The Indian government has declared that the country's anti-corruption regulations will apply to token and cryptocurrency transactions. According to a notice issued by India's finance ministry, the Prevention of Money Laundering Act (PMLA) will apply to transactions involving "virtual digital assets" .

Any information, code, number, or token (not including Indian cash or foreign currency) created through cryptography or any other method and given any name is considered a "virtual digital asset" under the Income Tax Act.

The regulatory body further cautioned individuals not to "participate in and provide financial services related to an issuer's offer and sale of a virtual digital asset."

That's the most recent move towards governing digital assets more strictly. The movement of these assets out of India can now be monitored more closely by the government.

<h2>What does this new regulation mean?</h2>

Cryptocurrency and virtual asset exchanges, custodians, wallet providers, and other businesses operating in India are now considered "reporting companies" under the PMLA. Crypto companies need complete information on their investors and anyone else involved in the exchange of digital assets.

They need to keep up with KYC/AML standards for reporting to financial institutions, payment processors, and other intermediaries. In addition, it is now legal for crypto exchanges to report any suspicious activity to the appropriate Indian authorities.

Good news for the development of crypto in India, as this provides much-needed direction on how the industry should be regulated.This demonstrates that the Indian government is making efforts to adopt eco-friendly regulations.

There have been numerous warnings from India's central bank, but the country still has not finalised its cryptocurrency laws.

The administration of Prime Minister Narendra Modi has been at the forefront of efforts to secure a more comprehensive international agreement on digital assets as part of India's leadership role in the G20 forum.

Efforts to reach a global consensus on how to deal with the dangers posed by cryptocurrencies have been spearheaded by India.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

The Indian government has declared that the country's anti-corruption regulations will apply to token and cryptocurrency transactions. According to a notice issued by India's finance ministry, the Prevention of Money Laundering Act (PMLA) will apply to transactions involving "virtual digital assets" .

The Indian government has declared that the country's anti-corruption regulations will apply to token and cryptocurrency transactions. According to a notice issued by India's finance ministry, the Prevention of Money Laundering Act (PMLA) will apply to transactions involving "virtual digital assets" . Any information, code, number, or token (not including Indian cash or foreign currency) created through cryptography or any other method and given any name is considered a "virtual digital asset" under the Income Tax Act. The regulatory body further cautioned individuals not to "participate in and provide financial services related to an issuer's offer and sale of a virtual digital asset." That's the most recent move towards governing digital assets more strictly. The movement of these assets out of India can now be monitored more closely by the government. What does this new regulation mean? Cryptocurrency and virtual asset exchanges, custodians, wallet providers, and other businesses operating in India are now considered "reporting companies" under the PMLA. Crypto companies need complete information on their investors and anyone else involved in the exchange of digital assets. They need to keep up with KYC/AML standards for reporting to financial institutions, payment processors, and other intermediaries. In addition, it is now legal for crypto exchanges to report any suspicious activity to the appropriate Indian authorities. Good news for the development of crypto in India, as this provides much-needed direction on how the industry should be regulated.This demonstrates that the Indian government is making efforts to adopt eco-friendly regulations. There have been numerous warnings from India's central bank, but the country still has not finalised its cryptocurrency laws. The administration of Prime Minister Narendra Modi has been at the forefront of efforts to secure a more comprehensive international agreement on digital assets as part of India's leadership role in the G20 forum. Efforts to reach a global consensus on how to deal with the dangers posed by cryptocurrencies have been spearheaded by India. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Crypto transactions now under India's money laundering law

Adani empire's shares surged on Friday after an Indian-led US boutique investment firm, GQG, buys a $1.87 billion worth stake in the group. That marks the first significant investment in the Indian business empire since Hindenburg's report sparked a stock rout.

The US boutique investment firm's stake purchases boosted billionaire Gautam&nbsp;Adani-led firms shares, which have plunged by over $130 billion in market value US-based and Australia-listed GQG has purchased shares in four&nbsp;Adani&nbsp;companies, including the group's flagship firm&nbsp;Adani&nbsp;Enterprises, through block deals.

Founded in 1987 and headquartered in Fort Lauderdale, Florida, GQG manages $88 billion across equity funds.

According to a regulatory filing, GQG invested 3.4 per cent in&nbsp;Adani&nbsp;Enterprises for around $662 million, 4.1 per cent in&nbsp;Adani&nbsp;Ports for about $640 million, 2.5 per cent in&nbsp;Adani&nbsp;Transmission for about $230 million, and 3.5 per cent in&nbsp;Adani&nbsp;Green Energy for about $340 million.

