Business

[ad_1] In a fresh attack on overseas manufacturing, US President Donald Trump has warned Apple that iPhones not made in the United States could face a 25% tariff, and other smartphone makers like Samsung may not be spared either.Speaking on Truth Social and later to reporters at the White House, Trump said he expects Apple and its CEO Tim Cook to move production from countries like India back to the United States. “I have long ago informed Tim Cook of Apple that I expect their iPhone’s that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else,” he posted Friday. “If that is not the case, a Tariff of at least 25% must be paid by Apple to the US.”He added in person, “It would be more. […]

[ad_1] NEW DELHI: The Telangana Gig and Platform Workers' Union (TGPWU) has raised concerns with the state's Labour Department regarding alleged "exploitative practices" by Zepto. The quick commerce platform has denied these allegations.In a letter to officials and Zepto’s CEO, the union claimed workers are denied basic labour protections despite their key role in deliveries. Zepto has rejected the allegations."The per-delivery rate has been drastically reduced, with workers earning as little as Rs 10-15 per order. There is no guaranteed minimum income despite long working hours," the letter read."The 10-15 minute delivery deadlines force workers to drive at unsafe speeds, increasing the risk of road accidents. Speed is prioritised over safety," it added.The union reported issues including arbitrary penalties, unclear rating systems, and account blocks without proper grievance procedures. TGPWU noted the absence of basic facilities at dark stores and […]

[ad_1] In 2024, more than 1.65 lakh Schengen visa applications from India were denied, resulting in a financial loss of nearly Rs 136 crore in non-refundable fees. With each application costing an average of €85 (Rs 8,270), India ranked third globally in terms of money lost to visa rejections, after Algeria and Turkey, according to data from the European Commission cited by Conde Nast Traveller.Out of 11.08 lakh applications submitted by Indian travelers, only 5.91 lakh were approved, while 1.65 lakh were rejected. The rejection rate stood at nearly 15%. Countries with the highest visa rejection costs for Indian Applicants:France: 31,314 rejections; Rs 25.8 crore lostSwitzerland: 26,126 rejections; Rs 21.6 crore lostGermany: 15,806 rejections; Rs 13 crore lostSpain: 15,150 rejections; Rs 12.5 crore lostNetherlands: 14,569 rejections; Rs 12 crore lostIn total, Indian applicants spent nearly Rs 916 crore on Schengen […]

[ad_1] The Indian rupee broke a three-day losing streak on Friday, appreciating by 50 paise to settle at Rs 85.45 against the US dollar, buoyed by a sharp decline in the dollar index and strong performance in domestic equities.A rise in global risk appetite also supported the local currency, despite lingering pressure from crude oil prices and foreign fund outflows.The rupee, which had dropped 53 paise over the previous three sessions, witnessed heavy volatility in the interbank foreign exchange market. It opened at Rs 85.95 and swung between an intraday high of Rs 85.11 and a low of Rs 86.10, before settling at 85.45—marking a significant recovery from Thursday's close of Rs 85.95.Forex analysts attributed the rebound primarily to a broad-based weakness in the greenback. "We expect the rupee to trade with a positive bias on underlying weakness in the […]

[ad_1] Wipro Executive Chairman Rishad Premji's remuneration more than doubled to $1.6 million (about Rs 13.7 crore) but was still less than company CEO Srinivas Pallia's earnings of $6.2 million (about Rs 53.64 crore) in the fiscal year ended March 31, 2025, according to the company's latest annual report.Premji, in the fiscal year 2023-24, did not take any commission since the company's incremental consolidated net profit for the year was negative, and took a pay cut of about 20 per cent with a salary of $769,456 (about Rs 6.4 crore), PTI reported.However, during the 2024-25 fiscal year, with the Bengaluru-headquartered firm reporting an 18.9 per cent rise in net profit to Rs 13,135.4 crore, Premji's remuneration more than doubled to $1.6 million (about Rs 13.7 crore) in FY25, from $769,456 (about Rs 6.4 crore) in FY24, Wipro's 20-F filings with […]

