USD 50 BILLION LOAN
Explainer: What's behind Volkswagen's USD 5 billion EV software bet on Rivian?
The tie-up is the latest in a string of deals by Volkswagen Chief Executive Oliver Blume, who took over in September 2022 after the ousting of Herbert Diess. Shifting from combustion engine to electric cars requires expertise in areas where historically Volkswagen has little experience, from charging to batteries to software.
Aditya Birla Group’s chemical ops to foray in US with USD 50 million investment
The Aditya Birla Group is already present in the US through Hindalco Industries-owned Novelis Inc and Aleris Inc, and Georgia-based Birla Carbon. It currently has an investment of more than $15 billion in businesses in the US, and is the largest Indian investor in the US as of now.
Brookfield targets USD 10 billion investments in renewable sector
Canada’s Brookfield Asset Management plans to triple its investments in India’s renewable energy sector to over $10 billion within the next three to four years. The firm is also exploring opportunities in electric vehicles and green hydrogen. With a current portfolio of over 25 GW, Brookfield is the second-largest investor in India’s green energy assets. Through its new Catalytic Transition Fund, Brookfield aims to further its commitment to clean energy and transition projects in emerging economies, including India.
Indian tech startup funding logs slight uptick at $4.1 billion in H1
Indian tech startups raised USD 4.1 billion in H1 2024, 4% higher than H2 2023, remaining fourth-highest funded country globally. Insights from Tracxn report highlighted funding trends and volumes in the Indian tech startup landscape.
Rupee squeezed by weak Asia, to be likely boosted by positional flows
Rupee squeezed by weak Asia, to be likely boosted by positional flows
US, Europe agree to lock up Russian assets until it pays for Ukraine war, clearing way for USD 50 billion loan
The United States and European countries have agreed to freeze sanctioned Russian assets until Moscow pays reparations for its invasion of Ukraine. This move paves the way for a USD 50 billion loan package for Kyiv, with interest and income from the frozen assets to secure the loan. The agreement, to be announced at the Group of Seven summit, includes a bilateral security agreement between the US and Ukraine. However, the US will not commit troops directly to Ukraine's defense.
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Imports from Iraq up 58.68% to $3.76 billion in May
The data showed that the inbound shipments from China during the month were 2.82 per cent higher at USD 8.48 billion. Among the top 20 import source nations of India, imports from Saudi Arabia, Switzerland, Japan, Germany, Hong Kong, Australia and Malaysia recorded negative growth in May.
Rupee closes at record low vs dollar ahead of US Fed statement
Recently released data showing a larger-than-expected jobs addition in the US has dampened hopes of the Federal Reserve lowering interest rates while sharp weakness in the Chinese yuan versus the US dollar over the past couple of days has dragged Asian currencies lower, dealers said.
China's exports grow 7.6% in May, beating expectations despite trade tensions
In May, China's exports surged by 7.6% year-on-year to $302.35 billion, surpassing expectations, despite ongoing trade tensions. Imports, however, grew only by 1.8%, missing forecasts of 4% growth. This led to a widened trade surplus of $82.62 billion. The rise in exports is partly due to a low base from last year.
Deal activity dips 3 pc to USD 5 bn in May
Deal activity in May dropped by 3% to $5.023 billion. Mergers and acquisitions fell by 58%, but private equity deals rose by 49%. Largest deals include Google's $350 million investment in Flipkart and Manipal Health's majority acquisition of Medica Synergie.
Developed countries fulfilled USD 100 billion climate finance promise in 2022: OECD report
Developed countries met their long-standing promise of mobilizing USD 100 billion a year to help developing countries mitigate and adapt to climate change in 2022, according to the latest data published by the Organisation for Economic Co-operation and Development (OECD) on Wednesday.
ADB commits USD 2.6 billion in sovereign lending to India
Asian Development Bank (ADB) committed USD 2.6 billion (about Rs 21,500 crore) in sovereign lending to India in 2023 for various projects. The fund is aimed to strengthen urban development, support industrial corridor development, promote power sector reforms, build India's climate resilience, and enhance connectivity.