GQG's chairman and chief investment officer, Rajiv Jain, said "we believe that the long-term growth prospects for these companies are substantial".

ALSO READ | <a href="https://www.wionews.com/india-news/adani-hindenburg-supreme-court-constitutes-expert-panel-issues-two-month-deadline-to-sebi-567516">Adani-Hindenburg: Supreme Court constitutes expert panel, issues two-month deadline to SEBI</a>

According to the CIO, before investing, GQG did a "deep dive" as part of due diligence.

The investment firm had conversations with the group's vendors, bankers and partners, according to the CIO, who also said that infrastructure companies are subject to tight regulation and therefore the risk of fraud is low.

Jain added, "we actually disagree with (Hindenburg's) report," referring to a scathing report by the US research firm on January 24 accusing&nbsp;Adani&nbsp;Group of business and tax fraud.

Since Hindenburg's allegations, the market value of seven listed&nbsp;Adani&nbsp;companies has plunged by about $135 billion. The organisation, headed by billionaire Gautam&nbsp;Adani, has denied those claims, but subsequently cancelled a $2.5 billion share sale.

The group, though, has been trying to reassure investors by using road shows and phone calls. A Reuters report showed the business empire has secured a $3 billion loan from a sovereign wealth fund.

But a separate report from Bloomberg showed the business denied that news. Gautam&nbsp;Adani-led firms have repaid loans to calm investors' nerves. The prepayment of loans plan has helped&nbsp;Adani&nbsp;firms' shares.

The group's stocks extended their gains for the fourth straight day on Friday.

Shares of&nbsp;Adani&nbsp;Enterprises have jumped nearly 80 per cent from their recent lows,&nbsp;Adani&nbsp;Ports stock has surged 70 per cent, and shares of&nbsp;Adani&nbsp;Power have recovered by nearly 50 per cent. Shares in the rest of the group firms have risen between 18 and 28 per cent.

Separately, on the same day as the US boutique investment firm's stake buy in the&nbsp;Adani&nbsp;Group, India's top court asked market regulator SEBI to look into the&nbsp;Adani&nbsp;group for potential business violations and submit a report within two months.

The top court also constituted an expert committee to look into the regulatory mechanism and suggest measures to protect investors from step losses as seen in the&nbsp;Adani&nbsp;Group stock losses.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

Adani empire's shares surged on Friday after an Indian-led US boutique investment firm, GQG, buys a $1.87 billion worth stake in the group. That marks the first significant investment in the Indian business empire since Hindenburg's report sparked a stock rout.

Adani empire's shares surged on Friday after an Indian-led US boutique investment firm, GQG, buys a $1.87 billion worth stake in the group. That marks the first significant investment in the Indian business empire since Hindenburg's report sparked a stock rout. The US boutique investment firm's stake purchases boosted billionaire Gautam Adani-led firms shares, which have plunged by over $130 billion in market value US-based and Australia-listed GQG has purchased shares in four Adani companies, including the group's flagship firm Adani Enterprises, through block deals. Founded in 1987 and headquartered in Fort Lauderdale, Florida, GQG manages $88 billion across equity funds. According to a regulatory filing, GQG invested 3.4 per cent in Adani Enterprises for around $662 million, 4.1 per cent in Adani Ports for about $640 million, 2.5 per cent in Adani Transmission for about $230 million, and 3.5 per cent in Adani Green Energy for about $340 million. GQG's chairman and chief investment officer, Rajiv Jain, said "we believe that the long-term growth prospects for these companies are substantial". ALSO READ | Adani-Hindenburg: Supreme Court constitutes expert panel, issues two-month deadline to SEBI According to the CIO, before investing, GQG did a "deep dive" as part of due diligence. The investment firm had conversations with the group's vendors, bankers and partners, according to the CIO, who also said that infrastructure companies are subject to tight regulation and therefore the risk of fraud is low. Jain added, "we actually disagree with (Hindenburg's) report," referring to a scathing report by the US research firm on January 24 accusing Adani Group of business and tax fraud. Since Hindenburg's allegations, the market value of seven listed Adani companies has plunged by about $135 billion. The organisation, headed by billionaire Gautam Adani, has denied those claims, but subsequently cancelled a $2.5 billion share sale. The group, though, has been trying to reassure investors by using road shows and phone calls. A Reuters report showed the business empire has secured a $3 billion loan from a sovereign wealth fund. But a separate report from Bloomberg showed the business denied that news. Gautam Adani-led firms have repaid loans to calm investors' nerves. The prepayment of loans plan has helped Adani firms' shares. The group's stocks extended their gains for the fourth straight day on Friday. Shares of Adani Enterprises have jumped nearly 80 per cent from their recent lows, Adani Ports stock has surged 70 per cent, and shares of Adani Power have recovered by nearly 50 per cent. Shares in the rest of the group firms have risen between 18 and 28 per cent. Separately, on the same day as the US boutique investment firm's stake buy in the Adani Group, India's top court asked market regulator SEBI to look into the Adani group for potential business violations and submit a report within two months. The top court also constituted an expert committee to look into the regulatory mechanism and suggest measures to protect investors from step losses as seen in the Adani Group stock losses. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Adani stocks surge for the fourth day after a $1.8 billion stake sale

