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July 12 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. Figures on Tuesday showed surprisingly strong bank lending in June, helped by central bank efforts to support an economy that has struggled to rebound from pandemic restrictions as expected. On a macro level, the U.S. dollar's weakness continues to help fuel the optimism across Asian markets. New Zealand's central bank is expected to keep its cash rate - already at a 14-year high and the highest in the developed world - at 5.50% on Wednesday and leave it there for the rest of the year. But with inflation running well above target, rates markets are leaning toward one more 25 basis point hike by year end.

Persons: Jamie McGeever, Goldman Sachs, Foxconn, Deepa Babington Organizations: Reserve Bank of New, Global, Thomson, Reuters Locations: Asia, U.S, China, Japan, New, Zealand, India

☆ India, Foxconn's worries over Vedanta's financials led to JV pullout - sources
▼ + stars: | 2023-07-11 | by ( Yimou Lee | ) www.reuters.com time to read: +1 min

Indian conglomerate Vedanta Ltd's (VDAN.NS) London-based parent, Vedanta Resources, has been plagued by a rising debt pile. In a statement to Reuters, Vedanta said its Indian unit, Vedanta Ltd, is in "a comfortable financial position" and there was "no basis" to such speculation. Some ratings agencies downgraded Vedanta Resources this year amid concerns about risks of a debt default. There have been no defaults on debts from the group, Vedanta Chairman Anil Agarwal has said. Reporting by Yimouy Lee; Additional reporting by Aditya Kalra and Munsif V; Editing by Himani Sarkar and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Vedanta, Anil Agarwal, Yimouy Lee, Aditya Kalra, Himani Sarkar, Emelia Organizations: Reuters, Vedanta, Vedanta Resources, Vedanta Ltd, Thomson Locations: TAIPEI, London

☆ From a failed $20 billion joint venture to stalled projects, India's dreams of becoming a chipmaking powerhouse are off to a bad start
▼ + stars: | 2023-07-11 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Foxconn said Monday it's scrapping a $20 billion JV with Indian conglomerate Vedanta to make semiconductors. Other plans to boost India's chipmaking sectors are also progressing slowly. The two companies signed an agreement in February 2022 to form a joint venture, or JV, to manufacture semiconductors in India. Apart from Foxconn abandoning its JV with Vedanta, two other chipmaking ventures are also in limbo. A $3 billion venture under global consortium ISMC — which counts Israel's Tower Semiconductor as a partner — has stalled, as Tower is in the process of being acquired by tech bigwig Intel, Reuters reported on June 1.

Persons: Foxconn, Narendra Modi's, Taiwan's Foxconn, Apple —, Narendra Modi, —, hasn't, Rajeev Chandrasekhar, editorializing abt, Modi Organizations: Vedanta, Indian, Morning, Apple, JV, Hai Technology Group, Taiwan Stock Exchange, Taiwan Semiconductor Manufacturing Company, ISMC, Semiconductor, Intel, Reuters, Micron, JV Vedanta, India Locations: India, Taiwan, China, Gujarat, Taiwan Straits, Singapore, Indias

☆ Troubles of Indian tycoon Anil Agarwal's Vedanta mount as Foxconn ditches JV
▼ + stars: | 2023-07-11 | by ( Tanvi Mehta | ) www.reuters.com time to read: +3 min

He then expanded his empire across India, Zambia, Namibia, Ireland and South Africa and later entered the oil and gas sector. London-headquarted Vedanta Resources controls the India unit, Vedanta Ltd. Agarwal took Vedanta Resources private in 2018. Vedanta's gross debt stood at $6.8 billion as of April end, after the company completed 75% of its debt reduction commitment. FOXCONN JVVedanta-Foxconn had sought incentives from Prime Minister Narendra Modi's government and several Indian states for its Foxconn JV to manufacture semiconductors. Relations between Zambia and Vedanta broke down several years ago and culminated in the state appointing a liquidator for the KCM assets in May 2019.

