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☆ India says Europe trade group commits to $100 billion 15-year deal
▼ + stars: | 2024-03-11 | by ( ) www.cnbc.com time to read: +2 min

Indian Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles Shri Piyush Goyal is talking to media on EU-India trade relations. India will waive tariffs on industrial imports from four European nations for a $100 billion investment over 15 years, ending nearly 16 years of negotiations. It envisages that the European Free Trade Association, comprised of Switzerland, Norway, Iceland and Liechtenstein, will invest $100 billion over 15 years in India's fast-growing market of 1.4 billion people, Trade Minister Piyush Goyal said. "With the new deal, we have secured nil import taxes on nearly every Norwegian good." The five signatories must ratify Sunday's deal before it can take effect, with Switzerland planning to do so by 2025.

Persons: Piyush Goyal, Narendra Modi, Christian Vestre, Goyal Organizations: of Commerce and Industry, Consumer Affairs, Food, United Arab, European Free Trade Association, Trade, Industry Locations: India, Australia, United Arab Emirates, Britain, Switzerland, Norway, Iceland, Liechtenstein

☆ CNBC Daily Open: Conflicting signals on U.S. jobs market
▼ + stars: | 2024-03-11 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. China warns property developersChina's housing minister signaled real estate developers must go bankrupt if required and won't get a major bailout. Minister of Housing and Urban-Rural Development Ni Hong also warned that those who "harm the interests of the masses" will be punished. India's 'watershed' FTAIndia signed a 'watershed' $100 billion free trade deal that will remove most tariffs with four non-EU nations.

Persons: Hong, Piyush Goyal, Tony Fernandes, Tasha Keeney Organizations: CNBC, Nikkei, CSI, Nasdaq, Dow, Housing, India, EU, Commerce, Industry, AirAsia Locations: Asia, Japan, China, Malaysian

☆ India inks 'watershed' $100 billion free trade deal with four non-EU nations
▼ + stars: | 2024-03-11 | by ( Clement Tan | In Clemtan | ) www.cnbc.com time to read: +1 min

India flag, stock market, exchange economy and Trade, oil production, container ship in export and import business and logistics. India will lift most tariffs on four nations in Europe in a "watershed" deal that is expected to yield $100 billion worth of investment over 15 years and one billion jobs for the world's fifth-largest economy. The trade deal with European Free Trade Association nations, not part of the EU, was inked ahead of the country's general elections due in the next few months that may give Prime Minister Narendra Modi a third-straight term in office. This "marks a new turn and watershed moment in the bilateral relationship between India and [European Free Trade Association] countries of Switzerland, Iceland, Norway and Liechtenstein," India Prime Minister Narendra Modi said in comments shared on X, formerly Twitter. India expects this free trade agreement to stimulate its key exports in IT services, business services, audio-visual services among others, said Commerce and Industry Minister Piyush Goyal.

Persons: Narendra Modi, Piyush Goyal Organizations: European Free Trade Association, Free Trade Association, Twitter, Commerce, Industry Locations: India, Europe, Great Britain, Switzerland, Iceland, Norway, Liechtenstein

☆ Sony plunged $10 billion after its PS5 sales cut. But a bigger issue is its near decade low games margin
▼ + stars: | 2024-02-19 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

Around $10 billion of value was wiped off Sony's stock last week, after the Japanese tech giant cut its sales forecast for its flagship PlayStation 5 console for the fiscal year. Analysts, who already thought Sony's PS5 target was too lofty, told CNBC a bigger issue for the company are its declining margins in its key gaming business. The company's shares fell after the announcement, with around $10 billion of value wiped off the stock since the forecast cut, according to a CNBC calculation using FactSet data. By contrast, Sony's operating margin was more than 9% in the December quarter of 2022. "The shipment forecast cut for PS5 ... is not what is disappointing ... What is disappointing is the low level" of operating margin, Atul Goyal, equity analyst at Jefferies, said in a note to clients on Wednesday.

Persons: Atul Goyal Organizations: PlayStation, CNBC, Sony, Jefferies

☆ Nintendo's stock could rise by 30%, say analysts — if it overcomes these hurdles
▼ + stars: | 2024-02-08 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Gibson, a senior research analyst at financial services firm MST Marquee, has set a price target of 11,000 Japanese yen ($74) for Nintendo's stock. This represents a 31% upside over the current price. He told the investment bank's clients that Nintendo could delay the Switch 2 launch if the momentum for the current console remains strong. The analyst has rated Nintendo a buy but set a conservative price target of 8,400 yen. However, if the new console fails to gain traction with consumers, Gibson cautioned that Nintendo's stock is likely to miss his price target.

