Tagged: India

India’s gold imports soared six and a half times

According to people familiar with the matter, India’s gold imports in March reached 98.6 tons, an increase of about 6.5 times compared with 13 tons in the same period of last year, reaching a new high since May 2019. As the price of gold plummeted, India’s jewelry demand was stimulated by the upcoming wedding season.

India's gold imports soared six and a half times

Since the information has not yet been made public, the source asked for anonymity.

 

In the first three months of this year, India’s gold imports reached nearly 190 tons, more than doubling from the same period last year.

 

India’s benchmark gold futures have fallen about 17% from a record high in August, boosting demand ahead of the wedding season and next month’s akshaya tritiya. Buddha’s full moon festival is the second auspicious day to buy gold in the Indian calendar.

 

Nevertheless, the surge in new crown cases and restrictions on movement of people and business activities by some local governments are worrying jewellers, which may threaten the recovery of sales. In Maharashtra, India’s largest gold market, non essential businesses have been asked to remain closed for the rest of April due to a surge in infection.

India’s sharechat is funded by twitter

Sharechat, an Indian content sharing platform, announced on Thursday that it has completed a new round of US $502 million financing, with the participation of Lightspeed venture partners and tiger global, snap (60.23, 3.35, 5.89%) and twitter (68.99, 1.99, 2.97%).

India's sharechat is funded by twitter

The company said the round of financing increased its valuation to more than $2.1bn, making it the latest “unicorn” company in India, adding that it plans to use the funds to increase technological innovation and support user growth.

India’s economy surpasses Japan’s in 2031

According to a recent report of Bank of America Securities, by 2031, India will surpass Japan and become the third largest economy in the world after the United States and China.

 

This will be postponed for three years by the Bank of America forecast in 2028. The bank said it was due to COVID-19’s impact on India’s economy.

 

Inderanil Sen Gupta, economist at Indranil Sen Gupta and Aastha Gudwani, wrote in the report: “due to the impact of COVID-19, we now expect India to become the world’s third largest economy in the year of 2031/32, instead of 2028.”

 

BofA researchers point out that if India grows at 9% a year, India will reach Japan’s nominal GDP in US dollars by 2031. If the economy grows by 10% a year, India could overtake Japan by 2030, the report said.

 

In order to curb the spread of the epidemic, India implemented long blockade measures last year, causing economic crisis. Millions of people have lost their jobs, many of them permanently. Although India’s economy is improving, S & P said that compared with before the outbreak, India’s economic output may be permanently reduced by about 10%.

Tesla’s market value exceeds 500 billion US dollars

Financial Times丨Nikkei Asia Review: India bans 43 Chinese apps

On Tuesday, India banned another 43 Chinese apps, including AliExpress and various dating apps. The Indian government claims that these applications threaten India’s sovereignty and security.

AliExpress is not well-known in the Indian e-commerce market, but many Indian merchants still purchase goods from China through AliExpress.

This move is another blow to Ali Group. In addition, Alibaba has also invested in payment company Paytam and online e-commerce company BigBasket in India.

Nikkei Asian Review: China’s Beidou cannibalize US GPS

In Addis Ababa, the capital of Ethiopia, the food delivery business is relying on China’s Beidou system to accurately deliver food to consumers.

What is behind this is China’s siege in the global data field.

According to data from Trimble, a US satellite data receiving company, the capitals of 165 of the 195 countries in the world have been observed by the Beidou system more than by GPS.

In addition, China’s maritime exploration has also expanded from the surrounding seas to the Pacific Guam area.

Financial Times: Stanhope and FWM jointly build a US$24.2 billion wealth management company

It is reported that Stanhope Capital and FWM Holdings, the investment company responsible for managing the wealth of the Forbes family, agreed to merge to create the world’s largest independent wealth management group, with assets under management of US$24.2 billion.

The terms of the transaction are expected to be completed in the first quarter of 2021.

Pinto, a former banker of UBS Warburg, will serve as chairman and chief executive officer of the combined group.

He said that the group is not tied to any internal products, in sharp contrast with many established private banks. In addition, the two companies have common interest goals, and the merger will greatly enhance the group’s investment capabilities.

Reuters: Tesla’s market value exceeds 500 billion US dollars

On Tuesday, Tesla’s market value exceeded $500 billion due to its stock price surge.

The stock has risen more than six times this year. Since S&P Dow Jones Indices confirmed that the company will be included in the Wall Street Index on December 21, its share price has risen nearly 28%.

In addition, the stock price increase increased CEO Elon Musk’s net worth to US$127.9 billion, making him the world’s second-richest man, surpassing Bill Gates.

Although production is only a small part of Toyota, Volkswagen or General Motors, Tesla has become by far the world’s most valuable automaker.

Tesla's market value exceeds 500 billion US dollars

Wall Street Journal: GE Aviation will lay off staff

It is reported that General Electric Company (GE)’s aviation department will face further layoffs.

General Aviation’s new boss Slattery said that due to the impact of the new crown epidemic, the aviation sector is in difficult business conditions and will reduce demand in the next 18 months.

This will enable the aviation sector to have a better cost structure and contribute to its long-term health.

In addition, he also said that the layoffs will cause more people to lose job opportunities, and the focus of layoffs is more concentrated than the previous two layoffs this year.

But he did not disclose the specific number of layoffs, saying that more details will be introduced early next year.