BUSINESS
Samsung likely to raise chip prices by 20%
Samsung is in talks with foundry clients to hike the contract chipmaking prices, Yonhap reported citing media reports. Samsung spokespersons, contacted by Yonhap, said they could not officially comment on the matter. Samsung is the world's largest memory chip maker and the second largest contract chip manufacturer after Taiwan's TSMC.
Smartphone demand drops 'like a rock', 200mn less handsets this year
According to Semiconductor Manufacturing International Corporation (SMIC), China, lockdowns will result in 200 million less smartphone units this year, reports South China Morning Post. The SMIC predicted a gloomy outlook for consumer electronics demand, saying it sees no sign of a recovery anytime soon. The Shanghai lockdown could reduce production by five per cent this quarter.
I'm 'personally liable' for $750mn SoftBank loan: Better.com CEO Vishal Garg
On November 30, 2021, Better.com, which is a digital mortgage lender, announced that "Aurora Acquisition Corp and SoftBank decided to amend the terms of their financing agreement to provide Better with half of the $1.5 billion they committed immediately instead of waiting until the deal closes".
Centre bans wheat export
Earlier, the Centre had said it was happy that the farmers were getting good returns for their produce as India had exported almost 11 lakh metric tonnes (LMT) of wheat till April. The government also claimed that it was committed to provide food security to its own population, its neighbours and also some vulnerable countries and hence brought in the amendment in relevant sections of the Export Policy.
France's CPI increases by 4.8% yearly in April
The institute attributed the CPI rise to the acceleration of service, food and manufactured goods prices, reports Xinhua news agency. The prices of transport services accelerated due to airfares and transport by road prices, according to INSEE. The prices of meat, bread and cereals, milk, cheese, eggs, oils, fats and coffee increased during the month of April, it noted.
Twitter CEO expects Musk deal to close but 'prepared for all scenarios
The statement by the CEO comes hours after Musk, in a series of tweets, wrote that the Twitter buyout is temporarily on hold, where he also later mentioned that he was "still committed to the acquisition". "While I expect the deal to close, we need to be prepared for all scenarios and always do what's right for Twitter. I am accountable for leading and operating Twitter, and our job is to build a stronger Twitter every day," Agrawal wrote on the platform.
Twitter, Tesla, Musk see billions evaporate
Irony. At $231 billion of worth on the Forbes Real Time Billionaires Index at close of play on Friday, only part of Musk's losses are because of his still single-digit ownership of Twitter. Most of the vapourisation is coming from investors abandoning Tesla. Their carp is that legal issues at Twitter might distract the maverick suitor.
Consumer inflation at 8-year high may 'trigger' quicker rate hikes
"If inflation pressures continue to mount there is a likelihood of additional hikes thereby taking the rate to its pre- pandemic level of 5.15 per cent or even higher in FY23. Additionally, we also expect CRR to be hiked by another 50 bps by H1FY23," Acuite Ratings said. Given the tone of urgency in RBI's statement to support the altered inflation-growth dynamics, "we now revise our call and expect the RBI to hike repo rate by an additional 60 bps in the rest of FY23".
More heat for Indian consumers as ACs set to get 3-4% costlier
The Indian consumer electronics industry continues to face raw material shortage during the ongoing China-lockdowns and the Russia-Ukraine war.
Chinese currency declining rapidly as economy falters
Since the start of the year, investors have been moving money out of China, driven by concerns over rising lockdowns in major cities, and Beijing's close ties with Moscow in the wake of Russia's invasion of Ukraine. The links have raised fears that China could be targeted by Western sanctions if it helps Moscow.
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