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Days after tweaking FDI rules, India on Thursday said no country should be worried about the new regulations. China has strongly objected to the change in rules, which makes it mandatory for countries sharing land boundary with India to invest through the government route.

A day after China’s outburst over the change in foreign direct investment policy, India on Tuesday hit back at its neighbour, saying the amendment did not violate any global commitment as it did not bar investments from across the border but only mandated prior screening of proposals.

Luckin Coffee, China’s biggest rival to Starbucks, apologised on Sunday after it revealed a top executive may have faked 2.2 billion yuan ($ 310 million) worth of sales in 2019. “The company retains the right to take legal measures against those suspected to be involved, it will not shield them or be lenient,” Luckin Coffee … Continue reading Starbucks competitor Luckin apologises for fraud scandal

Major international airline Emirates is asking staff to take unpaid leave for up to a month at a time due to the rapidly spreading coronavirus that has led to flight cancellations around the world. Emirates has cancelled flights to Iran, Bahrain and to most of China because of the virus.

Supplies of electronics feel the pinch

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The market for mobiles’ accessories and other electronics devices has started to feel the pinch of the coronavirus outbreak as restricted supplies from China are resulting in shortages on the retail front, adding to woes for sellers.

The government is going to seek a relaxation in rules for classification of bank loans to a certain set of companies as a “sub-standard” asset, citing difficulties faced by them. These entities are engaged in export and import, or are those that depend on raw materials and inputs, from China where businesses have been impacted … Continue reading NPA relief likely for cos hit by coronavirus

Air India and IndiGo have extended their flight suspension to China. AI’s Delhi-Hong Kong daily and Delhi-Shanghai (six times a week) have now been suspended up to June 30, instead of the earlier expected resumption in March-end. Similarly, IndiGo’s Chengdu and Guangzhou flights have been suspended till June 14.

ICRA cuts outlook on Indian pharma

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ICRA has revised its outlook on the domestic pharmaceutical industry from stable to negative in view of the lockouts in parts of China, amid the coronavirus outbreak. Of the total imports of active pharmaceutical ingredients and intermediates into India, China accounts for 65-70%, while in specific APIs, the dependence is as high as 80-90%.

The coronavirus outbreak will have a limited impact on India but the global GDP and trade will definitely get affected due to the large size of the Chinese economy, RBI governor said. The deadly virus has brought a large part of the world’s second-largest economy China to a standstill and its impact has been felt … Continue reading Coronavirus to have limited impact on India: RBI guv

Equity indices on Wednesday started on a higher note with benchmark BSE sensex rising over 400 points in opening session in line with Asian peers as global investors weigh China’s measures to prop up the coronavirus-hit economy.

India is facing the ripple effects of shutdowns in China with production of medicines being hit as supply chain disruptions prolong. Prices of paracetamol, the most commonly used analgesic, have jumped by 40% in India, while the cost of azithromycin, an antibiotic used for treating bacterial infections, has risen by 70%, said Pankaj R Patel, … Continue reading Paracetamol rates up 40% as coronavirus shuts China

FDI into India may see greater scrutiny

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India is considering closer scrutiny of foreign direct investment in sectors crucial to national security, a top government official said, as the country looks to tighten oversight amid growing unease about China’s acquisition of tech assets.

Coronavirus may hit 28% Indian imports

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Five import items that are heavily dependant on China — electrical machinery, machinery and mechanical appliances, organic chemicals, plastics and optical & surgical instruments — that make up about 28% of India’s import basket could be hit the most due to a potential shutdown, analysts say.

As per DGCA circular issued on Friday, passengers flying in from Japan, South Korea, Thailand and Singapore to India will also be screened for Coronavirus apart from those coming from China and Hong Kong. This enhanced scope for screening order by India covers passengers flying here from almost all main southeast Asian destinations and far … Continue reading Flyers from Japan, S. Korea to be screened