In a big relief to&nbsp;pharmaceutical giant Johnson &amp;&nbsp;Johnson, a US court on Thursday halted at least 38,000 out of the 40,000 lawsuits that allege that its baby powder and other talc-based products cause cancer.

US Bankruptcy Judge Michael Kaplan, however, allowed other cases to proceed with depositions and other matters as long as no trials commence, a Reuters report said. New lawsuits can also be filed against the pharmaceutical company, the judge added. &nbsp;

The halt in lawsuits will give Johnson &amp; Johnson time to get court's approval of an $8.9 billion settlement which was announced on April 3 this year, Bloomberg reported. All lawsuits have been&nbsp;consolidated in a federal district court in New Jersey.

However, the report added that the pharmaceutical company had sought complete relief from lawsuits as part of the bankruptcy case involving its subsidiary LTL Management.&nbsp;

Plaintiffs have argued that Johnson and Johnson's talc contain asbestos which causes gynecological diseases like ovarian cancer and mesothelioma. However, the company has said that its talc is safe, asbestos-free and does not cause cancer.

Johnson &amp; Johnson's settlement plan

As a part of the "Texas Two step" bankruptcy law, the US pharma giant in October 2021 offloaded all lawsuits onto a new subsidiary, LTL Management, which then declared bankruptcy.&nbsp;

However, the bankruptcy filing was invalidated in January this year. The new subsidiary filed its second bankruptcy in early April in a bid to present a settlement plan by May 14.&nbsp;

Johnson and Johnson and its subsidiary have argued that bankruptcy delivers settlement payouts more "fairly, efficiently and equitably" than a “lottery” offered by trial courts, where some litigants get large awards and others nothing.

Johnson and Johnson has claimed that over 60,000 litigants support the proposed $8.9 billion settlement. But lawyers representing those opposing the billion-dollar settlement have dismissed the company's claim.&nbsp;

They have accused the pharma company of abusing the bankruptcy system, adding that a multinational conglomerate valued at more than $400 billion is in little danger of running out of money to pay cancer victims.

“We continue to believe that this bankruptcy effort is illegitimate and that stance will be affirmed through the appellate process," Reuters quoted Leigh O’Dell, one of the lead lawyers for plaintiffs,&nbsp;as saying.

In a big relief to pharmaceutical giant Johnson & Johnson, a US court on Thursday halted at least 38,000 out of the 40,000 lawsuits that allege that its baby powder and other talc-based products cause cancer.

In a big relief to pharmaceutical giant Johnson & Johnson, a US court on Thursday halted at least 38,000 out of the 40,000 lawsuits that allege that its baby powder and other talc-based products cause cancer. US Bankruptcy Judge Michael Kaplan, however, allowed other cases to proceed with depositions and other matters as long as no trials commence, a Reuters report said. New lawsuits can also be filed against the pharmaceutical company, the judge added. The halt in lawsuits will give Johnson & Johnson time to get court's approval of an $8.9 billion settlement which was announced on April 3 this year, Bloomberg reported. All lawsuits have been consolidated in a federal district court in New Jersey. However, the report added that the pharmaceutical company had sought complete relief from lawsuits as part of the bankruptcy case involving its subsidiary LTL Management. Plaintiffs have argued that Johnson and Johnson's talc contain asbestos which causes gynecological diseases like ovarian cancer and mesothelioma. However, the company has said that its talc is safe, asbestos-free and does not cause cancer. Johnson & Johnson's settlement plan As a part of the "Texas Two step" bankruptcy law, the US pharma giant in October 2021 offloaded all lawsuits onto a new subsidiary, LTL Management, which then declared bankruptcy. However, the bankruptcy filing was invalidated in January this year. The new subsidiary filed its second bankruptcy in early April in a bid to present a settlement plan by May 14. Johnson and Johnson and its subsidiary have argued that bankruptcy delivers settlement payouts more "fairly, efficiently and equitably" than a “lottery” offered by trial courts, where some litigants get large awards and others nothing. Johnson and Johnson has claimed that over 60,000 litigants support the proposed $8.9 billion settlement. But lawyers representing those opposing the billion-dollar settlement have dismissed the company's claim. They have accused the pharma company of abusing the bankruptcy system, adding that a multinational conglomerate valued at more than $400 billion is in little danger of running out of money to pay cancer victims. “We continue to believe that this bankruptcy effort is illegitimate and that stance will be affirmed through the appellate process," Reuters quoted Leigh O’Dell, one of the lead lawyers for plaintiffs, as saying.

Johnson & Johnson gets relief as US court halts most talc lawsuits, stops trials

China on Tuesday said that its economy grew by 4.5 percent in the first three months of 2023, at least 0.5 percentage points higher than the Reuters poll estimate of 4 percent. This was China's highest growth rate since the first quarter of 2022, when it grew by 4.8 percent.&nbsp;

On a quarter-on-quarter basis, China's GDP grew 2.2 percent in the January-March period, which was in line with the market expectations.&nbsp;

Two major drivers of the Chinese economy - factory output and retail sales - rose in January-March quarter this year. The factory output was up 3.9 percent in March, compared to 2.4 percent in the January-to-February period. On the other hand, retail sales of consumer goods rose 5.8 percent in the first quarter compared to the same period in 2022.&nbsp;

"Economic recovery is well on track. The bright spot is consumption, which is strengthening as household confidence improves," Zhiwei Zhang, chief economist at Pinpoint Asset Management, told Reuters.&nbsp;

China's economy rebounding?

