Importers are rushing to hedge their dollar positions amid the sharp depreciation of the rupee against the American currency and expectations of further volatility even as exporters are holding off after suffering mark-to-market (MTM) losses on earlier hedges.
US President Donald Trump's announcement of 25 per cent tariff on all goods coming from India starting August 1, plus an unspecified penalty, is expected to impact Apple's plans to expand iPhone manufacturing in India as well as export of other electronics to the US. The move comes at a time when Indian electronics production is reeling under pressure due to restrictions imposed by China on supply of several critical components, capital goods and even skilled technology professionals.
A preliminary investigation into the Air India Flight 171 crash in Ahmedabad reveals that both fuel switches were cut off before the crash, followed by pilot confusion. The report also indicates that fuel samples were satisfactory and no immediate action is recommended for Boeing 787-8 operators.
Shipments of personal computers grew 3.8 per cent on a year-on-year basis to 14.4 million driven by demand for gaming and AI-powered PCs, market research firm IDC said on Monday. IDC India, South Asia and ANZ, associate vice president for devices research, Navkendar Singh said the weakening rupee can lead to an increase in device costs, which can impact the price-sensitive SMB (small and medium businesses) and consumer segments but despite all challenges, the India PC market is most likely to witness a low single-digit growth in 2025.
Australian ANZ Bank on Monday denied reports of shifting 500 jobs to India, stating it does not expect to make any 'material' cut in employment in 2009, including jobs in Australia.
Australian bank ANZ is set to enter the Indian market following the Reserve Bank of India's in-principal approval for a banking licence.
ANZ had exited from India in 2000 after it sold its Grindlays Bank unit to Standard Chartered Plc.
According to an ANZ spokesperson, most of the jobs about to be scrapped were in Melbourne with about 500 jobs being slashed. However, call centres will remain in Australia and New Zealand, the bank said.
ANZ Bank has about 100 Satyam contractors who support IT projects. They are mainly based at the bank's Indian subsidiary, which employs about 2,000 people, it said. Last week, the bank told employees that it would develop a contingency plan although its relationship with Satyam was 'modest'.
Rachin Ravindra becomes youngest recipient of Sir Richard Hadlee Medal
Glenn Phillips was rewarded for a brilliant season for New Zealand in the shortest format of the game and was named the ANZ Men's T20I Player of the Year award, having thrilled New Zealand supporters with 740 runs at 38.94, scored a strike rate of 148.89.
Citibank on Wednesday joined the list of foreign banks that have exited retail banking business in India. Mumbai-based Axis Bank completed acquisition of Citigroup's consumer business for Rs 11,603 crore. Under the deal, Axis acquired consumer banking businesses of Citibank India, which includes credit cards, retail banking, wealth management and consumer loans.
Cognizant Technology Solutions has restructured its global growth markets (GGM) by appointing two internal leaders who will now share the responsibility. The move follows the exit of former GGM leader Rob Walker last month and is among the slew of leadership changes the company has seen in the recent past. GGM refers to the company's emerging markets outside of North America.
The ongoing Hamas-Israel conflict has disrupted India's efforts to gain from a recent fall in crude oil prices. Since Hamas' invasion of southern Israel on October 7, petroleum has become costlier by around $5 per barrel, threatening to stoke prices and impact growth. Brent crude was trading at $89.8 per barrel on October 9 (9.15 pm IST), up over 4 per cent, thwarting India's anticipation of a period of declining oil prices - after the leading global petroleum benchmark declined by around 11 per cent last week.
Citi Bank on Wednesday joined the list of foreign banks that have exited the retail banking business in India as the US-based banking giant announced selling its consumer banking portfolio to Axis Bank for an estimated Rs 12,325 crore. Global banking majors such as ANZ Grindlays, RBS, Commonwealth Bank of Australia have scaled down their operations in India. In a mega-deal announcement on Wednesday, Axis Bank and Citibank said their boards have approved acquisition of Citibank's consumer businesses in India by Axis Bank.
Emotional Tickner returns to NZ squad after cyclone relief efforts
Information technology, consulting and business process services company, Wipro on Thursday announced that it has signed an agreement to acquire Ampion, an Australia-based provider of cyber security, DevOps and quality engineering services. "Ampion has a successful track record and enjoys immense credibility with leading enterprises in the region, a collaborative work culture, and significant local subject matter expertise. "We see Ampion as a complementary force that will help us expand our footprint and accelerate our journey in the Asia Pacific region," CEO APMEA, Wipro, N S Bala said. Wipro's new operating model emphasises strategic investments in focus geographies, proximity to customers, agility, scale and localisation, the Bengaluru-headquartered company said in a statement.
