Business

EU and US economic restrictions are impacting Nayara Energy’s EPC operations, leading firms like Technip Energies and PT Timas Suplindo to withdraw from tenders. Despite no direct sanctions, Nayara faces challenges due to Rosneft’s significant ownership.

The Reserve Bank of India (RBI) has approved Sumitomo Mitsui Banking Corporation’s (SMBC) plan to acquire up to 24.99% stake in Yes Bank. This follows Yes Bank’s earlier announcement regarding SMBC’s intention to purchase a 20% holding. The RBI’s approval, valid for one year, is subject to certain conditions, including compliance with banking regulations and…

India’s seafood exports remained steady at $7.45 billion in 2024-25, despite a decline in shipment volumes to 16,98,170 tonnes. Frozen shrimp dominated exports, earning $5.17 billion. The United States continued as the largest market, importing $2.71 billion worth of seafood, followed by China and the European Union.

The US government has acquired a 10% stake in Intel for $8.9 billion, funded through CHIPS Act grants and the Secure Enclave program. This move, celebrated by Intel’s CEO, aims to bolster American technology and manufacturing.

Donald Trump announced a major investigation into imported furniture, potentially leading to new tariffs. This move aims to revitalise furniture businesses in states like North and South Carolina, and Michigan. Following the announcement, stocks of retailers like Wayfair and Williams-Sonoma, heavily reliant on imports, declined. Conversely, La-Z-Boy, a US-based manufacturer, saw its stock rise.