Adani Group Chairman Gautam Adani has said that the redeveloped, new Dharavi - Asia’s largest slum cluster located in Central Mumbai – will produce “millionaires without the slumdog prefix.” Adani Properties has been appointed by the Maharashtra government for the redevelopment of Dharavi. In an open letter on July 19, Adani expressed his commitment to creating a “state-of-the-art world-class city" that would reflect a resurgent and self-assured India “as the 21st century belongs to India". He personally vowed that eligible residents of Dharavi would be relocated to their new h
India and Japan have signed a memorandum of understanding (MoU) on semiconductor development. The agreement was signed between Union Minister for Electronics and IT Ashwini Vaishnaw and Japan’s Minister of Economy, Trade and Industry Yasutoshi Nishimura in New Delhi on July 20. The MoU is on five fronts, namely semiconductor design, manufacturing, equipment research, talent development, and bringing resilience to the semiconductor supply chain, informed Ashwini Vaishnaw. He added that the agreements such as the US-India initiative on Critical and Emerging Technology (iCET) and the one wi
India has extended approximately $32 billion in credit to 42 African nations in the last 10 years, accounting for 38 percent of India’s total credit distribution, according to Export-Import Bank of India Managing Director Harsha Bangari. In addition, India has opened 195 project-based lines of credit in Africa worth around $12.8 billion - triple the number in its own region. This makes Africa the second-largest recipient of credit from India. In a media interview, Bangari said that credit extended by India in the last decade is just a few percentage points below its neighbours. She added
Japan is assisting Bangladesh to turn its coast into an economic hub, say reports. Under the Bay of Bengal Industrial Growth Belt (BIG-B) initiative, Japan has been implementing projects for improving connectivity, developing infrastructure and accelerating industrial growth along the Dhaka-Chittagong-Cox's Bazar belt area, say experts familiar with the development. The projects include a power plant, port and corporate parks. The BIG-B initiative aims to boost connectivity between Bangladesh and its neighbouring countries Bhutan, Nepal and northeastern India, and make it the heart of the
A Norwegian mining company has announced that the phosphate rock deposit discovered in June could meet the global demand for solar panels and batteries for the next 100 years. Norge Mining, an Anglo-Norwegian company, announced the discovery of massive deposits of ultra-rich phosphate rock, vanadium and titanium in south-west Norway this June. The company has said that the deposit is estimated to be worth at least 70 billion tonnes. This is very close to the proven global reserves of phosphate, which are estimated to be 71 billion tonnes, according to a US Geological Survey report released
The United Arab Emirates (UAE) will set up a new ministry of investment to develop its investment strategy at home and worldwide. The Prime Minister of UAE and ruler of Dubai, Sheikh Mohammed bin Rashid al-Maktoum tweeted the plans after a cabinet meeting on July 3, adding that Mohammed Hassan Al Suwaidi will become the investment minister. The objectives of the upcoming federal ministry would include stimulating the investment environment in the UAE and to make the UAE’s legislation and procedures more competitive to attract global investment, Sheikh Mohammed said. The UAE will also set
H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, launched the first phase of the Waste to Energy Centre in Warsan – the world’s largest and most efficient waste-to-energy plant – on July 4. The facility built at a cost of AED4 billion features advanced technologies that do not have any adverse environmental impact. The Crown Prince of Dubai also watched the Centre’s first waste-to-energy conversion operations. Two of the plant’s five lines are now operational and process about 2,300 tonnes of solid
Alphabet, the parent company of Google, is using beams of light to deliver internet service to India’s rural and remote areas. This new project, called Taara, is part of the US company’s innovation lab, X or the Moonshot Factory. Taara is now working on deploying the laser internet technology on a larger scale in the country in collaboration with Bharti Airtel. The project aims to connect internet services in multiple countries, and has partnered with companies like Econet Group, Bluetown, and Digicel. The technology involves small machines that transmit data through lasers, providi
Housing sales in India hit a record high in the April-June quarter of 2023, according to a report by ANAROCK Research. Over 1.15 lakh units were sold in Q2 across India’s top cities, which is nearly 36 percent higher than the 84,940 units sold in the same quarter last financial year. Among the top seven cities, Mumbai Metropolitan Region (MMR) and Pune accounted for over 51 percent of the total sales, the researcher added. Housing sales in the second quarter of 2023 has far surpassed the previous peak of the first quarter in 2023 despite rising home loan rates. As many as 58,770 units we
Many Hong Kong businessmen are planning to sell their assets to cut debt. Swire Pacific, New World both announce plans to sell units, as firms are contending with rising borrowing costs. Swire Pacific Ltd. has become the second notable Hong Kong company to announce plans to offload assets to reduce debt. The conglomerate on June 28 announced to sell its US beverages business to its controlling shareholder run by the wealthy Swire family for $3.9 billion. The sale would lower the company’s indebtedness by more than one-third, it said in a statement. It also suggested a special dividend of