WION Business Wrap | EU’s $8 bn package for Egypt, Uber to pay $178 mn to Australian taxi drivers and more

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

EU unveils $8 bn aid package for Egypt amid looming concerns over migration

The European Union (EU) has announced an aid package of €7.4 billion ($8.06 billion) for Egypt, aiming to strengthen the country’s economy and enhance cooperation to address challenges surrounding migration.

Uber agrees to pay $178 million settlement to Australian taxi drivers: Report

Uber, has reached a landmark settlement agreement to pay A$271.8 million (US$178 million) to resolve a class-action lawsuit brought by Australian taxi operators and drivers on Monday.

Flipkart’s valuation drops by $5 bn in two years, Walmart’s equity transactions reveal

India’s E-commerce giant Flipkart has seen a significant decline in its valuation over the past two years, according to equity transactions disclosed by its parent company, Walmart.

India’s economic growth resembles 2003-07 boom: Morgan Stanley Report

India is experiencing an economic surge reminiscent of the golden era between 2003 and 2007, according to a report by Morgan Stanley economists.

Reddit’s IPO oversubscribed, set to reach $6.5 billion valuation

Reddit’s highly anticipated initial public offering (IPO) is generating significant investor interest, with sources revealing that it is currently between four and five times oversubscribed.

Indian real estate sector poised to surge, projected to reach $1.3 tn by 2034

A report released by the Confederation of Real Estate Developers’ Association of India (CREDAI) unveiled promising forecasts for the Indian real estate sector, suggesting a remarkable growth trajectory in the coming decades.

Australia likely to maintain interest rates amid economic slowdown: Report

Australia’s Reserve Bank is anticipated to maintain its interest rates at 4.35 per cent for the third consecutive meeting, according to economists, as the country’s economy faces headwinds amidst rising unemployment and sluggish growth.

TSMC explores advanced chip packaging expansion in Japan

Taiwan’s semiconductor giant, TSMC, is reportedly considering establishing advanced chip packaging capacity in Japan, marking a potentially significant move that could further energise Japan’s semiconductor industry.

Venture Global LNG expands fleet and navigates challenges in LNG market

Venture Global LNG, headquartered in Arlington, Virginia, announced its acquisition of nine liquefied natural gas (LNG) transport vessels on Sunday, signalling a significant expansion of its capabilities in selling and shipping its own cargoes.

UBS eyes US expansion through wealth management M&A

Swiss banking powerhouse UBS is eyeing potential merger and acquisition opportunities in the United States in the coming years, according to remarks made by its chairman to the NZZ newspaper on Sunday.

China’s industrial output surges in early 2024, offers relief to policymakers

Industrial output in China surged by 7.0 per cent year-on-year during the January-February period, as revealed by data released on Monday.