Persons: David Gibson, Gibson, Mario, That's, isn't, Jefferies, Atul Goyal, Goyal, Junko Yamamura, — CNBC's Arjun Kharpal Organizations: Nintendo, Super Nintendo, Universal Parks & Resorts, Mario Bros, CNBC, Citi Locations: United States, Germany, Florida

☆ Nintendo is expected to launch the 'Switch 2' console this year. Here's what to expect
▼ + stars: | 2024-01-08 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +4 min

Splatoon 3 proved to be a hit in Japan, helping keep momentum for Nintendo's ageing Switch console. Nintendo has sold 132.46 million units of the Switch, making it the company's second-most successful console after the handheld Nintendo DS. If the Switch remained popular in the holiday quarter then Nintendo could push a new console out to the Fall of this year, Goyal said. If Switch sales dropped in the December quarter, the new device could come as early as Spring or Summer, he added. Kantan Games' Toto said he expects the successor to be a "new device and not just an upgrade."

Persons: Philip Fong, Mario, Zelda, Serkan Toto, Piers Harding, Atul Goyal, Goyal, I'm, Nintendo's, Harding, Rolls, Toto, Moffett Nathanson, Will Organizations: Nintendo, AFP, Getty, CNBC, Kantan Games, Ampere, Jefferies, Mario Bros, Moffett Locations: Japan, Tokyo

☆ Tesla to double its components imports from India - Trade Minister
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Mike Blake/File Photo Acquire Licensing RightsCompanies Tesla Inc FollowBENGALURU, Nov 14 (Reuters) - U.S. electric car maker Tesla Inc (TSLA.O) is planning to double the number of components it imports from India, Indian trade minister Piyush Goyal said on Tuesday through a post on social media platform X. "Proud to see the growing importance of Auto component suppliers from India in the Tesla EV supply chain. It is on its way to double its components imports from India," Goyal posted on X, earlier called Twitter, after visiting Tesla's manufacturing facility at Fremont, California. He was, however, unable to meet Tesla chief Elon Musk during his visit to the plant, Goyal added. He said in September Tesla was aiming to source components worth between $1.7 billion and $1.9 billion from India this year, having bought $1 billion of components last year.

Persons: Mike Blake, Piyush Goyal, Goyal, Elon Musk, Tesla, Ashna Teresa Britto, Rashmi Aich Organizations: Tesla Inc, REUTERS, Tesla, Reuters, Thomson Locations: Costa Mesa , California, U.S, India, Fremont , California, Bengaluru

☆ Sony profit slides on chip slump, maintains PS5 sales target
▼ + stars: | 2023-11-09 | by ( Sam Nussey | ) www.reuters.com time to read: +3 min

Profit for the quarter was 263 billion yen ($1.74 billion). That compared with a 306 billion yen estimate from 10 analysts polled by LSEG. The conglomerate sold 4.9 million PS5 units in the second quarter, bringing sales this financial year to 8.2 million units. Sony hiked its full-year sales forecast for the games unit by almost 5% to 190 billion yen. The company maintained its full-year operating profit at 1.17 trillion yen but raised its sales and net income forecast by 2% each.

Persons: Mike Blake, Hiroki Totoki, Jim Ryan, Jefferies, Atul Goyal, Sam Nussey, Muralikumar Anantharaman, Kim Coghill Organizations: Sony, REUTERS, LSEG, Industry, Bungie, Nintendo, Microsoft, Thomson Locations: Rancho Bernardo, California, TOKYO

☆ 'Mario Wonder' latest mushroom power-up for Nintendo Switch
▼ + stars: | 2023-11-08 | by ( Sam Nussey | ) www.reuters.com time to read: +2 min

Signage for the Nintendo Switch is seen at a GameStop in Manhattan, New York, U.S., December 7, 2021. The Japanese firm said it sold 4.3 million copies of "Super Mario Bros. Wonder" - the first entirely new instalment in the almost 40-year-old side-scrolling series in a decade - within two weeks of its Oct. 20 launch. That is the best performance of any "Super Mario" title, Nintendo said, as it takes advantage of the Switch install base of more than 130 million units and interest generated by a barnstorming animated movie featuring the moustachioed plumber. The comments come a day after Nintendo reported it sold 6.84 million Switch units in the first six months of the financial year that started in April, a slight increase on the same period a year earlier. Nintendo also announced on Wednesday "Super Mario" creator Shigeru Miyamoto is developing a live action adaptation of the "Zelda" franchise.