The signs of the world's second largest economy rebounding from the 2022 lows were already visible in March.&nbsp;

The manufacturing sector expanded in March 2023, with the purchasing managers' index (PMI) recorded at 51.9. A PMI higher than 50 shows the economy is expanding. The non-manufacturing PMI, which includes the services sector, rose to 58.2 in March - the highest since 2011.

In the same month, China's exports rose by 14.8 percent compared to the same period last year, when the country was in the midst of the zero-Covid policy.

"Riding on this trend, we expect GDP in the second quarter to reach around 8 percent...," Reuters quoted Tao Chuan, chief macro analyst at Soochow Securities, as saying.

"Zero-Covid" policy impact on China&nbsp;

The better-than-expected growth in the first quarter - January to March - came after China lifted its stringent Covid curbs last year.&nbsp;

The Chinese government's "zero-Covid" policy was blamed for China's economic growth faltering to just 3 percent last year, the lowest in nearly four decades. The growth rate registered in 2022 was lower than the government's estimate of 5.5 percent. It was a massive 250 percent lower than the 2021 growth rate of 8.1 percent.

China's factory output, retail sales and consumption fell last year as the "zero-Covid" policy disrupted supply chains and severely restricted movement of people. &nbsp;

China on Tuesday said that its economy grew by 4.5 percent in the first three months of 2023, at least 0.5 percentage points higher than the Reuters poll estimate of 4 percent.

China on Tuesday said that its economy grew by 4.5 percent in the first three months of 2023, at least 0.5 percentage points higher than the Reuters poll estimate of 4 percent. This was China's highest growth rate since the first quarter of 2022, when it grew by 4.8 percent. On a quarter-on-quarter basis, China's GDP grew 2.2 percent in the January-March period, which was in line with the market expectations. Two major drivers of the Chinese economy - factory output and retail sales - rose in January-March quarter this year. The factory output was up 3.9 percent in March, compared to 2.4 percent in the January-to-February period. On the other hand, retail sales of consumer goods rose 5.8 percent in the first quarter compared to the same period in 2022. "Economic recovery is well on track. The bright spot is consumption, which is strengthening as household confidence improves," Zhiwei Zhang, chief economist at Pinpoint Asset Management, told Reuters. China's economy rebounding? The signs of the world's second largest economy rebounding from the 2022 lows were already visible in March. The manufacturing sector expanded in March 2023, with the purchasing managers' index (PMI) recorded at 51.9. A PMI higher than 50 shows the economy is expanding. The non-manufacturing PMI, which includes the services sector, rose to 58.2 in March - the highest since 2011. In the same month, China's exports rose by 14.8 percent compared to the same period last year, when the country was in the midst of the zero-Covid policy. "Riding on this trend, we expect GDP in the second quarter to reach around 8 percent...," Reuters quoted Tao Chuan, chief macro analyst at Soochow Securities, as saying. "Zero-Covid" policy impact on China The better-than-expected growth in the first quarter - January to March - came after China lifted its stringent Covid curbs last year. The Chinese government's "zero-Covid" policy was blamed for China's economic growth faltering to just 3 percent last year, the lowest in nearly four decades. The growth rate registered in 2022 was lower than the government's estimate of 5.5 percent. It was a massive 250 percent lower than the 2021 growth rate of 8.1 percent. China's factory output, retail sales and consumption fell last year as the "zero-Covid" policy disrupted supply chains and severely restricted movement of people.

China beats estimates, grows at 4.5% in first three months of 2023

Russia's oil trade with India and China is going strong amid the Ukraine war and economic sanctions by the West.&nbsp;

India and China have bought the vast majority of Russian oil in April at prices above the price cap of $60 per barrel imposed by the West, a Reuters report said.&nbsp;

The latest media reports suggest that Urals Oil -- a reference oil brand of Russia used for exports -- cargoes loaded in the first half of April were mostly heading to India's and China's ports.

According to a Reuters report, India accounted for more than 70 percent of the seaborne supplies of Urals Oil till mid-April, while China accounted for about 20 percent.

Media reports indicate that India and China -- both countries share strong bilateral relations with Russia -- have not agreed to abide by the price cap. However, the West had hoped that the threat of sanctions might deter traders from helping those countries buy oil above the price cap.

In December 2022, the group of seven (G7) nations and Australia agreed on a $60 per barrel price cap on Russian seaborne crude oil in a bid to cut Russia's oil revenues. But opponents of the price cap say that the measure is too soft to force Moscow to backtrack on its activities in Ukraine.

A G7 source told Reuters that the price cap would remain unchanged for now, despite pressure from some European Union countries, such as Poland, to lower the cap to increase pressure on Moscow.

