Libra, a cryptocurrency project promoted by Facebook, has failed in its current form, according to the President of Switzerland. As Libra is seeking approval in Switzer

Facebook's Libra has failed in current form: Swiss president

Libra, a cryptocurrency project promoted by Facebook, has failed in its current form, according to the President of Switzerland. As Libra is seeking approval in Switzerland, the comment from Swiss President and Finance Minister Ueli Maurer suggests that Facebook and other stakeholders will have to rework the project.
In an interview with Swiss broadcaster SRF, Maurer stated that Libra does not have a chance of being successful "because the basket of currencies that is deposited in this currency is not accepted by the central banks," theblockcrypto.com reported.

Libra, a cryptocurrency project promoted by Facebook, has failed in its current form, according to the President of Switzerland. As Libra is seeking approval in Switzerland, the comment from Swiss President and Finance Minister Ueli Maurer suggests that Facebook and other stakeholders will have to rework the project. In an interview with Swiss broadcaster SRF, Maurer stated that Libra does not have a chance of being successful "because the basket of currencies that is deposited in this currency is not accepted by the central banks," theblockcrypto.com reported.

US President Donald Trump on Wednesday said he wasn't ready to approve the Oracle-TikTok deal, which would allow the Chinese video app to continue operating in the Unit

US President Donald Trump on Wednesday said he wasn't ready to approve the Oracle-TikTok deal, which would allow the Chinese video app to continue operating in the United States, news agency AFP has reported. Trump has said that it has to be a 100% takeover by the US tech giant of the ByteDance platform, insisting he needs to see the deal before approving it. The US President is also opposed to an arrangement reported by media in which ByteDance would keep a majority stake in the company and Oracle a minority stake.

US tech giant Microsoft on Sunday said that its offer to buy TikTok in the US has been rejected by the Chinese company. "ByteDance let us know they would not be selling

US tech giant Microsoft on Sunday said that its offer to buy TikTok in the US has been rejected by the Chinese company. "ByteDance let us know they would not be selling TikTok's US operations to Microsoft," the US tech giant said in a statement. ByteDance is TikTok's parent company. President Trump has set a 90-day deadline for the Chinese-owned video app to sell or shut down its US operations. Following Trump's executive order, Microsoft and Oracle were possible suitors to take over TikTok operations. Media reports last week had said that China would prefer to see TikTok US close down than allow a forced sale. TikTok&nbsp;has also sued the Trump administration over the ban order.

US President Donald Trump has said that the deadline set for Chinese company ByteDance to sell its popular short-video app TikTok's US assets would not be extended. "It

US President Donald Trump has said that the deadline set for Chinese company ByteDance to sell its popular short-video app TikTok's US assets would not be extended. "It'll either be closed up or they'll sell it. There will be no extension of the TikTok deadline," Trump told reporters on Thursday. Trump had early last month given TikTok 45 days to sell or shut. He later extended the deadline to 90 days. ByteDance has been looking to pick a buyer so it can finalize a deal by mid-September and comply with Trump's order to divest TikTok's assets.

The government has relaxed curbs on the export of masks and medical coveralls that are mostly used to control coronavirus infections. The export policy of N-95 masks or

The government has relaxed curbs on the export of masks and medical coveralls that are mostly used to control coronavirus infections.
The export policy of N-95 masks or its equivalent is revised from prohibited to restricted category, the Directorate General of Foreign Trade said in a notification. A monthly export quota of 50 lakh units has been fixed for issuance of export licenses to eligible applicants, it said.
The export policy of 3-ply surgical masks&nbsp;is also amended from restricted to free category, the DGFT&nbsp;said.

India’s crude oil imports fell in July to their lowest since March 2010 as fuel demand slowed amid renewed coronavirus-induced lockdowns and closures of refinery units

India&rsquo;s crude oil imports fell in July to their lowest since March 2010 as fuel demand slowed amid renewed coronavirus-induced lockdowns and closures of refinery units for maintenance, government data showed.
Crude oil imports in July slumped about 36.4% year-on-year to 12.34 million tonnes, data from the Ministry of Petroleum &amp; Natural Gas showed.

Despite the coronavirus pandemic hitting global demand, exports from China have remained vigorous as medical supply exports jumped in the first half of the year. China’

Despite the coronavirus pandemic hitting global demand, exports from China have remained vigorous as medical supply exports jumped in the first half of the year.
China&rsquo;s dollar-denominated exports rose 7.2% while imports fell 1.4% in July from a year ago, data from the country&rsquo;s General Administration of Customs showed on Friday.
Economists polled by Reuters had expected China&rsquo;s dollar-denominated exports to fall by 0.2% year-on-year, while imports were predicted to have risen 1%.
In June,&nbsp;China&rsquo;s dollar-denominated exports posted a rise of 0.5% and imports rose 2.7%.

