Region Asian Financial News

Air India is in the final stages of forming a joint venture (JV) with European aerospace major Airbus to form a facility for pilot training services that will be the largest in the South Asian region. People aware of the development said the total investment into the facility will be around ₹3,500 crore with both Air India and Airbus holding 50% stakes in the company. While the facility will initially start with six simulators for the Airbus A320 family and A350 aircraft types, it will have a capacity of expanding up to 20 simulators, making it one of the largest in the region, they said. It will cater to the needs of Air India but will also be open for other Airbus customers, sources said. The company will rival CSTPL, a JV between IndiGo's parent company InterGlobe and CAE Inc, which currently has the largest share of the flight simulation business in India. CSTPL — which currently has 8 simulators — is looking to add another five simulators in the next two years, people aware of the matter told ET. Air India is also finalising another JV with US-based L3 Harris for pilot training for Boeing aircraft such as the 737, 777 and 787. Former AirAsia CEO Sunil Bhaskaran is overseeing the setting up of the JV. «We understand the importance of developing self-reliance of human resources and have invested to build a pilot training facility as the airline caters for a huge need due to expansion of fleet and network,» an official said.

Hashed, South Korea’s largest crypto venture, has invested 36.8 billion won ($28.44 million) in blockchain projects this year. 

In a move that could reshape its economic landscape, Bhutan has announced the establishment of a new Special Administrative Region (SAR) in Gelephu, strategically located along its border with India. The announcement, made by King Jigme Khesar Namgyel Wangchuk during his National Day speech on 17 December, signals Bhutan's intent to revitalize its economy by leveraging its geographical position to bridge South and Southeast Asian markets. Mint explores what this means for Bhutan and the wider South Asian region, with a special focus on India's role in this ambitious endeavour.

Prime Minister Narendra Modi on Wednesday told the leaders of the Group 20 (G20) block of large economies they ought to work together for global regulation of artificial intelligence (AI).

Bajaj Auto is expected to report mid-single-digit revenue growth in the second quarter of the current fiscal, mainly driven by better realisations despite a drop in volumes. Volumes for the September quarter declined 8% year-on-year (YoY), led by a 19% fall in the domestic two-wheeler segment due to base effect, and a 5% dip in export two-wheeler segment due to weak demand trends in African and South Asian regions. Revenue for the quarter is seen growing anywhere between 6-8%, while profit is likely to rise about 16%, according to an average estimate of three brokerages. EBITDA margin expansion YoY will likely be driven by better net pricing and product mix.

On September 29, 2023, OpenTrade, a notable platform bridging traditional financial markets with digital asset realms, declared a strategic collaboration with WOO X, enabling its user base to tap into tokenized Treasury Bills (T-Bills) and avail USDC-collateralized loans against liquid assets on a blockchain infrastructure, according to WOO official blog. This initiative is engineered through OpenTrade's recent unveiling of tokenized T-Bills on Circle Research’s Perimeter Protocol.

SKF India, the country’s leading bearings manufacturer has launched ‘Open Innovation’ initiative to accelerate innovation and create more sustainable and customer-oriented solutions under the intelligent and clean strategy.

MUMBAI, NEW DELHI : Investors offloaded shares Monday on concerns about the economic fallout from the Israel-Hamas conflict. Oil and gas prices soared amid apprehension that the conflict may spread throughout the wider West Asian region. The selling pressure, led by retail and foreign portfolio investors (FPIs), drove the India VIX volatility index to post the biggest rise in 10 months, indicating the nervousness in the market over the impact of the war on crude prices and the rupee.

BCL Industries Ltd has approved a proposal to split the shares of the company in ratio of 1:10. In a statement on Wednesday, the company said October 27 has been fixed as the record date to split each share into 10 separate shares.

Asia-based blockchain venture capital (VC) firm CMCC Global has announced the launch of its Titan Fund, committing $100 million to support blockchain startups in the region.

A recent report from Chainalysis suggests that Hong Kong could play a significant role in reviving crypto activity in the East Asian region, which has faced challenges due to a China-wide ban on crypto trading activities since 2019.

Gas producers warn the Albanese government is ignoring major Asian trading partners’ increasing demand for LNG, with a discussion paper that makes reducing demand faster than supply will fall the centrepiece of its strategy during the energy transition.

Recent crypto advancements in Hong Kong could provide a “potential tailwind” to lift crypto activity in the East Asian region, which has mainly suffered from a China-wide ban on trading activities since 2019.

Sensex and Nifty 50 ended lower for the fourth consecutive session on Friday weighed down by weak global cues as the US Treasury yields rose to their multi-year high levels and crude oil prices rose by about a percent. “We expect the market to remain under pressure in the near term given the global concerns. Thus, we suggest investors to have higher allocation towards defensive and large-caps.

Enso Oils & Lubricants, a leading subsidiary of Enso Group, will specialize in the importation and distribution of Gazpromneft-Lubricants' high-quality oils, lubricants, and technical fluids that cater to a wide array of industries.Vinay Maloo, Chairman, Enso Group said, “Enso is proud to be the strategic partner of Gazpromneft for their products and am sure that the relationship will bring positive gains to both entities."“Gazpromneft-Lubricants has world-class products in both automotive and industrial segments to fulfill the requirements of the Indian customers," said Radhakrishnan Ramarathnam, CEO, Enso Oils & Lubricants.The partnership will supplement the supply of specialized lubricants to India's largest manufacturers of industrial equipment and machinery, as well as other enterprises. For modern passenger vehicles manufactured in India, Gazpromneft-Lubricants will supply premium lines of engine and transmission oils with improved characteristics for reliable engine operation in hot climates.

International Trade Law (UNCITRAL) South Asia conference from 14 to 16 September. The conference was organised jointly by the Ministry of External Affairs, UNCITRAL and the organisation’s national coordination committee for India. Minister of state for external affairs Rajkumar Ranjan Singh, chief justice of India DY Chandrachud and Attorney General R Venkataramani were present at the event.

renewable energy (MNRE) R.K. Singh on Friday said that the United Arab Emirates (UAE) has also evinced interest in having grid connectivity with India. On 10 September, India and Saudi Arabia signed a Memorandum of Understanding on cooperation in the field of energy, which also included cooperation in grid connectivity.

trade deal, namely the Regional Comprehensive Economic Partnership (RCEP), considered the world’s largest free trade bloc, covering around 30% of the world’s population, gross domestic product (GDP) and trade. The RCEP came into full force on 2 June.

Narendra Modi on Saturday held a bilateral meeting with his Japanese counterpart Fumio Kishida on the first day of the two-day G20 Summit in New Delhi. In a post on X (formerly Twitter), Modi said, «Held productive talks with PM Kishida. We took stock of India-Japan bilateral ties and the ground covered during India's G20 Presidency and Japan's G7 Presidency.

Narendra Modi is set to embark on a significant diplomatic visit to Indonesia this Wednesday evening. The visit, a tight 24-hour trip, culminates in his return to New Delhi on September 7 evening. The excursion to Jakarta is at the invitation of Indonesian President Joko Widodo and it comes as a precursor to India's hosting of the G20 Summit on September 9-10.