Persons: Andrew Kelly, Mario, Shuntaro Furukawa, Zelda, Shigeru Miyamoto, Kong, Jefferies, Atul Goyal, Sam Nussey, Christopher Cushing Organizations: Nintendo, GameStop, REUTERS, Rights, Thomson Locations: Manhattan , New York, U.S, Kyoto

[1/2] India's Commerce Minister Piyush Goyal takes part at the panel discussion "Trade: Now what?" during the World Economic Forum 2022 (WEF) in the Alpine resort of Davos, Switzerland May 25, 2022. This meeting is to ensure that talks between India and Tesla "are moving in the right direction," the person added. Prime Minister Modi's office held a meeting with various ministries on Monday to expedite the new EV policy, said a third source. Reporting by Aditya Kalra, Aditi Shah and Shivangi Acharya; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: Piyush Goyal, Arnd, Elon Musk, Narendra Modi, Tesla, Aditya Kalra, Aditi Shah, Shivangi, Chizu Organizations: India's, REUTERS, Tesla, Indian, Reuters, U.S, EV, Thomson Locations: Davos, Switzerland, DELHI, United States, U.S, India

☆ Goldman Sachs just promoted 608 employees to the coveted role of managing directors. See the full list here.
▼ + stars: | 2023-11-02 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +14 min

Goldman Sachs announced its 2023 class of managing directors Thursday afternoon, giving 608 employees the coveted title. It's a smaller cohort than the bank's 2021 MD class, down 5% amid a dealmaking slowdown. Still, Goldman appears to have taken pains to promote employees in revenue-generating divisions like investment banking and trading. Goldman says the percentage of women it promoted as part of the 2023 MD class sets a record, up 1% from 2021. Two years ago, Goldman promoted the largest managing director class in its history, naming 643 employees to the designation in 2021.

