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Who is Trump's target?
After taking office, U.S. president Donald Trump continues to criticize and take action against corporate executives, institutions and corporations. His actions, from innovative export deals to freezing university grants, have upended the status-quo between government, law and academia. Trump has publicly attacked a number of influential individuals and entities. HILTON WORLDWIDE HOLDINGS Hilton has removed a Minneapolis-area hotel from its system after a Department of Homeland Security posted on X that the hotel operator had "impeded" law enforcement by refusing to accept bookings for Immigration and Customs Enforcement (ICE) agents. "We will remove this hotel immediately from our system." Hilton has always been an open and welcoming place, the company stated on X. After allegations of fraud against Somali immigrants, the Trump administration increased the number of police officers in Minnesota. NETFLIX Netflix has acquired Warner Bros Discovery’s film studios, streaming service and Warner Bros Discovery’s streaming arm for $72 billion. This gives Netflix control over one of Hollywood’s most iconic assets. After a lengthy bidding war, Netflix's offer of nearly $28 per share beat out Paramount Skydance, which made several unsolicited offers to purchase Warner Bros.?Discovery and its cable television assets. Donald Trump, the U.S. president, said that he would decide whether or not the proposed merger should go ahead. He cited concerns about the combined entity's market share. "That will be up to some economists... It is still a large market share. It's a big market share. GUNVOR CEO? TO STEP DOWN Gunvor, a global commodity trading company, announced that its CEO Torbjorn Tornqvist would step down and sell all of his shares in a management-led buyout. This comes after the U.S. labeled the firm as the "Kremlin’s puppet" because of its previous Russian connections. Earlier this month, the firm announced that Americas director Gary Pedersen will take on the top role. Pedersen was hired just last year by the company. In November, the U.S. Treasury sank Gunvor's largest ever deal for the acquisition of international assets owned by Russian oil giant Lukoil sanctioned by the U.S. Pedersen’s promotion coincides Gunvor’s efforts to improve its relations with the U.S. The firm has been in active discussions to invest in U.S. assets producing oil and gas in recent weeks. GOLDMAN SACHS Goldman's Economic Research arm published a report in August which stated that U.S. consumer had absorbed 22 percent of tariff costs up to June. If the latest levies continue the same pattern, their share may rise to 67 percent. Trump stated shortly after that "David Solomon, and Goldman Sachs, refuse to give credit when credit is due." In a post made on Truth Social. Trump claimed that "mostly, companies and governments, some of which are foreign, pick up the tab". Solomon's former hobby of DJing was also a target for Trump. Trump asked Intel CEO Lip-Bu Tang to resign in early August because of China ties. In April, it was reported that Tan had invested $200 million into hundreds of Chinese chip and advanced manufacturing firms, including some linked to the Chinese military. "The CEO at INTEL is very CONFLICTED, and must resign immediately. Trump stated in a Truth Social post that there is no solution to the problem. Tan replied to Trump by saying that he shared his commitment to the advancement of U.S. economic and national security, and that the Intel Board was "fully supportive" of the transformation work our company is doing. After a meeting with Tan, Trump praised him and the U.S. Government decided to buy a stake in this chipmaker. MICROSOFT Trump said in September that the tech company should fire its global Affairs president Lisa Monaco. Trump stated on Truth Social that "she is a threat to the National Security of the United States, especially in light of the large contracts Microsoft has with the United States Government." "I believe that Microsoft should terminate Lisa Monaco's employment immediately." Trump stated that Monaco's position at Microsoft would give her access to sensitive information. "This kind of access cannot stand," said Trump. Monaco, who joined Microsoft in July, worked as a security adviser in the former administration of former President Barack Obama and was the?deputy Attorney General in Joe Biden's Administration. Elon Musk, the billionaire CEO of Tesla's electric car company, spent hundreds of million dollars to support Trump's reelection. Investors who bid up Tesla's stock anticipated that this move would benefit Musk's empire. Musk and Trump, however, had a falling out in June, after Musk criticised Trump's tax-cutting and spending bill, claiming that it would increase the federal debt. Musk responded to Trump's comments on Truth Social by threatening to cut off federal contracts and subsidies to Musk's businesses. Trump also said that the billionaire had "gone CRAZY", after the bill was amended to remove the mandate for electric vehicles. JAGUAR LAND RIDER Trump criticised Jaguar's rebranding campaign in August. He called the campaign "woke", "stupid" and linked it to the departure of its CEO. Trump's remarks came at a time when Tata Motors announced that CEO Adrian Mardell would be retiring after more than 30 years with the company. Jaguar unveiled last year a new visual identity and logo as part of its brand refresh to reposition itself as an electrical automaker. This