South Korea's cosmetic exports topped $10 billion in 2024, driven by the global popularity of K-beauty. China, the US, and Japan were the top importers. Additionally, bio-health exports surged, with pharmaceuticals leading the growth. The government aims to boost further expansion through international cooperation.
Related news
Indian banks' gross NPAs stood at a 12-year low of 2.6% in Sept 2024, but RBI's stress test warns it could rise to 3% by March 2026. Concerns include increasing write-offs by private banks and higher fresh NPAs in retail loans. The stress test also highlighted risks in microfinance and consumer credit segments, along with global tokenisation threats.
Private equity firm Everstone has acquired a majority stake in Wingify, an Indian SaaS company, for about $200 million. Wingify, founded by Paras Chopra and Sparsh Gupta, is known for its VWO product that enhances website performance. Sparsh will continue as CEO while Paras will remain on the board as a minority shareholder.
President-elect Donald Trump's newly debuted digital token, trading under the “Trump†ticker on the Solana blockchain, surged to a $15 billion market value over the weekend, causing major speculative activity within the cryptocurrency market. However, its value decreased to below $10 billion following the launch of a similar token by his wife, Melania.
Gold prices hit a record high of $3,160 per ounce as investors sought safe havens amid declining stock market futures following President Donald Trump's announcement of new tariffs on major trading partners. Stocks and futures markets experienced significant declines, particularly in technology and clothing sectors, with companies like Apple, Nvidia, and Gap seeing substantial drops.
Finance Minister Nirmala Sitharaman's Union Budget 2025-26 increases funds for women and child development by over Rs 3,700 crore. Major allocations include Rs 21,960 crore for POSHAN 2.0 and significant rises for Mission Vatsalya and Mission Shakti. Withdrawals from old National Savings Scheme accounts are exempt from tax starting August 2024.
Nate Anderson and his firm Hindenburg are under scrutiny for alleged connections with hedge funds while preparing reports targeting companies. Documents filed in an Ontario court suggest collaboration between Hindenburg and Anson hedge fund, potentially leading to securities fraud charges. Anderson and Anson's Moez Kassam have yet to respond to the allegations.
Gold and silver prices hit new record highs in India due to global market trends and economic concerns. Gold of 99.9% purity reached Rs 90,750 per 10 grams, while silver surged to Rs 1,02,500 per kg. The increase is driven by safe-haven demand, trade tensions, and expectations of US Federal Reserve monetary easing.
Cryptocurrency trading is booming in smaller Indian cities, attracting investors under 35. Meme coins like Dogecoin and SHIB are gaining popularity despite high taxes. Global crypto markets surged after pro-crypto US President Trump's election and appointment of Paul Atkins to the SEC, boosting Bitcoin's market cap to $2 trillion.
HDFC Bank reports a standalone net profit of Rs 16,735 crore for the quarter ended Dec 2024, up 2.2% from the previous year, despite a slight decline from the preceding quarter. Margins remain stable, and asset quality is robust. The bank accrues significant loan sales and maintains substantial growth capital.
India needs a tax buoyancy of 1.2-1.5 to achieve a 6.5-7% growth rate, according to an EY report. To support this growth, the government may need to boost the tax-to-GDP ratio to 14% by FY31. Enhancing tax buoyancy, managing expenditures, and continuing structural reforms are crucial for sustainable growth. India's projected GDP growth for the next fiscal is 6.3-6.8%.