Persons: Goldman Sachs, Goldman, David Solomon, John Waldron, we've, Solomon, Waldron, Goldman Sachs Fereshteh Abbasi Thomas Abe Devina Abreo Francesca Adamski Emmanuel Adenitire Gopal Agarwal Prasoon Agarwal Udit Agrawal Khamran Ali Omar Alzaim Dorothee Amar Akbar Amin Joe Amsler Wilfred Amuri Jack Anstey Paul Antonios Hidemi Aoki, Carolina Aragon Gonzalez Nelson Armbrust Georgina Aspden Laurene, Gisha, Sharon Babick Navin Babu Alexey Bachurin Alberto Bacis Patrick Badaro Rahul Bajaj Elise Bal Tanya Ballaram Brian Baltz Guillaume Banderet Nirav Bansal Nitin Bansal Swati, Chalapathi, Andrei Banu Camella Barnes James Barry Elisa Anna Bassu Aman Batra Eleanor Beasley Nicole Beavan Michael Becker Yukiko Beer Omar Benchekroune Richard Bennett Nigel Beslee Ashima Bhalla Nikhil Bhandari Nimita Bhargava Bodha Bhattacharya Rebecca Bibb Roseline, Rahul Bindu Mark Bird Leo Biselman Christian Blanc Patrick Bogues Michael Boratin Katherine Bordlemay Gabriela Borges Kate Boucher Erik Bouland Joanne Braidi Chris Brett Joseph Briggs Charles Brockett Emmeline Brothers Aaron Brown Adrienne Brown Kevin Bryck Archana Budida Oliver Bunn Rebecca Burgoyne Andrew Burpitt Todd Byers Patrick Byrne Michael Cahill Ashley Caldwell Jake Caldwell Serdar Caliskan Jon Calluzzo Stewart Campbell Samantha Cantor Yuri Cantor Dan Carabas Gemma Carlaw Laura Carroll Tim Carson Matt Carter Quentin Cezard Alex Cham Simon Chamama Heidi Chan Patrick Chan Suraj Chandran Kim Cheah Jon Cheh CP Chen Nelly Cheng Sarrah Cherhabil Jackson Cheung Michael Cheung Rama, Stan Chiu Anish, Kunal Choraria Ankit Chowdhari Dario Claus Cosimo Codacci, Michael Coleman David Collerd Shannon Collins Francesca Condini Lee Coppersmith John Couch Tim Creamer Maziar, Satish Damodaran Gareth Davies Serkan, Nick De Kock Ann de la, Nick De Kock Ann de la Montaigne Jan Debeuckelaer Molly Decker Gabrielle Decrion Laurent Dedieu Antoine Demongeot Yannick Derippe Deepalakshmi Desai Tim Desiano Joshua Dezube Randeep Dhillon Javier Diaz, Merry Matheus, Jared Dickow Alex Doell Mao Dong Praneil Doolabh Daniel Dooling Michelle Dorea Szymon Doroz Jacqueline Du Benjamin Duell Kelsey Dumont Julie Duval Todd Ebe Dayo, Jeremy Eisenstein Chris Elmore Ryan Erickson Joaquin Escribano Larry Estrada Pavel Fadeev Will Fairbourn Jeremy Falgiani Fabio Federici Wenlong Fei David Felman Sophia Ferguson Zach Fernandez David Fernandez Miguez Scott, William Fio Rito Duffy Fischer Lisa Florentine Akshay Fomra Janice Foo Nicholas Forbat Elie Franko Georgina Fraser Jason Freeman Nicole Freeman Oliver Friedberg Gavriel Friedland Ross Fuller Angela Fung Greg Furness Nikhil Gadodia Stefano Gamba Amit Singh Gambhir Javier Gandara Giorgio Gandola Amit Gangrade Sudha Garimella Mima Garland Mingmin Ge Graziano Gemma Shefali Gera Constance Germain Brad Gifford Benjamin Giles Abbas Ginwala Marlene Giorgio Thomas Giovachini Zachary Glasser Guillaume Gnech Harley Golding Yuriy Goldman Jesse Goldstein Roy Golender Sharon Gonnella Alejandro Gonzalez Steven Gooden Jessie Gould Varun, George Graf von Waldersee Florian Granier Jamie Greenberg Brian Grzelakowski Alessandro Guicciardi Michael Guiliano Samuel Guinness Bivash Gunpath Deepa Gupta Parikshit Gupta Lauren Gutierrez Johannes Hahn Chris Hallam Alex Halpern Christina Halpin Michael Hamilton Brooke Hammel Saki Hanioka John Hanson Mathew Harris Ally Hart Amy Harwood Tom, Emily Hashimoto Rob Haslam Michael Heino Brandon Herde Sarah Higgins Camilla Hill Spencer Hill Sho, Cecilia Ho Jonathan Ho Bryan Hoffman Kevin Hoffmeyer Eliza Hollyday Simon Holmes Mehdi, Lily, Derek Hu Jennifer Hui Tim Huiszoon Camille Humbert Kurt Humes Kelley Hutchison Masayuki Ichioka Andrew Imber Calvin Isaac Jackson Isaacs Sharif Ismail Yu, Doug Michael Jaffa Nitin Jagga Rahul Jain, Jataprolu Fiona Jervis Yinpeng Jin Sandeep Jindal Jennifer Jochinger Steven Johnson David Johnstone Megan Jordan Nicolas Joseph Bob Kadel Jean Kam Harneet Kaur Vinay Kaura Peter Kelman Stephanie Kenary Maggie Keohan Humayun Khalid Sunil Khandelwal Scott Kilpatrick Jenny Kim Ashley King Joel Klaus Rene Klos Rossitsa, Michael Kondoleon Gregory Kontopoulos Larry Kornreich Shrivathsa Kota Konrad Krallmann Ken Kraska Alexander Kretzberg Bryant Krongard Simon Kubbies Adam Kulik Peter Kulka Ajeya Kumar Aditya Kurella Sara Lachapelle Raagini, Langalia Chaim Langer Alexander Langley Raven