India's smartphone market has fallen by one per cent in the first half of 2022, as shipments of Xiaomi - the top-selling brand - declined 28 per cent due to weak consumer demand in the quarter ended June. According to the International Data Corporation's (IDC's) Worldwide Quarterly Mobile Phone Tracker, 71 million smartphones were shipped from January to June this year. The highest decline was in the below-$100 segment, which lost its market share by 5 per cent.
Jaishankar also met his Iranian counterpart H Amirabdollahian and held productive discussions on bilateral economic cooperation, Afghanistan and the joint comprehensive plan of action, also known as the Iran nuclear deal.
The Indian PC market grew by 17.8 per cent in shipment to 3.7 million units in the April-June 2022 quarter, International Data Corporation (IDC) said in a report on Thursday. The PC market includes desktops, notebooks and workstations.The notebook category continued to be the volume driver, with the shipment of 2.6 million units in the June 2022 quarter. However, its growth rate reduced to 7.3 per cent compared to over 30 per cent on average for the last three quarters.
India's traditional PC market, inclusive of desktops, notebooks, and workstations declined by 11.7 per cent year-on-year (YoY) in Q3CY22 (Jul-Sep) after 8 consecutive quarters of growth despite strong shipments of 3.9 million units, according to new data from the International Data Corporation (IDC) Worldwide Quarterly Personal Computing Device Tracker. All segments declined except the government, which grew by 91.5 per cent YoY on the back of government orders, leading to strong growth in the third consecutive quarter. While the desktop and workstation categories grew by 23.4 per cent and 17.6 per cent YoY respectively, the notebook category declined by 19.5 per cent YoY.
After reaching a deal with ANZ in a six-year tussle, Pankaj and Radhika Oswal have left Australia and plan to start a new venture in New York
Reliance Industries Ltd, the nation's most valuable company, on Thursday said it has raised $4 billion (around Rs 30,000 crore) in debt through the largest ever foreign currency bond issuance by an Indian entity. The oil-to-telecom conglomerate plans to use the proceeds of the three tranche issues to retire existing borrowings. The issue was "nearly 3 times oversubscribed with a peak order book aggregating around $11.5 billion," the company said in a statement. This is the largest ever foreign currency bond transaction in India, eclipsing ONGC Videsh Ltd's $2.2 billion US dollar bonds issue of 2014.
'The book captures Rana Kapoor's hunger for real estate leading to bungalows in Delhi, Mumbai, London and other cities; the multiple companies -- over 100 -- to fund his family's various ventures; the attempt to game the system by showing lower non-performing assets,' notes Joydeep Ghosh.
Leading Australian banks, including ANZ and St. George, are planning to send their back office jobs to India.
The data leak obtained by 'The Australian' newspaper has revealed how the alleged CPC members are employed with some of the world's biggest corporations in the areas of defence, banks and pharmaceutical giants manufacturing coronavirus vaccines.
Foreign banks set the template in consumer banking in its infancy, but have almost vacated this booming space.
'We are looking for ability to work in a global matrix organisation -- the ability to deal with ambiguity, flexibility to work in a changing environment, willingness to learn and be curious.'
The Australian Conservation Foundation's Climate Change Program Manager Gavan McFadzean also said athletes need to step up.
'What made him different was that he was not a banker at all by temperament.' 'He was a businessman, a typical lalaji at that.' 'He had to win at any cost.'
'With the lockdown now in full force, we're mindful of the difficulties facing our cricket community.'
Indian captain Mahendra Singh Dhoni today put up a brave face after his side slumped to yet another defeat with a 31-run thrashing in the Twenty20 International in what is turning out to be a disastrous tour of Australia, saying "there is always a tomorrow".
West Indian opening batsman Chris Gayle will appear for the Sydney Thunder side in Australia's Big Bash League.
Substitute James Troisi scored halfway through extra time in a pulsating final to give tournament hosts Australia their maiden Asian Cup title with a 2-1 victory over South Korea on Saturday.
New South Wales have been named Australia's Sheffield Shield champions for the first time in six years after the competition's final was called of due to the coronavirus, governing body Cricket Australia (CA) said on Tuesday.
A meeting with the staffs at the bank's lending services centre in Auckland and customer transaction service centre in Wellington took place on Tuesday, which according to NZPA report is the beginning of a two-week consultation period over the outsourcing of the work to India.
Chinese stocks plummeted 9 per cent on Monday
IIT Kharagpur gets more than 1,000 job offers in a record five days, with 144 companies visiting the campus till Dec 5
Australian bank Westpac has said it was contemplating moving 300 jobs to India and denied it was offshoring call centres to Bangalore.
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