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India's electronic exports reached $15.5 billion in April-October 2023, with phone exports growing the fastest at around 60%. Tamil Nadu accounted for the largest share of electronics exports at 30%, followed by UP (16%) and Karnataka (14%). Apple exports iPhones from its facilities in Chennai, while Samsung has its facility in UP. Dixon Technologies in Noida is also doubling down on mobile exports. Tamil Nadu's electronic exports for April-October 2023 stood at $4.8 billion, almost double that of UP. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/EVcOvQS

The US Federal Reserve is expected to keep interest rates unchanged but signal a gradual shift towards monetary policy easing. Quarterly economic projections will likely include rate cuts by the end of next year. Fed Chief Jerome Powell will emphasize that any rate cuts are contingent on further improvement in inflation. Recent data on producer prices suggests inflation is dropping faster than expected. The Fed meeting will provide views on inflation, unemployment, and GDP in the coming years. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/NAMoebK

Retail inflation in November rose to a three-month high led by surging food prices, while industrial output growth in October soared to a 16-month high, driven by robust manufacturing, electricity, and mining sector expansion. Inflation, measured by the consumer price index (CPI), increased by 5.6% annually in November, surpassing October's 4.9% but slightly lower than November 2022's 5.9%. The food price index rose to 8.7% during the month, with vegetable prices soaring 17.7% and pulses shooting up 20.2%. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/5xrEDgj

Anish Shah, the group CEO and managing director of Mahindra & Mahindra, has taken over as the president of Ficci. In an interview, Shah discusses the challenges faced by the corporate sector and expresses optimism about growth. He emphasizes the importance of transparency in the electoral system and believes that electoral bonds have brought about a level of transparency. Shah also highlights the need for private investment to pick up and expects the private sector to contribute more as demand increases. He encourages companies to invest in India to strengthen the economy. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/1bZcA04

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Occidental Petroleum agrees to buy CrownRock, a closely-held US shale oil producer, in a $12 billion cash-and-stock deal. This acquisition expands Occidental's presence in the largest US shale oilfield and makes it a bigger player in the US shale than Chevron and Hess combined. The deal is expected to close in the first quarter of 2024 and would boost Occidental's Permian production by 170,000 barrels of oil and gas per day. Occidental plans to finance the purchase with $9.1 billion of new debt and $1.7 billion in common stock. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/YsJNf4p

Bank of America promoted 334 employees to managing directors, including 75 investment bankers and 64 trading division employees. The cohort is 8% smaller than the previous year, but over half are women and people of color. Goldman Sachs will promote 608 executives to managing directors next year, fewer than two years ago. Bank of America CEO Brian Moynihan expects the bank to outperform rivals in investment banking fees for Q4. The industry-wide investment banking fee pool is expected to decline by 10% to 15%. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/uVFRIL0