[ad_1] Apple Inc.’s shares plunged 4% to a low of $193.46 on Friday after US President Donald Trump threatened to impose a new 25% levy on the iPhone maker if it continues manufacturing devices outside the United States.The warning came amid escalating trade tensions, as Trump also proposed a sweeping 50% tariff on goods from the European Union.As of 11:07 am ET, Apple shares were trading at $195.94, down 2.69%.The announcement, made via a series of posts on Trump's Truth Social platform, rattled investor confidence and triggered a broad sell-off on Wall Street. "I am recommending a straight 50% Tariff on the European Union, starting on June 1, 2025," Trump stated, expressing frustration with ongoing trade negotiations with the bloc, which he claimed "are going nowhere."Major technology stocks including Microsoft, NVIDIA, Amazon, Alphabet, and Meta also registered losses of up […]

[ad_1] The Reserve Bank of India (RBI) on Friday announced it will pay a record dividend of Rs 2.69 lakh crore to the government for the fiscal year ended March 2025, marking a 27.4 percent increase from the Rs 2.1 lakh crore transferred in 2023-24.The dividend pay-out for 2022-23 had stood at Rs 87,416 crore.This decision was made at the 616th meeting of the RBI Central Board of Directors, chaired by Governor Sanjay Malhotra, PTI reported. During the meeting, the board reviewed the global and domestic economic outlook, including associated risks.The board also evaluated the Reserve Bank’s performance for the year April 2024 to March 2025 and approved the Annual Report and Financial Statements for FY25.The transferable surplus was determined based on the revised Economic Capital Framework (ECF), which was approved by the Central Board on May 15, 2025.“The Board...approved […]

[ad_1] Equity benchmark indices Sensex and Nifty rebounded sharply by nearly 1 per cent on Friday, driven by buying in heavyweight stocks such as Reliance Industries, HDFC Bank, and ITC.Investor sentiment was further supported by expectations of a record dividend from the Reserve Bank of India (RBI) and easing US treasury yields, traders said.After a flat start, the 30-share BSE Sensex climbed 769.09 points, or 0.95 per cent, to close at 81,721.08. During the day, it had surged as much as 953.18 points, or 1.17 per cent, to 81,905.17, PTI reported.On the BSE, 2,361 stocks advanced, 1,589 declined, and 156 remained unchanged.The NSE Nifty gained 243.45 points, or 0.99 per cent, to settle at 24,853.15.For the week, the BSE benchmark fell 609.51 points, or 0.74 per cent, while the Nifty declined 166.65 points, or 0.66 per cent.“The domestic market has […]

[ad_1] India’s foreign exchange reserves fell by $4.888 billion to $685.729 billion for the week ended May 16, the Reserve Bank of India (RBI) reported on Friday. This follows a rise of $4.553 billion to $690.617 billion recorded in the previous week. The country’s forex reserves had reached a record high of $704.885 billion in September 2024.For the week ended May 16, foreign currency assets—a key component of the reserves—increased by $279 million to $581.652 billion, according to RBI data released on Friday, PTI reported. These assets reflect the impact of appreciation or depreciation of non-US currencies such as the euro, pound, and yen held in the reserves.After a sharp increase of $4.52 billion in the prior week, gold reserves declined by $5.121 billion to $81.217 billion during the reporting period.Special Drawing Rights (SDRs) fell by $43 million to $18.49 […]

[ad_1] Goldman Sachs India Equity Portfolio, a subsidiary of Goldman Sachs, acquired approximately 11 lakh shares of TD Power Systems through block deals on Thursday. The purchase, amounting to Rs 50.30 crore, was made at a price of Rs 460 per share — reflecting a 7% discount compared to the previous day’s closing price of Rs 494.10 on the NSE, according to an ET report.As of March 31, 2025, Goldman Sachs held a 3.11% stake in the Bengaluru-headquartered company.On Friday, shares of TD Power Systems ended at Rs 483 on the NSE, down Rs 10.75 or 2.18%. Founded in April 1999, TD Power Systems manufactures generators and motors, and operates sales offices in Germany, Turkey, Japan, and the USA.The stock is currently trading above its 50-day and 200-day simple moving averages (SMAs) of Rs 411 and Rs 407, respectively. However, […]