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Vietnamese electric car maker VinFast said on Thursday its third-quarter revenues more than doubled as it ramps up deliveries and partnerships with U.S. dealers, and that it would set up a plant in India as part of its expansion drive. The company said in a filing to U.S. securities regulators that it made $343 million in revenues for the three months ended Sept. 30, up 159% on the same period last year. Its net loss widened 33.7% to $623 million, however, as it continued to rack up expenses.

India expects to see equity capital market deals worth $20-22.5 billion in 2023, amid strong local markets and a stable economy, the Wall Street bank's India chief executive said in an interview with Reuters. Last year, $19.4 billion was raised on India's equity capital markets, according to data from LSEG. «Initial public offerings have come back and you have seen a flurry of block deal activity given where markets are. Now we are starting to see institutional share sales as well,» said Ashu Khullar. Foreign portfolio investors have bought a net $11 billion in equity so far this year, according to India's National Securities Depository, helping to lift India's benchmark equity indexes to record highs.

By Timour Azhari

World Bank expects Saudi Arabia's economy to contract by 0.9% in 2023, it said in a report on Thursday, revising its growth forecast for the world's top oil exporter sharply lower on the back of production cuts and lower prices. Overall growth in the Middle East and North Africa (MENA) region is also expected to slow, now forecast at 1.9% in 2023, down from 6% last year and lower than the 3% the World Bank forecast in April. Saudi Arabia, the Arab world's largest economy, has cut its oil production in a preemptive move it says is intended to stabilise the oil market. Oil prices remain below last year's average of $100 a barrel. The Saudi government expects GDP growth to slow to 0.03% in 2023, from 8.7% last year, according to revised forecasts released by the finance ministry last week, narrowly avoiding a contraction. The World Bank's latest economic update, released on Thursday, attributed the «abrupt decrease» in Saudi economic activity to «lower oil production levels amidst subdued prices.» It had forecast Saudi GDP growth at 2.9% in 2023 in its April update. Growth for the six-member Gulf Cooperation Council (GCC) of oil and gas exporters is expected to decelerate to 1% in 2023, down from 7.3% last year, and sharply below the 3.2% forecast in the World Bank's April update.

Our future looks increasingly robotic—whether we like it or not. But the investment craze in robotics stocks may already be getting ahead of itself. The latest example: South Korea’s Doosan Robotics, whose shares nearly doubled in value on their first day of trading Thursday.

The dollar fell against all of its major peers before pivotal US payroll data due Friday, but strategists say the pullback may just be temporary. 

Global headwinds and expensive stock valuations necessitate a cautious approach toward Indian equities in the short term as the country prepares for next year’s national elections, according to Goldman Sachs Group Inc.

Advisors seeking access to digital assets via a regulated platform offering crypto SMAs now have a new option.

Citigroup Inc. raised its growth forecast for China to 5% this year, as promising data helps build consensus around the nation’s ability to achieve its official government target.

A selloff in global bond markets could have major implications for Canadian households and investors as experts say financial markets are readjusting their long-term expectations for interest rates.

satcom services, will soon become a reality in India, starting with live demonstrations during an upcoming event later this month. The Department of Telecommunications (DoT) has given permissions to Bharti-backed Oneweb and Reliance Jio’s satellite arm to do live demonstrations during an industry event, which will give consumers first-hand experience around satcom services. The two companies, which are holders of global mobile personal communication by satellite services (GMPCS) licenses, have also applied to the DoT to get test spectrum for doing trials on a wider scale for satcom services. The test spectrum is usually granted for a period of 90 days, but the timeframe gets extended if required. Queries sent to Oneweb and Jio Satellite Communications remained unanswered at the time of going to press. “We are analysing the applications for test spectrum from Jio Satellite and Oneweb,” said an official on condition of anonymity.

By Paul Carsten

U.S. stocks finally stopped falling yesterday following data indicating a slowdown in job growth, which alleviated concerns about the Federal Reserve's monetary policy direction and put a halt to the recent surge in bond yields.

₹1,000 with a 10 per cent coupon rate, you receive ₹100 in annual interest. However, if the bond's price declines to ₹800, the effective yield on the bond increases to 12.5 per cent. Conversely, if the bond price rises to ₹1,200, the bond yield decreases to 8.33 per cent.

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Also read: ICC World Cup 2023: Complete schedule of match fixtures, livestreaming details and more Further, the economists expect total Indian viewership for the tournament, including both on television and streaming platforms, to be far larger than the 552 million seen in 2019. The viewership may generate ₹105 billion to ₹120 billion in TV rights and sponsorship revenue “on a conservative basis". The economist at the bank of Baroda also predicted that the ICC Cricket World Cup may also cause inflation.

This Saturday’s meeting of the GST Council is likely to provide clarity on how to levy GST on bank guarantees that companies give to related parties, reports Business Standard. Different GST authorities have adopted different approaches to taxing such guarantees. The report says senior officials have concluded that the taxable value should be fixed at 1% of the amount guaranteed, mirroring the valuation method adopted by the direct tax department.

Chinese tech giant. Huawei, a leader in 5G telecom equipment, has been at the centre of the intensifying US-China rivalry over advanced tech in recent years. The United States and its allies have curtailed its access to major markets and advanced tech — including chip making — over fears its products could allow China to spy on their networks. Taiwan's Minister of Economic Affairs Wang Mei-hua agreed on Wednesday — during questioning by lawmakers — to launch a probe into four tech firms that collaborated with Huawei on chip plants. The four Taiwanese companies are helping Huawei develop an «under-the-radar network of chip plants» in China, Bloomberg reported this week. The companies were identified by Bloomberg as Topco Scientific Co., L&K Engineering Co., United Integrated Services Co.

₹1.5 trillion to these companies. While WinZO has not received any such notice yet, the company is expediting its plans for international expansion. “Brazil is a very interesting market.

Anju Bobby George also accused the Chinese officials of deliberately targeting the Indians. "They are trying to cheat us and trying to disturb our athletes. Neeraj's first throw was very good and it was a kind of disturbance.

New Delhi: In a bid to strengthen direct connectivity between India and Uganda, the state carrier Uganda Airlines plans to offer direct flights to Delhi and Chennai. The move aims at tapping the demand potential across the Indian community with trade links in Uganda along with leisure traffic, a senior executive at the airline told Mint in an interaction. The airline will launch its first direct flight with the Indian market on 7 Oct with a direct flight between Mumbai and Entebbe.