India's Union Cabinet has approved the 'Protection and Enforcement of Interests in Aircraft Objects Bill, 2024 (Cape Town Convention Bill)', making it easier for aircraft and engine lessors to reclaim their assets from insolvent airlines. The move aims to lower leasing costs and end prolonged legal battles, addressing concerns highlighted by the GoAir incident.
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Stock market today: The BSE Sensex experienced volatile trading, falling 241.30 points or 0.31 per cent to close at 77,378.91. The index fluctuated 820.15 points during the day, reaching a high of 77,919.70 and a low of 77,099.55.
US President Donald Trump has announced sweeping new tariffs on all imports, starting with a universal 10% baseline and steeper rates of up to 50% for certain countries. The move, aimed at reducing trade deficits and boosting domestic industry, targets major trade partners including China, India, Japan, and the EU, and is expected to have significant economic implications.
Forex spending by Indians declined 14% to $2.4 billion in Oct 2024, with travel comprising the largest share. Simultaneously, domestic electronic spending peaked during the festive season, but saw a sharp decline in Nov 2024, with significant drops in credit, debit card, and UPI transactions.
Underlines shift to branded products
Hindenburg Research, known as a corporate muckraker, is shutting down after completing its investigations. Major cases include the Adani Group and Nikola Corporation.
JSW MG Motor India reported a 55% increase in sales in December 2024, reaching 7,516 units. This includes a record high in EV sales, with over 70% from new energy vehicles. The company credits its success to the launch of its joint venture and plans to introduce new products every six months, starting at the Bharat Mobility Global Expo 2025.
US stocks climbed Wednesday, driven by tech gains ahead of Nvidia's crucial earnings report. Nvidia soared 4%, its performance seen as critical after concerns over AI infrastructure surfaced. The S&P rose 0.6%, the Nasdaq 100 added 1%, while the Dow Jones gained 0.1%.
The Indian stock market closed higher, led by gains in financial and energy stocks following the RBI's $21 billion liquidity infusion and lower crude prices. The BSE Sensex and Nifty 50 both rose significantly. Positive global cues, particularly from a temporary tariff reprieve in the US, also bolstered investor sentiment.
The European Central Bank has cut interest rates by 25 basis points to 2.5% to boost economic activity in the eurozone. Amid low inflation and stagnant growth, the ECB aims to ease borrowing costs for consumers and businesses. Increased defence spending and potential US trade tariffs add uncertainty to future economic outlook.
Honda and Nissan are in preliminary merger talks, potentially creating a holding company to rival Toyota. This move could also involve Mitsubishi, further consolidating the Japanese auto industry. The discussions aim to strengthen their position against global competitors, particularly in the electric vehicle market, and address financial challenges.