LaRue Dolapo Lawal Claire Leblanc, Langalia Chaim Langer Alexander Langley Raven LaRue Dolapo Lawal Claire Leblanc Mary LeDonne, Allison Lee Michael Lee Soohyun Lee Victoria Lewis Alice Li Qing Li George Lin Ali Lippert David Lipworth Bozhena Lisko, Murphy Mark Littlewood Zhenyi Liu Yelli Lobel Avinash Lobo Burke Loeffler Gabriela Lopez Cristian Lopez, Balboa Carlos Lopez Torrero Stephanie Louie Edward Lowe Reynolds Lowry Fei Luo Ranjan Luthra Sangeetha M Martin Ma Matthew Maciaszek Michael Magee Steffen Mahringer Poonam Majithia Terres Maloney Gopal Manchikanti Jade Mandel, Manfay Varun, Pierre Marboeuf Matt Margolin Thiago Marinheiro Kevin Martens Masato Maruyama Lucinda Mataka Rishi Mathur Pierre Maugest Scott Maxfield Andrei Maxim Michael McClurg Selina McCole Jeff McCown Andrea McGee Sinead McGuigan John McGuinness Benjamin McRoberts Amit Mehrotra Gaurav Mehta Kelly Mellecker Josef Menasche Raf Mercado Alexander Mielke Rachel Miles Christopher Miller Megan Miller Robert Miller Max Minton Edward Mitchell Oliver Money Tyler Moni Anna Montvai Taylor Moore Anthony Moschella Brandon Moy Faraz Munaim Sasha Munn Ashok Musuvathy Negar, Julian Naden Robinson Hiroki Nagamine Srijith Nair Cornelius Namiluko Sanjiv Nanwani Jay Narain Robert Andranik Nazarian Jovan Negovan Ryan Newman Michael Ng, Tasuku Nishihara John Nixon Kristy Nomi Alexandre Nunes Patrick O'Callaghan Yusuke Ochi KC O'Connor David Olivares Erica Olsen Victoria Ortengren Anas, Peter Pace Robert Packwood Nitin, Ellen Pak Ruth Pan Pedro Panizo Jayshri, Rahul Parikh Dan Parisi Freddie Parker Phil Parsons Peter Paruch Paul Pate Bella Patel Preya Patel Rakesh Patel Amit Patni Ed Paulinski Adam Pennacchio Kyle Penton Abhishek Periwal Michael Perrier Yoric Perrin Rasmus Persson Tommy Pinhas, Marco Poletti Megan Prasad Avijit Praveer James Puccinelli Sameer Punde Rob Pyne Na Qiao Valentina Quadri Marco Quirico Anya Radford Abhishek Rai Rahul Raj Ram Rajamony Ryan Ramsay Rami Rankoussi Nach Rao Pawan Rao Anurag Rathi Philip Renton Noel Reyes Ruth Reynolds Timothy Richards Peter Richter Brigid Riley Hutchinson Nick Rill Kristina Ristagno Vicky Ritter Martin Roberson James Roberts James Robinson Giorgio, Erin Roos Erin Ross Sumit Roy Conrad Ryan Soo, Ryu David Sage Jai Sahani Namita, Sarah Sakkej Karim Saleh Ayesha Salman Divya Samani Henrik Samuelsson Ryan Sansalone Vikram Sarker Shalini Satish Babu Charlotte Saury, Hania Schmidt Helene Schmitt Emily Schorr Wendy Schrunk Thomas Schwegler Michael Sciancalepore Brandon Seaman Benjamin Seigel Gamal Selvarajah Nicholas Semeniuk Devjoy Sengupta Michael Shafik Arpan Shah Shashwat Shah Shahnawaz Shahbaz Manoj Sharma Sachin Sharma Wazila, Gunduz Shirin Alex Silver Asmita Singh Kamalpreet Singh Andrew Sinnott Sapna, Dan Skinner Andrew Snow Stephanie Snyder Farouk Soussa Christopher Spahr Erik Sparks Matt Speltz Naveen Srinivasan Bhargav, Warren, Damian Steele Tobias Stein Catherine Stemp Dave Stringer Shekar Subramanian Jordan Sudy Philipp Suess Fatima Sultana Lu Sun Kumar Sundaram Fiona Syer Matthew Sykes Tofi, Filippo Taddei Sandhya Tadishetty Omer Tanvir Rita Taylor Zachary Tcheyan Brian Teague Wesley, Caitlin Terry Thomas Tesauro Hemal, Justin Therry Christine Thornburg Gregory Thysheril Angelo Tierno Alexander Tingle Ryan Townsend Cynthia Trillo Dimitris, Jessica Tung Jonathan Tung Ezgi, Zachary Upcheshaw Kiyomi, Nadine Urseanu Jim Vais Pim Valantagul Perrin Van Allen Annerieke van Dijk Jeroen van Dorp Dennis van Laer Todd van Stolk, Riley Jacqueline Vargas Alexander Vavalidis Edwin Velez Prasanna Venugopal Tim Verheyden Amanda Verstegen Ankit Vijay Vargiya Salvador Villanueva Arthur Villard Sichel Denzel Voesenek Bradley Wainwright Adam Walker Barbara Walters Omar Waly Daniel Wang Kenneth Wang Kristen Ward Gavin Warren Michael Washington Harry Webster Fredrik Weege Brian Weiss Thomas Weitz Nat Wells Joe Wenzel Tim Whitehead Henry Willans Matthew Williams Taylor Williams Katie Wilson Richard Wilson Stephanie Wisner Ilana Wolfe Jake Woodson Jeff Wu Qi Wu Jackson Yang Esma, Yoon Harm, John Zhai Jenny Zhang Lynn Zhang Raye Zhu Jane Zhuang Hans Zijlmans Carolyn Zimmer Samia Zitouni Mira Zorkot Organizations: Goldman, Wall, Carolina, Nick De Kock Ann de la Montaigne, Langalia Chaim Langer Alexander Langley Raven LaRue Dolapo Lawal Claire Leblanc Mary Locations: Europe, Asia, India