The former CEO of Mastercard, who has been chosen by US President Joe Biden to lead the World Bank, has said that he plans to travel to Europe, Asia, Africa, and possibly Latin America in the coming weeks to talk with donor countries and borrowers about the problems facing the global institution.

Banga spoke to reporters at the US Treasury Department&nbsp;about how important it is to understand how climate change, poverty reduction, and inequality are all connected. He said that we can't have a strong economy until we deal with problems like nature, pandemics, instability, and food availability.

Banga's intent towards change

The World Bank is under increasing pressure to address climate change as a result of the controversy surrounding outgoing president David Malpass's initial refusal to recognise the scientific consensus on the subject.

ALSO READ | <a href="https://www.wionews.com/india-news/ajay-banga-whos-set-to-be-world-banks-head-used-to-earn-rs-52-million-per-day-566004">Ajay Banga, who's set to be World Bank's head, used to earn over Rs 5 million per day?</a>

This is why Banga was nominated. It is believed that Banga's connections to the private sector and his decades of experience in emerging economies will help a US-led effort to reform the 77-year-old institution.

The World Bank is under more pressure to deal with climate change because the outgoing president, David Malpass, first denied the scientific consensus on the subject.

Because of this, Banga was suggested. It is anticipated that Banga's contacts in business and his decades of experience working in developing nations will revitalise the US-led initiative to restructure the 77-year-old institution.

Banga will be in charge of billions of dollars in funds for aid to developing nations if he is elected president of the World Bank. The United States, the lender's largest shareholder, has chosen every World Bank president since the organization's founding at the end of World War II.

Banga also talked about a US-led effort to grow the bank's balance sheet and increase its ability to lend.

He said that the bank must follow the recommendations made by an independent commission for the Group of 20 major economies last year while still keeping the bank's AAA credit rating.

WATCH | Ajay Banga will start a visit to EU, Asia, Africa

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/ajay-banga-will-start-a-visit-to-eu-asia-africa-568032/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Ajay Banga's appointment as president of the World Bank is a very important chance to solve global problems like poverty, inequality, and climate change.

His long history of working in emerging markets and his connections to the private sector will help him a lot as he tries to get people behind the institution's mission and solve the tough problems that developing countries face.&nbsp;

You can&nbsp;now write for wionews.com&nbsp;and be a part of the community. Share your stories and opinions with us&nbsp;<a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

The former CEO of Mastercard, who has been chosen by US President Joe Biden to lead the World Bank, has said that he plans to travel to Europe, Asia, Africa, and possibly Latin America in the coming weeks to talk with donor countries and borrowers about the problems facing the global institution.

The former CEO of Mastercard, who has been chosen by US President Joe Biden to lead the World Bank, has said that he plans to travel to Europe, Asia, Africa, and possibly Latin America in the coming weeks to talk with donor countries and borrowers about the problems facing the global institution. Banga spoke to reporters at the US Treasury Department about how important it is to understand how climate change, poverty reduction, and inequality are all connected. He said that we can't have a strong economy until we deal with problems like nature, pandemics, instability, and food availability. Banga's intent towards change The World Bank is under increasing pressure to address climate change as a result of the controversy surrounding outgoing president David Malpass's initial refusal to recognise the scientific consensus on the subject. ALSO READ | Ajay Banga, who's set to be World Bank's head, used to earn over Rs 5 million per day? This is why Banga was nominated. It is believed that Banga's connections to the private sector and his decades of experience in emerging economies will help a US-led effort to reform the 77-year-old institution. The World Bank is under more pressure to deal with climate change because the outgoing president, David Malpass, first denied the scientific consensus on the subject. Because of this, Banga was suggested. It is anticipated that Banga's contacts in business and his decades of experience working in developing nations will revitalise the US-led initiative to restructure the 77-year-old institution. Banga will be in charge of billions of dollars in funds for aid to developing nations if he is elected president of the World Bank. The United States, the lender's largest shareholder, has chosen every World Bank president since the organization's founding at the end of World War II. Banga also talked about a US-led effort to grow the bank's balance sheet and increase its ability to lend. He said that the bank must follow the recommendations made by an independent commission for the Group of 20 major economies last year while still keeping the bank's AAA credit rating. WATCH | Ajay Banga will start a visit to EU, Asia, Africa Ajay Banga's appointment as president of the World Bank is a very important chance to solve global problems like poverty, inequality, and climate change. His long history of working in emerging markets and his connections to the private sector will help him a lot as he tries to get people behind the institution's mission and solve the tough problems that developing countries face. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

