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A Memorandum of Understanding was signed between the Pakistan Institute of Development Economics (PIDE) and the Engineering Development Board (EDB) in Islamabad. According to the PIDE Press Release, the MoU document covers formal collaboration on areas of mutual research interest leading to the development of Pakistan's Engineering Goods and Services Sector on modern lines. [Extracted from the article]

The firm's experience and expertise in the power sector are widely recognized, and the Al-Dur-II project is a significant milestone for the company. NESPAK, a leading engineering consultancy firm, has been awarded a prestigious project in Bahrain. The award of the project to NESPAK reflects the company's commitment to delivering high-quality engineering consultancy services to its clients. [Extracted from the article]

OpenAI, an artificial intelligence company, plans to open a Singapore office later this year to serve as its Asia-Pacific hub. The office will support customers in the region, focusing on partnerships with governments and businesses. Singapore will be OpenAI's second office in Asia, following the opening of its Tokyo office earlier this year. The company aims to tap into the local talent pool and has announced a partnership with AI Singapore to develop resources for Southeast Asia's diverse languages and cultures. [Extracted from the article]

EaseMyTrip, an online travel platform, has entered the medical tourism sector with the acquisition of a 49% equity stake in Pflege Home Healthcare for Rs 30 crore and a 30% stake in Rollins International for Rs 60 crore. The company has approved acquisitions worth Rs 90 crore to expand into medical tourism. Pflege Home Healthcare offers a range of home-based medical care services, including doctor visits and critical medical equipment provision. EaseMyTrip plans to integrate these services into its offerings for customers seeking medical treatments abroad. [Extracted from the article]

According to a report titled "Banking for a Viksit Bharat," India aims to achieve a $30 trillion GDP by 2047, which will require a 20 times growth in the financial services sector, with banks playing a crucial role. The report suggests that India's predominantly bank-led economy will require a capital base of $4 trillion in banks, with one-third of that being fresh capital deployment. The banking sector in India is currently in a strong position, characterized by high profitability, robust capital adequacy, and low levels of non-performing assets. Additionally, PayMate, a digital B2B payments company, has partnered with NPCI Bharat BillPay Ltd. to launch the PayMate BBPS-B2B platform, aiming to standardize and digitize commercial processes related to invoicing, payments, and collections for businesses in India. [Extracted from the article]

According to a report by Savills India, approximately 71 megawatts of IT data center capacity was added in India during the first half of 2024, driven by demand from hyperscalers, BFSI, IT, and other service sectors. These sectors heavily rely on data centers for colocation and related services. The report also mentions that data localization plans and incentives offered by various states are expected to attract investments in data centers. Additionally, artificial intelligence (AI) is being used in breast cancer screening to detect potential problems early, with Anand Mahindra, chairperson of Mahindra Group, expressing optimism about the value of AI in healthcare. [Extracted from the article]

According to a report by the National Restaurant Association of India (NRAI), the food services sector in India is projected to grow at a compounded annual growth rate (CAGR) of 8.1% from 2024 to 2028. The industry is estimated to be worth Rs 5.7 lakh crore in FY24, with expectations of reaching Rs 7.8 lakh crore by FY28. The average frequency of eating out has also increased, with consumers dining out an average of 3.7 times per month and ordering food 4.2 times per month. Additionally, Bihar has launched its first farmers' federation, BIHPRO, with the support of Samunnati, an agri-value chain enabler. The federation aims to focus on producing major crops and aims to achieve a turnover of Rs 8 crore by the end of the financial year. [Extracted from the article]

According to the CEO of FPSB India, there were no takers for nearly 18 lakh jobs in the financial services sector in India last year. This is due to a lack of employability among potential candidates. However, GIFT City in Gandhinagar is expected to generate around 1.5 lakh jobs in the sector over the next five years. In other news, IndusInd Bank plans to raise ₹30,000 crore through debt securities and share sales, subject to regulatory approvals. Additionally, the Securities and Exchange Board of India (SEBI) is considering raising the minimum value of each F&O contract from Rs 5 lakh to Rs 25 lakh. [Extracted from the article]

The article examines how pop singer Taylor Swift's concert tour in Europe could affect the region's economy, particularly the high inflation in the services sector. According to European Central Bank's Philip Lane, the tour could worsen inflation as fans will spend on airfare, hotels and restaurants. Also cited are the possible economic effects of the Paris Olympics in France and the Euro 2024 soccer championship in Germany.

