BILLIONS OF DOLLARS
Dollar on the defensive after soft data, little relief for yen
Currency markets react to global economic trends, with sterling potentially shifting leadership from Rishi Sunak to Keir Starmer in the UK.
AI video maker Runway in talks to raise funds at $4 billion valuation: report
Since the launch of ChatGPT by OpenAI in 2022, there has been an immense interest in AI, with enterprises investing millions of dollars to cash in on the trend.
Rupee falls 9 paise to 83.43 against US dollar in early trade
The healthy expansion in infrastructure sectors' growth in May was driven by the production of coal, natural gas, and electricity, amidst rising crude oil prices impacting the rupee and positive equity market sentiment.
Elon Musk won $56 billion payday because of vote, Tesla argues in court
Tesla claims that Elon Musk won his legal battle over his $56 billion pay package because shareholders voted for the compensation, according to a court filing made public on Thursday. This comes despite a judge rescinding it earlier this year.
Dollar hits 38-year high vs yen; stocks mixed
The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, gained 0.31% at 106.00, with the euro down 0.25% at $1.0686.
RBI net sold $3.6 billion in FX market in April amid global volatility
Latest RBI data showed that on a gross basis, the central bank sold $11.65 billion in the currency market in April while making purchases worth $8 billion.
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With 30 pc topline growth, Godrej Appliances expects to join billion-dollar club in FY25
Godrej Appliances aims to become a billion-dollar company by the end of FY25 with a 30% growth in sales, focusing on new product launches and market expansion.
Elon Musk says Tesla shareholders voting yes for his $56 billion pay package
Tesla shareholders are voting on a $56 billion pay package for Elon Musk and to relocate the company's legal home to Texas. The vote outcome will be announced at a meeting in Texas on Thursday.
Americans suffer disasters worth 11 billion-dollar due to weather-related incidents
The monetary losses due to weather-related events have raised questions on human-caused climate change.
SBI board approves raising $3 billion through FX bonds
State Bank of India's (SBI) board of directors have approved raising upto $3 billion through foreign currency bonds issued abroad, the bank said in a stock market filing.
Smallcap EV stock surges 20% after winning a billion-dollar Philippines deal
Shares of small-cap EV manufacturer Wardwizard Innovations and Mobility (WIML) soared by 20% on the BSE during Monday's trading session, reaching the day’s high of Rs 62.71. This surge was fueled by the company's announcement of securing a $1.29 billion contract from a Philippines-based company, Beulah International Development Corporation.
Dollar or other currencies? How the US is daring the world to find a dollar alternative
The United States is challenging its own foundations as the world's reserve currency with attacks on the legal system following Donald Trump's conviction. Despite growing consternation, no credible alternative has emerged. The dollar's dominance stems from U.S. democratic principles, but threats loom as sanctions and political turmoil test its credibility.
Aramco sale set to raise at least $11.2 billion for Saudi Arabia
Saudi Aramco's mega stock offering, set to raise $11.2 billion, supports the government's economic transformation. The sale includes Aramco's $124 billion dividend, attracting foreign investors despite challenges in the oil market.
SBI board to consider $3-billion fundraise
SBI's board of directors to meet on June 11 to consider raising up to $3 billion through foreign currency bonds issued abroad.
ChrysCapital sets sights on pharma buyout deals
ChrysCapital, led by MD Kshitij Sheth, aims to acquire Indian companies in the formulation business with potential valuations of $200 million-$500 million, focusing on growth and eventual public listings.
Exports of marine products drop 9% to $7.37 billion in 2023-24
According to exporters, demand slowdown, high inflation in developed economies and increasing exports of frozen shrimp from Ecuador to America are some of the reasons for dip in India's exports last fiscal. Leading exporters from the sector Yogesh Gupta, Managing Director, Megaa Moda, said that as the US has imposed anti-dumping duty on Ecuador, "our products would now compete and increase exports".
Saudi Arabia plans Aramco share sale as soon as June, sources say
Saudi Arabia is planning a multi-billion-dollar share sale in energy giant Aramco as soon as June in what would be one of the region's biggest stock deals, two people familiar with the matter said. The offering could raise around $10 billion, one of the people said. The preparations are ongoing and the details could still change, the sources said, who were speaking on condition of anonymity because the matter is private.
