BUSINESS
JPMorgan Predicts Economic Downturn Amid Tariff Concerns: Job Losses and GDP Slump Expected
The company's chief U.S. economist, Michael Feroli, stated in a Friday night investor report that the GDP of the nation would more likely decline due to the burden imposed by the tariffs.
U.S. Implements New 10% Tariff, Disrupting Global Trade Norms
The initial 10% tariff went into effect at 12:01 a.m. ET (0401 GMT) on all U.S. ports of entry, both seaports and airports, as well as customs centers. This represents an absolute departure by Trump from the post-WWII international system of negotiated tariffs, adopting instead a unilateral approach.
China Retaliates with 34% Tariffs on All U.S. Imports Starting April 10
Multiple media outlets have reported that China's newly announced tariffs will come into effect on April 10.
India’s Forex Reserves Climb to 5-Month High, Hitting $665.4 Billion
This is the fourth straight week of rise in the nation's forex reserves, indicating a turnabout from the previous fall owing to valuation fluctuations and market interventions by the RBI.
India has advantage over Asian peers after US tariff hikes, reported by SBI
Most importantly, India has been subjected to the lowest tariff increase among major Asian economies. Compared to this, China has been slapped with a 34% duty, Thailand 36%, Indonesia 32%, and Vietnam a whopping 46%.
Trump Claims China 'Panicked' as Markets Tumble Further
The stock market response was quick and brutal. Wall Street experienced a sharp selling with all major indices declining over 3% during early trading. The Nasdaq Composite, which is weighted with technology stocks, dropped 4%.
LIC Refutes USTR Claims, Asserts No Special Treatment from Government or Regulators
In a statement issued on Friday, LIC made it clear that it is subject to the same regulatory regime as any other insurance firm. "LIC is treated equally like any other insurer by the Regulators and Government," the statement said, asking the USTR to make a more balanced and fact-based understanding of its role.
India's Services Sector Maintains Strong Growth in March
Meanwhile, the HSBC India Composite PMI Output Index rose to a seven-month high of 59.5, from February's 58.8, as another month of strong growth was recorded.
India Becomes World’s 2nd Largest Unicorn Hub, Total Valuation Tops $220 Billion
The report, launched by Nasscom and Zinnov in association with the 'Startup Mahakumbh' event, noted that unicorns represented 33% of the total funding raised in 2024.
India Ranks 2nd in Global Unicorn Creation, Total Valuation Exceeds $220 Billion
The report, authored by Nasscom and consulting firm Zinnov in conjunction with the 'Startup Mahakumbh' event, showed that unicorns represented 33% of the aggregate tech startup funding this year.
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