Business

New Delhi, Jan 28 (IANS) A heated exchange between SpaceX founder Elon Musk and venture capitalist Vinod Khosla erupted on social media after Musk posted that the global population share of white people is declining.

Responding to Musk, Khosla accused the US billionaire entrepreneur of promoting the WAGA, short for 'white America great again' agenda, and not MAGA (Make America Great Again).

Khosla, a prominent Silicon Valley investor, urged non‑white employees at Musk’s companies to join his company.

“All non-whites in Tesla and SpaceX and all decent whites should quit and join our portfolio. Email us your LinkedIn!” Khosla said.

Musk lashed out at Khosla, calling him “pompous,” adding that his partner is half-Indian.

“You’ve also gone full r***rd. My partner, Shivon, is half Indian, and my eldest son with her is named in honour of the great Indian physicist Chandrasekhar,” Musk posted on social media platform X.

The row follows earlier controversy this month after Musk appeared to endorse a post suggesting white men could face existential risk if they became a minority.

Musk reacted with a “100” emoji, which was widely interpreted as being supportive of the argument.

Musk has framed his views on migration as a concern over public safety, economic strain, and social cohesion, rather than race.

The Tesla owner had earlier said that the US has “benefited immensely” from talented Indians who moved there and helped build its technology and business sectors.

People of Indian origin, especially engineers, scientists, and entrepreneurs, made huge contributions, he noted, adding that they continue to make major contributions across industries.

The H‑1B visa programme is vital to the US economy, Musk said, but warned that some firms have “gamed the system,” stating that the problem is misuse rather than the programme itself.

Addressing concerns over immigrants stealing jobs from US locals, Musk said his companies struggle to find highly skilled people, and global talent helps him bridge the talent gap.

--IANS

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New Delhi, Jan 28 (IANS) Prime Minister Narendra Modi on Wednesday shared glimpses of the conclusion of the historic India-EU Free Trade Agreement (FTA), saying this agreement will deepen economic ties, create opportunities for our people and strengthen the India-Europe partnership for a prosperous future, an official statement said.

"The European Council President Antonio Costa and European Commission President Ursula von der Leyen and I are delighted to announce the conclusion of the historic India-EU Free Trade Agreement”, PM Modi stated on X.

The conclusion of the India-EU Free Trade Agreement marks a significant milestone in our relations.

“I thank all the leaders of Europe over the years for their constructive spirit and commitment in making this possible,” Prime Minister said in a series of statements on X.

The historic agreement with EU, which is India’s largest Free Trade Agreement in history, has substantial benefits for the 1.4 billion people of India.

It will unlock access to European markets easier for our farmers and small industries, create new opportunities in manufacturing, and strengthen cooperation between our services sectors, said PM Modi.

“This landmark deal between the second largest and fourth largest economies of the world promise to create unprecedented opportunities and open new avenues of growth as well as cooperation. This deal will benefit the entire global community,” he further stated.

It would also help create quality jobs in key sectors, enable further mobility for our youth, professional talent, students and researchers, and unlock the potential of the digital age. Importantly, it will foster innovation and strengthen economic ties for mutual growth.

“Together, India and the EU are moving ahead with trust and ambition towards a prosperous as well as sustainable future,” said PM Modi, adding that it reflects our shared resolve to shape a stable, prosperous and future-ready economic relationship.

The India-EU Business Forum was a great platform to discuss the wide-ranging economic linkages between India and Europe, he added.

--IANS

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New Delhi, Jan 28 (IANS) An internal Amazon Web Services (AWS) email, seemingly sent by mistake referencing “organizational changes,” heightened speculation that US tech giant Amazon may announce another round of layoffs, though employees were already expecting one despite no official announcement.

The message, sent by Colleen Aubrey, senior vice president of applied AI solutions at Amazon Web Services (AWS), acknowledged that “changes like this are hard on everyone” and said they were intended to position the vertical for “future success,” according to multiple reports.

The email, which referenced a post by Amazon HR chief Beth Galetti, suggested that some staff had already been notified of their status.

The message, which was seemingly sent by accident, included the subject line “Project Dawn” and appeared to be recalled shortly after it was sent.

Amazon did not clarify about “Project Dawn”, or if the message was released prematurely.

Job cuts could affect teams across AWS as well as Amazon’s core retail and stores operations, media reports said, citing people familiar with the matter.