"We recognize that as markets evolve there will be fluctuations of the discounts that Russia receives relative to global market prices. But the prices Russia receives for its oil remain well below those earned by other producers, which reflects the effects of the global sanctions regime,"&nbsp;the official told Reuters on a condition of anonymity.&nbsp;&nbsp;

Meanwhile, lower freight rates and smaller discounts for Urals Oil against global benchmarks nudged its daily price back above the price cap&nbsp;in early April.&nbsp;

Russia has been under a series of economic sanctions since it invaded Ukraine in February 2022. The sanctions by the West aim to cut off Moscow from the global financial and trade system.&nbsp;

Russia's oil trade with India and China is going strong amid the Ukraine war and economic sanctions by the West. India and China have bought the vast majority of Russian oil in April at prices above the price cap of $60 per barrel imposed by the West, a Reuters report said.

Russia's oil trade with India and China is going strong amid the Ukraine war and economic sanctions by the West. India and China have bought the vast majority of Russian oil in April at prices above the price cap of $60 per barrel imposed by the West, a Reuters report said. The latest media reports suggest that Urals Oil -- a reference oil brand of Russia used for exports -- cargoes loaded in the first half of April were mostly heading to India's and China's ports. According to a Reuters report, India accounted for more than 70 percent of the seaborne supplies of Urals Oil till mid-April, while China accounted for about 20 percent. Media reports indicate that India and China -- both countries share strong bilateral relations with Russia -- have not agreed to abide by the price cap. However, the West had hoped that the threat of sanctions might deter traders from helping those countries buy oil above the price cap. In December 2022, the group of seven (G7) nations and Australia agreed on a $60 per barrel price cap on Russian seaborne crude oil in a bid to cut Russia's oil revenues. But opponents of the price cap say that the measure is too soft to force Moscow to backtrack on its activities in Ukraine. A G7 source told Reuters that the price cap would remain unchanged for now, despite pressure from some European Union countries, such as Poland, to lower the cap to increase pressure on Moscow. "We recognize that as markets evolve there will be fluctuations of the discounts that Russia receives relative to global market prices. But the prices Russia receives for its oil remain well below those earned by other producers, which reflects the effects of the global sanctions regime," the official told Reuters on a condition of anonymity. Meanwhile, lower freight rates and smaller discounts for Urals Oil against global benchmarks nudged its daily price back above the price cap in early April. Russia has been under a series of economic sanctions since it invaded Ukraine in February 2022. The sanctions by the West aim to cut off Moscow from the global financial and trade system.

Russia's oil exports remain strong, India and China top buyers in April: Report

The US-listed shares of Canadian fintech company Nuvei slipped 2 percent on Tuesday after New York-based investment management firm Spruce Point Capital Management published a negative report on the Montreal-based company, a Bloomberg report said. &nbsp;

Spruce Point revealed that it held a short position on the company and urged investors to sell their shares in the company.

Short position or short-selling refers to a stock market investment in which investor will profit if the value of a company's share falls.

After the report became public, Nuvei shares tumbled about 6 percent early on Tuesday but pared losses towards the end of the day.&nbsp;

In the report, the New York-based firm accused Nuvei of acquiring a US company that had exaggerated its growth.&nbsp;Paya Holdings, a US-based&nbsp;payments solutions company,&nbsp;was&nbsp;bought for $1.3 billion in January 2023. Spruce Point alleged in its report that the acquisition&nbsp;"appears troubled" as Paya was losing market share before the takeover.

Spruce Point, a well-known short seller in the US stock markets, also alleged that Nuvei may have an equity interest in bankrupt crypto exchange FTX and failed to disclose its total crypto and digital exposure.

"Our analysis suggests that Nuvei's underlying economics are deteriorating and that it is heavily reliant on buoying its stock price as a tool to attract, retain and compensate employees. We believe the current sell-side analysts fail to incorporate our concerns with the Paya acquisition and assume Nuvei will be successful despite its documented recent history of failing to extract value from acquisitions," the short-seller said in its report.&nbsp;

The short-seller said&nbsp;that it expects&nbsp;Nuvei's stocks to decline in total value this year. adding that it faces a 35-50 percent long-term downside risk. Interestingly, shares of Nuvei are up almost 60 percent this year.

Second report in less than 2 years

Spruce Point's report came just days after Hollywood actor Ryan Reynolds announced that he has invested an undisclosed amount in the fintech company.&nbsp;

“Nuvei is impressive. The leadership team is exceedingly intelligent and hard-working and it’s about time a Canadian company got the type of attention American tech companies do," a press release quoted Reynolds as saying. &nbsp;

This is the second time in less than two years that Spruce Point has released a report on the Montreal-based company, which offers payment services for several industries.

In December 2021, the US investment management firm had noted that the fintech company faced “40 to 60 percent long-term downside risk.”

The 2021 report also highlighted a number of alleged shortcomings in Nuvei’s business, including wrong top management hirings and poor financial performance.&nbsp;

&nbsp;

The US-listed shares of Canadian fintech company Nuvei slipped 2 percent on Tuesday after New York-based investment management firm Spruce Point Capital Management published a negative report on the Montreal-based company, a Bloomberg report said.

