BUSINESS
India likely to have Taiwanese semi-conductor hub after inking FTA
According to various reports India and Taiwan signed a landmark Bilateral Investment Agreement in 2018 to promote investment flow between the two sides. The Agreement seeks to ensure protection for Taiwanese investments in line with international standards, as well as the safety and rights of Taiwanese investors in India. India's latest 'Act East Policy' and Taiwan's 'Southbound Policy' too buttress the economic cooperation between the two.
European Central Bank to raise interest rates for the first time since 2011
Resisting calls for a 0.5 per cent increase next month, the ECB's governing council said the base rate for the 19-member currency bloc would be raised by 0.25 per cent with a further, and possibly larger increase scheduled for September, The Guardian reported. Monthly injections of electronic funds into the economy, known as quantitative easing, will also be stopped in July.
India approves bilateral pact with UAE on industries, advanced technologies
Growing India-UAE economic and commercial relations contribute to the stability and strength of a rapid diversifying and deepening bilateral relationship between the two countries. India-UAE bilateral trade, valued at $180 million (Rs 1,373 crore) per annum in the 1970s, has increased to $60 billion (Rs.4.57 lakh crore) making the UAE, India's third largest trading partner for 2019-20 after China and the US.
Record $14.5 bn investment in Indian renewable energy sector: IEEFA
"The surge in renewables investment comes on the back of the revival of electricity demand after the Covid-19 lull and commitments by corporations and financial institutions to net-zero emissions and to exit fossil fuels," said the report's author Vibhuti Garg, Energy Economist and Lead India, IEEFA. "After falling by 24 per cent from $8.4 billion in FY2019-20 to $6.4 billion in FY2020-21 when the pandemic curbed electricity demand, investment in renewable energy has made a strong comeback," Garg added.
Dubai tourist arrivals jump 203% in 4 months, crosses 5 mn mark
According to the Dubai Media Office, the number of visitors to the city reached 5.1 million during January-April 2022, registering a major increase of 203 per cent. The increased flow of tourists helped improve hotel occupancy across the emirate, which reached 76 per cent during the period. Dubai received almost four million international overnight visitors between January and March 2022, a huge year-on-year growth of 214 per cent.
Equity indices snap 4-day losing streak, Sensex up 428 pts
Domestic equity benchmark indices snapped their four straight sessions of losses and settled fairly higher on Thursday, primarily due to value buying. Sensex closed at 55,320 points, up 428 points or 0.8 per cent, whereas Nifty was at 16,481 points, up 125 points or 0.8 per cent. Domestic investment flows over the last many months have been structurally positive even as the foreign outflows continue unabated, said S. Ranganathan, Head of Research at LKP Securities.
PSEs will have to scale-up, build capacities to survive in competitive market: Sitharaman
She was in Gandhinagar to inaugurate 'Nation Building and CPSE's Exhibition'. Addressing the event, she said, "In the competitive world, even Public Sector Enterprises (PSE) in the strategic core sector have to scale up their skills, capacities, competence, efficiency and if required should enter into partnership with the private sector to survive.
MSP hike unlikely to boost much rural demand, says Kotak Securities
The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved the increase in the Minimum Support Prices (MSP) for all mandated Kharif crops for marketing season 2022-23 by 4-9 per cent. "This (hike) bodes well for keeping inflationary pressures in check. However, rural demand is likely to remain subdued with sentiments being boosted in case of a good monsoon and prospects of a bumper harvest," the report said.
Motilal Oswal gives 'buy' call for Tata group company Trent
At present, the shares are trading at around Rs 1,080 per share. Established in 1998 and part of the Tata group, Trent is headquartered in Mumbai but has pan-India operations. Trent is one of the leading players in the branded retail industry in India. Trent's aggressive expansion of footprint and strong like-to-like growth of 16 per cent year-on-year translated into a robust 53 per cent revenue growth in 4QFY22, the brokerage said in a report.
Shehbaz wants to import wheat from Russia
China had offered urea import on deferred payment at 4.35 per cent per annum which comes to around $2.175 per tonne each month. During a discussion in a recent cabinet meeting, the prime minister emphasised that the import of wheat from Russia must be on a G2G basis and it should be ensured that the quality of this crop being consumed in Pakistan was of good standard.
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