Category Archives: Business

In a first-of-its-kind move, RAKEZ and Fazaa launch exclusive benefits for employees of RAKEZ-registered companies

Ras Al Khaimah, July 22: Ras Al Khaimah Economic Zone (RAKEZ) has signed an agreement with Fazaa to enable employees across companies in the RAKEZ business community to access Fazaa membership and benefit from a wide range of offers, discounts and services across the UAE.

As part of the collaboration, eligible employees of companies registered under RAKEZ will be able to subscribe to Fazaa’s Silver, Gold and Platinum membership tiers through RAKEZ. The memberships provide access to benefits across a range of sectors, including healthcare, automotive services, beauty and wellness, restaurants, furniture, property and car rentals.

The agreement was signed by RAKEZ Chief Government & Corporate Relations Officer Yaser Abdulla Al Ahmed and General Manager of FAZAA Ahmed Mohammed Buharoon.

The collaboration reflects RAKEZ’s continued efforts to expand the value-added services available to its business community and support companies beyond their core licensing and operational requirements. Under the agreement, RAKEZ will facilitate the registration and issuance of Fazaa memberships for eligible employees, giving its clients an additional way to support their workforce through access to services and benefits across Fazaa’s network of participating partners.

RAKEZ Group CEO Ramy Jallad said, “Our role extends beyond helping companies establish and operate their businesses. We continuously look for practical ways to add value to their journey and enhance their overall experience within the economic zone. Through our collaboration with Fazaa, employees across the RAKEZ community will gain access to a broad range of everyday benefits that support their needs and wellbeing.”

General Manager of Fazaa Ahmed Mohammed Buharoon said, “We are pleased to partner with RAKEZ, one of the UAE’s leading economic zones, to extend the value of Fazaa membership to its vibrant business community. This collaboration reflects our shared commitment to enhancing the wellbeing of employees by providing them with meaningful everyday benefits and services. At Fazaa, our mission is to create partnerships that improve quality of life and deliver tangible value to individuals, families, and organizations. Through this agreement, employees within the RAKEZ community will gain access to a comprehensive network of offers and privileges designed to support their daily needs across healthcare, retail, hospitality, mobility, and many other sectors.”

The collaboration supports RAKEZ’s broader mission to build a connected and enabling business ecosystem where companies and their people can grow and thrive.

Myntra Jabong India Pvt. Ltd. inks partnership with Benetton Group; secures franchise rights for Sisley as the brand charts its growth journey in India

Government Steps Up Seafood Export Push Under PMMSY to Strengthen Fisheries Sector

New Delhi, July 22, 2026 – The government has intensified efforts to strengthen India’s seafood export sector under the Pradhan Mantri Matsya Sampada Yojana (PMMSY), with a focus on increasing production, improving value chains, and enhancing the competitiveness of Indian seafood in international markets.

The initiative aims to support fishermen, fish farmers, entrepreneurs, and stakeholders across the fisheries ecosystem by promoting modern infrastructure, sustainable practices, technology adoption, and better market access.

Under PMMSY, the government has been working to develop a stronger fisheries sector through investments in aquaculture, cold storage facilities, processing units, quality improvement measures, and export-oriented infrastructure. These efforts are expected to help improve product quality and meet global standards.

Officials highlighted that India’s seafood industry plays an important role in the country’s economy by generating employment opportunities, supporting coastal communities, and contributing to export earnings. Strengthening the sector is also aimed at improving livelihoods of millions associated with fisheries and allied activities.

The government’s export-focused approach seeks to expand India’s footprint in global seafood markets by encouraging diversification, promoting value-added products, and enhancing supply chain efficiency.

Industry stakeholders said improved infrastructure, sustainable fisheries management, and increased support for exporters will help India compete more effectively in the global seafood market.

With continued focus on the fisheries sector, the government aims to build a resilient and globally competitive seafood ecosystem while ensuring inclusive growth for fishing communities across the country.

Nestlé India Delivers Strong Q1 Growth as Profit Climbs 47.9 pc to Rs 975 Crore

New Delhi, July 22: Nestlé India has reported a strong financial performance for the first quarter, with its consolidated net profit rising 47.9 per cent year-on-year to Rs 975 crore, marking a significant improvement in profitability and reinforcing investor confidence.

