai, organized in partnership with the China Council for the Promotion of International Trade (CCPIT) in Beijing and Shanghai NEOM has kicked off the China leg of its global ‘Discover NEOM’ tour with its showcase in Beijing and Shanghai, with over 500 senior business and industry leaders in attendance. The tour began in Beijing on April 15, followed by Shanghai on April 17. Organ…
Abu Dhabi National Insurance Company (ADNIC) has acquired a 51% stake in Allianz Saudi Fransi Cooperative Insurance Company, the Saudi affiliate of the German financial service provider Allianz Group, for $133.1 million (SAR 499 million), a bourse filing showed Thursday. Acquisition details The cost of acquisition was determined on the basis of a weighted average price of around $4.35 (SAR 16.3075) per share, according to the regulatory filing posted on the Abu Dhabi Securities Exchange (ADX)…
WFES is hosted by Masdar from 16 to 18 April 2024 Dubai Electricity and Water Authority (DEWA) is participating in four panel discussions during the World Future Energy Summit. Hosted by the Abu Dhabi Future Energy Company (Masdar) from 16 to 18 April 2024, the event aims to accelerate the pace of sustainable development and advance economic, social, and environmental development. DEWA is also showcasing its key projects and innovative initiatives in sustainability and renewable and clean energy…
Due diligence said to be at advanced stages, company to be valued at $430–450 million Japan’s Mizuho Bank and Dubai’s government-owned NBD Emirates are frontrunner to take over KKR’s stake in Avendus Capital. The two foreign investors are said to be at advanced stages of due diligence and are expected to submit their bids in the next 2 – 3 weeks......
- Triton Liquid, funded by leading US venture capital investors, has received an In-Principal Approval for a Financial Services Permission (FSP) - Triton’s launch will open greater access to more sophisticated, liquid, institutional-grade digital asset projects to Middle East investors, stimulating further economic diversification in the UAE - Triton cites the UAE’s “visionary leadership, financial services pedigree and constant drive for fintech innovation” as motivation for the move to…
Acknowledging Dubai International’s (DXB) achievement of retaining its title as the world's busiest international airport for the 10th year running, as announced by the Airports Council International (ACI), Dubai Airports CEO Paul Griffiths makes a statement on this remarkable feat: “While this milestone was greatly anticipated, its official confirmation instils us with great pride. DXB is proud to uphold its status as the world's foremost international airport for an unparalleled ten ye…
- This strategic investment will enhance the UAE’s position as a global AI hub and provide further opportunities for partners and customers to innovate and grow. - G42 and Microsoft will collaborate to ensure the benefits of secure AI technologies and cloud capabilities are responsibly shared with growing economies globally. - Microsoft’s Vice Chair and President Brad Smith will take a seat on the G42 Board. - Both companies will support the establishment of a $1B fund for developers. - The…
The World Bank has raised its expectations for Saudi Arabia’s economic growth to 5.9 percent in 2025 from 4.2 percent predicted earlier in January. In its latest report the bank, however, revised its 2024 forecast for the Kingdom’s gross domestic product growth downward to 2.5 percent from an earlier forecast of 4.1 percent.....
Film sheds light on the importance of combating the impact of climate change on coral reefs. Red Sea Global (RSG), the developer behind regenerative tourism destinations The Red Sea and AMAALA, has announced a collaboration with leading global media and entertainment company Warner Bros. Discovery on a documentary film that sheds light on the vital importance of combating the impact of climate change on coral reefs. Beneath the Surface: The Fight for Corals, set to air on Discovery linear on Ear…
- The latest DMCC Future of Trade report on Web3 examines the drivers of growth and digital decentralisation in crypto, metaverse and DeFi - Metaverse global market value projected to rise to USD 3.4 trillion by 2027, with DeFi to reach USD 600 billion by 2032 - Artificial Intelligence will accelerate innovations in Web3 - The UAE is a global leader on crypto regulation through investor-friendly approach - DMCC is home to the largest concentration of Web3, crypto, and blockchain businesses acros…
South East Asia
LinkedIn, a professional networking platform, unveiled its list of the top 15 companies renowned for fostering career development in Indonesia for the year 2024. Leading the pack is state-owned Bank Mandiri, recognized as the best workplace for career advancement in the country.....
Axiata Group Bhd's Sri Lankan unit Dialog Axiata PLC will acquire rival telco Airtel Lanka from Bharti Airtel Limited in exchange for 10.355% of the total issued shares in Dialog. According to a joint statement, the Telecommunications Regulatory Commission of Sri Lanka (TRCSL) has granted its approval for the proposed merger between Dialog Axiata, the operator of Sri Lanka’s leading quad-play connectivity provider, and Airtel Lanka, which offers 5G-ready 4G network across the country.....
Buoyed up by the recent spike in the two-way trade, the Royal Government of Cambodia (RGC) and the Australian Government recently reaffirmed their commitment to strengthen cooperation in key areas including investment, tourism, and agriculture while tackling the development of the Mekong-Australia Partnership (MAP). The commitment from both sides was made during the Fourth Senior Official’s Talks (4th SOTs) between Prak Nguon Hong, Secretary of State of the Ministry of Foreign Affairs and Inte…
The three-day gathering serves as a pivotal event in the beauty sector, showcasing cutting-edge solutions and technologies from leading nations, and offering a platform for businesses to extend their networks, forge new partnerships and seek international collaborative ventures. The Beautycare Expo 2024 kicked off on Thursday in Hà Nội, featuring over 250 booths from more than 15 countries and territories, hosted at the International Exhibition Centre (I.C.E) within the Vietnam-Soviet Friend…
The Lion City is keen to collaborate with South-east Asia’s 2023 star growth performer in economic transformation, renewable energy, carbon credits THE Philippines is “a very fertile ground” with a lot of potential still waiting to be tapped, and Singapore can play a role in the transformation of its economy, be it in master planning, training, or connecting local companies with global opportunities, said Singapore’s Minister for Foreign Affairs Vivian Balakrishnan.....
Condominium rents rebounded slightly in March after seven straight months of decline, supported by healthy leasing demand from renters who returned after the festive Chinese New Year period in February. Rental volumes for both condo units and Housing Board (HDB) flats recovered during the month, after falling in February. This is based on flash estimates released by SRX and 99.co on April 18.....
An exodus of Chinese real estate companies has left this Cambodian seaside resort littered with hundreds of half-finished projects. The concrete skeleton of one of these buildings stands on a piece of land owned by 51-year-old elementary school teacher Pan Sombo.....
IATA points to range of potential threats Aviation bodies project Thailand's passenger numbers to recover by next year, though economic uncertainties and the slow rebound of some supply chains still hamper the industry....https://www.bangkokpost.com/business/general/2777864/aviation-bodies-see-recovery-in-passenger-figures-by-2025
Fintech firm Pomelo said that it placed a spot in the list of the global venture capital firm GGV Capital’s Innovation 50 list for 2024 for being one of the most“promising fintech companies in the eyes of investors.” This development follows reports that Pomelo has successfully secured $35 million in venture capital from multiple investors, coupled with a substantial $75 million expansion of its warehouse facility.....
Young Malaysians are having fewer children than the generations before them. Economists warn that if this trend plays out concurrently with rising life expectancy, the country’s healthcare and pension systems, and the economy on the whole, will come under strain. Malaysia’s fertility rate – the average number of births per woman – plummeted from 4.9 in 1970 to just 1.6 in 2023, a span of just over 50 years. The 1.6 figure, on a par with that of the United States, is a record low in Malay…