India’s restricitve trade policies&nbsp;with custom duties as high as 22 per cent may have&nbsp;given Vietnam the upper hand for manufacturing smart phones, and other electronics, reports suggest.

The glass cover, the touch-screen display, the camera module, and the printed circuit board assembly, when combined, makes about 75 per cent of a smart phone’s bill-of-materials price. Vietnam, the world’s second-largest handset exporter after China, is able to source components with zero-tariff from trade partners.

In contrast, despite its eagerness to promote local smart phone manufacture, India has a four per cent cost disadvantage, according to the 2023 edition of a price comparison research published by the industry association India Cellular &amp; Electronics Association (ICEA).

India has intentionally increased the burden on assemblers even as it started compensating them for the various cost disadvantages that already exist, namely inadequate infrastructure and excessive regulations.

The existence of production-linked incentives, or PLIs, guarantees to pay businesses up to 4 per cent to 6 per cent of their additional sales for a period of five years. But the report suggests that India is hampering its ability to compete, while it pays companies to locate its plants there.

Another opinion holds that the assistance is “supported through indirect revenue from increased indirect taxes from the same sector,” as the ICEA study states.

Competition elsewhere in Asia and is focused on semiconductors. Several nations, ranging from Thailand to Singapore and Malaysia, are currently looking to move the manufacturing of front-end chips from East to Southeast and South Asia. India is attempting to climb that ladder through testing and packaging. While those intentions have yet to materialise, the nation is now Vietnam’s next competitor in a low-value-added activity like assembly electronics parts because to its affordable labour.

Multinational companies have altered their manufacturing plans after the pandemic and President Xi Jinping’s deteriorating relations with the West. Only a few weeks after they begin shipping from Chinese manufacturing, the Foxconn Technology Group plant in the southern Indian state of Tamil Nadu is getting ready to export iPhone 15s, according to a report by Bloomberg News.

Apple Inc. and other companies are wary of placing an undue reliance on China to meet global demand. India now has an opportunity to take over the supply chain as a result of their pursuit of a China+1 strategy. However, due to Samsung Electronics Co., Vietnam’s phone exports increased by six times last year compared to other South Asian countries. This is the difference that New Delhi seeks to bridge.

However, data from the ICEA revealed that India’s total cost disadvantage due to tariffs on smart phone components came to around 3.6 per cent in comparison to the cost gap with Vietnam. This competitive disadvantage may increase to a near 4 per cent. This could possibly prompt multinational companies to look for alternative manufacturing locations in countries like Vietnam, potentially making it a huge competitor to India.

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India’s restricitve trade policies with custom duties as high as 22 per cent may have given Vietnam the upper hand for manufacturing smart phones, and other electronics, reports suggest.

India’s restricitve trade policies with custom duties as high as 22 per cent may have given Vietnam the upper hand for manufacturing smart phones, and other electronics, reports suggest. The glass cover, the touch-screen display, the camera module, and the printed circuit board assembly, when combined, makes about 75 per cent of a smart phone’s bill-of-materials price. Vietnam, the world’s second-largest handset exporter after China, is able to source components with zero-tariff from trade partners. In contrast, despite its eagerness to promote local smart phone manufacture, India has a four per cent cost disadvantage, according to the 2023 edition of a price comparison research published by the industry association India Cellular & Electronics Association (ICEA). India has intentionally increased the burden on assemblers even as it started compensating them for the various cost disadvantages that already exist, namely inadequate infrastructure and excessive regulations. The existence of production-linked incentives, or PLIs, guarantees to pay businesses up to 4 per cent to 6 per cent of their additional sales for a period of five years. But the report suggests that India is hampering its ability to compete, while it pays companies to locate its plants there. Another opinion holds that the assistance is “supported through indirect revenue from increased indirect taxes from the same sector,” as the ICEA study states. Competition elsewhere in Asia and is focused on semiconductors. Several nations, ranging from Thailand to Singapore and Malaysia, are currently looking to move the manufacturing of front-end chips from East to Southeast and South Asia. India is attempting to climb that ladder through testing and packaging. While those intentions have yet to materialise, the nation is now Vietnam’s next competitor in a low-value-added activity like assembly electronics parts because to its affordable labour. Multinational companies have altered their manufacturing plans after the pandemic and President Xi Jinping’s deteriorating relations with the West. Only a few weeks after they begin shipping from Chinese manufacturing, the Foxconn Technology Group plant in the southern Indian state of Tamil Nadu is getting ready to export iPhone 15s, according to a report by Bloomberg News. Apple Inc. and other companies are wary of placing an undue reliance on China to meet global demand. India now has an opportunity to take over the supply chain as a result of their pursuit of a China+1 strategy. However, due to Samsung Electronics Co., Vietnam’s phone exports increased by six times last year compared to other South Asian countries. This is the difference that New Delhi seeks to bridge. However, data from the ICEA revealed that India’s total cost disadvantage due to tariffs on smart phone components came to around 3.6 per cent in comparison to the cost gap with Vietnam. This competitive disadvantage may increase to a near 4 per cent. This could possibly prompt multinational companies to look for alternative manufacturing locations in countries like Vietnam, potentially making it a huge competitor to India. WATCH WION LIVE HERE

Vietnam likely to benefit more from India’s restrictive trade policy

China is in discussion to allow local governments to sell 1.5 trillion yuan ($295.9 billion) of special financing bonds to help with debt repayment for 12 regions, according to a report by Caixin.