The company’s strong quarterly results reflect steady business momentum, supported by consistent consumer demand, effective market strategies, and operational efficiency. The positive performance also led to a rise in the company’s share price, with stocks gaining more than 2 per cent after the announcement.

Nestlé India, one of the country’s leading food and beverage companies, has continued to strengthen its presence across diverse product segments by focusing on innovation, quality, and evolving consumer preferences. Its wide portfolio across nutrition, beverages, and everyday food products has helped maintain strong engagement with consumers.

The company’s latest performance highlights the resilience of India’s fast-moving consumer goods (FMCG) sector, which continues to adapt to changing market conditions through product diversification, improved supply chains, and customer-focused strategies.

Market experts said the quarterly growth demonstrates the strength of established consumer brands and the importance of innovation in sustaining business performance amid a competitive environment.

Nestlé India remains focused on expanding its market reach, enhancing operational capabilities, and creating long-term value for consumers and stakeholders. The company’s latest results underline its continued growth journey and strong position in the Indian consumer market.

AVILOO Battery Warranty now available in Norway and Denmark

Industry-first, financially backed EV battery warranty extends into two more European markets

Oslo/Copenhagen, 22 July 2026 – AVILOO, the global leader in independent EV battery diagnostics, today announced that its Battery Warranty is now available to used EV buyers in Norway and Denmark.

The AVILOO Battery Warranty gives buyers of used electric vehicles a genuine, financially backed guarantee on battery health, based entirely on independent diagnostic data rather than manufacturer claims.

For each vehicle, AVILOO uses its global diagnostics database to calculate an individual State of Health limit – the minimum the battery must maintain at 20,000 kilometres within the one-year warranty period. If the battery falls below that limit, buyers receive 23,000 kr in compensation in Denmark, or 34,000 kr in Norway, plus a full refund of FLASH Test costs.

The warranty is built on the AVILOO FLASH Test, a three-minute, manufacturer-neutral battery health check that assesses real battery capacity, thermal management and charging performance, covering 96% of EV models currently on the road.

Norway and Denmark add to the growing list of European markets where the warranty is already available, including the UK, Germany, the Netherlands, Finland, Austria, Belgium, Ireland, Switzerland, France and Sweden.

Marcus Berger, CEO of AVILOO, said:

“Norway and Denmark are two of the most mature EV markets in the world, so bringing the Battery Warranty here is a natural next step. Buyers deserve real certainty on the single most expensive part of their car, backed by data, not guesswork. This is about giving Nordic dealers and drivers the same level of protection and trust we’ve already built across the rest of Europe.”

India Calls for Stronger ASEAN Partnership to Navigate Emerging Global Challenges

New Delhi, July 22: External Affairs Minister S. Jaishankar emphasised the need for stronger India-ASEAN cooperation as countries navigate growing global uncertainties and evolving geopolitical challenges.

Addressing key regional developments, the External Affairs Minister highlighted the importance of closer collaboration between India and ASEAN nations in areas such as trade, connectivity, security, technology, and sustainable development.

Jaishankar’s engagements in Manila included discussions with regional counterparts on issues affecting the Indo-Pacific region and the broader international landscape. The talks focused on strengthening partnerships, maintaining regional stability, and promoting greater coordination among like-minded countries.

During his meetings with foreign ministers, including discussions on global developments and bilateral relations, the External Affairs Minister underlined India’s commitment to constructive engagement and dialogue to address shared challenges.

The discussions also reflected the growing importance of the Indo-Pacific region amid changing global dynamics, with countries seeking stronger partnerships to enhance economic resilience, maritime cooperation, and security frameworks.

India and ASEAN share longstanding ties based on mutual respect, economic cooperation, and cultural connections. Both sides have been working towards expanding collaboration across multiple sectors, including supply chains, digital technology, education, and infrastructure.

Jaishankar said deeper cooperation among regional partners would be crucial in building a stable, open, and inclusive Indo-Pacific while addressing common concerns in an increasingly complex global environment.

The latest diplomatic engagements underline India’s continued focus on strengthening regional partnerships and promoting collective solutions to emerging global challenges.

Petros Stone LLP Delivers Specialized Natural Black Slate Solution for Monastery Project in Bhutan

Pune, 22nd July: Petros Stone LLP, one of India’s leading manufacturers and exporters of premium natural stone products, has successfully supplied and installed a specially engineered natural black slate solution for a prestigious monastery project in Bhutan, overcoming significant technical and logistical challenges.

