Samsung electronics is defying expectations as their quarter three profits stage a comeback. the global tech giant announced a preliminary profit drop of 78%, surpassing forecasts as the troubled memory chip market shows early signs of revival.

Samsung beats market expectations

In a major development from the European Union, plans are underway to reshape the future of membership expansion. The core of the proposal revolves around two key components: First, providing substantial financial aid to these aspiring members to accelerate their reform efforts. Secondly, the EU aims to grant these candidate nations early access to the lucrative single market.

EU's growth plan for countries

Russia is making waves in the global oil market as it sells oil to India at nearly 80 dollars per barrel, a significant premium over western prices. This surge in prices is primarily driven by tight global oil markets and production cuts by key OPEC+ producers, including Russia and Saudi Arabia. As of mid-July, Urals crude has consistently traded above the western price cap of 60 dollars per barrel.

Russian oil sales surge in India

China's economy is showing signs of weakness, and Xi Jinping is now backing the decades-old mantra of reform and opening up. The storm clouds persist, as data shows missed growth expectations, and consumers remain cautious. Analysts say China’s economic miracle was not that miraculous. The country’s high-octane ascent over the past 40 years is, in reality, a triumph of basic economic principles.

Storm clouds: Xi Jinping backs economic reforms after redirecting Chinese business inward | Details

Auto giants Hyundai & Kia are recalling a combined 3.37 million vehicles in the United States due to the risk of engine fires. The South Korean automakers are telling car owners to park outside and away from structures until repairs are complete. The automakers say internal brake fluid leaks can cause an electrical short that could lead to a fire.

Hyundai & Kia to recall 3.37 mn US vehicles over fire risks | World Business Watch

India's diamond trade bodies are seeking an import ban for two months to manage supplies and bolster prices amid sluggish demand. In a letter, leading diamond trade bodies, including the gems and jewellery export promotion council, are urging their members to halt imports of rough diamonds for a two-month period, from October 15th to December 15th.

India's diamond sector seeks import ban | World Business Watch

Sri Lanka's bid for financial stability faces a significant setback. The international monetary fund, in its first review under a 2.9 billion dollar bailout package has frozen a crucial 330 million dollar tranche. The reason behind this decision is a growing concern over a potential shortfall in the Sri Lankan government's revenue generation.

IMF stalls $330 mn tranche for Sri Lanka due to revenue shortfall

In what has triggered a massive debate within the company, Shell CEO Wael Sawan has come under pressure over his strategy after two employees issued a rare open letter, urging him not to reduce investments in renewable energy. The open letter, posted earlier this month on shell's internal web, comes after Sawan outlined plans to slow investment in renewables and low-carbon business as part of a strategy to boost profits.

Shell employees' open letter sparks row

JP Morgan is placing its bets on India as it emerges as one of the three fastest-growing markets in the Asia Pacific region for the upcoming year. As of the financial year ending march 31, 2024, India is projected to achieve a 6.5% growth rate, outpacing other major economies. This robust growth is driving global corporations like apple and tesla to ramp up their production and manufacturing efforts within the country.

India emerges as a top growth market for JP Morgan in Asia Pacific | World Business Watch

Byju's is set to undergo a significant transformation. The company, valued at 22 billion dollars just last year, is gearing up for a restructuring plan. New leadership, in the form of India CEO Arjun Mohan, is driving this change by consolidating various business verticals.

Byju's restructuring plan unveiled | World Business Watch

The US house and Senate find themselves on sharply divergent paths in a high-stakes spending battle, just days away from a deadline that could force wide swaths of the government to grind to a halt for the fourth time in a decade. The democratic-controlled senate is poised to vote on a bipartisan stopgap funding bill, a temporary measure to keep the government running past the impending midnight deadline on Saturday.

Navigating the US shutdown threat | World Business Watch

According to Goldman Sachs, credit card companies are facing their highest losses in nearly three decades, except for during the great financial crisis. Report decodes what it means for the global economy.

Credit card companies struggle despite loan growth

Indian banks, despite recent pledges to attain net-zero emissions by the year 2070, are under scrutiny for their sluggish response to climate-related challenges. A report published by climate risk horizons has underscored a substantial deficiency in the Indian banking industry's readiness to tackle climate risks.

Banks' climate preparedness gap threatens India's stability

China’s Ministry of Foreign Affairs has unveiled a series of changes aimed at simplifying and expediting the procedure for international travelers. Applicants are now required to disclose their travel history from the past year, as opposed to the previous five-year requirement.

China simplifies visa application process to boost tourism

The widest liquidity deficit in more than four years is grappling India's banking system. The nation's financial institutions are facing unanticipated difficulties due to record central bank borrowings and a significant outflow of funds for tax payments.

