The United Arab Emirates’ non-oil private sector continued its upward stride in October, with growth recorded at a rate close to August’s three-year high and employment expanding at its fastest in six years. The S&P Global UAE Purchasing Managers’ Index (PMI) increased to 56.6 in October from 56.1 in September, which is its fastest since June 2019. The index was at its exceptional best in August this year, when growth was at a tad faster pace at 56.7. The observers credit the upturn to sharp expansions in business activity and new orders. In October, more action was seen on th
The Tata Group-owned Air India on Thursday announced that it has signed agreements to acquire 100% shareholding in low-cost airline AirAsia India (AAI) and subsidiarize under Air India. The acquisition is expected to finish by the end of 2023. An operational review process is in progress to integrate AAI with Air India’s low-cost service, Air India Express (AIXL) fully. AirAsia India can use the "AirAsia" brand name for 12 months. After the merger, the entity will be branded as Air India Express. With this merger, Malaysia-based AirAsia Group will end its uncomfortable journey in Indi
Australia will officially ratify its interim trade deal with India, signed on April 2, in the forthcoming weeks, said Australia’s trade and tourism minister Don Farrell on Tuesday. The unusual delay in the ratification was due to the election of a new government in Australia. In a virtual meeting with India’s Commerce and Industry Minister Piyush Goyal, Farrell said that in addition to the India-Australia Economic Cooperation and Trade Agreement (IndAus ECTA), the amendments to Australia’s domestic regulation for resolving the issues related to the Double Taxation Avoidance Agreement
Italy's economy grew by 0.5% in the third quarter of 2022 from the previous quarter, said the preliminary data released by the Italian National Institute of Statistics (ISTAT). On a year-on-year basis, the gross domestic product (GDP) in the Euro Zone's third largest economy has increased by 2.6%. The recent quarterly increase is the seventh three-month period in a row that Italy's economy has expanded. The Italian GDP has now exceeded expectations in each of the first three quarters of 2022. ISTAT said that assuming GDP to be flat quarter-on-quarter in the last quarter of the year, the an
Saudi Arabia's economy expanded by 8.6 per cent in the third quarter of 2022, driven by higher oil prices and government reforms, said the kingdom’s statistics body, General Authority for Statistics (Gastat). The Q3 growth is up from 6.8 per cent recorded in the same period a year ago. Oil activities grew 14.5 per cent, up from 9.3 per cent a year ago, Gastat added. The increase, however, is lesser than seen in the second quarter of 2022, when the surge was 22.9 per cent. While the kingdom has posted six straight quarters of economic expansion after the pandemic, its third-quarter
In an effort to ease the burden of rising utility rates and food prices, Prime Minister Fumio Kishida's government approved Friday an economic package of about 29 trillion yen ($200 billion). This hefty economic package was approved by Japan's Cabinet for government spending to alleviate rising utility and food costs. There has been an increase in inflation in Japan along with a rise in prices around the world. Household subsidies are included in the stimulus package as Kishida attempts to raise his plummeting popularity. Following the July assassination of former Prime Minister Shinzo Abe
Prime Minister Narendra Modi laid the foundation stone of various road and ropeway projects worth more than Rs 3400 crore at the Mana village of Chamoli district. Uttarakhand. Speaking at the occasion, the PM said that the connectivity projects would help improve the economic development of Uttarakhand. "Connectivity is a challenge in mountainous regions. Our government is working on bringing connectivity to such areas. Four-lane expressways are being built to connect the state from Delhi and UP. Delhi-Dehradun economic corridor will encourage businesses in the state," he said. The Prim
The representation of women on boards of companies in India during the last ten years sped up to 18 percent in 2022, but the country is still lagging behind France, Sweden, the US, and the UK, according to a report. From 2013 to 2022, India made noteworthy and rapid progress in increasing women's representation on boards from 6 percent in 2013 to 18 percent in 2022, leading consultancy EY's report titled 'Diversity in the Boardroom: progress and the way forward", said. France stood at the number one position with 44.5 percent women representation on companies' boards, followed by Sweden (4
During the week from October 9 to 16, Telangana secured investments from three companies totalling Rs 1,850 crore, confirming its position as India's premier investment destination. As a result of these three investments, approximately 4,500 jobs could be created. There were contributions from a wide range of industries, including life sciences, edible oils, and jewellery. A positive start to the new week for Telangana was provided by pharma company Hetero, which announced plans to invest around Rs 600 crore in an acquired manufacturing unit. The project will create employment for about 2,
South African President Cyril Ramaphosa’s visit to the Kingdom of Saudi Arabia was summarised by signing a series of memorandum of understanding (MoU) between both countries. As per the report shared by a Saudi state news agency on Monday, the estimated value of those memorandums of understanding is worth more than $15 billion. Both countries agreed on cooperation in the field of agriculture, aquaculture, fisheries, and direct investment cooperation. South African President Cyril Ramaphosa arrived in the Kingdom of Saudi Arabia on Friday, October 14, for a State Visit, which concluded on