Trade
International trade settlements in Indian rupee allowed
Amendments in the foreign trade policy and handbook of procedures have been made to allow for international trade settlement in Indian rupees i.e. for invoicing, payment and settlement of exports and imports in Indian rupees. The allowance has been made to allow grant of exports benefits and incentives and fulfilment of export obligation under the foreign trade policy.
Growing trade between Russia and India opens a new era for Silk Road
The Ministry of Industry and Trade of India reported that trade turnover between Russia and India exceeded $18.2 billion in the first five months of the fiscal year. The surge in trade between the two countries made Russia the country's seventh largest trade partner, rising from 25th place with a total trade turnover of $13.1 billion in 2021.
Women-led Kinara Capital raises Rs 200 crore to empower MSMEs in India
Existing equity investors Nuveen and the ASN Microkredietfonds advised by Triple Jump also participated in the funding round. With this funding, Kinara Capital aims to grow 5 times by 2025 and reach an asset under management (AUM) of Rs 6,000 crore.
PM Modi lauds Paytm, commends reach of digital payments in far-off places
Commending the increase in penetration of digital payments in the country, Modi said that women entrepreneurs of the village are accepting digital payments with Paytm and have QR codes outside their shops. The Prime Minister was addressing a rally after laying the foundation stone of various developmental projects at Mana village, which is considered the last village at the border between India and China, during his two-day state visit last week.
boAt raises Rs 500 cr to expand market share in smartwatches
The investment, said the company, will enable it to accelerate its plans to attain leadership in the smartwatches category, scale up its business both within and outside India and further strengthen its R&D and design capabilities.
Meta logs another revenue decline amid concerns over metaverse plans
In the third quarter (Q3), Meta's revenue declined 4 per cent year over year to hit $27.7 billion. The company posted a net income of $4.395 billion, down from $9.194 billion year over year. This decline is owing to Meta's huge losses in Reality Labs, Meta's virtual reality division, which lost $3.672 billion in Q3.
Walmart reportedly raising up to $3 bn for Flipkart to expand India biz
With new funds, Flipkart's valuation is set to soar to more than $40 billion, giving a fillip to the Indian funding scene which is going through a harsh winter. Flipkart Group in July last year raised $3.6 billion to grow and advance the digital commerce ecosystem in India. The investment valued the group at $37.6 billion post the money then.
SK hynix reports 60% drop in Q3 profit, cuts 2023 investment by half
The chipmaker's third-quarter net income was 1.1 trillion won ($769.4 million), down 66.7 percent from a year earlier, according to a regulatory filing. Operating profit for the three months ending in September came to 1.65 trillion won, compared with 4.17 trillion won a year ago. Sales fell 7 percent to 10.98 trillion won.
Russian exports jump over 25% in Jan-Sept
Imports plummeted by 15.7 per cent in this period to $180 billion, First Deputy Head of Russia's Federal Customs Service Ruslan Davydov told a press conference. This led to "a record" trade surplus of $251 billion, almost doubling from the number in the first nine months of 2021, he was quoted as saying by Xinhua news agency. Russia's foreign trade turnover amounted to $611 billion in the first three quarters, up 9.6 per cent year on year, Davydov added.
Advertisement