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The Supreme Court of India has dismissed the second apology affidavit filed by Patanjali Ayurved and its Managing Director, Acharya Balkrishna, in connection with a contempt case related to misleading medical advertisements, LiveLaw reported.<o:p></o:p>

The apex court, comprising Justices Hima Kohli and Ahsanudding Amanullah, declined to accept the apology, saying that it viewed the violation of the undertaking given to the court last November as deliberate. <o:p></o:p>

Additionally, the apology from Patanjali co-founder Baba Ramdev, who is also facing contempt proceedings, was also rejected.<o:p></o:p>

Senior Advocate Mukul Rohatgi, representing Patanjali, presented the apology affidavit, but the bench deemed it insufficient, saying that it seemed merely "on paper." <o:p></o:p>

Justice Kohli noted that the proposed contemnors should be prepared to face consequences for violating the undertaking, indicating potential penal action. <o:p></o:p>

Despite Rohatgi's plea that mistakes happen, the court remained firm, expressing unwillingness to be lenient.<o:p></o:p>

The court highlighted a peculiar attempt by Patanjali MD and Baba Ramdev to evade personal appearance by falsely claiming foreign travel. <o:p></o:p>

The duo submitted applications seeking exemption on grounds of being abroad, supported by flight tickets. <o:p></o:p>

However, the court noted that these tickets were dated a day after the affidavit was sworn, indicating an attempt to mislead the court. <o:p></o:p>

This maneuver was deemed "most unacceptable" by the bench.<o:p></o:p>

Moreover, the court reprimanded the State of Uttarakhand for its failure to take legal action against Patanjali and its subsidiary, Divya Pharmacy, over the misleading advertisements. <o:p></o:p>

The bench questioned the state's inaction, suggesting involvement with Patanjali. <o:p></o:p>

It directed officers of the State Licensing Authority to explain their inaction, saying that such negligence was unacceptable.<o:p></o:p>

The contempt case originates from a petition by the Indian Medical Association against Patanjali's advertisements criticising allopathy and making unverified claims about curing diseases. <o:p></o:p>

Despite assurances from Patanjali last November to refrain from such advertisements, they persisted. <o:p></o:p>

Subsequently, contempt notices were issued, and in March, personal appearances of Patanjali MD and Baba Ramdev were ordered. <o:p></o:p>

The court expressed dissatisfaction with previous affidavits, labelling them perfunctory.<o:p></o:p>

<o:p>&nbsp;</o:p>

The Supreme Court of India has dismissed the second apology affidavit filed by Patanjali Ayurved and its Managing Director, Acharya Balkrishna, in connection with a contempt case related to misleading medical advertisements, LiveLaw reported.

The Supreme Court of India has dismissed the second apology affidavit filed by Patanjali Ayurved and its Managing Director, Acharya Balkrishna, in connection with a contempt case related to misleading medical advertisements, LiveLaw reported. The apex court, comprising Justices Hima Kohli and Ahsanudding Amanullah, declined to accept the apology, saying that it viewed the violation of the undertaking given to the court last November as deliberate. Additionally, the apology from Patanjali co-founder Baba Ramdev, who is also facing contempt proceedings, was also rejected. Senior Advocate Mukul Rohatgi, representing Patanjali, presented the apology affidavit, but the bench deemed it insufficient, saying that it seemed merely "on paper." Justice Kohli noted that the proposed contemnors should be prepared to face consequences for violating the undertaking, indicating potential penal action. Despite Rohatgi's plea that mistakes happen, the court remained firm, expressing unwillingness to be lenient. The court highlighted a peculiar attempt by Patanjali MD and Baba Ramdev to evade personal appearance by falsely claiming foreign travel. The duo submitted applications seeking exemption on grounds of being abroad, supported by flight tickets. However, the court noted that these tickets were dated a day after the affidavit was sworn, indicating an attempt to mislead the court. This maneuver was deemed "most unacceptable" by the bench. Moreover, the court reprimanded the State of Uttarakhand for its failure to take legal action against Patanjali and its subsidiary, Divya Pharmacy, over the misleading advertisements. The bench questioned the state's inaction, suggesting involvement with Patanjali. It directed officers of the State Licensing Authority to explain their inaction, saying that such negligence was unacceptable. The contempt case originates from a petition by the Indian Medical Association against Patanjali's advertisements criticising allopathy and making unverified claims about curing diseases. Despite assurances from Patanjali last November to refrain from such advertisements, they persisted. Subsequently, contempt notices were issued, and in March, personal appearances of Patanjali MD and Baba Ramdev were ordered. The court expressed dissatisfaction with previous affidavits, labelling them perfunctory.

India’s Supreme Court rejects Patanjali's apology, cites false claims to avoid appearance

Jack Ma, the co-founder of Alibaba, has expressed his support for the company's ongoing restructuring efforts. <o:p></o:p>

Ma, who had withdrawn from public view in recent times, addressed the company's internal forum, endorsing the programs led by new leaders Joseph Tsai and Eddie Wu to restore the Chinese e-commerce giant. <o:p></o:p>

According to a Bloomberg report, Ma said that Alibaba Group Holding Ltd. is moving in the right direction and urged employees to remain resolute despite recent challenges. <o:p></o:p>

Ma's message to Alibaba's 200,000-plus employees struck a positive tone compared to his previous remarks just four months ago. <o:p></o:p>

He applauded the leadership's efforts to steer the company back on track, highlighting the importance of innovation and agility in overcoming obstacles. <o:p></o:p>

Ma stressed on the need to break away from traditional corporate structures, urging the company to maintain a market-first approach and embrace efficiency. <o:p></o:p>

The memo widely circulated within the company, noted Alibaba's return to growth after a period of uncertainty marked by shifts and market fluctuations. <o:p></o:p>

While Ma refrained from delving into specific details, his endorsement of the leadership's direction comes at a critical juncture for Alibaba. <o:p></o:p>

The company faces challenges coming from regulatory scrutiny and the lingering impacts of the COVID-19 pandemic. <o:p></o:p>

Despite these obstacles, Alibaba is striving to revitalise its portfolio, encompassing e-commerce and cloud services.<o:p></o:p>

Following the departure of former CEO Daniel Zhang, Tsai and Wu have prioritised streamlining operations and refocusing on core businesses. <o:p></o:p>

This strategy involves integrating various segments while divesting non-essential assets to reinforce Alibaba's market position.<o:p></o:p>

Alibaba's recent financial performance has reflected the turbulence in China's tech landscape. <o:p></o:p>

The company experienced a 5 per cent revenue increase in the December quarter, falling short of previous growth rates. <o:p></o:p>

Amidst intensifying competition from rivals such as PDD Holdings Inc. and ByteDance Ltd., Alibaba faces pressure to regain market share and sustain its dominance. <o:p></o:p>

Additionally, advancements by competitors like Baidu Inc. in AI technology pose further challenges to Alibaba's long-term prospects.<o:p></o:p>

In response to investor concerns, Alibaba announced a $25 billion buyback program to increase confidence in its growth trajectory. <o:p></o:p>

Joseph Tsai, in a recent interview, said that Alibaba has acknowledged its past mistakes and will embracing a culture of continuous improvement. <o:p></o:p>

Since assuming leadership, Tsai has overseen significant organisational changes, including personnel reshuffles and the exploration of asset divestitures. <o:p></o:p>

Despite the inherent challenges of reform, Jack Ma reiterated the importance of innovation and perseverance in driving Alibaba's evolution. <o:p></o:p>

He concluded his memo with a motivational message, urging the company to press forward with determination. <o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

Jack Ma, the co-founder of Alibaba, has expressed his support for the company's ongoing restructuring efforts. Ma, who had withdrawn from public view in recent times, addressed the company's internal forum, endorsing the programs led by new leaders Joseph Tsai and Eddie Wu to restore the Chinese e-commerce giant.

Jack Ma, the co-founder of Alibaba, has expressed his support for the company's ongoing restructuring efforts. Ma, who had withdrawn from public view in recent times, addressed the company's internal forum, endorsing the programs led by new leaders Joseph Tsai and Eddie Wu to restore the Chinese e-commerce giant. According to a Bloomberg report, Ma said that Alibaba Group Holding Ltd. is moving in the right direction and urged employees to remain resolute despite recent challenges. Ma's message to Alibaba's 200,000-plus employees struck a positive tone compared to his previous remarks just four months ago. He applauded the leadership's efforts to steer the company back on track, highlighting the importance of innovation and agility in overcoming obstacles. Ma stressed on the need to break away from traditional corporate structures, urging the company to maintain a market-first approach and embrace efficiency. The memo widely circulated within the company, noted Alibaba's return to growth after a period of uncertainty marked by shifts and market fluctuations. While Ma refrained from delving into specific details, his endorsement of the leadership's direction comes at a critical juncture for Alibaba. The company faces challenges coming from regulatory scrutiny and the lingering impacts of the COVID-19 pandemic. Despite these obstacles, Alibaba is striving to revitalise its portfolio, encompassing e-commerce and cloud services. Following the departure of former CEO Daniel Zhang, Tsai and Wu have prioritised streamlining operations and refocusing on core businesses. This strategy involves integrating various segments while divesting non-essential assets to reinforce Alibaba's market position. Alibaba's recent financial performance has reflected the turbulence in China's tech landscape. The company experienced a 5 per cent revenue increase in the December quarter, falling short of previous growth rates. Amidst intensifying competition from rivals such as PDD Holdings Inc. and ByteDance Ltd., Alibaba faces pressure to regain market share and sustain its dominance. Additionally, advancements by competitors like Baidu Inc. in AI technology pose further challenges to Alibaba's long-term prospects. In response to investor concerns, Alibaba announced a $25 billion buyback program to increase confidence in its growth trajectory. Joseph Tsai, in a recent interview, said that Alibaba has acknowledged its past mistakes and will embracing a culture of continuous improvement. Since assuming leadership, Tsai has overseen significant organisational changes, including personnel reshuffles and the exploration of asset divestitures. Despite the inherent challenges of reform, Jack Ma reiterated the importance of innovation and perseverance in driving Alibaba's evolution. He concluded his memo with a motivational message, urging the company to press forward with determination. (With inputs from Bloomberg)

Jack Ma encourages Alibaba's overhaul efforts, urges staff to stay the course

<o:p></o:p>

Fitch Ratings has revised China's excellent credit rating outlook to negative, indicating challenges for the second-largest economy.

This decision, which was announced on Tuesday, reflects concerns over China's public finances due to uncertainty surrounding the country's transition to new growth models.

It is estimated by Fitch that China's general government deficit will increase to 7.1 per cent&nbsp;of GDP in 2024, up from 5.8 per cent&nbsp;in 2023.

This projection points out the highest deficit level since 2020 when Beijing's COVID-19 measures impacted the economy severely.

Regardless of the negative outlook, the agency kept China's Issuer Default Rating (IDR) at 'A+', indicating a relatively strong affluence.

The agency warned of the possibility of a downgrade over the medium term if the economic situation goes downhill further.

Fitch's prediction also indicates a slowdown in China's economic growth, with an expected growth rate of 4.5 per cent in 2024 compared to 5.2 per cent in 2023.

This projection contrasts with more optimistic forecasts from other institutions such as Citi and the IMF, which altered their forecasts upward.

China's economic indicators in the first two months of 2024 showed strength, with factory output, retail sales, exports, and consumer inflation exceeding expectations.

These positive developments have given early support for Beijing's ambitious goal of achieving 5.0 per cent GDP growth in 2024, although analysts remain alert during the transition to a more sustainable growth model.

China's Ministry of Finance has expressed regret over Fitch's ratings decision.

This negative outlook from Fitch follows a similar warning from Moody's in December. Moody's cited concerns over the costs associated with bailing out local governments and state-owned enterprises, as well as efforts to address the property crisis.

(With inputs from Reuters)

Fitch Ratings has revised China's excellent credit rating outlook to negative, indicating challenges for the second-largest economy. This decision, which was announced on Tuesday, reflects concerns over China's public finances due to uncertainty surrounding the country's transition to new growth models.

Fitch Ratings has revised China's excellent credit rating outlook to negative, indicating challenges for the second-largest economy. This decision, which was announced on Tuesday, reflects concerns over China's public finances due to uncertainty surrounding the country's transition to new growth models. It is estimated by Fitch that China's general government deficit will increase to 7.1 per cent of GDP in 2024, up from 5.8 per cent in 2023. This projection points out the highest deficit level since 2020 when Beijing's COVID-19 measures impacted the economy severely. Regardless of the negative outlook, the agency kept China's Issuer Default Rating (IDR) at 'A+', indicating a relatively strong affluence. The agency warned of the possibility of a downgrade over the medium term if the economic situation goes downhill further. Fitch's prediction also indicates a slowdown in China's economic growth, with an expected growth rate of 4.5 per cent in 2024 compared to 5.2 per cent in 2023. This projection contrasts with more optimistic forecasts from other institutions such as Citi and the IMF, which altered their forecasts upward. China's economic indicators in the first two months of 2024 showed strength, with factory output, retail sales, exports, and consumer inflation exceeding expectations. These positive developments have given early support for Beijing's ambitious goal of achieving 5.0 per cent GDP growth in 2024, although analysts remain alert during the transition to a more sustainable growth model. China's Ministry of Finance has expressed regret over Fitch's ratings decision. This negative outlook from Fitch follows a similar warning from Moody's in December. Moody's cited concerns over the costs associated with bailing out local governments and state-owned enterprises, as well as efforts to address the property crisis. (With inputs from Reuters)

Fitch revises China's credit outlook to negative

Governor Kazuo Ueda of the Bank of Japan (BOJ) assured that the central bank would not adjust its policy directly in response to currency fluctuations, while concerns continue to grow over the yen's weakness. <o:p></o:p>

Bloomberg News reported that Ueda's remarks come as market participants anticipate US inflation data that could possibly trigger further depreciation of the yen, prompting intervention from Japan's government. <o:p></o:p>

Despite the yen hovering near a 34-year low against the dollar, Ueda said ,"We won’t consider changing monetary policy at all to directly respond to moves in foreign exchange."<o:p></o:p>

While saying that the BOJ will continue to monitor the impact of the weak yen on the economy and inflation dynamics, Ueda noted the central bank's vigilance regarding currency movements. <o:p></o:p>

However, he clarified that any adjustments to monetary policy would be made with a broader economic perspective in mind. <o:p></o:p>

The BOJ's cautious approach is indicative of the complexities surrounding currency interventions and the need to balance various economic factors.<o:p></o:p>

While there are constant concerns over the yen's depreciation, Ueda said that currency interventions will fall under the purview of Japan's Ministry of Finance.<o:p></o:p>

Analysts speculate that continued yen weakness could prompt the BOJ to consider early rate hikes, especially if ministry interventions fail to influence market sentiment. <o:p></o:p>

Recent warnings from Japanese currency authorities against speculative trading mark repeated attempts by the government to stabilise the currency markets.<o:p></o:p>

During a parliamentary session, Ueda said that financial and currency markets will have to be monitored. <o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

Governor Kazuo Ueda of the Bank of Japan (BOJ) assured that the central bank would not adjust its policy directly in response to currency fluctuations, while concerns continue to grow over the yen's weakness.

