LG Electronics said on Tuesday it will pay out 90 billion won ($65.2 million) in dividends to its shareholders for the first half as part of plans to increase shareholder value.Shareholders will receive 500 won per share on June 30, according to the company in a filing.

This dividend payout is part of LG Electronics’ new shareholder return policy, which includes distributing dividends twice a year and increasing the dividend payout ratio to 25 per cent, reports Yonhap news agency.

Last year, LG Electronics paid out a dividend of 800 won per common share and 850 won per preferred share.

For the first quarter of the year, LG Electronics’ operating profit fell more than 10 per cent from a year earlier, due to rising costs and intensifying competition.

Its first-quarter operating profit came to 1.33 trillion won ($984.9 million), down 11 per cent from 1.5 trillion won a year earlier, the company said in a regulatory filing.

Sales increased 3.3 per cent on-year to 21.09 trillion won, marking the highest for any first-quarter results. The company did not provide the data for net income. AGENCIES

India’s pharmaceutical exports continue to register double-digit growth, reflecting the strong demand for the country’s affordable generic medicines in global markets led by the USA and UK.India’s pharma exports grew by 10.45 per cent in May this year to touch the $2.3 billion mark compared with the $2.08 billion in the same month of the previous financial year.

“It is moving in a positive way and we are optimistic of sustaining growth of not less than 10 per cent,” Director General, Pharmaceuticals Export Promotion Council of India, Ravi Uday Bhaskar said on the quick estimate numbers released last week by the Centre.

India is now the world’s third-largest drugmaker by volume amid the growing demand for the country’s pharmaceutical products in export markets.

The US is a key market, which accounts for about 30 per cent of India’s annual pharma exports after a nearly 16 per cent increase in fiscal 2024, according to Pharmexcil.

The country’s drug shortages as well as the increased use of drugs for lifestyle diseases such as diabetes, hypertension and depression is expected to fuel the demand for India’s affordably priced drugs, according to Bhaskar.

According to a report by India Ratings and Research, Indian drugmakers will sustain their revenue improvement in 2024-2025 due to drug shortages in the United States. India is a hub of bulk generic drug manufacturing and drugmakers including Dr Reddy’s, Cipla (NS:CIPL), Sun Pharma (NS:SUN) derive a significant share of revenue from both the US and Europe.

The world’s largest drug market is facing decade-high drug shortages, India Ratings said in a note citing data from with Utah Drug Information Service.

There is an active shortage of 233 drugs across 22 therapeutic categories as of April, led mainly by discontinuing production of some drugs, rising demand and delays in shipments, it said, also citing data from the US Food and Drug Administration. AGENCIES

The export of spices and its products reached an all-time high in FY 2023-24 at a record $4.46 billion making India a key player in the global trade.

The growth was seen owing to a rebound in volumes and higher prices for certain varieties such as pepper, cardamom and turmeric.

According to the latest data by the Spices Board under the Ministry of Commerce and Industry, the export of spices/spice products from the country has been 15,39,692 tonnes valued at Rs 36,958.80 crore ($4.46 billion) during FY 2023-24.

The red chilli exports hit a record $1.5 billion in FY24, a 15 per cent increase from the previous year’s $1.3 billion which is driven by robust demand from China and Bangladesh.

According to Spices Board data, red chilli export volume increased by 15 per cent in FY24 to 6.01 lakh tonnes from 5.24 lakh tonnes the previous year.

Red chilli exports, worth $1.5 billion, comprised about 34 per cent of India’s total spices exports.

China was the top importer of Indian red chillies in FY24, purchasing over 1.79 lakh tonnes valued at Rs 4,123 crore, according to Kedia Advisory.

This represents a 14 per cent increase in volume and a 21 per cent increase in value from 1.57 lakh tonnes worth Rs 3,408 crore in FY23.

Chilli exports to Bangladesh jumped by 67 per cent in FY24, reaching 90,570 tonnes, up from 53,986 tonnes the previous year.

“India’s red chilli exports have reached unprecedented heights in FY24, fueled by escalating demand from key importing nations. The surge in exports, especially to China and Bangladesh, reflects the growing recognition and preference for Indian spices worldwide,” Kedia Advisory said. AGENCIES

India has witnessed the fastest jump in alternative remittance share for e-commerce payments in the Asia-Pacific (APAC) region, from 20.4 per cent in 2018 to 58.1 per cent in 2023, a new report has said. According to the data and analytics company GlobalData, this jump can be attributed to the widespread usage of mobile wallets, largely driven by UPI (Unified Payments Interface), which enables mobile payments in real time simply by scanning QR codes.

The report highlighted that alternative payments are already popular in countries like China and India, and are gaining traction in other APAC markets as well.

“While most Asian markets are traditionally cash-dominated, the adoption of alternative payment methods for both online and in-store payments is growing across many markets in the region, outpacing the West,” said Shivani Gupta, Senior Banking and Payments Analyst at GlobalData.

“This trend is driven by the rising smartphone and Internet accessibility, increasing convenience of electronic payments, and the proliferation of mobile and QR code-based payment solutions,” she added.

In addition, the report revealed that cash-intensive countries in the region such as the Philippines, Malaysia, and Indonesia, are also witnessing a similar trend.

“Alternative payment solutions account for the lion’s share in e-commerce markets across many APAC countries, supported by rising Internet and smartphone penetration, and growing acceptance of digital payments by merchants,” Gupta said.

She also mentioned that with the convenience, speed, and security they offer, coupled with high expected growth in the overall e-commerce market in the region, “these payment tools are anticipated to further gain traction and disrupt the consumer payment space in the region.” AGENCIES

Amid the growing debate over artificial intelligence (AI) models, Google on Tuesday launched its AI assistant Gemini’s mobile app in India.

