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India Today
5 days ago
- Business
- India Today
Friendship always first: PM resets India-Maldives ties with defence, trade push
Prime Minister Narendra Modi on his two-day visit to the Maldives reaffirmed the historic and strategic depth of the bilateral relationship. 'The roots of our relations are older than history, and as deep as the ocean,' Modi said during his two-day visit to Modi held wide-ranging talks with Maldivian President Mohamed Muizzu to strengthen cooperation in key sectors including trade, defence, and maritime security. 'For us, it is always friendship first,' the Prime Minister declared, calling India the 'most trusted' friend of the Indian Ocean meeting marked a turnaround in bilateral ties, which had witnessed tensions after Muizzu came to power in November 2023 following his 'India Out' campaign. Modi, however, asserted that the India-Maldives friendship will always 'remain bright and clear' regardless of circumstances. India on Friday announced a Rs4,850 crore (USD 565 million) line of credit to the Maldives. 'This amount will be used for projects related to the development of infrastructure in the Maldives, in accordance with the priorities of the people of the country', the PM Secretary Vikram Misri said the pact signed during the visit would reduce the Maldives' annual debt repayment to India by 40 per cent. While China's growing assertiveness was not directly mentioned, Misri said India continues to work with the Maldives on issues that may 'impinge not just our security but the common security of the region.'PM Modi confirmed that both sides will soon finalise a bilateral investment treaty and that negotiations for a free trade agreement have already the visit,PM Modi and Muizzu jointly inaugurated several India-backed projects, including a new defence ministry building in Male, roads and drainage systems in Addu city, and 3,300 housing units in Hulhumale. PM Modi also handed over 72 vehicles and equipment to the Maldives National Defence the new defence ministry complex as a 'concrete building of trust,' PM Modi said it stands as a symbol of the 'strong partnership' between the two nations. 'India will continue to support the Maldives in the development of its defence capabilities. Peace, stability and prosperity in the Indian Ocean region is our common goal,' he the Maldives' role in India's strategic outreach, PM Modi said, 'The Maldives holds an important place in both India's Neighbourhood First policy and its MAHASAGAR (Mutual and Holistic Advancement for Security and Growth Across Regions) vision.'PM Modi also spotlighted India's swift and consistent support to the Maldives during times of crisis. 'India is also proud to be the most trusted friend of the Maldives. Be it a disaster or a pandemic, India has always stood by as a 'first responder',' he welcomed the progress made under the economic and maritime security vision unveiled during Muizzu's visit to New Delhi in October last year. 'Now it is becoming a reality. And as a result of that, our relations are touching new heights,' PM Prime Minister also noted the growing success of India's UPI (Unified Payments Interface) system in the Maldives. 'The speed with which UPI is being promoted in the Maldives will give a boost to both tourism and retail,' he Modi arrived in Male from London in the second and final leg of his two-nation tour. He received a warm welcome at Velena International Airport, with President Muizzu and top Maldivian ministers personally receiving him. Later, he was accorded a ceremonial welcome and a guard of honour at the Republic Square.- EndsMust Watch
Yahoo
6 days ago
- Business
- Yahoo
Dubai housing prices continue to soar, with villas leading the charge: Knight Frank
A villa in Signature Villas, Emirates Hills in Dubai (Picture: Knight Frank MENA) The Dubai residential market continued to break records in 2Q2025, sustaining momentum that has propelled property values in the emirate. According to research by Knight Frank, Dubai housing prices grew 3.4% q-o-q and 13.7% y-o-y to hit an average of AED1,809 psf ($629 psf) in 2Q2025, marking a new all-time high. Residential prices have now surged 21.6% above the previous market peak recorded in 2014. 'The sustained growth in prices - now approaching five consecutive years since the current cycle began in November 2020 - is a clear sign of a more stable and predictable market environment,' remarks Faisal Durrani, partner and head of research at Knight Frank Middle East and North Africa (MENA). The rise in prices coincides with quarterly sales volume hitting a new record of 51,000 last quarter. Off-plan sales accounted for nearly 70% of all transactions, which signals growing investor confidence in new Dubai developments, says Knight Frank. 