Business
US tariffs pose major headwinds, need to diversify supply chains: BOK chief

Seoul, April 24: South Korea’s top central banker has said global trade tensions sparked by the United States’ sweeping tariff policy are a major headwind for the country’s export-driven economy, and the issue will likely accelerate its efforts to diversify supply chains.
Bank of Korea (BOK) Governor Rhee Chang-yong made the assessment during an interview with CNBC in Washington, where he is attending meetings of the Group of 20 (G20) finance ministers and central bank chiefs, as well as International Monetary Fund–World Bank Group (IMF-WBG) meetings, reports Yonhap news agency.
“We are an export-oriented economy. So the trade tension, definitely, too is large headwinds. We will be affected directly by the U.S. tariffs, and also indirectly to its tariff to other countries. For example, our semiconductor production in Vietnam, car and electronics production in Mexico and our battery production in Canada will be affected,” Rhee said.
“I really hope this trade tension will dissipate, because it’s bad for everybody,” he added.
But South Korea has “some strengths” to manage the issue, as the country has been “luckily” diversifying its supply chains, particularly from China, over the last several years amid growing competition from China and some political issues between the two nations.
“This is a kind of natural movement to diversify our supply chain and also move up to the value chain. So that will continue, but at the same time, the recent trade tension will probably expedite the move,” Rhee said.
Speaking of economic growth, Rhee said it is hard to present a growth outlook due to high uncertainties surrounding the U.S. tariff policy.
“At this moment, I don’t know what kind of trade tension scenarios we have to assume as a baseline or reference scenarios,” Rhee said. “I may have a better idea after tariff talks with the U.S. tomorrow.
South Korea and the U.S. are set to hold tariff talks in Washington on Thursday (U.S. time), as the Donald Trump administration has put on hold the implementation of 25 percent reciprocal tariffs on South Korean imports for 90 days.
South Korea’s real gross domestic product (GDP) contracted 0.2 percent in the January-March period from the previous quarter, according to the BOK’s preliminary data released in the day.
The BOK earlier expected the South Korean economy to expand 1.5 percent this year, but Rhee later said the outlook seemed “too optimistic” and the central bank will come up with its adjusted figure in May.
Business
UPI QR codes record 91.5 pc surge to 657.9 million, credit card growth slows

Mumbai, May 6: UPI QR codes have recorded the fastest growth in digital payments infrastructure in the financial year 2024-25, with a 91.5 per cent jump over the previous financial year to 657.9 million, according to the latest RBI data.
The surge in UPI QR codes was accompanied by a slowdown in the growth rate of credit card transactions to 7.94 per cent year-on-year, while debit card additions registered a mere 2.7 per cent growth to 991 million.
The growth in the number of UPI QR codes has been accelerating with the increasing deployment by platforms like Google Pay, Paytm, and PhonePe.
The number of banks going live on UPI continues to increase, and the total touched 668 in April, which is expected to increase the value of such transactions, according to bank officials.
March saw a record Rs 24.77 lakh crore in UPI transactions, marking a 25 per cent increase in value and a 36 per cent increase in volume compared to the previous year.
UPI has become the dominant method for digital transactions in India. Nearly four out of five digital payments in the country were conducted on the Unified Payments Interface (UPI) in the financial year 2024 (FY24), according to the Reserve Bank of India’s annual report.
UPI’s share, compared to the cumulative volume of digital payments in the country, has grown steadily from 73.4 per cent in FY23 to 79.7 per cent in FY24. In FY20, UPI’s share as compared to the volume of total digital payments in India was pegged at 36.8 per cent.
The RBI is actively promoting digital payments through various initiatives, including the “Har Payment Digital” campaign, which aims to make every person in India aware of digital payments.
RBI also allows flexibility in revising transaction limits for UPI in-person merchant payments, allowing NPCI to adjust limits based on user needs, with safeguards in place which has made the mode of payment more convenient.
Business
Indian stock market closes higher; Adani Group shares surge

Mumbai, May 5: The Indian equity markets opened the week with strong gains on Monday, supported by a rally in Adani Group stocks and strength in select auto and banking shares.
Sensex started the day around 160 points higher at 80,662 and climbed to an intra-day high of 81,049.
Although it gave up some of the gains later in the session, the index still ended 295 points up at 80,797.
The Nifty touched a high of 24,526 during the day and eventually closed with a gain of 114 points, or 0.5 per cent, at 24,461.
“Markets started the week on a firm footing, lifted by steady foreign inflows and optimism around an impending India-US trade deal,” said Vikram Kasat of PL Capital.
Strength in Asian currencies and easing global trade tensions added to the positive sentiment, even as activity remained muted in some global markets due to holidays, Kasat added.
The Adani Group was at the centre of investor attention, with shares jumping up to 11 per cent following reports of the company’s top executives holding discussions with officials from the US President Donald Trump administration.
Adani Ports was the top performer among Sensex stocks, soaring 6.3 per cent. Other gainers included Mahindra and Mahindra, ITC, Power Grid Corporation and Tata Motors.
On the other hand, Kotak Mahindra Bank fell 4.5 per cent, making it the biggest loser on the Sensex. SBI and Axis Bank also ended the day in the red.
The broader market outperformed the benchmark indices. The BSE MidCap index jumped 1.5 per cent, while the SmallCap index advanced by 1.2 per cent.
Among sectors, oil and gas stocks saw notable buying, with the BSE Oil and Gas index rising 2 per cent, driven by strength in oil marketing companies.
Consumer durables, energy, and FMCG sectors also posted gains of over 1 per cent each.
However, the BSE Bankex ended lower, down nearly 1 per cent due to pressure on select banking names.
“The upbeat start to the week reflects investor optimism, driven by corporate developments and select sectoral momentum,” market experts noted.
The rupee traded positive, gaining 13 paise to settle at 84.32 as sustained FII inflows continue to support the domestic currency.
“Going ahead, the rupee is expected to trade in a range of 84.00 to 84.75, with continued global risk sentiment and commodity movements guiding intraday volatility,” Jateen Trivedi of LKP Securities noted.
Gold prices surged sharply as expectations of an interest rate cut by the US Federal Reserve this week fuelled strong buying.
Business
Mumbai Airport Refutes IATA’s Claims On Cargo And Passenger Flight Slot Changes, Defends Operational Adjustments

Mumbai: Days after airlines trade body IATA expressed disappointment at Mumbai airport operator MIAL’s decision to stop cargo freighter flights and withdrawal of slots for passenger flights, the airport refuted the claim on Thursday.
“Mumbai International Airport Ltd (MIAL) is disappointed by the statement issued by the IATA on April 29 and strongly refutes its assertions,” MIAL said in a statement. “Contrary to the claims made by IATA, the recent adjustments to cargo operations and slot allocations at Chhatrapati Shivaji Maharaj International Airport (CSMIA) have followed a transparent, consultative and regulatordriven process,” it said.
These operational changes are part of a broader infrastructure upgrade initiative governed by the Airports Economic Regulatory Authority of India (AERA) as part of the Fourth Control Period review, MIAL said. In a strongly worded statement on Tuesday, IATA’s Head of Worldwide Airport Slots, John Middleton, called on MIAL to reverse the cuts immediately.
“MIAL continues to respect international best practices, including the guidelines issued by the Worldwide Airport Slot Board and remains committed to maintaining coordination,” the private operator said.
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