Category Archives: Business

Summit Hotels & Resorts appoints Deepak Bothra as Corporate General Manager

Apr 21: Strengthening its operational leadership as it expands across the Eastern Himalayan region, Summit Hotels & Resorts has appointed Deepak Bothra as Corporate General Manager. With close to three decades of experience in hospitality, Deepak Bothra brings deep expertise across hotel operations, pre-opening projects, quality control, and revenue management. Over the years, he has worked with leading international and regional brands, holding senior leadership roles and contributing to the successful launch and turnaround of multiple properties.

In his new role, Deepak Bothra will oversee operational strategy, service standards, and performance optimisation across Summit’s growing portfolio. His focus will be on strengthening quality benchmarks, streamlining systems, and ensuring consistency across properties as the brand continues to scale its presence in Sikkim, Darjeeling, and the wider Northeast.

Commenting on the appointment, Sumit Mitruka, CEO, Summit Hotels & Resorts, said, “Deepak brings a rare combination of operational depth and quality-driven thinking. As we continue to expand our network across the Northeast, strengthening internal systems and service standards becomes critical. His experience in building and refining hotel operations will play a key role in driving consistency and long-term performance across our portfolio.”

Royal Realtors Focuses on Structured and Concrete-Driven Development to Enhance Construction Quality

Mumbai, April 21(BNP): Royal Realtors Group has announced an enhanced focus on structured planning and concrete-driven construction practices aimed at improving durability, efficiency, and long-term value across its projects.

As the real estate sector continues to evolve, the company is prioritizing system-driven execution, robust structural design, and modern construction methodologies to ensure consistent quality and faster project delivery timelines.

Commenting on the development, Deven Shah, Managing Director, Royal Realtors Group, said,

“Today, quality is not just about design it’s about how well a structure is planned and executed. At Royal Realtors, we are focusing on more structured development processes and stronger construction practices to ensure durability, safety, and timely delivery across our projects.”

The company is aligning its construction strategy with efficient planning, optimized material utilization, and streamlined on-site execution. This approach is expected to reduce delays, improve productivity, and enhance overall project performance.

With a continued emphasis on governance, quality control, and disciplined execution, Royal Realtors aims to deliver developments that not only meet present-day expectations but also stand the test of time.

New Study Warns Law Firms Face an Existential Crisis in Talent Development as AI Replaces the Apprenticeship Model

Apr 21: The traditional foundations of legal training are being dismantled by automation, leaving the industry’s elite firms facing a radical ‘capabilities gap’ in their future talent pipeline. This is according to a new study from leadership consultancy firm The Positive Group, which highlights how the rapid adoption of GenAI is transforming the centuries-old apprenticeship model that underpins how trainee lawyers develop legal judgement, expertise and the skills needed to become a partner.

 The report, titled The AI Leadership Challenge in Law, was produced in collaboration with researchers from Harvard Business School, RSGI, and Hubel Labs. It draws on insights from 16 of the industry’s most influential decision-makers -including Managing Partners, Chief AI Officers, and heads of professional standards from firms including Orrick, Herbert Smith Freehills, Baker McKenzie, Bird & Bird, A&O Shearman, White & Case, and Gilbert + Tobin.

 The end of ‘learning by doing’

For generations, junior lawyers built their “legal muscle” through repetition: document review, due diligence, and exhaustive research. The report argues that this “volume work” was not merely a revenue driver, but a psychological necessity for building the cognitive foundations of professional reasoning and judgement.

 However, the study warns that as AI takes over these foundational tasks, the ‘repetition loop’ is breaking. Junior lawyers are being catapulted into higher-level advisory work much earlier in their careers—often before they have developed the instinctive ‘gut feel’ for risk that only comes from years of interrogating primary sources.

 Anna Sutherland, Executive Partner at Herbert Smith Freehills, a contributor to the research, highlights the scale of the challenge: “Traditionally, juniors learned by repetition through drafting, due diligence, and volume work. AI is changing that, so the challenge is to ensure they still build solid foundations while acquiring new skills.”