'The market is increasingly being shaped by genuine buyers rather than speculators, with resale activity within 12 months of purchase now at just 4–5%, compared to 25% in 2008,' adds Will McKintosh, regional partner and head of residential at Knight Frank MENA. Read also: Dubai homes sold for over US$10 mil hit all-time high in 2Q2025: Knight Frank Over 94,000 homes in Dubai have now been sold since the start of the year, putting the market firmly on track to exceed the 169,000 deals recorded for the whole of 2024. Overall, total residential sales value clocked in at AED268 billion in 1H2025, 41% higher y-o-y. Within the Dubai property landscape, the villa segment has continued to lead the charge in price growth, outperforming apartments. Villa prices rose 4% q-o-q to AED2,172 psf in 2Q2025, bringing the segment's total price growth since 2014 to 49.3%. According to Durrani, momentum in the villa segment will likely keep growing. 'Just 20% of the planned housing supply through to the end of 2029 will fall in the villa category and with demand remaining centred on stand-alone family homes, the delta between villa and apartment price performance may well continue to widen,' he explains. Meanwhile, the prime residential segment has also logged robust growth. Knight Frank data shows that the average transacted price across ten key communities rose 16% over the past 12 months to hit AED3,850 psf. In addition, sales of Dubai homes priced above US$10 million ($12.79 million) reached AED9.5 billion in 2Q2025, the highest quarterly figure on record. The Dubai property market "has become more stable, more transparent and is underpinned by solid fundamentals," observes McKintosh. He adds: "This shift is drawing in more long-term investors and end-users and is helping to strengthen Dubai's position as one of the most attractive residential markets globally.' Knight Frank has maintained its forecast for Dubai housing price growth in 2025 at 8% for the mainstream market and 5% for the prime segment. Read also: Dubai remains top market for homes transacted for over US$10 mil: Knight Frank See Also: Singapore Property for Sale & Rent, Latest Property News, Advanced Analytics Tools New Launch Condo & Landed Property in Singapore (COMPLETE list & updates) Dubai homes sold for over US$10 mil hit all-time high in 2Q2025: Knight Frank Dubai remains top market for homes transacted for over US$10 mil: Knight Frank Dubai's real estate market on a hot streak En Bloc Calculator, Find Out If Your Condo Will Be The Next en-bloc HDB Resale Flats Up For Sale, Affordable Units Available
Daily Express
7 days ago
- Business
- Daily Express
Bridal shop ordered to refund RM2,850 to customer
Published on: Thursday, July 24, 2025 Published on: Thu, Jul 24, 2025 By: Crystal E Hermenegildus Text Size: Kota Kinabalu: The Consumer Claims Tribunal has ordered a bridal shop to refund RM2,850 to a customer after ruling that the service provider failed to perform any part of its contractual obligations. Tribunal President Salmi Zalinah Abdul Rahim issued the decision following a hearing involving the claimant, Nicole Ooi Wei Shan, and the respondent, Delove Bridal Selection East Malaysia. According to the case facts, on December 31, 2023, the claimant entered into a contract with the respondent for a pre-wedding photography package and paid a deposit of RM3,000. The package was stated to be valid for three years. However, on May 5, 2025, the claimant informed the respondent via WhatsApp that due to personal issues, she and her partner would no longer be proceeding with the wedding photos and requested a refund of the deposit. The same message was also sent in English the following day. Despite the request, the respondent insisted that the deposit was non-refundable, even though none of the agreed services had been provided. The claimant proceeded to file a claim for the full refund amount of RM3,000. In response, the respondent argued that the deposit was part of a binding agreement and that the cancellation was made for personal reasons, not due to any fault on their part. The respondent also filed a counterclaim for RM10,000, citing inconvenience, disruption, and administrative burden caused by the claim. During the hearing, the respondent's staff member, Ivylyana Edin, confirmed that no wedding photographs were taken but said reminders were sent to the claimant via WhatsApp. Salmi, in her ruling, cited Section 17(5) and (6) of the Consumer Protection Act 1999, which allows consumers to cancel a future services contract at the point the cancellation is communicated to the supplier — in this case, via WhatsApp. Under Section 17(2) of the same Act, the Tribunal found the claimant was entitled to a refund after deducting 5 per cent of the full contract price, amounting to RM2,850. The Tribunal rejected the respondent's RM10,000 counterclaim and ordered that the awarded sum be paid to the claimant within 14 days. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