☆ Cost-cutting isn't the only thing driving Sony's strategy, Jefferies says
▼ + stars: | 2023-10-12 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCost-cutting isn't the only thing driving Sony's strategy, Jefferies saysAtul Goyal of the investment bank says Sony's decision to operate in Europe is "not cost cutting" but a "strategic change."

Persons: Jefferies, Atul Goyal Locations: Europe

☆ How to cash in on India: Citi says this sector is a better bet than tech — and names its top stock picks
▼ + stars: | 2023-10-04 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

IT Services" on Sept. 28, Citi analysts said banks are poised to outperform the information technology services sector over the next 12 months. "We thus believe Indian banks will not be directly impacted by an uncertain global growth or global higher-for-longer policy rate cycles." The bank's analysts expect private sector banks to continue gaining market share from public sector banks. However, Citi noted increasing competitive pressures from smaller firms vying for deals in the IT services sector. The Citi analysts also said that banks are trading close to historical averages on a price-to-book basis.

Persons: Surendra Goyal, —, Joanna Tan Organizations: Citi, ICICI Bank, IndusInd Bank, IT, New York Stock Exchange, IT Services Locations: India

☆ Sony's leadership shakeup is not a move to bring gaming division back to Japan: Jefferies
▼ + stars: | 2023-09-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSony's leadership shakeup is not a move to bring gaming division back to Japan: JefferiesAtul Goyal, managing director for Jefferies, talks about the retirement of Sony's gaming chief Jim Ryan, and the challenges ahead for the business.

Persons: shakeup, Jefferies Atul Goyal, Jefferies, Jim Ryan Locations: Japan

☆ America’s Increasing Child Poverty Is a Policy Choice - The New York Times
▼ + stars: | 2023-09-25 | by ( Nikhil Goyal | ) www.nytimes.com time to read: +3 min

The bathtub was at risk of falling through the cracked ceiling into the kitchen. Tasting something metallic, he touched his lip, and in the glow of his phone screen he could see that his finger was stained with blood. Tens of millions of Americans were kept out of poverty and economic insecurity as a result; in another world, a younger Emmanuel could have been one of them. The stark relief that pandemic programs brought to families is proof that poverty is not an intractable problem when there is sufficient political will. We should recommit to finishing the job and passing an agenda that will reduce child poverty and make life more affordable.

Persons: Emmanuel Coreano, Emmanuel, “, ” Emmanuel, Donald Trump, Joe Biden, Amartya Sen, Bernie Sanders, Organizations: El Centro de Estudiantes, New, Senate Locations: Puerto Rican, Kensington

☆ Audi exec says lower tax on imported EVs will help test India market
▼ + stars: | 2023-09-15 | by ( Hritam Mukherjee | ) www.reuters.com time to read: +2 min

The Audi Q8 Sportback e-tron electric sport utility vehicle (SUV) is unveiled during its launch in Mumbai, India, August 18, 2023. Reuters reported last month that the Indian government is working on a new EV policy that would slash import taxes for automakers that commit to some local manufacturing. Audi is trying to catch up with its peers, BMW (BMWG.DE) and Mercedes (MBGn.DE), in the transition to electric. Currently, the company's India arm only makes internal combustion engines locally, which is used in its petrol cars. After four models launched last month, six out of 16 models in Audi India's offerings are electric cars, which are entirely imported and sold in the country priced between $136,000 and $234,000.

Persons: Francis Mascarenhas, Balbir Singh Dhillon, Dhillon, Piyush Goyal, Hritam Mukherjee, Maju Samuel Organizations: Audi, REUTERS, Rights, Reuters, BMW, Mercedes, Thomson Locations: Mumbai, India, Bengaluru

☆ Tesla plans to nearly double India component sourcing to $1.9 bln - minister
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +1 min

The company logo is pictured on a Tesla Model X electric car in Berlin, Germany, November 13, 2019. REUTERS/Fabrizio Bensch/File Photo Acquire Licensing RightsCompanies Tesla Inc FollowNEW DELHI, Sept 13 (Reuters) - Tesla Inc (TSLA.O) plans to source components worth $1.7-$1.9 billion from India this year, the commerce minister said on Wednesday, amid plans by the electric vehicle maker to set up a factory in the country. "Tesla last year already bought $1 billion worth of components from India... this year their target is $1.7-$1.9 billion," Commerce Minister Piyush Goyal said at an auto conference. "I am convinced that this (EVs) is the future. Reporting by Aditi Shah, writing by Tanvi Mehta; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Fabrizio Bensch, Tesla, Piyush Goyal, Aditi Shah, Tanvi Mehta, Jason Neely Organizations: Tesla, REUTERS, Tesla Inc, Reuters, Thomson Locations: Berlin, Germany, DELHI, India

