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Mobius bets big on chip stocks as US, China increase investments in sector

Chip stocks have had a great start to 2023 after rising interest rates led to a carnage in 2022. Investor focus has started shifting to the sector's long-term growth prospects and cheaper valuations

US gets warrant to seize Russian company's $25 mn Boeing 737 amid sanctions

A federal court in New York authorised the seizure of a USD 25 million Boeing 737 owned by a Russian energy company, citing US sanctions against Russia in response to its invasion of Ukraine, US authorities said on Wednesday. The aircraft is owned by PJSC Rosneft Oil Co., headquartered in Moscow and led by sanctioned oligarch Igor Ivanovich Sechin. The court found probable cause that the aircraft, which has not been in the US since 2014, could be seized by the US based on violations of the Export Control Reform Act. Today's enforcement action demonstrates there is a price to pay for Russian companies and oligarchs that flagrantly evade sanctions that the United States has imposed in response to the unjustified war against the people of the Ukraine, Breon Peace, the US attorney in Brooklyn, said in a news release. Rosneft Oil did not immediately respond to an email seeking comment. The action is part of a continuing effort to diminish Russian wealth after its invasion of ...

Russia probably does not want military conflict with US, NATO: US intel

The US intelligence community believes that Russia probably does not want a direct military conflict with US and NATO forces, but there is potential for that to occur

You're promoted as 'manager'. Forget about overtime pay

Federal law requires employers to pay time-and-a-half overtime to hourly workers after 40 hours, and to most salaried workers whose salary is below a certain amount, currently about $35,500 a year

January US job openings declines from 11.2 mn in December to 10.8 mn

U.S. employers posted 10.8 million job openings in January, indicating the American job market continues to run too hot for the inflation fighters at the Federal Reserve. Job openings fell from 11.2 million in December but remained high by historical standards, the Labor Department reported Wednesday. Employers also hired more workers in January. But layoffs rose. For 20 straight months, employers have posted at least 10 million openings a level never reached before 2021 in Labor Department data going back to 2000. The number of openings in January exceeded what economists had forecast and translates to about two vacancies for every unemployed American. Still, there some signs the job market is cooling in the Labor Department's monthly Job Openings and Labor Turnover Summary report. Amid high-profile job cuts at many big tech companies such as Google and Amazon, overall layoffs rose in January to 1.7 million, highest since December 2020. And the number of Americans quitting thei

US regulators investigates Tesla for steering wheels that can fall off

US auto safety regulators have opened an investigation into Tesla's Model Y SUV after getting two complaints that the steering wheels can come off while being driven. The National Highway Traffic Safety Administration says the probe covers an estimated 120,000 vehicles from the 2023 model year. The agency says in both cases the Model Ys were delivered to customers with a missing bolt that holds the wheel to the steering column. A friction fit held the steering wheels on, but they separated when force was exerted while the SUVs were being driven. The agency says in documents posted on its website on Wednesday that both incidents happened while the SUVs had low mileage on them. Investigators look at how often the problem happens, how many vehicles were affected and at Tesla's manufacturing process. The Model Y is Tesla's top-selling vehicle. Messages were left seeking comment from Tesla, which has disbanded its media relations department. In one complaint filed with NHTSA, an owne

China's foreign minister warns of conflict unless US changes course

China's foreign minister has warned Washington of conflict and confrontation if it fails to change course in relations with Beijing, striking a combative tone amid conflicts over Taiwan, COVID-19 and Russia's invasion of Ukraine. Qin Gang's language appeared to defy hopes China's might abandon confrontational wolf warrior rhetoric. It followed an accusation by Chinese leader Xi Jinping that Western governments led by the United States were trying to encircle and suppress China. Washington's China policy has entirely deviated from the rational and sound track, Qin said at a news conference Tuesday during annual meeting of China's ceremonial legislature. China's relations with Washington and Japan, India and other Asian neighbours have soured as Xi's government has pursued assertive policies abroad. If the United States does not hit the brake, but continues to speed down the wrong path, no amount of guardrails can prevent derailing and there surely will be conflict and confrontation,

Biden administration to relax Covid testing rules for travellers from China

The Biden administration is preparing to relax COVID-19 testing restrictions for travellers from China as soon as Friday, according to two people familiar with the decision. The people, who were not authorized to comment publicly and spoke on the condition of anonymity, said the administration has decided to roll back the testing requirements as cases, hospitalizations and deaths are declining in China and the US has gathered better information about the surge. The restrictions were put in place on December 28 and took effect on January 5 amid a surge in infections in China after the nation sharply eased pandemic restrictions and as US health officials expressed concerns that their Chinese counterparts were not being truthful to the world about the true number of infections and deaths. At the time, US officials also said the restriction was necessary to protect US citizens and communities because there was a lack of transparency from the Chinese government "about the size of the sur

