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INS Tamal, India’s last imported warship, to join Navy in Russia on July 1

Economic Times

Economic Times · 1m ago

INS Tamal, India’s last imported warship, to join Navy in Russia on July 1

The Indian Navy will commission the last imported warship, INS Tamal, a Russian-built guided missile frigate, on July 1 in Kaliningrad. With 26% indigenous components, including the BrahMos missile, it’s the eighth Krivak class frigate ordered from Russia in two decades. The ship boasts significant upgrades in weaponry and technology, and forms part of the INS Triput class being built domestically. The event will feature high-ranking Indian and Russian defense officials.

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India's Russian oil imports up slightly in January-June, data shows

Economic Times

Economic Times · 23d ago

India's Russian oil imports up slightly in January-June, data shows

India's imports of Russian oil slightly increased in the first half of the year, with private refiners Reliance Industries Ltd and Nayara Energy being the main buyers. India imported approximately 1.75 million barrels per day from Russia, a 1% rise from last year. Russia accounted for about 35% of India's oil imports, maintaining its position as India's top supplier. This increase occurred amid continued discounted oil sales following Western sanctions on Russian oil.

US copper tariff may impact Indian electronics, chip plans - The Economic Times

Economic Times

Economic Times · 25d ago

US copper tariff may impact Indian electronics, chip plans - The Economic Times

The recent 50% tariff on copper imports into the US, announced by Donald Trump, poses concerns for India’s electronics and semiconductor industries, which heavily rely on imported high-purity copper. This tariff could disrupt India's chip manufacturing efforts. Industry leaders are urging the Indian government to enhance domestic copper production and streamline import procedures. The measure is feared to increase manufacturing costs and impede India’s semiconductor momentum by affecting global supply chains.

North Korea may send more troops to Russia in July or August for Ukraine war, Seoul says

Economic Times

Economic Times · 1m ago

North Korea may send more troops to Russia in July or August for Ukraine war, Seoul says

North Korea plans to send more troops to Russia in July or August to support the Ukraine war, according to South Korean lawmakers briefed by the National Intelligence Service (NIS). Russia is reportedly preparing a large-scale assault against Ukraine in the same timeframe, and North Korea is supplying arms to Russia. In exchange, North Korea receives technical advice on satellite launches and missile guidance systems. Both countries cite mutual defense pact cooperation as the basis for their collaboration.

Vietnam parliament moves to curb tax breaks favouring ecommerce giants

Economic Times

Economic Times · 8m ago

Vietnam parliament moves to curb tax breaks favouring ecommerce giants

Vietnam's parliament has approved changes to tax laws that will require local operators of foreign e-commerce platforms to pay Value-Added Tax (VAT) and scrap tax exemptions on low-cost imported goods. The amendments will be effective from July 1, 2022, raising the maximum standard VAT rate from 8% to 10%. This move aims to ensure taxes are fully collected from e-commerce firms and addresses concerns about unfair competition from Chinese online retailers. The changes could impact the fast-growing $22 billion e-commerce market in Vietnam, which heavily relies on cheap goods from China.

PB Fintech shares touch all time high

Inc42 · 1y ago

PB Fintech shares touch all time high

Shares of PB Fintech surged 10.6% to touch a record high at ₹1,544.15 during the intraday trading on the BSE on Monday (July 1). The shares of the parent entity of insurtech major PolicyBazaar have been on an uptrend since last week. On June 27, PB Fintech shares touched a 52-week high at ₹1,415 on the BSE.

'Don't pick fights with powerful nations': Zoho's Sridhar Vembu after Trump imposes 25% tariffs on India

IndianStartupNews

IndianStartupNews · 6d ago

'Don't pick fights with powerful nations': Zoho's Sridhar Vembu after Trump imposes 25% tariffs on India

Zoho founder Sridhar Vembu advised Indian leaders to avoid confrontations with powerful nations, stressing the importance of maintaining good international relations. Amid Trump imposing 25% tariffs on Indian imports and criticizing India’s ties with Russia, Vembu acknowledged India's strategic and technological development work. He also praised the government's diplomatic efforts but warned against provocative actions, emphasizing the critical importance of the next two decades for India’s growth given its favorable demographics and talent pool.

IIT Madras-incubated Amber Wings gets DGCA nod for hybrid cargo drone ATVA-1 - The Economic Times

Economic Times

Economic Times · 21d ago

IIT Madras-incubated Amber Wings gets DGCA nod for hybrid cargo drone ATVA-1 - The Economic Times

Amber Wings, an IIT Madras-incubated aerospace startup, received DGCA Type Certification for its hybrid cargo drone, ATVA-1, enabling round-the-clock commercial use in India. Built over six design iterations, ATVA-1 aims to revolutionize last-mile deliveries across diverse sectors such as e-commerce and healthcare. While the drone isn’t certified for Beyond Visual Line of Sight (BVLOS) operations, it's capable of autonomous flight, positioning Amber Wings to capitalize on India’s burgeoning drone market projected to exceed ₹5,000 crore by 2030.

Skoda consignments won't be stopped over $1.4 bn tax dispute: Govt to Bombay HC

Livemint

Livemint · 5m ago

Skoda consignments won't be stopped over $1.4 bn tax dispute: Govt to Bombay HC

The Indian government assured the Bombay High Court that Skoda Auto Volkswagen India’s consignments would not be halted over a $1.4 billion import tax dispute. Skoda challenges the classification of imported auto parts as completely knocked down (CKD) kits, which attract higher duties. The government argues the parts should be taxed at CKD rates. Skoda’s plea seeks to prevent customs from reclassifying past imports and requests an interim stay on the notice’s implementation.

ETtech Deals Digest: Startups raise $126 million this week, down 35% on-year - The Economic Times

Economic Times

Economic Times · 6d ago

ETtech Deals Digest: Startups raise $126 million this week, down 35% on-year - The Economic Times

Startups raised approximately $125.7 million from July 26 to August 1, 2023, marking a 34.6% decline from $192.1 million in the same period last year. Deal activity also dropped significantly with 17 transactions compared to 45 last year. The top deal was cybersecurity company Safe Security raising $70 million. Other notable deals included EatClub securing $22 million, Metaforms $9 million, Stan $8.5 million, and Arivihan $4.17 million.

Prosus, Parent Nasper Rope In Former iFood Executive Fabricio Bloisi As CEO

Inc42 · 1y ago

Prosus, Parent Nasper Rope In Former iFood Executive Fabricio Bloisi As CEO

Fabricio Bloisi, former CEO of iFood, has been appointed as the new CEO of tech investor Prosus and its parent company Naspers. He will join the Naspers board as an executive director on July 1 and the Prosus board following the AGM in August 2024. This appointment follows the resignation of Bob van Dijk as CEO of Prosus and Naspers in September 2023. Bloisi is known for rapidly growing iFood into Brazil's leading food delivery company. The company has a portfolio in India that includes BYJU'S, Eruditus, Mens Brands, OLX, Swiggy, The Good Glamm Group, Lazypay, and Pharmeasy.

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