Persons: Foxconn, Anil Agarwal, VEDANTA, Agarwal, Agarwal's, Akarsh Hebbar, Moody's, Narendra Modi's, Paul Kabuswe, Vedanta, Tanvi Mehta, Aditya Kalra, Sonali Paul Organizations: Vedanta, Resources, India's, Forbes, JV, Reuters, Thomson Locations: DELHI, Mumbai, India, Zambia, Namibia, Ireland, South Africa, London, Tamil Nadu, Odisha

☆ Foxconn eyes India chipmaking incentives after quitting $19.5 billion JV
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +3 min

SummaryCompanies Foxconn remains committed to chipmaking in IndiaFoxconn seeks new partner for India chipmaking - sourceTAIPEI/NEW DELHI, July 11 (Reuters) - Taiwan's Foxconn (2317.TW) said on Tuesday it plans to apply for incentives that India is offering under its semiconductor manufacturing policy, a day after the company parted ways with Vedanta (VDAN.NS) on a $19.5 billion chipmaking joint venture. Foxconn withdrew from its semiconductor JV with Indian metals-to-oil conglomerate Vedanta on Monday, in a setback to Prime Minister Narendra Modi's chipmaking plans for India. "Foxconn is working toward submitting an application," the company said in a statement. The Vedanta-Foxconn joint venture was among three applicants last year under the government's incentives plan. Explaining its breakup with Vedanta, Foxconn said on Tuesday "there was recognition from both sides that the project was not moving fast enough" and there were other "challenging gaps we were not able to smoothly overcome", without sharing more details.

Persons: India Foxconn, Foxconn, Narendra Modi's chipmaking, Modi, Vedanta, Yimou Lee, Ben Blanchard, Aditya Karla, Jacqueline Wong, Sonali Paul Organizations: India, Vedanta, Semiconductors, Vedanta Ltd, Thomson Locations: chipmaking, India, TAIPEI, DELHI, Taipei, Mumbai, New Delhi

☆ Foxconn pulls out of chipmaking project with India's Verdanta
▼ + stars: | 2023-07-11 | by ( Michelle Toh | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Foxconn says it is exiting an ambitious project to help build one of India’s first chip factories. The news was seen as a blow to the Indian government’s plans to turn the country into a tech manufacturing powerhouse, even as officials have sought to counter that view. In a followup statement Tuesday, Foxconn reaffirmed its commitment to invest in Indian chipmaking. The project had been hailed as a milestone in India’s campaign to attract more investment in manufacturing, a sector sorely needed to help ease unemployment. Prime Minister Modi had framed the project as a significant boost for the economy and jobs.

Persons: Hong Kong CNN — Foxconn, Foxconn, Vedanta, Narendra Modi, “, Young Liu, Ashwini Vaishnaw, ” Rajeev Chandrasekhar, Modi Organizations: Hong Kong CNN, Vedanta, CNN, Apple, Indian, News18, Micron Locations: Hong Kong, Asia’s, India, Andhra Pradesh, Tamil Nadu, China, Taipei, Mumbai, Gujarat

☆ Foxconn's push to break into semiconductor sector
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +2 min

July 11 (Reuters) - Taiwan's Foxconn (2317.TW) said on Monday it had withdrawn from a $19.5 billion semiconductor joint venture with Indian metals-to-oil conglomerate Vedanta (VDAN.NS), in a setback to Prime Minister Narendra Modi's chipmaking plans for India. Here is a timeline with key moves in Foxconn's efforts to get into chip making:MAY 2021Foxconn forms a joint venture with Yageo Corp (2327.TW) to expand its presence in the semiconductor industry. JUNE 2023Carmaker Stellantis (STLAM.MI) and Foxconn create a 50-50 joint venture to design and sell semiconductors for the automotive industry from 2026. The joint venture, called SiliconAuto, will supply Stellantis, including its new 'STLA Brain' electronic and software architecture, Foxconn and other customers. JULY 2023Foxconn withdraws from semiconductor joint venture with Vedanta.

Persons: Foxconn, Narendra Modi's chipmaking, Chiang Shang, Taiwan's TSMC, Carmaker, Ben Blanchard, Sonai Paul Organizations: Vedanta, Yageo Corp, Taiwan chipmaker Macronix, Tsinghua, Thomson Locations: India, Taiwan, Indian, Gujarat, Tsinghua Unigroup

☆ Foxconn Abandons India Chip Venture With Vedanta
▼ + stars: | 2023-07-10 | by ( Tripti Lahiri | Yoko Kubota | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ India raised questions over Foxconn-Vedanta chip incentive plan -source
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: 1 min