In October 2025, Amazon reduced 14,000 white-collar employees from its workforce, around half of its total target 30,000. The magnitude of job cuts next week is expected to be of the same level, as per the sources.

The Seattle online retailer had linked the October round of job cuts to the rise of artificial intelligence software in an internal letter. .

Later, however, CEO Andy Jassy told analysts during the company’s third-quarter earnings call that the reduction was not "really financially driven" or "AI-driven." He said, “it’s culture," alluding that the company had too much bureaucracy.

Though the job cut affecting 30,000 employees would be the largest layoff in Amazon’s three-decade history after 27,000-job cuts in 2022, it would represent a small portion of Amazon’s 1.58 million employees.

Affected workers could remain on the payroll for 90 days, during which time they could apply for jobs internally or seek other employment, according to reports.

Investors wait for cues on margins, AI spending and cost‑control measures from Amazon's fourth‑quarter earnings report scheduled to release after markets close on February 5.

—IANS

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New Delhi, Jan 28 (IANS) The India-EU FTA benefits could eventually go beyond goods trade, including larger FDI flows, more services trade and strategic diversification, HSBC Global Investment Research said on Wednesday.

The FTA is described as the "mother of all deals" – which is balanced, yet ambitious and mutually beneficial for both parties. In FY25, India-EU goods trade was almost $140 billion.

Details show that the India-EU trade is built on complementary value chains. The EU sells capital goods and industrial inputs to India (such as high-end machinery, electronic components, aircraft, and medical devices).

“India sells labour-intensive and consumer-focused goods to the EU (such as smartphones, garments, footwear, pharmaceuticals, auto parts, and diamonds, though fuel tops the list), said the report.

The trade agreement aims to liberalise 92-97 per cent of tariff lines. Officials hope the deal will double bilateral trade within five years.

Several sectors are to be liberalised, while respecting red lines on both sides.

Labour-intensive exports like textiles, leather, marine products, gems and jewellery are set to gain from preferential access and tariff elimination, said thew report.

India is expected to cut import duties on automobiles from 110 per cent to as low as 10 per cent (quota of 250,000) and Indian-made automobiles will get access to the EU market.

“Tariffs on the EU's export of wine to be cut from 150 per cent to 75 per cent (and eventually reduced to 20 per cent). Both sides to get preferential access to each other's agricultural markets, while safeguarding sensitive sectors (e.g. dairy for India and chicken/beef for the EU),” the report mentioned.

Services trade is likely to benefit from preferential access (e.g. in financial services). Labour may benefit from easier mobility norms. Investment may get a boost from supply chain integration and deeper partnerships (for instance, in defence), it added.

The potential for growth is substantial, given the trade in this region is only 0.6 per cent of global trade.

—IANS

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Seoul, Jan 28 (IANS) Hanwha Aerospace has secured an estimated $1.9 billion project to supply its K239 Chunmoo multiple rocket launcher systems to Norway, with the official contract expected to be signed this week, informed industry sources said on Wednesday.

The contract is widely expected to be signed Friday in Oslo by Hanwha Aerospace and the Norwegian Defence Materiel Agency (NDMA), the sources with direct knowledge of the matter told Yonhap News Agency while speaking on condition of anonymity.

Kang Hoon-sik, South Korea's presidential chief of staff, is expected to attend the signing ceremony, according to the sources.

Kang is currently visiting Canada as part of a trip widely believed to be aimed at supporting the country's defence exports.

Just before his departure from Seoul on Monday, Kang said he would also travel to Norway to discuss ways to expand defence cooperation between the two countries.

The deal comes as Norway seeks to bolster its long-range precision strike capability amid heightened security concerns in Europe.

According to the sources, the deal includes an offset requirement, a standard requirement under Norway's defence procurement rules, the sources said.

For all defence projects exceeding 50 million Norwegian kroner (US$5.2 million), foreign suppliers are required to provide industrial cooperation equal to 100 percent of the contract value, typically through a technology transfer and partnerships with local companies.

The agreement marks Hanwha Aerospace's latest major success in the Nordic defence market, following its previous contracts to supply K9 Vidar self-propelled howitzers to Norway in September.

Industry observers say the deal further underscores Hanwha's growing footprint in Europe and its ability to meet stringent operational and industrial requirements set by European defence customers.

--IANS

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Mumbai, Jan 28 (IANS) The Indian equity markets posted strong gains on Wednesday, extending gains from the previous session after the conclusion of a long-awaited trade deal ‌with the ‌European Union (EU) raised hopes of an economic ‌boost.

