Global Pulse

分类： business

  • Vedanta Resources reports second-highest ever revenue and EBITDA in H1FY26

    Vedanta Resources reports second-highest ever revenue and EBITDA in H1FY26

    Vedanta Resources Limited (VRL), a global powerhouse in transition metals, critical minerals, energy, and technology, has announced exceptional financial results for the first half of fiscal year 2026. The company posted its second-highest revenue in history at $9.367 billion, representing an 8% year-over-year growth, driven by favorable commodity market conditions and sustained operational excellence.

    Financial metrics demonstrated remarkable strength with EBITDA reaching $2.752 billion, also ranking as the company’s second-highest performance, showing a 6% annual increase. The company maintained an industry-leading EBITDA margin of 36%, improving by 7 basis points year-over-year. Profit After Tax before special items grew 7% to $738 million, reflecting efficient operational management.

    The company significantly strengthened its financial position, reducing its Net Debt-to-EBITDA ratio to 2.0x while maintaining cash reserves of $2.628 billion. Return on capital employed remained robust at approximately 23%, highlighting disciplined capital allocation strategies. Vedanta successfully refinanced $550 million of high-cost debt, lowering overall interest costs to around 10% and extending average debt maturity to 4.5 years.

    Credit rating agencies recognized these improvements with S&P Global and Moody’s upgrading Vedanta’s outlook to Positive, while Fitch maintained its B+/Stable rating, acknowledging the company’s stable operational performance and prudent financial management.

    Operational achievements included substantial capital investments of approximately $900 million, resulting in record production across multiple segments. Aluminum production reached 1,222 kilotons (+1%), alumina output increased to 1,240 kilotons (+19%), while Zinc India’s mined metal production grew to 523 kilotons (+1%). Zinc International reported exceptional growth with production surging 44% to 117 kilotons.

    The company expanded its strategic mineral portfolio, securing three additional high-value critical mineral blocks, bringing its total allocated blocks to 11. Significant operational milestones included Konkola Copper Mines ramping up production to deliver 41 kilotons of metal in concentrate and 51 kilotons of finished goods. BALCO commissioned India’s most powerful 525 kA smelter, while the Lanjigarh refinery produced its first alumina from expanded facilities. Merchant power capacity increased to 4.2 GW with new asset commissions, and Hindustan Zinc enhanced production efficiency through the Debari Roaster commissioning.

  • Madagascar deepens its investment ties with the UAE

    Madagascar deepens its investment ties with the UAE

    Madagascar is rapidly emerging as a strategic investment destination in the Indian Ocean region, with the United Arab Emirates playing a pivotal role in its economic transformation. The island nation has identified the UAE as a crucial partner in its ambitious development agenda, creating one of Africa’s most dynamic economic corridors that is reshaping trade patterns and stimulating unprecedented investment flows.

    Recent economic indicators demonstrate Madagascar’s remarkable progress. According to the latest EDB Madagascar report, foreign direct investment reached a historic peak of $602 million in 2024, driven by vigorous activity across multiple sectors including agriculture, energy, telecommunications, and infrastructure development. The nation’s economic growth rate of 4.4% significantly outpaces regional averages, signaling its emergence as a promising market with substantial potential.

    The commercial relationship with the UAE has experienced extraordinary expansion. Non-oil trade between the two nations surged by 90% year-on-year, climbing from $188 million in 2023 to $354 million in 2024. Overall bilateral trade reached $386.7 million, representing a 75% increase that firmly establishes the Emirates as one of Madagascar’s most vigorous trading partners. Enhanced air connectivity has been instrumental in this growth, with Emirates alone transporting 53,000 passengers annually, facilitating both business exchanges and tourism development.

    The momentum accelerated during the Dubai Madagascar Business Forum in May 2025, which convened over 60 Malagasy enterprises and more than 100 Emirati business leaders. The event showcased Madagascar’s competitive advantages across multiple sectors including agro-industry, renewable energy, mining, tourism, digital services, and logistics. Participants emphasized the nation’s ambition to achieve emerging economy status by 2030 and solidify its position as a rising star in the Indian Ocean region.

