China
Smartphone sales drop 14% YoY in China in Q1: Report
According to research firm Counterpoint, the quarter's volumes were close to the levels seen during the severe pandemic-hit first quarter in 2020. "China's economy grew by only 4.8 per cent YoY in Q1 2022, lower than the 5.5 per cent annual growth target set by the government, as the country was weighed down by the pandemic and related lockdowns," Mengmeng Zhang, Research Analyst.
'Asia's oil demand revival bears brunt of China's endless lockdowns'
"Asian oil demand growth is expected to slow in 2022 as China's demand has been hit by a resurgence of Covid-19, with lockdown measures imposed across many major cities," said Lim Jit Yang, advisor for Asia-Pacific oil markets at S&P Global Commodity Insights. Based on the latest April outlook, China's growth will be flat this year, after growing by 550,000 barrels per day in 2021.
Global chip shortage set to ease despite China lockdowns
The second half of 2022 will see downward shipment revisions, largely due to increasing inventory in the channel and a slowdown in consumer PC momentum, according to Counterpoint Research. "Coupled with wafer production expansion and continuous supplier diversification, we have witnessed significant improvement in the component supply situation, at least in the first quarter," said research analyst William Li.
India must manufacture more mobile tempered glass screens to counter China
"Tempered glass should be brought under the CRO (Compulsory Registration Order (CRO) regime so that proper standardisation sets in. This will move the market to the organised sector, in the same line as the mobile accessories like chargers, batteries, tempered glass, hearables, and wearables," the findings showed.
$7.2 trillion of China's GDP under lockdown
Together, they represent 40 per cent, or $7.2 trillion, of annual gross domestic product for the world's second-largest economy, according to data from Nomura Holdings, CNN reported. Analysts are ringing warning bells, but say investors aren't properly assessing how serious the global economic fallout might be from these prolonged isolation orders.
Egypt approves India as a wheat supplier
"Indian farmers are feeding the world," tweeted the Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles. "Egypt approves India as a wheat supplier. Modi Govt. steps in as world looks for reliable alternate sources for steady food supply. Our farmers have ensured our granaries overflow & we are ready to serve the world," said Goyal.
Tesla to keep China plant shut due to Covid restrictions
Tesla first shut down its Shanghai plant on March 28, and had planned to keep it closed for just four days. The electric car-maker previously closed the Shanghai factory for two days in mid-March due to a rise in infections. Around 10,000 medical workers from several regions across China have arrived in Shanghai in recent days to help the fight against Covid-19 as the city with a population of 25 million has seen surging infections.
India's export touches record $418 bn in 2021-22, says Piyush Goyal
Addressing a media briefing here, Goyal said that during 2021-22, $30 billion export was recorded on a monthly basis, and this was despite the second and third wave of Coronavirus pandemic hitting the country hard. The engineering goods exports hit a record $111 billion, of which about $16 billion worth goods were shipped to the U.S. alone.
Pakistani rupee at historic low on repayments of Chinese loans
The Pakistani rupee plunged to a historic low of 183.70 against the US dollar in the interbank market after the State Bank of Pakistan (SBP) reported a massive outflow of $2.9 billion, Dawn new reported. The SBP announced that its foreign exchange reserves dropped to $12.047 billion during the week ended on March 25 due to a major repayment of Chinese loans while the rest was regular debt servicing.
India emerging as an alternative destination for relocating Chinese industries
In this regard, Japanese Prime Minister, Fumio Kishida announced an investment of Yen 3.5 trillion ($42 billion) in India over five years during the India-Japan Annual Summit in Delhi. Under an MoU, Suzuki Corporation would set up an electric car manufacturing unit in Gujarat.
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