move drew harsh online criticism and backlash from brand loyalists. Trump has repeatedly threatened tariffs against Apple and its CEO, Tim Cook, over the sale of iPhones in the United States outside their country. After a meeting with Cook in Doha, the capital of Qatar in May, Trump remembered that he confronted him about Apple's plans to manufacture the majority of iPhones sold in America in factories in India by 2026. In a post on social media, Trump said he had told Cook "long time ago" "I expect that their iPhones will be sold in America, and not in India or anywhere else." Early in August, Trump announced that Apple would invest another $100 billion dollars in the U.S. This will bring its total commitment domestically to $600 billion within the next four-year period. Cook gave Trump an American souvenir made with 24-karat-gold base. AMAZON.COM Trump complained to Jeff Bezos, former CEO of Amazon.com in April about a report that stated the company would display the prices to show the impact tariffs have on the ecommerce retailer Amazon.com. Amazon, however, said that it only briefly considered charging import fees for certain goods following Trump's announcement of tariffs in April, but abandoned the plan after the White House accused Amazon of a hostile political act. Trump told reporters later that Bezos "very quickly" solved the problem and was "very nice". BANK OF AMERICA & JPMORGAN CHASE In August, Trump claimed that JPMorgan CEO Jamie Dimon and BofA CEO Brian Moynihan discriminated against him. He had earlier said that they didn't provide banking services for conservatives. In a video speech at the World Economic Forum, Trump stated, "What you are doing is wrong." In a question and answer session with CEOs and corporate leaders assembled on stage, Trump did not provide any evidence of wrongdoing. Dimon, the CEO of JPMorgan Chase was also mentioned. "You, Jamie and everyone, I hope you are going to open your bank up to conservatives." Both lenders have repeatedly denied allegations of "debanking." WALMART Trump stated in May that Walmart,?China and American consumers should "eat tariffs" to avoid burdening them. This was after Doug McMillon had said that the retailer couldn't absorb all tariffs-related costs due to narrow retail margins. Walmart should STOP blaming tariffs for the price increases across the chain. Walmart made BILLIONS of DOLLARS in the last year. This was far more than anticipated, Trump wrote on social media. Trump didn't call McMillon out personally but he did publicly criticize Walmart for attributing the price increases in May to tariffs that his administration imposed. CRACKER BAREL A retail chain was blindsided by an unexpected reaction when it changed its logo to remove the image of a man in overalls known as "Uncle Herschel", leaning on a barrel. Cracker Barrel announced in late August that it would stick with its decades old logo and scrap plans for a brand new one after social media backlash. This included criticism from U.S. president Donald Trump. "Congratulations Cracker Barrel on changing your original logo. "All of your fans are very appreciative," Trump said after the company reversed its decision on Truth Social. COMCAST Trump criticised Comcast's cable news network MSNBC over its coverage of his government. Trump told reporters that MSNBC was changing its name to MS NOW because the network's owners were ashamed. Trump called Comcast "weak, ineffective and headed by Brian Roberts" last week. SMITHSONIAN INSTITUTION In anticipation of the U.S. 250th Anniversary, the White House announced that it would lead an internal review for some Smithsonian Museums and Exhibitions. Declaration of Independence. In an executive directive issued in March, Trump stated that the institution was under the influence of "racist, divisive ideology" over the past few years. HARVARD UNIVERSITY Trump has targeted the oldest and richest American university. He has cancelled about $2.5 billion in federal grants, and is mounting efforts to stop research funding for Harvard. This is part of a larger campaign to change U.S. Universities, which Trump claims are gripped with antisemitic, "radical-left" ideologies. We are going to remove Harvard's tax exemption status. "It's what they deserved!" In May, Trump posted a message on his social media platform. Trump announced on September 30, that his administration is close to a deal, which would include a payment of $500 million by Harvard University. This comes after months spent negotiating over school policies. COLUMBIA UNIVERSITY The Trump administration announced in March that it would cancel $400 million of federal funding for Columbia University because of how the university handled protests last year. This is just the beginning of many arrests to come. "We know that there are many more students at Columbia University and other Universities in the Country who have engaged pro-terrorists, antisemitic and anti-American activities, and the Trump Administration won't tolerate it," Trump wrote in a post on social media. These comments were made after the arrest Mahmoud Khalil, a Palestinian graduate who was a major participant in the protests. In July, the University announced that it would pay the U.S. Government?over 200 million dollars in settlement with Trump's Administration. LAW FIRMS Trump issued an executive order in March that restricted access to federal facilities and suspended security clearances of its employees due to their ties with Hillary Clinton and DEI policy. Trump