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Above-normal rainfall is expected during the 2024 southwest <keyword id="6358301" type="General" weightage="20" keywordseo="monsoon" source="Orion">monsoon</keyword> season over most parts of <keyword id="19897710" type="General" weightage="20" keywordseo="south-Asia" source="keywords">south Asia</keyword>, the South Asian <keyword id="21481676" type="General" weightage="20" keywordseo="climate-outlook" source="keywords">Climate Outlook</keyword> Forum said on Tuesday. The forecast follows the prediction of above-normal rain in the monsoon season in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> on the back of favourable <keyword id="20146476" type="General" weightage="20" keywordseo="La-Nina" source="keywords">La Nina</keyword> conditions, expected to set in by August-September. "Above normal rainfall is most likely during the 2024 southwest monsoon season (June-September) over most parts of south Asia, except some areas over northern, eastern, and northeastern parts of the region, where below-normal rainfall is most likely," the South Asian Climate Outlook Forum (SASCOF) said. Above-normal maximum and minimum temperatures are predicted over most parts of south Asia during the season, except a few areas over the southeastern part of the region where normal temperatures are most likely. This regional climate outlook for the 2024 southwest monsoon season has been developed by all nine National Meteorological and Hydrological Services (NMHSs) of south Asia with support from international experts at the 28th session of SASCOF-28, conducted online. SASCOF said moderate <keyword id="19949878" type="General" weightage="20" keywordseo="El-Nino" source="keywords">El Nino</keyword> conditions are prevailing at present. ENSO (El Nino-Southern Oscillation) neutral conditions are expected in the first half of the monsoon season. Thereafter, La Nina conditions may set in by the second half. El Nino conditions -- periodic warming of surface waters in the central Pacific Ocean -- are associated with weaker monsoon winds and drier conditions in India. La Nina conditions -- the antithesis of El Nino -- are the dominant factor in the likelihood of "above-normal" rainfall during the monsoon season, DS Pai, a senior scientist at the India Meteorological Department (IMD), told PTI. Positive Indian Ocean Dipole conditions, favourable for the Indian monsoon, are predicted in the later part of the season. Additionally, the snow cover in the northern hemisphere is low. The northern hemisphere winter and spring snow cover extent generally have an inverse relationship with the subsequent southwest <keyword id="20575709" type="General" weightage="20" keywordseo="monsoon-rainfall" source="keywords">monsoon rainfall</keyword> over south Asia. Earlier this month, the IMD said the seasonal rainfall in India will be on the higher side of 'above-normal' and pegged it at 106 per cent of the long-period average (87 cm). SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/mahindra-xuv-3xo-compact-suv-launched-in-india-starting-at-7-49-lakh/slidelist/109715525.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/mahindra-xuv-3xo-compact-suv-launched-in-india-starting-at-7-49-lakh/slidelist/109715525.cms" target="_blank">Mahindra XUV 3XO compact SUV launched in India starting at ₹7.49 lakh</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank">Upcoming cars and two-wheelers launching in India in May 2024</a><a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-may-2024/slidelist/109682003.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-may-2024/slidelist/109682003.cms" target="_blank">Upcoming smartphones launching in India in May 2024</a>

