News

Bloomberg Pay increases across India’s organised sector will probably grow at the slowest pace since 2009 this year, according to a survey from Aon Plc. Companies will increase average pay by 9.1% in 2020, down from 9.3% in 2019 and 9.5% the previous year, Aon said in a report. The small increase reflects a deep slowdown in Asia’s third-largest economy, ...

Bloomberg Indonesia plans to impose excise duty on plastic bags, sugary drinks and vehicle emissions with the new levies expected to net the government about $1.7 billion in additional revenue annually. The new measures, apart from bolstering tax collections, are aimed at tackling climate change as well as a growing prevalence of chronic diseases, Finance Minister Sri Mulyani Indrawati told ...

Bloomberg A growing number of China’s private companies have cut wages, delayed paychecks or stopped paying staff completely, saying that the economic toll of the coronavirus has left them unable to cover their labour costs. To slow the spread of the virus that’s claimed more than 2,000 lives, Chinese authorities and big employers have encouraged people to stay home. Shopping ...

Abu Dhabi / WAM Etisalat Group announced Tuesday its consolidated financial statements for the 12 months ending December 31 2019, reporting consolidated net profit of AED8.7 billion. According to a company press statement, the aggregate subscriber base reached 149 million, representing a year-on-year (YOY) increase of 6%. Twelve months’ consolidated revenues reached to AED52.2 billion, while consolidated net profit after ...

Bloomberg Reliance Industries Ltd.’s talks to sell a minority stake in its oil-to-chemical division to Saudi Aramco have been gathering pace in recent weeks, according to reports. Aramco officials and bankers on the deal have been working at Reliance’s offices in Mumbai for due diligence this month, according to the people, who asked not to be identified as the information ...

ABU DHABI / WAM The Abu Dhabi National Oil Company (Adnoc), announced on Tuesday it has awarded two contracts for the construction of offshore facilities for the Dalma Gas Development Project located about 190 kilometres northwest of Abu Dhabi city. The Dalma project is a key part of the Ghasha ultra-sour gas concession which is central to Adnoc’s strategic objective ...

Bloomberg Oil fell, snapping a five-day rally, amid renewed fears over the impact on the global economy and fuel demand from Asia’s deadly coronavirus. Brent futures fell 2.3% to trade near $56 a barrel in London, slipping with equity markets as Apple Inc. warned it will fail to meet sales targets this quarter because of disruption from the virus. Chinese ...

DUBAI / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, said the Hope Probe is a testament to the capabilities of the youth of the UAE. “The project, which represents a historic achievement for the nation, also sends a message of hope to youth in the Arab ...

Sharjah / WAM The Sharjah FDI Office (Invest in Sharjah), operating under the Sharjah Investment and Development Authority, Shurooq, in collaboration with the Korea International Trade Association (KITA), organised a Sharjah-Korea Business Roundtable at the Sharjah Chamber of Commerce and Industry (SCCI), to explore greater economic ties and synergies between Sharjah and Korea. The meeting also introduced emerging prospects and ...

ABU DHABI / WAM Etihad Airways, the national airline of the UAE, will operate a daily scheduled flight between the Emirate of Abu Dhabi’s second largest city, Al Ain, and Jeddah in Saudi Arabia during the last ten days of Ramadan. The airline announced in a statement that it will operate the flights from May 14-23. This flight route was ...