– Saudi Arabia imported record volumes of discounted Russian fuel oil in June, a near 10-fold annual increase to meet summer power generation demand and maintain crude exports despite OPEC+ production cuts, according to traders, analysts and Kpler data. For Russia, its growing oil trade with the world’s biggest exporter enables it to keep output […]
India’s Gujarat state is holding talks with Foxconn over a semiconductor plant, a top government official told Reuters, days after the Taiwanese giant broke off a $19.5 billion joint-venture plan with India’s Vedanta. “We are in touch with multiple prospective investors, including Foxconn … Gujarat is uniquely positioned to attract top chipmakers,” said Vijay Nehra, […]
India’s Vedanta will enter the market for the manufacturing of chips and displays this year, group chairman Anil Agarwal said on Wednesday, days after its joint-venture partner Foxconn pulled out of the $19.5 billion chipmaking project. Foxconn separately intends to apply for incentives under India’s semiconductor production plan. In an address to the shareholders, Agarwal said Vedanta will […]
The world’s major accounting firms are stepping up investments in new Indian facilities away from bigger cities as global demand for cheaper back office operations grows and smaller towns move up the economic value chain. For decades, large multinational corporations have rushed to India’s biggest metropolises, chiefly Mumbai, Delhi and Bengaluru, to set up massive […]
U.S. chipmaker Broadcom secured EU antitrust approval on Wednesday for its $61 billion proposed acquisition of cloud computing firm VMware after offering remedies to help rival Marvell Technology. The deal, Broadcom’s largest ever, will help the chipmaker diversify into enterprise software. Broadcom offered Marvell and other rivals interoperability commitments related to its Fibre Channel Host-Bus Adapters (FC […]
The U.S. electric vehicle market is growing, but not fast enough during the latest quarter to prevent unsold EVs from stacking up at some automakers’ dealerships or to allow Tesla to avoid new price cuts, according to analysts and industry data. Rising inventories and price-cutting could represent only a short-term pause in EV market growth. […]
Lucid Group said its second-quarter production dropped from the previous three months while deliveries stayed flat, sending the shares of the luxury electric-vehicle maker down about 6% on Wednesday. The Saudi Arabia-backed startup has been struggling to ramp up production in the face of supply chain issues, while a price war started by market leader Tesla in […]
In many developing countries health financing is not only inefficient and insufficient, it’s inequitable: People in developing countries pay over half a trillion dollars annually out-of-pocket for health services, which pushes about 100 million people into extreme poverty each year. Policies regarding who contributes and how much, how resources are pooled to spread financial risk, what services are […]
Artificial intelligence is expected to be widely used by central banks as it brings considerable cost saving and efficiency benefits. However, as this column argues, it also raises difficult questions around which tasks can safely be outsourced to AI and what needs to stay in the hands of human decision makers. Senior decision makers will […]
Reaching net zero emissions by 2050 will require an 80% reduction in global fossil fuel extraction compared with 2021 levels. This column estimates the macroeconomic consequences for fossil fuel-producing countries of large declines in extraction, based on a new dataset identifying 35 episodes of major and persistent, exogenous declines in extraction activity. These declines lead […]
