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Bloomberg India will defer spectrum payments due from telecommunications companies for two years to help an industry ravaged by a year-long price war, mounting debt and a court decision last month demanding $13 billion in overdue fees. The moratorium will be for two years beginning April 2020, finance minister Nirmala Sitharaman told reporters after a cabinet meeting in New Delhi. ...

Bloomberg Singapore’s economy expanded at a faster pace in the third quarter than earlier estimated, with the city-state projecting the recovery will take hold next year. The final reading of gross domestic product showed the economy grew an annualised 2.1% in the third quarter from the previous three months, versus a previous projection of 0.6%, the Ministry of Trade & ...

Bloomberg Vietnam wants its importers to ensure that what they’re bringing into the country won’t contain a disputed South China Sea map that’s been spotted in items from vehicle navigation to solar inverter software. The ministry of industry and trade, in a statement on the website, said companies must review contracts and improve their monitoring of the imported goods. For ...

Bloomberg Japan and South Korea struck a last-minute deal to rescue their expiring intelligence-sharing pact, after a push from the Trump administration averted a blow to US efforts to strengthen its Asian alliance network. South Korea will suspend its plans to pull out of the General Security of Military Information Agreement (GSOMIA) and temporarily withdraw a complaint it made against ...

Abu Dhabi / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, Their Highnesses the Supreme Council Members and Rulers of the Emirates, Crown Princes, Sheikhs, and large crowd performed funeral prayers on the body of the late HH Sheikh Sultan bin Zayed Al Nahyan, at ...

DUBAI / WAM In his capacity as Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, enacted a new DIFC Intellectual Property Law, Law No. 4 of 2019, Dubai International Financial Centre (DIFC), the world’s eighth ranked international financial centre and the number one financial hub in the Middle East, ...

ABU DHABI / WAM Abu Dhabi Fund for Development (ADFD), the leading national entity for economic development aid, attended the official opening ceremony of the Social Housing Project in the Seychelles. ADFD allocated $9 million (AED33 million) towards the strategic venture that spans three residential areas on Mahé – the largest and most populated island in the archipelago. Aimed at ...

Dubai / WAM The Mohammed bin Rashid Fund (MBRF), of Dubai SME, the agency of Dubai Economy mandated to develop the small and medium enterprise (SME), sector, and First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, have formed a partnership to launch a new receivable financing programme for Emirati- owned ...

Bloomberg Alibaba Group Holding Ltd has raised about HK$88 billion ($11.2 billion) in its Hong Kong share sale, marking the biggest equity offering in the financial hub since 2010. The company confirmed that it has priced 500 million new shares at HK$176 each in a statement. The price represents a 2.9% discount to the last close of Alibaba’s American depository ...

Bloomberg India is planning to offer 324 companies including Tesla Inc and GlaxoSmithKline Plc incentives to set up factories in the South Asian nation in a bid to capitalise from the trade war between China and the US, according to a document seen by Bloomberg. The government proposes to provide the manufacturers land to set up a factory along with ...