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India’s November Exports Fall 4.8%, Highlighting Trade Imbalance

Due to a sharp rise in item imports, which increased by 27% to almost $70 billion, Indias trade deficit soared to a new high of $37.8 billion in Novem

Due to a sharp rise in item imports, which increased by 27% to almost $70 billion, Indias trade deficit soared to a new high of $37.8 billion in November. A roughly 30% increase in gold prices and robust demand throughout the holiday season were the main causes of this spike, which led to a 4.3fold increase in gold imports of $14.9 billion. In contrast, petroleum exports decreased 49.6% to $3.7 billion, while exports dropped 4.8% to $32.1 billion, a 25month low. Although nonpetroleum products grew about 8%, total export performance was impacted by shifting oil prices and increasing geopolitical tensions. Nonetheless, there was a surplus in services trade due to the strong 26.8% growth in services exports to $35.67 billion. Read More..

B2B Tech News | 1 months ago        

Alcoa to Receive 130 Petajoules of Gas from Chevron Starting in 2028

On Tuesday, Chevrons Australian division declared that it would provide Alcoa, the aluminium manufacturer, with 130 petajoules of gas over ten years,

On Tuesday, Chevrons Australian division declared that it would provide Alcoa, the aluminium manufacturer, with 130 petajoules of gas over ten years, beginning in 2028. The North West Shelf Venture in Western Australia and Chevrons Gorgon and Wheatstone facilities will supply the gas. Alcoa intends to power its alumina plants in the area with natural gas. Alcoa already signed gas supply contracts with Exxon Mobil, Chevron, and Warrego Energy to support its refineries in Wagerup, Pinjarra, and Kwinana beginning in 2024. Nevertheless, the business has encountered operational difficulties, such as a gas interruption that resulted in a power outage at its refinery in Pinjarra, which is presently under investigation. Read More..

B2B Tech News | 1 months ago        

Democratic Republic of Congo Files Criminal Complaints Against Apple Over Conflict Minerals

Apple and its French and Belgian subsidiaries are facing criminal charges from the Democratic Republic of the Congo for allegedly utilising conflict m

Apple and its French and Belgian subsidiaries are facing criminal charges from the Democratic Republic of the Congo for allegedly utilising conflict minerals in their supply chain. According to the Congolese government, Apple indirectly benefits from minerals that come from artisanal mining run by armed groups that commit grave violations of human rights. Congolese attorneys contend that Apple is involved in the regions continued bloodshed and exploitation because the company uses minerals that are laundered through global supply chains, despite Apples claims that it investigates suppliers and has not discovered any ties to armed groups. Charges of concealing war crimes and engaging in dishonest business operations are included in the complaints. Both nations judicial systems will now decide whether to investigate these allegations more thoroughly. Read More..

B2B Tech News | 1 months ago        

Bharti Global Acquires 24.5% Stake in BT Group After National Security Review Approval

After a comprehensive national security examination, the British government authorised Bharti Globals £3.2 billion acquisition of a 24.5% interest in

After a comprehensive national security examination, the British government authorised Bharti Globals £3.2 billion acquisition of a 24.5% interest in BT Group on Monday. The shares were bought from Altice, which Patrick Drahi, an investor, once owned. Given its substantial involvement in government telecommunications and cybersecurity, BT will establish a national security committee to supervise strategic operations impacting the security of the United Kingdom to address national security concerns. The government highlighted this action to reduce the risks related to BTs obligations to assist with state projects. The Indian giant Bharti Enterprises investment division, Bharti Global, declared that it had no intention of acquiring BT. Read More..

B2B Tech News | 1 months ago        

Databricks Nears Record $9.5 Billion Venture Capital Funding Round, Eyeing $60 Billion Valuation

A huge venture capital funding round that could surpass $9.5 billion and rank among the largest in history is reportedly on the verge of being secured

A huge venture capital funding round that could surpass $9.5 billion and rank among the largest in history is reportedly on the verge of being secured by software company Databricks. The data analyticsfocused San Franciscobased company is approaching a valuation of over $60 billion, and its share price of $92.50 is considered attractive considering its anticipated $3.8 billion in revenue for the upcoming fiscal year. Thrive Capital and returning investors Andreessen Horowitz and Insight Partners are expected to lead the nearly twiceoversubscribed financing round. Databricks is investigating $4.5 billion in debt financing in addition to its equity raise, indicating robust investor interest in the rapidly expanding AI industry. Read More..

B2B Tech News | 1 months ago        

Berkshire Hills Bancorp and Brookline Bancorp in Merger Talks, Potential Announcement Soon

According to the Wall Street Journal, merger negotiations are underway between Bostonbased banks Berkshire Hills Bancorp BHLB.N and Brookline Bancorp

According to the Wall Street Journal, merger negotiations are underway between Bostonbased banks Berkshire Hills Bancorp BHLB.N and Brookline Bancorp BRKL.O. An announcement might be made as early as next week regarding the proposed deal, combining the two banks with assets of about $12 billion. According to LSEG data, Berkshire Hills Bancorp is worth $1.3 billion, while Brookline Bancorp has a market capitalisation of $1.12 billion. As of right now, neither bank has responded to the merger talks. As banks look to increase their market presence and competitiveness, this consolidation reflects prevailing trends in the industry. Read More..

B2B Tech News | 1 months ago        

Switzerland Revokes India’s MFN Status, Imposing New Tax Implications for Businesses

Following an adverse decision by the Indian Supreme Court over Nestle, Switzerland revoked Indias Most Favoured Nation MFN status, which will have mor

Following an adverse decision by the Indian Supreme Court over Nestle, Switzerland revoked Indias Most Favoured Nation MFN status, which will have more tax ramifications for Indian companies doing business in Switzerland. As a result of this ruling, the MFN provision in the two nations double taxation avoidance agreement DTAA will no longer be in effect. As of January 2025, a 10% dividend withholding tax will be imposed. It is anticipated that Indian banking, technology, and industry businesses will be significantly impacted. Given Indias trade agreements with European Free Trade Association EFTA member nations, the Ministry of External Affairs of India stated that a revision of the DTAA may be required in light of this change. Read More..

B2B Tech News | 1 months ago        

Bitcoin Soars to Record High Above $106,000 Amid Trump’s U.S. Bitcoin Reserve Plans

After Presidentelect Donald Trump announced plans to establish a U.S. bitcoin strategic reserve similar to the strategic oil reserve, Bitcoin surged b

After Presidentelect Donald Trump announced plans to establish a U.S. bitcoin strategic reserve similar to the strategic oil reserve, Bitcoin surged beyond $106,000 on Monday, igniting investor excitement. Ether increased 1.5% to $3,965, while Bitcoin jumped 3.2% to $106,533 before levelling off at $104,462. The accession of MicroStrategy to the Nasdaq 100 index, which is anticipated to draw more investment, further improved investor optimism. To put the United States at the forefront of the cryptocurrency scene, Trumps remarks implied a more welcoming regulatory climate for cryptocurrencies. The market responded favourably to the scepticism of individuals such as Federal Reserve Chair Jerome Powell, who likened bitcoin to gold and rose 192% for the year. Read More..

B2B Tech News | 1 months ago        



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