Browsing: Business

Indian Finance Minister, Nirmala Sitharaman presented a $550 billion progressive and inclusive Union Budget for 2023-24 today. According to her, Indian economics are heading in the right direction despite challenging times globally. Economic growth in the current year is estimated at 7%, according to Ms Sitharaman. According to the Finance Minister, the vision for Amrit Kaal includes a knowledge-based economy, strong public finances, and a robust financial sector. The budget hopes to build on the foundation laid in last year’s budget and the blueprint for India@100 laid out in the previous budget. According to the Finance Minister, the capital investment…

There was a 13.6% yearly increase in two-way trade between Vietnam and India in 2022, according to statistics from the General Department of Customs, which were quoted by the Vietnam News Agency (VNA). The value of Vietnam’s exports to India last year topped $7.96 billion, a 26.8% increase over the same period last year. In terms of total export value, mobile phones and accessories made up nearly 20% of the total export value. This is thanks to a turnover of $1.52 billion, up 18.4%. This makes up nearly half of total exports. With $1.03 billion, computers, electronics, and parts had…

In order to restore its profitability and improve the safety of its products, the Dutch health technology company Philips will cut another 6,000 jobs globally. This is following a recall of respiratory devices that knocked off 70% of its market value. According to the company, half of the job cuts will be achieved this year and the other half by 2025. According to Reuters, the ongoing reorganization brings the company’s total number of job cuts to 10,000. This is around 13% of its workforce, which was announced by newly appointed CEO Roy Jakobs in recent months. As the economy turns…

Australian Minister for Climate Change and Energy Chris Bowen announced Friday that Australia and Germany have committed A$50 million ($35.5 million) and 50 million euros ($54.4 million), respectively, in support of a joint initiative to establish a green hydrogen supply chain. It was reported by Reuters that the two countries, which signed a bilateral agreement on hydrogen production and trade in June 2021, had announced funding for four projects as part of the German–Australian Hydrogen Innovation and Technology Incubator (HyGATE). By collaborating, Australia further strengthens its renewable energy export infrastructure, while Germany is able to meet its growing energy needs…

UN economists warned that intersecting crises will further damage the global economy, causing growth to slow from three percent in 2022 to 1.9 percent this year. Apart from the 2007-8 financial crisis and the height of the COVID-19 pandemic, this will be one of the lowest growth rates in recent decades. “In most countries we expect that private consumption and investment will weaken due to inflation and higher interest rates”, said Ingo Pitterle, Senior Economist at the UN Department of Economic and Social Affairs (UNDESA). “Several countries will see a mild recession before growth is forecast to pick up in…

In an email sent to Google’s staff on Friday, Sundar Pichai announced the company would lay off 12,000 employees. The move follows the layoff of 28,000 employees by Amazon and Microsoft combined, as well as the announcement of 11,000 job cuts by Meta, the parent company of Facebook. Google will offer its U.S.-based employees 16 weeks of severance pay, plus two weeks for each additional year they have worked at the company, Pichai said. As a result of rising interest rates and inflation, technology companies are currently facing a number of challenges, including a reduction in advertising expenditures. This is…

In the largest locomotive deal in Siemens’ history, the German engineering company reported on Monday that it had signed a contract with the Indian government. The contract is for the supply and maintenance of freight trains. The contract is worth 3 billion euros ($3.25 billion). Under this agreement, Siemens will provide 1,200 electric locomotives and provide service for 35 years. It is also Siemens’ largest ever contract in India. Siemens-designed, 9,000-horsepower trains will be assembled in India over the next 11 years, with deliveries beginning within 24 months. Siemens has won another bumper contract after signing a 900 million euro…

DP World has partnered with A.P. Moller-Maersk (Maersk) to improve operational efficiencies, enhance customer service and reduce carbon emissions. Maersk will benefit from the long-term strategic partnership and will implement enhanced processes to improve quayside productivity, reduce bunker fuel consumption at Jebel Ali Port and speed up gate turnaround times. Maersk’s customers will benefit from DP World’s real-time information relayed by these visibility tools in order to plan their supply chains better and reduce carbon emissions. With Maersk Accelerate, a fast-tracking service through priority cargo handling, and Maersk Flex Hub, a cargo storage solution, Maersk will offer two solutions for…

This week, Goldman Sachs will embark on one of its largest rounds of layoffs since the financial crisis. As part of a restructuring plan, the bank started layoffs on Tuesday that will result in the loss of up to 3,200 jobs. This is approximately 6 percent of its workforce, according to two people familiar with the changes who were not authorized to speak publicly about them. The company plans to notify the majority of affected employees on Wednesday. Layoffs at the bank underscore the economic challenges facing the Wall Street giant, which is also attempting to regain its footing following…

Masdar has signed an agreement with the Kyrgyz Ministry of Energy to develop a pipeline of renewable energy projects in the country. The projects, with a total capacity of up to 1 gigawatt (GW), begin with a 200 megawatt (MW) solar photovoltaic (PV) system. Ibraev Taalaibek Omukeevich, Minister of Energy of the Kyrgyz Republic, and Mohamed Jamel Al Ramahi, CEO of Masdar, signed the implementation agreement. By 2026, the 200 MW plant will be operational. By 2030, Kyrgyzstan plans to reduce its greenhouse gas emissions by 44% and achieve carbon neutrality by 2050. In spite of the fact that the…