BENGALURU, July 10 (Reuters) - Taiwan's Foxconn pulled out of a semiconductor joint venture with Vedanta after India's government raised questions over its application for an incentive scheme for chip production, a source familiar with the matter said. Foxconn and Vedanta did not respond immediately to requests for comment. Reporting by Aditya Kalra in New Delhi and Munsif Vengattil in Bengaluru Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Persons: Foxconn, Vedanta, Aditya Kalra, David Goodman Organizations: Vedanta, Thomson Locations: BENGALURU, New Delhi, Bengaluru

☆ Apple supplier Foxconn pulls out of $19.5 billion India chip project
▼ + stars: | 2023-07-10 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Lead Apple supplier and global manufacturing powerhouse Foxconn has pulled out of a $19.5 billion joint venture project with a Indian conglomerate Vedanta that would have brought semiconductor and display manufacturing to the Indian state of Gujarat. "Foxconn has determined it will not move forward on the joint venture with Vedanta," the Taiwanese company told CNBC. Foxconn said the decision was by "mutual agreement," but that it remained "confident" about India's semiconductor ambitions. Foxconn has broken ground on multiple factory sites across India, although the $20 billion joint venture with Vedanta would have been one of the largest. Foxconn continues to build other factories across India, including one in Telangana and one in Bengaluru.

Persons: Foxconn, Narendra Modi's, Vedanta Organizations: Apple, Foxconn, Vedanta, CNBC, U.S Locations: Mumbai, India, Gujarat, China, U.S, Telangana, Bengaluru

☆ Foxconn withdraws from $19.5 bln Vedanta chip plan in India
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +2 min

Here is a timeline of how events have unfolded since the signing of the $19.5 billion joint venture:* Feb. 14, 2022: Foxconn partners with Vedanta to make semiconductors in India in a bid to diversify its business. * Sept. 13, 2022: Vedanta and Foxconn sign pacts to invest $19.5 billion to set up semiconductor and display production. * Sept. 14, 2022: Vedanta's Anil Agarwal says the Indian metals-to-oil conglomerate does not see funding problems for the JV. * May 31, 2023: Reuters reports that Vedanta-Foxconn JV proceeding slowly as talks to involve STMicroelectronics (STMPA.PA) are deadlocked. * July 10, 2023: Foxconn drops Vedanta chip JV, without specifying a reason.

Persons: Foxconn, Narendra Modi's chipmaking, Vedanta, Vedanta's Anil Agarwal, Chandrasekhar, Tanvi Mehta, Alexander Smith Organizations: Vedanta, Indian, JV, Reuters, Thomson Locations: DELHI, India, Gujarat

TAIPEI/BENGALURU, July 10 (Reuters) - Taiwan's Foxconn said on Monday it has withdrawn from a $19.5 billion semiconductor joint venture with Indian metals-to-oil conglomerate Vedanta, in a setback to Prime Minister Narendra Modi's chipmaking plans for India. Foxconn, the world's largest contract electronics maker, and Vedanta signed a pact last year to set up semiconductor and display production plants in Modi's home state of Gujarat. "Foxconn (2354.TW) has determined it will not move forward on the joint venture with Vedanta," the electronics maker said in a statement, without elaborating on the reasons. India, which expects its semiconductor market to be worth $63 billion by 2026, last year received three applications to set up plants under a $10 billion incentive scheme. These were from the Vedanta-Foxconn joint venture, a global consortium ISMC which counts Tower Semiconductor (TSEM.TA) as a tech partner and from Singapore-based IGSS Ventures.

Persons: Taiwan's Foxconn, Narendra Modi's chipmaking, Vedanta, Foxconn, Modi, STMicro, IGSS, Munsif, Ben Blanchard, Aditya Kalra, Louise Heavens, Jason Neely, Alexander Smith Organizations: Vedanta, Apple, Reuters, IGSS Ventures, Intel, Thomson Locations: TAIPEI, BENGALURU, India, Gujarat, Singapore, Bengaluru, Taipei, New Delhi

☆ India's Vedanta to take over Foxconn chip JV from holding company
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, July 7 (Reuters) - India's metals-to-oil conglomerate Vedanta Ltd (VDAN.NS) said on Friday that it would take over from its holding company the ownership of a joint venture with Taiwan's Foxconn that was set up to make semiconductors. Vedanta also said it would also take over a display glass manufacturing venture from Volcan Investments, Vedanta's holding company. Moreover, Vedanta's disclosures last year related to the deal made it seem like it was running the project. It later clarified that Volcan Investments would take the helm. Still, India's marker regulator, after an investigating, penalised Vedanta last week, saying it had broken regulations by initially making it appear it had partnered with Foxconn.