 A Scrutiny Gap is emerging:

The report identifies a burgeoning risk within the firm hierarchy: a decline in critical scrutiny. One participant noted that with AI-generated drafts, there is now “less requirement to go and interrogate sources”, creating a dangerous psychological bias where outputs are accepted at face value.

 “We are heading toward a potential crisis of potential skills deficit in critical thinking and appraisal,” says Will Marien, Director at The Positive Group. “If a junior lawyer hasn’t spent years digging through the ‘why’ behind a contract clause because a machine produced it in seconds, they lose the ability to spot the nuance where the real risk lives. The apprenticeship model wasn’t just about learning the law; it was about learning how to think under pressure. By removing the repetitive, routine work, we are inadvertently removing the training ground for work that involves judgement, appraisal and interrogation of sources.”

 Marien continues: “Law firm leaders must recognise that AI doesn’t just change the workflow; it changes the cognitive development of their most valuable asset: their people. We are seeing the end of the stable strategy; firms must now move to a model of ‘Adaptive Apprenticeship’ where critical thinking is taught as a primary skill, not an accidental byproduct of volume work.”

 From information generators to curators of meaning

The research suggests that the role of the junior lawyer is being redefined in real-time. Rather than acting purely as generators of information, they are increasingly becoming “curators of meaning” and “challengers of logic”. This shift is not only changing the skills required, but is reshaping where expertise sits within firms.

 Junior lawyers are often more fluent in emerging AI tools and are playing a growing role in driving innovation from the ground up. As Christian Bartsch, CEO of Bird & Bird, notes: “Some of our best ideas don’t come from senior leaders, but from next-gen talent. We’ve built innovation channels to capture these ideas so they aren’t lost in our wider organisation. As part of our journey, we’ve become braver about calling time on what doesn’t work.” In this environment, curiosity, adaptability, and the ability to interrogate AI outputs are becoming core capabilities at every level of the firm.

 However, the report warns that this transition must be managed carefully. Rather than relying solely on traditional repetition-based learning, leaders are being encouraged to take a more active role in shaping how junior lawyers engage with AI through clear narratives, role-modelling, and creating environments where questioning and critical thinking are actively encouraged.

 By fostering trust and openness around both the potential and limitations of AI, firms can ensure that junior lawyers build the confidence and nuance needed to apply these tools effectively. In this way, the transition becomes less about managing risk, and more about intentionally developing the next generation of lawyers to combine technological fluency with strong professional judgement.

 The Leadership Mandate: devising adaptive apprenticeships

For the law firm C-suite, the findings reinforce the need for a radical departure from traditional talent management. The report concludes that AI maturity is not about how many licences a firm buys, but how it re-engineers the path to expertise.

Marien concluded: “The task for leading law firms is no longer to protect the old ways of working, but to find new pathways for developing “depth” in an automated environment. This means placing an unprecedented premium on “soft” cognitive skills—curiosity, the ability to challenge automated reasoning, and ethical interpretation—that were previously assumed to develop over time.

 “In a world where the commodity – the legal output – is increasingly free, the ‘Psychology of AI Maturity’ proves that the only remaining value is the human at the keyboard. If firms fail to fix the apprenticeship model now, they aren’t just losing their juniors; they are losing their future partnership.

Airbnb Data Shows How Indian Travellers Are Turning to Asia This Summer

Apr 21: This summer, Indian travellers are choosing Asia. Powered by a generation raised on Korean dramas, Japanese aesthetics and Asian street food culture, destinations across Asia feel both familiar and exciting and travel interest is reflecting that. Travellers are exploring destinations that offer a compelling mix of cultural discovery, strong connectivity and convenient travel times, making Asia an appealing choice for summer getaways.