According to a survey by HSBC, India's business activity growth slowed to a nine-month low in September due to a slight decrease in demand and an increase in costs. However, the services sector saw a rise in job opportunities at the fastest pace in two years. The overall activity remained strong, with the expansionary streak continuing for over three years. [Extracted from the article]

The Telecom Regulatory Authority of India (TRAI) has announced that over 3,000 registered senders have complied with a new requirement by whitelisting more than 70,000 links. This requirement was implemented to prevent the misuse of Uniform Resource Locators (URLs) in messages. The directive was originally scheduled to take effect on September 1 but was delayed at the request of telecom service providers and enterprises. [Extracted from the article]

Poms & Associates has been Goodwill of Orange County's insurance broker for over a decade, supporting Goodwill's mission of creating jobs for individuals with disabilities and veterans. Poms excels in providing insurance solutions for social service organizations like Goodwill, understanding the unique risks involved in their operations. In addition to insurance services, Poms conducts annual risk and safety inspections at Goodwill locations and assists in achieving and maintaining certification. Poms also demonstrates its commitment to the community through donations and involvement in community reinvestment. Through their partnership, Poms helps Goodwill achieve its mission while making a positive impact on society. [Extracted from the article]

The article presents the discussion on European Central Bank reduced interest rates for the second time in three months, lowering the deposit rate to 3.5 percent amid a slowing inflation rate. Topics include the ECB's cautious approach to rate cuts, ongoing challenges with inflation in the services sector; and comparisons with recent rate decisions by the U.S. Federal Reserve and the Bank of England.

The article reports on challenges facing the business sector in Germany based on the business-climate index of the economic research institute the Ifo Institute. Topics discussed include the decline in the institute's business-climate index to 86.6 in August 2024 from to 87.0 in July, the decrease in companies' order backlogs, and the contraction of the German economy in the second quarter of 2024.

Uber's shares rose after the company announced that it had returned to profitability in the second quarter of this year. The company reported a profit of $1.02 billion, surpassing analysts' expectations. Uber's gross bookings also grew by 19% year-over-year to $39.95 billion, and its revenue expanded by 16% to $10.7 billion. Despite potential challenges in the future, such as a sharp selloff in stocks and regulatory hurdles, Uber remains optimistic about its growth prospects. [Extracted from the article]

The article highlights the commitment of India and the Great Britain to finalize a free trade agreement (FTA) following encouraging initial comments from the new UK government and discussions between Prime Minister Narendra Modi and UK Prime Minister Sir Keir Starmer.

Private sector banks in India have increased their market share in lending, particularly in the retail and services sectors, following the COVID-19 pandemic. Their cumulative market share has risen to 42% from 35% in the past four years, while public sector banks have seen a decrease from 59% to 53%. In terms of efficiency, a study conducted by the State Bank of India (SBI) found that public sector banks perform better than private and foreign banks. Additionally, IIFL Samasta Finance, a non-banking microfinance company, plans to raise up to Rs 1,000 crore through a public issue of secured bonds for capital augmentation and business growth. [Extracted from the article]

Indian technology company Infosys has secured a contract worth over $100 million from Swedish furniture retailer Ikea. The deal involves Infosys providing enterprise service management, IT services management, and a service desk to support Ikea's 170,000 employees and 260,000 devices in 19 languages. This contract surpasses bids from major competitors and regional players. [Extracted from the article]