"I will match your offer and commit today to open an office," Saudi Investment Minister Khalid Al Falih said after India's trade minister Piyush Goyal invited Saudi Arabia to set up an office of its sovereign wealth fund, Public Investment Fund (PIF), in GIFT City. Goyal also said he would suggest that his ministry starts an investment promotion office in Riyadh. During the Crown Prince's visit India and Saudi Arabia signed 50 initial pacts in various fields and agreed to form a joint task force for $100 billion in Saudi investment in India, originally announced by the Crown Prince in 2019. Half of the planned $100 billion is earmarked for a delayed refinery project along India's western coast, an Indian foreign ministry official said. He said Saudi Arabia is looking to invest in sectors including oil, gas, petrochemicals, new energy, technology, manufacturing and defence.

Persons: Amit Dave, Narendra Modi, Khalid Al Falih, Piyush Goyal, Prince Mohammed bin Salman's, Goyal, Crown Prince, Falih, Shivangi Acharya, Nidhi Verma, Blassy Boben, Ed Osmond, Susan Fenton Organizations: Gujarat International Finance Tec, REUTERS, Indian, Saudi Investment, Public Investment Fund, Crown, United Arab Emirates, Saudi Aramco, Thomson Locations: Gujarat, Gandhinagar, DELHI, Saudi Arabia, New Delhi, Dubai, Hong Kong, City, Falih, Delhi, Saudi, Riyadh, India, Indian, Maharashtra

☆ India court orders Jet Airways founder to remain in custody until Sept. 11
▼ + stars: | 2023-09-02 | by ( ) www.reuters.com time to read: +1 min

Sept 2 (Reuters) - An Indian court on Saturday decided that Jet Airways (JET.NS) founder Naresh Goyal will remain in India's financial crime agency's custody until Sept. 11, the agency said in a press statement. The case relates to an alleged 5.38 billion Indian rupees ($65.06 million) bank fraud case filed by state lender Canara Bank (CNBK.NS). The losses to a consortium of nine lenders is much larger, at 59.6 billion Indian rupees ($720.78 million), ED said. The bank had filed a complaint in May against the airline, Goyal, his wife and a former airline director for "causing wrongful loss" to the lender. Goyal founded Jet Airways in 1992 but shut down operations in April 2019 after running out of cash.

Persons: Naresh Goyal, Goyal, Goyal hasn't, ED, Jayshree, Aditya, Tomasz Janowski, Ros Russell Organizations: Jet Airways, . Jet Airways, Canara Bank, Goyal, Thomson Locations: India, Dubai, Ireland, British Virgin

☆ India court orders Jet Airways founder to remain in custody till Sept. 11
▼ + stars: | 2023-09-02 | by ( ) www.reuters.com time to read: +1 min

Naresh Goyal, Chairman of Jet Airways speaks during a news conference in Mumbai, India, November 29, 2017. REUTERS/Danish Siddiqui/File Photo Acquire Licensing RightsSept 2 (Reuters) - An Indian court on Saturday decided that Jet Airways (JET.NS) founder Naresh Goyal will remain in India's financial crime agency's custody until Sept. 11, according to two people familiar with the matter. Enforcement Directorate which investigates financial crimes in India had arrested Goyal late on Friday night. Jet Airways did not immediately respond to a request for comment. The case relates to an alleged 5.38 billion Indian rupees ($65.06 million) bank fraud case filed by state lender Canara Bank (CNBK.NS).

Persons: Naresh Goyal, Danish Siddiqui, Goyal, Jayshree, Aditya, Tomasz Janowski Organizations: Jet Airways, REUTERS, Danish, Canara Bank, Goyal, Thomson Locations: Mumbai, India

☆ India's Enforcement Directorate arrests Jet Airways founder Naresh Goyal - source
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +1 min

Sept 1 (Reuters) - India's financial crime fighting agency on Friday arrested Jet Airways (JET.NS) founder Naresh Goyal, an Enforcement Directorate source said, in a case local media said was related to an alleged 5.38 billion Indian rupees ($65.06 million) money laundering case linked to Canara Bank. Goyal was taken into custody under the Prevention of Money Laundering Act (PMLA), following a long session of questioning at the ED's office in Mumbai, according to local media reports. Canara Bank (CNBK.NS) had filed a complaint in May against the airline, Goyal, his wife and a former airline director for "causing wrongful loss" to the lender. Jet Airways and the ED could not be immediately reached for comment. Once India's biggest private airline, Jet ran out of cash in April 2019 and filed for bankruptcy.