According to Airbnb search data, Gen Z led this charge, accounting for over 40% of Airbnb’s summer searches this year and growing faster than any other generation at approximately 60% year-on-year. This generation tends to travel more frequently and is increasingly planning trips around experiences, from concerts and festivals to cultural events and culinary exploration.

Airbnb data reveals growing interest in destinations across Japan, South Korea and Southeast Asia. Osaka (over 85% growth in searches), Tokyo (over 90%) and Busan (over 95%) recorded some of the strongest increases in search interest among Indian travellers. This aligns with broader travel trends pointing to rising interest driven by pop culture fandom, culinary appeal and ease of travel. Kuala Lumpur (over 50%) and Bangkok (over 35%) continued to see steady demand, reflecting their strong connectivity and familiarity among Indian travellers.1

Travel also remains a shared experience, with nearly 60% of searches driven by group and family travel, followed by over 30% from duo travellers, highlighting the importance of spending time together while exploring new destinations.1

This interest in exploration is also shaping domestic travel trends. Within India, travellers are increasingly looking beyond established hotspots and exploring destinations that offer nature, heritage and cultural richness. Thiruvananthapuram (over 90% growth in searches), Puri (over 30%), Jaipur (over 70%) and Meghalaya (over 70%) have all seen strong growth in interest.1

“What we are seeing this summer is travel driven by curiosity and culture,” said Amanpreet Singh Bajaj, Country Head, Airbnb India and Southeast Asia. “Asia offers something rare: the familiarity of a culture Indian travellers love, and a chance to discover a new destination. That, paired with greater connectivity and the option to plan a meaningful yet short trip during a long weekend, makes Asia even more appealing to Indian travellers. It’s interesting to see that Indian travellers are slowly moving beyond the templatized and obvious, both internationally and within India, and proactively seeking destinations that feel more personal, not just popular.”

As travel habits continue to shift, Asia is where Indian travellers are heading this summer, offering a sense of ease through its accessibility, affordability and range of experiences.

Phu Quoc set to become a major Asia Pacific aviation hub with scalable, fully automated passenger processing

GENEVA – 21 April 2026 — Phu Quoc International Airport is set to become a next-generation, fully self-service aviation hub ahead of the Asia-Pacific Economic Cooperation (APEC) 2027 Forum. Sun Group, one of Vietnam’s largest private conglomerates, has partnered with SITA to lead this transformation. To support Vietnam’s rapidly growing air travel demand, the parties have also signed a Memorandum of Understanding establishing a framework for broader collaboration across Sun Group’s future airport developments in Vietnam.

Phu Quoc International Airport is projected to handle 24 million passengers annually once the new Terminal 2 opens, with long-term capacity designed to scale to 50 million. The development comes at a pivotal moment and will place Phu Quoc in the global spotlight as a rising destination in the Asia Pacific region.

Under the Phu Quoc project, SITA will deploy an end-to-end suite of airport technologies across the new terminal, delivering a fully self-service passenger experience. Travelers will be able to check in, select seats, print boarding passes and bag tags, drop their luggage, and board their flights through automated touchpoints.

The new terminal will feature SITA Flex Hybrid, supporting 204 common-use workstations for passenger processing. To secure operational resilience, SITA Local Departure Control System (DCS) will be deployed as a backup.

Passengers will use 150 SITA Smart Path kiosks for check-in, seat selection, boarding pass printing, and tagging check-in bags, 100 SITA Smart Path Bag Drop (Scan & Go) units for selfservice baggage drop, and 38 dual-lane SITA Smart Path Gates for automated boarding. All systems are seamlessly coordinated through the SITA Smart Path Hub biometric technology.

Real-time baggage tracking and reconciliation will be delivered through SITA Bag Manager Lite, supporting four baggage workstations and 20 handheld terminals. Airport operations will be powered by SITA Airport Operational Database (AODB), while passenger information will be managed by SITA AirportVision Evolved, covering 397 displays. Overall airport operations will be overseen by SITA Airport Management, supporting ten operational workstations.