The US-listed shares of Canadian fintech company Nuvei slipped 2 percent on Tuesday after New York-based investment management firm Spruce Point Capital Management published a negative report on the Montreal-based company, a Bloomberg report said. Spruce Point revealed that it held a short position on the company and urged investors to sell their shares in the company. Short position or short-selling refers to a stock market investment in which investor will profit if the value of a company's share falls. After the report became public, Nuvei shares tumbled about 6 percent early on Tuesday but pared losses towards the end of the day. In the report, the New York-based firm accused Nuvei of acquiring a US company that had exaggerated its growth. Paya Holdings, a US-based payments solutions company, was bought for $1.3 billion in January 2023. Spruce Point alleged in its report that the acquisition "appears troubled" as Paya was losing market share before the takeover. Spruce Point, a well-known short seller in the US stock markets, also alleged that Nuvei may have an equity interest in bankrupt crypto exchange FTX and failed to disclose its total crypto and digital exposure. "Our analysis suggests that Nuvei's underlying economics are deteriorating and that it is heavily reliant on buoying its stock price as a tool to attract, retain and compensate employees. We believe the current sell-side analysts fail to incorporate our concerns with the Paya acquisition and assume Nuvei will be successful despite its documented recent history of failing to extract value from acquisitions," the short-seller said in its report. The short-seller said that it expects Nuvei's stocks to decline in total value this year. adding that it faces a 35-50 percent long-term downside risk. Interestingly, shares of Nuvei are up almost 60 percent this year. Second report in less than 2 years Spruce Point's report came just days after Hollywood actor Ryan Reynolds announced that he has invested an undisclosed amount in the fintech company. “Nuvei is impressive. The leadership team is exceedingly intelligent and hard-working and it’s about time a Canadian company got the type of attention American tech companies do," a press release quoted Reynolds as saying. This is the second time in less than two years that Spruce Point has released a report on the Montreal-based company, which offers payment services for several industries. In December 2021, the US investment management firm had noted that the fintech company faced “40 to 60 percent long-term downside risk.” The 2021 report also highlighted a number of alleged shortcomings in Nuvei’s business, including wrong top management hirings and poor financial performance.

Canadian fintech firm Nuvei's shares fall after short-seller report

India violated trade rules by imposing huge import duties on certain information&nbsp;and communication&nbsp;technology products, the World Trade Organisation (WTO) ruled&nbsp;on Monday. Reuters has reported that India will challenge the ruling of the Geneva-based multilateral organisation.&nbsp;

"We recommend that India bring such measures into conformity with its obligations," a WTO panel report said.&nbsp;

The WTO was hearing a dispute on India imposing a 10 percent custom duty on mobile phones and some other tech products in 2017.

India later raised the custom duty from 10 to 20 percent which upset countries like the US, China, Taiwan, Singapore, and Japan -- all of whom are major tech hubs.

These countries argued that such a levy badly affected their trade with India and violated certain provisions of the WTO.

They added that the import duties&nbsp;infringe&nbsp;WTO norms as India has committed to zero percent bound tariffs on these products. Bound tariffs or duties refer to the ceiling over which a WTO member country cannot impose import duty.&nbsp;

But India has been arguing&nbsp;that the 2017 decision was taken in order to curb imports and encourage domestic production of tech products.&nbsp;

New Delhi added that these tech products were not part of the 1996 agreement on Information Technology.&nbsp;&nbsp;

The Geneva-based 164 member multi-lateral body deals with global exports and import-related norms. Besides, it adjudicates trade disputes between the member countries.&nbsp;

India violated trade rules by imposing huge import duties on certain information and communication technology products, the World Trade Organisation (WTO) ruled on Monday.

India violated trade rules by imposing huge import duties on certain information and communication technology products, the World Trade Organisation (WTO) ruled on Monday. Reuters has reported that India will challenge the ruling of the Geneva-based multilateral organisation. "We recommend that India bring such measures into conformity with its obligations," a WTO panel report said. The WTO was hearing a dispute on India imposing a 10 percent custom duty on mobile phones and some other tech products in 2017. India later raised the custom duty from 10 to 20 percent which upset countries like the US, China, Taiwan, Singapore, and Japan -- all of whom are major tech hubs. These countries argued that such a levy badly affected their trade with India and violated certain provisions of the WTO. They added that the import duties infringe WTO norms as India has committed to zero percent bound tariffs on these products. Bound tariffs or duties refer to the ceiling over which a WTO member country cannot impose import duty. But India has been arguing that the 2017 decision was taken in order to curb imports and encourage domestic production of tech products. New Delhi added that these tech products were not part of the 1996 agreement on Information Technology. The Geneva-based 164 member multi-lateral body deals with global exports and import-related norms. Besides, it adjudicates trade disputes between the member countries.

India violated global trading rules in IT tariff dispute, says WTO

Just days ahead of its first-quarter results, trouble seems to be brewing for Elon Musk-owned car maker&nbsp;Tesla in China.&nbsp;

Several workers at the Tesla's Shanghai factory are taking to social media to appeal to Elon Musk after they were informed about plans to cut their performance bonuses, a Reuters report has said.&nbsp;

On Chinese internet platform Baidu, several workers questioned whether the plan to cut their performance bonuses was linked to a fatal accident in the factory in February this year.&nbsp;

Several online posts claimed workers at the Shanghai plant were being unfairly punished for the accident in which one worker died, with some workers alleging that their quarterly bonuses were cut by around 2,000 yuan.&nbsp;

Some workers also logged on to Twitter, owned by Musk but banned in China, to express their grievances. "Please pay attention to the performance (bonus) of frontline workers at Tesla's Shanghai factory being arbitrarily deducted," Reuters quoted a person with the handle @AFeiywu on Twitter.&nbsp;