Governor Kazuo Ueda of the Bank of Japan (BOJ) assured that the central bank would not adjust its policy directly in response to currency fluctuations, while concerns continue to grow over the yen's weakness. Bloomberg News reported that Ueda's remarks come as market participants anticipate US inflation data that could possibly trigger further depreciation of the yen, prompting intervention from Japan's government. Despite the yen hovering near a 34-year low against the dollar, Ueda said ,"We won’t consider changing monetary policy at all to directly respond to moves in foreign exchange." While saying that the BOJ will continue to monitor the impact of the weak yen on the economy and inflation dynamics, Ueda noted the central bank's vigilance regarding currency movements. However, he clarified that any adjustments to monetary policy would be made with a broader economic perspective in mind. The BOJ's cautious approach is indicative of the complexities surrounding currency interventions and the need to balance various economic factors. While there are constant concerns over the yen's depreciation, Ueda said that currency interventions will fall under the purview of Japan's Ministry of Finance. Analysts speculate that continued yen weakness could prompt the BOJ to consider early rate hikes, especially if ministry interventions fail to influence market sentiment. Recent warnings from Japanese currency authorities against speculative trading mark repeated attempts by the government to stabilise the currency markets. During a parliamentary session, Ueda said that financial and currency markets will have to be monitored. (With inputs from Bloomberg)

BOJ governor affirms monetary policy while concerns loom over a weak yen

During her recent four-day visit to Guangzhou and Beijing, US Treasury Secretary Janet Yellen warned Chinese economic leaders regarding their overinvestment in factory capacity for clean energy goods, calling it unacceptable.

Although she tried to make her Chinese hosts comfortable, Yellen is tasked with the challenge of advising President Joe Biden on potential actions to address this issue, which could include raising tariffs on Chinese electric vehicles, solar panels, and other clean energy products to safeguard US producers and workers.

Yellen's discussions with Chinese Vice Premier He Lifeng&nbsp;focused on the topic of "balanced growth". These include worries such as industrial capacity and weak global demand.

However, her major complaint regarding China's massive export surge of inexpensive EVs and solar panels, supported by the state, surpassing domestic demand, drew criticism.

China trade experts suggest that alongside the ongoing dialogue, the Biden administration may consider new trade actions, such as a "Section 301" tariff investigation or a complaint filed with the World Trade Organisation.

Former President Donald Trump operated Section 301 to impose tariffs on Chinese imports in 2018, and the Biden administration is currently reviewing whether to renew these duties.

Even with the diplomatic tensions, Yellen's approach during her visit received applause from Chinese officials, academics, and social media users.

Unlike her previous trip to China in July 2023, Yellen took time to engage socially with her hosts and explore cultural sites, including the Forbidden City in Beijing.

Symbolic gestures, such as exchanging gifts with Vice Premier He during a Pearl River boat cruise in Guangzhou, spotlight the bond between the two nations.

However, regardless of the positive gestures, there remain misunderstandings over Yellen's claim about China's overcapacity in green energy manufacturing.

Chinese Commerce Minister Wang Wentao proved false claims of overcapacity, attributing the success of Chinese EV makers to innovation rather than subsidies.

A Chinese government adviser also noted that&nbsp;overcapacity is a topic for discussion but not easily resolved.

Despite the challenges, Yellen's visit and the changing relationship with Chinese officials&nbsp;gave her a major stance in the ongoing debate over US tariffs.

Wendy Cutler, a former US trade negotiator, supports Yellen's influence but notes the difficulty of advocating for more dialogue amid rising anti-China sentiment in the United States, particularly during a presidential election year.

(With inputs from Reuters)

During her recent four-day visit to Guangzhou and Beijing, US Treasury Secretary Janet Yellen warned Chinese economic leaders regarding their overinvestment in factory capacity for clean energy goods, calling it unacceptable.

During her recent four-day visit to Guangzhou and Beijing, US Treasury Secretary Janet Yellen warned Chinese economic leaders regarding their overinvestment in factory capacity for clean energy goods, calling it unacceptable. Although she tried to make her Chinese hosts comfortable, Yellen is tasked with the challenge of advising President Joe Biden on potential actions to address this issue, which could include raising tariffs on Chinese electric vehicles, solar panels, and other clean energy products to safeguard US producers and workers. Yellen's discussions with Chinese Vice Premier He Lifeng focused on the topic of "balanced growth". These include worries such as industrial capacity and weak global demand. However, her major complaint regarding China's massive export surge of inexpensive EVs and solar panels, supported by the state, surpassing domestic demand, drew criticism. China trade experts suggest that alongside the ongoing dialogue, the Biden administration may consider new trade actions, such as a "Section 301" tariff investigation or a complaint filed with the World Trade Organisation. Former President Donald Trump operated Section 301 to impose tariffs on Chinese imports in 2018, and the Biden administration is currently reviewing whether to renew these duties. Even with the diplomatic tensions, Yellen's approach during her visit received applause from Chinese officials, academics, and social media users. Unlike her previous trip to China in July 2023, Yellen took time to engage socially with her hosts and explore cultural sites, including the Forbidden City in Beijing. Symbolic gestures, such as exchanging gifts with Vice Premier He during a Pearl River boat cruise in Guangzhou, spotlight the bond between the two nations. However, regardless of the positive gestures, there remain misunderstandings over Yellen's claim about China's overcapacity in green energy manufacturing. Chinese Commerce Minister Wang Wentao proved false claims of overcapacity, attributing the success of Chinese EV makers to innovation rather than subsidies. A Chinese government adviser also noted that overcapacity is a topic for discussion but not easily resolved. Despite the challenges, Yellen's visit and the changing relationship with Chinese officials gave her a major stance in the ongoing debate over US tariffs. Wendy Cutler, a former US trade negotiator, supports Yellen's influence but notes the difficulty of advocating for more dialogue amid rising anti-China sentiment in the United States, particularly during a presidential election year. (With inputs from Reuters)

Yellen's China Visit: Clean Energy Trade Talks

UBS Group AG is contemplating whether to acquire complete ownership of its China platform by engaging in a stake swap deal with a Beijing government investment fund, Bloomberg News reported.<o:p></o:p>

The proposed deal involves UBS buying out its remaining 33 per cent stake in UBS Securities Co. from Beijing State-Owned Assets Management Co. <o:p></o:p>

In return, UBS plans to divest its entire 51 per cent holding in Credit Suisse Securities (China). <o:p></o:p>

This possible transaction comes during a competitive bidding process for Credit Suisse's investment bank in China, with major players like Ant Group Co. and Citadel Securities LLC showing interest.<o:p></o:p>

UBS is positioning itself to outmanoeuvre formidable competitors like Citadel Securities, known for its prowess in market-making and trading execution. <o:p></o:p>

The Zurich-based bank has been looking to sell its stake in the Credit Suisse venture after assuming control of its smaller Swiss counterpart following its collapse last year. <o:p></o:p>

Chinese regulations prohibit a foreign entity from holding majority stakes in two domestic brokerages simultaneously, prompting UBS's decision to divest its Credit Suisse holding.<o:p></o:p>

While UBS has previously expressed interest in increasing its ownership to 100 per cent, the Beijing government has been hesitant due to the promising growth and earnings prospects of the onshore business. <o:p></o:p>

UBS has controlled 67 per cent of UBS Securities since 2022. <o:p></o:p>

The current stake swap proposal indicates UBS's innovative approach to navigate regulatory constraints while optimising its business interests in China.<o:p></o:p>

Both UBS and Citadel Securities are looking through the regulatory complexities in their pursuit of the Credit Suisse Securities unit. <o:p></o:p>

The Chinese government may prefer a foreign buyer over a state-owned entity to assume control of the foreign-owned brokerage. <o:p></o:p>

This preference is associated with China's broader objective to open up its financial sector and consolidate the overcrowded brokerage industry. <o:p></o:p>

The ongoing tensions between the US and China could pose challenges for Citadel Securities, but recent diplomatic gestures, including a dinner hosted by President Xi Jinping for American business leaders, suggest a potential thaw in relations.<o:p></o:p>

Citadel Securities is looking to strengthen its presence in China by expanding its operations across asset management, brokerage execution, financial advisory, and market-making. <o:p></o:p>

UBS has set an asking price of around 2 billion yuan ($278 million) for the complete Credit Suisse China unit, inclusive of the stake held by its local partner. <o:p></o:p>

Citadel Securities had previously submitted a bid ranging from 1.5 billion yuan to 2 billion yuan, which was reportedly lower than an offer made by Ant Group.<o:p></o:p>

Before Credit Suisse's collapse, the Swiss bank had agreed to acquire the remaining 49 per cent stake in its Chinese venture for 1.14 billion yuan, valuing the firm at approximately 2.3 billion yuan. <o:p></o:p>

However, this agreement was nullified following UBS's takeover. <o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

UBS Group AG is contemplating whether to acquire complete ownership of its China platform by engaging in a stake swap deal with a Beijing government investment fund, Bloomberg News reported.

UBS Group AG is contemplating whether to acquire complete ownership of its China platform by engaging in a stake swap deal with a Beijing government investment fund, Bloomberg News reported. The proposed deal involves UBS buying out its remaining 33 per cent stake in UBS Securities Co. from Beijing State-Owned Assets Management Co. In return, UBS plans to divest its entire 51 per cent holding in Credit Suisse Securities (China). This possible transaction comes during a competitive bidding process for Credit Suisse's investment bank in China, with major players like Ant Group Co. and Citadel Securities LLC showing interest. UBS is positioning itself to outmanoeuvre formidable competitors like Citadel Securities, known for its prowess in market-making and trading execution. The Zurich-based bank has been looking to sell its stake in the Credit Suisse venture after assuming control of its smaller Swiss counterpart following its collapse last year. Chinese regulations prohibit a foreign entity from holding majority stakes in two domestic brokerages simultaneously, prompting UBS's decision to divest its Credit Suisse holding. While UBS has previously expressed interest in increasing its ownership to 100 per cent, the Beijing government has been hesitant due to the promising growth and earnings prospects of the onshore business. UBS has controlled 67 per cent of UBS Securities since 2022. The current stake swap proposal indicates UBS's innovative approach to navigate regulatory constraints while optimising its business interests in China. Both UBS and Citadel Securities are looking through the regulatory complexities in their pursuit of the Credit Suisse Securities unit. The Chinese government may prefer a foreign buyer over a state-owned entity to assume control of the foreign-owned brokerage. This preference is associated with China's broader objective to open up its financial sector and consolidate the overcrowded brokerage industry. The ongoing tensions between the US and China could pose challenges for Citadel Securities, but recent diplomatic gestures, including a dinner hosted by President Xi Jinping for American business leaders, suggest a potential thaw in relations. Citadel Securities is looking to strengthen its presence in China by expanding its operations across asset management, brokerage execution, financial advisory, and market-making. UBS has set an asking price of around 2 billion yuan ($278 million) for the complete Credit Suisse China unit, inclusive of the stake held by its local partner. Citadel Securities had previously submitted a bid ranging from 1.5 billion yuan to 2 billion yuan, which was reportedly lower than an offer made by Ant Group. Before Credit Suisse's collapse, the Swiss bank had agreed to acquire the remaining 49 per cent stake in its Chinese venture for 1.14 billion yuan, valuing the firm at approximately 2.3 billion yuan. However, this agreement was nullified following UBS's takeover. (With inputs from Bloomberg)

UBS explores China stake swap to gain full control of UBS Securities Co

Tesla has reached a settlement in a lawsuit stemming from a 2018 car crash that claimed the life of an Apple engineer. <o:p></o:p>

The accident occurred when the engineer's Tesla Model X, operating on Autopilot, veered off a highway near San Francisco. <o:p></o:p>

The settlement was reached just before the trial was set to begin.<o:p></o:p>

Walter Huang, a 38-year-old Apple engineer, lost his life in the 2018 crash and his family alleged that Tesla's Autopilot system steered the Model X into a highway barrier. <o:p></o:p>

Court documents revealed that plaintiffs' lawyers had questioned a Tesla witness about the company's awareness of drivers potentially not paying attention to the road while using Autopilot. <o:p></o:p>

In defence, Tesla argued that Huang misused the system by playing a video game just moments before the accident.<o:p></o:p>

The terms of the settlement remain confidential. <o:p></o:p>

This development comes at a time when Tesla's CEO, Elon Musk, is actively promoting self-driving technology as pivotal to the company's financial future. <o:p></o:p>

Tesla's reputation has been at stake due to several lawsuits related to Autopilot-related accidents, which could lead to significant financial implications and reputational harm for the automaker.<o:p></o:p>

Reuters cited Bryant Walker Smith, a law professor at the University of South Carolina specialising in autonomous vehicle law, who said, "It is striking to me that Tesla decided to go this far publicly and then settle... What this does do, though, is it says to other attorneys, we might settle. We might not always fight it. That is the signal." <o:p></o:p>

Previously, Tesla had successfully defended itself in two California trials over Autopilot by arguing that the drivers had failed to maintain attention while using the system.<o:p></o:p>

Despite Musk's promises over the years about Tesla's imminent production of an autonomous car, the company has yet to deliver on this front. <o:p></o:p>

Musk recently announced plans to unveil a self-driving robotaxi on August 8, after shifting focus from an inexpensive car plan to robotaxis. <o:p></o:p>

To attract more users, Tesla also revealed intentions to offer US customers a free one-month trial of its Full Self-Driving driver-assist technology.<o:p></o:p>

Sam Abuelsamid, an analyst at Guidehouse Insights, noted the potential repercussions of negative publicity for Tesla, especially when the company is already struggling with declining sales and reputational damage due to controversial remarks from Musk. <o:p></o:p>

"The last thing they would want right now is to have a public trial showing all of the problems with Full Self-Driving," Reuters quoted Abuelsamid as saying.<o:p></o:p>

Tesla's Autopilot system, priced at $6,000, offers features like speed adjustment to surrounding traffic and lane navigation on highways. <o:p></o:p>

The enhanced Autopilot adds capabilities such as automated lane changes and self-parking. <o:p></o:p>

Meanwhile, the Full Self-Driving option, costing $12,000, incorporates automated features tailored for city streets, including stop-light recognition. <o:p></o:p>

Tesla maintains that despite these advanced features, the car does not become fully autonomous and requires a "fully attentive driver" prepared to take control at any moment.<o:p></o:p>

Musk's past statement on social media in 2022 indicated a firm stance against settling cases. <o:p></o:p>

"We will never surrender/settle an unjust case against us, even if we will probably lose," he said. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Tesla has reached a settlement in a lawsuit stemming from a 2018 car crash that claimed the life of an Apple engineer. The accident occurred when the engineer's Tesla Model X, operating on Autopilot, veered off a highway near San Francisco.

