Ever since President Trump began raising tariffs on goods from China during his first term, Chinese companies have raced to set up warehouses and factories in Southeast Asia, Mexico and elsewhere to bypass US tariffs with indirect shipments to the American market via other countries. But on Thursday, Trump took aim at all indirect American…
MUMBAI: Payment aggregators are feeling the pinch as ICICI Bank has now started charging them for processing purchases made using UPI,Fintechs that route transactions through the bank must now factor in new charges, intensifying the debate on the long-term viability of free digital payments. Payment aggregators with escrow accounts at ICICI will be charged two…
NEW DELHI: Govt has approved higher subsidised loans for street vendors under the second phase of PM SVANidhi scheme and expanded its coverage by bringing around 50 lakh more beneficiaries under its ambit. TOI has learnt that the proposal to enable around 11 beneficiaries who have paid the first two tranches of subsidised loans to…
Fitch Ratings has revised India’s GDP growth projection for the current financial year down to 6.3%, from its earlier estimate of 6.4%, while stating that the recently announced US tariffs are likely to have only a limited direct effect on Indian corporates.In its latest India Corporates Credit Trends report released Friday, the global rating agency…
Commerce and Industry minister Piyush Goyal will meet exporters from sectors including food processing, textiles, engineering, and chemicals in Mumbai from August 2-4 to discuss the implications of the 25% tariff announced by the United States, an industry official said on Friday.Exporters from fisheries, IT, pharma, and engineering will also participate in the meetings. A…
In another move aimed at trade enforcement, the US has unveiled a comprehensive revision of global tariff rates, targeting several countries and territories along with the European Union.The move, formalised via an executive order signed by President Donald Trump, marks a shift from negotiation-driven tariffs to a more systemic, penalty-oriented approach.The revised rates — ranging…
NEW DELHI: Despite US President Donald Trump’s regular rants about Apple’s manufacturing in India, company CEO Tim Cook on Thursday confirmed what is generally now more or less known – the “majority” of iPhones sold in the US in the past quarter were Made in India. China – the erstwhile production giant – is only…
Amazon shares slumped nearly 7% on Friday after the company’s cloud business, Amazon Web Services (AWS), posted slower growth than rivals Microsoft and Alphabet, prompting fresh concerns over its positioning in the AI-driven cloud race.AWS revenue rose 17.5% in the June quarter, narrowly beating Wall Street estimates, but trailing far behind Microsoft Azure’s 39% growth…
Exxon Mobil and Chevron on Friday reported their lowest second-quarter profits in four years, as lower global energy prices and a surge in oil supply from OPEC+ weighed on revenues. However, both US oil giants still managed to beat Wall Street’s earnings expectations, driven by higher production volumes.Texas-based Exxon Mobil posted a net profit of…
India’s foreign exchange reserves rose by $2.703 billion to $698.192 billion during the week ended July 25, according to the Reserve Bank of India’s latest data released on Friday.This increase comes after a decline of $1.183 billion in the previous reporting week, when total reserves had slipped to $695.489 billion, PTI reported.The latest uptick was…