Global markets surged following President Trump's temporary tariff exemption on electronics, boosting tech stocks and investor confidence. European and Asian markets saw significant gains, with the DAX, CAC 40, Nikkei 225, and Hang Seng Index leading the rally. Despite easing trade tensions, analysts warn that prolonged friction between the US and China could still trigger a global economic slowdown.
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Rosneft and Reliance inked a massive oil supply deal. Rosneft will provide almost 500,000 barrels daily to Reliance. This deal strengthens India-Russia energy ties. The agreement involves various Russian crude grades and fuel oil. Supplies begin in January and continue for at least ten years. This deal impacts global oil markets and competition among producers.
Whirlpool India's shares plummeted 20% as Whirlpool Corporation plans to cut its stake to about 20% this year, generating $550-600 million. The reduced stake aims to provide autonomy for growth and support $700 million debt reduction. Last year, Whirlpool had already reduced its stake from 75% to 51%.
InterGlobe Air Transport Limited has been named the exclusive General Sales Agent for Oman Air in India. This partnership will enhance Oman Air's presence in the Indian market, providing extensive sales, service support, and superior travel experiences. InterGlobe already represents multiple international airlines, ensuring seamless connections and exceptional service for passengers traveling between India and Oman.
The government's subsidy burden for FY25 is projected to exceed budget estimates, reaching nearly Rs 4.1 to Rs 4.2 lakh crore due to higher food and fertiliser costs. Despite efforts to rationalise subsidies, fertiliser subsidies alone may exceed budget due to increased import costs and a stronger US dollar.
Cognizant has increased the retirement age in India to 60 from 58 to align with market practices and retain experienced talent. The new policy, effective from November last year, also states that unvested stock awards will be forfeited upon retirement and pension funds will close at 58.
Telecom regulator Trai has introduced new rules to combat pesky calls and messages, imposing financial disincentives ranging from Rs 2 lakh to Rs 10 lakh for repeated violations. The amendments require telecom operators to monitor call and SMS patterns to identify potential spammers in real-time and empower subscribers with extended time to report spam activities.
Restaurants are upset with Swiggy and Zomato for launching standalone apps, Snacc and Bistro, which deliver quick meals using customer data, moving beyond their role as marketplaces. Restaurants plan legal action, citing unfair competition, while expressing concerns about potential customer migration to private-label products sold on the new apps.
Encyclopaedia Britannica, once a weighty symbol of knowledge, has successfully transitioned to the digital age. By embracing AI and expanding into educational software and online dictionaries, the company has achieved impressive profit margins and is now considering a $1 billion IPO.
US President-elect Donald Trump’s second term is expected to temporarily impact the Indian rupee. Historical trends suggest rupee has performed better under Republican administrations, with current volatility predicted to be short-lived. Despite a recent 3% dip, the rupee remains stable compared to other currencies.
London’s FTSE 100 Index plunged by 1.2% amid concerns over new US tariffs announced by President Trump, potentially impacting global markets. Asian stocks also dropped, with Japan's Nikkei falling 2.8%. Despite no immediate UK-specific tariffs, the uncertainty has affected financial markets. Investors remain cautious about a global trade war's potential effects on growth.