Electronic Financial News

Gulf countries with one visa, just like Schengen countries! In a bid to simplify travel logistics and boost tourism, the Gulf Cooperation Council (GCC) countries have recently approved a unified tourist visa that will allow people to travel across member states such as Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE. This was announced by GCC President Sayyed Hamoud bin Faisal Al Busaidi during the 40th meeting of the Interior Ministers.

By Anandita Mehrotra

Americans are still spending more of their money on stuff than they did before the pandemic. There is little reason to think that is about to stop. Early in the pandemic, unable to spend on things such as traveling and dining out, and with their finances buoyed by government relief, people bought goods with abandon.

MCA) has announced a framework and set of parameters for organisations willing to be a part of an independent Fact-Checking Network (FCN). The FCN’s aim is to “develop self-governing standards and best practices for fact-checking organisations in India'', which will enable any organisation to become “trusted partners in the fight against the weaponisation of misinformation and disinformation”.

India is planning to ease and expand some norms for five sectors to help them better utilise its $24 billion industrial incentives aimed at boosting local manufacturing, two government officials said on Thursday. The 1.97-trillion rupees production-linked incentive scheme (PLI), launched in 2020, covers 14 sectors ranging from electronic products to drones but has been successful only in a handful of them, triggering reviews. The changes are being planned in the textiles, pharmaceuticals, drones, solar and food processing industries, which together form nearly a third of the PLI scheme. The government plans to include more products in the textile sector such as man-made fibre and give firms an additional year to meet the manufacturing targets required to claim incentives for the scheme, the officials said. The scheme will also be extended by a year for the pharmaceuticals sector, while the financial allocation will be raised for incentive payouts to the production of drones to 3.3 billion rupees from the current 1.2 billion rupees, the officials added. For the food processing sector, India plans to extend the scheme to millet-based products and include the production of ingots and wafers in the scheme for the solar module sector, the officials said. India's trade ministry, which oversees the scheme's implementation, is discussing the changes with other federal departments, they said. The officials did not wish to be named as details of the discussions have not been made public. The trade ministry did not respond to an emailed request for comment. «None of the changes currently being discussed require fresh financial allocation, but will draw from the scheme's savings,» one of the officials said. Consumer-goods

Prezzee, the gift card company backed by billionaire Shaun Bonett, has cut about 10 per cent of its workforce, largely in its technology team.

₹500 crore assignments from the Central Government. According to a report by the The Indian Express, the Big Five consultancy firms bagged 308 assignments from several government departments, 16 ministries, and organsation between April 2017 and June 2022.

The venture capital arms of General Motors and Stellantis are among investors sinking $33 million into a Minnesota company with technology to make magnets for electric vehicle motors without using expensive rare-earth metals

Steve Wozniak was hospitalized in Mexico City on Wednesday due to a possible stroke, Mexican media outlets reported. The 73-year-old scientist and tech entrepreneur was scheduled to participate in a World Business Forum event in the Mexican capital's Santa Fe neighborhood.

Kaynes SemiCon, a 100% subsidiary of Kaynes Technology, is investing Rs 2,850 crore in a facility in Hyderabad for outsourced semiconductor assembly and testing (OSAT), with automatic test equipment (ATE) and a reliability testing line, chief executive Raghu Panicker said. The groundbreaking ceremony for the facility that will have 13 lines for OSAT, and one each for ATE and reliability testing was held recently.

Geopolitics, Covid-19 and mainstreaming of large language models (LLMs) have disrupted the semiconductor supply chain, said a senior semiconductor industry executive on Wednesday at the Nasscom Future Forge Conclave. “There were three key moments in the past three or four years that have brought the semiconductor ecosystem back to the forefront. First of them being geopolitics,” said Narendra Bhandrari, partner, Sea Fund, who has worked at Intel for more than two decades.

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Mihir Vora, Chief Investment Officer, TRUST Mutual Fund. In an interview with Mint, Vora shared his views on markets and the sectors he is positive about. Edited excerpts: We’ve had a dream run in the markets over the past eight years.

The IRS commissioner says for the agency to keep building on its customer service and enforcement priorities it needs a reliable funding stream

Global shares are mostly lower in muted trading ahead of a speech by U.S. Federal Reserve Chair Jerome Powell that might point the way for future interest rate policy

Australia's second-largest internet provider, Optus, came when her cat's wifi-powered food dispenser failed to serve breakfast at 6:10 a.m. and her pet woke her. For disability pensioner Chris Rogers, who needs painkillers for a knee injury that prevents him from working, the problem became apparent when he drove 30 minutes to the pharmacist and his electronic prescription could not be filled.

online classes due to high pollution levels has caused difficulties for working parents. Adjusting their schedules has become challenging, especially with many companies resuming full-time office work. Some parents are requesting leaves or the option to work from home, while others are seeking help from relatives to look after their children.

Morgan Stanley had to divert its local phones overseas to receive incoming calls thanks to telecommunications provider Optus’ massive outage on Wednesday.

Sunil Bohra, ED-Group CFO, UNO Minda, says: “Our total order book from the EV segment per se, which includes the EV components and also the existing components which goes into the EV vehicle, the order book stands at roughly like I would say Rs 3,000 odd crore which we expect to peak in somewhere in around FY26, FY27 because it has a ramp up and we all know that the market has been today trying to absorb the impact of the FAME II subsidy reduction, etc.” The margins this time were a steady show, but the question is that given that there are a lot of capex lined up, going forward could there be a bit of a drop in margins? As you rightly mentioned, we have continued to deliver industry-leading growth quarter after quarter. Even in this quarter, we have grown by 26% and as you rightly mentioned to support this kind of growth, we have to continuously reinvest in the business and recently the board has also approved setting up of a new alloy wheel plant for meeting the new business requirements, etc. So, definitely in the short term while we do expect the margins to maintain at around 11% plus-minus a few basis points and when we say the guidance of 11%, the incremental cost which normally tends to creep in once you commission the new plants is already baked in. We do not expect any significant deterioration or dilution in the existing margins per se.

India and Malaysia are firming up a framework for conducting trade in national currencies and initiating a process to review the 12-year-old comprehensive economic cooperation agreement to include new domains and items, Malaysian Foreign Minister Zambry Abdul Kadir said. At the end of a three-day visit to India, Kadir told PTI that both sides are keen to expand trade engagement in new and emerging areas such as electronics, semiconductors, fintech, renewable energy, new technology and startups.