said that it was an "absolute honor" to sign the order. Trump had also issued a similar order in March against the New York law firm Paul, Weiss, Rifkind, Wharton & Garrison, which he subsequently retracted after reaching a settlement. In February, the law firm Covington & Burling was confronted with Trump's Presidential Memorandum, which suspended all security clearances of Peter Koski, and Covington employees, who had assisted former Special Counsel Jack Smith in prosecuting Trump. Covington has said that it will continue to represent Jack Smith in spite of these measures. Trump said, "We will continue to hold those who are responsible for weaponizing government and who supported this accountable." THE NEW YORK TIMES PENGUIN RANDOM HOUSE Trump has filed a $15 billion lawsuit for defamation against the New York Times, and Penguin Random House as part of his legal assault on media giants he claims have treated him unfairly. THE WALL STREET JOURNAL Trump filed a lawsuit against the Wall Street Journal, its owners and Rupert Murdoch for at least $10 Billion in July over the newspaper's claim that his name appeared on a 2003 greeting to Jeffrey Epstein which included a sexually explicit drawing and references to secrets that they shared. (Reporting by Deborah Sophia, Juveria Tabassum, Niket Nishant, Shivansh Tiwary, Savyata Mishra, Kritika Lamba, Arsheeya Bajwa, Zaheer Kachwala, Puyaan Singh, Pooja Menon, Dharna Bafna and Anshuman Tripathy in Bengaluru; Editing by Anil D'Silva, Sriraj Kalluvila and Arun Koyyur)
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Investors lock in profits as gold falls by more than 1%
Gold prices fell by over 1% Wednesday, as investors took profits after a recent rally. However, it was able to pare some of its losses following a weaker than expected U.S. payroll growth in December. As of 1138 GMT, spot gold fell 1%, to $4,452.97 an ounce. Prices dropped as much as 1.5%, to a low of $4.427.39 in the earlier session. Spot gold finished 2025 with a 64.4% increase, the largest annual gain since 1979. U.S. Gold Futures for February delivery were down 0.8% to $4,459. David Meger, Director of Metals Trading at High Ridge Futures said: "We view today's pullback is general profit-taking after that recent surge." Meger said that softer employment data supports the argument for Fed?easing which has recently supported gold prices. According to the ADP National Employment Report, private payrolls in the U.S. grew by 41,000 jobs, but fell short of economists' expectations, which were for a rise of 47,000. According to data compiled LSEG, the markets expect 61 basis point rate cuts in 2019. Now, the focus is on Friday's nonfarm employment report. The geopolitical situation remains uncertain following the capture of Venezuelan President Nicolas Maduro over the weekend. U.S. president Donald?Trump announced plans to refine and export Venezuelan crude on Tuesday, while the White House confirmed separate discussions about the acquisition of Greenland including a possible military involvement. According to official data, China's central banks extended their gold buying streak for a 14th consecutive month in December. Meger said that the data from China continues to show "strong demand from Asia" and is yet another reason for this recent surge to the upside. In low-rate environments, and in times of uncertainty, gold, which is a safe-haven investment, tends do well. Silver spot fell 4.6%, to $77.55 an ounce. HSBC increased its average silver price forecast for 2026 to $68.25 citing a tight supply and high investment demand. However, it warned about the volatility of prices if supply constraints ease. Palladium fell 6.1% to $1,710.69, while spot platinum declined 6.4%. (Reporting and editing by Sahal Muhammad in Bengaluru, Anmol Choubey from Bengaluru)
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Nestle recalls infant formula in China and Brazil
Nestle has expanded its recall of certain batches of infant nutritional products beyond Europe, to include the Americas, Asia, China, and Brazil. This is according to statements from the company and the national health ministries. Nestle has recalled batches of SMA formula, BEBA formula, NAN formula, and Alfamino due to possible contamination by cereulide. This toxin can cause nausea and vomiting. At least 37 countries have issued health warnings about the possibility of contamination in infant formulas. This includes?most European States, Australia, Brazil and China. Nestle and its new CEO Philipp Navratil are under more pressure after the recall. Nestle shares have fallen by around 4.5% this week. The Brazilian health ministry stated on Wednesday that Nestle's recall was a precautionary measure, after toxins were detected in Dutch-made products. Nestle Australia stated that the batches it recalled were manufactured in Switzerland. Nestle China, on the other hand, said they were recalling formula batches imported to Europe. Austria's Health Ministry said Tuesday that the recall involved?more? than 800 products and covered more?than 10 factories. It was the largest?in Nestle history. Nestle could not confirm this. Nestle announced on Tuesday that it tested "all arachidonic oil and corresponding oils mixes" used in the production of their potentially affected infant nutrition products, after a quality problem was detected?in an additive from a major supplier. The company is ramping up its production and contacting alternative suppliers to ensure a steady supply. Reporting by Alexander Marrow, London; Igor Sodre, Sao Paulo. Editing by Alexander Smith
