Indian Stock Futures, Offshore Rupee Slide on 25% Trump Tariff
While the announcement came after Indian markets had closed, NSE Nifty 50 future contracts traded at GIFT City fell as much as 0.5%, erasing earlier gains of 0.4%. The dollar/rupee one-month forward was up 0.9% to 88, pushing the pair to its highest since February, according to data compiled by Bloomberg. The iShares MSCI India stocks ETF, which trades in the US, was down over 1%.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Fast Company
12 minutes ago
- Fast Company
Samsung is now tracking employee office attendance
Samsung is one of many companies that have been pushing for employees to return to the office fulltime. However, now the brand is taking RTO efforts in the U.S. one step further with a tool that tracks attendance for a group in its semiconductor business. In an internal email, seen by Business Insider, Samsung informed employees about the new compliance tracking tool. 'This tool will provide each Manager with visibility to the number of days & time in building metrics for each team member,' the email said. It continued, 'This will ensure that team members are fulfilling their expectation regarding in office work – however that is defined with their business leader – as well as guarding against instances of lunch/coffee badging.' In 2023 the brand embraced a global hybrid work model, rolling out 500 new jobs. While the specifics varied, the majority of the postings (58.3%) included the ability to work from home at least part of the work week. The brand also gave employees in the company's corporate offices in South Korea one Friday off a month. However, last April, after posting lower than expected sales, the brand asked its corporate executives to begin working six days a week in order to 'inject a sense of crisis' into its workforce. 'Considering that performance of our major units, including Samsung Electronics Co., fell short of expectations in 2023, we are introducing the six-day work week for executives to inject a sense of crisis and make all-out efforts to overcome this crisis,' a Samsung Group executive told the Korea Economic Daily. This May, Samsung asked employees to begin returning to the office full time. The following month, it updated employees on the RTO initiative. 'We are already experiencing increased foot traffic daily, with more cars in the parking lot and hungry mouths in our cafeterias on Fridays, to name just a few signs,' Samsung said in an email viewed by BI. At the time, Samsung also noted that it was developing a tool to track attendance. Employee tracking might sound offbeat, but workplace surveillance is on the rise. According to a recent ExpressVPN survey, 74% of U.S. employers now use online tracking tools to monitor work activities. That includes real-time screen tracking (59%) and web browsing logs (62%). Likewise, 61% use AI -powered analytics to measure productivity and around 67% collect biometric data to monitor things like behavior and attendance. Still, that doesn't mean it's popular among employees or feels all that ethical. While most companies (three out of four) use biometric surveillance, only 22% of employees know they're being monitored, according to the same report. Likewise, 17% of employees said they'd be 'very likely' to resign over workplace surveillance. Another 32% said they'd strongly consider it. It's unclear how Samsung's new tracking tool will work, how closely employees will be monitored, and how many employees will be impacted. Fast Company reached out to the brand but did not hear back by the time of publication. Samsung told employees they will find out more about the tracking system soon. 'Additional information regarding the new tool will be made available to Managers this month,' the email to employees said.
Business Insider
13 minutes ago
- Business Insider
What Apple's $100 billion US pledge really means — and what it doesn't mean
At a White House event scheduled for Wednesday afternoon, Apple is going to announce plans to invest $100 billion in US manufacturing. Is this a real plan, with real money? A bit of stagecraft designed to give Donald Trump a public win for his reshoring push? Or a way for Apple to keep on the right side of Trump tariffs that could cause great harm to the company? Yes. And yes. And yes. Here's what we know about Apple's plans, via news reports and the White House press office. (Apple hasn't responded to a request for comment, but the White House was happy to confirm the reports in advance of the event, which is supposed to feature both Trump and Apple CEO Tim Cook.) In February, Apple said it would invest $500 billion and hire 20,000 US employees over the next four years. Now Apple is going to add another $100 billion to that commitment, though there's no word about any potential hiring increase. But this isn't the first time Apple has announced a pledge like this. In 2021 — when Joe Biden was president — it announced a plan to invest $430 billion in the US over five years and hire 20,000 employees. Some of those plans involved new construction, like a new "engineering hub" in North Carolina. Others involved expansions of existing facilities, or construction that was already underway, like a $1 billion campus in Austin. As Bloomberg notes, Apple's announcement from February was really an acceleration of its earlier plans — it meant Apple was planning to spend an extra $39 billion a year, and to increase its hiring plans by 1,000 people a year. Using that same logic, Apple's Wednesday announcement means it is planning on spending another $25 billion a year above its earlier plans. (Again: No word, yet, about any additional hiring.) So that's definitely some additional spending. Will Apple make iPhones in the US? Does that mean Apple is going to start making iPhones in the US, as Trump has demanded? No. As we've discussed before, recreating the supply chain Apple would need to make iPhones in the US seems close to impossible. And certainly not something that Apple could pull off in a few years — if it even wanted to. But getting to stand next to the CEO of one of the world's most valuable companies, while that CEO says he's going to invest in America, is most definitely valuable to Trump. And it's not as if any particular number means much to Trump, who recently announced he was going to reduce drug prices by "1,500 percent," which is definitely not possible. Trump is also flexible when it comes to announcements about Trump-directed spending in America. Like when he stood next to Cook during his first term and announced that Apple had opened a new plant in Texas at his behest. Also not true. What does Apple get in return? It would most obviously like permanent relief from Trump's tariffs. So far, Trump has granted Apple some immunity from some of his tariffs on foreign manufacturing — but not all of them, which is why Apple has said it will have paid some $2 billion in tariffs over its last two quarters. Apple and other tech companies are also hoping Trump will keep pushing on their behalf to beat down other countries' tech regulations. Apple is particularly vexed by the European Union, which has forced the company to do things like change its iPhone chargers and open up its App Store. So yes: Apple is spending money in the US. And no: It's not exactly the story Donald Trump would like to tell.
Fox News
13 minutes ago
- Fox News
'This is the language Russia understands': Expert praises Trump's hard power strategy
Palantir Technologies Defense Head Mike Gallagher discusses President Donald Trump threatening sanctions on Russia ahead of Special Envoy Steve Witkoff's meeting with officials over achieving a ceasefire deal.