    Madagascar’s unique comparative advantages continue to attract global investors. The nation boasts world-renowned vanilla production, rare mineral deposits, exceptionally fertile agricultural land, rich fisheries, and unparalleled biodiversity. To leverage these assets, the government is implementing comprehensive investment incentives, modernized legal frameworks, public-private partnership models, and special economic zones. A strong emphasis on local value addition ensures that natural resource development translates into sustainable job creation and long-term prosperity.

    Infrastructure modernization constitutes a central pillar of Madagascar’s development strategy. Major initiatives are underway to upgrade port and airport facilities while enhancing regional and international connectivity. The country has established itself as one of the most digitally advanced nations in its region, with expanding broadband and mobile coverage supporting innovation, entrepreneurship, and digital inclusion.

    Energy security represents another strategic priority, with Madagascar targeting doubled electricity access by 2030 through expanded solar, hydro, and wind power generation. Solar mini-grids are already delivering electricity to remote communities, supporting educational institutions, healthcare facilities, and small businesses. Large-scale solar parks capable of producing up to 100MW annually support the national objective of achieving 70% clean energy by 2028. Between 2020 and 2024, renewable energy’s share in the national mix increased from 16% to 28%, backed by international financial institutions and private sector partners.

    Tourism remains a powerful economic engine, ranking as the third-largest source of foreign exchange. The sector contributes 14.9% of GDP and sustains over 350,000 direct jobs. In 2024, Madagascar welcomed 308,275 international visitors, generating revenues exceeding $780 million. Robust flight connectivity, including seven weekly Emirates flights, 17 Ethiopian Airlines routes, and 17 weekly connections to Nosy Be, is positioning Madagascar among Africa’s most attractive destinations. Upcoming projects such as the Artisanal Village at Ivato International Airport and growing investments in eco-resorts and luxury hospitality underscore the commitment to sustainable tourism development.

    The deepening Madagascar-UAE partnership is unlocking new opportunities in renewable energy, logistics, infrastructure, tourism, and high-value agriculture. As global investors seek new frontiers, Madagascar distinguishes itself as a land of opportunity abundant in natural resources, populated by a dynamic workforce, and committed to a future shaped by innovation, sustainability, and shared prosperity.

  • MoEngage raises $180 million in extended series F, boosts AI innovation

    MoEngage raises $180 million in extended series F, boosts AI innovation

    In a significant development for the marketing technology sector, MoEngage has successfully closed an extended Series F funding round, securing an additional $180 million. This latest injection of capital, led by ChrysCapital and Dragon Funds with participation from Schroders Capital, TR Capital, and B Capital, brings the total Series F funding to $280 million following an initial $100 million raised in November.

    The substantial investment represents a powerful endorsement of MoEngage’s AI-driven customer engagement platform as enterprises across North America, Europe, and the Middle East increasingly transition from legacy marketing systems to intelligent, insights-led solutions. The funding will primarily accelerate the scaling of MoEngage’s Merlin AI suite, expand go-to-market operations in key regions, and facilitate strategic acquisitions to enhance platform capabilities.

    A notable aspect of this funding round includes a $15 million liquidity event benefiting 259 current and former employees, demonstrating the company’s commitment to shared ownership and wealth creation among its workforce. Early investors also participated in secondary transactions, further validating the company’s growth trajectory.

    Raviteja Dodda, Co-founder and CEO of MoEngage, emphasized that this investment recognizes both the company’s disciplined execution and its philosophy of collective ownership. “It is vital that we recognize the people who brought us to this stage,” Dodda stated, highlighting the liquidity program as a reflection of this commitment.