The regions involved, including Tianjin, Guizhou, Yunnan, Shaanxi, and Chongqing, are under increased pressure to pay off local government debt. Caixin published a report on Saturday without citing the source of the data.

According to the report, the Chinese central bank may establish a special purpose unit alongside banks to offer long-term, low-cost liquidity to local government finance units. According to the statement, the anticipated actions should assist local government financial vehicles (LGFVs) in lowering liquidity risks.

China requests more loans and the reduction of debt risk as its problems worsen.&nbsp;

One of the biggest dangers to the stability of the Chinese economy and its financial system is the debt of LGFVs and other off-balance sheet issuers. The problem has previously been referred to as one of China's “major economic and financial risks” by President Xi Jinping.

As another indication of how authorities were attempting to address financial threats, the government started a round of nationwide inspections to determine how much money local governments owed, according to a June article by Bloomberg News.

China’s top decision-making body, the Politburo of the ruling Communist Party, announced in July that it will take a series of steps to address local government debt.

(With inputs from agencies)

&nbsp;

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China is in discussion to allow local governments to sell 1.5 trillion yuan ($295.9 billion) of special financing bonds to help with debt repayment for 12 regions, according to a report by Caixin.

China is in discussion to allow local governments to sell 1.5 trillion yuan ($295.9 billion) of special financing bonds to help with debt repayment for 12 regions, according to a report by Caixin. The regions involved, including Tianjin, Guizhou, Yunnan, Shaanxi, and Chongqing, are under increased pressure to pay off local government debt. Caixin published a report on Saturday without citing the source of the data. According to the report, the Chinese central bank may establish a special purpose unit alongside banks to offer long-term, low-cost liquidity to local government finance units. According to the statement, the anticipated actions should assist local government financial vehicles (LGFVs) in lowering liquidity risks. China requests more loans and the reduction of debt risk as its problems worsen. One of the biggest dangers to the stability of the Chinese economy and its financial system is the debt of LGFVs and other off-balance sheet issuers. The problem has previously been referred to as one of China's “major economic and financial risks” by President Xi Jinping. As another indication of how authorities were attempting to address financial threats, the government started a round of nationwide inspections to determine how much money local governments owed, according to a June article by Bloomberg News. China’s top decision-making body, the Politburo of the ruling Communist Party, announced in July that it will take a series of steps to address local government debt. (With inputs from agencies) WATCH WION LIVE HERE

China’s local governments will sell $206 billion to repay financing debt 

The governor of the Reserve Bank of India (RBI) on Thursday, has unveiled UDGAM (Unclaimed Deposits - Gateway to Access information), a centralised web service that allows users to “search their unclaimed deposits across numerous institutions at one place.”

“This portal has been developed by RBI for use by members of public to facilitate and make it easier for them to search their unclaimed deposits across multiple banks at one place,” RBI said in a press release.

As part of the Statement on Developmental and Regulatory Policies dated April 6, 2023, RBI had announced the creation of a centralised web facility for locating unclaimed deposits. &nbsp;“Given the increasing trend in the amount of&nbsp;unclaimed deposits, RBI has been undertaking public awareness campaigns from time to time to sensitise the public on this matter. Further, through these initiatives, the RBI has&nbsp;been encouraging members of public to identify and approach their respective banks for claiming unclaimed deposits,” the banking regulator said.

According to RBI, the web portal would help customers find their unclaimed deposits and accounts so they may either submit a claim for the deposit amount or activate their deposit accounts at their respective banks. The platform was created in partnership by participating banks, Indian Financial Technology &amp; Allied Services (IFTAS), and Reserve Bank Information Technology Pvt Ltd (ReBIT).

Users will initially have access to information about their unclaimed deposits from the seven banks now represented on the portal. State Bank of India, Punjab National Bank, Central Bank of India, Dhanlaxmi Bank Ltd, South Indian Bank Ltd, DBS Bank India Ltd, and Citibank N.A. are the seven banks.

RBI said that the search facility for other banks would be made available gradually by October 15, 2023.

What are unclaimed deposits?

In India, there are several inactive savings and current accounts. A sum in an account is regarded as an unclaimed deposit after ten years of inactivity. The same holds true for recurrent and fixed deposits that are not reclaimed within ten years of maturity.

Banks transfer these unclaimed deposits to the Depositor Education and Awareness Fund, which is managed by the RBI.

Although the depositor can go to a bank to retrieve these deposits with interest, the process can be complicated by the decision of which bank to go to and how many banks.

Since visiting each bank and completing the paperwork for each family member can be tedious, RBI has initiated the UDGAM platform, allowing users to search for unclaimed deposits across banks.

Presently, India has unclaimed deposits worth Rs 35,000 crore. RBI’s initiative should ensure awareness about such deposits and provide clarity on how the depositor can make their claims.

&nbsp;

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The governor of the Reserve Bank of India (RBI) on Thursday, has unveiled UDGAM (Unclaimed Deposits - Gateway to Access information), a centralised web service that allows users to “search their unclaimed deposits across numerous institutions at one place.