The Ministry of Oil has reduced the price of domestic natural gas in June 2024 to USD 8.44 per million metric British thermal units (mmBtu), down from USD 8.90 the previous month. However, the price will remain capped at USD 6.5 per mmBtu according to the current pricing formula. This adjustment follows a new gas pricing mechanism implemented by the government, which sets a floor price of USD 4 per mmBtu and a ceiling price of USD 6.5 per mmBtu for domestic gas. Enzene Biosciences, a contract development and manufacturing organization (CDMO), has launched a new Drug Discovery Division to provide integrated discovery services in response to industry demands. The government of India has offered two discovered oil and gas fields in Mumbai offshore and a coal bed methane field in West Bengal for bidding in the latest Discovered Small Fields (DSF) bid round. [Extracted from the article]

Midcap IT companies in India have been successful in attracting talent from larger industry rivals over the past two years. This trend is occurring as technology service companies face economic challenges and focus on hiring employees who can be quickly deployed and generate revenue. Specialist staffing company Xpheno found that tier-2 players in the IT sector, such as Persistent, L&T Technology Services, and Birlasoft, have gained around 8,000 employees from top-tier firms while losing about 3,800 employees to them. In other news, Infosys Chairman Nandan Nilekani emphasized the importance of future-proofing AI infrastructure to avoid being stuck with outdated technology and to comply with changing regulations. [Extracted from the article]

According to data from the Telecom Regulatory Authority of India (Trai), the Adjusted Gross Revenue (AGR) of the telecom service sector in India increased by 1.8% to ₹67,835 crore in the December 2023 quarter. This represents a 7.84% increase compared to the previous year. Trai has also begun discussions with handset makers, telecom operators, and platform providers like Google regarding rich communication services (RCS) messaging, which is contributing to online fraud and spam. The regulator is working to differentiate between RCS messages and normal SMS to address this issue. [Extracted from the article]

Medulance, an emerging player in India's emergency healthcare services sector, has secured Rs 24.57 crore ($3 million) in Series A funding led by Alkemi Growth Capital. The investment will support Medulance's expansion efforts and the enhancement of emergency management technology to improve mass service delivery. Other investors in this round include Dexter Capital, Aman Gupta (co-founder of Boat), and Namita Thapar from Emcure Pharmaceuticals. Medulance's profitability prior to this funding round sets it apart in the startup landscape. [Extracted from the article]

AB Dynamics has announced the acquisition of Venshure Test Services LLC, a leading provider of dynamometer-based testing services for the automotive sector in the USA, with a focus on electric vehicles. Venshure offers a range of testing services, including mileage accumulation and assessment of EV powertrain and battery performance in extreme climatic conditions. The company has a testing facility in Chelsea, Michigan, equipped with dynamometers and EV vehicle testing laboratories. Peugeot will also be showcasing its INCEPTION Concept car, featuring sustainable electric mobility and technological innovations, at the VivaTech show in May 2024. [Extracted from the article]

The document titled "FRPT- Automobile Snapshot" provides a brief overview of recent developments in the automobile industry. It highlights the success of the Ford Mustang as America's best-selling sports car for over 10 years and globally for more than 10 years. Suzuki Motor Corporation has also invested in Soracom, Inc. through its corporate venture capital fund, Suzuki Global Ventures, to explore the use of advanced IoT technologies in the mobility services sector. Additionally, Ram and Dodge, two brands under Stellantis, have received awards from the Kelley Blue Book Consumer Choice Awards for Best Overall Truck Brand and Best Car Styling Brand, respectively. [Extracted from the article]

Eni's CEO, Claudio Descalzi, predicts that Brent oil will reach $80 per barrel in the coming months. He also expects natural gas to cost around 30 euros per megawatt-hour. Descalzi expressed concern about the European Union's economy, stating that it is becoming less competitive and too focused on the service sector at the expense of the industrial sector. He called for European institutions to engage more pragmatically with industry players and reach an agreement on the energy transition pathway. Descalzi also noted that the European automobile industry is not prepared for the planned ban on combustion engine vehicles in 2035. [Extracted from the article]