The monastery required a 100% natural black slate with an anti-skid surface finish, exceptional weather resistance, and a consistent visual appearance suitable for long-term outdoor use. Conventional slate materials available in the market were unable to meet these stringent requirements, as they either exhibited excessive natural variation or developed foliation and cracking after surface finishing.

To address these challenges, Petros Stone LLP engineered a specialized processing method to manufacture thick natural black slate slabs with a durable anti-skid surface finish. The surface was carefully treated to provide enhanced slip resistance while maintaining the stone’s natural texture and aesthetic appeal, making it ideal for outdoor pathways and high-traffic areas exposed to varying weather conditions.

The project also required precise fabrication of the slate slabs with both round and square cuts using advanced water jet technology. This high-precision cutting process ensured accurate dimensions, clean edges, and a seamless fit for the monastery’s architectural requirements, while preserving the integrity of the natural stone.

In addition, Petros Stone LLP incorporated advanced resin impregnation technology to enhance the stone’s structural stability while preserving its natural character. This innovative approach significantly minimized the risk of cracking and ensured the material’s long-term performance in harsh outdoor conditions.

The project involved a complex supply chain operation, with the finished slate material transported nearly 4,000 kilometers from India to Bhutan. Despite the demanding journey and challenging terrain, Petros Stone LLP ensured that the material reached the project site safely and was successfully installed at the monastery.

Commenting on the achievement, Rishabh Jain, Director – International Business, Petros Stone LLP,Petros Stone LLP, said, “This project reflects Petros Stone LLP’s commitment to delivering highly customized natural stone solutions for architecturally and culturally significant projects. By combining traditional natural stone aesthetics with advanced processing technology, including precision water jet fabrication and specialized surface finishing, we were able to create a product that met the monastery’s exact requirements for safety, durability, and visual consistency, while also withstanding the challenges of long-distance transportation.”

The successful completion of the Bhutan monastery project underscores Petros Stone LLP’s expertise in developing innovative natural stone solutions tailored to specialized applications. It also reinforces the company’s growing reputation as a trusted partner for premium stone projects across international markets.

The AI Investment Paradox: Asset Managers Divided Over Whether They Are Spending Too Much or Too Little, Global Research Reveals

BOISE, Idaho, NEW YORK, CHICAGO, LONDON and HONG KONG, July 22 — A striking investment paradox is emerging at the heart of the asset management industry’s AI revolution, new research from Clearwater Analytics reveals.

While AI budgets across the fund management industry are growing at an extraordinary pace — with 63% of firms increasing AI spending by more than 50% in the past 12 months and not a single firm reporting a budget decrease — the industry is deeply divided about whether it is spending the right amount.

One in four (25%) fund managers believe their organisation is still not investing enough in AI. Yet a striking 66% say they fear their firms are already over-investing. Together, these findings expose a fault line running through the industry: for all the conviction that AI is essential, there is no consensus on what the right level of commitment looks like in practice — and for an industry where capital allocation decisions carry significant weight, that lack of consensus carries real risk.

 A Maturing Industry, Not a Late One

Contrary to the narrative of an industry playing catch-up, the research reveals that AI adoption in asset management is more mature than commonly assumed. The majority of fund managers (56%) began integrating AI four to five years ago, and a further 34% started their journey two to three years back. Only 9% have begun AI integration within the past year.

This means the industry is not at the beginning of its AI journey — it is in the middle of it. The challenge is no longer whether to adopt AI, but how to scale it effectively, govern it responsibly, and calibrate the right level of investment to deliver measurable returns.

 The Spending Surge Is Extraordinary and Showing No Signs of Slowing

Whatever the debate about whether investment levels are right, the direction of travel is unambiguous:

· 13% of fund managers report AI investment increased by over 100% in the past 12 months

· 50% saw expenditure rise between 50% and 99%

· Not a single firm reported a decrease in AI spending

· Only 4% held budgets steady

This is an industry-wide acceleration, driven by competitive pressure, client demand, and the growing recognition that AI is a core operational imperative.

