Business

[ad_1] Greenfield corridor (File photo) The Bihar government is gearing up to establish special industrial zones across the state, riding high on the success of the Bihar Business Connect 2024 summit, where investment proposals worth Rs 1.81 lakh crore were received. According to Industries Secretary Bandana Preyashi, these zones will be strategically developed under the state’s upcoming industrial policy, which is currently in its final stages of preparation.Speaking to PTI, Preyashi said the new industrial zones will be tailored to suit the strengths and resources of each district. “The government, under the state's new industrial policy, will set up special industrial zones, keeping the potential of an area in mind, in almost all districts of the state,” she said. These zones will focus on the specific agricultural produce of the region, existing handicraft industries, and the availability of labour.Highlighting the […]

[ad_1] NEW DELHI: Foreign Portfolio Investors (FPIs) have pulled out Rs 31,575 crore from Indian equity markets so far in April, spooked by mounting global uncertainty stemming from sweeping tariffs imposed by the United States on several countries, including India.This sharp outflow follows a net investment of Rs 30,927 crore in just six trading sessions between March 21 and March 28, which had briefly lifted sentiment and reduced March’s total net outflow to Rs 3,973 crore, according to data from the depositories.By comparison, FPI outflows were steeper in the earlier months—Rs 34,574 crore in February and a massive Rs 78,027 crore in January. While April’s numbers reflect continued volatility, the pace of selling has moderated somewhat, indicating an evolving sentiment among global investors.PTI noted that between April 1 and April 11 alone, FPIs withdrew Rs 31,575 crore from equities, taking […]

[ad_1] In a rare emergency session on Saturday, UK lawmakers cut short their Easter break to pass legislation rescuing the country's last fully integrated steel plant from imminent closure.Prime Minister Keir Starmer called the extraordinary session — only the sixth of its kind since World War II — to pass a bill aimed at halting plans by British Steel’s Chinese owner, Jingye Group, to shutter the two blast furnaces at the Scunthorpe plant in northern England.The legislation grants sweeping powers to Business Secretary Jonathan Reynolds, enabling him to direct British Steel’s board, secure pay for the plant’s 3,000 workers, and order raw materials needed to keep the furnaces running. Without immediate action, the blast furnaces — critical for producing virgin steel — risked a permanent shutdown due to canceled orders and lack of essential inputs like iron pellets and coking […]

[ad_1] Furniture manufacturers in southern Malaysia are rushing to fulfil orders for American customers, racing against time as they prepare for a potential tariff hike under former US President Donald Trump’s trade policy.Trump, who has proposed a 24% tariff on all imports from Malaysia, announced this week that most countries would instead receive a 10% rate for a 90-day period. Exporters in Malaysia have interpreted the move as a countdown to maximize shipments before steeper duties take effect, the Associated Press reported.In Muar, a major furniture production hub in Johor state, workers at factories were operating at full tilt Friday. The city is central to Malaysia’s furniture industry, and the United States is its largest export market — accounting for around 60% of total exports, according to AP.At the Corporate Specialist kitchen furniture factory, workers loaded container after container bound […]

[ad_1] US businesses that rely heavily on Chinese manufacturing are reeling after former President Donald Trump imposed sweeping new tariffs on imports from China — raising them to an unprecedented 145% in retaliation for what he called unfair trade practices.As reported by the Associated Press, the dramatic tariff hikes — rolled out unpredictably and at speed — have stunned American importers. Rick Woldenberg, CEO of Learning Resources, a Chicago-area educational toy company, said he planned for a 40% tariff hike but was blindsided when the rate jumped more than threefold.Woldenberg’s company, which has made products in China for four decades, now faces an estimated $100 million tariff bill for 2025, up from $2.3 million last year. “Honest to God, no exaggeration: It feels like the end of days,” he told AP.Trump’s tariff escalation follows years of rising tensions between the […]

[ad_1] India joined 62 other nations in voting in favour of the world’s first-ever global carbon tax on the shipping industry, a landmark decision adopted by the United Nations’ shipping agency in London on Friday, PTI reported.The measure, passed after a week of intense negotiations at the International Maritime Organisation (IMO), aims to cut greenhouse gas emissions from ships and accelerate the transition to cleaner maritime technologies. The tax is set to take effect from 2028 and marks the first time a global carbon pricing mechanism has been imposed on an entire industry.Under the new framework, ships will either have to switch to low-emission fuels or pay a fee based on the level of pollution they produce. According to estimates, the tax could generate up to USD 40 billion by 2030.While hailed as a significant step forward for global climate […]

[ad_1] India’s semiconductor industry is set to undergo rapid growth, with end-demand revenues expected to double from $54 billion in 2025 to $108 billion by 2030, a new report by financial services firm UBS revealed.The report projected that the country's semiconductor market will grow at a 15 per cent compound annual growth rate (CAGR) over the five-year period. This growth pace, driven by India’s young population, increasing use of advanced chips by businesses, and supportive government policies, is faster than the global average.The UBS report, quoted by ANI, also highlighted that localisation efforts will play a key role, contributing around $13 billion in revenues by 2030.At present, India holds just 0.1 per cent of global wafer capacity, spends about 1 per cent on semiconductor equipment annually, and accounts for 6.5 per cent of global semiconductor demand. Despite these modest figures, […]

[ad_1] Authorities across Central Europe are scrambling to contain an outbreak of foot-and-mouth disease that has led to the culling of thousands of animals and prompted border closures between Hungary, Slovakia, and Austria.The outbreak was first detected in early March on a cattle farm in northwestern Hungary. Within weeks, cases were confirmed on three farms in neighboring Slovakia, as reported news agency AP. Additional infections have since been reported on three more farms in both Hungary and Slovakia — marking the first known outbreak of the disease in either country in over 50 years.Sándor Szoboszlai, a local entrepreneur and hunter in the Hungarian town of Levél — where nearly 3,000 cattle were culled — described the chaos the outbreak has caused. "Everything is completely upside down," Szoboszlai told the Associated Press. “We didn’t even think such a thing could happen. […]

[ad_1] MUMBAI: After a mid-week gap, trading on Dalal Street resumed on Friday and the sensex rose over a 1,000 points, mainly on the back of a record Wall Street rally on Wednesday which came after US president Donald Trump announced a pause on introduction of reciprocal tariffs on all countries except China. In the process domestic investors on Friday also ignored Thursday's sell-off in the US markets.At close of session, sensex was up 1,310 points or 1.8% at 75,157 points while Nifty closed 429 points or 1.9% up at 22,829 points.The day's feel-good rally made investors richer by about Rs 7.7 lakh crore with BSE's market capitalisation now at Rs 401.6 lakh crore.According to Ajit Mishra, SVP - Research, Religare Broking, the US decision to defer tariffs for all countries except China eased recession concerns, boosting investor sentiment and […]

[ad_1] MUMBAI: The rupee closed at 86.04 against the dollar on Friday, gaining 64 paise from Wednesday's close. However, it ended the week 0.9% weaker, marking its worst weekly performance in two months. The decline followed last weekend's rally when the currency had strengthened to 84.97.The rupee's recovery came as the dollar weakened globally. The dollar index dropped 0.7%, hitting a three-year low amid rising concerns of a US recession. The shift in US trade policy and its fallout have driven investor sentiment away from US assets, benefiting Asian currencies. The offshore Chinese yuan edged up 0.1%, while the euro climbed 1.4% to $1.13.China raised tariffs on US goods to 125% in response to the US imposing 145% tariffs. The US had announced a 90-day pause in tariffs for all countries except China. The euro, yen, and Swiss franc gained […]