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New C-Class Mercedes-Benz, the country’s largest maker of luxury cars by volume, recently launched its entry-level premium sedan the C-class at a price that’s higher than ever before, but the Stuttgart-based auto major doesn’t see that as a barrier to pushing sales and driving volumes. Instead, its executives say that its product portfolio, which it claims is the widest in the category, combined with its transparent pricing mechanism, is future-proofing its business model, and prepping it for even higher sales. Mercedes-Benz India reported sales of 11,242 cars and SUVs in 2021, cementing it at the top of the luxury segment for the seventh year running and giving it a market share of around 41 percent. For Q1 this year, the company says it has already sold around 4,022 units. In terms of its range of products, Mercedes claims the largest selection in the Indian market. “We have the broadest portfolio of any manufacturer in India,” Martin Schwenk, Mercedes-Benz India’s CEO, … [Read more...] about Mercedes-Benz tackles tough market with wide portfolio, transparent pricing

Representative image After closing at an all-time low against the US dollar on Thursday, the rupee recovered some lost ground to trade at 77.31 against the US dollar in morning trade on Friday as the American currency retreated from its elevated levels. At the interbank foreign exchange, the rupee opened at 77.35 against the American dollar, then gained further ground to quote at 77.31, registering a rise of 19 paise from the last close. On Thursday, the rupee plunged 25 paise to close at its lifetime low of 77.50 against the US currency. Forex traders said the Indian Rupee could see range-bound trade against the US dollar as broad dollar strength could offset losses from a rate hike by the Indian central bank next month due to rising domestic inflation. India's headline inflation galloped for a seventh straight month to touch an 8-year high of 7.79 per cent in April on rising food and fuel prices, raising the odds of an interest rate hike by the RBI early next month to … [Read more...] about Indian rupee rebounds from all-time low; rises 19 paise to 77.31/USD

Share to Twitter Share to Linkedin The Middle East’s aviation sector appears to be finally putting the Covid-19 crisis behind it, with carriers around the region reporting healthy profits and surging passenger numbers for the opening months of this year. A recent spate of positive news was led by FlyDubai, which said on May 8 that passenger numbers in the first quarter of 2022 had more than doubled year-on-year. The carrier said it had carried 2.35 million passengers from January to March this year, an increase of 114% compared to the same period in 2021. The airline did not give any indications of its financial performance, but it had already moved into positive territory last year, with a $229 million profit recorded in 2021 after a loss of $194 million the year before. Others have also been reporting good numbers this year. A day after FlyDubai’s update, Turkish Airlines said it had made a net profit of $161 million in the first quarter, on … [Read more...] about Middle East Airlines Take Off Again, As Profits And Passenger Numbers Soar

- A + A SYDNEY (May 16): Asian share markets were struggling to sustain even a minor rally on Monday, after shockingly weak data from China underlined the deep damage lockdowns were doing to the world's second-largest economy. China's April retail sales plunged 11.1% on the year, almost twice the drop forecast, while industrial output dropped 2.9% when analysts had looked for a slight increase. The risks had been to the downside, given new bank lending in China hit the lowest in nearly four and half years in April. China's central bank also disappointed those hoping for a rate easing, though Beijing on Sunday did allow a further cut in mortgage loan interest rates for some home buyers. News that Shanghai was relaxing some of its lockdown restrictions offered only cold comfort to investors. Chinese blue chips shed 0.4% in reaction while commodity currencies took a knock led by the Australian dollar, which is often used as a liquid proxy for the yuan. MSCI's … [Read more...] about Asia stocks struggle after dire China data

Share to Twitter Share to Linkedin Fortunes rise and fall in the volatile world of cryptocurrency, but over the last few weeks, they’ve only moved in one direction—down. The total value of all outstanding cryptocurrency tokens is down over 26%, and Bitcoin is down 25% since March 11, when Forbes counted 19 crypto billionaires . Now, just 16 are billionaires, Forbes estimates. For moguls whose net worths are hitched to token prices and publicly traded stocks of crypto firms, it’s been a difficult few weeks. Eleven of the industry’s wealthiest individuals have collectively lost nearly $60 billion, Forbes calculates, as the plunge in crypto erased nearly $400 billion in market value. One person accounted for the vast majority of that loss. Binance CEO Changpeng Zhao (CZ) was the industry’s wealthiest person in March with an eye-popping $65 billion fortune. (Binance previously announced it plans to invest in Forbes through a special purpose … [Read more...] about Crypto’s Richest Lost Nearly $60 Billion In Recent Weeks In Massive Crypto Collapse