According to media reports, the online posts are a rare outburst of discontent at Tesla's Shanghai plant. Last year, Musk had praised the factory workers&nbsp;for running the&nbsp;operations&nbsp;during Shanghai's two-month Covid-19 lockdown.&nbsp;

The Shanghai factory, which began operations in late 2019, is the Tesla’s largest manufacturing hub. The plant employs some 20,000 workers and accounted for more than half of Tesla’s global output in 2022. China is Tesla’s second-largest market after the United States by volume.&nbsp;

Just days ahead of its first-quarter results, trouble seems to be brewing for Elon Musk-owned car maker Tesla in China. Several workers at the Tesla's Shanghai factory are taking to social media to appeal to Elon Musk after they were informed about plans to cut their performance bonuses, a Reuters report has said.

Just days ahead of its first-quarter results, trouble seems to be brewing for Elon Musk-owned car maker Tesla in China. Several workers at the Tesla's Shanghai factory are taking to social media to appeal to Elon Musk after they were informed about plans to cut their performance bonuses, a Reuters report has said. On Chinese internet platform Baidu, several workers questioned whether the plan to cut their performance bonuses was linked to a fatal accident in the factory in February this year. Several online posts claimed workers at the Shanghai plant were being unfairly punished for the accident in which one worker died, with some workers alleging that their quarterly bonuses were cut by around 2,000 yuan. Some workers also logged on to Twitter, owned by Musk but banned in China, to express their grievances. "Please pay attention to the performance (bonus) of frontline workers at Tesla's Shanghai factory being arbitrarily deducted," Reuters quoted a person with the handle @AFeiywu on Twitter. According to media reports, the online posts are a rare outburst of discontent at Tesla's Shanghai plant. Last year, Musk had praised the factory workers for running the operations during Shanghai's two-month Covid-19 lockdown. The Shanghai factory, which began operations in late 2019, is the Tesla’s largest manufacturing hub. The plant employs some 20,000 workers and accounted for more than half of Tesla’s global output in 2022. China is Tesla’s second-largest market after the United States by volume.

Tesla workers in Shanghai appeal to Elon Musk over bonus cuts

The United States has edged out China to become India's biggest trading partner in 2022-23, provisional data from India's Commerce Ministry has said. Trade between the two countries rose from from $119.5 billion in 2021-22 to $128.55 billion in the last fiscal&nbsp;which ended in March 2023.&nbsp;

Trade between the two countries has skyrocketed since 2020, when the Covid pandemic led to major global economic disruptions. In 2020-21, India-US trade stood at $80.51 billion, which rose by over 37 percent to $128.55 billion in 2022-23.&nbsp;

India's exports grew by 2.81 percent to reach $78.31 billion in 2022-23, while imports soared by nearly 16 percent to $50.24 billion in the same period. The trade surplus came to over $28 billion in the last fiscal.&nbsp;

The booming trade with the United States is good news for India. United States is one of the few countries with which India enjoys a trade surplus. This means India exports more than it imports from the United States. So, trading with the United States helps India improve its foreign exchange reserves.&nbsp;

Trade deficit widens with China&nbsp;

While China has been one of the top trading partners, India's deficit has widened over the years.&nbsp;

Exports to China dipped by about 28 percent to $15.32 billion in 2022-23, while imports rose by 4.16 percent to $98.51 billion in the last fiscal.&nbsp;

Between April 2022 and March 2023, India's trade with China declined 1.5 percent to reach $113.83 billion. But the trade deficit widened from $72.91 billion dollars in 2021-22 to $83.2 billion in the last fiscal.&nbsp;

A trade deficit is said to happen when a country's imports are higher than its exports. Trade deficit puts a strain on a country's foreign exchange and contributes to the balance of payments problem.&nbsp;

The United States has edged out China to become India's biggest trading partner in 2022-23, provisional data from India's Commerce Ministry has said. Trade between the two countries rose from from $119.

The United States has edged out China to become India's biggest trading partner in 2022-23, provisional data from India's Commerce Ministry has said. Trade between the two countries rose from from $119.5 billion in 2021-22 to $128.55 billion in the last fiscal which ended in March 2023. Trade between the two countries has skyrocketed since 2020, when the Covid pandemic led to major global economic disruptions. In 2020-21, India-US trade stood at $80.51 billion, which rose by over 37 percent to $128.55 billion in 2022-23. India's exports grew by 2.81 percent to reach $78.31 billion in 2022-23, while imports soared by nearly 16 percent to $50.24 billion in the same period. The trade surplus came to over $28 billion in the last fiscal. The booming trade with the United States is good news for India. United States is one of the few countries with which India enjoys a trade surplus. This means India exports more than it imports from the United States. So, trading with the United States helps India improve its foreign exchange reserves. Trade deficit widens with China While China has been one of the top trading partners, India's deficit has widened over the years. Exports to China dipped by about 28 percent to $15.32 billion in 2022-23, while imports rose by 4.16 percent to $98.51 billion in the last fiscal. Between April 2022 and March 2023, India's trade with China declined 1.5 percent to reach $113.83 billion. But the trade deficit widened from $72.91 billion dollars in 2021-22 to $83.2 billion in the last fiscal. A trade deficit is said to happen when a country's imports are higher than its exports. Trade deficit puts a strain on a country's foreign exchange and contributes to the balance of payments problem.