Persons: Taiwan's, Vedanta, Ashish Chandra, Savio D'Souza Organizations: Vedanta, Volcan Investments, TW, Reuters, Foxconn, Thomson Locations: BENGALURU, Volcan, Foxconn, Gujarat, India, Bengaluru

SummarySummary Companies Mines minister says agreement with Vedanta Resources imminentVedanta says both parties want to sees mines in productionNAIROBI/LUSAKA, July 5 (Reuters) - Zambia is close to resolving a dispute with Vedanta Resources (VEDJB.UL) over its Konkola Copper Mines, with a deal over the future of the partly state-owned unit "imminent", its mines minister said. KCM has battled to attract investment since relations between Zambia and Vedanta broke down several years ago, culminating in the state's take-over of the KCM assets and forced liquidation in May 2019. The move triggering protracted legal battles, with Vedanta approaching an arbitration court in London to fight off the seizure of the copper assets. "The negotiations are advanced and an announcement is imminent," Zambia's Mines Minister Paul Kabuswe told Reuters. "We are concerned with the levels of deterioration of not only the mines but also socio-fabric of the workers," the spokesperson told Reuters.

Persons: KCM, Vedanta, Paul Kabuswe, Kabuswe, Situmbeko Musokotwane, Hakainde Hichilema, Anil Agarwal, Felix Njini, Chris Mfula, Jan Harvey Organizations: Mines, Vedanta, Vedanta Resources, Zambia's Mines, Reuters, Mining, Thomson Locations: NAIROBI, LUSAKA, Zambia, London, Africa's, Nairobi, Lusaka

☆ India can aim lower in its chip dreams
▼ + stars: | 2023-07-05 | by ( Pranav Kiran | ) www.reuters.com time to read: +3 min

BENGALURU, July 5 (Reuters Breakingviews) - India’s semiconductor dreams are facing a harsh reality. After struggling to woo cutting-edge chipmakers like Taiwan Semiconductor Manufacturing (2330.TW) to set up operations in the country, the government may now have to settle for producing less-advanced chips instead. Prime Minister Narendra Modi wants to “usher in a new era of electronics manufacturing” by turning India into a chipmaking powerhouse. Mining conglomerate Vedanta’s $19.5 billion joint venture with iPhone supplier Foxconn (2317.TW) has stalled; plans for a separate $3 billion manufacturing facility appear to be in limbo, Reuters reported in May. Aiming lower could be just what India’s chip ambitions need.

Persons: Narendra Modi, China's, It’s, Ashwini, Robyn Mak, Thomas Shum Organizations: Reuters, Taiwan Semiconductor Manufacturing, Micron Technology, Micron, Taiwan’s, Zion Market Research, Semiconductor Industry Association, Financial, Thomson Locations: BENGALURU, China, India, U.S, Gujarat, Zion, , New Delhi, Taiwan, Washington, Beijing

[1/2] A lifeguard patrols Juhu beach, during a red flag alert due to rough seas caused by cyclone Biparjoy, in Mumbai, India, June 12, 2023. Eight districts in coastal Gujarat are expected to be affected, the state government said. Gujarat is home to many offshore oil installations and major ports in the country and most have been forced to suspend operations. Two of India's largest ports - Kandla and Mundra - located in Gujarat, have suspended operations, the state government said. Other ports including Bedi, Navlakhi, Porbandar, Okha, Pipavav and Bhavnagar have also closed due to the cyclone, according to shipping sources.

Persons: Francis Mascarenhas, Kamal Dayani, Bedi, Navlakhi, Jamnagar, Sumit Khanna, Rajendra Jadhav, Mohi Narayan, Sudipto Ganguly, Raju Gopalakrishnan Organizations: REUTERS, India Meteorological Department, Force, Reliance Industries, Adani, Indian Coast Guard, Key Singapore, Oil, Gas, Vedanta Ltd, National Disaster Management Authority, Rajendra, Thomson Locations: Mumbai, India, Francis Mascarenhas AHMEDABAD, MUMBAI, Gujarat, Pakistan, Mandvi, India's Gujarat, Karachi, Kutch, Rajkot, Pipavav, Bhavnagar, Mundra, Tuna, Kandla, Key, Dubai, Ahmedabad

☆ Cyclone likely to hit India's west coast, south Pakistan on Thursday
▼ + stars: | 2023-06-12 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +3 min