World Bank Chief nominee Ajay Banga plans a world visit

Universal Music Group, the largest record label in the world, unlocks a new milestone, the revenue collection from music streaming exceeded $1.06 billion in the fourth quarter. The company's CEO, Lucian Grainge, praised the continued growth of streaming and technology's ability to connect artists with their fans.

During the company's fourth-quarter investor call, though, he pushed for a new business model because he thought streaming didn't give enough credit to many artists and fans for what they did.

Grainge says that Universal Music Group is working with its partners to come up with new business models that will make sure streaming keeps growing and artists get paid fairly.

In January, the company signed a new deal with the music streaming service Tidal. The label is currently in talks with other major international platforms, including short-form video, which is probably a reference to TikTok.Universal Music Group's chief digital officer, Michael Nash, didn't say anything about talks with "any specific partner."

Top sellers like releases from Drake, Seventeen, and Taylor Swift's "Midnights," which made history by taking up all ten spots on Billboard's Hot 100 list of most popular songs, boosted Universal Music Group's Q4 earnings.

Adjusted pre-tax earnings reached $668 million, compared to $614 million in the fourth quarter of 2021, beating the EBITDA of $737 million.

The power of streaming

'Streaming’ typically means streaming media without the need to download the content on digital devices. Streaming has now become a better business model for companies due to its consistent growth and ability to create a stable revenue system. Streaming allows artists to have a global outreach, which is given back to them in the form of royalties.

The fact that Universal Music Group's income has grown at an exponential rate shows how powerful streaming is. Following that, revenue rose by 16.7% to $3.1 billion, with streaming revenue up 13.3% from a year ago.

Subscription and streaming revenue, which accounts for more than half of Universal Music's revenue from recorded music, went up by 18.5 per cent from a year ago, totalling $1.58 billion.

In fact, the company's collections point to a bigger shift in the way people buy things. Streaming has been critical to the success of the music industry over the past few years, and Universal Music Group's earnings show that this trend is continuing.

However, the company's CEO's remarks suggest that there are still issues with how streaming platforms compensate artists. In the coming months, it will be interesting to see how the company tries to come up with new ways to pay artists fairly.&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

Universal Music Group, the largest record label in the world, unlocks a new milestone, the revenue collection from music streaming exceeded $1.06 billion in the fourth quarter.

Universal Music Group, the largest record label in the world, unlocks a new milestone, the revenue collection from music streaming exceeded $1.06 billion in the fourth quarter. The company's CEO, Lucian Grainge, praised the continued growth of streaming and technology's ability to connect artists with their fans. During the company's fourth-quarter investor call, though, he pushed for a new business model because he thought streaming didn't give enough credit to many artists and fans for what they did. Grainge says that Universal Music Group is working with its partners to come up with new business models that will make sure streaming keeps growing and artists get paid fairly. In January, the company signed a new deal with the music streaming service Tidal. The label is currently in talks with other major international platforms, including short-form video, which is probably a reference to TikTok.Universal Music Group's chief digital officer, Michael Nash, didn't say anything about talks with "any specific partner." Top sellers like releases from Drake, Seventeen, and Taylor Swift's "Midnights," which made history by taking up all ten spots on Billboard's Hot 100 list of most popular songs, boosted Universal Music Group's Q4 earnings. Adjusted pre-tax earnings reached $668 million, compared to $614 million in the fourth quarter of 2021, beating the EBITDA of $737 million. The power of streaming 'Streaming’ typically means streaming media without the need to download the content on digital devices. Streaming has now become a better business model for companies due to its consistent growth and ability to create a stable revenue system. Streaming allows artists to have a global outreach, which is given back to them in the form of royalties. The fact that Universal Music Group's income has grown at an exponential rate shows how powerful streaming is. Following that, revenue rose by 16.7% to $3.1 billion, with streaming revenue up 13.3% from a year ago. Subscription and streaming revenue, which accounts for more than half of Universal Music's revenue from recorded music, went up by 18.5 per cent from a year ago, totalling $1.58 billion. In fact, the company's collections point to a bigger shift in the way people buy things. Streaming has been critical to the success of the music industry over the past few years, and Universal Music Group's earnings show that this trend is continuing. However, the company's CEO's remarks suggest that there are still issues with how streaming platforms compensate artists. In the coming months, it will be interesting to see how the company tries to come up with new ways to pay artists fairly. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Universal Music's record-breaking collection crosses $1 billion

Blackstone Inc. is a leading asset management giant and a prolific real estate investor. The company has now defaulted on a $562.5 million bond backed by a portfolio of offices and stores owned by the Finnish company Sponda Oy. The default occurred as rising interest rates hit European property values. Blackstone had asked the bondholders for more time to pay back the debt, but they said no.As a response to that, private equity company shares decreased by 1.6%.

