APAC MIDDLE EAST AND AFRICA
Singapore container ship logjam spills over to Malaysian port
The maritime logjam is being caused by ships avoiding the Suez Canal and Red Sea due to attacks by Houthi rebels, who support Hamas in the war with Israel.
IMEC will prove to be one of 'biggest game-changers' of 21st century: President Murmu
The IMEC envisages a vast road, railroad and shipping networks among Saudi Arabia, India, the United States and Europe with an aim to ensure integration among Asia, Middle East and West.
G7 Summit commits to promoting India-Middle East-Europe Economic Corridor
At the G7 Summit, the Group of Seven industrialized nations committed to promoting infrastructure projects such as the India-Middle East-Europe Economic Corridor (IMEC), reaffirming a commitment to a "free and open Indo-Pacific." Prime Minister Narendra Modi attended the summit at the invitation of Italian Prime Minister Giorgia Meloni.
LTIMindtree expands in Saudi Arabia, employee count increases in Middle East
LTIMindtree expanded its presence in the Middle East by opening its regional headquarters in Saudi Arabia's capital, Riyadh. The move is part of the company's expansion in the Kingdom of Saudi Arabia (KSA) and the Middle East.
Havells India partners with Jumbo Group for kitchen appliances in UAE
Havells India has partnered with Jumbo Group in the UAE to introduce kitchen appliances. Online sales on jumbo.ae will be followed by retail distribution. Havells aims to enhance brand presence and customer accessibility. Jumbo Group CEO emphasizes providing the best products for customers' convenience. After-sales service for Havells products in UAE will be managed by Jumbo Serve.
Jakson Green secures Rs 60 crore funding from HSBC India
This funding will support the company's working capital requirements for its renewable energy business, both in India and internationally, the company said.
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Yemen's Houthis say they attacked three ships, two US destroyers
Yemen's Houthis group has launched attacks on three ships in the Indian Ocean and the Red Sea, and two U.S. destroyers in the Red Sea. The group claims the attacks are acts of solidarity with Palestinians in Israel's war in Gaza. The group has been using missiles and drones against ships sailing towards Israeli ports since November.
Workday shares sink over 13% as slower hiring hits payroll services demand
Workday shares dropped on Friday due to a lowered annual subscription revenue forecast amidst economic uncertainty and slower hiring impacting demand for payroll services.
India has a rare request for Reliance & state refiners on Russia oil deal
India has urged state-run oil refiners and Reliance Industries Ltd. to negotiate a long-term supply deal with Russia to shield the economy from volatile prices. While the government wants collaboration, Reliance's reluctance to share sensitive information poses a challenge. India seeks discounted oil amid tighter US sanctions.
L&T arm opens new manufacturing facility in Saudi Arabia
Larsen & Toubro's subsidiary, L&T Valves Ltd, inaugurates a new manufacturing facility in Saudi Arabia, strategically located in Al Jubail. The move aims to bolster local production capabilities and align with Saudi Vision 2030. The facility will cater to the increasing demand in the Middle East and Africa, strengthening collaboration with Saudi Arabia
Wipro elevates Vinay Firake to head APAC, India, Middle East and Africa
Vinay Firake appointed CEO APMEA at Wipro, succeeding Anis Chenchah. Srini Pallia leads. Delaporte resigned, Hari Shetty elevated. Chenchah supports till May 31, 2024. Firake's educational background includes Wharton and Harvard Business School.
Universal Music Group plans to expand India play
Apart from India, the music company sees China as another other important market. "There are two markets we talk about most often, and that would be China and India. But India is one of our key markets and one of our key vocal points for growth," the CEO said.
New growth markets for IT firms; Stride Ventures closes third fund
Indian IT firms are seeing rapid growth in new geographies amid a slowdown in their established North American market. More on this in today’s ETtech Top 5.
IT companies log strong revenue growth outside key North America market
Top IT services firms experience revenue growth in Europe, MEA, and APAC, outpacing North America. US clients are cautious about spending due to inflation. India and MEA witness investments in technology, driving demand for innovative solutions.
Maritime Culture of Jambu-Dvipa: A highway linking Middle East to Southeast Asia
Few people know about the Dungi caves of Mumbai that have now made way for the New Navi Mumbai Airport coming up at Panvel. In fact, most Mumbaikars do not know that Mumbai is full of Buddhist caves (Kanheri, Mahakali), some of which became Shiva caves, like the Elephanta caves on Gharapuri island, that one sees when crossing the new Atal Setu.