[1/7] A lifeguard patrols Juhu beach, during a red flag alert due to rough seas caused by cyclone Biparjoy, in Mumbai, India, June 12, 2023. REUTERS/Francis MascarenhasMUMBAI, June 12 (Reuters) - A storm off India's west coast has strengthened to become a powerful cyclone and could hit India's western state of Gujarat and southern parts of Pakistan this week, the Indian weather department said on Monday. "Rescue and relief teams of the Coast Guard, Army and Navy along with ships and aircraft have been kept ready on standby," it said. In neighbouring Pakistan, the National Disaster Management Authority said instructions were being given to take precautionary measures in southern and southeastern parts that may be affected. A 1998 cyclone killed at least 4,000 people and caused hundreds of millions of dollars in damage in Gujarat.

Persons: Francis Mascarenhas MUMBAI, Biparjoy, Rajendra Jadhav, Asif Shahzad, Sumit Khanna, Sakshi Dayal, Shivam Patel, Raju Gopalakrishnan, Philippa Fletcher, Jonathan Oatis, Mark Heinrich Our Organizations: REUTERS, India Meteorological Department, Adani, Indian Coast Guard, Key Singapore, Oil, Gas, Vedanta Ltd, Response Force, Coast Guard, Army, Navy, National Disaster Management Authority, Thomson Locations: Mumbai, India, Gujarat, Pakistan, Mandvi, Karachi, Fishermen, Mundra, Tuna, Kandla, Key, Dubai, Gujarat Pipavav, Kerala, Maharashtra, Karnataka, Andhra Pradesh, Tamil Nadu

[1/2] Visitors stand next to a "Make In India" logo during a three-day semiconductor event in Bengaluru, India, April 30, 2022. They were from the Vedanta-Foxconn JV; a global consortium ISMC which counts Tower Semiconductor (TSEM.TA) as a tech partner; and from Singapore-based IGSS Ventures. SETBACK FOR VEDANTAMost of the world's chip output is limited to a few countries like Taiwan, and India is a late entrant. Amid much fanfare, in September, the Vedanta-Foxconn JV announced its chipmaking plans in Gujarat. Modi called the $19.5 billion plan "an important step" in boosting India's chipmaking ambitions.

Persons: Munsif, India's Modi, Taiwan's Foxconn, Narendra Modi, IGSS, Rajeev Chandrasekhar, Modi, Foxconn, STMicro, Chandrasekhar, David Reed, Aditya Kalra, Jane Lanhee Lee, Steven Scheer, Nick Zieminski Organizations: Visitors, REUTERS, Companies, Intel, India's Vedanta, Vedanta, IGSS Ventures, JV, Reuters, Orbit, Foxconn JV, Twitter, Thomson Locations: India, Bengaluru, DELHI, OAKLAND , California, Singapore, Gujarat, Taiwan, New Delhi, Oakland , California

☆ India poised to deny funding for Vedanta-Foxconn chip venture - Bloomberg News
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +1 min

[1/2] A man walks past the logo of Vedanta outside its headquarters in Mumbai, India January 31, 2018. REUTERS/Danish Siddiqui//File Photo/File PhotoMay 31 (Reuters) - The Indian government is poised to deny crucial funding for Anil Agarwal's chip venture, Bloomberg News reported on Tuesday, a setback to the billionaire's ambition to build India's 'own Silicon Valley.' The venture's application seeking billions in government assistance hasn't met the criteria set by the government, the report said. Foxconn declined to comment on the report, while India's technology ministry and Vedanta did not immediately respond to Reuters requests for comment. "India's own Silicon Valley is a step closer now," Agarwal had said last year after the announcement.

Persons: Danish Siddiqui, Anil Agarwal's, Taiwan's Foxconn, hasn't, Foxconn, Foxconn –, –, Agarwal, Anusha, Shailesh Organizations: Vedanta, REUTERS, Danish, Bloomberg, Hai Precision Industry Co, Thomson Locations: Mumbai, India, Gujarat, Bengaluru

☆ Goldman Prize winner 2023: Zambian who took on a UK mining giant and won
▼ + stars: | 2023-04-26 | by ( Nimi Princewill | ) edition.cnn.com time to read: +9 min

Chilekwa Mumba Courtesy Goldman Environmental PrizeOn Monday, Mumba, 38, was awarded the 2023 Goldman Environmental Prize for Africa for his work for the community and setting legal precedent. The prize is awarded each year by The Goldman Environmental Foundation, with ceremonies in San Francisco and Washington, DC. CNN has contacted Vedanta and the Zambian state mining company for comments. The government, however, says that approved projects will follow environmental policies set by the Zambia Environmental Management Agency (ZEMA). For Mumba, who now runs an orphanage in the Zambian capital Lusaka with his wife, the battle is far from over.