Above-normal monsoon rainfall predicted in south Asia

<keyword id="4343578" type="General" weightage="20" keywordseo="Adani-Green" source="Orion">Adani Green</keyword> Energy Ltd (<keyword id="4621631" type="General" weightage="20" keywordseo="AGEL" source="Orion">AGEL</keyword>), the world's largest solar power developer and the renewable energy arm of the diversified Adani Group, has received approval for being a member of the <keyword id="13121680" type="General" weightage="20" keywordseo="GRI-South-Asia-charter" source="Orion">GRI South Asia Charter</keyword> on <keyword id="13121679" type="General" weightage="20" keywordseo="Sustainability-Imperatives" source="Orion">Sustainability Imperatives</keyword>. AGEL had initiated this pursuit in response to a call from GRI by becoming a signatory to the GRI <keyword id="52011" type="General" weightage="80" keywordseo="south-asia" source="Orion">South Asia</keyword> charter in April 2021. Firming up its commitment, the company has now submitted a declaration with clearly identified UN Sustainable Development Goals (SDG) where it can make an impact in following years. These SDGs are aligned with AGEL's sustainability strategy and show its measurable impact. Organizations that sign up to the GRI Charter agree to uphold three principles: Compliance: Adhere to all applicable national and sub-national laws and regulations wherever they operate. Ethics and governance: Act with the highest ethical standards and integrity, taking decisions and implementing actions in good faith. Transparency and disclosure: Make public their performance on economic, environmental and social dimensions. "AGEL is committed to ramp up its sustainability performance and build credibility as an effective corporate citizen while strengthening internal data management and reporting systems," said Vneet S. Jaain, MD &amp; CEO, AGEL. "Sustainability is integrated into the business and is evident at each stage of the project cycle. Being a pure play renewable energy company, our business goals are in line with climate change concerns and global efforts to mitigate its impacts. Going beyond the obvious advantages of the green business, we have taken many initiatives to make this a responsible corporate organisation." Aditi Haldar, Director of GRI South Asia, said: "The GRI South Asia Charter commits organizations to increase their engagement in support of sustainable development, acting as a catalyst for responsible business practices. I am delighted that AGEL has committed to the aims of the Charter. I would encourage other organizations in India and the wider region to join with us and work together in support of a sustainable future for all." Understanding the three SDGs where AGEL is set to make an impact: SDG 7 which entails access to affordable, modern, and clean energy for all which is essentially reliable and sustainable. To achieve SDG 7, the average tariff across the portfolio will be lower than the national APPC. The cost reduction will be achieved by improvement of technology, optimisation of resources using IoT and machine learning related digital interventions. SDG 9 has a more investment appetite which calls on to build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation, to achieve the ambitious goal of renewable capacity addition by keeping the average tariff below national level. In addition, many digital interventions like IoT, machine learning and innovations are in the pipeline. Digitalisation is perceived as the key to future-ready remote operations, improved efficiencies, resource optimisation and energy efficiency, leading to cost reduction and keeping tariffs competitive. SDG 13 encourages companies to take urgent action to combat climate change and its impacts. AGEL has announced a target of having operating renewable energy generation capacity of 45 GW by 2030. AGEL has aligned its operations and capex plans to meet these objectives. Through these measures, the company is committed to mitigate climate change and contribute to global sustainable development goals. In our journey towards this goal, we displaced 14.64 million tCO2 until March 2021. The GRI South Asia Charter on Sustainability Imperatives - a unique creation by GRI South Asia Hub - is a clarion call for decision and action for business and its stakeholders. It is anchored to a framework of transparency and disclosure, as enshrined in the GRI Standards, and provides an ameliorating way out of the climate change quagmire. Given the Covid-19 recovery context, it is essential to focus on the SDGs and respond to the call to build back better while keeping in mind the underlying principle of leaving no one behind. The Charter serves as an important stimulus to implement sustainability-oriented imperatives that help to realise the UN Sustainable Development Goals by the end of the current decade. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/meesho-allows-employees-to-permanently-work-from-anywhere/articleshow/89404646.cms">Meesho allows employees to permanently work from anywhere</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/bank-of-baroda-surges-10-as-net-profit-doubles-aims-to-grow-loan-book-by-12-next-year/articleshow/89404686.cms">Bank of Baroda surges 10% as net profit doubles, aims to grow loan book by 12% next year</a>

Adani Green gets GRI South Asia charter member status

Every year, nearly 6,500 <keyword id="20068743" type="General" weightage="100" keywordseo="adolescent-girls" source="keywords">adolescent girls</keyword> in <keyword id="19897710" type="General" weightage="20" keywordseo="South-Asia" source="keywords">South Asia</keyword> die giving birth. Most of them are minors <keyword id="19895006" type="General" weightage="20" keywordseo="WHO" source="keywords" meta.keywordsubtype="org" meta.entityname="WHO" meta.hostid="261" meta.entityid="WHO">who</keyword> have limited power over their reproductive health or lives, according to a joint analysis done by <keyword id="20018080" type="General" weightage="20" keywordseo="UNICEF" source="keywords" meta.keywordsubtype="org" meta.entityname="UNICEF" meta.hostid="261" meta.entityid="UNICEF">UNICEF</keyword>, WHO and <keyword id="20802066" type="General" weightage="20" keywordseo="UNFPA" source="keywords" meta.keywordsubtype="org" meta.entityname="UNFPA" meta.hostid="261" meta.entityid="UNFPA">UNFPA</keyword>. South Asia accounts for 290 million <keyword id="22387193" type="General" weightage="20" keywordseo="child-brides" source="keywords">child brides</keyword> - nearly half of the world's burden. In three countries in South Asia, they are also four times more likely to be out of school than their unmarried peers, as per the analysis done by United Nations International Children's Emergency Fund (UNICEF), <keyword id="19902256" type="General" weightage="20" keywordseo="world-health-organisation" source="keywords">World Health Organisation</keyword> (WHO) and United Nations Fund for Population Activities (UNFPA). At the two-day regional dialogue on adolescent pregnancy in South Asia, which concluded on Friday, the <keyword id="20679678" type="General" weightage="20" keywordseo="SAARC" source="keywords" meta.keywordsubtype="org" meta.entityname="SAARC" meta.hostid="261" meta.entityid="SAARC">SAARC</keyword> countries, UNICEF South Asia, UNFPA and WHO called for increased commitment to critical services for over 2.2 million adolescent girls that give birth yearly in South Asia, a joint press release issued by the agencies said. "I appreciate the role of governments, UN agencies, NGOs and civil society for the improvements made by the SAARC region over the years in reducing <keyword id="22387194" type="General" weightage="20" keywordseo="teenage-pregnancy" source="keywords">teenage pregnancy</keyword>," said Ambassador Golam Sarwar, the Secretary General of SAARC. "But the region still has a long way to go. I call upon everyone to resolutely address the root causes including child marriage, access to adolescent health education, and removing social stigma in managing the teenage population of the SAARC region," he said. Every year, nearly 6,500 adolescent girls die in childbirth in South Asia, according to the analysis by UNICEF, WHO and UNFPA. Most of them are child brides who have limited or negligible power and autonomy over their reproductive health or lives. When young girls give birth, their lives can be at risk as they are not yet physically ready to give birth. Thousands more girls are forced to drop out of school, face stigma, rejection, violence, unemployment as well as lifelong social challenges. Forty-nine per cent of young girls in South Asia are not in education, employment or training - the highest in the world, the press release said. "We must do better for adolescent girls, particularly those who are married, pregnant or parents. In addition to hurdles to learn, get good healthcare and eat nutritious food, they are denied the opportunity to build skills and start businesses -- everything they need as parents to thrive and fulfil their potential," said Sanjay Wijesekera, UNICEF Regional Director for South Asia. "We must work together and invest in opportunities to unleash the promise of more than 170 million adolescent girls in South Asia. Doing so would be transformative for this region," he said. Government and UN officials, adolescent girls, as well as civil society representatives from Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka have participated in the dialogue and reaffirmed their commitment to providing better services to support pregnant adolescent girls and young mothers. This includes opportunities to learn, set up their businesses, and earn a living. The event held in Kathmandu over July 11-12 was jointly organised by SAARC, WHO, UNICEF, and UNFPA and was inaugurated by the Secretary General of SAARC, Ambassador Golam Sarwar. Adolescent mothers have a much higher risk of dying from maternal causes, compared to women in their 20s and 30s. "It is high time that we reverse this trend. The unique physical, cognitive, social, emotional, and sexual development during adolescence necessitates special attention in national and international policies. Effective strategies to tackle adolescent pregnancy require cross-sectoral collaboration and equitable access to a variety of services," said Saima Wazed, Regional Director, WHO South-East Asia.