As of 9.30 am, Sensex added 545 points, or 0.67 per cent, to reach 82,402, and Nifty gained 183 points, or 0.73 per cent to 25,359.

Main broad-cap indices performed in line with the benchmark indices, as the Nifty Midcap 100 gained 0.77 per cent, and the Nifty Smallcap 100 surged 1.17 per cent.

All sectoral indices were trading in the green, except FMCG and PSU bank which posted mild losses. Nifty oil and gas was the top gainer up 2.42 per cent as global oil prices surged. Brent touched $67, levels last seen in October.

Realty, metal and media were also notable gainers, up 1.54 per cent, 1.17 per cent and 1.45 per cent, respectively.

Immediate support lies at 25,000 zone followed by 24,800, while resistance lied at 25,300–25,400 zone, market watchers said.

Analysts said that the sustained FII selling sprung from relatively high valuation in India, the modest earnings growth and the continuing weakness in the rupee, while the DII buying is supported by fund flows and expectations of earnings recovery, they said.

A notable feature of the current market construct are huge, short positions from FIIs in index futures. This short position is being supported by sustained selling in the cash market but any news or event that triggers short covering can lead to a market rally, they added.

In Asian markets, China's Shanghai index edged up 0.49 per cent, and Shenzhen added 0.09 per cent, Japan's Nikkei lost 0.53 per cent, while Hong Kong's Hang Seng Index gained 2.31 per cent. South Korea's Kospi added 1.19 per cent.

The US markets ended largely in the green in the last trading session as Nasdaq advanced 0.91 per cent. The S&P 500 gained 0.41 per cent, and the Dow lost 0.83 per cent.

After the successful conclusion of the India-EU trade deal, investors look for cues from quarterly earnings to be reported in the week and focus on the Union Budget scheduled to be tabled on Sunday (February 1).

On January 27, foreign institutional investors (FIIs) sold net equities worth Rs 3,068 crore, while domestic institutional investors (DIIs) were net buyers of equities worth Rs 9,000 crore.

—IANS

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Seoul, Jan 28 (IANS) Hyundai Mobis, South Korea's leading auto parts maker, said on Wednesday its fourth-quarter net profit dropped 39.9 percent from a year earlier due to losses from equity investment in group affiliates, as well as the effects of Washington's sectoral tariffs.

Net profit for the three months ended in December totalled 768.1 billion won (US$536.4 million), compared with 1.28 trillion won from the same period in 2024, the company said in a regulatory filing.

Operating profit for the period came to 930.5 billion won, down 5.6 percent from a year ago. Sales rose 4.7 percent to 15.39 trillion won.

The earnings fell short of market expectations. The average estimate of net profit by analysts stood at 1.05 trillion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

A company official said the decrease in net income was attributed to shareholding losses from affiliates under Hyundai Motor Group, as well as effects from the auto parts tariffs imposed by Washington.

For the entirety of 2025, the company's net profit fell 9.7 percent to 3.66 trillion won. Annual operating profit, however, gained 9.2 percent to 3.35 trillion won, while sales rose 6.8 percent to 61.11 trillion won.

The company said its annual gain in operating profit was led by its manufacturing operations, including module assembly and parts production.

Sales from the segment climbed 5.9 percent on-year to 47.8 trillion won, supported by the full-scale operation of electrification plants in North America and robust growth in high value-added core components, such as automotive electronics.

Hyundai Mobis said it plans to continue facility investments to strengthen its future mobility competitiveness, with research and development (R&D) spending expected to exceed 2 trillion won for the first time this year.

—IANS

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Washington, Jan 28 (IANS) US President Donald Trump has said that his administration will work "something" out with South Korea after he threatened earlier this week to raise "reciprocal" tariffs and other levies on the Asian ally.

His remarks raised hopes for negotiations between Seoul and Washington to address their renewed trade tension as South Korea's Industry Minister Kim Jung-kwan is expected to visit the United States for talks with Commerce Secretary Howard Lutnick, reports Yonhap news agency.

"We will work something out with South Korea," he said during a press availability at the White House, responding to a question about whether he would increase tariffs on Korea.

On Monday, Trump made the surprise announcement of a plan to increase "reciprocal" tariffs and auto, lumber and pharmaceutical duties on South Korea to 25 percent from 15 percent, taking issue with a delay in Seoul's legislative procedures supporting the implementation of the trade deal.