The governor of the Reserve Bank of India (RBI) on Thursday, has unveiled UDGAM (Unclaimed Deposits - Gateway to Access information), a centralised web service that allows users to “search their unclaimed deposits across numerous institutions at one place.” “This portal has been developed by RBI for use by members of public to facilitate and make it easier for them to search their unclaimed deposits across multiple banks at one place,” RBI said in a press release. As part of the Statement on Developmental and Regulatory Policies dated April 6, 2023, RBI had announced the creation of a centralised web facility for locating unclaimed deposits. “Given the increasing trend in the amount of unclaimed deposits, RBI has been undertaking public awareness campaigns from time to time to sensitise the public on this matter. Further, through these initiatives, the RBI has been encouraging members of public to identify and approach their respective banks for claiming unclaimed deposits,” the banking regulator said. According to RBI, the web portal would help customers find their unclaimed deposits and accounts so they may either submit a claim for the deposit amount or activate their deposit accounts at their respective banks. The platform was created in partnership by participating banks, Indian Financial Technology & Allied Services (IFTAS), and Reserve Bank Information Technology Pvt Ltd (ReBIT). Users will initially have access to information about their unclaimed deposits from the seven banks now represented on the portal. State Bank of India, Punjab National Bank, Central Bank of India, Dhanlaxmi Bank Ltd, South Indian Bank Ltd, DBS Bank India Ltd, and Citibank N.A. are the seven banks. RBI said that the search facility for other banks would be made available gradually by October 15, 2023. What are unclaimed deposits? In India, there are several inactive savings and current accounts. A sum in an account is regarded as an unclaimed deposit after ten years of inactivity. The same holds true for recurrent and fixed deposits that are not reclaimed within ten years of maturity. Banks transfer these unclaimed deposits to the Depositor Education and Awareness Fund, which is managed by the RBI. Although the depositor can go to a bank to retrieve these deposits with interest, the process can be complicated by the decision of which bank to go to and how many banks. Since visiting each bank and completing the paperwork for each family member can be tedious, RBI has initiated the UDGAM platform, allowing users to search for unclaimed deposits across banks. Presently, India has unclaimed deposits worth Rs 35,000 crore. RBI’s initiative should ensure awareness about such deposits and provide clarity on how the depositor can make their claims. WATCH WION LIVE HERE

RBI launches UDGAM, a web portal for locating unclaimed deposits across various banks

On August 8, 2022, India’s newest airline, Akasa Air backed by the late investor Rakesh Jhunjhunwala took to the skies with its first flight from Mumbai to Ahmadabad. Just a few days after the airline commenced operations, the late investor passed away in Mumbai.

To pay tribute, the newly launched airline tweeted, “Today, we honour and remember the life of a visionary, a trailblazer, and the true titan, that was the late Mr. Rakesh Jhunjhunwala. As we mark the anniversary of his passing, we reflect on the indelible mark he has left on India’s progress and his enduring impact on generations to come.”

Just like Akasa Air, Jhunjhunwala invested in numerous businesses. Additionally, he made investments through his privately held asset management and financial advising company, Rare Enterprises. Rekha Jhunjhunwala received the portfolio upon his passing.

Jhunjhunwala’s portfolio expanded dramatically during the past year. According to Trendlyne statistics, his portfolio’s net worth was Rs 25,397.54 crore at the end of the June 2022 quarter and increased to Rs 38,366.4 crore by the end of the June 2023 quarter.

Early life

Born into a Rajasthani family on July 5, 1960, Jhunjhunwala grew up in Mumbai (then Bombay) and lived there for most of his early life. His father was an Income Tax Commissioner. He pursued his higher education from Sydenham College and went on to become a Chartered Accountant.

After overhearing his father’s discussions about the stock market with his friends, Jhunjhunwala grew intrigued in the subject. Although his father gave him advice regarding the stock market, he never gave him any money to invest there. Despite the setback, Jhunjhunwala began investing in markets while he pursued his undergraduate degree. He used the 5,000 rupees that he had saved up in 1985 to make investments. By 2022, he managed to secure a staggering profit of Rs 11,000 crores.

Significant Investments

Between 1986 and 1989, Jhunjhunwala made a profit of approximately Rs 20–25 lakh, after making his original investment in 1985. His largest investment as of 2021 was in the Titan Company, which is valued Rs 7,294.8 crore.

As a partner in his asset management company, Rare Enterprises, he oversaw his own portfolio. Jhunjhunwala served on the boards of Prime Focus Limited, Geojit Financial Services, Bilcare Limited, Praj Industries, Provogue, Concord Biotech, Innovasynth Technologies Limited, Mid Day Multimedia Limited, Nagarjuna Construction Company, Viceroy Hotels, and Tops Security Limited in addition to being an active investor. He was also chairman of Aptech and Hungama Digital Media Entertainment.

He made a $400 million investment in India’s Akasa Air in July 2021 to acquire a 40 per cent stake in the low-cost carrier. The airline flies to 16 cities and has 20 aircraft as of August 2023. Jhunjhunwala had raised his ownership in the airline to 46 per cent prior to his passing, making him the major shareholder.

&nbsp;

Aged 62, Jhunjhunwala died after getting admitted to Breach Candy Hospital in Mumbai. According to media reports, he died of acute multiple organ failure and other kidney-related ailments.

&nbsp;

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On August 8, 2022, India’s newest airline, Akasa Air backed by the late investor Rakesh Jhunjhunwala took to the skies with its first flight from Mumbai to Ahmadabad.