Over 6,500 adolescent girls die giving birth every year across South Asia, says a recent study

<keyword id="3001" type="General" weightage="20" keywordseo="pakistan" source="Orion">Pakistan</keyword> is <keyword id="52011" type="General" weightage="20" keywordseo="south-asia" source="Orion">South Asia</keyword>'s <keyword id="16104235" type="General" weightage="20" keywordseo="weakest-economy" source="Orion">weakest economy</keyword>, and it will take a herculean effort to pull the country out of poverty, reported Islam Khabar. Pakistan is in the news for its economic meltdown amid natural disasters, food shortages, and poverty. Pakistan had unprecedented floods in July last year, devastating large swathes of farmlands. The forex reserves in the country which hit a new low of USD 4.6 billion would only be enough to pay for foreign import bills for three weeks. The analysts put Pakistan's need for relief at USD 33 billion. The world helped then and has renewed its pledge. Moved by the intervention by the UN Secretary-General, better-off nations have come forward with generous commitments of around USD 10 billion. Sensing the urgency, friends including Saudi Arabia and the UAE have chipped in with four billion dollars this month, reported Islam Khabar. It has been six months since the flood waters ebbed. But on-land traveller (SF Aizaduddin, Dawn January 11, 2023) writes that they remain underwater, with no sign of water management or renewed cultivation. It is understandable up to a point, though. But after so many months, there is an acute food shortage. Imagine the country with one of the world's most irrigated fertile wheat-growing land has a shortage of flour and no money to import it. Market reports say a PKR 1200 bag of 20 kg of flour has shot up to PKR 3,00, reported Islam Khabar. Dragging talks with the International Monetary Fund (IMF) put PKR at three months low. The Express Tribune (January 12, 2023) quoted a currency exchange expert, "The Pakistrupee's fair value is the one prevailing in the black market at Rs 260-270 to a dollar. The government has artificially kept the currency overvalued. It should let market forces determine the exchange rate meet an IMF's condition." Unsurprisingly, warning of another global recession, the World Bank on January 13, 2023 forecasted Pakistan's economic growth to slow further to two per cent during the current year -- down by two percentage points from its June 2022 estimate, reported Islam Khabar. The new excuse is climate change as if only Pakistan is affected. Prime Minister Shehbaz Sharif says the country will need USD 16.3 billion over the next three years for the initial efforts to rebuild and improve its ability to withstand climate change. Sharifs earlier called out Imran Khan for 'begging'. Now Khan is returning the same compliment. He had globe-trotted with a begging bowl, now he asks why Sharif 'wasted' money on going to the Geneva conference where aid pledges were made. 'Begging' continues, no matter who rules Pakistan. But, the country fails to acknowledge the damage caused by the China-Pakistan Economic Corridor to the fragile Himalayas in Gilgit-Baltistan, reported Islam Khabar. Farmers are reluctant to increase the area under wheat cultivation because of the delay in the announcement of support prices. They are demanding an "Agri-emergency" due to fertiliser shortage and weak crop outlook. Pakistan Kissan Ittehad (PKI) President Khalid Mehmood Khokhar said instead of boosting domestic wheat production, the government was "supporting farmers of other countries by buying the commodity at higher prices from them," reported Islam Khabar. In a report, it said Pakistan's declining economic output was also bringing down the regional growth rate. It forecast Pakistan's GDP growth rate to improve to 3.2 per cent in 2024, which would be lower than the earlier estimate of 4.2 per cent. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/investment-tips-from-indias-super-rich/slidelist/97062541.cms" style="">India super rich got richer, here’s is where they are parking their money</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/finance-minister-the-other-brains-behind-the-union-budget-who-are-burning-the-midnight-oil/articleshow/97061266.cms" style="">Finance Minister &amp; the other brains behind the Union Budget who are burning the midnight oil</a>

