Category: Business

Jeff Bezos, founder of Amazon, attends a company event in New Delhi

Jeff Bezos Announced $1 Billion Investment In India By Amazon

Amazon chief JeffBezos announced $1 billion (£770m) investment in India. He said that the investment would be used to digitalize small and medium businesses. It would help the businesses to operate and sell their products online.

Jeff Bezos in India

He was in New Delhi to attend a company event where he said that the 21st Century was going to be the Indian century. He was on his three-day visit to India. While addressing the audience at the event, he said that democracy had dynamism, energy and growth.

Mr. Bezos said that Amazon would export goods worth $10 billion from India by 2025. Also, he underlined that the online retail giant had already committed its $5.5 billion investment in the country.

Jeff Bezos met with protests

Thousands of small traders from 300 cities registered their protest against Amazon that they alleged to have a negative impact on their businesses in the local market. They said that the retail giant was driving them out of market by offering lucrative discount offers and promoting a few big sellers on his platform.

Ecommerce market in India

India’s ecommerce … Read the rest

The-US-China-Took-First-Concrete-Step-Towards-Defusing-Trade-War

The US-China Took First Concrete Step Towards Defusing Trade War

The United States and China signed a trade truce after nearly two decades of conflict. This truce came as a big breather for the global businesses that had been suffering losses due to the trade war between the two dominant economic powers of the world.

The US-China trade deal

Beijing would import an additional $200 billion in US products over two years and it would include additional $32 billion in agricultural goods. The current import would be bigger than the purchases of 2017 before Trump launched an offensive on China.

The trade war resulted in soyabeen exports to China reducing to only $3 billion from $12 billion in 2017. Due to the export slump, the Trump administration had to pay $28 billion to farmers as aid in the last two years. But leading economists are questioning whether the US farmers would be able to meet the growing demand for soyabeen.

Twice-yearly dialogue process is also restored in the deal. Previous US administration used to conduct the dialogue regularly before Trump scrapped the process.

Trump said the deal was momentous

US President Donald Trump said that … Read the rest

Nationwide-Bandh-On-January-8

25 Crore Workers From 10 Central Trade Unions Call For 24-Hour Nationwide Bandh On January 8

The Centre of Indian Trade Unions (CITU) has called for Bharat Bandh against the disinvestment, privatisation and labour reform policies of the central government. According to CITU, ten central trade unions were supporting its cause.

CITU calls for a nationwide strike

CITU said that it had been over four years since the last Indian Labour conference took place in August 2015. In the last conference, the government created a Group of Ministers to consider the 12 point-charter of demands of the labour unions. But nothing happened after that meeting. It further said that the government started selling Public Sector Undertakings and natural resources to strengthen the failing economy.

Worker’s demand

The 24-hour strike is called to oppose privatization policies of the central government and present a 12-poing common demand like working-class on pay hike, fixing of the minimum wage, social security and uniform five-day week.

Services affected by Bharat Bandh

Banking services are more likely to get affected by the nationwide strike but private sector banks are likely to work as usual. But the transport sector is likely to get the maximum impact of the strike. According to SBI, … Read the rest

PM-Modi-Calls-Mukesh-Ambani-Ratan-Tata-And-Others-To-Revive-Economy

PM Modi Calls Mukesh Ambani, Ratan Tata And Others To Revive Economy

In the run-up to budget 2020-21, PM Narendra Modi met the top industrialists of the country to brainstorm ideas to strengthen the GDP that has plummeted to the lowest levels in the six-years.

PM meets industrialists

PM Modi called Reliance chairman Mukesh Ambani, Tata patriarch Ratan Tata, Mahindra Group chairman Anand Mahindra, telecom boss Sunil Bharti Mittal, Gautam Adani and others to hiss office to discuss the economic condition of the country and find ways to boost the economy that has dropped to 4.5% according to the latest GDP data of July-September quarter. Also, the slump in the manufacturing sector and consumption played a crucial role in slowdown.

Measures taken to check slowdown

• Corporate tax slashed to 22% from 30% in September

• The tax rate for new manufacturing units was also slashed to 15%

• Bank recapitalization

• Merger of 10 public sector banks into 4

• Support for auto industry

• Plans for infrastructure projects

• Tax benefits for startups

Corporate tax was reduced to attract foreign direct investment. With these deductions, India became on par … Read the rest

Gold-Costs-90800-Pakistani-Rupees

10gm Gold Costs 90,800 Pakistani Rupees In Pakistan

Plagued with starvation and inflation, Pakistan has already become hollow and now it is staring at another problem. After vegetable, petrol, and diesel, the gold prices are touching the sky in Pakistan.

Gold price in Pakistan

In Pakistan, one tola gold costs 90,800 Pakistani rupees but in India, it costs around Rs. 41,395. One tola is equal to 10gm. Gold prices are fluctuating due to the Iran-America conflict. On Friday, the gold prices saw an increase of Rs. 1,150. According to Don newspaper, the gold price has increased by Rs. 23,000 since January 2019.

Gold price in India

The price of 24-carat gold remained between 41,000 to 41,270 per 10gm on the last trading day. The 22-carat gold jewelry also jumped to Rs. 41,120 per 10 gm. A Ginni that weighs 8gm also increased by Rs. 100 and crossed Rs. 30,900 mark.

Iran has warned the US of revenge for killing its commander Major General Qasim Sulemani, who was also the chief military officer of Iran in an airstrike. Fearing a war between the two nuclear-armed nations, investors are considering gold to be a safe investment and for this … Read the rest

Billionaires-2019

Billionaires 2019: The Total Worth Of Billionaires Shrank By $400 billion

This is the second time in a decade that both the number of billionaires and total wealth shrank. According to latest figures, there are 2,153 billionaires but there were 55 more than a year ago. Also, the 46% (994) of them are poorer than they were in 2018.

Findings of the latest billionaire count

The findings cap the worth of ultra-rich at $8.7 trillion that was $400 billion up in the previous year. Altogether 247 (11%) of the billionaires are dropped out of the ranks since 2009 at the height of global financial crisis.

• Asia-Pacific has 60 fewer 10-figure billionaires


• China has 49 fewer billionaires than 2018

The only nations that witnessed a surge in the number of billionaires are the US and Brazil. In the US, there are 607 new billionaires including 14 of world’s 20 richest people. Jeff Bezos of Amazon is again the Number 1 in the world. He is closely followed by Bill Gates at Number 2.

Newcomers in the list of billionaires

A total of 195 people joined the list of billionaires in … Read the rest