The Centre on Monday clarified that any foreign direct investment in commercial coal mining from an entity of a country that shares a land border with India will be all

The Centre on Monday clarified that any foreign direct investment&nbsp;in commercial coal mining from an entity of a country that shares a land border with India will be allowed only after government approval.
The Central Government had amended FDI Policy 2017 to permit 100% FDI under automatic route in coal mining activities.
Prime Minister Narendra Modi launched the auction process of coal blocks for commercial mining in June.

India's crude oil imports in June dropped 19% year-on-year to 13.68 million tonnes, their lowest level since February 2015, data from the Ministry of Petroleum & Natura

India's crude oil imports in June&nbsp;dropped 19% year-on-year to 13.68 million tonnes, their lowest level since February 2015, data from&nbsp;the Ministry of Petroleum &amp; Natural Gas showed.
This is likely driven by not yet fully recovered oil demand and expectation that it might take longer to have Indian oil demand rising strongly again. Fuel demand in India, the world&rsquo;s third-biggest oil importer and consumer, fell 7.8% in June.
Oil product exports fell about 6%, their first year-on-year fall since August 2019, primarily driven by declining diesel exports.

India is seeking concessions for generic drugs it exports to the United States in return for opening its dairy markets and slashing tariffs on farm goods as the two sid

India is seeking concessions for generic drugs it exports to the United States in return for opening its dairy markets and slashing tariffs on farm goods as the two sides seek to shore up a new trade deal, a Reuters report said. India accounts for 40% of US generic drug imports. To win preferential treatment on pharmaceutical exports, the Indian government has offered to open its dairy and farm markets to the Trump administration, months ahead of the US presidential election.

For the first time in over 18 years, India has posted a trade surplus in June with imports plunging as the coronavirus pandemic hit domestic demand for crude oil, gold

For the first time in over 18 years,&nbsp;India&nbsp;has posted a trade surplus in June with imports plunging as the coronavirus pandemic hit domestic demand for crude oil, gold and other industrial products. Merchandise imports contracted 48% year-on-year in June to $21.11 billion, while exports fell 12% to $21.91 billion, leading to a marginal trade surplus of $790 million, data released by the Ministry of Commerce and Industry showed. India last posted a trade surplus - of $10 million - in January 2002, according to&nbsp;data by&nbsp;Refinitiv,&nbsp;provider of financial market data and infrastructure.

In a bid to reduce dependence on China, India is considering importing certain active pharmaceutical ingredients (APIs) and intermediaries from alternative sources such

In a bid to reduce dependence on China, India is considering importing certain active pharmaceutical ingredients (APIs) and intermediaries from alternative sources such as the United States, Italy, Singapore and Hong Kong, Hindustan Times reported on Monday. Over 63% of India&rsquo;s pharmaceutical imports are API and intermediates, and almost 70% of it comes from China.

India invested in 120 projects and created 5,429 new jobs in the UK to become the second-largest source of foreign direct investment after the US in 2019, according to

India invested in 120 projects and created 5,429 new jobs in the UK to become the second-largest source of foreign direct investment after the US in 2019, according to new UK government figures released on Friday.&nbsp;India moved up from its previous third-largest spot, representing an overall 4% FDI increase for the UK over 2018-2019.
&nbsp;

France's Groupe ADP has infused ₹4,565 crore, which is the second tranche of investment, in GMR Airports Limited to conclude its deal. The GMR Airports Limited manages

France's Groupe ADP has infused ₹4,565 crore, which is the second tranche of investment,&nbsp;in GMR Airports Limited to conclude its deal. The GMR Airports Limited manages airports at Delhi and Hyderabad. On February 21, the company had announced that Groupe ADP would acquire 49% stake in it for ₹10,780 crore.

The government is reviewing around 50 investment proposals involving Chinese companies under a new screening policy, three sources familiar with the matter told Reuters

The government is reviewing around 50 investment proposals involving Chinese companies under a new screening policy, three sources familiar with the matter told Reuters. Under new rules announced by India in April, all investments by entities based in neighbouring countries need to be approved by the&nbsp;government, whether for new or additional funding. The new investment rules were aimed at curbing opportunistic takeovers during the coronavirus outbreak.