Tesla has reached a settlement in a lawsuit stemming from a 2018 car crash that claimed the life of an Apple engineer. The accident occurred when the engineer's Tesla Model X, operating on Autopilot, veered off a highway near San Francisco. The settlement was reached just before the trial was set to begin. Walter Huang, a 38-year-old Apple engineer, lost his life in the 2018 crash and his family alleged that Tesla's Autopilot system steered the Model X into a highway barrier. Court documents revealed that plaintiffs' lawyers had questioned a Tesla witness about the company's awareness of drivers potentially not paying attention to the road while using Autopilot. In defence, Tesla argued that Huang misused the system by playing a video game just moments before the accident. The terms of the settlement remain confidential. This development comes at a time when Tesla's CEO, Elon Musk, is actively promoting self-driving technology as pivotal to the company's financial future. Tesla's reputation has been at stake due to several lawsuits related to Autopilot-related accidents, which could lead to significant financial implications and reputational harm for the automaker. Reuters cited Bryant Walker Smith, a law professor at the University of South Carolina specialising in autonomous vehicle law, who said, "It is striking to me that Tesla decided to go this far publicly and then settle... What this does do, though, is it says to other attorneys, we might settle. We might not always fight it. That is the signal." Previously, Tesla had successfully defended itself in two California trials over Autopilot by arguing that the drivers had failed to maintain attention while using the system. Despite Musk's promises over the years about Tesla's imminent production of an autonomous car, the company has yet to deliver on this front. Musk recently announced plans to unveil a self-driving robotaxi on August 8, after shifting focus from an inexpensive car plan to robotaxis. To attract more users, Tesla also revealed intentions to offer US customers a free one-month trial of its Full Self-Driving driver-assist technology. Sam Abuelsamid, an analyst at Guidehouse Insights, noted the potential repercussions of negative publicity for Tesla, especially when the company is already struggling with declining sales and reputational damage due to controversial remarks from Musk. "The last thing they would want right now is to have a public trial showing all of the problems with Full Self-Driving," Reuters quoted Abuelsamid as saying. Tesla's Autopilot system, priced at $6,000, offers features like speed adjustment to surrounding traffic and lane navigation on highways. The enhanced Autopilot adds capabilities such as automated lane changes and self-parking. Meanwhile, the Full Self-Driving option, costing $12,000, incorporates automated features tailored for city streets, including stop-light recognition. Tesla maintains that despite these advanced features, the car does not become fully autonomous and requires a "fully attentive driver" prepared to take control at any moment. Musk's past statement on social media in 2022 indicated a firm stance against settling cases. "We will never surrender/settle an unjust case against us, even if we will probably lose," he said. (With inputs from Reuters)

Tesla settles lawsuit over fatal autopilot crash involving Apple engineer

Indian headline indices surged to new heights on Tuesday, defying a subdued performance in the U.S. markets the previous day.&nbsp;

The S&amp;P BSE Sensex breached the significant 75,000 mark for the first time, reaching a record peak of 75,124 points, while the broader Nifty50 also hit a fresh high of 22,765 points.&nbsp;

The bullish sentiment was primarily driven by robust buying activity in the information technology and automobile sectors, which propelled both indices to trade higher later in the session.&nbsp;

Despite global market fluctuations, India's stock market demonstrated resilience, buoyed by strong domestic investor confidence.

Investor optimism was palpable as the Sensex and Nifty soared to unprecedented levels, reflecting growing faith in the Indian economy.

The surge in tech stocks notably contributed to the market's upward momentum, with leading companies witnessing substantial gains. Auto counters also witnessed a surge in buying interest, further bolstering market sentiment. Analysts attributed the positive trend to improving economic indicators and government policies aimed at fostering growth across various sectors.&nbsp;

 
Amidst the market euphoria, analysts emphasized the importance of maintaining a cautious approach, considering the inherent volatility in global markets. While Indian indices surged to record highs, external factors such as geopolitical tensions and fluctuating commodity prices could potentially impact market dynamics.&nbsp;

With a positive long-term outlook, India's stock market continues to attract investors seeking growth opportunities amidst a challenging global landscape.

Indian headline indices surged to new heights on Tuesday, defying a subdued performance in the U.S. markets the previous day. The S&P BSE Sensex breached the significant 75,000 mark for the first time, reaching a record peak of 75,124 points, while the broader Nifty50 also hit a fresh high of 22,765 points.

Indian headline indices surged to new heights on Tuesday, defying a subdued performance in the U.S. markets the previous day. The S&P BSE Sensex breached the significant 75,000 mark for the first time, reaching a record peak of 75,124 points, while the broader Nifty50 also hit a fresh high of 22,765 points. The bullish sentiment was primarily driven by robust buying activity in the information technology and automobile sectors, which propelled both indices to trade higher later in the session. Despite global market fluctuations, India's stock market demonstrated resilience, buoyed by strong domestic investor confidence. Investor optimism was palpable as the Sensex and Nifty soared to unprecedented levels, reflecting growing faith in the Indian economy. The surge in tech stocks notably contributed to the market's upward momentum, with leading companies witnessing substantial gains. Auto counters also witnessed a surge in buying interest, further bolstering market sentiment. Analysts attributed the positive trend to improving economic indicators and government policies aimed at fostering growth across various sectors. Amidst the market euphoria, analysts emphasized the importance of maintaining a cautious approach, considering the inherent volatility in global markets. While Indian indices surged to record highs, external factors such as geopolitical tensions and fluctuating commodity prices could potentially impact market dynamics. With a positive long-term outlook, India's stock market continues to attract investors seeking growth opportunities amidst a challenging global landscape.

Indian markets scale new highs | Sensex breaches 75,000

<o:p></o:p>

The dollar showed cautious trading on Tuesday, failing to gain significant momentum from an uptick in US Treasury yields. <o:p></o:p>

Despite this, the Japanese yen faced continued pressure, hovering near multi-decade lows and prompting market watchers to stay vigilant for potential intervention signals.<o:p></o:p>

The greenback recorded a modest 0.03 per cent increase against the yen, reaching 151.87 yen. <o:p></o:p>

This level is close to the 34-year high of 151.975 yen achieved last month. <o:p></o:p>

Japanese officials have intensified their verbal interventions in attempts to shield the currency. <o:p></o:p>

Finance Minister Shunichi Suzuki said that Tokyo was readiness to counter the yen's recent steep declines. <o:p></o:p>

"Authorities won't rule out any options in dealing with excessive yen moves,” he said.<o:p></o:p>

The persistent threat of Tokyo's intervention has prevented the dollar from surpassing the crucial 152 yen mark, even as US Treasury yields—which typically correlate closely with the dollar/yen pair—rise. <o:p></o:p>

Ryota Abe, an economist at SMBC, anticipates the dollar/yen pair to remain within a narrow range of 151.0-152.5. <o:p></o:p>

He also foresees potential Japanese intervention in the currency market to "curb volatilities" should there be a rapid escalation in the dollar/yen pair.<o:p></o:p>

In the wider currency market scenario, the New Zealand dollar saw a 0.15 per cent uptick, reaching $0.6041. <o:p></o:p>

This comes despite a recent survey by a private think tank indicating weakened business confidence in New Zealand for the first quarter due to various challenges faced by businesses. <o:p></o:p>

Meanwhile, the sterling edged up 0.04 per cent to $1.2658, and the euro stabilised at $1.0860, near a two-week high.<o:p></o:p>

Although the US Treasury yields have increased, the dollar's performance remains dull. <o:p></o:p>

This discrepancy arises as traders recalibrate their expectations regarding the Federal Reserve's potential rate cuts later this year. <o:p></o:p>

The greenback struggled near a two-week low at 104.13 against a basket of currencies. <o:p></o:p>

Notably, the two-year Treasury yield climbed to an over four-month high of 4.8010 per cent on Tuesday, while the 10-year yield held firm near a similar peak at 4.4278 per cent.<o:p></o:p>

Ray Attrill, head of FX strategy at National Australia Bank (NAB), commented on the disconnect between rising US Treasury yields and the dollar's subdued response. <o:p></o:p>

He said, "It's been a few days now, where we're seeing an increasing disconnect between what's happening in US Treasuries...but the dollar is failing to respond to that." <o:p></o:p>

Attrill highlighted global factors contributing to this phenomenon, mentioning "increasing signs of improvement in the rest of the world outside the United States" and a "global reflation trade" driven by strength in commodity prices.<o:p></o:p>

In other currency movements, the Australian dollar declined by 0.01 per cent to $0.6604, while the offshore Chinese yuan was at 7.2437 per dollar. <o:p></o:p>

Although the yuan has stabilised this week due to favourable Chinese economic data, it remains close to a 4-1/2 month low of 7.2364 reached on April 3. <o:p></o:p>

The currency has depreciated by 1.8 per cent this year despite the central bank's efforts to stabilise it.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The dollar showed cautious trading on Tuesday, failing to gain significant momentum from an uptick in US Treasury yields. Despite this, the Japanese yen faced continued pressure, hovering near multi-decade lows and prompting market watchers to stay vigilant for potential intervention signals.

The dollar showed cautious trading on Tuesday, failing to gain significant momentum from an uptick in US Treasury yields. Despite this, the Japanese yen faced continued pressure, hovering near multi-decade lows and prompting market watchers to stay vigilant for potential intervention signals. The greenback recorded a modest 0.03 per cent increase against the yen, reaching 151.87 yen. This level is close to the 34-year high of 151.975 yen achieved last month. Japanese officials have intensified their verbal interventions in attempts to shield the currency. Finance Minister Shunichi Suzuki said that Tokyo was readiness to counter the yen's recent steep declines. "Authorities won't rule out any options in dealing with excessive yen moves,” he said. The persistent threat of Tokyo's intervention has prevented the dollar from surpassing the crucial 152 yen mark, even as US Treasury yields—which typically correlate closely with the dollar/yen pair—rise. Ryota Abe, an economist at SMBC, anticipates the dollar/yen pair to remain within a narrow range of 151.0-152.5. He also foresees potential Japanese intervention in the currency market to "curb volatilities" should there be a rapid escalation in the dollar/yen pair. In the wider currency market scenario, the New Zealand dollar saw a 0.15 per cent uptick, reaching $0.6041. This comes despite a recent survey by a private think tank indicating weakened business confidence in New Zealand for the first quarter due to various challenges faced by businesses. Meanwhile, the sterling edged up 0.04 per cent to $1.2658, and the euro stabilised at $1.0860, near a two-week high. Although the US Treasury yields have increased, the dollar's performance remains dull. This discrepancy arises as traders recalibrate their expectations regarding the Federal Reserve's potential rate cuts later this year. The greenback struggled near a two-week low at 104.13 against a basket of currencies. Notably, the two-year Treasury yield climbed to an over four-month high of 4.8010 per cent on Tuesday, while the 10-year yield held firm near a similar peak at 4.4278 per cent. Ray Attrill, head of FX strategy at National Australia Bank (NAB), commented on the disconnect between rising US Treasury yields and the dollar's subdued response. He said, "It's been a few days now, where we're seeing an increasing disconnect between what's happening in US Treasuries...but the dollar is failing to respond to that." Attrill highlighted global factors contributing to this phenomenon, mentioning "increasing signs of improvement in the rest of the world outside the United States" and a "global reflation trade" driven by strength in commodity prices. In other currency movements, the Australian dollar declined by 0.01 per cent to $0.6604, while the offshore Chinese yuan was at 7.2437 per dollar. Although the yuan has stabilised this week due to favourable Chinese economic data, it remains close to a 4-1/2 month low of 7.2364 reached on April 3. The currency has depreciated by 1.8 per cent this year despite the central bank's efforts to stabilise it. (With inputs from Reuters)

The Japanese yen struggles amid rising US treasury yields: Report

Donald Trump's media and technology venture, Trump Media &amp; Technology Group, saw a sharp decline in its shares, falling by as much as 12 per cent on Monday. <o:p></o:p>

This extended selloff has diminished the value of Trump's stake in the firm to $2.9 billion, marking a major dip since its debut in late March.<o:p></o:p>

Investor sentiment towards Trump's media endeavour has waned following the company's recent financial disclosures. <o:p></o:p>

Earlier this month, the firm revealed major losses and indicated challenges in meeting its financial obligations. <o:p></o:p>

Subsequently, the stock closed 8.4 per cent lower at $37.17 on Monday, remaining in stark contrast to its record high of $79 during its market introduction on March 26. <o:p></o:p>

The company's shares have declined by approximately 40 per cent so far in April.<o:p></o:p>

This downward trend poses possible setbacks for Trump, who was hoping for a major windfall by selling his shares to finance his 2024 presidential campaign and cover legal expenses. <o:p></o:p>

However, lock-up restrictions for the next six months could hinder Trump from selling or leveraging his shareholding.<o:p></o:p>

With Trump owning roughly 78.75 million shares in the company, the value of his stake has experienced a downturn from about $6 billion last month. <o:p></o:p>

Presently, the entire market value of the Trump Media &amp; Technology Group stands at approximately $5.55 billion.<o:p></o:p>

While the falling stock prices are unfavourable for Trump and other shareholders, they offer a silver lining for short-sellers. <o:p></o:p>

Trump Media &amp; Technology Group has a short interest of about 4.75 million shares, which constitutes 12 per cent of its free float, according to analytics firm S3 Partners. <o:p></o:p>

Monday's stock decline enabled those betting against the company to realise around $16 million in market-to-market profits. <o:p></o:p>

Nonetheless, short-sellers remain at a 69 per cent loss for the year.<o:p></o:p>

According to Ihor Dusaniwsky, the managing director of predictive analytics at S3 Partners, "DJT's recent price weakness has offset the huge financing costs short sellers are incurring and keeping many of them in the trade."<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Donald Trump's media and technology venture, Trump Media & Technology Group, saw a sharp decline in its shares, falling by as much as 12 per cent on Monday. This extended selloff has diminished the value of Trump's stake in the firm to $2.