Pakistan is South Asia's weakest economy: World Bank report

New Delhi, Global aerospace major <keyword id="6356166" type="COMPANY" weightage="20" keywordseo="airbus">Airbus</keyword> will collaborate with FlyBlade <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> (BLADE) to develop the on-demand helicopter services market in <keyword id="52011" type="LOCATION" weightage="20" keywordseo="South-Asia">South Asia</keyword>. Accordingly, Airbus signed a Memorandum of Understanding (MoU) with FlyBlade India (BLADE) - a joint venture between U.S.-based technology-powered air mobility company Blade Urban Air Mobility Inc. and Indian investment firm Hunch Ventures. "Airbus and Blade will collaborate to create awareness about on-demand helicopter services, among <keyword id="4925457" type="PERSON" weightage="20" keywordseo="helicopter-operators">helicopter operators</keyword>, customers and other stakeholders in the region," a joint statement said. "The two will also work together to identify ways to increase Blade's fleet size in South Asia." As per the statement, one of the ways to boost on-demand helicopter services in South Asia will be by supporting Blade to gain access to the Airbus fleet of helicopters available with its operators in the region. "Airbus believes in the region's potential as a top helicopter market in the world," said Remi Maillard, President &amp; Managing Director, Airbus India &amp; South Asia. "To this end, we are pleased to support Blade India's aim of expanding their on-demand helicopter mobility services to more people in more places in South Asia and pave the way for the introduction of <keyword id="649252" type="UNKNOWN" weightage="20" keywordseo="new-technologies">new technologies</keyword> and services." Blade is a technology-powered, global urban air mobility platform operating in some of the most congested ground routes in the US and abroad. In India, Blade is currently offering regular services in Mumbai, Pune and Shiridi routes in Maharashtra. The company also offers special shuttle services in this region and is planning to start new routes. SEE ALSO: <a href="https://www.businessinsider.in/entertainment/news/pewdiepies-lyrics-targeting-cocomelon-and-jk-rowling-that-may-have-gotten-youtube-angry-enough-to-pull-the-video-down/articleshow/81102941.cms">PewDiePie's lyrics targeting CocoMelon and JK Rowling may have gotten YouTube angry enough to pull the video down</a> <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-gets-leaner-with-a-300-million-jabong-write-off-as-ceo-kalyan-krishnamurthy-lists-out-the-priorities-for-2021/articleshow/81105083.cms">Flipkart gets leaner with a $300 million Jabong write-off as CEO Kalyan Krishnamurthy lists out the priorities for 2021</a> <a href="https://www.businessinsider.in/stock-market/news/happiest-minds-is-leveraging-its-partnerships-with-big-players-like-google-microsoft-aws-salesforce/articleshow/81105035.cms">Happiest Minds is a smaller company that does the same thing as MindTree and L&amp;T Infotech — but clearly it is doing it a lot better</a> <a href="https://www.businessinsider.in/tech/news/india-may-require-twitter-facebook-and-others-to-remove-unlawful-content-within-36-hours/articleshow/81104740.cms">India may require Twitter, Facebook and others to remove unlawful content within 36 hours</a>

Airbus  partners with Indian company to boost on-demand helicopter services in South Asia

Prime Minister <keyword id="6354477" type="PERSON" weightage="80" keywordseo="Narendra-Modi">Narendra Modi</keyword> has been working hard to make the South Asian region as a nerve centre for the <keyword id="6395867" type="UNKNOWN" weightage="80" keywordseo="manufacturing-sector">manufacturing sector</keyword>. His hard work is now bearing fruits for <keyword id="446620" type="UNKNOWN" weightage="80" keywordseo="Engineering-exports">engineering exports</keyword> as the region has emerged as the number one destination for Indian high-tech products, generating around $1 billion in April 2015. As against a miniscule increase of 0.23% in overall engineering exports in April this year, the shipments <keyword id="52011" type="CITY" weightage="80" keywordseo="South-Asia">South Asia</keyword> leapfrogged by over 90% to $892 million for the month over $465 million compared to last year, according to an Economic Times report. "Significantly, South Asian countries which used to account for modest share of Indian engineering exports have become a major market for us giving us more than 15% of the total shipments," said <keyword id="1298777" type="PERSON" weightage="60" keywordseo="Anupam-Shah">Anupam Shah</keyword>, chairman of the <keyword id="219563" type="ORGANIZATION" weightage="80" keywordseo="EEPC">EEPC</keyword> India. 

