Asian markets surged on Thursday after Trump announced a 90-day pause on most planned tariffs, replacing them with a reduced 10% Reciprocal Tariff. The move sparked a global relief rally, with Wall Street recording historic gains and Asian indices following suit. Japan’s Nikkei 225 soared over 2,000 points, and Taiwan's tech-heavy Taiex surged 9.2%.
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China’s economy achieved its annual growth target of 5% for 2024, helped by a late-year stimulus and boosted exports before US tariffs. Industrial production surged by 6.2% in December, though domestic demand remained weak with modest retail sales growth and rising unemployment. Further fiscal measures are expected to support the economy amid external challenges.
Union finance minister Nirmala Sitharaman proposed the establishment of a Makhana Board in Bihar to enhance foxnut production and processing. She also announced plans for a new urea plant in Assam. The budget aims to accelerate growth and enhance the spending power of the middle class.
The International Gemmological Institute (India) Ltd's IPO was subscribed 72% on its second day. Retail investors showed strong interest, while institutional investors lagged. The IPO aims to raise ₹4,225 crore, with a portion going towards acquiring IGI Belgium and IGI Netherlands. The offer closes December 17.
DAM Capital Advisors has raised Rs 251 crore from anchor investors, including prominent names like Nomura, Goldman Sachs, and several mutual funds. The investment bank's IPO, entirely an offer-for-sale, opens on December 19th with a price band of Rs 269-283 per share, aiming for a Rs 2,000 crore market capitalization. Listing is expected on December 27th.
Tata stakeholders are considering appointing a retired Supreme Court chief justice as arbitrator to determine trustee appointments for the Ratan Tata Endowment Foundation.
The All India Bank Officers' Confederation (AIBOC) plans a two-day nationwide strike from 24 to 25 February 2025, demanding a five-day workweek, sufficient recruitment, and resolution of long-pending issues. AIBOC criticized recent DFS directives, sought immediate withdrawal of performance-related guidelines, and urged the appointment of directors in PSBs.
Tata Pension Management erroneously listed Divinion Advisory Services, owned by the family of Tata Sons executive Suprakash Mukhopadhyay, as a Tata group company in August 2022. While the error was corrected in subsequent disclosures, Mukhopadhyay's connection to Divinion, including CSR contributions and solicitation of investments, raises potential conflict of interest concerns under Tata Sons' code of conduct.
Goldman Sachs predicts a slowdown in government capex growth to 13% in the new fiscal year, down from 17% in FY24. The fiscal deficit is projected to narrow to 4.5% of GDP. The budget will likely focus on rural and welfare spending, job creation, and long-term economic policy towards 2047.
The plywood and MDF board industry in India, which initially opposed the government's quality control order, now supports its implementation to benefit consumers and enhance industry capacity utilization. Over 200 items, including furniture and steel products, will be subjected to QCOs to ensure international quality standards, boosting investments and local production.
Big discounts on electric vehicles hit the market due to stockpile and CAFE norm pressures. Popular models like Nexon EV and Hero Motocorp Vida V1 are offering substantial reductions. Dealer contributions and leftover festival deals add to the savings. Though EV growth is slowing, sales are still expected to break records this year.