DDIndia Business: Economic Headlines & Updates

Business

May 16, 2024 4:23 PM

Zoho plans $700 mln foray into chipmaking

Indian software firm Zoho is planning a foray into chipmaking and seeking incentives from the federal government, two sources with direct knowledge of the proposal said, with one of them pegging the investment plan at $700 million. Zoho, established...

May 16, 2024 3:37 PM

Japan’s economy skids, clouding BOJ’s rate hike plans

Japan's economy fell faster than expected in the first quarter as the weak yen continued to batter consumers, throwing a fresh challenge to the central bank's push to get interest rates further away from near zero. Preliminary gross domestic product...

May 16, 2024 3:33 PM

Global stocks and bonds bask in rate cut hopes

World stocks hit a record high and bond markets rallied on Thursday as galvanized hopes of interest rates cuts in the United States and other major economies extended a powerful month-long global bull run. Investors were still basking in the glow of...

May 16, 2024 1:53 PM

As US hikes China tariffs, imports soar from China-reliant Vietnam

As the United States intensifies efforts to reduce trade with China by hiking tariffs, it has greatly boosted imports from Vietnam, which relies on Chinese input for much of its exports, data show. The surge in the China-Vietnam-U.S. trade has vastl...

May 16, 2024 1:41 PM

Centre cuts windfall tax on petroleum crude, new rates effective from today

India has reduced the windfall tax on petroleum crude from 8,400 rupees per metric ton to 5,700 rupees, effective from May 16. The tax, which is revised every fortnight, remains unchanged at zero for diesel and aviation turbine fuel, according to a ...

May 16, 2024 1:27 PM

FICCI-IESA sign MoU to boost India’s semiconductor and electronics industry

India Electronics and Semiconductor Association (IESA) has signed a Memorandum of Understanding (MoU) with Federation of Indian Chambers of Commerce and Industry (FICCI) to promote innovation, support the semiconductor and electronics industry, stren...

May 15, 2024 7:58 PM

Nepal Aims for Economic Growth Surge to 7.3% in 16th Plan

The government of Nepal's policy and program document for the upcoming fiscal year 2081/82 was tabled at a joint meeting of the federal parliament, with President Ram Chandra Paudel addressing the session yesterday. The economic growth rate of Nepal ...

May 15, 2024 7:22 PM

Egypt receives second payment of $14 bln from UAE for Ras al-Hikma project

Egypt received $14 billion from the United Arab Emirates on Wednesday as a second payment for the development of Ras al-Hikma peninsula, a cabinet statement said. The deal with Abu Dhabi sovereign fund ADQ to develop the peninsula 200 km west of Ale...

May 15, 2024 6:18 PM

India registers record export at USD 778 billion in 2023-24

India registered record exports in the just concluded financial year 2023-24 at USD 778 billion, sources in the commerce ministry said. In the financial year 2022-23, the combined value of exported goods and services stood at USD 776.3 billion. In 2...

May 15, 2024 3:14 PM

Biden’s new China tariff wall faces leakage via Mexico, Vietnam

The Biden administration's new tariffs on Chinese electric vehicles and other strategic sectors aim to protect the future of U.S. manufacturing, but they will likely accelerate a shift of Chinese production to Mexico, Vietnam and elsewhere to avoid t...