	Meanwhile, total engineering exports in April were $5.7 billion. 
 "When Europe and several other parts of the world are posing challenges, finding a handsome growth in the neighborhood was a pleasant surprise. The development gels very well with the policies of the government to give top priority to our neighbours in the <keyword id="44266" type="ORGANIZATION" weightage="80" keywordseo="Foreign-policy">foreign policy</keyword>," said Shah. 
	(Image: Indiatimes)

South Asia is No.1 destination for Indian high-tech products

<ul><li>Kartik Sharma, CEO, Wavemaker South Asia resigns to pursue other opportunities in the industry.</li><li>Ajay Gupte will replace Kartik Sharma and will report into Prasanth Kumar, CEO - GroupM South Asia and Gordon Domlija, President Wavemaker Asia-Pacific and China CEO. </li></ul>Wavemaker has appointed Ajay Gupte as Chief Executive Officer for Wavemaker, South Asia. Gupte, who is currently COO of Wavemaker India, takes over from Kartik Sharma who steps down to pursue other opportunities in the industry. Gupte will continue to be based out of Wavemaker Gurugram and will report into Prasanth Kumar, CEO - GroupM South Asia and Gordon Domlija, President Wavemaker Asia-Pacific and China CEO. Prasanth Kumar, CEO – GroupM South Asia said, “I would like to take this opportunity to thank Kartik for his contribution over the years and wish him all the very best.” Ajay Gupte joined Wavemaker India last year from his previous role in Wavemaker Indonesia where he was Managing Director. He comes with more than two decades of industry experience, having worked across diverse brands and markets like India, Africa and Indonesia. Since 2011, under Gupte’s leadership, Wavemaker Indonesia saw exponential growth and became a top 3 agency, winning several blue-chip clients and many global and local accolades. Before this, in India, Gupte was Maxus Dehli’s General Manager, leading clients like Nokia, Hero Honda and others. Prior to joining Maxus, Gupte held various roles in Sales and Marketing with TVS Motor Company. Commenting on Gupte’s appointment, Kumar added, “At GroupM we always believe in building on the hard work and passion of our people and it gives me great pleasure to see Ajay take over as the new CEO of Wavemaker South Asia. He comes with vast experience working in multiple markets and categories. He is a well-rounded professional, and I see him bring in distinctive and increasing value for our clients and the overall ecosystem. I am confident that he will continue to grow Wavemaker as an agency of the future.” Gordon Domlija, Wavemaker President Asia-Pacific and China CEO, added, “India is a hugely important market for Wavemaker, and we’ve got a very successful team here. I’ve gotten to know Ajay as a strong client and team leader, and I’m convinced he is the right choice to help Wavemaker to future sucesss and, ultimately, to keep looking for better ways to unlock growth for our clients, our agency and our people.” Commenting on his new role, Gupte said, “I am humbled and very excited to take over the role of the CEO of Wavemaker South Asia. It is an exciting time for the Indian market as the Indian advertising industry is also having a global impact, and I see lots of opportunities for growth.”

Wavemaker appoints Ajay Gupte as Chief Executive Officer of South Asia

At a time when Indian realtors and investors are struggling to start <keyword id="6354553" type="COMPANY" weightage="80" keywordseo="real-estate">real estate</keyword> investment trusts (<keyword id="168019" type="ORGANIZATION" weightage="60" keywordseo="REIT">REIT</keyword>) in the wake of regulatory complications and tax uncertainties, <keyword id="3001" type="COUNTRY" weightage="80" keywordseo="Pakistan">Pakistan</keyword> has gone a step ahead to launch <keyword id="52011" type="CITY" weightage="80" keywordseo="South-Asia">South Asia</keyword>'s first REIT at a premium of 10% to the offer price, reported ET. Pakistan-based <keyword id="2919800" type="UNKNOWN" weightage="100" keywordseo="Dolmen-City">Dolmen City</keyword> came started its REIT offering earlier this month that got subscribed 1.7 times. It owns a commercial property which has a mix of mall and office space. The firm expects a net income of $21.9 million in first year while dividends are expected at $20.7 million. This was also the first REIT listing in Pakistan. 

	A REIT is a financial instrument where the underlying asset is real estate. The rental income from the property assets are distributed by the trust as dividends to the investors or unit holders of the trust. 
 

	Interestingly, yields for the Dolmen City REIT's investors in the first year are a percentage point lower than the current yields on Pakistan's government securities (GSec) that are now trading at 9.75%. 
 