Conflict with America inevitable unless they 'hit the brakes': China

US had been engaging in suppression and containment of China rather than engaging in fair, rule-based competition, Foreign Minister Qin Gang told a news conference

India, US to hold commercial dialogue on March 10 after gap of 3 years

India and the US will hold a commercial dialogue on March 10 after a gap of three years and discuss issues related to trade and investment with a view to further strengthen economic ties, an official statement said on Monday. The last India-USA Commercial Dialogue was held in February 2019. Since then, due to pandemic and other factors it could not be held. "It is proposed to re-launch the dialogue with a strategic outlook with focus on supply chain resiliency and diversification and new emerging areas, after a gap of three years," the commerce ministry said in a statement. US Secretary of Commerce Gina Raimondo will be visiting here between 7-10 March for the dialogue and India-US CEO Forum meet. "During the visit, India-USA Commercial Dialogue and CEO Forum will be held on March 10 to discuss cooperation in various sectors that could unlock new trade and investment opportunities between the two countries," the statement said. The Commercial Dialogue is a cooperative undertaking

US commerce secretary Gina Raimondo begins four-day visit to India

The Commercial Dialogue includes regular government-to-government meetings held in conjunction with private sector meetings, to facilitate trade, and maximise investment opportunities

Indian shares extend rally for 2nd time after strong economic data from US

Most of the Adani group stocks advanced, extending gains after U.S. boutique investment firm GQG Partners' $1.87 billion investment in the conglomerate on Thursday

Hero MotoCorp to collaborate with US-based Zero Motorcycles on e-bikes

Two wheeler major Hero MotoCorp on Monday said it has inked a pact with the US-based Zero Motorcycles to collaborate on premium electric motorcycles. The collaboration combines the expertise of Zero in developing power trains and electric motorcycles with the scale of manufacturing, sourcing and marketing of Hero MotoCorp, the country's largest two wheeler maker said in a statement. In September 2022, Hero MotoCorp's board approved an equity investment of up to USD 60 million in California-based Zero Motorcycles, a leading player in electric motorcycles and powertrains. "Our partnership with Zero Motorcycles is a significant milestone in our journey towards ushering in an era of sustainable clean technology in the mobility space. With Zero as our partner, we look forward to accelerate the transition of electric mobility in India and across our global markets," Hero MotoCorp Chairman & CEO Pawan Munjal said. The company has forayed into the electric scooter segment with the VIDA V1

Amazon plans to shut 8 Go convenience stores in US in cost-cutting effort

As part of its cost-cutting effort, Amazon plans to shut eight of its Go convenience stores in the US

As AI booms, lawmakers struggle to understand the technology

The inaction over A.I. is part of a familiar pattern, in which technology is again outstripping U.S. rule-making and regulation

CEAI urges RBI to stop routing foreign currency deals via US banking system

"This needs an urgent correction, lest we continue to lose every single day. If it is part of some Trade Agreement, it needs an urgent relook. Let this be addressed on top priority," he said

List of the countries that have implemented partial or total ban on TikTok

The U.S. and Canada issued orders this week to ban the use of TikTok on government-issued mobile devices, as privacy and cybersecurity concerns grow over the short-video app. TikTok, which is owned by the Chinese company Bytedance, has long maintained that it does not share data with the Chinese government and that its data is not held in China. It also disputes accusations that it collects more user data than other social media companies, and insists that it is run independently by its own management. Despite TikTok's claims, many countries around the world remain cautious about the platform and its ties to China. Here are the countries and regions that have implemented partial or total bans on TikTok. India India imposed a ban on TikTok and dozens of other Chinese apps, including the messaging app WeChat, in 2020 over privacy and security concerns. The ban came shortly after a clash between Indian and Chinese troops at a disputed Himalayan border killed 20 Indian soldiers and .

US attaches childcare strings to $52-billion subsidy for chip makers

The condition marks an unusual use of the federal government's powers. Officials said the rule was intended to address a worker shortage

US media drops Dilbert as creator calls Black people 'hate group'

Scott Adams, who introduced Asok the IIT-ian to America, is canned after asking white people to 'get away' from Black people

Omicron subvariant XBB.1.5 accounts for 85% new Covid cases in US: CDC

The highly transmissible Omicron subvariant XBB.1.5 now accounts for 85 per cent of all Covid-19 cases reported in the US this week, according to the latest estimates of CDC