Persons: Naresh Goyal, Goyal, Jet, Aditya Kalra, Kanjyik Ghosh, Shounak Dasgupta, Krishna Chandra Organizations: Jet Airways, Canara Bank, Money, Goyal, Thomson Locations: Mumbai, Delhi, Bengaluru

☆ U.S. trade chief flags concerns over India's license mandate for laptop, tablet imports
▼ + stars: | 2023-08-27 | by ( Shivangi Acharya | ) www.reuters.com time to read: +1 min

U.S. Trade Representative Katherine Tai addresses the media during the Indo-Pacific Economic Framework meeting in Detroit, Michigan U.S. May 27, 2023. Tai's intervention comes amid worries the licensing regime could impact shipments from the likes of Apple (AAPL.O) and Dell (DELL.N) and force firms to boost local manufacturing. Tai was in India to join the G20 trade ministers' meeting last week in the western state of Rajasthan. India's new licensing regime, which is due to come into effect on November 1, aims to "ensure trusted hardware and systems" enter the nation. It also seeks to reduce dependence on imports, boost local manufacturing, and in part address the country's trade imbalance with China, according to an Indian government official.

Persons: Katherine Tai, Rebecca Cook, Tai, Piyush Goyal, Shivangi Acharya, Sharon Singleton Organizations: Trade, Detroit , Michigan U.S, REUTERS, DELHI, Apple, Dell, India's Trade, World Trade Organisation, Thomson Locations: Detroit , Michigan, India, Rajasthan, China, U.S, New Delhi

☆ G20 agrees to work on WTO reforms ahead of key meet early next year
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +1 min

[1/2] A man walks past a model of G20 logo outside the finance ministry in New Delhi, India, March 1, 2023. Under President Joe Biden, Washington has resisted calls by WTO members to approve appointments and has instead been leading negotiations on how to reboot the WTO's paralysed dispute mechanism. Proposed reforms would include having a well-functioning Dispute Settlement System accessible to all members by 2024, as per the statement. At the Rajasthan meeting, G20 members also agreed to improve WTO functioning and strengthen trust in the multilateral trading system. The G20 takes in countries conducting over 75% of global trade and is presently functioning under Indian presidency.

Persons: Anushree, Piyush Goyal, Donald Trump's, Joe Biden, Washington, Shivangi Acharya, Manoj Kumar, Mark Heinrich Our Organizations: REUTERS, DELHI, World Trade Organization, WTO, Thomson Locations: New Delhi, India, Abu Dhabi, Rajasthan

☆ Can You Get Out of Poverty Without Having to Beg?
▼ + stars: | 2023-08-22 | by ( Nikita Stewart | More About Nikita Stewart | ) www.nytimes.com time to read: +2 min

There were no metal detectors, Ryan noted, and nobody patted you down when you walked in the door. The City Council would later remove El Centro from the chopping block, and credited student testimony in particular. But in “Live to See the Day,” the sociologist Nikhil Goyal writes that Ryan questioned why El Centro had been threatened with closure in the first place. “Why did they have to beg the people in power for public schools that respected and helped their students?” Goyal asks. The safety net is in tatters, Goyal shows, and poverty is a tightrope walk with no room for error.

Persons: Nikhil Goyal, Ryan Rivera, Ryan, “ Don’t, ”, ” Goyal Organizations: Philadelphia City Council, El Centro de Estudiantes, The, Council, El Centro Locations: Puerto Rican, Kensington, America, Philadelphia, El, tatters

☆ Sony shares slide after earnings highlight concern about games, sensors
▼ + stars: | 2023-08-10 | by ( Sam Nussey | ) www.reuters.com time to read: +2 min

Operating profit slid 31% and comments by Sony executives over demand for its games and image sensors units also sparked concern. Despite an easing of those snarls, Sony said sales of were below expectations in the April-June quarter. It is targeting sales of 25 million units for the full year. Sony sold 3.3 million PS5 units in quarter. Adjustment to procurement by smartphone manufacturers is having a large impact in the second quarter, Sony said.

Persons: Issei Kato, Serkan Toto, Atul Goyal, Sam Nussey, Edwina Gibbs Organizations: Sony PlayStation, REUTERS, Sony, PlayStation, Kantan, Jefferies, Thomson Locations: Tokyo, Japan

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