Television advertising in the news genre saw a 5% increase in the first half of the year, driven by the food and beverages sector. Food and beverages had the highest share of ad volumes at 15%, followed closely by services at 13%. Cement was the top category, with Ultratech Cement being the leading brand. Additionally, Lauritz Knudsen Electrical and Automation has partnered with L&K Saatchi & Saatchi as its new advertising agency. [Extracted from the article]

Yatra Online, an online travel agency, has acquired Globe Travels, a corporate travel agency, for ₹128 crore. This acquisition will strengthen Yatra's corporate business and drive inorganic growth. It will enhance Yatra's capabilities in reservation and booking services, including corporate and leisure travel, tour planning, and car rentals. The acquisition is expected to be completed this quarter. [Extracted from the article]

Banks in India have compiled a list of approximately 3,000 entities involved in fraudulent practices, including lawyers, builders, and gold loan appraisers. This list will be shared and regularly updated in real-time to combat the increasing number of banking frauds. Lenders will be required to check this list before engaging with these entities. The issue was discussed at a meeting with the Advisory Board for Banking and Financial Frauds, and it was decided that updating the list in real-time will be mandatory. [Extracted from the article]

Bengaluru-based AI startup Sarvam AI has launched GenAI services for enterprises, including Sarvam Agents, Sarvam Models, and an API for developers. These applications have been trained to support 10 Indic languages and will offer multilingual, voice-enabled agents for enterprises in sectors like BFSI, healthcare, and legal tech. The services will be available on WhatsApp, over calls, or in-app at ₹1 per minute. Cognizant, an IT giant, responded to backlash over reported salary offers, clarifying that the ₹2.52 lakh annual salary was meant for non-engineering graduates with three-year undergraduate degrees, not engineering graduates. [Extracted from the article]

Enterprises are adopting total experience (TX) strategies to improve customer and employee advocacy. TX focuses on creating seamless and exceptional experiences throughout the stakeholder journey. By prioritizing TX, organizations can achieve sustained success and innovation. In India, there has been an increase in IT data center capacity, driven by demand from hyperscalers, BFSI, IT, and other service sectors. Approximately 71 MW of IT data center capacity was added in key markets during the first half of 2024. [Extracted from the article]

According to a report by the National Restaurant Association of India (NRAI), the Indian food services industry is projected to grow at a compound annual growth rate (CAGR) of 8.1% to reach ₹7.76-lakh crore by 2028. This growth will make India the third largest food services market globally and the second fastest growing market. The organized segment of the industry is expected to grow at a faster rate of 13.2% and overtake the unorganized segment in the next 3-4 years. In other news, beauty and personal care brand NewU has opened four new stores in India as part of its growth strategy, with a focus on tier II and tier III cities. [Extracted from the article]

According to a survey conducted by staffing firm Xpheno, global capability centres (GCCs) are increasingly seeking senior talent from IT companies. The study found that about a quarter of senior executives in GCCs in India are from the IT services sector. These executives have a minimum of 15 years of experience, and over 100 of them have moved from an IT company to a GCC in the past year. In related news, Aerospike, a California-based database solutions provider, has appointed Venkatesh Guntur as its new country manager for the Southeast Asia region. Guntur will oversee the firm's business operations in the ASEAN region. [Extracted from the article]

The article discusses that gross bank credit offtake increased in November 2023, driven by strong demand in personal loans and services segments, with the services segment experiencing a higher year-on-year rise, surpassing the October 2023 growth.

Muthoot Finance has launched a brand campaign called "Bharosa India Ka" to acknowledge the trust and preference shown by its customers. The campaign includes two ad films featuring brand ambassador Madhuri Dixit, with the aim of reinforcing Muthoot Finance's position as a reliable partner in the financial services sector. The first film focuses on decision-making and the second explores the emotional significance of gold as a generational asset. The campaign highlights the trust that Indians place in gold and in Muthoot Finance's reliability. [Extracted from the article]