On August 8, 2022, India’s newest airline, Akasa Air backed by the late investor Rakesh Jhunjhunwala took to the skies with its first flight from Mumbai to Ahmadabad. Just a few days after the airline commenced operations, the late investor passed away in Mumbai. To pay tribute, the newly launched airline tweeted, “Today, we honour and remember the life of a visionary, a trailblazer, and the true titan, that was the late Mr. Rakesh Jhunjhunwala. As we mark the anniversary of his passing, we reflect on the indelible mark he has left on India’s progress and his enduring impact on generations to come.” Just like Akasa Air, Jhunjhunwala invested in numerous businesses. Additionally, he made investments through his privately held asset management and financial advising company, Rare Enterprises. Rekha Jhunjhunwala received the portfolio upon his passing. Jhunjhunwala’s portfolio expanded dramatically during the past year. According to Trendlyne statistics, his portfolio’s net worth was Rs 25,397.54 crore at the end of the June 2022 quarter and increased to Rs 38,366.4 crore by the end of the June 2023 quarter. Early life Born into a Rajasthani family on July 5, 1960, Jhunjhunwala grew up in Mumbai (then Bombay) and lived there for most of his early life. His father was an Income Tax Commissioner. He pursued his higher education from Sydenham College and went on to become a Chartered Accountant. After overhearing his father’s discussions about the stock market with his friends, Jhunjhunwala grew intrigued in the subject. Although his father gave him advice regarding the stock market, he never gave him any money to invest there. Despite the setback, Jhunjhunwala began investing in markets while he pursued his undergraduate degree. He used the 5,000 rupees that he had saved up in 1985 to make investments. By 2022, he managed to secure a staggering profit of Rs 11,000 crores. Significant Investments Between 1986 and 1989, Jhunjhunwala made a profit of approximately Rs 20–25 lakh, after making his original investment in 1985. His largest investment as of 2021 was in the Titan Company, which is valued Rs 7,294.8 crore. As a partner in his asset management company, Rare Enterprises, he oversaw his own portfolio. Jhunjhunwala served on the boards of Prime Focus Limited, Geojit Financial Services, Bilcare Limited, Praj Industries, Provogue, Concord Biotech, Innovasynth Technologies Limited, Mid Day Multimedia Limited, Nagarjuna Construction Company, Viceroy Hotels, and Tops Security Limited in addition to being an active investor. He was also chairman of Aptech and Hungama Digital Media Entertainment. He made a $400 million investment in India’s Akasa Air in July 2021 to acquire a 40 per cent stake in the low-cost carrier. The airline flies to 16 cities and has 20 aircraft as of August 2023. Jhunjhunwala had raised his ownership in the airline to 46 per cent prior to his passing, making him the major shareholder. Aged 62, Jhunjhunwala died after getting admitted to Breach Candy Hospital in Mumbai. According to media reports, he died of acute multiple organ failure and other kidney-related ailments. WATCH WION LIVE HERE

Flashback Friday: Revisiting the legacy of Indian investor Rakesh Jhunjhunwala

Pakistan has decided to appoint Shamshad Akhtar as the finance minister for the present government, ensuring the country’s commitments to the International Monetary Fund (IMF) for its key bailout program, Bloomberg reported citing two sources familiar with the matter. &nbsp;

The offer, made by interim Prime Minister Anwaar-ul-Haq Kakar was accepted.

This week, at the end of the five-year term of the legislature and just weeks after securing a $3 billion loan package with the IMF to prevent a default, former prime minister Shehbaz Sharif turned over authority to Kakar. The new premier, whose main responsibility will be to supervise the national elections scheduled for November, promised to maintain economic policies while serving in an interim capacity.&nbsp;

Political parties want to base the elections on the most recent population census, which will take an additional three months to be completed. As a result, the polls are expected to be postponed.&nbsp;

In 2018, Akhtar, who oversaw the central bank from 2006 to 2009, briefly filled the position of the finance minister. She now serves as chairperson of Pakistan Stock Exchange Ltd. She has also held positions in the Asian Development Bank, the World Bank, and the United Nations.&nbsp;

(With inputs from agencies)&nbsp;

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Pakistan has decided to appoint Shamshad Akhtar as the finance minister for the present government, ensuring the country’s commitments to the International Monetary Fund (IMF) for its key bailout program, Bloomberg reported citing two sources familiar with the matter.

Pakistan has decided to appoint Shamshad Akhtar as the finance minister for the present government, ensuring the country’s commitments to the International Monetary Fund (IMF) for its key bailout program, Bloomberg reported citing two sources familiar with the matter. The offer, made by interim Prime Minister Anwaar-ul-Haq Kakar was accepted. This week, at the end of the five-year term of the legislature and just weeks after securing a $3 billion loan package with the IMF to prevent a default, former prime minister Shehbaz Sharif turned over authority to Kakar. The new premier, whose main responsibility will be to supervise the national elections scheduled for November, promised to maintain economic policies while serving in an interim capacity. Political parties want to base the elections on the most recent population census, which will take an additional three months to be completed. As a result, the polls are expected to be postponed. In 2018, Akhtar, who oversaw the central bank from 2006 to 2009, briefly filled the position of the finance minister. She now serves as chairperson of Pakistan Stock Exchange Ltd. She has also held positions in the Asian Development Bank, the World Bank, and the United Nations. (With inputs from agencies) WATCH WION LIVE HERE