Donald Trump's media and technology venture, Trump Media & Technology Group, saw a sharp decline in its shares, falling by as much as 12 per cent on Monday. This extended selloff has diminished the value of Trump's stake in the firm to $2.9 billion, marking a major dip since its debut in late March. Investor sentiment towards Trump's media endeavour has waned following the company's recent financial disclosures. Earlier this month, the firm revealed major losses and indicated challenges in meeting its financial obligations. Subsequently, the stock closed 8.4 per cent lower at $37.17 on Monday, remaining in stark contrast to its record high of $79 during its market introduction on March 26. The company's shares have declined by approximately 40 per cent so far in April. This downward trend poses possible setbacks for Trump, who was hoping for a major windfall by selling his shares to finance his 2024 presidential campaign and cover legal expenses. However, lock-up restrictions for the next six months could hinder Trump from selling or leveraging his shareholding. With Trump owning roughly 78.75 million shares in the company, the value of his stake has experienced a downturn from about $6 billion last month. Presently, the entire market value of the Trump Media & Technology Group stands at approximately $5.55 billion. While the falling stock prices are unfavourable for Trump and other shareholders, they offer a silver lining for short-sellers. Trump Media & Technology Group has a short interest of about 4.75 million shares, which constitutes 12 per cent of its free float, according to analytics firm S3 Partners. Monday's stock decline enabled those betting against the company to realise around $16 million in market-to-market profits. Nonetheless, short-sellers remain at a 69 per cent loss for the year. According to Ihor Dusaniwsky, the managing director of predictive analytics at S3 Partners, "DJT's recent price weakness has offset the huge financing costs short sellers are incurring and keeping many of them in the trade." (With inputs from Reuters)

Trump's media venture faces steep stock decline, valuation drops to $2.9 bn

<o:p></o:p>Tata Group is reportedly negotiating to acquire Pegatron's only iPhone manufacturing facility in the country. <o:p></o:p>

This potential deal indicates Pegatron's scaling back of its partnership with Apple and Tata's expansion in iPhone manufacturing.<o:p></o:p>

If finalised, the agreement will result in Tata holding a minimum of a 65 per cent stake in a joint venture that will oversee the Pegatron plant located near Chennai. <o:p></o:p>

Pegatron will retain the remaining stake and will continue to offer technical support to the joint venture. <o:p></o:p>

This deal has received Apple's endorsement, as reported earlier by Reuters.<o:p></o:p>

Other media reports suggest Tata intends to manage the joint venture through its Tata Electronics division. <o:p></o:p>

The Pegatron facility in Chennai currently employs around 10,000 workers and has an annual production capacity of 5 million iPhones. <o:p></o:p>

This plant is Pegatron's last remaining iPhone manufacturing unit following its relinquishment of control over an iPhone plant in China to Luxshare for $290 million last year.<o:p></o:p>

Apple's pursuit to diversify its supply chain beyond China, especially in the backdrop of worsening geopolitical tensions between Beijing and Washington, makes the Chennai Pegatron plant a crucial asset. <o:p></o:p>

For Tata Group, this acquisition supports its plan to strengthen iPhone manufacturing capabilities in India.<o:p></o:p>

Tata Group is not new to iPhone assembly in India. It already operates an iPhone assembly plant in Karnataka, acquired from Taiwan's Wistron last year, and is in the process of constructing another facility in Hosur, Tamil Nadu. <o:p></o:p>

In fact, Pegatron has been simultaneously developing an additional iPhone factory at its Chennai complex.<o:p></o:p>

Talks for the Tata-Pegatron deal reportedly include the acquisition of this new facility as well.<o:p></o:p>

The negotiations between Tata and Pegatron are anticipated to conclude within six months. <o:p></o:p>

As part of the deal, all Pegatron employees in India are expected to transition to the newly formed joint venture. <o:p></o:p>

Currently, Apple's iPhone contract manufacturers in India comprise Tata, Pegatron, and Foxconn. <o:p></o:p>

Analysts estimate that Tata's contribution to Apple's iPhone shipments in India could increase to 20-25 per cent this year, up from 12-14 per cent last year.<o:p></o:p>

Tata Group is reportedly negotiating to acquire Pegatron's only iPhone manufacturing facility in the country. This potential deal indicates Pegatron's scaling back of its partnership with Apple and Tata's expansion in iPhone manufacturing.

Tata Group is reportedly negotiating to acquire Pegatron's only iPhone manufacturing facility in the country. This potential deal indicates Pegatron's scaling back of its partnership with Apple and Tata's expansion in iPhone manufacturing. If finalised, the agreement will result in Tata holding a minimum of a 65 per cent stake in a joint venture that will oversee the Pegatron plant located near Chennai. Pegatron will retain the remaining stake and will continue to offer technical support to the joint venture. This deal has received Apple's endorsement, as reported earlier by Reuters. Other media reports suggest Tata intends to manage the joint venture through its Tata Electronics division. The Pegatron facility in Chennai currently employs around 10,000 workers and has an annual production capacity of 5 million iPhones. This plant is Pegatron's last remaining iPhone manufacturing unit following its relinquishment of control over an iPhone plant in China to Luxshare for $290 million last year. Apple's pursuit to diversify its supply chain beyond China, especially in the backdrop of worsening geopolitical tensions between Beijing and Washington, makes the Chennai Pegatron plant a crucial asset. For Tata Group, this acquisition supports its plan to strengthen iPhone manufacturing capabilities in India. Tata Group is not new to iPhone assembly in India. It already operates an iPhone assembly plant in Karnataka, acquired from Taiwan's Wistron last year, and is in the process of constructing another facility in Hosur, Tamil Nadu. In fact, Pegatron has been simultaneously developing an additional iPhone factory at its Chennai complex. Talks for the Tata-Pegatron deal reportedly include the acquisition of this new facility as well. The negotiations between Tata and Pegatron are anticipated to conclude within six months. As part of the deal, all Pegatron employees in India are expected to transition to the newly formed joint venture. Currently, Apple's iPhone contract manufacturers in India comprise Tata, Pegatron, and Foxconn. Analysts estimate that Tata's contribution to Apple's iPhone shipments in India could increase to 20-25 per cent this year, up from 12-14 per cent last year.

Tata Group in talks to acquire Pegatron's sole iPhone plant in India: Report

The Biden administration has decided to award the South Korean tech giant Samsung $6.6 billion subsidy to strengthen domestic semiconductor production. <o:p></o:p>

The funds are designated to expand Samsung's chip output in Taylor, Texas, Reuters reported, citing sources familiar with the matter revealed.<o:p></o:p>

The announcement will be made by Commerce Department Secretary Gina Raimondo, next week.<o:p></o:p>

This subsidy is intended to support the construction of four facilities in Taylor. <o:p></o:p>

These include a $17 billion chipmaking plant announced by Samsung in 2021, an additional factory, an advanced packaging facility, and a research and development centre. <o:p></o:p>

Notably, Samsung's investment in the US will more than double, soaring to over $44 billion as part of this deal.<o:p></o:p>

This recent grant positions Samsung's subsidy as the third-largest within the program, trailing behind Taiwan's TSMC. <o:p></o:p>

TSMC was recently awarded $6.6 billion and had made plans to expand its investment to $65 billion by 2030, including the addition of a third factory in Arizona.<o:p></o:p>

The Biden administration's subsidy for Samsung comes as part of a broader initiative to enhance domestic chip production. <o:p></o:p>

This move aims to attract capital that might otherwise have been invested in manufacturing plants in China and neighbouring regions. <o:p></o:p>

In 2022, Congress sanctioned the Chips and Science Act, allocating $52.7 billion for research and manufacturing subsidies. <o:p></o:p>

Additionally, lawmakers approved $75 billion in government loan authority. <o:p></o:p>

However, Samsung has indicated it will not be availing any loans for this expansion.<o:p></o:p>

The Chips and Science Act indicates a major shift to reduce US dependence on China and Taiwan in semiconductor manufacturing. <o:p></o:p>

Recent data from the Semiconductor Industry Association reveals a decline in the US's share of global semiconductor manufacturing capacity from 37 per cent in 1990 to just 12 per cent in 2020.<o:p></o:p>

While TSMC and Intel have chosen to expand their production capabilities in Arizona, a crucial swing state, Samsung's expansion in Texas—a traditionally Republican stronghold—is perceived as potentially less advantageous for President Biden's electoral prospects. <o:p></o:p>

Despite this, Governor Greg Abbott of Texas has been invited to attend the subsidy announcement event, although President Biden will not be present.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The Biden administration has decided to award the South Korean tech giant Samsung $6.6 billion subsidy to strengthen domestic semiconductor production. The funds are designated to expand Samsung's chip output in Taylor, Texas, Reuters reported, citing sources familiar with the matter revealed.

The Biden administration has decided to award the South Korean tech giant Samsung $6.6 billion subsidy to strengthen domestic semiconductor production. The funds are designated to expand Samsung's chip output in Taylor, Texas, Reuters reported, citing sources familiar with the matter revealed. The announcement will be made by Commerce Department Secretary Gina Raimondo, next week. This subsidy is intended to support the construction of four facilities in Taylor. These include a $17 billion chipmaking plant announced by Samsung in 2021, an additional factory, an advanced packaging facility, and a research and development centre. Notably, Samsung's investment in the US will more than double, soaring to over $44 billion as part of this deal. This recent grant positions Samsung's subsidy as the third-largest within the program, trailing behind Taiwan's TSMC. TSMC was recently awarded $6.6 billion and had made plans to expand its investment to $65 billion by 2030, including the addition of a third factory in Arizona. The Biden administration's subsidy for Samsung comes as part of a broader initiative to enhance domestic chip production. This move aims to attract capital that might otherwise have been invested in manufacturing plants in China and neighbouring regions. In 2022, Congress sanctioned the Chips and Science Act, allocating $52.7 billion for research and manufacturing subsidies. Additionally, lawmakers approved $75 billion in government loan authority. However, Samsung has indicated it will not be availing any loans for this expansion. The Chips and Science Act indicates a major shift to reduce US dependence on China and Taiwan in semiconductor manufacturing. Recent data from the Semiconductor Industry Association reveals a decline in the US's share of global semiconductor manufacturing capacity from 37 per cent in 1990 to just 12 per cent in 2020. While TSMC and Intel have chosen to expand their production capabilities in Arizona, a crucial swing state, Samsung's expansion in Texas—a traditionally Republican stronghold—is perceived as potentially less advantageous for President Biden's electoral prospects. Despite this, Governor Greg Abbott of Texas has been invited to attend the subsidy announcement event, although President Biden will not be present. (With inputs from Reuters)

Biden administration to grant Samsung a $6.6 bn subsidy for Texas chip expansion

New Zealand's economic landscape appears increasingly bleak, with the potential for a hard landing looming large as business confidence takes a significant hit in the first quarter, Bloomberg News reported. <o:p></o:p>

According to the NZ Institute of Economic Research (NZIER), a net 25 per cent of firms are pessimistic about the economic outlook for the next six months, a sharp rise from 2 per cent in the previous quarter. <o:p></o:p>

Additionally, a net 23 per cent reported a deterioration in their own trading conditions in the first quarter, marking the weakest reading since mid-2020 during the Covid-19 pandemic.<o:p></o:p>

Bloomberg cited NZIER's Principal Economist, Christina Leung, who said, “The key question is whether we are headed for a soft or a hard landing. Previously our forecast was a soft landing for the New Zealand economy. With this release, it suggests increased risk of a hard landing.” <o:p></o:p>

The Reserve Bank of New Zealand is expected to maintain the Official Cash Rate at 5.5 per cent in its upcoming decision, with most economists anticipating monetary easing to commence in late 2024. <o:p></o:p>

However, NZIER projects that policymakers will likely hold rates steady until May next year.<o:p></o:p>

The central bank's high-interest-rate policy aimed at curbing inflation is beginning to manifest in the form of squeezed company profits and job cuts, exacerbating the economic slowdown. <o:p></o:p>

New Zealand's economy has contracted in four out of the past five quarters, raising concerns about further deceleration in 2024. <o:p></o:p>

Leung pointed out that a hard landing or weaker economic activity could prompt the Reserve Bank to cut the Official Cash Rate sooner than expected, contingent on a faster slowdown in inflation.<o:p></o:p>

Today's NZIER report offered little respite, revealing that a net 11 per cent of firms laid off workers in the first quarter, and only 2 per cent anticipate hiring in the upcoming three months. <o:p></o:p>

Moreover, a net 33 per cent expect a decline in profits in the second quarter, and investment intentions are on the decline. <o:p></o:p>

Despite the grim outlook, Leung highlighted a silver lining in the inflation front, noting that fewer companies plan to raise prices even as costs escalate.<o:p></o:p>

The business sentiment had received a temporary boost in the fourth quarter following the election of a centre-right government committed to reducing economic red tape and cutting taxes. <o:p></o:p>

However, the post-election optimism has waned, giving way to the harsh reality of a weak economy. <o:p></o:p>

Miles Workman, senior economist at ANZ Bank New Zealand, summed up the prevailing sentiment, saying, “The post-election honeymoon is now over and the reality of a weak economy is back in the driver’s seat. The overall vibe is a deterioration from last quarter on the activity front, with a little progress on the inflation side.”<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

New Zealand's economic landscape appears increasingly bleak, with the potential for a hard landing looming large as business confidence takes a significant hit in the first quarter, Bloomberg News reported.