    The platform’s expanding capabilities are receiving validation from major enterprise clients. Bhavin Turakhia, CEO of Zeta, noted that MoEngage’s analytics and messaging capabilities have significantly improved key banking journeys, while Charu Pujari of Loblaw Digital highlighted the platform’s effectiveness in strengthening real-time updates for delivery and pickup orders.

    Investors specifically cited MoEngage’s disciplined operating model and strong execution in the US market as differentiating factors. Rishabh Iyer of ChrysCapital expressed anticipation for “helping the team become the world’s leading marketing technology platform,” while Dragon Funds’ Managing Director Aakash Tulsani praised MoEngage for “setting the bar for innovation by leveraging AI on first-party data.”

    With this funding milestone, MoEngage is positioned to extend its presence across the Middle East, where digital-first brands are rapidly adopting AI-led engagement strategies to serve mobile-first consumers. Avendus Capital acted as the exclusive financial advisor for this transaction.

  • Yubi Group debuts mortgage in the UAE, transforming how consumers secure mortgages with unprecedented simplicity

    Yubi Group debuts mortgage in the UAE, transforming how consumers secure mortgages with unprecedented simplicity

    Yubi Group has dramatically transformed the UAE mortgage landscape with the introduction of Yubi Mortgage, marking the technology company’s inaugural B2C product in the region. This groundbreaking digital platform establishes an entirely new paradigm for home financing by addressing persistent market challenges through advanced technological solutions.

    The innovative platform emerges as a comprehensive solution to longstanding industry pain points including limited lender access, procedural complexity, opaque pricing structures, repetitive documentation requirements, and insufficient application transparency. These traditional barriers frequently resulted in prolonged processing times, borrower uncertainty, and unnecessary stress throughout the mortgage acquisition process.

    Yubi Mortgage’s sophisticated architecture leverages artificial intelligence and machine learning technologies to streamline the entire mortgage journey. The system automatically classifies documents, verifies applicant information, assesses eligibility criteria, and facilitates accelerated decision-making processes for lending institutions. A proprietary business rule engine intelligently matches borrowers with optimal lenders, preventing costly mismatches and eliminating the need to restart applications with alternative institutions.

    The platform’s extensive network already encompasses partnerships with over 25 financial institutions across retail, SME, and corporate financing sectors. This expansive connectivity provides users with unprecedented access to diverse lending options including retail banks, Islamic financial institutions, commercial banks, private banks, and digital banking services through a single digital application.

    Sivakumar Rajakkannu, Chief Business Officer of Yubi MENA, emphasized the transformative nature of the launch: ‘Home ownership represents one of life’s most significant decisions. Our mission centers on simplifying this journey while ensuring complete transparency throughout the process. We empower every mortgage seeker with comprehensive access to prominent lenders while providing full support from initial inquiry to final approval.’

    The UAE launch builds upon Yubi’s established presence in the debt market, where the company has facilitated over $36 billion in total debt volumes while supporting more than 17,000 enterprises and 6,200 lenders globally. Backed by renowned investors including Peak XV, Lightspeed, and B Capital Group, the $1.5 billion valued fintech recently received ‘Fintech Startup of the Year’ honors at Global Fintech Fest 2025.

    Prospective mortgage applicants can initiate their digital journey through the dedicated portal at https://mortgage.go-yubi.ae/, where they will receive personalized guidance from Yubi’s specialist team throughout the application process.

  • Bijouterie Pala: Madagascar’s timeless ambassador of gemstone excellence

    Bijouterie Pala: Madagascar’s timeless ambassador of gemstone excellence

    Established in 1922, Bijouterie Pala has solidified its position as Madagascar’s premier jewelry maison, representing four generations of unparalleled artisanal excellence in gemstone craftsmanship. This century-old house has masterfully preserved its unique heritage while embracing innovation, positioning Madagascar as an emerging force in the global luxury jewelry market.

