Tuesday, September 01
Samsung Electronics unveiled on Tuesday its first multi-folding smartphone, in a bid to strengthen its position in a sector of the phone market where competition is expected to intensify. The launch of the Galaxy Z TriFold marks Samsung's bid to reinforce its footing in a segment where Chinese rivals have been gaining ground, even as analysts say the high price and production challenges mean foldable devices are likely to remain a niche category for now. The Galaxy Z TriFold is priced at about 3.59 million won ($2,440.17) and unfolds into a 253.1 millimetre (10-inch) display, using three panels. It is nearly 25% larger than Samsung's latest foldable Galaxy Z Fold 7 model. The new model, produced in South Korea, will go on sale domestically on December 12 and be rolled out in China, Sing
E-commerce firm Amazon plans to be aggressive in the quick-commerce business, Amazon Now, with plans to open two new dark stores every day and take the total count to over 300 by year-end, the company said on Monday.The company plans to deepen penetration in Bengaluru, Delhi and Mumbai to step up competition with rival Flipkart and incumbents like Blinkit, Zepto, Instamart etc."We're excited to see customer response to Amazon Now and have accelerated our expansion plans. We will end the year at well over 300 micro-fulfillment centres and are not slowing down - opening two such centres a day across Bengaluru, Delhi and Mumbai," Amazon India, Country Manager, Samir Kumar said in a statement.Amazon Now is estimated to have around 250 fulfillment centres at present."This rapid scale-up reflect
The government is not considering any proposal to raise the foreign direct investment (FDI) limit in public sector banks to 49 per cent, from the current 20 per cent, Minister of State for Finance Pankaj Chaudhary said on Tuesday.The FDI limit in PSBs and private sector banks is 20 per cent and 74 per cent, respectively. In case of private sector banks, up to 49 per cent of FDI is through the automatic route and beyond 49 per cent and up to 74 per cent, government route is applicable.In response to a written question in the Rajya Sabha on whether the government has proposed raising the FDI limit in PSBs to 49 per cent, Chaudhary replied in the negative.Further, as per Reserve Bank of India's (RBI) Master Directions on 'Acquisition and holding of shares or voting rights in Banking Companies
U.S. Commerce Secretary Howard Lutnick on Monday confirmed that the general tariff rate on imports from South Korea, including on autos, would drop to 15% retroactive to November 1 because South Korea has introduced legislation in parliament to implement the country's strategic U.S. investment commitments.In a statement posted on X, Lutnick said that the move unlocks the "full benefit" of South Korea's trade deal with President Donald Trump."In response, the U.S. will lower certain tariffs under the deal -- including auto tariffs -- to 15%, effective November 1. We are also removing tariffs on airplane parts and will 'un-stack' Korea's reciprocal rate to match Japan and the EU."The bilateral trade deal also caps any future national security tariffs on semiconductors and pharmaceuticals at
Mumbai: December is set to be another busy month for India's red-hot initial public offering (IPO) market, with public issues worth nearly ₹30,000 crore scheduled to hit the street, a fitting crescendo to mark the end of what has already been a record-breaking year. The IPO market is set to accelerate in December with around 25 launches, compared with 10 in October (raising ₹45,188 crore) and nine in November (₹23,613 crore). Leading the pack are five mega issues - ICICI Prudential Asset Management Co (Rs 10,000 crore), ecommerce unicorn Meesho (₹5,400 crore), renewable energy platform Clean Max Enviro Energy Solutions (₹5,200 crore), AI-driven Fractal Analytics (₹4,900 crore) and Juniper Green Energy (₹3,000 crore). The companies didn't respond to queries. These share sales