New Zealand's economic landscape appears increasingly bleak, with the potential for a hard landing looming large as business confidence takes a significant hit in the first quarter, Bloomberg News reported. According to the NZ Institute of Economic Research (NZIER), a net 25 per cent of firms are pessimistic about the economic outlook for the next six months, a sharp rise from 2 per cent in the previous quarter. Additionally, a net 23 per cent reported a deterioration in their own trading conditions in the first quarter, marking the weakest reading since mid-2020 during the Covid-19 pandemic. Bloomberg cited NZIER's Principal Economist, Christina Leung, who said, “The key question is whether we are headed for a soft or a hard landing. Previously our forecast was a soft landing for the New Zealand economy. With this release, it suggests increased risk of a hard landing.” The Reserve Bank of New Zealand is expected to maintain the Official Cash Rate at 5.5 per cent in its upcoming decision, with most economists anticipating monetary easing to commence in late 2024. However, NZIER projects that policymakers will likely hold rates steady until May next year. The central bank's high-interest-rate policy aimed at curbing inflation is beginning to manifest in the form of squeezed company profits and job cuts, exacerbating the economic slowdown. New Zealand's economy has contracted in four out of the past five quarters, raising concerns about further deceleration in 2024. Leung pointed out that a hard landing or weaker economic activity could prompt the Reserve Bank to cut the Official Cash Rate sooner than expected, contingent on a faster slowdown in inflation. Today's NZIER report offered little respite, revealing that a net 11 per cent of firms laid off workers in the first quarter, and only 2 per cent anticipate hiring in the upcoming three months. Moreover, a net 33 per cent expect a decline in profits in the second quarter, and investment intentions are on the decline. Despite the grim outlook, Leung highlighted a silver lining in the inflation front, noting that fewer companies plan to raise prices even as costs escalate. The business sentiment had received a temporary boost in the fourth quarter following the election of a centre-right government committed to reducing economic red tape and cutting taxes. However, the post-election optimism has waned, giving way to the harsh reality of a weak economy. Miles Workman, senior economist at ANZ Bank New Zealand, summed up the prevailing sentiment, saying, “The post-election honeymoon is now over and the reality of a weak economy is back in the driver’s seat. The overall vibe is a deterioration from last quarter on the activity front, with a little progress on the inflation side.” (With inputs from Bloomberg)

New Zealand economy faces risk of hard landing amid waning business confidence

Consumer confidence in Australia has taken a hit in April, indicating the growing concerns of households grappling with soaring inflation and interest rates at a 12-year high, Bloomberg News reported. <o:p></o:p>

According to a recent survey by Westpac Banking Corp., sentiment declined by 2.4 per cent to 82.4 points, with pessimists significantly outnumbering optimists. <o:p></o:p>

A reading below 100 signifies negative sentiment, and this index has remained below the threshold for over two years.<o:p></o:p>

Bloomberg cited Matthew Hassan, a senior economist at Westpac, who said, “Outside of the deep recession of the early 1990s, this is easily the second most protracted period of deep consumer pessimism since we began surveying in the mid-1970s." <o:p></o:p>

Hassan also pointed out the disparity between consumer price rises and wage growth, noting that consumer prices have outpaced wage growth by 6 percentage points over the past three years.<o:p></o:p>

The ongoing economic challenges are indicative of the Reserve Bank of Australia's (RBA) cautious stance on further interest rate hikes, indicating limited relief for consumers in the foreseeable future. <o:p></o:p>

Although economists anticipate a potential rate cut later this year, the RBA's hesitancy stems from a resilient labour market and an unyielding surge in house prices. <o:p></o:p>

One silver lining for consumers is the upcoming tax cuts scheduled to take effect on July 1.<o:p></o:p>

Westpac's survey indicated the grim assessments of household financial health, particularly the "finances vs a year ago" sub-index, which plummeted to 65.5. <o:p></o:p>

This suggests that tax relief "can't come fast enough for consumers." <o:p></o:p>

Additionally, confidence in the economic outlook waned in April, with the "economy, next 5 years" sub-index dropping by 4.4 per cent to 89.8. <o:p></o:p>

The "economy next 12 months" sub-index also declined by 2.7 per cent to 82.7, marking a 7.1 per cent fall over the past two months.<o:p></o:p>

The RBA had aggressively raised rates by 4.25 percentage points between May 2022 and November last year, marking its most robust tightening cycle in decades in response to an inflation surge triggered by pandemic-era stimulus measures. <o:p></o:p>

Hassan commented on the RBA's evolving stance, saying, “The bank’s latest commentary shows it is becoming a little more comfortable that further rate rises will not be required but it is not yet confident enough about the inflation outlook to consider the case for rate cuts.” <o:p></o:p>

The forthcoming March quarter CPI update on April 24 will be vital in shaping the RBA's future decisions.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

Consumer confidence in Australia has taken a hit in April, indicating the growing concerns of households grappling with soaring inflation and interest rates at a 12-year high, Bloomberg News reported.

Consumer confidence in Australia has taken a hit in April, indicating the growing concerns of households grappling with soaring inflation and interest rates at a 12-year high, Bloomberg News reported. According to a recent survey by Westpac Banking Corp., sentiment declined by 2.4 per cent to 82.4 points, with pessimists significantly outnumbering optimists. A reading below 100 signifies negative sentiment, and this index has remained below the threshold for over two years. Bloomberg cited Matthew Hassan, a senior economist at Westpac, who said, “Outside of the deep recession of the early 1990s, this is easily the second most protracted period of deep consumer pessimism since we began surveying in the mid-1970s." Hassan also pointed out the disparity between consumer price rises and wage growth, noting that consumer prices have outpaced wage growth by 6 percentage points over the past three years. The ongoing economic challenges are indicative of the Reserve Bank of Australia's (RBA) cautious stance on further interest rate hikes, indicating limited relief for consumers in the foreseeable future. Although economists anticipate a potential rate cut later this year, the RBA's hesitancy stems from a resilient labour market and an unyielding surge in house prices. One silver lining for consumers is the upcoming tax cuts scheduled to take effect on July 1. Westpac's survey indicated the grim assessments of household financial health, particularly the "finances vs a year ago" sub-index, which plummeted to 65.5. This suggests that tax relief "can't come fast enough for consumers." Additionally, confidence in the economic outlook waned in April, with the "economy, next 5 years" sub-index dropping by 4.4 per cent to 89.8. The "economy next 12 months" sub-index also declined by 2.7 per cent to 82.7, marking a 7.1 per cent fall over the past two months. The RBA had aggressively raised rates by 4.25 percentage points between May 2022 and November last year, marking its most robust tightening cycle in decades in response to an inflation surge triggered by pandemic-era stimulus measures. Hassan commented on the RBA's evolving stance, saying, “The bank’s latest commentary shows it is becoming a little more comfortable that further rate rises will not be required but it is not yet confident enough about the inflation outlook to consider the case for rate cuts.” The forthcoming March quarter CPI update on April 24 will be vital in shaping the RBA's future decisions. (With inputs from Bloomberg)

Australian consumer confidence dips amid high inflation and interest rates

Hong Kong's Chief Executive, John Lee, announced on Monday that the government is exploring additional measures to strengthen the city's securities market. <o:p></o:p>

This comes after the markets were hit by geopolitical tensions and China’s slowing economy.<o:p></o:p>

Speaking at the HSBC Global Investment Summit in Hong Kong, Lee highlighted existing initiatives aimed towards enhancing competitiveness, including improvements in the listing regime for specialised technology firms. <o:p></o:p>

While specifics of the proposed measures were not disclosed, Lee said that the government is committed to stimulating the market through enhanced transaction mechanisms and investment services.<o:p></o:p>

The backdrop for these considerations includes the challenging economic landscape in Hong Kong, characterised by China's economic slowdown and capital flight. <o:p></o:p>

With the economy expanding by 3.2 per cent in 2023 and the stock market witnessing a downturn, Hong Kong faces increased pressure to revitalise investor confidence and attract capital inflows. <o:p></o:p>

The Hang Seng Index, Hong Kong's benchmark index, fell sharply by about 14 per cent in 2023, marking its fourth consecutive year of decline. <o:p></o:p>

Additionally, the city experienced a 28.5 per cent drop in the value of initial public offerings (IPOs) in the first quarter of this year compared to the previous year.<o:p></o:p>

Acknowledging the challenges, Lee noted that the recent initiatives aimed at incentivising capital inflows, businesses, and visitors to the city would be vital.<o:p></o:p>

These measures, announced in February, seek to address high-interest rates, geopolitical complexities, and increasing budget deficits. <o:p></o:p>

Despite short-term market volatility, Lee expressed confidence in Hong Kong's resilience and highlighted the diverse opportunities available. <o:p></o:p>

He noted that the government was focused towards ensuring sustainable growth in the stock market and enhancing overall market competitiveness. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Hong Kong's Chief Executive, John Lee, announced on Monday that the government is exploring additional measures to strengthen the city's securities market. This comes after the markets were hit by geopolitical tensions and China’s slowing economy.

Hong Kong's Chief Executive, John Lee, announced on Monday that the government is exploring additional measures to strengthen the city's securities market. This comes after the markets were hit by geopolitical tensions and China’s slowing economy. Speaking at the HSBC Global Investment Summit in Hong Kong, Lee highlighted existing initiatives aimed towards enhancing competitiveness, including improvements in the listing regime for specialised technology firms. While specifics of the proposed measures were not disclosed, Lee said that the government is committed to stimulating the market through enhanced transaction mechanisms and investment services. The backdrop for these considerations includes the challenging economic landscape in Hong Kong, characterised by China's economic slowdown and capital flight. With the economy expanding by 3.2 per cent in 2023 and the stock market witnessing a downturn, Hong Kong faces increased pressure to revitalise investor confidence and attract capital inflows. The Hang Seng Index, Hong Kong's benchmark index, fell sharply by about 14 per cent in 2023, marking its fourth consecutive year of decline. Additionally, the city experienced a 28.5 per cent drop in the value of initial public offerings (IPOs) in the first quarter of this year compared to the previous year. Acknowledging the challenges, Lee noted that the recent initiatives aimed at incentivising capital inflows, businesses, and visitors to the city would be vital. These measures, announced in February, seek to address high-interest rates, geopolitical complexities, and increasing budget deficits. Despite short-term market volatility, Lee expressed confidence in Hong Kong's resilience and highlighted the diverse opportunities available. He noted that the government was focused towards ensuring sustainable growth in the stock market and enhancing overall market competitiveness. (With inputs from Reuters)

Hong Kong considers further steps to revitalise stock market while economic challenges persist

The downward trajectory of real wages in Japan has persisted in February, marking the 23rd consecutive month of decline, according to recent data released on Monday. <o:p></o:p>

According to Reuters, this prolonged decrease in real wages is indicative of the sustained pressure on consumers' purchasing power, attributed to rising prices. <o:p></o:p>

The data on wages serves as a key indicator for the Bank of Japan (BOJ) in assessing both pay trends and inflation outlooks, important factors guiding decisions on monetary policy adjustments. <o:p></o:p>

The latest figures indicate a 1.3 per cent year-on-year decrease in inflation-adjusted real wages in February, following a revised decline of 1.1 per cent in January. <o:p></o:p>

This decline reflects the constant attrition of consumer purchasing power amid escalating prices. <o:p></o:p>

Meanwhile, the consumer inflation rate, which incorporates fresh food prices while excluding rent, accelerated to 3.3 per cent in February from 2.5 per cent in January. <o:p></o:p>

Despite this inflationary pressure, nominal pay increased by 1.8 per cent in February compared to the previous year, marking a considerable growth since June last year.<o:p></o:p>

A ministry said that monitoring the interplay between nominal pay growth and the dampening effect of price increases on real wages would be crucial. <o:p></o:p>

Against this backdrop, Japanese firms have promised a wage hike of 5.24 per cent this year, marking a major increase in the last 33 years.<o:p></o:p>

Breaking down the wage components, regular or base salary recorded an increase of 2.2 per cent year-on-year in February, surpassing the revised figure from the previous month. <o:p></o:p>

However, special payments, including bonuses, saw a downturn, declining by 5.5 per cent compared to the same period last year, following a revised gain of 12.4 per cent in January. <o:p></o:p>

The data on real wages comes against the backdrop of a significant policy shift by the Bank of Japan, which recently announced the termination of eight years of negative interest rates and other unconventional policies.<o:p></o:p>

This historic move signals a departure from the central bank's longstanding focus on stimulating growth through heavy monetary stimulus. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The downward trajectory of real wages in Japan has persisted in February, marking the 23rd consecutive month of decline, according to recent data released on Monday.