Share to Twitter Share to Linkedin When the world gathered in Glasgow, Scotland for the COP26 UN climate convention, the conversation had not yet added “war in Europe” to the dual challenges of sustainability and biodiversity. Now, eight months later, in the Ukrainian port of Odesa, European Union Council President Charles Michel has described Ukrainian silos “full of grain, wheat and corn ready for export” locked in place by Russia’s wartime blockade of Black Sea ports. Independent data cruncher World Population Review estimates Russia and Ukraine together account for 30% of the global wheat trade. Today, global grain supplies are facing the one-two punch of not only climate disruption but also wartime supply shortages. The food you eat, the food that your food consumes, and perhaps some of your favorite libations are all affected as Russia’s invasion of Ukraine moves into a third month. In a world that has changed everyone and everything, the … [Read more...] about From Odesa To Your Dinner And Dram: How The War Over Fossil And Caloric Energy Supplies Is Shaping The 21st Century

The government last week reported that the economy, as measured by the country’s gross domestic product (GDP), expanded by a stronger-than-expected 8.3 percent in the first quarter, the fastest pace in the region that brought the Philippines’ output back to pre-pandemic levels. The growth has been traced to increased consumer spending following the reopening of more business establishments, as well as increased production as more economic sectors—especially manufacturing, wholesale and retail trade, and transportation — escalated operations. While the robust first-quarter economic performance puts the country on track to hit the 7-9 percent GDP growth target for 2022, Socioeconomic Planning Secretary Karl Kendrick Chua pointed out the need for the succeeding administration to continue the policy reforms instituted by the Duterte administration. To avoid a possible reversal in economic growth, Chua suggested that the incoming Ferdinand Marcos Jr. administration should build on the … [Read more...] about First task: Fixing the economy

Indian markets remained bearish for the the second consecutive week ended May 13 as the benchmark share indices lost nearly 4 percent. Persistent worries over rising inflation, possibility of further rate hikes by global central bank, China lockdown and weakening rupee kept the investors on the edge. During the last week, BSE Sensex declined 2,041.96 points (3.72 percent) to close at 52,793.62, while the Nifty50 shed 629.05 points (3.83 percent) to end at 15,782.20 levels. However, in the month of May Sensex and Nifty have lost more than 7 percent each. During the week gone by, all the sectoral indices were in the red with BSE Metal and Power indices falling 13 percent each. BSE Telecom index shed 6.7 percent and Realty index declined 5.8 percent. In broader market, the BSE Mid-cap index lost 5.6 percent, Small-cap index shed 6.5 percent and Large-cap Index declined 4.4 percent. In absence of any major event, market participants will be closely eyeing the performance of … [Read more...] about Dalal Street Week Ahead | LIC listing, earnings among 10 key factors that will keep traders busy

Share to Twitter Share to Linkedin China this week reported a 47% plunge in auto sales in April from a year earlier as Covid-19 lockdowns wreaked havoc in the world’s largest auto market and a major global manufacturing hub for auto parts and electric vehicles. Amid business uncertainties in the wake of the country’s Covid policies, “one thing remains certain,” China’s state-run Xinhua news agency said yesterday. “China will stick to its dynamic zero-COVID policy.” So what’s ahead for the global auto industry? I spoke on Tuesday with Bill Russo, the founder and CEO of Automobility, a Shanghai-headquartered strategy and investment advisory firm. The 18-year China business veteran and former head of North East Asia at Chrysler had been on the ground in Shanghai through this year’s lockdowns until last week, when he returned home to the United States. Industry supply chains will remain constrained for the foreseeable future, fueling inflationary pressure, … [Read more...] about ‘Gigantic’ Impact From China Lockdowns To Hit Auto Industry Globally: Automobility’s Bill Russo

Representative image Snapping its two-day winning streak, the rupee slumped by 15 paise to end at 77.40 (provisional) against the US dollar on Thursday, following risk-off sentiments amid increasing concerns over inflation globally. Weak domestic equities, surging US dollar in overseas markets and persistent foreign fund outflows also weighed on the rupee which plunged to its all-time intra-day low of 77.63 against the US dollar, forex traders said. Weak domestic equities, surging US dollar in overseas markets and persistent foreign fund outflows also weighed on the rupee which plunged to its all-time intra-day low of 77.63 against the US dollar, forex traders said. At the interbank forex market, the rupee opened steeply lower at 77.52 against the greenback and moved in a range of 77.36 to 77.63 in the day trade. The rupee finally ended at 77.40, down by 15 paise over its previous close. The rupee had settled at 77.25 against the US dollar on Wednesday. On May 9, the … [Read more...] about Rupee recovers from all-time low, settles 15 paise lower at 77.40 against US dollar