The legal, administrative and compliance aspects of foreign investment in India are embedded in the Foreign Exchange Management Act 1999 (FEMA), the Foreign Direct Investment (FDI) Policy and regulations notified under FEMA by the central bank, the Reserve Bank of India (RBI) from time to time.
Philippines: 7 militants killed, bombs seized in latest raid by troops
Philippine troops killed at least seven Muslim insurgents aligned with Islamic State group in a recent offensive in the south and recovered 45 heavy firearms and several bombs and landmines that were to be used in future attacks, military officials said Thursday.About 60 Muslim militants were in the remote camp near Maguing in Lanao del Sur province when it was attacked Tuesday by fighter jets and army forces, military officials said.It was not immediately clear whether their leader, Abu…
Over 1.2 million customers affected by Hong Kong data breaches
A hotel and an online retailer in the Hong Kong Special Administrative Region (HKSAR) have recently suffered a data breach of their IT systems, which affected information they held on over 1.2 million customers.
Ukraine crisis: Russia billionaires move superyachts to Maldives to escape sanctions
At least five superyachts owned by Russian billionaires were anchored or cruising on Wednesday in Maldives, an Indian Ocean island nation that does not have an extradition treaty with the United States, ship tracking data showed.The vessels’ arrival in the archipelago off the coast of Sri Lanka follows the imposition of severe Western sanctions on Russia in reprisal for its February 24 invasion of Ukraine.Forbes reported late on Wednesday that Germany had seized Russian billionaire Alisher…
US takes cue from Asean, to invite ‘non-political’ Myanmar representative to Biden summit
The United States said on Wednesday it would follow the lead of the Association of Southeast Asian Nations (Asean) by inviting a non-political representative from military-ruled Myanmar to a summit with the 10-country bloc in Washington this month.President Joe Biden plans to host a special summit of the United States and Asean leaders on March 28 and 29.“The United States supports Asean’s decision to invite non-political representatives from Burma to high-level Asean events,” a spokesperson…
Gangsters’ paradise? Killing spotlights Thailand’s reputation as criminal hideout
The killing of an Indian gangster on Phuket island has highlighted Thailand’s reputation as a hideout for foreign criminals, even amid a pandemic that has restricted global travel and heightened scrutiny of people’s movements.Jimi “Slice” Sandhu, 32, was gunned down as he left his car on the night of February 4 by two hooded suspects lying in wait outside his rented villa.Sandhu was widely believed to have links to the criminal underworld of Vancouver, having been deported from Canada several…
Ukraine invasion: crashing Russian rouble, sanctions deal blow to Thailand bid to revive tourism
A plunging rouble, flight cancellations and money-transfer difficulties are prompting Russian and European tourists to cancel trips to Thailand, a blow to the Southeast Asian nation’s tourism-revival efforts.The exclusion of many Russian banks from the Swift payments network has resulted in tour operators running into problems when making transfers, according to Charintip Tiyaphorn, co-owner of Pimalai Resort & Spa in Phuket. Some flights have been cancelled following Russia’s invasion of…
UK to boost sanctions enforcement and corporate transparency
Businesses that breach UK sanctions are more likely to be hit with fines under proposed changes to legislation that have been outlined.
Ukraine crisis: Singapore banks limit financing for Russian raw materials; Japan imposes more sanctions on Russia
Singapore’s biggest banks are restricting trade financing for Russian raw materials, as the war in Ukraine spurs lenders in Asia’s largest energy and commodities trading hub to reduce exposure to the sanction-hit country.The limits include a halt on issuing so-called in US dollars for trades involving Russian commodities, including oil and liquefied natural gas, according to people familiar with the situation.DBS Group Holdings Ltd., Oversea-Chinese Banking Corp. and United Overseas Bank Ltd…
Philippines launches tender for 2GW of renewables
The energy department of the Philippines’ government has begun an auction to award two gigawatts (GW) of renewable energy capacity via its green energy auction programme.