India's banking system faces severe liquidity deficit | Word Business Watch

Aiming to reinvigorate its manufacturing sector, India is set to offer incentives of up to 2.2 billion dollars, or 180 billion rupees, across six new sectors. this movement is a part of India's large production-linked incentive scheme, launched in 2020, targeting 14 sectors.

India to unleash $2.2 bn incentives for manufacturing surge | World Business Watch

More of the united auto workers (UAW) workers will begin a strike at the sites of General Motors, Ford Motor, and Stellantis NV on Friday at noon if significant progress is not made toward new labour contracts.

UAW issues strike ultimatum to big three automakers | World Business Watch

Investors believe that Microsoft will see stronger growth and significantly lower china risk, thus the software juggernaut is bridging the stock market gap with Apple. With the maker of the iPhone at the center of a heated dispute with China, Microsoft has seen its stock price rise more quickly than Apple this month.

Microsoft gains ground on Apple in stock market race | World Business Watch

Tensions are rising in eastern Europe as Ukraine prepares to take legal action against its neighboring countries in a trade dispute. Ukraine plans to sue Poland, Hungary, and Slovakia in the world trade organization over their bans on Ukrainian agricultural products.

Ukraine plans lawsuit against Poland, Hungary, & Slovakia | World Business Watch

Treasury Secretary Janet Yellen has indicated that it is too early to determine what effect the strike in the US car sector may have on the economy.

Yellen cautious on auto strike effects | World Business Watch

India's growth potential, coupled with its relatively lower exposure to geopolitical risks, is positioning it as a rising star in global financial markets while China grapples with challenges that have led to a retreat of foreign funds.

India benefits from investor exodus in China

China and India are two major Asian economies, they are experiencing contrasting trajectories in Global Financial markets. China's clout is diminishing while India is gaining prominence.

India benefits from investor exodus in China; Foreign investors dump Chinese stocks | World DNA

Canada's housing crisis is taking a toll on the popularity of the government, with Finance Minister Chrystia Freeland acknowledging the enormity of the challenge.

Canada finance minister acknowledges housing crisis challenge

As France seeks to discover new measures to manage inflation without adding to large amounts of public money already spent, the French government wants to enable fuel stations to sell at a loss, bypassing a regulation from 1963.

France's radical solution: Fuel discounts amid inflation | World Business Watch

Developing nations have come together to declare September 16th as the annual 'day of science, technology, and innovation in the south.' This declaration was made during a two-day summit where the g77 group, representing 134 countries, expressed deep concern over the existing disparities between developed and developing nations.

G77 summit addresses global disparities in tech & knowledge

The US multinational company Halliburton is currently involved in a major scandal involving the export of equipment to Russia. The Guardian reveals in an exclusive report that despite announcing the closure of its operations in the country, customs records tell that more than $7.1 million worth equipment have been exported to Russia.

US-Russia business deal: US multinational Halliburton embroiled in a major scandal

After the market’s closing bell on Wednesday, NVIDIA's shares surged by an impressive 6% in extended trading. The company has shattered estimates for its fiscal second quarter, while also sharing a highly optimistic outlook for the current period. The chipmaker reported earnings of $2.70 per share, surpassing the anticipated $2.09 per share according to Refinitiv. Revenue also exceeded predictions, with NVIDIA earning $13.51 billion compared to the estimated $11.22 billion. Net income skyrocketed from $656 million, or 26 cents per share, a year ago to an impressive $6.19 billion, or $2.48 a share, this quarter. Revenue doubled from the previous year to $6.7 billion, marking an 88% increase from the previous quarter.

NVIDIA’s Q2 beats expectations

China plans to allow local governments to sell $205.9 billion of special financing bonds to help 12 regions repay debt, Caixin reported. China’s central bank and financial regulators met with bank executives and told lenders again to boost loans to support a recovery, adding to signs of heightened concern from policymakers about the deteriorating economic outlook.

China local governments to sell $206 billion of financing debt

Asia-pacific markets began the day with decline as investors digested a mix of factors including Japan's recent inflation figures and fresh challenges in China's real estate sector.

Asian markets open lower; US stocks extend losing run | World Business Watch

A Bloomberg report quoting sources showed Chinese officials ordered state-owned banks to intervene more in the currency market this week to curb yuan volatility. The Bloomberg sources also said that senior Chinese authorities are contemplating reducing banks' foreign-exchange reserve requirements to slow currency depreciation.

China orders banks to intervene to stem Yuan's fall | World Business Watch

After the Rouble dropped to levels not seen before the Ukraine War, Russia is considering reinstating capital restrictions. A Bloomberg report quoting four sources showed that a proposal to mandate sales of export revenues was discussed during a meeting between the government and exporters on Monday before the bank of Russia announced an emergency rate hike. Two of those Bloomberg sources said no progress was made, and another meeting may be scheduled for later this week.

Russia plan capital controls to stem Rouble slump | World Business News

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