	REITs notes trade at positive spread across the world. This was based on estimation of rental income from the asset, 90% of which have to be distributed back to investors. But even then, there were few global investors who bit the story -- only 0.6% of HNIs/Institution allocation.
 Pakistan has streamlined the process significantly to make it attractive for investors. For example, their REITs attract a withholding tax of 10% (in-line with <keyword id="2920245" type="UNKNOWN" weightage="80" keywordseo="Mutual-fund-taxation">Mutual fund taxation</keyword>) with no further tax liability for individual investors. 

	Moreover, the regulators there have agreed to concessional tax regime for transfer of an asset into a REIT with significant reduction in stamp duty across the region. 
 In comparison to India -- despite the recent relaxations on taxability like MAT exemption, tax pass through to REIT - and simplification of structuring, the REIT controlled special purpose vehicles (SPV) are still subject to corporate and dividend distribution tax (<keyword id="375780" type="ORGANIZATION" weightage="60" keywordseo="DDT">DDT</keyword>) which limits the pass through nature of REITs. 

	This makes it imperative on the SPV to restructure to reduce the tax blow. According to analysts, while debt infusion at SPVs could improve the yields of the instrument, a simplified structure allowing tax pass through would improve transparency and improve visibility of returns to investors.

	 
	(Image: Indiatimes)

Pakistan launches South Asia’s first real estate investment trusts

The world’s largest furniture retailer has been present in India since the past 42 years with an office in the country since 30 years but it is finally opening a retail store in the country by 2018. The company had employed 135 people till last year and the number has been consistently growing. <keyword id="6371031" type="COMPANY" weightage="20" keywordseo="Ikea">IKEA</keyword> has been mainly sourcing textiles which make up for about 70% of the imports, but also sourcing materials like plastics and metals. “We are looking at different materials such as Mango wood, Rubber wood, Neem wood, and Bamboo in the coming months as it is an optimal material for furniture in India,” Henrik <keyword id="4461399" type="UNKNOWN" weightage="20" keywordseo="gunnerling">Gunnerling</keyword>, Purchase Development Manager, IKEA Range &amp; Supply told Business Insider. According to India’s retailing policy, foreign companies have to meet the 30% local sourcing norm, preferably from <keyword id="44779" type="COMPANY" weightage="20" keywordseo="SMEs">SMEs</keyword>. The Swedish company’s first two stores in India would be in metro cities of Hyderabad and <keyword id="57321" type="PERSON" weightage="20" keywordseo="Navi-Mumbai">Navi Mumbai</keyword>, and both are expected to open in 2018. <div type="embedgroup"> <div type="Article" hostid="261" msid="58292743" title="Exclusive: K. Ganesh Made BigBasket and Portea Medical Blockbusters in India, and This is his Unique Life-story" rank="1.0" kind="RELATED" publishDate="Apr 21, 2017, 12:00 PM" mstype="2" mssubtype="0"></div></div>




 Make In India to Sell In India Gunnerling said that the retailer gives volume commitments to its partners to drive growth in terms of investments and technology.China is the largest sourcing hub for the furniture giant but Gunnerling said that it is possible for that to change over time, as they enter the Indian market next year. Ikea also said that it would double its sourcing from India by 2020 to €600 million, up from its existing base of €318 million, while complying with the 30% local purchase norms as it makes its commercial debut in the Indian economy. The company said it plans to hire 500-700 direct employees for each store. <keyword id="2635043" type="UNKNOWN" weightage="20" keywordseo="Sandeep-Sanan">Sandeep Sanan</keyword>, the new business development manager for <keyword id="2635068" type="UNKNOWN" weightage="20" keywordseo="Ikea-South-Asia">Ikea South Asia</keyword>, said the company is looking to add suppliers to its existing categories, such as textiles and rugs, and plastics and metal. The company also plans to set up its first distribution centre in Pune. 

 

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Sanan said that while the company has been sourcing from India since 4 decades, the entire process has not been easy, “We have a very good Textile supplier base in India; companies that have global standards and they have been exporting out of India. In furniture industry, it has not been the same case. There are very few companies that have set-ups that include modern technology and machinery. The challenging part has been to find the right supplier that meet our standards or even have the right mindset to attain those standards that are people-friendly and environment-friendly.” Sanan also thinks that the local Indian regulations regarding furniture production are outdated and need to be updated, “We are working with the government to reduce chemical emissions created during furniture production as there are no regulations regarding the permissible chemicals being used.” Mr. Sanan says that the company is looking for a long-term collaboration with the suppliers, “Our average time working with suppliers on a global level today is 12 years. We work at skill development, technology transfers and provide any support to make sure that supplier stay with us for the long-term.” 

 

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 “We are looking to cut costs to make products affordable and accessible to many people. We make sure that we can make economically viable products and if that means sourcing more from countries like India, we will do it. Not just for the country market itself but for the entire range across all our 393 and counting stores,” Gunnerling said.