The project, which began development in March 2026, is scheduled to open in July 2027.

“We are pleased to partner with SITA on this strategic collaboration to support the transformation of our airport portfolio. As we continue to invest in world-class aviation infrastructure, SITA’s proven expertise and end-to-end technology capabilities will play a key role in helping us deliver smarter, more efficient, and seamless passenger experiences,” said Mr. Nguyen Chi Thanh, President, Sun Group. “This partnership reflects our shared vision of elevating Vietnam’s aviation sector, and we look forward to working closely with SITA to bring innovative, future-ready solutions to Phu Quoc and our upcoming airport developments.”

The partnership extends beyond a single terminal. Sun Group has designated SITA as a key strategic technology partner for its broader airport transformation initiative in Vietnam. The operating model established at Phu Quoc will serve as a template for future developments, including Phan Thiet Airport and planned projects in Con Dao and Rach Gia. Over the next five years, Sun Group aims to expand its airport footprint to at least five locations across Vietnam, with each targeting the 5-Star Skytrax standard.

“Vietnam is one of the fastest-growing aviation markets in the region, and this partnership with Sun Group marks a key milestone in supporting that growth with future-ready infrastructure. By bringing together SITA’s end-to-end airport technologies, we are delivering smarter, more efficient, and scalable airport operations,” added Sumesh Patel, President, Asia Pacific at SITA. “As Phu Quoc evolves into a key aviation hub ahead of APEC 2027, we are proud to support Sun Group’s vision of delivering world-class passenger experiences while strengthening connectivity across Vietnam.”

Phu Quoc International Airport will be operated in partnership with Singapore’s Changi Airports International, bringing internationally recognized standards to what is fast becoming a major leisure destination. The airport upgrade forms part of a broader effort to integrate aviation with Sun Group’s tourism and hospitality ecosystem on the island, which includes luxury resorts, entertainment destinations, and Sun Phu Quoc Airways, launched in November 2025.

SITA and Sun Group have worked together since 2019, when SITA first delivered airport technology solutions at Van Don Airport. This new agreement deepens that relationship and reflects a shared commitment to advancing air travel infrastructure in Vietnam.

Private markets ‘retailisation’ to drive semi-liquid fund assets past $3 trillion by 2030, Carne Group study reveals

Apr 21: New research* from Carne Group (Carne), Europe’s largest third-party management company (ManCo), reveals that both wealth managers and private markets fund managers expect assets under management (AUM) held in semi-liquid vehicles to exceed $3 trillion by 2030.  The semi-liquid market has already demonstrated explosive momentum, with AUM nearly tripling between 2020 and 2024 to approximately $349 billion**.

 Nearly eight out of 10 (78%) private market fund managers surveyed expect the sector to surpass $3 trillion by 2030. Wealth managers are equally bullish: 54% expect AUM to reach between $3 trillion and $3.5 trillion, while 18% believe the figure will climb even higher.

 Semi-liquid funds operate as open-ended investment vehicles, providing sophisticated and mass-affluent retail investors with access to typically illiquid assets like private equity, with periodic redemption windows.

 Wealth managers and IFAs increase their focus on the semi-liquid wrapper

Carne’s research reveals 72% of wealth managers surveyed already use semi-liquid funds for their clients. The remaining 28% are preparing to follow suit almost immediately – 75% of those not currently offering these funds expect to start within the next 12 months, and the remaining 25% within the next two years.

 The speed of adoption is reflected in the anticipated weightings within client portfolios. Nearly a third (32%) of wealth managers surveyed expect to have 5% of their clients’ total investible assets in semi-liquid funds within three to four years. This conviction strengthens over a slightly longer horizon, with 66% expecting to hit that 5% allocation within four to five years.