Rupee closes mildly weaker, forward premiums slip
The Indian rupee closed slightly down on Monday, unable to build on recent gains as local dollar demand pressured the currency even as most of its Asian peers rose.
India Playbook 2024: Aiming for a trillion dollars in forex reserves by 2029
India's economic trajectory for global investments is driven by stable macroeconomic environment, robust earnings growth, and significant contributions from software services and remittances. Inclusion in MSCI EM index and prominent Emerging Market Bond indices enhances India's investment landscape.
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.
Amid IMF loan talks, cash-strapped Pakistan mulls 5-yr extension on $15.5 billion Chinese energy debt
Cash-strapped Pakistan is considering to seek a five-year extension on its $15.5 billion debt in the Chinese energy sector as talks with the IMF for a fresh loan continue. The consent of the Chinese government and Independent Power Producers is crucial for contract amendments, which may involve lengthy negotiations. The extension could lead to a reduction in tariffs for consumers and a rise in outstanding liabilities by $1.3 billion over five years, potentially easing financial burdens and stimulating economic growth.
India to extend budgetary support of $50 million to Maldives
India extends budgetary support to Maldives by rolling over $50 million treasury bill upon special request. SBI subscribes to Maldives Finance Ministry's bill, aiding infrastructure projects under $800 million Exim Bank credit line, including cybersecurity agreement.
India's defence sector has opportunities for USD 138 bn over next 10 years
Nomura's 'India Defence' report projects a substantial USD 138 billion ordering opportunity in India's defence sector over FY24-32, driven by rising demand for equipment and services. Defence capital expenditure is expected to surge to 37% of the total budget by FY30, supported by government policies promoting indigenous manufacturing and technology development.
IMF approves final USD 1.1 bn tranche for Pakistan's bailout package
This latest funding marks the third and final installment of a USD 3 billion standby arrangement with the IMF, crucial for Pakistan to stave off a sovereign default, particularly as the existing arrangement is set to expire this month.
US Senate passes USD 95.3 billion package for Ukraine, Israel, Taiwan and Indo-Pacific
The US Senate approved a $95.3 billion aid package for Ukraine, Israel, and Indo-Pacific security. President Biden will sign the bill, which includes provisions for military support, humanitarian aid, and sanctions against Iran and Russia.
Olympic sports bodies criticize track and field's move to pay USD 50,000 for Paris gold medalists
World Athletics faces criticism for offering USD 50,000 per gold medal at Paris Olympics, with President Coe pledging USD 2.4 million. ASOIF disapproves, questioning the values of Olympism. Concerns raised about IOC presidential contest and impact on athletes' endorsements.
HDFC Credila raises USD 100 mn through ECB route for loan book expansion
DBS Bank's IFSC banking unit in Gujarat International Finance Tec-City (GIFT City) said in a statement that it led the syndicated loan. The funds will be used for growing the retail education loan franchise, it said.
Nivara Home Finance raises USD 10 million from Baring Private Equity India
Founded in 2015, Nivara is focused on providing affordable housing finance to micro-entrepreneurs and salaried customers. The ticket size for these housing loans generally ranges between Rs 5 lakh to Rs 7.5 lakh, a relatively underserved segment.
NTPC signs pact with Japanese agency for USD 200 million loan
NTPC secures USD 200 million loan from a Japanese agency, with JBIC funding 60% for NTPC and NREL projects in India. The funds will be used for FGD capex, reducing SOx emissions, and promoting environmental sustainability.
Vedanta Resources to deleverage debt by USD 3 bn over 3 years
The company recently divested a significant portion of its shares through its promoter entity Finsider International, and set the stage for strategic manoeuvring within the company.
Vedanta chairman Anil Agarwal outlines USD 4 billion investment plan to double oil production
Mining conglomerate Vedanta Ltd, owned by Vedanta Resources, plans to invest $4 billion in doubling oil production over the next 3 years. The company aims to achieve an oil output of 300,000 barrels per day through an aggressive exploration campaign. Vedanta currently produces 140,000 barrels per day and has promising acreage in northeast and deep-water regions. Despite concerns over debt levels, Vedanta remains undeterred and sees India as a favorable market due to its resources. The company has partnered with US oilfield service firms to increase capacity.
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