Earlier on Tuesday, a White House official told Yonhap News Agency that South Korea has made "no progress" on fulfilling its end of a bilateral trade deal, although Trump lowered tariffs in line with the deal.

Under the deal struck in late July and finalised months later, Seoul has committed to investing US$350 billion in the United States, among other pledges, in return for Washington's lowering of "reciprocal" tariffs to 15 percent from 25 percent.

Trump's revived threat to raise tariffs came amid concerns in Washington over Korea's ongoing investigation into Coupang Inc., a U.S.-listed firm, over a massive customer data leak and the Asian country's moves to regulate online platform companies.

It also came amid concerns that the Korean won's weakness against the U.S. dollar could get in the way of Seoul delivering on its investment commitment under the trade deal with Washington.

—IANS

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Seoul, Jan 28 (IANS) Samsung Electronics said on Wednesday its upcoming Galaxy smartphone will come with a built-in privacy feature allowing users to protect on-screen information from others without the need to attach an additional film.

The South Korean tech giant said the new feature will allow users to customise display visibility to prevent "shoulder surfing," noting the feature will be "coming to Galaxy very soon."

Samsung Electronics is expected to hold a showcase event for the Galaxy S26 smartphone in February. The new feature is set to be available for the Galaxy S26 Ultra, according to sources, reports Yonhap news agency.

"With multiple settings for adjusting visibility, you can limit what others can see based on the level of privacy protection you need," the company said in a release.

The company said users can customise the feature depending on applications.

"It took over five years of engineering, testing and refining to get here," the company said. "We studied how people use their phones, what they consider private and how security should feel in everyday life."

Meanwhile, Samsung Electronics showcased its Galaxy Z Flip 7 Olympic Edition, introducing features aimed at enhancing athletes' experience during the upcoming Winter Olympics in Italy.

The device will be provided to around 3,800 athletes from 90 countries participating in the Milan-Cortina Winter Olympics and Paralympics, which will kick off Feb. 6, the South Korean tech giant said.

The new edition of the Galaxy Z Flip comes with a design reflecting "cultural resonance of Italian azure" and "the spirit of unity and sportsmanship embodied by the Olympic Games," the company said.

"The custom gold metal frame symbolises athletes' pursuit of excellence and podium moments, as well as the brand's aspiration for the best," it added.

Samsung said athletes can utilise various cutting-edge features on the device to communicate with other participants, including its interpretation app and the Galaxy Athlete Card, which allows them to easily exchange profiles.

With the smartphone, Samsung Electronics said it will run a "Victory Selfie" event, under which medal winners will take selfies on the podium.

Professional photographers will also use the Galaxy S25 Ultra smartphone during the event to take photos of around 490 athletes who gave their consent.

—IANS

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New Delhi, Jan 27 (IANS) By boosting bilateral trade and economic ties, the India-EU trade deal supports job creation, MSME growth in tech, and overall confidence for investors in India's services sector, IT industry’s apex body Nasscom said on Tuesday.

The FTA includes dedicated SME chapters with contact points and digital platforms. Given the geopolitical challenges, the FTA diversifies markets for Indian IT exporters, providing a hedge against global trade uncertainties, said Nasscom

“It strengthens India's position in global value chains for digital services. We will await the detailed draft text to better understand operationalising of the FTA provision,” it added.

While goods see major tariff cuts, services gains are more about opening markets and rules-based predictability.

Services being dominant and faster growing part of both economies, the gains would be in the form of better EU market access for Indian tech. This could lower non-tariff barriers and ease cross border delivery, said Nasscom.

“Digital trade rules to support business while protecting privacy, security and public policy. Indian IT firms stand to gain from greater opportunities in Europe, including easier cross-border provision of services (Mode 1 under GATS) and potentially improved mobility for professionals (though Mode 4),” it explained.

India and EU have agreed on constructive framework to enable Social Security Agreements in 5 years with all the EU Member States.

The agreement fosters deeper EU-India ties in technology, innovation, and digital areas (building on the India-EU Trade and Technology Council).

This could lead to more EU investment in India's IT ecosystem, joint ventures, R&D in AI, semiconductors, clean tech, and startups. Indian IT companies could benefit from technology transfer, co-creation, and expanded partnerships, said Nasscom.

The trade agreement opens unprecedented market access for Indian exporters across goods and services, particularly empowering labour-intensive sectors, MSMEs, women entrepreneurs, artisans, and youth—core focus areas of the Government’s inclusive growth agenda.

—IANS

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