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Energy Secretary: US must control Venezuelan oil exports to influence change
Energy Secretary Chris Wright said that the United States must control Venezuela's oil revenue and sales to achieve the changes it seeks to see in Venezuela. Wright stated that he had been speaking with?U.S. Wright said he was speaking to?U.S. Donald Trump announced over the weekend that the U.S. will "take control" after U.S. troops ousted Venezuelan president Nicolas Maduro. This could allow U.S. companies to access the vast oil reserves of Venezuela. Wright added that instead of blocking the oil as it is now, the government will sell it to buyers around the U.S. Wright said that the?sales will be controlled by the U.S. Government, and the revenues collected from them "will be deposited into U.S. controlled accounts." We have a lot of leverage if we can control the oil flow, the sales and the flow cash from these sales. You can't have change without high leverage. Wright spoke at the Goldman Sachs Energy, CleanTech & Utilities Conference, held in Miami. Trump's top priority is to increase the crude oil production from Venezuela. Venezuela produced as much as 3 million barrels per day in the 1970s. Mismanagement and limited investment from foreign countries led to a massive drop in production. It averaged about 1.1 million bpd per year last year. Wright stated that if conditions were right, he could increase production by several hundred thousand barrels per day in the short- to medium-term with only a small amount of capital. South America is home to the largest oil reserves in the world, but it only accounts for?about 1 percent of global oil supply. U.S. oil executives will visit the White House this week to discuss how to revive Venezuela's oil sector. This was reported on Tuesday. Reporting by Nathan Crooks in Miami, Sheila Dang and Vallari Srivastava from Bengaluru. Editing by Saumyadeb Chkrabarty.
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HSBC raises its silver price forecast for 2026, but warns of volatility
HSBC forecasts that silver prices would trade between $58-$88 per ounce 'in 2026. This is due to tight physical supply and high gold prices. However, the bank warned of a possible market correction as supply constraints ease. The bank increased its forecast for the average silver price in 2026 to $68.25 per ounce, up from $44.50. It also raised its projection for 2027 to $57 an ounce, up from $40. The bank stated that "while we view prices as fundamentally inflated, we expect the conditions to remain volatile with possible upside spikes until near-term?tightness' is relieved." Silver, which reached a peak of $83.62 per ounce in December 29 and a 146% gain annually by?2025, was trading at $79 on Wednesday. HSBC stated that the tightness in the physical'market, reflected by factors like high lease rates, has worsened due to tariff concerns and questions about silver's designation 'as a vital mineral. The exchange-traded fund market is expected to continue growing, but at a slower pace. DEMAND FOR JEWELLERY AND INDUSTRIAL GOODS IS EXPECTED DECLINE The bank stated that industrial demand, which accounts more than half the global silver consumption in 2026, will fall from 665 million to 660 million ounces, and then to 616 million ounces by 2027. HSBC also predicted that the demand for jewellery would decline, with consumption falling to 184 millions ounces - in 2026, from 199million ounces - in 2025. Bank added coin and 'bar demand may see a modest recovery supported by institutional interests, although high retail prices are still a deterrent. SUPPLY GROWTH TO EASE DEFICITS HSBC predicts that mine supply will increase from 813 million ounces to 824 million ounces by 2026, and recycling is expected to rise to 206 millions ounces due to high prices. The bank expects that the global silver shortage will decrease to 140 million pounds in 2026, from 230 millions in 2025. It is expected to further shrink to 59million pounds in 2027. (Reporting and editing by Tomasz Janowski in Bengaluru, Jan Harvey and Anmol Choubey)
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Allegro sells businesses in Slovenia and Croatia Mutares
Allegro, a Polish ecommerce company, announced on Wednesday that it has agreed to sell its operations in Slovenia and Croatia?to Mutares of Germany. Allegro is aiming to simplify?its global footprint. Allegro claimed that the sale was the last step to turning around Mall Group. The group bought the company in 2022 as a first move beyond its home market Poland. Allegro expanded its presence in Central Europe with the deal, but so far international operations have weighed on its profitability. Allegro announced in March that it would pause the rollout of its third-party market in other countries until it increased shopping frequency. The company said that it estimated the sale to have a negative impact on its net profit of approximately 235 million Zlotys ($65,2 million). However, they also noted that this included an impairment of 105 million Zlotys which was already recognised by the company in the fourth quarter of 2025. Allegro said it expects the deal to have a positive effect on the group’s adjusted core earnings profile (EBITDA), by eliminating the segment's losses. The segment reported an adjusted EBITDA of 10.3 millions zlotys for the third quarter. Allegro stated that the deal should close in 2026's first half.