Pakistan to choose ex-central banker as finance minister 

Intel Corp. announced that it is foregoing plans on its $5.4 billion acquisition of Tower Semiconductor Ltd. because it was unable to obtain regulatory permission in time, according to a report by Bloomberg. &nbsp;

According to a statement released on Wednesday, Intel Corporation and Tower Semiconductor have mutually decided to end the agreement made in February 2022. The Israeli firm confirmed that the contract had been terminated. Bloomberg had previously reported that the two corporations were in talks to cancel the agreement after failing to obtain Chinese approval.&nbsp;

The acquisition of the Israeli firm served as the cornerstone of Intel Chief Executive Officer Pat Gelsinger’s strategy to enter the Taiwan Semiconductor Manufacturing Co. (TSMC), dominated foundry business, a sector of the semiconductor industry that is expanding more quickly. However, Tower has experience and clients that Intel does not, while having a relatively tiny presence in the market where companies build chips on a contract basis.&nbsp;

“We will continue to look for opportunities to work together” with Tower in the future, Bloomberg quoted Gelsinger as saying. &nbsp;

Intel will pay Tower a termination fee of $353 million.&nbsp;

When the settlement was announced, Intel stated that it would take “about 12 months.” The chipmaker stated in October that it was aiming for the first quarter of 2023, but in March it cautioned that the timeframe might shift to the second quarter.&nbsp;

The deal has to be completed by midnight on August 15 in California.&nbsp;

Securing approval for deals that need the consent of authorities in Beijing and Washington has grown more challenging due to the rising tension between the two countries, particularly for transactions involving semiconductors.&nbsp;

Despite having a smaller revenue in comparison to Intel and TSMC, Tower is active in the manufacturing of older types of chips for significant clients like Broadcom Inc. Intel’s strategy aimed to incorporate Tower’s clientele with aging plants in its network. Many new types of chips for applications like electric vehicles could be produced in these older facilities even if they do not necessitate the state-of-the-art manufacturing processes that an Intel or Nvidia Corp. requires. &nbsp;

Investors had already lowered their expectations for the deal. Compared to the overall growth in chip equities, Tower’s US-traded stock has fallen 22 per cent this year. As of Tuesday, it was at $33.78. Intel had made a share offer of $53.&nbsp;

&nbsp;

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Intel Corp. announced that it is foregoing plans on its $5.4 billion acquisition of Tower Semiconductor Ltd. because it was unable to obtain regulatory permission in time, according to a report by Bloomberg.

Intel Corp. announced that it is foregoing plans on its $5.4 billion acquisition of Tower Semiconductor Ltd. because it was unable to obtain regulatory permission in time, according to a report by Bloomberg. According to a statement released on Wednesday, Intel Corporation and Tower Semiconductor have mutually decided to end the agreement made in February 2022. The Israeli firm confirmed that the contract had been terminated. Bloomberg had previously reported that the two corporations were in talks to cancel the agreement after failing to obtain Chinese approval. The acquisition of the Israeli firm served as the cornerstone of Intel Chief Executive Officer Pat Gelsinger’s strategy to enter the Taiwan Semiconductor Manufacturing Co. (TSMC), dominated foundry business, a sector of the semiconductor industry that is expanding more quickly. However, Tower has experience and clients that Intel does not, while having a relatively tiny presence in the market where companies build chips on a contract basis. “We will continue to look for opportunities to work together” with Tower in the future, Bloomberg quoted Gelsinger as saying. Intel will pay Tower a termination fee of $353 million. When the settlement was announced, Intel stated that it would take “about 12 months.” The chipmaker stated in October that it was aiming for the first quarter of 2023, but in March it cautioned that the timeframe might shift to the second quarter. The deal has to be completed by midnight on August 15 in California. Securing approval for deals that need the consent of authorities in Beijing and Washington has grown more challenging due to the rising tension between the two countries, particularly for transactions involving semiconductors. Despite having a smaller revenue in comparison to Intel and TSMC, Tower is active in the manufacturing of older types of chips for significant clients like Broadcom Inc. Intel’s strategy aimed to incorporate Tower’s clientele with aging plants in its network. Many new types of chips for applications like electric vehicles could be produced in these older facilities even if they do not necessitate the state-of-the-art manufacturing processes that an Intel or Nvidia Corp. requires. Investors had already lowered their expectations for the deal. Compared to the overall growth in chip equities, Tower’s US-traded stock has fallen 22 per cent this year. As of Tuesday, it was at $33.78. Intel had made a share offer of $53. WATCH WION LIVE HERE

Intel drops $5.4 billion deal after China holds up approval: Report 

With weak consumer spending and export earnings, the Dutch economy has entered its first recession since the pandemic.

Bloomberg cited data from the statistics office indicating that the gross domestic product decreased 0.3 per cent over the prior three months between April and June. The outcome follows the 0.4 per cent corrected decline in the first quarter and is much below the 0.2 per cent growth as seen in a Bloomberg survey.

The resignation of long-time Prime Minister Mark Rutte has caused political unrest as well as economic hardship in the Netherlands. Labor shortages, weak demand from trading partners in Europe, and sharp increases in interest rates as the European Central Bank attempts to control inflation are the causes of the slump in the first half of 2023.

“Stability and predictability are now needed, so we have to be careful not to disrupt the economy and also to increase taxes,” Bloomberg quoted the Economic Affairs Minister, Micky Adriaansens telling Dutch press agency, ANP.

