Business

South Korea Sets New Record for Fruit Imports Amid Climate Change

Published

3 months ago

February 17, 2025

According to recent data released on Sunday, South Korea’s fresh fruit imports reached an all-time high last year, driven by poor harvests linked to climate change and increasing consumer demand.
In 2024, the country imported fresh fruits worth $1.45 billion across 12 varieties, marking a significant 20.1% increase from the previous year, as reported by the Korea Rural Economic Institute (KREI).

This record surpasses the previous high of $1.33 billion set in 2018, as reported by the Yonhap news agency.

The 12 fruit varieties include bananas, mangoes, pineapples, oranges, cherries, and kiwis.
The surge in imports was primarily due to a shortage in domestic fruit supply resulting from unfavorable weather conditions, which drove fruit prices up. To address the increasing demand and alleviate inflation, the government has lowered tariffs on fruit imports.
A KREI official noted, “Fruit imports are expected to continue rising, as domestic production is likely to decline in the long term due to adverse weather conditions and a steady decrease in cultivation areas.”
In its latest report, the institute projected that total fruit imports, including frozen varieties, would increase by 6.8% year-on-year to 817,000 tons in the current year.
Additionally, South Korea’s import prices rose for the fourth consecutive month in January, mainly due to a weakening local currency and soaring global oil prices, according to central bank data.
The import price index jumped 2.3% from the previous month and saw a 6.6% rise compared to January of last year, based on preliminary findings from the Bank of Korea (BOK).
Import prices for raw materials grew by 4.4% month-on-month in January, while intermediate goods saw a 1.6% increase, according to the BOK.
Import prices play a crucial role in influencing the overall inflation rate within the country. Consumer prices, an essential inflation indicator, experienced their largest annual increase in six months, rising by 2.2% in January, according to government data.

Business

Adani Group Achieves EBITDA of ₹89,806 Crore Boosted by Growth in Core Infrastructure Sectors

Published

7 hours ago

May 22, 2025

Namma Kudla Editorial

Adani Group has announced a consolidated EBITDA of ₹89,806 crore for the financial year 2025. This growth is attributed to advancements in core infrastructure sectors and increased operating cash flows across its portfolio.
EBITDA saw an increase of 8.2% compared to the ₹82,976 crore reported by the group’s listed companies in FY24, according to Adani’s statement.

Notably, Adani’s core infrastructure businesses accounted for 82% of total EBITDA. Within the utility segment, Adani Green Energy enhanced its operational capacity by 30% year-on-year, while Adani Power experienced a 20% boost in electricity generation.

The conglomerate reached a capital expenditure peak of ₹1.26 trillion and plans to invest $100 billion over the next six years. “These investments will underscore the group’s commitment to developing long-term infrastructure assets, including renewable energy projects, transmission networks, ports, and a new copper smelter facility,” the company stated.

Jugeshinder ‘Robbie’ Singh, CFO of Adani Group, remarked, “A significant highlight of FY25 is our continued industry-leading Return on Assets of 16.5%, one of the highest in the global infrastructure sector. This demonstrates our strong asset base and the execution capabilities of the Adani portfolio in delivering high-quality assets across various subsectors.”

He also noted, “We have implemented various governance and ESG initiatives, including a Tax Transparency report released by all portfolio companies, alongside other measures taken over recent years, resulting in industry-leading ESG scores as recognized by international rating agencies.”

Adani’s net debt-to-EBITDA ratio improved to 2.6x, down from 3.8x in FY19. The group maintains healthy liquidity, with a reported cash balance of ₹53,843 crore ($6.3 billion), equating to approximately 18.5% of gross debt.

Business

Net FDI in India Plummets Over 96% in FY25, According to RBI Data

Published

8 hours ago

May 22, 2025

Namma Kudla Editorial

In the Financial Year 2025, net foreign direct investment (FDI) in India plummeted over 96%, falling to $0.4 billion from $10.1 billion the previous year, as reported by the Reserve Bank of India (RBI). To put this in perspective, the net FDI was $28.0 billion in FY23.

The RBI’s May 2025 monthly bulletin noted, “The decline in FY25 indicates a mature market where foreign investors can easily enter and exit, positively reflecting on the Indian economy.”

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Despite the drop in net FDI, gross FDI showed resilience, growing 13.7% year-over-year to reach $81 billion in FY25, compared to $71.3 billion in FY24 and $71.4 billion in FY23, as per RBI data.
The report highlighted India’s emerging role as a “connector country,” positioned to be a vital intermediary in sectors like technology, digital services, and pharmaceuticals. “Amid global trade reconfigurations and shifts in industrial policy, India is increasingly set to play a significant role,” it stated.
“Looking ahead, despite the formidable challenges on the horizon, India is well-prepared to navigate ongoing global headwinds, ready to seize emerging opportunities and strengthen its position as a key driver of global growth,” the report concluded. It also mentioned ongoing trade tensions, increased policy uncertainty, and subdued consumer sentiment as persistent challenges to global growth.

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Business

IndiGo’s Net Profit Declines 11.19% to ₹7,258.4 Crore for FY25

Published

9 hours ago

May 22, 2025

Namma Kudla Editorial

InterGlobe Aviation, the parent company of IndiGo, reported an 11.19% decrease in net profit, totaling ₹7,258.4 crore for the full financial year FY25, down from ₹8,172.5 crore in FY24.

However, in the January–March quarter (Q4 FY25), IndiGo saw a remarkable 61.89% year-on-year increase in consolidated net profit, reaching ₹3,067.5 crore, up from ₹1,894.8 crore in Q4 FY24. Excluding foreign exchange effects, net profit grew by 44.7% to ₹2,981.1 crore compared to ₹2,060 crore in the same quarter last year.

In Q4, revenue from operations climbed by 24.3% to ₹22,151.9 crore, compared to ₹17,825.3 crore in the previous year. The airline’s EBITDAR (earnings before interest, taxes, depreciation, amortization, and rent) surged by 57.5% to ₹6,948.2 crore during this period, with an EBITDAR margin improving to 31.4% from 24.8% in the same quarter last year.

IndiGo also experienced a 21% increase in capacity and a 19.6% rise in passenger numbers, serving 3.19 crore travelers. The load factor inched up to 87.4%, compared to 86.3% in Q4 FY24.

CEO Pieter Elbers commented on the airline’s performance, stating it was a “healthy financial result” for both the fourth quarter and the full year, driven by record passenger volumes, operational efficiencies, and the dedicated efforts of IndiGo’s employees. However, he acknowledged challenges, particularly the impact of Pakistan’s airspace closure and the shutdown of 32 airports in May, affecting around 170 daily flights, 11 of which were operated by IndiGo.

While April started on a positive note, Elbers noted that May might be weaker, but there are expectations of traffic recovery beginning in June. He also announced a recommended dividend of ₹10 per share for IndiGo’s shareholders. Furthermore, a prominent international credit rating agency has assigned IndiGo an investment-grade rating, reflecting its robust balance sheet and consistent performance.

Looking forward, the airline intends to maintain its focus on cost leadership and expand its international operations, including launching services in Europe.