TimesLIVE
22-07-2025
- Automotive
- TimesLIVE
BYD to delay production at new Hungarian plant, build fewer EVs
China's BYD will delay mass production at its new electric vehicle factory in Hungary until 2026 and will run the plant at below capacity for at least the first two years, two sources familiar with the matter said. China's No 1 carmaker will also start making cars earlier than expected at a new plant in Turkey where labour costs are lower, and will vastly exceed its announced production plans, one source said. Shifting production away from Hungary in favour of Turkey would be a setback for the EU, which has been hoping its tariffs on EVs made in China would bring in Chinese investments and well-paid manufacturing jobs. BYD's €4bn (R82,570,960,000) plant in Szeged in southern Hungary will start mass production in 2026, but only make a few tens of thousands of vehicles over the entire year, the sources said. That would be a fraction of the plant's initial production capacity of 150,000 vehicles. It should eventually have a maximum capacity of 300,000 cars per year. A third source confirmed the slower 2026 start-up. BYD has said it will launch operations at Szeged in October, but has not said publicly when mass production will start. Production at Szeged is due to increase in 2027, but will be below planned capacity, the sources said. The carmaker's $1bn (R17,644,850,100) plant in Turkey, which had been slated to start production at the end of 2026 with an annual capacity of 150,000 cars, will make more cars than the Hungarian plant next year, one source said. Production at the plant in Manisa, western Turkey, will far exceed 150,000 cars in 2027 and BYD will greatly increase output again in 2028, the source said. BYD did not respond to requests for comment. The sources spoke on condition of anonymity because they were not authorised to discuss BYD's production plans publicly. BYD is building the plant in Hungary to sell cars in Europe tariff free. All the cars it sells in Europe are made in China, and subject to EU anti-subsidy tariffs on Chinese-made EV imports on top of the standard 10% duty. In BYD's case, the total tariff is 27%. Many cars made at the new plant in Turkey will also be destined for Europe and face no tariffs when exported to the EU. A shift toward cheaper production in Turkey would highlight the challenge for Chinese carmakers that want to build cars in Europe to avoid punitive tariffs, but balk at the region's higher wages and energy costs. Under right-wing Prime Minister Viktor Orban, Hungary, which will be the headquarters for BYD's European operations, has become an important trade and investment partner for China. Turkey has long served as a low-cost manufacturing hub for major carmakers including Toyota, Stellantis, Ford , Hyundai and Renault. In March, the Turkish government said China's Chery will invest $1bn in a plant with an annual production capacity of 200,000 vehicles.
TimesLIVE
14-07-2025
- Automotive
- TimesLIVE
Nissan to supply cars to Honda in US
Nissan is in talks to supply cars to Honda in the USs, which would let the struggling Japanese carmaker put to use an under-used American plant, the Nikkei newspaper said on Friday without citing sources. The company is considering making Honda pickup trucks at its Canton plant in Mississippi, which turns out models such as the Frontier, the paper said. After Nissan's talks to merge with Honda to form the world's third-largest carmaker fell apart this year, the two said they would keep up an agreement to work together in areas such as electric vehicles. In a statement on Friday, Nissan said it had no additional updates, though it continued to work on projects with Honda. It said it would not comment on speculation. Honda officials were not immediately available for comment. Nissan reported a net loss of $4.5bn (R80,842,442,850) in the financial year that ended in March, and has been badly hit by dwindling sales as it grapples with an ageing vehicle lineup. It faces debt of about ¥700bn (R86,231,939,040) coming due this year and its debt ratings have been cut to junk by all three major credit ratings firms. New CEO Ivan Espinosa has unveiled a sweeping cost-cutting plan that includes closing seven factories worldwide and a cut of 15% in the global workforce. Like other legacy carmakers, Nissan and Honda face rising competition from Chinese players and difficulties stemming from US-Japan trade talks over car tariffs.
