Top headlines: Ambani is richest Asian again, PMI rises to 11- year high

Xiaomi India appoints British national Alvin Tse to lead operations amid govt scrutiny over business practices. Singapore's competition commission on Friday said it has raised concerns with the Tata Group over its acquisition of Air India. Here are the top headlines at this hour.

Xiaomi names new head for India unit after dispute over business practices

The Indian unit of Chinese smartphone maker Xiaomi Corp said on Friday it has appointed founding member Alvin Tse as its general manager, a change of guard as the company faces government scrutiny over its business practices. Tse, a British national who was also the former general manager of Xiaomi Indonesia, has helped the company expand into many global markets, Xiaomi India said in a tweet. Read more

No pilot tests positive for drugs, cabin crew alcohol shows revival in 2022

Even as the Indian Pilots Guild and the Directorate General of Civil Aviation (DGCA) battle it out in court over the regulator’s rules for random testing of psychoactive substances, the entire process is slowly taking off. The rules, which kicked in on the midnight of January 31, require airlines to conduct random drug testing on pilots and other aviation safety personnel and submit results to DGCA. Read more

Services activity at 11-year high in May on post-Covid business growth

India’s services activity expanded at the fastest rate in over eleven years in May supported by pickup in new business growth with demand continuing to recover following the reopening of the economy after Covid-19 lockdowns. The S&P Global India Services Purchasing Managers' Index (PMI) rose to 58.9 in May from 57.9 in April, the highest since April 2011. A reading above 50 denotes expansion and print below 50 indicates contraction. Read more

Singapore regulator raises concern with Tata Group on Air India acquisition

Singapore's competition commission on Friday said it has raised concerns with the Tata Group over its acquisition of Air India as the conglomerate now owns two of the three key airlines that operate flights on Singapore-Mumbai and Singapore-Delhi routes. Air India, Vistara and Singapore Airlines are the three key airlines that operate on the two aforementioned routes. Vistara's 51 per cent stake is held by the Tata Group and the remaining 49 per cent is with Singapore Airlines. Read more

Mukesh Ambani surpasses Gautam Adani, becomes Asia's richest man again

Mukesh Ambani on Friday regained his spot as Asia's richest man, surpassing his rival Gautam Adani, as a report said that the difference between the two billionaires was 'just $1 billion'. As of June 3, Reliance Industries chairman's net worth was $99.7 billion, while the wealth of Adani Group's founder stood at $98.7 billion, according to the Bloomberg's Billionaires Index. Read more