 Commenting on the growing focus wealth managers are placing on semi-liquid funds, Des Fullam

Chief Regulatory and Client Solutions Officer, Carne Group, said: “The democratisation of private markets must be met with a rigorous commitment to retail investor education. For this ‘retailisation’ trend to be sustainable, investors must fully grasp the mechanics of periodic redemptions and the long-term nature of the underlying assets. Empowering wealth managers with the right educational tools is as critical as the digital infrastructure itself in ensuring that mass-affluent investors can build truly diversified, resilient portfolios.”

 The manager pipeline: A Massive Supply Shift

While the demand from wealth managers is clear, the supply side is also moving quickly. Currently, only 2% of the private market fund managers surveyed have launched a semi-liquid fund. However, the survey reveals a massive potential pipeline of new entrants:

• 19% of private market fund managers surveyed are considering launching a semi-liquid fund within the next 12 months
• 42% plan to launch within 12 to 18 months
• 29% are targeting a launch within 18 to 24 months

In total, over 90% of the managers surveyed intend to have a semi-liquid offering in market within the next two years, signalling a fierce competitive landscape as firms vie for retail market share.

 Des Fullam added: “We are seeing a historic pivot in how private capital is raised and deployed. Wealth managers are no longer viewing private markets as an optional ‘extra’ but as a core component of a modern, diversified portfolio. For fund managers, this represents a golden opportunity to tap into a massive, relatively untapped pool of retail capital.

 “However, the operational complexity of managing semi-liquid vehicles – balancing daily or monthly subscriptions with illiquid underlying assets – requires a level of digital sophistication and governance that many firms are only now beginning to implement.

 “As the industry moves toward the potential 2030 $3 trillion milestone, the distinction between “institutional” and “retail” investment strategies is blurring. The next decade of growth in private markets will not be driven solely by pension funds and other institutional investors, but also by the democratisation of access via the semi-liquid wrapper.”

 Regulatory tailwinds: The ELTIF and LTAF Boom

The expansion of the market is being underpinned by significant regulatory progress in Europe and the UK. The European Long-Term Investment Fund (ELTIF) 2.0 and the UK’s Long-Term Asset Fund (LTAF) have become the primary vehicles for this “retailisation” wave.

 Private market managers are overwhelmingly optimistic about these structures:

• LTAFs: 84% of managers surveyed expect flows into LTAFs to increase over the next 12 months, with 44% predicting a “dramatic” increase
• ELTIFs: 77% expect flows into ELTIFs to rise over the same period, with 34% anticipating dramatic growth

Foreign Investment May Strengthen Credit Profiles of Indian Financial Firms: Fitch Ratings

New Delhi, Apr 21 (BNP): Fitch Ratings has said that higher foreign ownership in Indian financial institutions can be credit-positive, as it may bring long-term capital support and help improve governance standards in certain cases.

However, the global rating agency cautioned that foreign investment alone is not a reliable indicator of stronger credit fundamentals. It noted that the quality of investment matters more than ownership levels when assessing financial stability.

Fitch said transactions that lead to stronger internal controls, better risk management practices, and improved leadership accountability are more meaningful from a credit perspective than investments driven purely by financial returns.

The agency also observed that rising foreign investor interest reflects growing confidence in India’s long-term economic growth prospects, as well as the strength of financial sector regulation and supervisory frameworks.

Overall, Fitch said foreign participation can support the sector, but its credit impact ultimately depends on how effectively it contributes to institutional resilience and governance improvements.

RAKEZ spotlights practical pathways to building scalable businesses through structured operations

  Entrepreneurs and industry experts during the RAKEZ community event at Compass Coworking Centre.