    The company’s distinguished reputation stems from its meticulous approach to every creation phase, from ethical gemstone selection to bespoke design implementation. Maintaining exclusive partnerships with trusted mining partners, Pala conducts rigorous on-site verification of mining conditions to ensure complete transparency and ethical compliance throughout its supply chain.

    Bijouterie Pala’s exquisite creations have garnered international acclaim, adorning royalty, heads of state, and global fashion influencers. Each piece reflects a sophisticated fusion of authentic Malagasy cultural identity with contemporary luxury aesthetics, creating a distinctive style that resonates across international markets.

    The brand has recently undertaken significant modernization initiatives, incorporating cutting-edge technology within its workshops while completely renovating its flagship showroom to enhance client experiences. These strategic investments demonstrate Pala’s commitment to maintaining traditional craftsmanship standards while meeting evolving luxury market expectations.

    “Our fundamental mission involves establishing Madagascar as a global benchmark for precious stones and luxury jewelry creation,” company representatives stated, emphasizing their dual role as cultural ambassadors and industry innovators.

    Through its balanced integration of heritage techniques, technological advancement, and ethically responsible sourcing practices, Bijouterie Pala continues to elevate Madagascar’s prominence within the competitive international luxury landscape, ensuring the nation’s gemological excellence receives worldwide recognition.

  • Driving growth through innovation, partnerships, and sustainable development

    Driving growth through innovation, partnerships, and sustainable development

    For more than three decades, Luceo Group has successfully merged Madagascar’s extraordinary natural resources with global business expertise, establishing itself as a multifaceted conglomerate driving economic growth while prioritizing community empowerment. Operating across four distinct sectors—Home & Lifestyle Retail, Distribution & Large Retail, Hospitality & Hotel Management, and Health, Pharmaceuticals, Cosmetics, and Aromatherapy—the organization employs over 1,000 people while maintaining core values of leadership, unity, commitment, and openness.

    The group’s retail division has revolutionized Madagascar’s home improvement market through flagship brands ABC by Bricorama and BUT, providing comprehensive solutions ranging from construction materials to premium furniture. These establishments have fundamentally changed how Malagasy families approach home building and furnishing, making quality products accessible across the nation.

    In a strategic move within the hospitality sector, Luceo Group has partnered with Marriott International to introduce world-class service standards to Madagascar. The forthcoming Delta Hotels by Marriott Antananarivo represents a significant elevation of the country’s hospitality offerings while maintaining respect for local cultural and environmental considerations.

    The health and wellness division, operating under Homeopharma, leverages Madagascar’s remarkable biodiversity to develop high-value natural products. By collaborating directly with local farmers, the group ensures fair income distribution, proper agricultural training, and sustainable sourcing practices. This model effectively combines industrial excellence with environmental stewardship, generating lasting community benefits while delivering premium natural health solutions to the market.

    Throughout its diverse operations, Luceo Group maintains a consistent commitment to balancing modernity with tradition, progress with responsibility, and international standards with local engagement. The organization’s long-term vision remains firmly rooted in sustainability principles, social impact initiatives, and quality experiences across all business verticals, positioning itself as both an economic force and a catalyst for positive change in Madagascar.

  • Dubai: Gold prices inch slightly higher as markets open

    Dubai: Gold prices inch slightly higher as markets open

    Dubai’s gold market opened with modest gains on Wednesday as the precious metal continued its upward trajectory following a weekend of significant price increases. The benchmark 24K gold variety climbed to Dh521.75 per gram, marking a noticeable increase from Tuesday’s closing price of Dh516.75. Other variants including 22K, 21K, 18K, and 14K followed suit, trading at Dh483, Dh463.25, Dh397, and Dh309.75 respectively.

    International spot gold prices demonstrated even stronger momentum, reaching $4,337.96 per ounce by 10 AM local time with a 0.84% gain. Silver similarly outperformed with a substantial 4.46% surge to $66.28 per ounce.

