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Bloomberg
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India's Commerce Minister ‘Confident' They'll Get US Trade Deal
Indian Commerce Minister Piyush Goyal said he was optimistic that his country could reach an agreement with the US ahead of an Aug. 1 deadline to avert threatened tariffs of 26%. 'I'm always confident,' Goyal said in an interview Thursday with Bloomberg TV in London, when asked how he was feeling about prospects for a pact.
Yahoo
an hour ago
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BYD to start first car assembly in Pakistan by mid-2026
China's BYD has announced plans to commence the assembly of its first electric car in Pakistan by July or August 2026, aiming to meet the increasing electric and plug-in hybrid vehicle demand in the region, a company executive said, according to Reuters. This development comes as part of BYD's strategic expansion in the Asia-Pacific market and follows the company's plan to initiate vehicle sales in Pakistan last year. Switch Auto Insurance and Save Today! Affordable Auto Insurance, Customized for You Great Rates and Award-Winning Service The Insurance Savings You Expect BYD Pakistan sales and strategy vice president, Danish Khaliq, revealed to Reuters that the new assembly plant, currently under construction since April near Karachi, represents a collaboration between BYD and Mega Motor Company, a subsidiary of Pakistani utility Hub Power. The facility is expected to have an initial production capacity of 25,000 units annually on a double shift schedule. However, he did not provide details on when the plant would reach full capacity or when mass production would start. Khaliq further explained that the plant would begin by assembling imported parts and locally producing non-electric components. The initial focus will be on supplying the domestic market, with the possibility of exporting to other right-hand drive countries in the region if it makes economic sense. BYD has already commenced delivering imported EVs in the country since March, with sales surpassing internal targets by 30%, although exact numbers were not disclosed. The market for EVs and plug-in hybrid cars in Pakistan is expected to grow significantly, with Khaliq anticipating a three to fourfold increase by 2025 from around 1,000 units last year. Khaliq noted that BYD is aiming for a 30-35% market share in this segment. According to a HUBCO filing, BYD Pakistan reported a profit of around PKR444m ($1.56m) in the March quarter of this year. The Pakistani market is set to welcome the upcoming launch of BYD's Shark 6 plug-in hybrid pickup truck. The Pakistani government is promoting EV adoption by reducing power tariffs for chargers by 45% in January and encouraging the establishment of private charging stations, addressing the current lack of infrastructure for all-electric vehicles. "BYD to start first car assembly in Pakistan by mid-2026 – report" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Bloomberg
an hour ago
- Bloomberg
Trump Ally Sues Powell Demanding FOMC Meeting Public Access
An investment firm headed by a supporter of President Donald Trump sued Federal Reserve Chairman Jerome Powell and other Fed officials demanding public access to monetary policy meetings. James Fishback's Azoria Capital said in a suit filed Thursday that the decades-old practice of holding Federal Open Market Committee meetings behind closed doors violates government transparency laws. The fund asked a federal court in Washington to require the Fed to open its July 29-30 meeting.