☆ Edtech giant leverages up in financial expertise
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, April 4 (Reuters Breakingviews) - Indian education technology giant Byju’s has a new chief financial officer. Ajay Goel, who recently left a similar role at the Mumbai-listed natural resources firm Vedanta (VDAN.NS), will now steer the debt-laden company’s finances. Prosus-backed (PRX.AS) Byju’s, meanwhile, in December sought easier terms on a year-old $1.2 billion loan private placement. That provides some breathing room, but with the company’s top line shrinking and losses mounting, the battle-hardened Goel’s start date cannot come too soon. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ After Adani’s Crisis, India’s Vedanta Looks Vulnerable Too
▼ + stars: | 2023-03-31 | by ( Megha Mandavia | ) www.wsj.com time to read: 1 min

Struggling Indian infrastructure heavyweight Adani Group hasn’t tipped over any other large dominoes yet. But another sprawling Indian conglomerate—miner Vedanta Resources—is looking wobbly. Market skittishness in the wake of the turmoil at Adani Group, which came under attack from short seller Hindenburg Research in late January, means that other indebted Indian companies—which otherwise might have muddled their way through the Federal Reserve hiking cycle—could increasingly find themselves under investors’ microscopes. A Vedanta Resources dollar bond due in May 2023 was yielding about 50% on Friday according to Refinitiv—about double the level at the end of January.

☆ India opposes Hindustan Zinc's $2.98 bln deal for Vedanta zinc assets
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +2 min

Vedanta's sale of its zinc assets in South Africa and Namibia to Hindustan Zinc is critical to ensuring liquidity at parent company Vedanta Resources. The government holds a near 30% stake in Hindustan Zinc, while Vedanta owns almost 65%. "As far as Hindustan Zinc is concerned, we always believe in and operate in perfect manners of corporate governance, so (there is) no deviation on that count," Hindustan Zinc Chief Executive Arun Misra told CNBC-TV18 on Monday. Hindustan Zinc has three months from the deal announcement to hold the shareholders' meeting to seek approval for the deal. Hindustan Zinc and Vedanta did not immediately respond to Reuters requests for comment.

☆ India cuts windfall tax on crude, aviation turbine fuel and diesel
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Feb 16 (Reuters) - India has cut its windfall tax on crude oil and exports of aviation turbine fuel and diesel, according to a government notification dated Feb. 15. Windfall tax on crude was cut to 4,350 rupees ($52.60) per tonne from 5,050 rupees per tonne, effective Thursday. The government also cut export tax on aviation turbine fuel to 1.50 rupees per litre from 6 rupees per litre, and reduced export tax on diesel to 2.50 rupees per litre from 7.50 rupees per litre, the notification said. India had in July imposed the windfall tax on crude oil producers and levies on exports of gasoline, diesel and aviation fuel after private refiners wanted to make gains from robust refining margins in overseas markets, instead of selling it cheap at homeThe cuts came as Indian refiners continued to stock up discounted Russian fuel amid a steady increase in domestic consumption. ($1 = 82.7010 Indian rupees)Reporting by Nallur Sethuraman in Bengaluru and Nikunj Ohri in New Delhi; Editing by Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: Dollar's gyrations raise hedging costs for U.S. companies
▼ + stars: | 2023-02-06 | by ( Laura Matthews | ) www.reuters.com time to read: +5 min

Currency volatility drove the J.P. Morgan VXY G7 Index (.JPMVXYG7) in September to its highest in more than two years. Volatility, which causes wider bid-ask spreads and makes hedging more expensive, is causing companies to reassess their hedging programs. SPREADING BETSAnother way businesses are trying to minimize hedging costs is by spreading currency management around to more brokers outside of their main clearing banks, hedging advisors said. Revenue at Argentex Group, a riskless principal broker, has risen 63% from to 2021 as FX volatility elevated corporate hedging needs. While currency gyrations have ebbed and hedging costs have declined, “volatility and inflation remain a concern for many companies,” Kyriba’s Gage said.

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