GlobalEconomic GlobalEdition

August 14, 2022

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Qianhai, a test field for enterprises’ innovation

2022.06.02 09:53

INNOVATION-DRIVEN development is not merely a slogan for Qianhai after 12 years’ growth, but also its main competitiveness in terms of attracting investors. As more foreign and Hong Kong-funded enterprises settle in the area, the innovation and market potential it generated have further improved confidence in their operations. WeLab, a Hong Kong-funded company focusing on digital finance, credits its rapid expansion to Qianhai’s business environment and the favorable policies it offers them.Pan Rui, president of WeLab in China, said they “caught up a good time” when they relocated to Qianh
Mahindra Auto sale surge 208 per cent to 53,726 units in May

2022.06.02 09:48

Mahindra & Mahindra, one of India's leading automotive companies, on Wednesday said it's overall auto sales for the month of May 2022 rose to 53,726 vehicles, posting year-on-year growth of 208 per cent.In the Utility Vehicles segment, Mahindra sold 26,632 vehicles in May 2022. The Passenger Vehicles segment (which includes UVs, Cars and Vans) sold 26,904 vehicles in May 2022. Exports for the month were at 2028 vehicles. In the Commercial Vehicles segment, Mahindra sold 21,149 vehicles in May 2022. All the Light Commercial Vehicle Segments and the heavy commercial vehicles continued their grow
Hyundai Wia to speed up its SUV business in US

2022.06.02 09:42

As Hyundai Motor and Kia have significantly increased SUV production at their U.S. plants, Hyundai Wia’s profitability has also significantly improved. In addition to Hyundai Motor’s investment to in the U.S. SUV market, Hyundai Wia plans to improve its competitiveness in the North American market.According to industry sources on the 1st, Hyundai Wia has established its U.S. office in Alabama in October last year, and has expanded orders.This is part of strategies to expand their customer base from Hyundai Motor Group affiliates to other global automakers. Hyundai Wia’s flagship product is
PayMate India files draft papers to raise Rs 1,500 crore through IPO

2022.05.31 09:52

PayMate India, a B2B payment solutions provider, has filed its draft red herring prospectus (DRHP) with capital markets regulator Securities and Exchange Board of India (SEBI) to raise around Rs 1,500 crore through an initial public offering (IPO).As per the draft paper, Mumbai-based PayMate India plans to raise around Rs 1,500 crore through the primary route. This includes the issuance of fresh equity shares worth Rs 1,125 crore. The IPO would also comprise an offer for sale (OFS) by its existing shareholders and promoters. Rs 375 crore is to be raised through the OFS route.The offer for sale
LIC net profit dips 17 per cent to Rs 2,409 crore in Q4

2022.05.31 09:50

India's largest insurer Life Insurance Corporation (LIC) of India on Monday reported a consolidated net profit of Rs 2,409.39 crore for the quarter ended March 2022, down 17.41 per cent from Rs 2,917.33 crore recorded in the corresponding period of the previous year.For the full financial year 2021-22, the government-run insurer posted a net profit of Rs 4,043.12 crore, which is 39.4 per cent higher as compared to Rs 2,900.56 crore recorded in 2020-21. LIC's total revenue rose by 11.64 per cent year-on-year to Rs 2,11,471 crore in the fourth quarter of the financial year ended March 2022 as co
S. Korea recovers nearly pre-pandemic employment

2022.05.31 09:41

The employment rate, which harshly dropped due to COVID-19 pandemic, have fully recovered to pre-pandemic level.According to the April employment report released by labor ministry on May 30, the number of employed people as of April 30 was 1,199,000, up 494,000 (2.6%) year-on-year. The employment growth has recovered to the pre-pandemic level of 400,000 persons. Since the number of newly employed people increased by 476,000 in December last year after the pandemic, it has successfully maintained the job growth. The number of regular employees increased by 264,000 (1.7%) and temporary workers b
BPCL posts highest-ever annual revenue from operations of Rs 433,406.48 crore

2022.05.27 09:59

Bharat Petroleum, the second-largest Indian Oil Marketing Company and one of the premier integrated energy companies in India, has posted a net profit of Rs 8,788.73 Crore in FY22.Major highlights of the financial results are given below - Net profit for the fourth quarter stood at Rs 2,130.53 CroreThe company's gross refining margins (GRM) for the year stood at US USD 9.09 per barrel and for Jan-Mar 2022 quarter at US USD 15.26 per barrel.EBITDA was at Rs 18,528.19 Crore; EBITDA margin was at 4 per cent in FY22 and Q4FY22 as well.Debt-Equity ratio as on March 31, 2022 was at 0.49x (as against
HDFC sells 10 per cent stake in HCAL to Abu Dhabi Investment Authority

2022.05.27 09:57

India's largest mortgage lender Housing Development Finance Corporation (HDFC) on Thursday said it has sold 10 per cent of its stake in HDFC Capital Advisors Limited (HCAL) to Abu Dhabi Investment Authority for 184 crore."We refer to our intimation dated April 20, 2022 under Regulation 30 of the Listing Regulations informing about execution of a share purchase agreement for sale of 2,35,019 equity shares of Rs 10 each of HDFC Capital Advisors Limited (HCAL) representing 10 per cent of its fully diluted paid-up share capital, to a wholly owned subsidiary of Abu Dhabi Investment Authority, for a
SK to invest 247 trillion won in chip, battery and bio sectors for 5 years

2022.05.27 09:42

SK Group said Thursday that it will invest 247 trillion won by 2026 to enhance its growth engines, such as chip, battery and bio businesses.In order to grow the three businesses, SK will create some 50,000 new jobs in Korea. The domestic investment amount is 179 trillion won.By sector, more than half of total investment, 142.2 trillion won, will be invested in semiconductors and related material sectors. It will be spent to build Yong-in Semiconductor Cluster, expand semiconductor fabs, and expand facilities related to materials, parts, and equipment such as special gases and wafers. SK will a

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