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Andy Home: The US tariff on copper is draining China's warehouses.
China's refined copper exports surged to records levels in the last year, as the world’s top buyer found themselves in unusual competition with the U.S. CME's U.S. Copper contract continues to command an impressive premium over the London Metal Exchange's (LME) international copper price as the "market prices" in anticipation of possible U.S. Tariffs. The decision was deferred to June of this year. The ripple effect of U.S. metal delivery premiums is now emptying China’s bonded storage zones. China's exports jumped from 698,500 tons to 143,000 in November. This is already a record. The total for November included 57.700 tons of goods headed to the U.S. All were sourced from stocks stored in bonded warehouses located at Chinese ports, such as Shanghai. The lingering threat of tariffs continues to disrupt global trading patterns. CHINA'S BONDED STOCK RAIDED AGAIN Last year, the arbitrage between the CME and LME was so blown out that traders had a unique opportunity to make money by shipping copper to the U.S. CME copper stocks have exploded to 450,000 tonnes, more than LME and Shanghai Futures Exchange combined. LME stocks for U.S. delivery of desired brands, notably Chilean metal, are exhausted. Chinese and Russian copper made up?95% or the registered inventory as of the end of November. Metal that was physically unloaded, but had not been cleared by customs to be delivered to mainland buyers has come back to the forefront of attention. This is the second raid on this bonded inventory. China exported or redirected 120,000 tons (or more) of refined copper from February to July last year when tariffs on imports were a certainty. The tariff trade was stifled by Donald Trump's decision to impose tariffs on copper, but only on refined copper, in July. Since then, traders have been betting that the tariff threat will only be deferred. The increase in November shipments of goods from Chinese ports to United States is "a testament to the renewed appeal of U.S. deliveries." Plugging the Gaps China's portside copper inventory will also leave to plug any gaps that may have arisen elsewhere. Traders are stripping the supply chain of all brands of metal?that can be delivered in accordance with the CME contract, to ensure an?effortless arbitrage trade. Outbound flows in November included 16,500 tonnes bound for Italy, as well as smaller tons destined for Germany and Sweden. The rush to get products to the U.S. has caused availability to fall and physical prices to rise everywhere else. Aurubis, Europe's largest producer, has increased its premium for sales on term this year from $228 to $315 per ton above the LME base price. Codelco, a Chilean state-owned producer, is charging its European clients $325 per tonne and its Chinese customers $350 per tonne. This reflects the fierce competition between traders for Codelco's brands. China is still the largest copper importer in the world, but the increase in outbound shipments has caused its net pull of units from other countries to decrease by 11% during the first eleven months of 2025. It has also struggled to compete with the U.S. premium brands when it comes CME-deliverable products. China's imports from Chilean metal dropped by 43% on an annual basis between January and November, while those from Peruvian metal declined by 50%. Chinese buyers are increasingly dependent on imports from Russia and the Democratic Republic of Congo, which represented 37% and 11% of the total imports during the first 11 months of 2025. SIGNAL CONFUSION In recent years, it's difficult to tell how much copper is stored in China's warehouses. Metals are classified as imports by customs departments, but they only become statistically visible when they're reshipped to another country. In that case, it appears on the export side under a special code. It's obvious that there are fewer imports now than before Trump proposed tariffs in February. The stripping of China’s port stocks shows how the threat of U.S. Tariffs has impacted global copper flows. This is also a problem for assessing the current state of a market where prices are hitting all-time highs. The global exchange inventory was above 800,000 tonnes for the first since 2013 which could dampen the bullish market exuberance. The CME is where copper continues to arrive daily, and this has been the main driver for higher visible inventories. The CME, where copper is still arriving daily, has been the driver of higher visible stocks. The physical supply chain as well as the price signal of inventory are still being distorted by the tectonic movement of copper stocks from Europe to the U.S. As long as Trump's tariff threat causes a CME premium large enough to cover physical shipment costs, the drain on availability elsewhere, including China’s port stocks, could become more acute. Andy Home is an author and columnist. The opinions expressed in this column are Andy Home's. Open Interest (ROI), a data-driven, thought-provoking commentary on the markets and finance. Follow ROI on LinkedIn, X and X.