AI Is Already at the Operational Core

The research makes clear that AI has moved well beyond pilot programmes and proof-of-concept projects. It is already embedded in the engine room of fund management operations, in investment decisions, risk management, and day-to-day workflows:

· Investment Decisions: 43% of managers now use AI for 25–49% of their investment decision-making; 10% rely on it for the majority of their investment calls

· Risk Management: 38% apply AI to 25–49% of their risk processes; 8% use it for the majority of risk assessments

· Operations: 34% integrate AI into 25–49% of operational decisions; 6% use AI for over half of their operational workflows

The message is clear: AI is already shaping how fund managers make decisions, manage risk, and run their operations today.

 The Real Challenge: From Spending to Institutionalisation

The paradox the research reveals points to a deeper challenge. The industry has moved past the question of whether to invest in AI. The new question is how to institutionalise it effectively: building the data infrastructure, governance frameworks, talent capabilities, and operational processes that allow AI investment to translate into measurable outcomes.

Firms that solve this challenge — moving beyond the anxiety of calibrating spend to the discipline of deploying AI systematically across their investment lifecycle — will be the ones that pull ahead.

Souvik Das, CTO at Clearwater Analytics, said: “What our research reveals is an industry wrestling with how to get AI right. Increasing the budget is the easy part. The harder challenge is institutionalising AI in a way that drives genuine alpha and operational excellence, rather than simply adding cost and complexity.”

“At Clearwater, we are helping clients navigate exactly this challenge, by embedding AI directly into our platform and automating the data reconciliation and investment accounting lifecycles that form the foundation of everything else,” continued Das.

“When the infrastructure is right, AI doesn’t just work, it compounds. It identifies data anomalies in real-time, reduces the manual burden on risk and operations teams, and frees people to focus on the high-value strategic work that actually moves the needle.”

Crude Oil Prices Climb as Middle East Tensions Spark Fresh Market Worries

New Delhi, July 22: Global crude oil prices moved higher as rising tensions between the United States and Iran triggered concerns over possible disruptions to energy supplies, pushing Brent crude to a five-week high near USD 92 per barrel.

The increase in oil prices reflects growing caution among investors and energy traders, who are closely monitoring developments in the Middle East and their potential impact on global crude supply chains.

The Middle East remains one of the world’s most important energy regions, and any uncertainty surrounding production or transportation routes can significantly influence international oil markets. The latest developments have increased concerns about supply stability, leading to upward pressure on crude prices.

Market analysts said the movement in oil prices will depend on the evolving geopolitical situation, global demand trends, and the availability of supplies. Continued tensions could keep markets volatile, while easing concerns may help bring some stability.

The rise in crude prices has also drawn attention from oil-importing economies, where higher energy costs can affect fuel prices, transportation expenses, inflation, and broader economic conditions.

Energy experts highlighted the importance of maintaining diversified energy sources and strengthening supply resilience to manage fluctuations in the global oil market.

The latest surge in crude prices underscores the close connection between geopolitical events and global economic stability, with energy markets continuing to remain sensitive to international developments.

Gem and Jewellery Exports Regain Momentum with Strong June Growth

Mumbai, July 22: India’s gem and jewellery export sector witnessed a strong recovery in June, recording a 26.5 per cent rise in exports, driven by renewed demand from international markets and improved business sentiment, according to industry data.

The growth marks a positive turnaround for the sector, reflecting the resilience of Indian exporters and the continued global appeal of the country’s craftsmanship, design capabilities, and jewellery manufacturing expertise.

The Gem and Jewellery Export Promotion Council (GJEPC) said the rise in exports was supported by stronger demand across key international markets. The improvement indicates renewed confidence among buyers and provides fresh momentum to exporters after a period of global uncertainty.

India’s gem and jewellery industry, one of the country’s important export sectors, plays a significant role in employment generation and economic growth. The sector has been focusing on innovation, technology adoption, quality enhancement, and expanding its presence in global markets.

Industry representatives said the positive export performance highlights the strength of India’s jewellery ecosystem, supported by skilled artisans, established manufacturing capabilities, and growing international partnerships.

The industry expects continued growth opportunities as global demand improves and Indian exporters strengthen their position in overseas markets through new designs, sustainable practices, and enhanced competitiveness.

The latest export performance reflects the sector’s ability to adapt to changing market conditions and reinforces India’s position as a leading global hub for gems and jewellery.