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WION Business Wrap |Tower Semiconductor’s $8 bn India plant, IMF on West Asia’s slow growth and more

WION’s Business Desk brings you this daily round up of global stories from the world of business and economy. 

Tower Semiconductor proposes $8 bn chip plant in India: Report

Tower Semiconductor, a leading Israeli chipmaker, has reportedly submitted a proposal to the Indian government for the establishment of an $8 billion chip manufacturing plant in the country.

IMF warns of slower growth in West Asia in 2024 citing oil cuts, regional tensions

In a recent address at the Arab Fiscal Forum in Dubai, International Monetary Fund (IMF) Managing Director Kristalina Georgieva highlighted concerns over the sluggish growth of West Asia economies.

US judge orders Elon Musk to testify in SEC’s Twitter probe, deadline set for agreement

A federal judge has mandated Elon Musk to testify once again in the US Securities and Exchange Commission’s investigation into his $44 billion acquisition of Twitter, setting a deadline for both parties to finalise the details of the interview.

Israel economy poised for recovery despite Moody’s downgrade, says bank of Israel Governor

Amidst the backdrop of Moody’s recent downgrade of Israel’s sovereign credit rating, Bank of Israel Governor Amir Yaron remains optimistic about the country’s economic prospects.

Nissan shares plunge amid market concerns in China: Report

Nissan Motor witnessed its sharpest stock decline in over two decades, plummeting by 12 per cent on Friday, following disappointing quarterly earnings and slashed car sales estimates, primarily attributed to fierce competition in the Chinese auto market.

Diamondback energy and Endeavor energy to merge, forming $50 billion oil giant

In a new development, US shale oil rivals Diamondback Energy and Endeavor Energy Resources are on the verge of finalising a deal worth approximately $25 billion in cash and stock, as reported by Reuters.

EU agrees on revised fiscal rules to spur investments and debt reduction

EU member states and Members of the European Parliament (MEPs) reached a preliminary agreement on Saturday to relax the bloc’s stringent fiscal regulations, providing governments with extended timelines to reduce debt while incentivising investments in critical areas such as climate, industry, and security.

Germany faces economic challenges amid strikes and structural issues

Germany, the fourth-largest economy, is grappling with a series of challenges as the new year unfolds. Recent strikes and protests have disrupted transportation networks and underscored deeper issues within the country’s economy.

Tesco sells retail banking operations to Barclays in $757 million deal

Barclays has struck a deal to acquire Tesco’s retail banking operations for £600 million ($757 million), a move set to reshape the landscape of the banking sector.

Barclays announces new policies limiting funding for oil and gas projects

Barclays, a major player in the banking industry, has announced significant changes to its funding policies concerning oil and gas projects.

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