US pips China to become India's top trade partner

Days after Twitter's owner Elon Musk merged Twitter into a newly-formed company called X Corp, his ambitions to convert the microblogging site into an "everything app" seem to be underway.

Soon, people will be able to log in to Twitter to know the real-time prices of cryptocurrency, stocks and other assets to buy or sell them.

Twitter has partnered with Israel-based investment platform eToro to launch this service on the microblogging site through the "cashtags" feature, which was launched in 2012.

Musk is keen on revamping the "cashtags" feature which allows users to read stock market updates by clicking on stock symbols like $GOOG, $AAPL or $FB.

In the past, users could see data from Tradingviews, a financial data platform, for some assets but could not invest. But with eToro on board, Twitter looks to add another dimension to the microblogging site.

Changes in Twitter since Musk's takeover

Since acquiring Twitter for $44 billion in 2022, Musk has made a series of changes to the microblogging site.

Among the most notable changes Musk has made to Twitter is the end of legacy blue ticks. He tweeted that legacy blue ticks would be removed by April 20.

Users can get a blue tick by subscribing to Twitter Blue. Subscribing to Twitter Blue will help users write longer tweets, post longer videos, and edit them within thirty minutes.

He has also changed Twitter's timeline look. For several months now, users not only see tweets from accounts they follow but also from those Twitter thinks you may like.

Days after Twitter's owner Elon Musk merged Twitter into a newly-formed company called X Corp, his ambitions to convert the microblogging site into an "everything app" seem to be underway.

Days after Twitter's owner Elon Musk merged Twitter into a newly-formed company called X Corp, his ambitions to convert the microblogging site into an "everything app" seem to be underway. Soon, people will be able to log in to Twitter to know the real-time prices of cryptocurrency, stocks and other assets to buy or sell them. Twitter has partnered with Israel-based investment platform eToro to launch this service on the microblogging site through the "cashtags" feature, which was launched in 2012. Musk is keen on revamping the "cashtags" feature which allows users to read stock market updates by clicking on stock symbols like $GOOG, $AAPL or $FB. In the past, users could see data from Tradingviews, a financial data platform, for some assets but could not invest. But with eToro on board, Twitter looks to add another dimension to the microblogging site. Changes in Twitter since Musk's takeover Since acquiring Twitter for $44 billion in 2022, Musk has made a series of changes to the microblogging site. Among the most notable changes Musk has made to Twitter is the end of legacy blue ticks. He tweeted that legacy blue ticks would be removed by April 20. Users can get a blue tick by subscribing to Twitter Blue. Subscribing to Twitter Blue will help users write longer tweets, post longer videos, and edit them within thirty minutes. He has also changed Twitter's timeline look. For several months now, users not only see tweets from accounts they follow but also from those Twitter thinks you may like.

Twitter now a step closer to 'everything app', soon to be trading platform too

Singapore has the world's best business environment&nbsp;for the next five years, as per a report by a leading market intelligence&nbsp;group.&nbsp;

The Economist Intelligence Unit's Business Environment Rankings has named the Southeast Asian city-state as the best business destination due to its high level of economic and political stability.&nbsp;

Canada and Denmark are in the second and third position respectively. The United States, New Zealand and other European countries make up the top 10 list. &nbsp;

Only one other Asian territory finds a place in the top 10 - Hong Kong. The Special Administrative Region of China, a traditional rival of Singapore, occupies the seventh position.&nbsp;

"Our ranking shows that North America and western Europe remain the best regions in the world to do business," Economist Intelligence Unit report quoted Prianthi Roy, country forecast manager and Europe analyst, as saying.&nbsp;

While Singapore and Hong Kong are the only Asian territories in the top 10, several Asian countries have moved up in the rankings.&nbsp;

Vietnam is the biggest gainer, climbing 12 spots in the latest rankings. Thailand has risen 10 places since 2022 while India has managed to move up six places.&nbsp;

Vietnam, in particular, has fared so well due to companies pursuing the policy of having an alternate supply chain&nbsp;in Vietnam. With favourable investment policies and competitive labour costs, Vietnam is being seen as an alternate manufacturing hub to China.&nbsp;

With a stringent zero-Covid policy that ended only last year&nbsp;and the consequent economic distress, it comes as no surprise that the biggest loser in this year's rankings is China.&nbsp;

"The outlook for China’s business environment has deteriorated as a result of greater policy uncertainty, US-China tensions and a more challenging longer-term outlook for growth," the report noted.&nbsp;

China, the report said, now ranks below Malaysia, Thailand, Vietnam and India for doing business.&nbsp;

Singapore has the world's best business environment for the next five years, as per a report by a leading market intelligence group. The Economist Intelligence Unit's Business Environment Rankings has named the Southeast Asian city-state as the best business destination due to its high level of economic and political stability.