The downward trajectory of real wages in Japan has persisted in February, marking the 23rd consecutive month of decline, according to recent data released on Monday. According to Reuters, this prolonged decrease in real wages is indicative of the sustained pressure on consumers' purchasing power, attributed to rising prices. The data on wages serves as a key indicator for the Bank of Japan (BOJ) in assessing both pay trends and inflation outlooks, important factors guiding decisions on monetary policy adjustments. The latest figures indicate a 1.3 per cent year-on-year decrease in inflation-adjusted real wages in February, following a revised decline of 1.1 per cent in January. This decline reflects the constant attrition of consumer purchasing power amid escalating prices. Meanwhile, the consumer inflation rate, which incorporates fresh food prices while excluding rent, accelerated to 3.3 per cent in February from 2.5 per cent in January. Despite this inflationary pressure, nominal pay increased by 1.8 per cent in February compared to the previous year, marking a considerable growth since June last year. A ministry said that monitoring the interplay between nominal pay growth and the dampening effect of price increases on real wages would be crucial. Against this backdrop, Japanese firms have promised a wage hike of 5.24 per cent this year, marking a major increase in the last 33 years. Breaking down the wage components, regular or base salary recorded an increase of 2.2 per cent year-on-year in February, surpassing the revised figure from the previous month. However, special payments, including bonuses, saw a downturn, declining by 5.5 per cent compared to the same period last year, following a revised gain of 12.4 per cent in January. The data on real wages comes against the backdrop of a significant policy shift by the Bank of Japan, which recently announced the termination of eight years of negative interest rates and other unconventional policies. This historic move signals a departure from the central bank's longstanding focus on stimulating growth through heavy monetary stimulus. (With inputs from Reuters)

Japan's real wages decline for 23rd consecutive month in February

Chinese property developer, Shimao Group is facing a legal challenge as China Construction Bank (Asia) filed a liquidation petition against it in Hong Kong over a financial obligation amounting to HK$1,579.5 million, equivalent to $201.75 million. <o:p></o:p>

This move marks a departure from the norm, as it is unusual for a state-owned bank to initiate legal proceedings against a mainland developer outside China's borders. <o:p></o:p>

The development had a ripple effect through the market, with Shimao's Hong Kong-listed shares dropping by about 8.8 per cent in early trading. <o:p></o:p>

Shimao Group vehemently opposed the lawsuit while saying that it would proceed with its plans to restructure about $11.7 billion of offshore debt, with the intention of slashing it by 60 per cent. <o:p></o:p>

The company noted that the liquidation petition does not align with the collective interests of its offshore creditors and stakeholders. <o:p></o:p>

The petition now awaits adjudication by the Hong Kong High Court, responsible for overseeing all liquidation processes in the city.<o:p></o:p>

Amidst the tumultuous situation, Shanghai-based Shimao finds itself caught up in other rampant issues within China's property sector. <o:p></o:p>

The industry has been in upheaval since 2021 following a regulatory crackdown on high leverage among developers, triggering a liquidity squeeze. <o:p></o:p>

Unlike previous instances where mainland authorities intervened with massive stimulus measures, the response has been characterised by incremental steps aimed at revitalising the sector. <o:p></o:p>

Shimao's troubles have been complicated by its default on offshore bonds, a tight spot shared by many Chinese developers grappling with financial distress. <o:p></o:p>

In July 2022, Shimao missed interest and principal payments for a $1 billion offshore bond, resulting in its entire $11.7 billion offshore debt being in default. <o:p></o:p>

Despite laying out detailed debt restructuring terms in late March, the proposal faces opposition from a group of major bondholders, citing concerns over potential losses and the absence of upfront payments.<o:p></o:p>

The recent incident indicates the continued uncertainties within China's property market. <o:p></o:p>

Recent data suggests a tentative stabilisation compared to the grim state in the preceding year. <o:p></o:p>

Figures from the National Bureau of Statistics reveal a 9.0 per cent year-on-year decline in property investment for the first two months of 2024, a major improvement from the 24.0 per cent fall recorded in December 2023. <o:p></o:p>

Similarly, property sales by floor area registered a 20.5 per cent decrease in January-February compared to a 23.0 per cent fall in December 2023. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Chinese property developer, Shimao Group is facing a legal challenge as China Construction Bank (Asia) filed a liquidation petition against it in Hong Kong over a financial obligation amounting to HK$1,579.

Chinese property developer, Shimao Group is facing a legal challenge as China Construction Bank (Asia) filed a liquidation petition against it in Hong Kong over a financial obligation amounting to HK$1,579.5 million, equivalent to $201.75 million. This move marks a departure from the norm, as it is unusual for a state-owned bank to initiate legal proceedings against a mainland developer outside China's borders. The development had a ripple effect through the market, with Shimao's Hong Kong-listed shares dropping by about 8.8 per cent in early trading. Shimao Group vehemently opposed the lawsuit while saying that it would proceed with its plans to restructure about $11.7 billion of offshore debt, with the intention of slashing it by 60 per cent. The company noted that the liquidation petition does not align with the collective interests of its offshore creditors and stakeholders. The petition now awaits adjudication by the Hong Kong High Court, responsible for overseeing all liquidation processes in the city. Amidst the tumultuous situation, Shanghai-based Shimao finds itself caught up in other rampant issues within China's property sector. The industry has been in upheaval since 2021 following a regulatory crackdown on high leverage among developers, triggering a liquidity squeeze. Unlike previous instances where mainland authorities intervened with massive stimulus measures, the response has been characterised by incremental steps aimed at revitalising the sector. Shimao's troubles have been complicated by its default on offshore bonds, a tight spot shared by many Chinese developers grappling with financial distress. In July 2022, Shimao missed interest and principal payments for a $1 billion offshore bond, resulting in its entire $11.7 billion offshore debt being in default. Despite laying out detailed debt restructuring terms in late March, the proposal faces opposition from a group of major bondholders, citing concerns over potential losses and the absence of upfront payments. The recent incident indicates the continued uncertainties within China's property market. Recent data suggests a tentative stabilisation compared to the grim state in the preceding year. Figures from the National Bureau of Statistics reveal a 9.0 per cent year-on-year decline in property investment for the first two months of 2024, a major improvement from the 24.0 per cent fall recorded in December 2023. Similarly, property sales by floor area registered a 20.5 per cent decrease in January-February compared to a 23.0 per cent fall in December 2023. (With inputs from Reuters)

Liquidation suit hits China's Shimao Group over an unpaid $202 million loan

US Treasury Secretary Janet Yellen concluded her four-day visit to China with a pivotal meeting at the central bank, voicing the need for Chinese leaders to address excess industrial capacity and stimulate domestic demand. <o:p></o:p>

Yellen's discussions highlighted concerns regarding China's rapidly increasing exports in green-energy sectors like electric vehicles (EVs), batteries, and solar panels, assisted by considerable state support. <o:p></o:p>

These exports, she argued, risk destabilising international markets and jeopardising employment in the US and elsewhere.<o:p></o:p>

During her stay, Yellen engaged in extensive dialogues with key Chinese officials, including Premier Li Qiang and Finance Minister Lan Foan, aiming to foster mutual understanding and alleviate tensions between the world's two largest economies. <o:p></o:p>

In these meetings, Yellen advocated for a market-oriented approach towards addressing production capacity issues, noting that sustained communication channels between the US and China would be necessary.<o:p></o:p>

Despite Yellen's assertions, Chinese officials pushed back against allegations of excess capacity, advocating for a market-oriented perspective. <o:p></o:p>

Premier Li said that it was important to refrain from politicising economic and trade matters, urging a global outlook on production capacity. <o:p></o:p>

Along with Yellen's diplomatic efforts, Chinese Commerce Minister Wang Wentao said that China was committed to innovation and market competition during discussions with Chinese EV manufacturers in Paris. <o:p></o:p>

He dismissed claims of overcapacity in the EV sector, saying that the role of technological advancement and strong supply chains in driving China's rapid development would be vital. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

US Treasury Secretary Janet Yellen concluded her four-day visit to China with a pivotal meeting at the central bank, voicing the need for Chinese leaders to address excess industrial capacity and stimulate domestic demand.

US Treasury Secretary Janet Yellen concluded her four-day visit to China with a pivotal meeting at the central bank, voicing the need for Chinese leaders to address excess industrial capacity and stimulate domestic demand. Yellen's discussions highlighted concerns regarding China's rapidly increasing exports in green-energy sectors like electric vehicles (EVs), batteries, and solar panels, assisted by considerable state support. These exports, she argued, risk destabilising international markets and jeopardising employment in the US and elsewhere. During her stay, Yellen engaged in extensive dialogues with key Chinese officials, including Premier Li Qiang and Finance Minister Lan Foan, aiming to foster mutual understanding and alleviate tensions between the world's two largest economies. In these meetings, Yellen advocated for a market-oriented approach towards addressing production capacity issues, noting that sustained communication channels between the US and China would be necessary. Despite Yellen's assertions, Chinese officials pushed back against allegations of excess capacity, advocating for a market-oriented perspective. Premier Li said that it was important to refrain from politicising economic and trade matters, urging a global outlook on production capacity. Along with Yellen's diplomatic efforts, Chinese Commerce Minister Wang Wentao said that China was committed to innovation and market competition during discussions with Chinese EV manufacturers in Paris. He dismissed claims of overcapacity in the EV sector, saying that the role of technological advancement and strong supply chains in driving China's rapid development would be vital. (With inputs from Reuters)

Yellen wraps up China trip, urges action on excess industrial capacity

China's Commerce Minister, Wang Wentao, commenced his European tour with a major meeting involving leading Chinese electric vehicle (EV) manufacturers BYD and CATL. <o:p></o:p>

The assembly, held in Paris, marked the initiation of discussions ahead of the ongoing European Commission inquiry probing potential unfair advantages stemming from subsidies within China's EV industry.<o:p></o:p>

Wang's meeting with representatives from over ten enterprises, including Geely, indicated China's stance on EV development. <o:p></o:p>

Contrary to accusations of undue subsidies aiding Chinese companies, Wang said that innovation, strong supply chains, and fair market competition drive the sector's growth, not state aid. <o:p></o:p>

He assured firms of Beijing's active support in safeguarding their lawful interests.<o:p></o:p>

The discussions, as revealed by sources briefed on Wang's agenda, centre on the European Commission's investigation initiated late last year. <o:p></o:p>

Aimed at assessing if tariffs are necessary to protect European automakers from Chinese competition, the inquiry is an indication of China's lead in affordable EV models. <o:p></o:p>

The investigation is expected to conclude by November, with provisional duties possibly imposed earlier. <o:p></o:p>

Wang's itinerary also included a meeting with Renault's CEO and the acting chairman of the European Automobile Manufacturers' Association, Luca de Meo, demonstrating the broad scope of engagements during his visit. <o:p></o:p>

Additionally, he had planned to convene with executives from the cosmetics industry. <o:p></o:p>

As Wang navigates diplomatic and economic engagements in Europe, attention shifts to the broader context of global concerns regarding China's industrial capacity. <o:p></o:p>

US Treasury Secretary Janet Yellen, concurrently in China, voiced apprehensions about the adverse effects of China's industrial competition with international markets. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

China's Commerce Minister, Wang Wentao, commenced his European tour with a major meeting involving leading Chinese electric vehicle (EV) manufacturers BYD and CATL.

China's Commerce Minister, Wang Wentao, commenced his European tour with a major meeting involving leading Chinese electric vehicle (EV) manufacturers BYD and CATL. The assembly, held in Paris, marked the initiation of discussions ahead of the ongoing European Commission inquiry probing potential unfair advantages stemming from subsidies within China's EV industry. Wang's meeting with representatives from over ten enterprises, including Geely, indicated China's stance on EV development. Contrary to accusations of undue subsidies aiding Chinese companies, Wang said that innovation, strong supply chains, and fair market competition drive the sector's growth, not state aid. He assured firms of Beijing's active support in safeguarding their lawful interests. The discussions, as revealed by sources briefed on Wang's agenda, centre on the European Commission's investigation initiated late last year. Aimed at assessing if tariffs are necessary to protect European automakers from Chinese competition, the inquiry is an indication of China's lead in affordable EV models. The investigation is expected to conclude by November, with provisional duties possibly imposed earlier. Wang's itinerary also included a meeting with Renault's CEO and the acting chairman of the European Automobile Manufacturers' Association, Luca de Meo, demonstrating the broad scope of engagements during his visit. Additionally, he had planned to convene with executives from the cosmetics industry. As Wang navigates diplomatic and economic engagements in Europe, attention shifts to the broader context of global concerns regarding China's industrial capacity. US Treasury Secretary Janet Yellen, concurrently in China, voiced apprehensions about the adverse effects of China's industrial competition with international markets. (With inputs from Reuters)

China’s commerce minister leads delegation for EV firms amid EU probe

Goldman Sachs Group has warned that the implementation of steep tariffs on Chinese imports proposed by former President Donald Trump, could hamper the growth of the US economy and lead to a surge in inflation. <o:p></o:p>

According to a Bloomberg report, the investment bank's analysts outlined that every percentage point increase in the effective tariff rate could possibly reduce US growth by up to 0.15 per cent, particularly if China responds with retaliatory measures. <o:p></o:p>

Even if the resulting revenue from tariffs is utilised to finance tax cuts, leading to increased spending and investment, the impact on gross domestic product (GDP) would still be huge, with a projected minimum decline of 0.05 per cent.<o:p></o:p>

Goldman Sachs’s analysis suggests that a major escalation in tariffs could elevate core consumer prices by just over 0.1 per cent. <o:p></o:p>

This increase arises from the likelihood of firms passing on the higher costs of imports to consumers, alongside opportunistic price adjustments by domestic producers. <o:p></o:p>

As a result, heightened tariffs could lead to a temporary surge in inflation lasting for approximately a year, posing additional challenges for policymakers tasked with maintaining price stability and economic growth.<o:p></o:p>

Former President Trump's tenure was marked by an aggressive stance towards trade with China, with the imposition of tariffs on over $300 billion worth of Chinese imports. <o:p></o:p>

This move triggered retaliatory measures from Beijing, contributing to growing trade tensions between the two economic powerhouses. <o:p></o:p>

While President Joe Biden has largely maintained these tariffs, Trump has indicated intentions to further escalate trade measures if re-elected in November's presidential vote, proposing an increase in China tariffs to at least 60 per cent. <o:p></o:p>

Goldman Sachs’s analysis indicates the magnitude of the impact of Trump's proposed tariff hikes. <o:p></o:p>

The effective tariff rate on Chinese imports increased by 1.5 percentage points between 2017 and 2019, and Trump's proposals could worsen this trend, resulting in far-reaching economic consequences. <o:p></o:p>

Although higher tariffs would boost government revenues by approximately $30 billion per year, or 0.1 per cent, Goldman Sachs’s senior economist Ronnie Walker warned that the overall effect on the economy would likely be negative. <o:p></o:p>

Walker noted that the adverse effects of higher tariffs on GDP are expected to outweigh the benefits, with the decline in real income and consumer spending outweighing any reductions in the trade deficit.<o:p></o:p>

Likewise, the indirect repercussions, such as diminished business sentiment and disruptions in global supply chains, could make the negative economic impact far worse.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

Goldman Sachs Group has warned that the implementation of steep tariffs on Chinese imports proposed by former President Donald Trump, could hamper the growth of the US economy and lead to a surge in inflation.