India's forex reserves rise to an all time high for week ending on May 17; up by $4.54 bn to $648.7 bn
India's forex reserves reached an all-time high of $648.7 billion as of May 17, according to the Reserve Bank of India. This follows a surge of $2.56 billion in the previous week. Foreign currency assets (FCAs) also increased by $3.361 billion to $569.01 billion. Gold reserves increased by $1.24 billion to $57.19 billion, while SDRs rose by $113 million to $18.16 billion.
China allocates billions of dollars to bailout its crisis-hit property sector
China has taken decisive measures to tackle the crisis in its property sector, which has been a crucial driver of its economic growth. The People's Bank of China has announced a 300-billion-yuan relending facility to support government-subsidized housing projects. Local state-owned enterprises are encouraged to purchase completed commercial homes to provide affordable housing. Commercial banks have issued significant loans for real estate development and individual housing.
Taylor Swift's Eras Tour set to add over a billion dollar to UK's economy
Taylor Swift's Eras Tour is estimated to boost the UK economy by nearly £1 billion, with fans spending on tickets, travel, and merchandise, according to Barclays bank. The tour has achieved significant milestones and is projected to double its ticket sales by the end of the year.
ETMarkets Smart Talk: Focus on green energy to lead to multi-billion dollar enterprises over next decade: Jyoti Vaswani
Jyoti Vaswani discusses the potential of multi-billion dollar enterprises in the green energy space and its impact on equity markets. She provides insights on the US Fed moves, RBI, inflation, Q4 earnings, management commentary, Nifty performance as well as May trends. Vaswani says that since FY24 has seen a broad-based rally, FY 25 can be expected to be driven by sustained corporate earnings growth and policy continuity.
IT midcaps weather market storm to enter billion-dollar club
Many other mid-cap IT firms are also eyeing an entry into the billion-dollar club in the coming quarters while the above-mentioned four are chasing the next target of $2 billion, industry observers said. Firms such as Happiest Minds Technologies, Cyient, ITC Infotech and Birlasoft announced their billion-dollar revenue target recently.
Indian space industry offers tremendous opportunity for private players, says ISRO Chief
ISRO Chairman S Somanath highlights the vast potential for growth and development in the Indian space industry, estimating a $9-10 billion industry within 5-10 years. He praises the collaboration between ISRO and private sector companies like SFO Technologies, emphasizing their role in advancing space technology and environmental sustainability initiatives.
India's forex reserves up by $3.66 bn to $641.59 bn as of May 03 after 3 weeks slump
India's forex reserves increased by $3.66 billion to $641.59 billion as of May 3, up from a previous contraction of $2.41 billion. Foreign currency assets (FCAs) also surged by $4.45 billion to $564.16 billion. Gold reserves dropped by $653 million to $54.88 billion, while SDRs increased by $2 million to $18.05 billion. Reserve position in the IMF decreased by $140 million to $4.499 billion.
Israel due to get billions of dollars more in US weapons despite Biden pause
The Biden administration has paused a shipment of bombs to Israel and is reviewing other weapons sales, concerned about their potential use in attacks on civilians. This comes amid the ongoing conflict in Gaza, where over 1 million civilians are seeking refuge. While Israel has been urged not to invade certain areas without safeguards, the delay in weapons approval has raised concerns. Biden's support for Israel has faced criticism, particularly among young Democrats, as he navigates the political landscape.
Japan's Mitsubishi Motors told to pay dollar 1 billion over US car crash
The plaintiff blamed a defective seatbelt design in her husband Francis Amagasu's 1992 Mitsubishi 3000GT that left him with severe injuries after the crash in Pennsylvania. Amagasu lost control of his car while overtaking and as the vehicle rolled over the seatbelt failed to constrain him properly, according to US media reports.
Samsung first-quarter profit up 10-fold on memory chip recovery
The world's biggest maker of memory chips and TVs said operating profit rose to 6.6 trillion won ($4.8 billion) in January-March, up from 640 billion won a year earlier.
KKR joins global cos betting billions of dollars in fastest-growing India
KKR & Co. is optimistic about investment opportunities in India's consumer sector and expanding its private credit portfolio. Despite high valuations, the firm believes in India's long-term consumption growth. With global firms like Blackstone and Goldman Sachs also investing in India, KKR plans to deploy $10 billion at a faster pace. The firm is eyeing opportunities in manufacturing and may venture into real estate in the future. Despite challenges faced in the past, KKR remains committed to investing in India through various strategies, including its Asia credit fund and infrastructure projects.
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