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Lebanon has committed to repaying all bank depositors over time as part of its financial reform strategy, according to Economy Minister Amer Bisat. This plan aims to resolve a prolonged economic deadlock and secure support from the IMF, following a severe financial crisis and a sovereign default on $30 billion in international bonds.The repayment will involve financial instruments and time delays, ensuring depositors do not face permanent losses. The government is also advancing legislation to lift banking secrecy, which will help assess banks' capital status and prepare for potential consolidation, while external risks like geopolitical tensions could hinder recovery efforts.
Sony has announced a price increase for the PlayStation 5 in Europe, Australia, and New Zealand, citing global economic challenges such as high inflation and fluctuating exchange rates. The PS5 Digital Edition will now retail for €499, up from €449, reflecting a minimum 10% hike.
US President Donald Trump announced a national security investigation into the semiconductor sector, indicating that electronics like smartphones and computers will soon face new tariffs. This follows China's retaliatory tariffs on US imports, which have reached 125 percent. Concerns about a potential recession are growing, with calls for a pause on tariffs to prevent economic disruption.
Saudi Arabia's investment sector has seen significant growth, with foreign direct investment quadrupling and employment in foreign-owned companies increasing by 40%, according to Minister of Investment Khalid Al-Falih at the HCI Conference in Riyadh. The conference, under Crown Prince Mohammed bin Salman's patronage, emphasized the connection between investment and human capital development, highlighting the need for continuous upskilling to adapt to a changing labor market. Over 300 global leaders gathered to discuss innovative approaches to human development and collaboration across sectors.
The Karnataka government is set to implement a differential fee structure on applications to generate funds for gig workers. This initiative aims to provide financial support and enhance the welfare of individuals engaged in gig economy jobs.
Analysts predict that Apple will largely absorb the costs associated with tariffs, although consumers can still expect price increases on products. This strategy may help the company maintain its market position while navigating the challenges posed by tariffs.
The government is set to allocate a significant portion of a Rs 10,000 crore startup fund to support sectors such as new age technology and artificial intelligence. This initiative aims to bolster innovation and growth in these emerging fields.
Apple shares surged over 6% following the U.S. government's announcement of tariff exemptions on electronics, benefiting other tech firms like Nvidia and Dell. Despite this rally, uncertainty looms as President Trump indicated new tariffs on semiconductors are forthcoming, highlighting their strategic importance in U.S.-China trade relations. The exemptions, covering $385 billion in imports, mark a significant shift from previous protectionist policies, allowing companies to avoid steep price increases and adjust supply chains more flexibly.
Japan’s Nikkei share average rose 1.5% to 34,086.16, driven by gains in iPhone-related stocks after the U.S. excluded smartphones and electronics from steep tariffs. Despite this, investor confidence remains shaky amid ongoing trade policy uncertainties, with 89% of stocks on the Tokyo Stock Exchange rising.
Chinese President Xi Jinping, during his Southeast Asia tour, emphasized that trade wars yield "no winners" and warned against protectionism, which he claims "leads nowhere." His visit to Vietnam, where the US imposes a 46% tariff, aims to strengthen ties and includes plans for around 40 agreements, notably in railway development. The ongoing trade tensions threaten Vietnam's economic growth, which heavily relies on exports to the US, and could reduce its GDP growth by over a percentage point.
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