Singapore has the world's best business environment for the next five years, as per a report by a leading market intelligence group. The Economist Intelligence Unit's Business Environment Rankings has named the Southeast Asian city-state as the best business destination due to its high level of economic and political stability. Canada and Denmark are in the second and third position respectively. The United States, New Zealand and other European countries make up the top 10 list. Only one other Asian territory finds a place in the top 10 - Hong Kong. The Special Administrative Region of China, a traditional rival of Singapore, occupies the seventh position. "Our ranking shows that North America and western Europe remain the best regions in the world to do business," Economist Intelligence Unit report quoted Prianthi Roy, country forecast manager and Europe analyst, as saying. While Singapore and Hong Kong are the only Asian territories in the top 10, several Asian countries have moved up in the rankings. Vietnam is the biggest gainer, climbing 12 spots in the latest rankings. Thailand has risen 10 places since 2022 while India has managed to move up six places. Vietnam, in particular, has fared so well due to companies pursuing the policy of having an alternate supply chain in Vietnam. With favourable investment policies and competitive labour costs, Vietnam is being seen as an alternate manufacturing hub to China. With a stringent zero-Covid policy that ended only last year and the consequent economic distress, it comes as no surprise that the biggest loser in this year's rankings is China. "The outlook for China’s business environment has deteriorated as a result of greater policy uncertainty, US-China tensions and a more challenging longer-term outlook for growth," the report noted. China, the report said, now ranks below Malaysia, Thailand, Vietnam and India for doing business.

Singapore is world's best business hub: Economist Intelligence Unit report

Legendary investor Warren Buffett, who is often sought for his opinion on global banking and finance, has shared his views about the banking crisis in the United States.

The 92-year-old Buffett told a leading US business channel Wednesday that more banks could collapse in the United States. But he added that depositors would be safe.

"We’re not over bank failures, but depositors haven’t had a crisis. Nobody is going to lose money on a deposit in a US bank. It’s not going to happen," he told CNBC.

The "Sage of Omaha" had an unconventional take on the recent banking crisis, arguing that banks with questionable accounting practices and mismatched assets and liabilities will be exposed in this gloomy period for the banking sector.

Buffett also had a word of advice for banks in the world's largest economy. He said that banks must retain depositor confidence, which he believed could be lost in seconds whenever a banking collapse occurs.

The collapse of two US banks -- Silicon Valley Bank and Signature First Bank -- in March this year&nbsp;triggered panic in the banking sector.

In response, the Federal Reserve lent US banks nearly $12 billion under a one-year lending programme to ease stress on the financial system. US authorities also moved swiftly to protect depositors as they saw "serious risk of contagion" that could have triggered runs on many banks.

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Legendary investor Warren Buffett, who is often sought for his opinion on global banking and finance, has shared his views about the banking crisis in the United States.

Legendary investor Warren Buffett, who is often sought for his opinion on global banking and finance, has shared his views about the banking crisis in the United States. The 92-year-old Buffett told a leading US business channel Wednesday that more banks could collapse in the United States. But he added that depositors would be safe. "We’re not over bank failures, but depositors haven’t had a crisis. Nobody is going to lose money on a deposit in a US bank. It’s not going to happen," he told CNBC. The "Sage of Omaha" had an unconventional take on the recent banking crisis, arguing that banks with questionable accounting practices and mismatched assets and liabilities will be exposed in this gloomy period for the banking sector. Buffett also had a word of advice for banks in the world's largest economy. He said that banks must retain depositor confidence, which he believed could be lost in seconds whenever a banking collapse occurs. The collapse of two US banks -- Silicon Valley Bank and Signature First Bank -- in March this year triggered panic in the banking sector. In response, the Federal Reserve lent US banks nearly $12 billion under a one-year lending programme to ease stress on the financial system. US authorities also moved swiftly to protect depositors as they saw "serious risk of contagion" that could have triggered runs on many banks.

Warren Buffett warns of more bank collapses in 2023

Former Apple communications chief Katie Cotton, who played a key role in protecting Apple's beloved brand during Steve Jobs' tenure and beyond, has died at 57.

The family of Cotton, who was born in 1965, announced in an online obituary that she "passed peacefully" on April 6.

On Monday, Apple released a statement confirming her passing.

In a statement, the tech giant expressed its "deep sadness" over Katie's death. The company said over the course of her two decades at Apple, she made innumerable contributions and was widely recognised as a remarkable individual.

Cotton joined Apple in 1996 and served as the company's Vice President of Communications until her departure in 2014.

She was instrumental in developing Apple's media strategy and coordinating the company's ground-breaking product launches.

She was an unsung hero behind the scenes, fighting for Apple's reputation while shielding Steve Jobs from the public eye during his final illness.

The Apple's former communications chief left the company around two years into Tim Cook's term as CEO. Cook succeeded Jobs as the CEO of Apple.

During her tenure, Apple made its way back from the brink of bankruptcy to become the most valuable company in the world, making it one of the most miraculous comebacks in technology history.

Her family's obituary sums up her life.

The family said in the obituary that she moved California from New Jersey to build a name for herself and "so she did."

Cotton is widely regarded as one of the most impressive women working in tech public relations and marketing.

Former Apple communications chief Katie Cotton, who played a key role in protecting Apple's beloved brand during Steve Jobs' tenure and beyond, has died at 57. The family of Cotton, who was born in 1965, announced in an online obituary that she "passed peacefully" on April 6.