Goldman Sachs Group has warned that the implementation of steep tariffs on Chinese imports proposed by former President Donald Trump, could hamper the growth of the US economy and lead to a surge in inflation. According to a Bloomberg report, the investment bank's analysts outlined that every percentage point increase in the effective tariff rate could possibly reduce US growth by up to 0.15 per cent, particularly if China responds with retaliatory measures. Even if the resulting revenue from tariffs is utilised to finance tax cuts, leading to increased spending and investment, the impact on gross domestic product (GDP) would still be huge, with a projected minimum decline of 0.05 per cent. Goldman Sachs’s analysis suggests that a major escalation in tariffs could elevate core consumer prices by just over 0.1 per cent. This increase arises from the likelihood of firms passing on the higher costs of imports to consumers, alongside opportunistic price adjustments by domestic producers. As a result, heightened tariffs could lead to a temporary surge in inflation lasting for approximately a year, posing additional challenges for policymakers tasked with maintaining price stability and economic growth. Former President Trump's tenure was marked by an aggressive stance towards trade with China, with the imposition of tariffs on over $300 billion worth of Chinese imports. This move triggered retaliatory measures from Beijing, contributing to growing trade tensions between the two economic powerhouses. While President Joe Biden has largely maintained these tariffs, Trump has indicated intentions to further escalate trade measures if re-elected in November's presidential vote, proposing an increase in China tariffs to at least 60 per cent. Goldman Sachs’s analysis indicates the magnitude of the impact of Trump's proposed tariff hikes. The effective tariff rate on Chinese imports increased by 1.5 percentage points between 2017 and 2019, and Trump's proposals could worsen this trend, resulting in far-reaching economic consequences. Although higher tariffs would boost government revenues by approximately $30 billion per year, or 0.1 per cent, Goldman Sachs’s senior economist Ronnie Walker warned that the overall effect on the economy would likely be negative. Walker noted that the adverse effects of higher tariffs on GDP are expected to outweigh the benefits, with the decline in real income and consumer spending outweighing any reductions in the trade deficit. Likewise, the indirect repercussions, such as diminished business sentiment and disruptions in global supply chains, could make the negative economic impact far worse. (With inputs from Bloomberg)

Goldman Sachs warns of economic consequences of Trump's proposed tariffs on China

Meta Platforms is pushing back against the US Federal Trade Commission's (FTC) efforts to amend a 2020 privacy settlement. <o:p></o:p>

Meta maintains that it had voluntarily informed the agency about two technical glitches associated with its Messenger Kids app.<o:p></o:p>

According to Meta's filing on Thursday, the company disclosed these bugs back in July 2019. <o:p></o:p>

Moreover, Meta highlighted that it has invested&nbsp;$5.5 billion in its privacy program and various related initiatives.<o:p></o:p>

The FTC has not yet provided any comments in response to Reuters' inquiries regarding this matter. <o:p></o:p>

The focal point of contention revolves around a 2020 privacy settlement with Facebook, aimed at prohibiting the monetisation of minors' data and imposing stricter limits on facial recognition technology. <o:p></o:p>

The FTC has expressed its intent to refine this existing agreement, accusing Meta of providing misleading information to parents about child protection measures.<o:p></o:p>

Earlier in March, a US appeals court made a ruling, indicating that Meta cannot prevent the FTC from reopening an investigation into Facebook's privacy practices. <o:p></o:p>

This decision came in spite of Meta's arguments that it had already paid $5 billion fine and had consented to a variety of protective measures.<o:p></o:p>

Meta has consistently denied allegations of deceiving parents regarding privacy risks. <o:p></o:p>

Last November, the company filed a lawsuit against the FTC. <o:p></o:p>

This legal challenge was framed as a broad constitutional issue, questioning the FTC's dual role as both an investigative entity and an adjudicative one.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Meta Platforms is pushing back against the US Federal Trade Commission's (FTC) efforts to amend a 2020 privacy settlement. Meta maintains that it had voluntarily informed the agency about two technical glitches associated with its Messenger Kids app.

Meta Platforms is pushing back against the US Federal Trade Commission's (FTC) efforts to amend a 2020 privacy settlement. Meta maintains that it had voluntarily informed the agency about two technical glitches associated with its Messenger Kids app. According to Meta's filing on Thursday, the company disclosed these bugs back in July 2019. Moreover, Meta highlighted that it has invested $5.5 billion in its privacy program and various related initiatives. The FTC has not yet provided any comments in response to Reuters' inquiries regarding this matter. The focal point of contention revolves around a 2020 privacy settlement with Facebook, aimed at prohibiting the monetisation of minors' data and imposing stricter limits on facial recognition technology. The FTC has expressed its intent to refine this existing agreement, accusing Meta of providing misleading information to parents about child protection measures. Earlier in March, a US appeals court made a ruling, indicating that Meta cannot prevent the FTC from reopening an investigation into Facebook's privacy practices. This decision came in spite of Meta's arguments that it had already paid $5 billion fine and had consented to a variety of protective measures. Meta has consistently denied allegations of deceiving parents regarding privacy risks. Last November, the company filed a lawsuit against the FTC. This legal challenge was framed as a broad constitutional issue, questioning the FTC's dual role as both an investigative entity and an adjudicative one. (With inputs from Reuters)

Meta clashes with US FTC over proposed changes to 2020 privacy agreement

Leading global asset manager, BlackRock, revealed that CEO Laurence Fink's total compensation for 2023 dropped by 18 per cent, settling at $26.9 million. <o:p></o:p>

This is a decline from the $32.7 million he earned in the previous year, as stated in the company's regulatory filings on Thursday.<o:p></o:p>

Founded by Fink in 1988, BlackRock oversees $10 trillion in assets as of the end of 2023 and serves clients across more than 100 countries globally. <o:p></o:p>

Although Fink made several contributions to the company's growth, he currently finds himself under the lens of London-based activist investor, Bluebell Capital Partners. <o:p></o:p>

The activist group has proposed an alteration to BlackRock's company bylaws, advocating for the chairman to be an independent director.<o:p></o:p>

BlackRock's board, however, has taken a firm stance against Bluebell's proposition and has urged shareholders to vote against it. <o:p></o:p>

This activism from Bluebell comes after their move against the New York-based asset manager about 15 months earlier.<o:p></o:p>

At that time, the investor wanted to oust CEO Fink, levelling criticisms at BlackRock for its perceived inconsistency in prioritising environmental, social, and corporate governance (ESG) issues.<o:p></o:p>

While Fink's reduced pay is grabbing headlines, it's worth noting that his compensation for 2023 consisted of a base salary of $1.5 million, a bonus of $7.9 million, stock awards valued at $16.4 million, and other compensations worth $1.09 million, according to the Securities and Exchange Commission (SEC) filings.<o:p></o:p>

Comparatively, Fink's compensation stands in contrast to the salaries received by several other Wall Street leaders. <o:p></o:p>

CEOs of major banks like Goldman Sachs, JPMorgan, Citigroup, and Morgan Stanley all saw pay hikes in 2023. <o:p></o:p>

Brian Moynihan, the CEO of Bank of America, however, experienced a pay cut after a 4 per cent dip in the bank's annual profit.<o:p></o:p>

In terms of financial performance, BlackRock reported a 6 per cent rise in profit and a 16 per cent surge in assets under management in 2023 compared to the previous year. <o:p></o:p>

Despite the political backlash faced by the company, which resulted in a loss of approximately $4 billion in assets under management, BlackRock continues to thrive.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Leading global asset manager, BlackRock, revealed that CEO Laurence Fink's total compensation for 2023 dropped by 18 per cent, settling at $26.9 million. This is a decline from the $32.

Leading global asset manager, BlackRock, revealed that CEO Laurence Fink's total compensation for 2023 dropped by 18 per cent, settling at $26.9 million. This is a decline from the $32.7 million he earned in the previous year, as stated in the company's regulatory filings on Thursday. Founded by Fink in 1988, BlackRock oversees $10 trillion in assets as of the end of 2023 and serves clients across more than 100 countries globally. Although Fink made several contributions to the company's growth, he currently finds himself under the lens of London-based activist investor, Bluebell Capital Partners. The activist group has proposed an alteration to BlackRock's company bylaws, advocating for the chairman to be an independent director. BlackRock's board, however, has taken a firm stance against Bluebell's proposition and has urged shareholders to vote against it. This activism from Bluebell comes after their move against the New York-based asset manager about 15 months earlier. At that time, the investor wanted to oust CEO Fink, levelling criticisms at BlackRock for its perceived inconsistency in prioritising environmental, social, and corporate governance (ESG) issues. While Fink's reduced pay is grabbing headlines, it's worth noting that his compensation for 2023 consisted of a base salary of $1.5 million, a bonus of $7.9 million, stock awards valued at $16.4 million, and other compensations worth $1.09 million, according to the Securities and Exchange Commission (SEC) filings. Comparatively, Fink's compensation stands in contrast to the salaries received by several other Wall Street leaders. CEOs of major banks like Goldman Sachs, JPMorgan, Citigroup, and Morgan Stanley all saw pay hikes in 2023. Brian Moynihan, the CEO of Bank of America, however, experienced a pay cut after a 4 per cent dip in the bank's annual profit. In terms of financial performance, BlackRock reported a 6 per cent rise in profit and a 16 per cent surge in assets under management in 2023 compared to the previous year. Despite the political backlash faced by the company, which resulted in a loss of approximately $4 billion in assets under management, BlackRock continues to thrive. (With inputs from Reuters)

BlackRock CEO Laurence Fink's pay slides by 18 per cent in 2023

US Treasury Secretary Janet Yellen is on a high-stakes, four-day dialogue with Chinese officials, to address the implications of China's surplus manufacturing capacity and the growing hurdles faced by American companies in the Chinese market.<o:p></o:p>

According to Reuters, Yellen's discussions with Guangdong Province Governor Wang Weizhong and Vice Premier He Lifeng indicate a continuation of the US-China economic dialogue. <o:p></o:p>

However, the tone of these talks is anticipated to be more confrontational than previous engagements.<o:p></o:p>

The Biden administration has been alarmed by China's overproduction in sectors such as electric vehicles (EVs), solar panels, and semiconductors. <o:p></o:p>

These excess products are overwhelming global markets, aggravating a domestic demand slump in China and causing distress to manufacturers in other countries.<o:p></o:p>

Yellen says that this overproduction is unfavourable both to China's economy and to producers worldwide. <o:p></o:p>

Although she has refrained from explicitly threatening new trade barriers, Yellen conveyed during her Guangzhou trip that she is open to implementing further measures to safeguard the growing American supply chain for EVs, batteries, solar power, and other commodities from competitively priced Chinese imports.<o:p></o:p>

While the US Treasury does not expect a major policy shift from China following these meetings, it considers it crucial to clarify the adverse effects of overinvestment in these sectors on the global economy.<o:p></o:p>

In contrast, Chinese state media dismisses US apprehensions about manufacturing capacity as "China-bashing," pointing out the West's historical practices of surplus products seeking markets abroad once domestic demand is fulfilled.<o:p></o:p>

Parallelly, the US Commerce Department and Chinese Commerce Ministry officials assembled in Washington to deliberate on commercial and investment issues. <o:p></o:p>

Commerce Undersecretary Marisa Lago voiced "strong concerns regarding growing overcapacity in a range of Chinese industrial sectors".<o:p></o:p>

Conversely, China's Vice Minister of Commerce, Wang Shouwen, highlighted several concerns, including US tariffs on Chinese imports, sanctions, and perceived unfair treatment of Chinese companies. <o:p></o:p>

Wang advocated for economic and trade relations between China and the United States to act as a stabilising force.<o:p></o:p>

Yellen's itinerary also includes meetings with international business leaders in Guangzhou and participation in an event hosted by the American Chamber of Commerce. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

US Treasury Secretary Janet Yellen is on a high-stakes, four-day dialogue with Chinese officials, to address the implications of China's surplus manufacturing capacity and the growing hurdles faced by American companies in the Chinese market.

US Treasury Secretary Janet Yellen is on a high-stakes, four-day dialogue with Chinese officials, to address the implications of China's surplus manufacturing capacity and the growing hurdles faced by American companies in the Chinese market. According to Reuters, Yellen's discussions with Guangdong Province Governor Wang Weizhong and Vice Premier He Lifeng indicate a continuation of the US-China economic dialogue. However, the tone of these talks is anticipated to be more confrontational than previous engagements. The Biden administration has been alarmed by China's overproduction in sectors such as electric vehicles (EVs), solar panels, and semiconductors. These excess products are overwhelming global markets, aggravating a domestic demand slump in China and causing distress to manufacturers in other countries. Yellen says that this overproduction is unfavourable both to China's economy and to producers worldwide. Although she has refrained from explicitly threatening new trade barriers, Yellen conveyed during her Guangzhou trip that she is open to implementing further measures to safeguard the growing American supply chain for EVs, batteries, solar power, and other commodities from competitively priced Chinese imports. While the US Treasury does not expect a major policy shift from China following these meetings, it considers it crucial to clarify the adverse effects of overinvestment in these sectors on the global economy. In contrast, Chinese state media dismisses US apprehensions about manufacturing capacity as "China-bashing," pointing out the West's historical practices of surplus products seeking markets abroad once domestic demand is fulfilled. Parallelly, the US Commerce Department and Chinese Commerce Ministry officials assembled in Washington to deliberate on commercial and investment issues. Commerce Undersecretary Marisa Lago voiced "strong concerns regarding growing overcapacity in a range of Chinese industrial sectors". Conversely, China's Vice Minister of Commerce, Wang Shouwen, highlighted several concerns, including US tariffs on Chinese imports, sanctions, and perceived unfair treatment of Chinese companies. Wang advocated for economic and trade relations between China and the United States to act as a stabilising force. Yellen's itinerary also includes meetings with international business leaders in Guangzhou and participation in an event hosted by the American Chamber of Commerce. (With inputs from Reuters)

Yellen confronts China over excessive production. Here are the details

Samsung Electronics anticipates a remarkable surge in its first-quarter operating profit. <o:p></o:p>

According to Reuters, the company’s profit is expected to increase more than tenfold, surpassing market predictions. <o:p></o:p>

This surge is primarily attributed to the recovery in chip prices, pushed by an increase in demand for artificial intelligence (AI).<o:p></o:p>