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Ukraine and US to revisit land and nuclear plant issues during Wednesday's talks
Volodymyr Zelenskiy, president of Ukraine, said that the U.S.-Ukrainian negotiators would revisit the most problematic issues in the peace talks to end Russia’s war, including the question of the fate of the nuclear power plant occupied by the Russians. Kyiv faces 'U.S. Kyiv is under?U.S. The delegations have gathered in Paris to discuss peace and security assurances for Ukraine, in the event of a ceasefire between Ukraine and Russia. Russia has not been supportive of the U.S.-backed initiative. Zelenskiy announced on X that a third meeting with the U.S. delegation would take place in just two days. He said that he had ordered his team to conduct new talks at the leader level between U.S. allies and European allies. On Wednesday, Zelenskiy’s top adviser hailed “concrete” results in the Paris negotiations and promised Kyiv’s national interests would remain protected. STUMBLING BLOCK Zelenskiy stated on Tuesday that U.S. officials and Ukrainian officials discussed "some ideas" regarding the territorial issue. Steve Witkoff, the White House's special envoy, said that "land options" were discussed on Tuesday. He expressed his hope for a compromise. Kyiv refuses to withdraw from the industrialised Donetsk Region, where Russia has taken large swathes but failed to take it all. Zelenskiy also stated that the U.S. had floated the idea for a free-economic zone in the Donetsk region if Ukraine retreated from the areas it still controls. Zelenskiy said that any compromises made on land would be subject to a referendum by Ukrainians. According to an opinion survey conducted last month, three quarters of Ukrainians were prepared for a deal which would freeze the front line but opposed cession of territory. Zelenskiy, who spoke last month, said that the U.S. also proposed a trilateral operation for Zaporizhzhia, a plant which Moscow will capture in 2022, and connect to its own grid. Zelenskiy said that Kyiv had instead proposed a joint Ukrainian-American usage of the plant. The U.S. would determine how 50% of the produced energy is used. (Writing and Editing by Hugh Lawson, Frances Kerry, and Dan Peleschuk)
Karnataka State in India receives investment proposals totaling $115 billion.
A government spokesperson announced that Karnataka, a state in southern India, had received investment proposals totaling nearly 10 trillion rupees (115.31 billion dollars) as the country attempts to boost its manufacturing sector and create jobs in an economy slowing down.
At the Invest Karnataka event held on Tuesday, a spokesperson stated that the proposed investments would be focused on renewable energy, automobiles, steel, semiconductors, and other areas.
Not all of the proposals have been approved and the government does not provide a timetable for these investments.
New Indian Express reported last week that the state government plans to implement 70% of the proposals. This is up from the 40% to 50% it had planned for the 2022 event, according to a state official.
Some of the companies that have made investments include India's Mahindra and Mahindra and JSW Group as well as Germany's Bosch, Japan's Toyota Motor and Taiwan's Foxconn.
Karnataka is India's largest contributor to the economy, and includes the IT hub Bengaluru. It is also a major exporter for software, IT services, and manufactured goods.
These commitments come as New Delhi tries to reduce imports and boost its domestic manufacturing, while also taking advantage of Sino-U.S. trade tensions which have prompted companies like Apple to divert their manufacturing away from China.
The Indian Defence Minister Rajnath Singh, who inaugurated the event, said that India's strong economy and consumption makes it an attractive investment destination. Recent moves, such as a reduction in personal income taxes, are expected to drive demand.
Sajjan Jindal, chairman and managing director of the JSW Group - whose businesses span industries such as cement, steel and paints - said that it will invest 13 billion rupees (1.2 trillion Indian Rupees) in expanding its operations within the state.
Anand Mahindra, the chairman of Mahindra who spoke at the event, said that the company, which has a large presence in Karnataka already, will invest close to 400 billion Indian Rupees ($4.61 billion) in the state over the next couple of years.
(source: Reuters)