The Reserve Bank of India (RBI) has released its April Bulletin, indicating that conditions are favorable for continued economic growth in India. However, extreme weather events and geopolitical tensions pose risks to inflation.
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The Indian government is developing action plans for 20 agricultural products, including bananas, mangoes, potatoes, and baby corn, to enhance their export potential. The plans aim to increase India’s global export share, which currently stands at 2.5%, to 4-5% in the coming years.
Seven companies, including Reliance Industries, have submitted bids for government incentives to establish battery manufacturing facilities with a capacity of 10 GWh. The bids were received in response to a global tender issued by the Heavy Industries Ministry for a total capacity of 70 GWh. The ministry noted the strong industry response, with bids seven times the targeted manufacturing capacity.
Mahindra Finance, a non-banking financial company, has detected a fraudulent scheme involving forged KYC documents and embezzlement of funds within its retail vehicle loan portfolio. The incident, which was brought to light at one of the company’s branches in the northeast region, has prompted the postponement of the board meeting where the financial results for the fiscal year 2023-24 were to be approved. Mahindra Finance estimates a financial impact of approximately Rs 150 crore as a result of this fraudulent activity.
Air India and All Nippon Airways (ANA) have recently entered into a codeshare agreement, expanding their reach and providing seamless connectivity between India and Japan. This codeshare agreement, effective May 23rd, enables passengers to conveniently book combined flights between the two countries with a single ticket.
The United States Postal Service (USPS) has confirmed its plan to reroute mail processing from Reno, Nevada, to Sacramento, California. The move has faced widespread criticism from Nevada lawmakers, who have expressed concerns about potential delays in mail ballot processing. USPS officials claim that the relocation is a cost-saving measure, but lawmakers have criticized the lack of transparency surrounding the decision. Despite opposition from both Democratic and Republican officials, the USPS has indicated that the rerouting will go ahead, with no set date for implementation.
President Biden is expected to sign a bill that could ban TikTok in the US. The bill, which aims to address national security concerns related to foreign adversary-controlled applications, gives ByteDance, TikTok’s Chinese owner, 12 months to sell the app to a non-Chinese owner. TikTok has expressed concerns about the bill, arguing that it violates users’ free speech rights. However, if TikTok is not able to convince the courts that it is not a threat to national security, it may be forced to shut down in the US.
Tesla’s profits have dropped significantly in the first quarter of 2023, due to increased competition and slowing demand for electric vehicles. Amidst these challenges, the company has announced plans to accelerate the production of new, more affordable models. Despite the decline in profits, Tesla’s stock price surged in after-hours trading on Tuesday.
Tesla, the electric vehicle giant, has reported a significant downturn in its quarterly profits and revenue. However, its share price rallied after CEO Elon Musk announced plans to accelerate the development of a more affordable electric vehicle. The company’s net profit for the first quarter ending March 2024 fell by 55% to $1.13 billion, while revenue declined by 9% to $21.3 billion. Tesla attributed the decline to an intensifying electric vehicle market and described EV sales as being ‘under pressure.’ Despite the setbacks, investors reacted positively to the company’s announcement of plans to expedite the launch of new, more affordable models and to reduce vehicle prices in major markets around the world.
The U.S. Senate has approved a bill that could force Chinese-owned social media app TikTok to be sold or banned in the United States. The bill, which passed by a 79-18 vote, would require TikTok’s parent company, ByteDance, to divest its ownership within 90 days or face a ban. The measure is attached to a larger aid package for Israel, Ukraine, and Taiwan, which President Biden has voiced his support for.