Although the forecast was promising, Samsung's stock faced a decline. <o:p></o:p>

Early Friday, the company's shares dropped by 1.3 per cent, coming along with a 1.1 per cent decrease in South Korea's broader market. <o:p></o:p>

Investors seem to be anxious for updates on Samsung's high-end memory chip business, which has been trailing behind its competitors.<o:p></o:p>

Samsung estimated its operating profit to be around 6.6 trillion won ($4.89 billion) for the quarter ending on March 31. <o:p></o:p>

This figure surpassed the 5.7 trillion won predicted by LSEG SmartEstimate. <o:p></o:p>

Compared to the same period last year, this marks an increase of 931 per cent. <o:p></o:p>

This expected profit could be Samsung's highest since the third quarter of 2022.<o:p></o:p>

However, it wasn't all positive news for Samsung. Although the operating profit exceeded expectations, the company's revenue fell short. <o:p></o:p>

The revenue is projected to rise by 11 per cent year-on-year, reaching 71 trillion won. This figure is slightly below the 72.3 trillion won predicted by LSEG SmartEstimate.<o:p></o:p>

Park Sung-soon, an analyst at Korea Investor Relations Service, commented on the company's performance. <o:p></o:p>

“Since revenue was mostly in line but operating profit beat expectations, the inventory valuation of NAND flash chips may have improved," Reuters quoted him as saying.<o:p></o:p>

Sung-soon also highlighted the positive reception of the new Galaxy S24 smartphones. <o:p></o:p>

He suggested that the on-device AI and high-margin premium smartphones could impact the company's performance positively.<o:p></o:p>

Samsung's chip division, historically its largest revenue generator, is on track to report its first quarterly profit in five quarters. This turnaround is due to the rebound in memory chip prices. <o:p></o:p>

The price of DRAM chips rose by about 20 per cent in the first quarter compared to the previous quarter. Meanwhile, NAND flash chip prices surged between 23 per cent to 28 per cent.<o:p></o:p>

Analysts remain optimistic about Samsung's future in the chip market. Despite lagging behind its competitor SK Hynix in the booming HBM market, Samsung is expected to catch up. <o:p></o:p>

The company plans to launch its latest and most powerful HBM chips in the third quarter.<o:p></o:p>

The recent 7.2-magnitude earthquake in Taiwan is likely to impact semiconductor supply. Analysts believe that both Samsung and SK Hynix might raise memory chip prices more than initially planned. This move could potentially strengthen their second-quarter earnings.<o:p></o:p>

In the mobile business segment, Samsung is expected to report a solid profit. This expectation follows the launch of its flagship Galaxy S24 smartphones in late January. <o:p></o:p>

According to Reuters, Eugene Investment &amp; Securities estimates that Samsung shipped 57 million smartphones during the quarter, an 8 per cent increase from the previous quarter. <o:p></o:p>

The average selling price of Samsung smartphones also rose by 30 per cent to $340 quarter-on-quarter.<o:p></o:p>

Counterpoint data provider reported that global sales of Galaxy S24 smartphones increased by 8 per cent compared to the previous Galaxy S23 series during the first three weeks of availability.<o:p></o:p>

Samsung is set to release detailed earnings on April 30.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Samsung Electronics anticipates a remarkable surge in its first-quarter operating profit. According to Reuters, the company’s profit is expected to increase more than tenfold, surpassing market predictions.

Samsung Electronics anticipates a remarkable surge in its first-quarter operating profit. According to Reuters, the company’s profit is expected to increase more than tenfold, surpassing market predictions. This surge is primarily attributed to the recovery in chip prices, pushed by an increase in demand for artificial intelligence (AI). Although the forecast was promising, Samsung's stock faced a decline. Early Friday, the company's shares dropped by 1.3 per cent, coming along with a 1.1 per cent decrease in South Korea's broader market. Investors seem to be anxious for updates on Samsung's high-end memory chip business, which has been trailing behind its competitors. Samsung estimated its operating profit to be around 6.6 trillion won ($4.89 billion) for the quarter ending on March 31. This figure surpassed the 5.7 trillion won predicted by LSEG SmartEstimate. Compared to the same period last year, this marks an increase of 931 per cent. This expected profit could be Samsung's highest since the third quarter of 2022. However, it wasn't all positive news for Samsung. Although the operating profit exceeded expectations, the company's revenue fell short. The revenue is projected to rise by 11 per cent year-on-year, reaching 71 trillion won. This figure is slightly below the 72.3 trillion won predicted by LSEG SmartEstimate. Park Sung-soon, an analyst at Korea Investor Relations Service, commented on the company's performance. “Since revenue was mostly in line but operating profit beat expectations, the inventory valuation of NAND flash chips may have improved," Reuters quoted him as saying. Sung-soon also highlighted the positive reception of the new Galaxy S24 smartphones. He suggested that the on-device AI and high-margin premium smartphones could impact the company's performance positively. Samsung's chip division, historically its largest revenue generator, is on track to report its first quarterly profit in five quarters. This turnaround is due to the rebound in memory chip prices. The price of DRAM chips rose by about 20 per cent in the first quarter compared to the previous quarter. Meanwhile, NAND flash chip prices surged between 23 per cent to 28 per cent. Analysts remain optimistic about Samsung's future in the chip market. Despite lagging behind its competitor SK Hynix in the booming HBM market, Samsung is expected to catch up. The company plans to launch its latest and most powerful HBM chips in the third quarter. The recent 7.2-magnitude earthquake in Taiwan is likely to impact semiconductor supply. Analysts believe that both Samsung and SK Hynix might raise memory chip prices more than initially planned. This move could potentially strengthen their second-quarter earnings. In the mobile business segment, Samsung is expected to report a solid profit. This expectation follows the launch of its flagship Galaxy S24 smartphones in late January. According to Reuters, Eugene Investment & Securities estimates that Samsung shipped 57 million smartphones during the quarter, an 8 per cent increase from the previous quarter. The average selling price of Samsung smartphones also rose by 30 per cent to $340 quarter-on-quarter. Counterpoint data provider reported that global sales of Galaxy S24 smartphones increased by 8 per cent compared to the previous Galaxy S23 series during the first three weeks of availability. Samsung is set to release detailed earnings on April 30. (With inputs from Reuters)

Samsung forecasts 10-fold surge in Q1 operating profit

The US Justice Department has scheduled a meeting with lawyers representing families of the victims of two fatal Boeing 737 MAX crashes. <o:p></o:p>

The crashes, occurring in 2018 and 2019, resulted in the deaths of 346 individuals. <o:p></o:p>

The upcoming meeting, which is scheduled for Tuesday afternoon, is a prelude to a larger gathering on April 24 where victims' families will directly engage with Justice Department officials.<o:p></o:p>

Reuters cited Glenn Leon, the fraud section chief of the Justice Department, who said, "As we have ... done previously, we think it would be productive to hold a lawyers-only meeting approximately two weeks before the conferral." <o:p></o:p>

This meeting follows an agreement reached between Boeing and the Justice Department in January 2021. <o:p></o:p>

As part of this agreement, Boeing paid $2.5 billion to settle a fraud conspiracy charge linked to the flawed design of the 737 MAX. <o:p></o:p>

This settlement also granted Boeing immunity from criminal prosecution for a three-year period, which concluded on January 7.<o:p></o:p>

Despite this immunity, the Justice Department retains the right to assess whether Boeing has complied with the terms of the 2021 agreement. <o:p></o:p>

An insider familiar with the matter told Reuters that the Justice Department is investigating other violations by Boeing. <o:p></o:p>

These violations, if proven, could lead towards criminal prosecution against the aerospace company.<o:p></o:p>

The scheduled meetings are specifically related to the 737 MAX fatal crashes and not the mid-air incident involving a Boeing plane in January. <o:p></o:p>

This distinction is crucial as the recent mid-air emergency has intensified government scrutiny and pressure on Boeing. <o:p></o:p>

Families of the victims of the previous fatal incidents have expressed dissatisfaction with the settlement, which they believed allowed Boeing to evade criminal prosecution.<o:p></o:p>

On other lines, the FBI has informed passengers of an Alaska Airlines Boeing 737 MAX 9 flight on March 19 that they could possibly be victims of a crime. <o:p></o:p>

Letters reviewed by Reuters revealed that the FBI had identified the passengers "as a possible victim of a crime" and that an ongoing criminal investigation was underway. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The US Justice Department has scheduled a meeting with lawyers representing families of the victims of two fatal Boeing 737 MAX crashes. The crashes, occurring in 2018 and 2019, resulted in the deaths of 346 individuals.

The US Justice Department has scheduled a meeting with lawyers representing families of the victims of two fatal Boeing 737 MAX crashes. The crashes, occurring in 2018 and 2019, resulted in the deaths of 346 individuals. The upcoming meeting, which is scheduled for Tuesday afternoon, is a prelude to a larger gathering on April 24 where victims' families will directly engage with Justice Department officials. Reuters cited Glenn Leon, the fraud section chief of the Justice Department, who said, "As we have ... done previously, we think it would be productive to hold a lawyers-only meeting approximately two weeks before the conferral." This meeting follows an agreement reached between Boeing and the Justice Department in January 2021. As part of this agreement, Boeing paid $2.5 billion to settle a fraud conspiracy charge linked to the flawed design of the 737 MAX. This settlement also granted Boeing immunity from criminal prosecution for a three-year period, which concluded on January 7. Despite this immunity, the Justice Department retains the right to assess whether Boeing has complied with the terms of the 2021 agreement. An insider familiar with the matter told Reuters that the Justice Department is investigating other violations by Boeing. These violations, if proven, could lead towards criminal prosecution against the aerospace company. The scheduled meetings are specifically related to the 737 MAX fatal crashes and not the mid-air incident involving a Boeing plane in January. This distinction is crucial as the recent mid-air emergency has intensified government scrutiny and pressure on Boeing. Families of the victims of the previous fatal incidents have expressed dissatisfaction with the settlement, which they believed allowed Boeing to evade criminal prosecution. On other lines, the FBI has informed passengers of an Alaska Airlines Boeing 737 MAX 9 flight on March 19 that they could possibly be victims of a crime. Letters reviewed by Reuters revealed that the FBI had identified the passengers "as a possible victim of a crime" and that an ongoing criminal investigation was underway. (With inputs from Reuters)

US Justice Department to discuss Boeing 737 MAX crashes with victim families' lawyers

The Monetary Policy Committee (MPC), led by RBI governor Shaktikanta Das, maintained the benchmark repo rate at 6.5 per cent as anticipated. <o:p></o:p>

This was the first RBI MPC meeting of the new fiscal year, and experts and economists predicted that the RBI would maintain the current repo rate,&nbsp;given the uncertainty surrounding the global economy and the fact that the US Federal Reserve has not yet begun its cycle of rate cuts. <o:p></o:p>

Commenting on the news, Adhil Shetty, CEO of Bankbazaar.com said, “The central bank's strategy reflects careful consideration of robust economic indicators, amidst factors such as monsoon performance, US federal decisions, and overall economic growth, ensuring continued high growth prospects for the country.”<o:p></o:p>

He also noted that, as inflation starts to decline and food prices stay within predicted bounds, rates are now anticipated to possibly change by the end of the year. The Reserve Bank of India's cautious approach suggests that it has carefully considered the effects of past rate changes and economic data before considering any adjustments.<o:p></o:p>

According to Shetty, “This decision also has implications for banks and financial institutions, particularly concerning lending rates like home loan interest rates, which are linked to the RBI’s repo rate.”<o:p></o:p>

Homebuyers can be assured about consistent loan interest rates if there is a stable repo rate, which is beneficial for both new and current loans with floating rates, according to Shetty. <o:p></o:p>

“Stable interest rates not only enhance affordability for potential homebuyers but also foster consumer confidence, thereby sustaining demand in the real estate market,” he added.<o:p></o:p>

Shetty mentioned that fixed deposit (FD) interest rates are likely to remain stable when influenced by factors like the RBI’s policies, such as the repo rate, being unchanged. <o:p></o:p>

He added that this stability benefits FD investors, particularly those looking for predictable income streams, like retirees and conservative investors who prioritise capital preservation and regular earnings.<o:p></o:p>

The Monetary Policy Committee (MPC), led by RBI governor Shaktikanta Das, maintained the benchmark repo rate at 6.5 per cent as anticipated. This was the first RBI MPC meeting of the new fiscal year, and experts and economists predicted that the RBI would maintain the current repo rate, given the uncertainty surrounding the global economy and the fact that the US Federal Reserve has not yet begun its cycle of rate cuts.

The Monetary Policy Committee (MPC), led by RBI governor Shaktikanta Das, maintained the benchmark repo rate at 6.5 per cent as anticipated. This was the first RBI MPC meeting of the new fiscal year, and experts and economists predicted that the RBI would maintain the current repo rate, given the uncertainty surrounding the global economy and the fact that the US Federal Reserve has not yet begun its cycle of rate cuts. Commenting on the news, Adhil Shetty, CEO of Bankbazaar.com said, “The central bank's strategy reflects careful consideration of robust economic indicators, amidst factors such as monsoon performance, US federal decisions, and overall economic growth, ensuring continued high growth prospects for the country.” He also noted that, as inflation starts to decline and food prices stay within predicted bounds, rates are now anticipated to possibly change by the end of the year. The Reserve Bank of India's cautious approach suggests that it has carefully considered the effects of past rate changes and economic data before considering any adjustments. According to Shetty, “This decision also has implications for banks and financial institutions, particularly concerning lending rates like home loan interest rates, which are linked to the RBI’s repo rate.” Homebuyers can be assured about consistent loan interest rates if there is a stable repo rate, which is beneficial for both new and current loans with floating rates, according to Shetty. “Stable interest rates not only enhance affordability for potential homebuyers but also foster consumer confidence, thereby sustaining demand in the real estate market,” he added. Shetty mentioned that fixed deposit (FD) interest rates are likely to remain stable when influenced by factors like the RBI’s policies, such as the repo rate, being unchanged. He added that this stability benefits FD investors, particularly those looking for predictable income streams, like retirees and conservative investors who prioritise capital preservation and regular earnings.

RBI Monetary Policy: Repo rate kept on hold at 6.5pc