Calls for calm after reported Israeli strike on Iran
World leaders appealed for calm Friday after reported Israeli retaliation against Iran added to months of tense spillover from the war in Gaza, with Iranian state media reporting explosions in a central province. After state television said explosions were heard near the city of Isfahan, Iran activated its air defence systems over several cities, official media reported.
Middle East crisis escalation may hurt pharma exports
While exports have not been affected so far, the next few days are crucial because, if there is serious escalation in the conflict, it could impact the whole Middle East and North Africa (MENA) region. Many Indian pharma companies have a significant presence in the region.
Israel bombs Gaza as Middle East tense after Iranian attack
The Israeli army said it had bombed dozens of targets in the Palestinian coastal territory of 2.4 million people, more than six months into the bloodiest ever Gaza war.
India-France discuss measures to counter state-sponsored cross-border terror including in S Asia
The 16th Meeting of India-France Joint Working Group on Counter Terrorism focused on state-sponsored cross-border terror, including in South Asia. The Indian delegation and the French delegation discussed counter terrorism challenges, including technology use, internet misuse, radicalization, and financing. They also discussed anti-India separatist activities, countering terror financing, organized crime, and narco-terror networks.
Coworking firms take on lease 31 lakh sq ft office space in Jan-Mar, up 7pc annually: CBRE
In its latest report on the Indian office market, real estate consultant CBRE noted that flexible operators became second largest contributor to the total gross demand for office spaces during the quarter ended March 2024.
Wyndham Hotels bets on India’s frequent flyers for growth
Wyndham Hotels & Resorts has 59 operational hotels in India. It has 37 hotels in the pipeline in the country, with plans to open 13 hotels this year. The chain has brands such as Ramada by Wyndham, Ramada Encore by Wyndham and Howard Johnson by Wyndham in India, and it opened its Trademark Collection hotel this week in Amritsar. Other upcoming locations for hotels include some new properties.
Lupin appoints Dr Ranjana Pathak as chief quality officer
Dr. Ranjana Pathak appointed Lupin's chief quality officer, succeeding Johnny Mikell. With 30 years of experience, she led quality at Cipla, Watson/Actavis, and Endo Pharmaceuticals. Lupin invests in R&D.
Imarticus Learning looks to expand into US, Middle East, Singapore
With this move, Imarticus Learning aims to tap into new talent pools, as well as bridge the global demand for specialised education and training, especially in emerging technologies, finance, analytics, and management. It is already present in the UAE.
Kerala emerges as leader in healthcare talent migration to MENA countries
Kerala is the frontrunner in healthcare talent migration from India to the Middle East and North Africa (MENA) region, with a 3.3-fold increase in demand in the United Arab Emirates (UAE). MENA countries offer incentives and state-of-the-art healthcare infrastructure. Indian professionals meet rising talent demands, and the CEO emphasizes India's crucial role.
FedEx invests $350 million in new regional hub in Dubai
FedEx Express is expanding its presence in MEISA by establishing a hub in Dubai. The hub aims to improve connectivity, facilitate global trade, and serve key markets like India and Saudi Arabia.
Russia is rebuilding capacity to destabilise European countries, new UK report says
Russia is rebuilding its capacity to destabilise European countries and extend its influence in the Middle East and Africa, posing a strategic threat to NATO as its members focus on the war in Ukraine, a UK-based think tank said on Tuesday. In a sweeping report, researchers at the Royal United Services Institute argue that Western nations need to do more to counter Moscow's use of unconventional warfare if they are to succeed in turning back Russia's invasion of Ukraine.
IMF, World Bank warn Gaza war, Red Sea attacks imperil global economy
The IMF and World Bank caution that the Israel-Hamas conflict and Red Sea attacks threaten global economy. The war's prolonged nature could worsen repercussions, especially on shipping through the Suez Canal. UN reports show a significant drop in traffic. IMF's Georgieva urges for peace, fearing broader consequences. Despite uncertainties, IMF remains optimistic about the global economy's trajectory. World Bank President Banga highlights Gaza, Ukraine, and Red Sea challenges as key factors affecting global economic outlook.
Clean energy: Govt, biz leaders commit to triple investments in emerging economies
The World Economic Forum (WEF) launched the Network to Mobilize Clean Energy Investment for the Global South, featuring over 20 CEOs and government ministers from countries including India. The alliance aims to unlock an estimated USD 2.2-2.8 trillion required for the clean energy transition in developing economies.
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