ASICS Elevates Retail Experience at Linking Road Store in Mumbai

Mumbai, Apr 21: ASICS, the global Japanese sportswear brand, elevates its retail presence in Mumbai with the launch of its revamped Linking Road store. Located in one of Mumbai’s most prominent high-street retail destinations, the space brings a more refined and contemporary design language aligned with ASICS’ global standards and inspired by its philosophy of ‘Sound Mind, Sound Body’

The store defines the next generation of ASICS retail spaces, focusing on the brand’s commitment to innovation, design, and performance. Creating an immersive customer-centric retail experience, it features ASICS’ proprietary Foot ID technology, enabling customers to better understand their foot profile and make more informed footwear choices. It is designed to offer a seamless and intuitive shopping journey, with dedicated zones across Performance Running, SportStyle, Core Performance, and Apparel, enabling easy navigation and product discovery.

As part of its India expansion strategy, the brand continues to focus on premiumisation and deeper customer engagement.

Speaking on the occasion, Mr Rajat Khurana, Managing Director, ASICS India and South Asia, said, “India continues to be a key growth market for ASICS, and Mumbai remains an important region for us. With the enhancement of our Linking Road store, we are further strengthening our commitment to delivering elevated and meaningful consumer experiences. Our focus is on creating retail spaces as experience centres that showcase our product portfolio and enable consumers to make more informed choices through innovation-led solutions. As we continue to expand our presence, we remain committed to bringing the best of ASICS to consumers across the country.”

ASICS currently operates over 137 stores across India and continues to expand its retail footprint, with a strong focus on key urban centres. The enhanced Linking Road store reflects the brand’s continued investment in elevating retail experiences and strengthening its connection with consumers in the country.

AI Astrology Emerges as a ‘Private Support System’ for Indians, Finds iMeUsWe, a Lineage-Tech Company

Mumbai, April 21 (BNP): iMeUsWe, India’s first lineage-tech platform, released findings from a pilot user behaviour study indicating growing adoption of AI-led astrology in India, with nearly 30% of consultations on the platform conducted through its AI astrologer chatbot.

The findings point to a clear behavioural shift, with users increasingly turning to AI not just for predictions, but for instant, private, and judgment-free guidance during moments of decision-making and emotional uncertainty.

During the pilot phase, relationship and marriage-related queries accounted for nearly 70% of all AI-led consultations, making emotional clarity the dominant use case on the platform, while career and finance-related concerns contributed around 20% of interactions. This indicates that while the interface of astrology is evolving, the underlying need for guidance around personal and life-stage decisions remains consistent.

Usage patterns further reinforce this shift. Engagement peaks during the afternoon hours between 1 PM and 3 PM, when users are likely seeking clarity around immediate decisions related to relationships, career, or personal concerns. A second surge in activity is observed between 9 PM and 11 PM, pointing to more emotionally driven interactions where users turn to the platform for reassurance, reflection, and guidance in private moments.

The study also highlights a strong gender skew, with women accounting for nearly 70% of AI astrology users on the platform, indicating higher adoption among users who value discretion, accessibility, and the ability to engage openly on personal topics. Geographically, the highest concentration of usage is observed across key urban and semi-urban markets, reflecting adoption patterns that align with digitally active and culturally rooted regions of the country.

In addition to frequency of use, the nature of engagement itself is evolving. Users are increasingly engaging in multi-message, exploratory conversations rather than one-off queries, suggesting deeper interaction and early signs of trust in AI-led guidance. This conversational behaviour reflects a shift from transactional usage toward more reflective and iterative engagement.

“These insights reflect a broader shift in how people are seeking support today. Users value the immediacy, privacy, and comfort that AI can offer, especially when it comes to deeply personal questions around relationships and life decisions,” said Arvind Subbarao, Co-founder and CEO, iMeUsWe. He added that AI is not replacing traditional astrologers, but is emerging as a complementary layer that makes guidance more accessible and approachable, particularly for younger and digitally native users.

The findings also suggest that AI-led astrology is becoming part of a wider digital wellness ecosystem, where users increasingly seek on-demand, discreet, and emotionally safe avenues for guidance. In a country where astrology has long been embedded in cultural and social decision-making, this shift reflects how tradition is adapting to modern expectations of speed, privacy, and accessibility.