EMRG

Apple iPhone exports from India top $1 billion in five months, Bloomberg reports

Oct 4 (Reuters) – Apple Inc’s ( AAPL.O ) iPhone exports from India crossed $1 billion in five months since April, Bloomberg News reported on Tuesday, reflecting the tech giant’s growing bet on the South Asian nation amid New Delhi’s push for local manufacturing . The outbound shipments of India-made iPhones, mainly to Europe and …

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Exclusive: Banks diverted gold supply from India to China, Turkey

MUMBAI, Oct 4 (Reuters) – Gold-supplying banks have cut back shipments to India ahead of major festivals in favor of focusing on China, Turkey, and other markets where better premiums are offered, three bank officials and two vault operators told Reuters. That could create scarcity in the world’s second-biggest market for gold, and force Indian …

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Analysis: Tesla could face its toughest challenge yet as the economy cools

SAN FRANCISCO, Oct 4 (Reuters) – As recently as July, Tesla ( TSLA.O ) Chief Executive Elon Musk said the electric-car maker did not have a problem with customer demand, simply a problem making and shipping all the Model Ys and Model 3s consumers were ready to buy. That may no longer be true. Analysts …

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S.Korea’s Naver to acquire US fashion social commerce Poshmark for $1.6 bln

SEOUL, Oct 4 (Reuters) – South Korean tech firm Naver Corp (035420.KS) said on Tuesday it agreed to a $1.6 billion deal to buy Poshmark Inc (POSH.O), a US apparel resale platform firm, as a strategic investment to enter the US e-commerce market. Naver will acquire all of the issued and outstanding shares of Poshmark …

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Turkey inflation hits new 24-year high of 83% after rate cuts

ISTANBUL, Oct 3 (Reuters) – Turkish annual inflation climbed to a new 24-year high of 83.45% in September, data showed on Monday, still lower than forecast, after the central bank surprised markets by cutting rates twice in the last two months . Despite soaring prices, the central bank was expected to cut its policy rate …

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Prosus scraps $4.7 billion BillDesk deal, one of India’s biggest

AMSTERDAM, Oct 3 (Reuters) – Investor Prosus NV (PRX.AS) said on Monday a $4.7 billion deal to buy BillDesk, which would have been one of the largest in India’s financial technology sector, was “terminated”, saying conditions of the deal had not been met. Indian antitrust regulator had approved the acquisition on Sept. 5, more than …

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Bolsonaro’s strong showing in Brazil vote may boost markets, bankers say

SAO PAULO, Oct 3 (Reuters) – Stronger-than-expected support for Brazil’s President Jair Bolsonaro in the first round of a presidential election may provide a boost for Brazilian financial markets on Monday, said bankers and analysts, as the race went to an Oct. 30 runoffs. Bolsonaro’s leftist challenger, former President Luiz Inacio Lula da Silva, fell …

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Oil climbs, Asian shares mixed as holiday-heavy week gets underway

TOKYO, Oct 3 (Reuters) – Oil jumped on Monday as OPEC+ considers a cut to output this week, while Asia shares were mixed with holidays in the Asia-Pacific region likely to result in thin trading. US crude rose 3.01% to $81.88 a barrel after OPEC+ sources told Reuters oil production could be cut by between …

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