India Delays Shock Move to Curb Imports of Laptops, Tablets
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India Delays Shock Move to Curb Imports of Laptops, Tablets
(Bloomberg) -- India backtracked Friday on its sudden plan to curb laptop and tablet imports without a license, giving companies three months to secure the permits.
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The move came after tech giants Apple Inc., Samsung Electronics Co. and HP Inc. froze new device imports to the South Asian country following an abrupt order on Thursday.
India’s trade regulator surprised the world’s biggest PC makers when it made licenses mandatory for import of electronics from small tablets to all-in-one PCs. The sudden licensing imposition caught the industry off guard, forcing it to begin emergency engagements with New Delhi about how to quickly obtain licenses at a period of heightened consumer interest with India’s Diwali shopping season and back-to-school period approaching.
Read more: India Curbs PC Imports as Modi Pushes for Local Production
But on Friday, India’s Directorate General of Foreign Trade (DGFT) issued a new order saying companies can import electronics goods such as laptops, tablets and other personal computers without a license until Oct. 31.
The new curbs, which require a license to import these devices, will be effective Nov. 1, the DGFT said in a notification.
New Delhi is simplifying the process of applying for licenses, which can be approved in as little as a day, a senior government told reporters earlier Friday.
The requirement creates additional compliance headaches for manufacturers in a market that’s still largely reliant on overseas shipments.
It’s also part of a wider state push to boost local production and create a world-class tech manufacturing industry in India. Prime Minister Narendra Modi’s government is currently seeking applications for a 170 billion-rupee ($2.1 billion) financial incentive plan to draw makers of laptops, tablets and other hardware to the world’s most populous nation as companies look to diversify supply chains beyond China.
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(Bloomberg) -- The International Brotherhood of Teamsters balked at Yellow Corp.’s efforts to blame the union for financial woes that sent the short-haul trucker spiraling into bankruptcy.Most Read from BloombergMusk Says He May Need Surgery, Will Get MRI on Back and NeckTexas Power Prices to Surge 800% on Sunday Amid Searing HeatPayPal Launches a Stablecoin in Latest Crypto Payments PushEastern US Prepares for a ‘Potent’ Storm System: Weather WatchUkraine Black Sea Drone Attacks Signal Rapidly
4h ago - Investor's Business Daily
These Are The 5 Best Stocks To Buy And Watch Now
Buying a stock is easy, but buying the right stock without a time-tested strategy is incredibly hard. So what are the best stocks to buy now or put on a watchlist?
13h ago - Zacks
Novo Nordisk (NVO) to Report Q2 Earnings: What's in the Cards?
Novo Nordisk's (NVO) Diabetes and Obesity Care products are expected to have boosted sales in the second quarter of 2023 amid severe competition and pricing pressure in the United States.
8h ago - Bloomberg
Treasury Auction Deluge Set to Test Investors’ Appetite for Debt
(Bloomberg) -- Bulging sales of US Treasuries are about to deliver a major test of investor demand and determine whether a selloff has room to run as the market braces for the biggest round of refunding auctions since last year.Most Read from BloombergMusk Says He May Need Surgery, Will Get MRI on Back and NeckTexas Power Prices to Surge 800% on Sunday Amid Searing HeatPayPal Launches a Stablecoin in Latest Crypto Payments PushEastern US Prepares for a ‘Potent’ Storm System: Weather WatchUkraine
4h ago - Barrons.com
Tesla CFO Resigns and Stock Falls. Investors Recall Other Management Volatility.
Zachary Kirkhorn, who some watchers of the EV company have said could take on an expanded role if CEO Elon Musk wanted to do less, is stepping down.
2h ago - Investor's Business Daily
Cybersecurity Stocks To Watch Amid Shift To AI, Cloud
Cybersecurity stocks have underperformed in 2023. But cloud security companies may be better positioned as corporate budgets tighten.
10h ago - Barrons.com
Why Berkshire Hathaway Reports Earnings on Saturdays
Berkshire Hathaway historically reports its quarterly financial results on weekends, and CEO Warren Buffet has a simple reason why. Berkshire (ticker: BRK.A, BRK.B) reported second-quarter earnings Saturday morning. Many other public companies, however, release their earnings results during the trading week, either before the market opens or after the closing bell.
11h ago - Investor's Business Daily
Li Auto Stock On Cusp Of Record High, Tesla Rival Eyes First $3 Billion Quarter
Booming sales should boost Li Auto earnings but delivery outlook will be key. LI stock has more than doubled in 2023 and is on the verge of an all-time high.
3h ago - Barrons.com
Yellow Files for Bankruptcy. The Stock Is Down After Quadrupling.
The 99-year-old company filed for Chapter 11 bankruptcy protection Sunday and said it will seek court authorization to make payments such as employees wages, salaries and benefits.
13h ago
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