Africa's primary copper producers, the Democratic Republic of the Congo (DRC) and Zambia, are aggressively negotiating deals to secure a foothold in metal trading. With demand for copper skyrocketing due to its use in artificial intelligence (AI) and green energy, these countries seek a larger part of trading earnings. For decades, transnational businesses such as Glencore have dominated the metal trade. However, during the last year, Congo and Zambia have increased efforts to trade their own mined copper. These countries supply more than 13% of the world's copper, making them major player
India has slashed personal tax rates in its annual budget, hoping to encourage local consumption while global economic uncertainty persists. The PM Modi government increased the tax-free income threshold from 700,000 rupees to 1.28 million rupees ($14,800). Additionally, tax rates were reduced for persons earning more than this amount. Finance Minister Nirmala Sitharaman remarked that the decision would increase the middle class's disposable income, encouraging higher household spending, savings, and investment. On the other hand, this tax relief will cost the Treasury 1 trillion rupees (o
Shares of Indian real estate companies rose on Saturday after the government announced tax cuts to boost middle-class spending in Asia's third-largest economy. The move is intended to increase investments in residential housing, benefiting homebuyers and developers. Investors and economists are optimistic about the government's proposal to decrease income tax rates in the 2025-26 budget. Experts anticipate the cutbacks will enhance disposable income and improve consumer demand, alleviating concerns about slow consumption in previous quarters. Following the announcement, the Nifty Realty
The Union Finance Minister's Budget 2025 speech on February 1 included a major tax overhaul with the new Income Tax Bill. The most notable reform is the entire exemption from income tax for earnings up to ₹12 lakh. Income tax rates have been altered, with the highest rate only applied to people earning more than ₹30 lakh yearly. These reforms are projected to dramatically reduce the tax burden for middle-class people. Another critical step is to rationalise the tax deduction and collection rates and thresholds. The TDS exemption threshold for mutual funds is now ₹10,000, up from ₹5
According to official data released on Friday, India's core infrastructure output increased by 4% in December 2024, slowing from the 5.1% rise registered in the same month the previous year. The drop in growth momentum was also noticeable monthly. In November 2024, the expansion was 4.4%, indicating a minor decline in December. Natural gas production was one of the eight important infrastructure industries that had negative growth, adding to the overall slowdown. Coal, refinery products, fertiliser, and steel output growth have all slowed. Coal output increased by 5.3%, a decrease from 10.
India's key stock indexes closed higher on Thursday, boosted by robust gains in state-owned enterprises and anticipation of more government expenditure in the impending Union Budget. The optimism in public-sector stocks outweighed falls in IT stocks and Tata Motors. The Nifty 50 rose 0.37% to 23,249.5, while the BSE Sensex advanced 0.3% to 76,759.81. Despite the current rebound, the Nifty is still 11.5% down from its record high on September 27. Analysts believe the latest rally is underpinned by "attractive valuations" in large-cap companies after a market correction, making them a saf
Portugal's economy expanded faster than predicted in 2024, with a 1.5% increase in the fourth quarter, bringing the annual growth rate to 1.9%, exceeding the government's 1.8% prediction, according to official figures issued on Thursday. The National Statistics Institute (INE) revealed that the country's GDP increased by 2.7% in the fourth quarter compared to the same time in 2023. This represented a substantial improvement above the prior quarter's revised 0.3% growth rate. INE attributed the acceleration to an increase in private consumption, aided by tax cuts, growing earnings, and h
India has approved a finance package worth 163 billion rupees ($1.88 billion) to boost its key mining sector. The information minister made the statement on Wednesday. This approach is consistent with India's aim to obtain important raw resources, particularly lithium, which is critical for energy transition technologies. According to reports, the federal Ministry of Mines had allocated this amount. The government also expects the public sector to invest an additional 180 billion rupees in vital mineral development projects. According to an official release, the mission's goal is to acc
The United Arab Emirates (UAE) has announced an ambitious high-speed train project to connect Abu Dhabi and Dubai. This ground-breaking effort reinforces the UAE's status as a leader in innovative transport systems. The cutting-edge rail network is expected to alter regional mobility, setting new standards for efficiency and speed. The train will go over 100 kilometres in 30 minutes, reaching speeds of up to 350 km/h. Passing through major vital regions and tourist hotspots, the project promises to provide travellers with an unforgettable travel experience. Beyond convenience, high-spee
Qatar plans to propose three new laws as part of a complete overhaul of its legal structure, with the goal of attracting more international investment to the Gulf state. Qatar's newly appointed minister of commerce and economy, Sheikh Faisal bin Thani, acknowledged the proposal in an interview. The new legislation contains a bankruptcy law, a public-private partnership (PPP) law, and a commercial registration law, all of which are intended to streamline company operations and create a more investor-friendly climate. Sheikh Faisal emphasised that Qatar is revising 27 legislation from 17 gov