According to a study conducted by the State Bank of India (SBI), public sector banks in India are more efficient than their private sector counterparts. The study evaluates efficiency by analyzing how effectively banks utilize their resources. The results challenge popular perceptions and show that public sector banks perform better than private and foreign banks. In contrast, private sector banks have strengthened their position in the lending market, with their cumulative market share increasing to 42% from 35% post-Covid, due to their expertise in retail and services sector lending. [Extracted from the article]

According to data released by the Reserve Bank of India (RBI), the share of the industry in bank credit has decreased to 23.1% as of March 2024, down from 24.8% in March 2023 and 27.1% in March 2022. Bank loans to the services and agriculture sectors were the main drivers of the 20% credit growth in FY24, with both sectors growing at over 20%. Personal loans now account for 31% of bank credit. Additionally, India's forex reserves have dropped by USD 2.412 billion to USD 637.922 billion as of April 26, marking the third consecutive weekly decline. [Extracted from the article]

Sat One, a satellite service company, has partnered with Eutelsat OneWeb to provide high-speed, low latency connectivity to remote areas in Australia and New Zealand. Through this partnership, Sat One is utilizing Eutelsat OneWeb's LEO constellation to activate land-based services in Australia's remote regions, maritime services in Australian waters, and commercial service in New Zealand. This agreement allows Sat One to offer services to enterprises, including mine sites and remote communities, as well as maritime customers. The activation of Eutelsat OneWeb's LEO in Australia and New Zealand marks the beginning of these services. [Extracted from the article]

Dynamic pricing, which adjusts prices based on demand, is becoming more prevalent in the food industry. While this pricing model has been used in sectors like airlines and hotels, its implementation in the food industry raises unique ethical considerations due to the necessity of food. Wendy's recent public announcement about adopting dynamic pricing during busy hours is notable, as price changes are typically made discreetly in the sector. Dynamic pricing can bring predictability to the unpredictable nature of selling food and potentially reduce food waste. However, it also presents challenges for consumers, and the public's response to this shift in the food industry will provide valuable insights into consumer behavior and the acceptability of such practices for essential goods like food. [Extracted from the article]

U.S. power companies that initially invested in offshore wind projects are now selling their stakes due to the challenges and risks associated with building turbines in the ocean. The pullback by utilities has caused turmoil in the offshore wind industry, with developers canceling or expected to cancel state-approved power contracts. The difficulties include supply chain issues, higher interest rates, and cost overruns. Despite these setbacks, Dominion Energy's wind farm in Virginia has stayed on schedule and on budget, thanks to a model that allows it to recover costs from ratepayers. [Extracted from the article]

Chinese leader Xi Jinping has warned his country of more economic challenges in the coming year, as weak economic data continues to highlight the difficulties facing China's economy. Xi emphasized the importance of the economy to the country's political priorities and promised efforts to support growth and address concerns over jobs and the cost of living. Recent data showed that factory activity and the services sector in China continued to contract in December, indicating a sluggish end to the year for the world's second-largest economy. Despite pledges of new fiscal stimulus and supportive central-bank policy, experts predict that China's growth will not collapse but will also not reaccelerate significantly. [Extracted from the article]

The article announces the departure of information technology (IT) consulting firm Infosys' senior executive, Binny Mathews, who spent over 15 years with Infosys, joining another IT firm Accenture as the chief procurement officer amid intense talent competition with Cognizant.

Utilities across the country, such as PG&E, Consolidated Edison, and Public Service Enterprise Group, are seeking to invest billions of dollars in maintaining aging natural-gas pipelines. However, regulators in some Democratic states are hesitant to approve these spending proposals, as they are concerned about the potential financial burden on utility customers and the long-term use of fossil fuels. This debate comes as some states and cities are trying to ban or restrict the use of natural gas in homes and buildings to meet carbon-reduction targets. Efforts to transition to cleaner energy supplies have faced resistance from homeowners and Republicans who argue against the cost and restrictions. [Extracted from the article]

The article reports that the Great Britain's economy showed a rebound in economic output in August, with an increased growth, primarily driven by the services sector, although there were declines in manufacturing and construction, prompting calls to address inflation for sustainable growth.