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Bloomberg Southeast Asia stands to reap $12.5 trillion in economic gains by 2070 if it takes urgent moves to slow climate change, while inaction could yield losses more than double that size, according to the Deloitte Economics Institute. The region’s gross domestic product could grow by an average of 3.5% per year over the next five decades if it nurtures ...

Bloomberg India’s finance ministry has summoned the chief executive officer of Infosys Ltd, Asia’s second-largest software service provider, asking him to explain why glitches in the nation’s new electronic tax filing portal have not yet been fixed. The snags in the portal haven’t been resolved after two and half months since its launch, and it hasn’t been available at all ...

Bloomberg Denso Corp, Toyota Motor Corp’s top supplier, says production at the automaker should recover swiftly, leaving Denso on track to beat its own profit forecast for the current fiscal year. Denso will likely take a profit hit of about 20 billion yen ($182 million) to 30 billion yen in September due to Toyota’s production cuts, Chief Financial Officer Yasushi ...

Abu Dhabi / WAM The UAE is emerging as a growing investor in India’s textiles sector even as India steps up its efforts to quadruple the exports of handloom textiles in the next three years. The Ministry of Textiles here on Sunday set up a high-level, eight-member, experts’ committee to double the production of handlooms and boost exports. The committee ...

Abu Dhabi / WAM The Abu Dhabi Department of Economic Development and the Industrial Development Bureau (IDB) has revealed the success of the Basic Industrial Project by introducing new 22 industrials licenses in the first year of the project. These licenses include the medical, food and electrical sectors with a total investment of AED286.4 million. Mohamed Ali Al Shorafa, Chairman ...

Bloomberg Thailand’s parliament approved the nation’s annual budget that seeks to ramp up spending on tackling the Covid-19 outbreak while slashing outlays for defense and education with the government revenue coming under pressure from a worsening growth outlook. The 3.1 trillion baht ($93 billion) spending plan for the fiscal year starting October 1 received the backing of 257 lawmakers. A ...

Abu Dhabi / WAM Abu Dhabi Commercial Bank PJSC (ADCB) received an upgrade in its MSCI ESG rating to ‘AA’ from ‘A’ driven by “leading digital transformation initiatives” to support small businesses as well as its robust customer data protection and information security practices. Following the upgrade, ADCB is now ranked by MSCI as a global “leader” and in the ...

Abu Dhabi / WAM Members of the UAE Parliamentary Division of the Federal National Council (FNC) met virtually with Gennaro Migliore, Chair of the Parliamentary Assembly of the Mediterranean (PAM), to discuss means of bilateral cooperation and coordination at the regional and international parliamentary levels. Present at the meeting were FNC members Maryam Majid bin Theneya, Chairwoman of the division’s ...

DUBAI / WAM Dubai Municipality has won the UK Royal Society for the Prevention of Accident (RoSPA) award. The Municipality won the “RoSPA Inspiration Award” in the category of Health and Safety Team of the Year 2021 – Middle East for the Mini-Crisis Cell Working Group System to Limit the Spread of Covid-19. The award contributed to strengthening Dubai Municipality’s ...

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, received a phone call from President Joe Biden of the United States of America, during which President Biden thanked the UAE and its leadership for their support in helping evacuate American diplomats and nationals ...