The Gemini app is now available in India, supporting English and nine languages — Hindi, Bengali, Gujarati, Kannada, Malayalam, Marathi, Tamil, Telugu, and Urdu.

The app allows users to type, talk, or even add an image to get the assistance they need.

“We’re also adding these local languages to Gemini Advanced, plus other new features, and launching Gemini in Google Messages in English,” Alphabet and Google CEO Sundar Pichai posted on X social media platform.

According to the company, Gemini Advanced users in India can now access the power of Gemini 1.5 Pro, its most advanced model, in nine languages.

“Additionally, we’re unlocking new features in Gemini Advanced such as new data analysis capabilities and file uploads, and also launching the ability to chat with Gemini in Google Messages, starting in English,” said Amar Subramanya, Vice President, Engineering, Gemini Experiences.

On iOS, Gemini access is rolling out directly from the Google app over the next few weeks.

With a 1 million token context window, Gemini Advanced now has the longest context of any widely available consumer chatbot worldwide.

“We’re also introducing Gemini in Google Messages to give you another way to collaborate with Gemini on your phone,” said the company. AGENCIES

Global rating agency Fitch on Tuesday raised India’s GDP growth forecast for FY25 to 7.2 per cent, from 7 per cent.

The rating agency said in its report that recovery in consumer spending and increasing investment trends are the main factors for this update.

Fitch said in its global outlook report, “We expect the Indian economy to grow by a strong 7.2 per cent in FY25.”

The estimate released by Fitch states that the Indian economy may grow at 6.5 per cent and 6.2 per cent in FY26 and FY27 respectively.

The rating agency said in its outlook, “Investments will continue to rise but it will be slow in comparison to recent quarters while consumer spending will recover with elevated consumer confidence.”

The rating agency says that the retail inflation rate may come down to 4.5 per cent at the end of this year. It is estimated to be 4.3 per cent in 2025 and 2026.

Earlier, the World Bank raised India’s GDP growth forecast to 6.6 per cent from 6.4 per cent. AGENCIES

The expected entry of China’s BYD Auto into the South Korean consumer electric vehicle (EV) market this year will likely intensify competition within the low-cost segment of the market, which globally has seen a stagnation in growth as of late due to the so-called EV adoption chasm, according to industry watchers on Tuesday.The Chinese EV maker has applied for emissions and noise certification for its midsized EV sedan Seal with the National Institute of Environmental Research under the South Korean environment ministry on June 5, marking the beginning of BYD’s domestic release procedure.

The process, which checks factors, such as the driving range on a single charge, is known to take around two to three months. Performance evaluations linked to a review for EV subsidies are conducted separately by the Korea Environment Corp, reports Yonhap news agency.

In terms of size and performance, BYD’s Seal model, whose entry price trim is set at 179,800 yuan ($24,730), is comparable to Tesla (NASDAQ:TSLA)’s Model 3 and Hyundai Motor’s Ioniq 6.

Market watchers expect the model to become eligible for EV subsidies when released. Some, however, note the use of lithium iron phosphate (LFP) batteries in the model could work against the model due to the low recyclable value of LFP batteries.

Other more affordable BYD models, including the Dolphin hatchback and the Atto 3 compact crossover, are also reportedly being considered for release in the country.

BYD has already applied for trademarks for six models in the domestic market, including those for the Seal, Dolphin and Atto models.

If BYD successfully launches its passenger EV cars in South Korea with competitive pricing, it could impact the domestic electric vehicle market, currently dominated by Hyundai Motor and Kia.

South Korean automakers have already seen a decrease in the domestic EV market share, dropping 3.5 percentage points to 76.6 percent last year, especially in line with the release of Tesla’s Model Y vehicles produced in China.

Local automakers, too, are moving to introduce more affordable models with a better value proposition, notably improved battery capacity.

Hyundai plans to unveil the EV version of its mini SUV Casper at the upcoming Busan International Mobility show later this month. Kia’s EV3, the company’s third and latest EV model after the larger EV6 and EV9 models, is widely expected to become a hit. AGENCIES

Apple has announced to shut down its buy now, pay later (BNPL) service called ‘Apple Pay Later’ in the US. The service, which let users take out “pay later” loans that can be paid in four payments over six weeks, was launched in the US in October last year. “Starting later this year, users across the globe will be able to access installment loans offered through credit and debit cards, as well as lenders, when checking out with Apple Pay,” the tech giant told 9to5Mac website.

With the introduction of this new global installment loan offering, “we will no longer offer Apple Pay Later in the US,” said the company.

Apple Pay Later was announced alongside iOS 16 release.

“Our focus continues to be on providing our users with access to easy, secure and private payment options with Apple Pay, and this solution will enable us to bring flexible payments to more users, in more places across the globe, in collaboration with Apple Pay enabled banks and lenders,” said the iPhone maker.

According to a support document, “Apple Pay Later is no longer offering new loans” but “existing Apple Pay Later loans and purchases are not affected.” AGENCIES

A fire broke out at a house in the US’ Georgia state on Monday, leaving six people including three children dead and five others injured, according to media reports.The deceased were aged from 6 to 74, and the five survivors were rushed to a hospital in Atlanta, the state capital, Xinhua news agency reported, citing local authorities.

Some of the survivors had serious injuries, local authorities said.

Firefighters were dispatched to the scene in Coweta County, southwest of Atlanta, close to 5 a.m., and there were 11 people inside the home when the fire broke out, according to the media reports.  AGENCIES