After analysis of the statistics, it was revealed that while exports grew by 0.7 per cent and government spending increased by 0.7 per cent, domestic consumption fell by 1.6 per cent.

(With inputs from agencies)

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With weak consumer spending and export earnings, the Dutch economy has entered its first recession since the pandemic. Bloomberg cited data from the statistics office indicating that the gross domestic product decreased 0.

With weak consumer spending and export earnings, the Dutch economy has entered its first recession since the pandemic. Bloomberg cited data from the statistics office indicating that the gross domestic product decreased 0.3 per cent over the prior three months between April and June. The outcome follows the 0.4 per cent corrected decline in the first quarter and is much below the 0.2 per cent growth as seen in a Bloomberg survey. The resignation of long-time Prime Minister Mark Rutte has caused political unrest as well as economic hardship in the Netherlands. Labor shortages, weak demand from trading partners in Europe, and sharp increases in interest rates as the European Central Bank attempts to control inflation are the causes of the slump in the first half of 2023. “Stability and predictability are now needed, so we have to be careful not to disrupt the economy and also to increase taxes,” Bloomberg quoted the Economic Affairs Minister, Micky Adriaansens telling Dutch press agency, ANP. After analysis of the statistics, it was revealed that while exports grew by 0.7 per cent and government spending increased by 0.7 per cent, domestic consumption fell by 1.6 per cent. (With inputs from agencies) WATCH WION LIVE HERE

Netherlands suffers recession with weak consumer spending and exports

Ghana, the second-largest producer of cocoa in the world, may not be able to fulfill some of its crop contracts for a second season due to weak harvest, raises the possibility of a global shortage, according to a report by Bloomberg.

Sources familiar with the situation, told Bloomberg that farmers in Ghana are anticipated to harvest the least amount in 13 years during the season ending next month, falling short of official projections by almost a quarter. According to them, the shortfall is preventing the industry’s regulator from fulfilling current contracts and forcing it to postpone the supply of 44,000 metric tons of cocoa for future harvests.

The decision would put additional pressure on the world’s cocoa markets, where prices have increased this year due to extreme weather, which has reduced output among leading growers. The 2017 main-crop harvest in Ivory Coast, the greatest exporter in the world, is predicted to decrease by about a fifth from the previous year.

The actual harvest is now expected to be around 650,000 tons, down from the initial estimate of 850,000 tons by the Ghana Cocoa Board, which was hampered by a lack of fertilizers, spraying chemicals, and sales to the neighboring Ivory Coast, where a stronger currency offers better returns for farmers, the sources said. They said that the regulator had already renewed around 40,000 tons of contracts during the previous season.

Leading producers’ output problems will probably put the globe on track for a third consecutive supply shortfall. Major chocolate producers have cautioned that, given the rise in wholesale costs, they cannot rule out further consumer price hikes.

The problem for Ghana comes on top of difficulties in trying to secure funds to buy beans for the crop in the years 2023–2024, highlighting worries about the debt crisis in the West African country. The Ghana Cocoa Board is looking for additional methods of funding the upcoming season, which begins on October 1.

(With inputs from agencies)&nbsp;

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Ghana, the second-largest producer of cocoa in the world, may not be able to fulfill some of its crop contracts for a second season due to weak harvest, raises the possibility of a global shortage, according to a report by Bloomberg.

Ghana, the second-largest producer of cocoa in the world, may not be able to fulfill some of its crop contracts for a second season due to weak harvest, raises the possibility of a global shortage, according to a report by Bloomberg. Sources familiar with the situation, told Bloomberg that farmers in Ghana are anticipated to harvest the least amount in 13 years during the season ending next month, falling short of official projections by almost a quarter. According to them, the shortfall is preventing the industry’s regulator from fulfilling current contracts and forcing it to postpone the supply of 44,000 metric tons of cocoa for future harvests. The decision would put additional pressure on the world’s cocoa markets, where prices have increased this year due to extreme weather, which has reduced output among leading growers. The 2017 main-crop harvest in Ivory Coast, the greatest exporter in the world, is predicted to decrease by about a fifth from the previous year. The actual harvest is now expected to be around 650,000 tons, down from the initial estimate of 850,000 tons by the Ghana Cocoa Board, which was hampered by a lack of fertilizers, spraying chemicals, and sales to the neighboring Ivory Coast, where a stronger currency offers better returns for farmers, the sources said. They said that the regulator had already renewed around 40,000 tons of contracts during the previous season. Leading producers’ output problems will probably put the globe on track for a third consecutive supply shortfall. Major chocolate producers have cautioned that, given the rise in wholesale costs, they cannot rule out further consumer price hikes. The problem for Ghana comes on top of difficulties in trying to secure funds to buy beans for the crop in the years 2023–2024, highlighting worries about the debt crisis in the West African country. The Ghana Cocoa Board is looking for additional methods of funding the upcoming season, which begins on October 1. (With inputs from agencies) WATCH WION LIVE HERE

Ghana may not meet demand for cocoa after weak harvest 

Russia may partially reintroduce capital controls to prevent the rouble from falling to levels not seen since the start of the Ukrainian conflict, according to a Bloomberg report.

According to four persons with knowledge of the discussions who asked to remain anonymous, the mandated selling of export revenues was addressed at a meeting on Monday before the Bank of Russia announced an emergency rate hike. According to two of the attendees, no progress was made and a subsequent meeting may be scheduled for this week.