    Market analyst Walid Koudmani of Naga highlighted that gold remains well-positioned for continued support as expectations for additional Federal Reserve rate cuts maintain their strength. “This week’s upcoming economic data could play a pivotal role in shaping future monetary policy expectations,” Koudmani noted. “A combination of stable inflation and weakening labor conditions could raise expectations of lower rates, further bolstering bullion.”

    The analysis comes just days after the US Federal Reserve implemented a 25 basis point rate reduction, bringing the target range to 3.5-3.75%. The central bank’s unexpectedly dovish stance under Chair Jerome Powell has subsequently weakened the US dollar, creating favorable conditions for gold pricing.

    Beyond monetary policy, Koudmani identified multiple factors driving gold’s appeal. Persistent geopolitical tensions spanning Eastern Europe, the Middle East, and emerging frictions in Asia continue to fuel risk aversion and safe-haven demand. Additionally, concerns regarding the Fed’s leadership transition and consistent central bank diversification away from the dollar provide structural support.

    The analyst projected a constructive medium-term outlook for gold, emphasizing that while the path might not be linear, macroeconomic conditions suggest meaningful upward price potential. Consistent ETF inflows and sustained central bank purchasing activity further reinforce the metal’s positive trajectory amid expectations of a lower interest-rate environment and global growth slowdown.

  • SMMC: Guaranteeing Madagascar’s supply chain resilience and international compliance

    SMMC: Guaranteeing Madagascar’s supply chain resilience and international compliance

    Under the strategic leadership of Director General Niriko Tsirenge, Madagascar’s Société de Manutention des Marchandises Conventionnelles (SMMC) has undergone a transformative restructuring since 2018 to strengthen national supply chain security. Operating from Toamasina, the nation’s primary maritime gateway, SMMC manages all non-containerized cargo including essential commodities such as cement, rice, industrial supplies, and vehicles.

    The company achieved a significant throughput of approximately 1.12 million tonnes in 2024, reflecting its critical role in maintaining national food security and supporting industrial development. This operational success stems from strengthened partnerships with key national stakeholders and an enhanced reputation for reliability.

    SMMC has embarked on an ambitious governance modernization program, currently in the final stages of ISO 9001 certification. This initiative represents a comprehensive overhaul of operational processes aimed at ensuring quality assurance and full traceability. Digital transformation of workflow systems further enhances operational transparency, creating more secure and predictable port operations.

    Environmental sustainability constitutes a cornerstone of SMMC’s development strategy. The company is engineering an ecological bulk hopper system to minimize dust pollution and reduce material losses, while simultaneously planning solar power installations to decrease its carbon footprint. As an active participant in the Resilience4Ports (R4P) initiative, SMMC aligns its operations with international climate objectives, demonstrating practical commitment to green port development.

    Human capital development receives equal priority, with continuous training programs in international standards including the International Ship and Port Facility Security (ISPS) Code. This investment in workforce excellence ensures safety, quality, and operational flexibility. At the Vohémar facility, where SMMC has assumed port authority responsibilities, these standards are being implemented through infrastructure rehabilitation and security upgrades to achieve full international compliance.

    The company functions as a strategic convener of port ecosystem stakeholders, regularly coordinating with customs authorities, municipal leadership, and commercial users to optimize trade facilitation. This collaborative approach enhances Madagascar’s position as a reliable node within regional supply chains.

    Through technical partnerships with globally recognized port complexes including Morocco’s Tanger Med, SMMC benchmarks international best practices for implementation in Madagascar. The organization remains focused on its fundamental mission: ensuring safe and transparent trade flows while securing the nation’s supply of strategic commodities and building modern, resilient port infrastructure for long-term development.

  • Inviso Group: Powering Madagascar’s industrial and agricultural transformation

    Inviso Group: Powering Madagascar’s industrial and agricultural transformation

    ANTANANARIVO, MADAGASCAR – Emerging from humble beginnings as an automotive parts distributor three decades ago, Inviso Group has transformed into Madagascar’s premier industrial conglomerate, driving sustainable development across multiple sectors while maintaining deep local roots. Under the strategic guidance of Co-CEO Yanish Ismael, the company has evolved into a diversified powerhouse spanning plastics manufacturing, agriculture, real estate, construction, energy, automotive distribution, digitalization, and food production.