Exclusive: Ikea in India opens shop in 2018 and might source more from India than China for its global operations, if things work out

New Delhi, Nov 28 () Hospitality major InterContinental Hotels Group (IHG) on Thursday announced the appointment of Sudeep Jain as Managing Director, South West Asia with effect from January 1, 2020.
 Sudeep is currently serving as VP Development, South West Asia (SWA) and succeeds Vivek Bhalla, who has been promoted to the role of Vice President Operations for South East Asia and Korea, IHG said in a statement.
 In his new role, Sudeep will take on a broader leadership agenda to drive IHG's business in the region, covering both development and operations responsibilities across the existing portfolio of 39 hotels representing five brands -- InterContinental, Crowne Plaza, Holiday Inn, Holiday Inn Express and Six Senses Hotels Resorts Spas, it added.
 Sudeep will continue to be based in Gurugram, and will report to Pascal Gauvin, Managing Director, India, Middle East and Africa, IHG, the statement said.
 Commenting on the development, Gauvin said: "Since joining IHG, he (Sudeep) has led our growth agenda in the market, successfully positioning IHG as one of the leading hospitality companies in SWA, especially in India."
 Sudeep brings close to two decades of experience in the hospitality sector from roles based in the US and India, working across brand management, asset management, strategy, planning and real estate development, the statement said.
 Before joining IHG, he worked with Starwood Hotels &amp; Resorts as Vice President, Acquisitions &amp; Development for South Asia, it added. AKT RVK

IHG appoints Sudeep Jain as South West Asia MD

<keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> saved USD 4.2 billion in fuel costs through solar generation in the first half of 2022 and 19.4 million tonnes of coal which would have further stressed an already strained domestic supply, according to a new report released on Thursday. The report by energy think tank Ember, the Centre for Research on Energy and Clean Air and the Institute for Energy Economics and Financial Analysis also analysed the growth of solar power over the last decade and found that five of the top 10 economies with solar capacity are now within <keyword id="21718" type="General" weightage="50" keywordseo="asia" source="Orion">Asia</keyword>, including India, China, Japan, <keyword id="5565" type="General" weightage="50" keywordseo="south-korea" source="Orion">South Korea</keyword> and Vietnam. The contribution of solar generation in seven key Asian countries -- India, China, Japan, South Korea, Vietnam, the Philippines and Thailand -- avoided potential fossil fuel costs of around USD 34 billion from January to June 2022, the report said. This is equivalent to 9 per cent of total fossil fuel costs during this period, it added. "In India, solar generation avoided USD 4.2 billion in fuel costs in the first half of the year. It also avoided the need for 19.4 million tonnes of coal that would have further stressed an already strained domestic supply," the report stated. The report finds that the majority of the estimated USD 34 billion savings are in China, where solar met 5 per cent of the total electricity demand and avoided around USD 21 billion in additional coal and gas imports during the period. Japan saw the second-highest impact, with USD 5.6 billion in avoided fuel costs thanks to solar power generation alone. Vietnam's solar power avoided USD 1.7 billion in additional fossil fuel costs, a sizable growth from nearly zero terawatt hours of solar generation in 2018. In 2022, solar accounted for 11 per cent (14 TWh) of the electricity demand from January to June. The report said that in Thailand and the Philippines, where the growth in solar has been slower, the avoided fuel cost is still notable. While solar only accounted for 2 per cent of Thailand's electricity in the first six months of 2022, an estimated USD 209 million of potential fossil fuel costs were avoided, it added. The Philippines avoided USD 78 million in fossil fuel spending, despite solar accounting for only 1 per cent of generation. In South Korea, solar power generated 5 per cent of the country's electricity in the first half of the year, avoiding potential fossil fuel use costing USD 1.5 billion, as per the report. CREA's <keyword id="53564" type="General" weightage="50" keywordseo="southeast-asia" source="Orion">Southeast Asia</keyword> Analyst <keyword id="15477249" type="General" weightage="50" keywordseo="isabella-suarez" source="Orion">Isabella Suarez</keyword> said Asian countries need to tap into their massive solar potential to rapidly transition away from costly and highly-polluting fossil fuels. The potential savings from existing solar alone are enormous, and expediting their deployment alongside other clean energy sources such as wind, will be crucial for energy security in the region. While ambitious targets are important, follow through will be the key thing to watch moving forward, she said. Vibhuti Garg, Director of South Asia at the Institute for Energy Economics and Financial Analysis said reliance on imports of coal and gas in the last few months has proven to be expensive and unreliable. "Transition to renewable energy such as solar can help reduce the overall system costs and also reduce the burden to consumers by lowering tariffs. For energy security and economic reasons, it makes sense for India and the rest of Asia to redirect investments towards building the renewable energy ecosystem," she said. Aditya Lolla, the Senior Electricity Policy Analyst at EMBER, said India's solar power push in recent years has not only improved its energy security but also positioned its power sector well to embark on a solar revolution. "India seems to be very bullish on solar power growth in the next 10 years too, as evident from the new draft National Electricity Plan. So, it's looking very likely that the 2020s is when solar power is going to finally ramp up in India and begin India's coal phasedown journey," he said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/article/nykaas-fashion-foray-and-pipeline-style-biz-model-worries-analysts/articleshow/95405203.cms">Nykaa’s fashion foray and pipeline-style biz model worries analysts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/britannia-crosses-1-lakh-crore-in-market-cap-today/slidelist/95407926.cms">It’s a Good Day: Britannia crosses ₹1 lakh crore in market cap</a>