After the rouble temporarily crossed over 100 to the dollar for the first time since March of last year, the Bank of Russia increased its benchmark rate from 8.5 per cent to 12 per cent on Tuesday. The rouble appreciated after the rate hike before losing ground.&nbsp;

Forced sales of export income, along with other actions including restrictions on foreign currency transactions between banks, had assisted in halting the rouble’s decline after the conflict began in February 2022.&nbsp;

With a loss of almost 25 per cent, the currency is now among the three worst performers in emerging economies this year.&nbsp;

According to Sofya Donets, an economist at Renaissance Capital, it may take many months for the rouble to strengthen in the absence of additional measures like central bank interventions or mandated sales of export income.

Presently the majority of the central bank’s reserves are frozen due to the sanctions; therefore, policymakers are not eager to enter the currency market directly.

(With inputs from agencies)

&nbsp;

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Russia may partially reintroduce capital controls to prevent the rouble from falling to levels not seen since the start of the Ukrainian conflict, according to a Bloomberg report.

Russia may partially reintroduce capital controls to prevent the rouble from falling to levels not seen since the start of the Ukrainian conflict, according to a Bloomberg report. According to four persons with knowledge of the discussions who asked to remain anonymous, the mandated selling of export revenues was addressed at a meeting on Monday before the Bank of Russia announced an emergency rate hike. According to two of the attendees, no progress was made and a subsequent meeting may be scheduled for this week. After the rouble temporarily crossed over 100 to the dollar for the first time since March of last year, the Bank of Russia increased its benchmark rate from 8.5 per cent to 12 per cent on Tuesday. The rouble appreciated after the rate hike before losing ground. Forced sales of export income, along with other actions including restrictions on foreign currency transactions between banks, had assisted in halting the rouble’s decline after the conflict began in February 2022. With a loss of almost 25 per cent, the currency is now among the three worst performers in emerging economies this year. According to Sofya Donets, an economist at Renaissance Capital, it may take many months for the rouble to strengthen in the absence of additional measures like central bank interventions or mandated sales of export income. Presently the majority of the central bank’s reserves are frozen due to the sanctions; therefore, policymakers are not eager to enter the currency market directly. (With inputs from agencies) WATCH WION LIVE HERE

Russia discusses return to capital controls to stem rouble slump: Report  

Environmental activists have sued the South African environment minister and the national air-quality officer and a regional unit of ArcelorMittal South Africa for failing to take action against the company over its air pollution, according to a report by Bloomberg.

According to a statement sent through email on Tuesday, the Vaal Environmental Justice Alliance and groundWork filed the lawsuit&nbsp;at the South African High Court. They assert that the government has not taken any action to reduce emissions from ArcelorMittal South Africa Limited’s largest steel plant, located in Vanderbijlpark, south of Johannesburg.

The lawsuit is similar to one that was filed against the government in 2022 and won by activists including groundWork because of air pollution from coal-fired plants run by Eskom Holdings SOC Limited and Sasol Limited.

Judge Colleen Collis of the South African High Court concluded in that in the 2022 case,the Environment Minister Barbara Creecy was required by the Constitution to adopt and enforce laws to promote cleaner air.

Presently, the activists claim that Arcelor’s South African branch has failed to reduce air pollution for years, even after installing technology to control emissions. The parties filing the action assert that the government acted leniently and lowered emission restrictions for the company.

“The minister, instead of bringing industries into compliance, continues to allow for weaker limits,” Bloomberg quoted the activists as saying in the court papers. “This erodes the rights of the people living in the area, who are breathing dangerous levels of pollution.”

The southern and eastern regions of Johannesburg have the highest concentration of coal-burning enterprises, contribution to severe air pollution. Coal being the primary fuel for manufacturing petrochemicals, steel, and ferroalloys, provides more than 80 per cent of South Africa’s electricity, has also played a role in the economic development of the continent’s most industrialised country.

A request for comment was not answered by the environment agency or ArcelorMittal South Africa.

(With inputs from agencies)

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Environmental activists have sued the South African environment minister and the national air-quality officer and a regional unit of ArcelorMittal South Africa for failing to take action against the company over its air pollution, according to a report by Bloomberg.

Environmental activists have sued the South African environment minister and the national air-quality officer and a regional unit of ArcelorMittal South Africa for failing to take action against the company over its air pollution, according to a report by Bloomberg. According to a statement sent through email on Tuesday, the Vaal Environmental Justice Alliance and groundWork filed the lawsuit at the South African High Court. They assert that the government has not taken any action to reduce emissions from ArcelorMittal South Africa Limited’s largest steel plant, located in Vanderbijlpark, south of Johannesburg. The lawsuit is similar to one that was filed against the government in 2022 and won by activists including groundWork because of air pollution from coal-fired plants run by Eskom Holdings SOC Limited and Sasol Limited. Judge Colleen Collis of the South African High Court concluded in that in the 2022 case,the Environment Minister Barbara Creecy was required by the Constitution to adopt and enforce laws to promote cleaner air. Presently, the activists claim that Arcelor’s South African branch has failed to reduce air pollution for years, even after installing technology to control emissions. The parties filing the action assert that the government acted leniently and lowered emission restrictions for the company. “The minister, instead of bringing industries into compliance, continues to allow for weaker limits,” Bloomberg quoted the activists as saying in the court papers. “This erodes the rights of the people living in the area, who are breathing dangerous levels of pollution.” The southern and eastern regions of Johannesburg have the highest concentration of coal-burning enterprises, contribution to severe air pollution. Coal being the primary fuel for manufacturing petrochemicals, steel, and ferroalloys, provides more than 80 per cent of South Africa’s electricity, has also played a role in the economic development of the continent’s most industrialised country. A request for comment was not answered by the environment agency or ArcelorMittal South Africa. (With inputs from agencies) WATCH WION LIVE HERE