Hero Cycles has announced cancelling upcoming trade ties worth ₹900 crore with China. The move comes amid calls to boycott Chinese products after the Ladakh clash. Hero

Hero Cycles has&nbsp;announced cancelling upcoming trade ties worth ₹900 crore with China.&nbsp;The move comes amid calls to boycott Chinese products after the Ladakh clash. Hero cycles had been importing parts of high-end bicycles and even complete high-end bicycles. Germany is the top market which the company is looking as a substitute to China. Hero Cycles is planning to set up their plant in Germany from where they can cater to the European markets.

India's coal imports registered a 29.7% drop to 48.84 million tonnes in the June quarter of the ongoing financial year, according to industry data. India had imported 6

India's coal imports registered a 29.7% drop to 48.84 million tonnes in the June quarter of the ongoing financial year, according to industry data. India had imported 69.54 MT of coal in the corresponding period of 2019-20. The drop in imports assumes significance as the government mandating state-owned Coal India&nbsp;to replace at least 100 million tonne of imports with domestically-produced coal in 2020-21.

Industry body Assocham has identified 15 large import items for ramping up the country's domestic capacity to achieve the objective of Aatmanirbhar Bharat or self-relia

Industry body Assocham has identified 15 large import items for ramping up the country's domestic capacity to achieve the objective of Aatmanirbhar Bharat or self-reliant India in two-three years. These items include electronics, coal, iron-steel, non-ferrous metals and vegetable oils, among others. The analysis, based on the latest data, shows that electronics goods are the largest non-oil import segment. Despite the country being under partial lockdown, India imported electronic goods worth $2.8 billion only in May, 2020. In the circumstance of the industry operating in a normal way, these imports are near about $5 billion a month - a huge drain on the forex which needs to be curtailed,&nbsp;Assocham said in a note.

The Confederation Of All India Traders has urged the government to not allow Chinese firms Huawei and ZTE to participate in 5G network rollout in India, raising concern

The&nbsp;Confederation Of All India Traders has urged the government to not allow Chinese firms Huawei and ZTE to participate in 5G network rollout in India, raising concerns on data security. The traders' body has written a letter in this regard to Union Minister Ravi Shankar Prasad. US Federal Communications Commission recently designated Chinese firms Huawei and ZTE as 'national security threats'.

China’s commerce ministry on Thursday said that it hopes India would correct its discriminatory actions against Chinese companies immediately, Reuters reported. The sta

China&rsquo;s commerce ministry on Thursday said that it hopes India would correct its discriminatory actions against Chinese companies immediately,&nbsp;Reuters reported. The statement comes&nbsp;after India banned Chinese mobile apps amid a border crisis between the two countries. China has not adopted any restrictive or discriminatory measures against Indian products and services, China's Ministry of Commerce&nbsp;told reporters, adding that India&rsquo;s actions are in violation of WTO rules.

The government is looking to license the import of 10-12 items, including air conditioners and several of its components and parts of television sets as it discourages

The government is looking to license the import of 10-12 items, including air conditioners and several of its components and parts of television sets as it discourages the entry of&nbsp;foreign goods into the country, especially those from China, the Times of India reported.&nbsp;Unlike duty hikes, which are across the board, licensing can allow for import from select countries. Similarly, entry through designated ports helps monitor&nbsp;the goods better without holding up the entry of all items.

Global Business

'I don't like it': TikTok-Oracle deal hits Trump bump

TikTok has rejected buy-out offer: Microsoft

Won't extend 'sell or shut' deadline for TikTok: Trump

Govt eases curbs on N-95, 3-ply mask export

India's crude imports fall to lowest in over a decade in July

China's exports rise 7.2% on-year in July

FDI in commercial mining from neighbouring countries needs govt nod

India's June crude oil imports lowest in over five years; exports dip

India seeks new preferential treatment from US on drugs: reports

Covid-19: India in trade surplus for first time in 18 years

India to reduce over-dependence on Chinese pharma raw material

India moves up a rank to become second-largest FDI source for UK

France's Groupe ADP concludes share purchase in GMR Airports Ltd

Govt reviewing 50 investment proposals from Chinese firms: report

Hero Cycles shelves trade ties worth ₹900 cr with China

India's coal imports drop 30% in April-June

Assocham lists 15 items of import to achieve self-reliance

CAIT urges govt to not allow Huawei, ZTE to participate in 5G rollout

China hopes India will correct actions against Chinese firms: reports

Govt may license import of ACs, TVs: reports

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