India saved over USD 4 bn in fuel costs through solar power from Jan to June: Report

<ul><li>82 out of 97 <keyword id="6357247" type="UNKNOWN" weightage="20" keywordseo="Internet">internet</keyword> shutdowns in <keyword id="52011" type="LOCATION" weightage="100" keywordseo="South-Asia">South Asia</keyword> were enforced by the Indian government.</li><li>5 out of 6 of the biggest shutdowns came from the country.da </li><li>Internet shutdowns are increasing around the world.</li></ul>Citizens of South Asian countries experienced more than 97 internet shutdown in the past year between May 2017 and April 2018, according to a recent report released by the <a href="https://economictimes.indiatimes.com/tech/internet/india-witnessed-highest-number-of-internet-shutdowns-in-2017-18-unesco-report/articleshow/64150543.cms">UNESCO-International Federation of Journalists</a>. And, India accounted for 82 out of these 97 shutdowns. The same report said that neighbouring Pakistan accounted for 12 such instances, while Afghanistan, Bangladesh, and <keyword id="6355572" type="LOCATION" weightage="20" keywordseo="sri-lanka">Sri Lanka</keyword> witnessed 1 such case each. The report states that Internet slowdowns and shutdowns around the world are increasing and have become a barrier to the freedom and expression of the press. It describes internet shutdowns as “any intentional disruption of the broadband or mobile internet or internet-based mobile apps, by an order of the authorities or threat of non-state party, to control communication or online content or slowing down the access to the general public.” Essentially, authorities can disrupt the flow of information online and other internet-based services when they need to control communication, thereby hindering the public’s freedom of expression. However, the report does state that many of the occurrences were “preemptive” or “reactive”, to prevent “mass or potentially violent public protests”. Out of 97 instances mentioned in the report, 82 were witnessed by India and nearly half of them were reported in the country’s <keyword id="46337" type="LOCATION" weightage="20" keywordseo="Kashmir-Valley">Kashmir Valley</keyword> to restrict communication generally followed by military operations. Around 10 cases were reported in <keyword id="6355588" type="LOCATION" weightage="20" keywordseo="rajasthan">Rajasthan</keyword> while Haryana, Punjab, Bihar, and <keyword id="6357713" type="LOCATION" weightage="20" keywordseo="Uttar-Pradesh">Uttar Pradesh</keyword> were among the states that witnessed less than 10 cases of internet shutdowns. India also accounted for five out of six of the biggest instances of internet shutdowns. <keyword id="6357783" type="LOCATION" weightage="20" keywordseo="West-bengal">West Bengal</keyword> topped the list with a 45-day internet shutdown that was imposed due to mass political demonstrations and clashes between activists seeking a separate state. Nawada, Bihar Jammu and Kashmir, Saharanpur Uttar Pradesh were rest among the list.

India accounted for most number of intentional internet shutdowns in South Asia 2017-18: UNESCO

New Delhi, Dec 2 () Hospitality firm OYO on Monday said it has elevated Aditya Ghosh, currently chief executive officer (India &amp; South Asia) for the hotels and homes business, as a member of its board of directors.
 Rohit Kapoor, currently CEO of the new real estate businesses of the company, has been appointed as CEO (India &amp; South Asia) for OYO Hotels &amp; Homes, it added.
 Ghosh will join OYO Hotels &amp; Homes founder &amp; Group CEO Ritesh Agarwal, Baja Corporation founder &amp; CEO Betsy Atkins and other industry experts like Munish Varma, Bejul Somaia and Mohit Bhatnagar, among others, on the company's board, OYO Hotels &amp; Homes said in a statement.
 In his role on the board, Ghosh will focus on five key areas namely, safety and security, customer experience, corporate governance, revenue management and stakeholder communications, the statement said.
 "Ghosh's strong business acumen, problem-solving capabilities, passion for building an organisation with strong corporate governance and a high-performing work culture that thrives on principles of diversity and inclusion, make him the perfect choice for this larger and more strategic role, at a global level," OYO Hotels &amp; Homes founder &amp; Group CEO Ritesh Agarwal said.
 The decision will help OYO achieve its goals globally, he added.
 On the appointment, Ghosh said, "I am thankful to the board for inviting me into the august group to further build OYO as a global brand to reckon with, by not just growing fast, but growing right."
 Ghosh and Kapoor will "work closely through the coming month to enable a smooth and seamless transition", the statement said.
 Rohit's remit will now also span the operations of over 18,000 hotels across over 500 cities in India and South Asia, it added. AKT HRS

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