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Friday,25-September-2020

Business

US stocks rise amid tech rebound

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New-York-Stock-Exchange

US stocks ended higher, fueled by a rebound in big tech names.

On Monday, the Dow Jones Industrial Average increased 327.69 points, or 1.18 per cent, to 27,993.33. The S&P 500 rose 42.57 points, or 1.27 per cent, to 3,383.54. The Nasdaq Composite Index rallied 203.11 points, or 1.87 per cent, to 11,056.65, Xinhua news agency reported.

Tesla shares soared 12.58 per cent, contributing to the market. The stock was still down more than 15 per cent for the month as of Monday’s close.

Apple shares jumped 3 per cent. Shares of the iPhone maker logged 10.6 per cent of month-to-date loss.

All the 11 primary S&P 500 sectors closed higher, with real estate and technology up 2.16 per cent and 2.07 per cent, respectively, leading the gains.

US-listed Chinese companies traded higher, with all the top 10 stocks by weight in the S&P US Listed China 50 index ending the day on an upbeat note.

The moves followed a turbulent week on Wall Street that saw the Nasdaq book its worst week since March as investors rotated out of the tech sector.

For the week ending Friday, the Dow fell 1.7 per cent, the S&P 500 dropped 2.5 per cent and the Nasdaq shed 4.1 per cent.

Business

Flipkart Wholesale expands footprint to 12 new cities

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Flipkart

Digital business-to-business marketplace Flipkart Wholesale on Thursday said it has expanded its operations to 12 new cities ahead of the festive season.

Flipkart Wholesale will now be operational in Ghaziabad, Faridabad, Mysuru, Chandigarh Tricity, Meerut, Agra, Jaipur, Thane-Bhiwandi-Ulhasnagar, Greater Mumbai, Vasai-Virar-Mira-Bhayanadar, Thane (Kalyan-Dombivli) and Thane (Navi Mumbai).

Expanding with the fashion category in these cities, Flipkart Wholesale said it is looking to digitally transform kiranas and micro, small and medium-sized enterprises (MSMEs) to help them grow faster, retain their customers, and improve their profitability.

“As we enter the festive season, we are excited to be scaling up our offerings across 12 cities, aiming to create more opportunities for MSMEs and Kiranas,” Adarsh Menon, Senior Vice President and Head – Flipkart Wholesale, said in a statement.

“From trendy Jaipuri Kurtis to evergreen Mysuru silk saris, we aim to help small businesses embrace the digital transformation and emerge as more robust businesses,” Menon added.

By this year-end, Flipkart Wholesale also plans to expand into categories such as home and kitchen, and grocery.

Flipkart Wholesale said its customers will have access to easy credit facilities in partnership with leading banks and non-banking financial companies to manage cash flow.

E-commerce platform Flipkart first announced the launch of Flipkart Wholesale’s operations earlier this month.

At the time of the launch, the platform was available for fashion retailers, especially footwear and apparel, in Gurugram, Delhi and Bengaluru.

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Business

Nepal-China border point reopens after 3-week closure

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Nepal’s Chinese conundrum: The imbalance and debt trap.

The Rasuwagadhi-Kerung border point between Nepal and China reopened on Thursday after it remained closed for around three weeks due to the Covid-19 pandemic, a senior customs official said here.

The border point, which is one of the key trade routes between the two country, was closed after a Nepali worker tested positive for the novel coronavirus, reports Xinhua news agency.

Earlier, it reopened in early July after it was closed for nearly six months firstly due to snowfall in the bordering Chinese region and later because of the Covid-19 outbreak.

“Two containers of medical goods entered into Nepal after the reopening of border point on Wednesday,” senior customs officer at Rasuwagadhi, Punya Bikram Khadka told Xinhua.

“Now, we hope the movement of goods will take place normally.”

According to the officer, there has been a restricted flow of goods through this border as both countries have adopted zero human-to-human contact policy between the two sides until the pandemic is over.

The Tatopani-Zhangmu, another border point, which reopened in late March after closing in January, has also remained shut for the last few months.

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Business

Imports fall leads to New Zealand’s largest trade surplus in 6 yrs

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Trade

New Zealand imports fell nearly NZ$1 billion ($650 million) in August, leading to the country’s largest annual trade surplus since 2014, the Stats NZ said on Thursday.

The NZ$1.3 billion annual goods trade surplus reflected a rise in exports and a fall in imports over the past months, Xinhua news agency quoted Stats NZ as saying.

“The recent falls in imports and growth in exports resulted in an annual trade surplus not seen since the strong 2013-2014 dairy export season, when product prices were high,” senior analyst Nicholas Cox said in a statement.

Imports of crude oil, cars, and other vehicles were much lower than usual in recent months after the Covid-19 pandemic, Cox said.

New Zealand’s demand for fuel dropped due to the international and domestic travel restrictions, which were put in place to slow the spread of the novel coronavirus.

During the lockdown in April, imports of vehicles were particularly affected by international trade restrictions and the closure of vehicle dealerships as non-essential businesses, he added.

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