South African environment authorities sued over Arcelor pollution: Report

Family of IndiGo’s co-founder, Rakesh Gangwal, is looking to sell shares worth $450 million through a block deal on Wednesday, according to a&nbsp;by CNBC-TV18 report.

Rakesh Gangwal and his wife Shobha Gangwal are likely to sell their shares for a starting price of 2,400 rupees ($29) each, which is almost six&nbsp;per cent less than the going market rate.

According a CNBC Awaaz report in June, the family was expected to sell between five&nbsp;per cent and eight&nbsp;per cent of its ownership for up to 75 billion rupees (about $900 million).

As of March 31, Rakesh and Shobha Gangwal owned 13.23 per cent and 2.99 per cent of InterGlobe, respectively, while their Chinkerpoo Family Trust owned 13.5 per cent of the company, according to exchange data from June.

In February, Shobha Gangwal decreased her stake in the company by more than four&nbsp;per cent.

When Rakesh Gangwal left the company’s board in February 2022, he said that he would to reduce his stake in the airline over a five-year period.

(With inputs from Reuters)

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Family of IndiGo’s co-founder, Rakesh Gangwal, is looking to sell shares worth $450 million through a block deal on Wednesday, according to a by CNBC-TV18 report.

Family of IndiGo’s co-founder, Rakesh Gangwal, is looking to sell shares worth $450 million through a block deal on Wednesday, according to a by CNBC-TV18 report. Rakesh Gangwal and his wife Shobha Gangwal are likely to sell their shares for a starting price of 2,400 rupees ($29) each, which is almost six per cent less than the going market rate. According a CNBC Awaaz report in June, the family was expected to sell between five per cent and eight per cent of its ownership for up to 75 billion rupees (about $900 million). As of March 31, Rakesh and Shobha Gangwal owned 13.23 per cent and 2.99 per cent of InterGlobe, respectively, while their Chinkerpoo Family Trust owned 13.5 per cent of the company, according to exchange data from June. In February, Shobha Gangwal decreased her stake in the company by more than four per cent. When Rakesh Gangwal left the company’s board in February 2022, he said that he would to reduce his stake in the airline over a five-year period. (With inputs from Reuters) WATCH WION LIVE HERE

IndiGo co-founder Rakesh Gangwal’s family to sell shares worth $450 million on Aug 16: Report  

China’s Tencent Holdings reported a smaller-than-expected 11 per cent increase in second-quarter revenue on Wednesday as the social media and gaming giant’s comeback from last year’s record fall was hampered by the nation’s sluggish economic recovery.

The owner of the WeChat messaging service and the biggest video game developer in the world reported revenue of 149.20 billion yuan ($20.45 billion) for the three months ending June 30. This contrasted with the average of 21 analyst projections, which came to 151.73 billion yuan.

In comparison to the same period in the previous year, net profit increased 41 per cent to 26.17 billion yuan. However, it was below the average expectation of 33.41 billion yuan.

Tencent had its first-ever sales decrease during the same period last year, seeing a one per cent decline in revenue as a result of Beijing’s harsh regulatory assault on the country’s expansive digital sector.

For China’s tech behemoths like Tencent, regulatory uncertainty has decreased this year as a result of Chinese authorities’ desire to increase private sector confidence. But despite lifting COVID-19 limits in the latter part of last year, the world’s second-largest economy failed to take off.

&nbsp;(With inputs from Reuters)

&nbsp;

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China’s Tencent Holdings reported a smaller-than-expected 11 per cent increase in second-quarter revenue on Wednesday as the social media and gaming giant’s comeback from last year’s record fall was hampered by the nation’s sluggish economic recovery.

China’s Tencent Holdings reported a smaller-than-expected 11 per cent increase in second-quarter revenue on Wednesday as the social media and gaming giant’s comeback from last year’s record fall was hampered by the nation’s sluggish economic recovery. The owner of the WeChat messaging service and the biggest video game developer in the world reported revenue of 149.20 billion yuan ($20.45 billion) for the three months ending June 30. This contrasted with the average of 21 analyst projections, which came to 151.73 billion yuan. In comparison to the same period in the previous year, net profit increased 41 per cent to 26.17 billion yuan. However, it was below the average expectation of 33.41 billion yuan. Tencent had its first-ever sales decrease during the same period last year, seeing a one per cent decline in revenue as a result of Beijing’s harsh regulatory assault on the country’s expansive digital sector. For China’s tech behemoths like Tencent, regulatory uncertainty has decreased this year as a result of Chinese authorities’ desire to increase private sector confidence. But despite lifting COVID-19 limits in the latter part of last year, the world’s second-largest economy failed to take off. (With inputs from Reuters) WATCH WION LIVE HERE

China’s tech giant Tencent reports smaller than expected revenue growth

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