The Government of Malaysia plans to build a RM28 billion (S$8.5 billion) port to boost the handling capacity for both container and conventional cargo at the main shipping hub of Port Klang. The project is expected to bolster Port Klang as a major shipping hub for the Asia-Pacific region. The new port at Carey Island is planned keeping in mind the future growth of international trade, and to keep an eye on rival regional ports, including those in Singapore, Thailand and Vietnam, that are amid expansion. Captain K. Subramaniam, General Manager, Port Klang Authority, in an interview said tha
The people of Singapore trust cards the most when it comes to making payments, says the FIS Global Payments Report 2023, released by Worldpay on April 11. Credit cards accounted for 36 per cent of all point-of-sale (POS) transactions made in the country in 2022, followed by debit cards at 21 per cent and cash at 19 per cent. Credit cards were used in 42 per cent of e-commerce transactions, followed by digital wallets at 32 per cent. Debit cards were third, at 11 per cent. Cash on delivery accounted for only 1 per cent of the total transaction value. FIS provides technology solutions for
The Indian economy today is transparent, open and watchable, said Union Finance Minister Nirmala Sitharaman while addressing the US business community on April 11 in Washington, encouraging them to come and invest in India and be part of the country’s amazing growth story. The union minister was speaking at a luncheon meeting of the US-India Strategic and Partnership Forum, where she told representatives of the top US companies that the current state of the Indian economy is due to the path-breaking and futuristic reforms, such as digitisation, undertaken by Prime Minister Narendra Modi
India will use the G20 narrative to push its digital transformation story to the rest of the world with an objective of transforming the lives of people in the Global South, said India's G20 sherpa Amitabh Kant on April 11. The senior bureaucrat was addressing the 8th National Leadership Conclave held by All India Management Association (AIMA) in New Delhi. He underlined that globally there are 4 billion people who are without a digital identity and 2.5 billion people do not even have a bank account. There are 133 countries in the world which do not have digital fast payments, he added.
The Group of Seven (G7) advanced economies has set its sights on aiding developing countries in the introduction of central bank digital currencies (CBDCs) that adhere to international standards, Japan’s top currency diplomat Masato Kanda said on Tuesday. During a recent speech in preparation for the International Monetary Fund and World Bank Spring 2023 meetings, Japan's top currency diplomat Masato Kanda revealed that the move would be among the key themes of G7 discussions, alongside other grave issues like Russia's invasion of Ukraine. He noted that G7 could address challenges the gl
Sri Lanka’s President Ranil Wickremesinghe has sought India’s help in establishing policy reforms, governance, capacity building, digitalization, and public service delivery, an official statement issued by India’s Ministry of Personnel, Public Grievances and Pensions said. The Indian delegation led by the Director General of the National Centre for Good Governance (NCGG), Bharat Lal met Sri Lanka’s President on April 1 and discussed policy reforms, good governance, digitalization, capacity building and training, institution building, and assured public service delivery. The Sri
The Asian Development Bank (ADB) in a report has said that China’s recovery from the COVID-19 pandemic and strong demand in India will drive strong economic growth in Asia this year. Asia’s developing economies are on course for faster growth and moderating inflation this year and next, even as advanced economies are contributing to a darker global outlook, the report issued on April 4 added. The ADB projected that China’s economy will grow 5 percent this year and 4.5 percent next year — better from last year’s 3 per cent growth, but slower than its long-term average. India’s e
India saw the sale of over one lakh electric vehicles (EVs) every month from October 2022 to March 2023, says the data shared by the Government. In October 2022, 117,252 EVs were sold. The next month, Indians bought as many as 121,389 EVs as against 104,783 in December 2022. EV sales touched a fresh high for a month in March 2023. In the financial year 2023, as many as 11,71,203 EV units were sold in India, an increase of over 150% against the sale of 4,58,748 EVs in the financial year 2022. Record 1,30,430 EV units were sold in March 2023. In FY23, India bought as many as 11,70,916 EV uni
The Ministry of Defence, Government of India has signed a ₹1,700-crore contract with BrahMos Aerospace (BAPL) for procurement of next-generation maritime mobile coastal batteries (long range) and BrahMos missiles. These systems will enhance multi-directional maritime strike capability of the Indian Navy, said the ministry in a statement. The delivery of the batteries is scheduled to begin from 2027. “The systems will be equipped with supersonic BrahMos missiles and will significantly enhance multi-directional maritime strike capability of the Indian Navy,” the statement added. BAP
The United Kingdom reached an agreement with Indo-Pacific partners to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) at a virtual ministerial meeting late March 31, 2023. The CPTPP is a free trade agreement between 11 countries. “After 21 months of negotiations, this is the UK's biggest trade deal since Brexit and [it] becomes the first European country to join CPTPP,” the government said. The 11-country trans-Pacific trade pact includes Japan and Australia. The deal is important, as Britain looks to deepen ties in the Indo-Pacific region and