Former Apple communications chief Katie Cotton, who played a key role in protecting Apple's beloved brand during Steve Jobs' tenure and beyond, has died at 57. The family of Cotton, who was born in 1965, announced in an online obituary that she "passed peacefully" on April 6. On Monday, Apple released a statement confirming her passing. In a statement, the tech giant expressed its "deep sadness" over Katie's death. The company said over the course of her two decades at Apple, she made innumerable contributions and was widely recognised as a remarkable individual. Cotton joined Apple in 1996 and served as the company's Vice President of Communications until her departure in 2014. She was instrumental in developing Apple's media strategy and coordinating the company's ground-breaking product launches. She was an unsung hero behind the scenes, fighting for Apple's reputation while shielding Steve Jobs from the public eye during his final illness. The Apple's former communications chief left the company around two years into Tim Cook's term as CEO. Cook succeeded Jobs as the CEO of Apple. During her tenure, Apple made its way back from the brink of bankruptcy to become the most valuable company in the world, making it one of the most miraculous comebacks in technology history. Her family's obituary sums up her life. The family said in the obituary that she moved California from New Jersey to build a name for herself and "so she did." Cotton is widely regarded as one of the most impressive women working in tech public relations and marketing.

Katie Cotton, the unsung hero behind Apple's media strategy, dies

Corporate India lost one of its titans on Wednesday morning.&nbsp;

Mahindra &amp; Mahindra Chairman Emeritus Keshub Mahindra died in Mumbai on Wednesday, reports said. He was 99.&nbsp;

Born on October 9, 1923, Mahindra graduated from the prestigious Wharton School of the University of Pennsylvania.

He joined the company in 1947, the year India became independent, and became its chairman in 1963. He remained in the position till 2012, when he passed on the baton to his nephew Anand Mahindra.&nbsp;

With a net worth of about $1.2 billion, Mahindra was India's oldest billionaire. As the chairman for nearly five decades, he transformed Mahindra &amp; Mahindra into a multinational company, with interests in automobile manufacturer as well as other businesses like IT, real estate, financial services and hospitality.&nbsp;

As a leading member of Corporate India, he was a part of several government committees, including the Sachar Commission on Company Law and Monopolistic and Restrictive Trade Practices and the Central Advisory Council of Industries.

Under Dr Manmohan Singh, Mahindra was a member of the Prime Minister’s Council on Trade and Industry between 2004 and 2010.&nbsp;

 
Tributes pour in for the late industrialist&nbsp;

Industry leaders condoled the death of Mahindra.&nbsp;

Society of Indian Automobile Manufacturers (SIAM) President Vinod Aggarwal said in a statement: "The Indian automobile industry has lost one of its pioneers. His leadership in the early years of the journey of the Indian auto industry had led to India being recognised as an important player globally and also helped in India becoming a manufacturing hub for the automobile sector."&nbsp;

Pawan Goenka, the chairman of Indian National Space Promotion and Authorisation Centre, tweeted: "The industrial world has lost one of the tallest personalities today. Shri Keshub Mahindra had no match; the nicest person I had the privilege of knowing."

In his condolence message, industrialist Gautam Singhania fondly remembered Mahindra. He tweeted: "Keshubhji lived a glorious life guiding the growth of Mahindra group for nearly five decades." 
 
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Corporate India lost one of its titans on Wednesday morning. Mahindra & Mahindra Chairman Emeritus Keshub Mahindra died in Mumbai on Wednesday, reports said. He was 99.

Corporate India lost one of its titans on Wednesday morning. Mahindra & Mahindra Chairman Emeritus Keshub Mahindra died in Mumbai on Wednesday, reports said. He was 99. Born on October 9, 1923, Mahindra graduated from the prestigious Wharton School of the University of Pennsylvania. He joined the company in 1947, the year India became independent, and became its chairman in 1963. He remained in the position till 2012, when he passed on the baton to his nephew Anand Mahindra. With a net worth of about $1.2 billion, Mahindra was India's oldest billionaire. As the chairman for nearly five decades, he transformed Mahindra & Mahindra into a multinational company, with interests in automobile manufacturer as well as other businesses like IT, real estate, financial services and hospitality. As a leading member of Corporate India, he was a part of several government committees, including the Sachar Commission on Company Law and Monopolistic and Restrictive Trade Practices and the Central Advisory Council of Industries. Under Dr Manmohan Singh, Mahindra was a member of the Prime Minister’s Council on Trade and Industry between 2004 and 2010. Tributes pour in for the late industrialist Industry leaders condoled the death of Mahindra. Society of Indian Automobile Manufacturers (SIAM) President Vinod Aggarwal said in a statement: "The Indian automobile industry has lost one of its pioneers. His leadership in the early years of the journey of the Indian auto industry had led to India being recognised as an important player globally and also helped in India becoming a manufacturing hub for the automobile sector." Pawan Goenka, the chairman of Indian National Space Promotion and Authorisation Centre, tweeted: "The industrial world has lost one of the tallest personalities today. Shri Keshub Mahindra had no match; the nicest person I had the privilege of knowing." In his condolence message, industrialist Gautam Singhania fondly remembered Mahindra. He tweeted: "Keshubhji lived a glorious life guiding the growth of Mahindra group for nearly five decades." WATCH WION LIVE HERE

Keshub Mahindra, who led Mahindra & Mahindra for five decades, dies at 99

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