    The group’s foundational venture, Société Malgache de Transformation des Plastiques (SMTP), played a pivotal role in developing the nation’s water infrastructure through advanced PVC and pipe manufacturing. This initial success created a springboard for diversified expansion, all built within a fully localized ecosystem that now directly employs 3,000 Malagasy workers and indirectly supports approximately 20,000 livelihoods.

    “Our operational philosophy centers on local sourcing with global thinking,” Ismael states. “We maintain an unwavering belief that everything is achievable here in Madagascar.” This conviction manifests in the group’s ambitious new meat export initiative and comprehensive modernization of agricultural value chains through cutting-edge automation and digital technologies.

    Unlike conventional profit-driven enterprises, Inviso prioritizes long-term sustainable value creation over quick returns. The company maintains rigorous equipment upgrades to meet global technological standards while investing substantially in workforce training and skills transfer programs. Quality assurance forms another critical pillar, with all products undergoing stringent in-house testing and compliance with HACCP, Halal, and ISO certifications.

    Sustainability principles permeate Inviso’s operations, evidenced by ongoing solarization projects to reduce environmental impact. The company views certification not merely as regulatory compliance but as a strategic tool for long-term resilience. “True sustainability extends beyond environmental concerns to encompass creating enduring enterprises,” Ismael explains.

    Future ambitions include strengthened partnerships with the UAE and GCC nations, particularly in agri-food exports and industrial collaboration. With an ambitious decade-long growth strategy, Inviso plans to double its workforce while expanding its footprint across the African continent. “Madagascar represents a land of immense opportunity,” Ismael concludes. “Through visionary leadership and strategic partnerships, we can transform these opportunities into lasting prosperity.”

  • Innovation sustains Beijing’s winter crayfish palate

    Innovation sustains Beijing’s winter crayfish palate

    A revolutionary advancement in aquaculture technology has transformed Beijing’s winter dining scene, enabling year-round availability of fresh crayfish—a delicacy previously confined to summer months. The culinary breakthrough originates from Qianjiang, Hubei province, where agricultural innovators have successfully overcome longstanding technical barriers in winter rice paddy co-cultivation systems.

    Despite recent snowfall blanketing Beijing’s streets, restaurants in popular dining districts like Sanlitun and Guijie Street now emanate the distinctive aroma of chili-oil and garlic-infused crayfish throughout the winter season. This unprecedented supply chain achievement marks a significant departure from traditional seasonal limitations that once restricted fresh crayfish availability during colder months.

    Agricultural authorities in Hubei province, responsible for nearly 40% of China’s total crayfish output, have implemented technological innovations that transitioned the industry from seasonal harvesting to continuous year-round production. The breakthrough specifically addresses winter farming challenges in integrated rice-crayfish agricultural systems, where low temperatures previously hindered large-scale production.

    According to Zhang Yun, director of the Qianjiang Crayfish Industry Promotion Center, the city’s winter output is projected to exceed 26,000 tons this year—representing a 30% year-on-year increase. Since November, Beijing has received a consistent daily supply of 11 tons of fresh winter crayfish, ensuring stable market availability.

    The economic implications extend beyond consumer benefits. Local farmers report substantial income improvements, with the new winter model generating approximately 30,000 yuan ($4,896) in additional net profit per hectare compared to traditional seasonal farming practices.

    Industry leaders including Wang Zhongwei, culinary research director at COFCO Group, celebrate this development as achieving ‘crayfish freedom’ for consumers. Restaurant associations note that the reliable supply of quality ingredients during winter months injects new vitality into Beijing’s culinary landscape, offering chefs and establishments previously unavailable menu options during the coldest season.