Sponda Oy is a Finnish real estate investment company that focuses on owning, leasing, and developing commercial properties in prime locations in Helsinki and other big Finnish cities.

The company was founded in 2000 and has been listed on the Helsinki Stock Exchange since 2006.

Sponda's portfolio includes office, retail, and logistics properties. In 2018, Blackstone acquired Sponda.Despite the acquisition, Sponda operated as an independent company within the Blackstone portfolio, with its operations and management remaining largely unchanged.

Sponda-Blackstone relationship

An announcement was made in 2017 that Sponda would enter into an agreement to sell all of its shares to a fund managed by the world's largest asset manager, Blackrock.&nbsp;

The deal was valued at approximately $1.9 billion and was one of the largest real estate transactions in the Nordic region at the time.

Under the terms of the agreement, BlackRock acquired all of Sponda's outstanding shares and assumed control of the company's property portfolio.&nbsp;

The purchase was part of BlackRock's plan to grow its ability to invest in real estate in Europe and to get a bigger share of the Nordic market.

The deal also showed that there is a growing need for good commercial property in the area, especially in Finland.

In a statement sent via email on Thursday, Blackstone stated that "a minor fraction of the Sponda portfolio is affected by this debt. We regret that the service provider did not move further with our proposal ".&nbsp;

We still have complete faith in the&nbsp;Sponda portfolio and its&nbsp;management team, added the company.

Blackstone's $71 billion unlisted real estate income trust (BREIT), which also defaulted, has run into trouble.&nbsp;

BREIT recently disclosed that it had to restrict withdrawals for the fourth consecutive month, demonstrating that the corporation still has difficulties in the current market.

&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

Blackstone Inc. is a leading asset management giant and a prolific real estate investor. The company has now defaulted on a $562.5 million bond backed by a portfolio of offices and stores owned by the Finnish company Sponda Oy.

Blackstone Inc. is a leading asset management giant and a prolific real estate investor. The company has now defaulted on a $562.5 million bond backed by a portfolio of offices and stores owned by the Finnish company Sponda Oy. The default occurred as rising interest rates hit European property values. Blackstone had asked the bondholders for more time to pay back the debt, but they said no.As a response to that, private equity company shares decreased by 1.6%. Sponda Oy is a Finnish real estate investment company that focuses on owning, leasing, and developing commercial properties in prime locations in Helsinki and other big Finnish cities. The company was founded in 2000 and has been listed on the Helsinki Stock Exchange since 2006. Sponda's portfolio includes office, retail, and logistics properties. In 2018, Blackstone acquired Sponda.Despite the acquisition, Sponda operated as an independent company within the Blackstone portfolio, with its operations and management remaining largely unchanged. Sponda-Blackstone relationship An announcement was made in 2017 that Sponda would enter into an agreement to sell all of its shares to a fund managed by the world's largest asset manager, Blackrock. The deal was valued at approximately $1.9 billion and was one of the largest real estate transactions in the Nordic region at the time. Under the terms of the agreement, BlackRock acquired all of Sponda's outstanding shares and assumed control of the company's property portfolio. The purchase was part of BlackRock's plan to grow its ability to invest in real estate in Europe and to get a bigger share of the Nordic market. The deal also showed that there is a growing need for good commercial property in the area, especially in Finland. In a statement sent via email on Thursday, Blackstone stated that "a minor fraction of the Sponda portfolio is affected by this debt. We regret that the service provider did not move further with our proposal ". We still have complete faith in the Sponda portfolio and its management team, added the company. Blackstone's $71 billion unlisted real estate income trust (BREIT), which also defaulted, has run into trouble. BREIT recently disclosed that it had to restrict withdrawals for the fourth consecutive month, demonstrating that the corporation still has difficulties in the current market. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Blackstone defaults on a $562.5 real estate bond payment

Due to the ongoing conflict between Russia and Ukraine, big defence companies are putting more effort into making more military equipment.&nbsp;

One such company is Lockheed Martin, an American defence and aerospace company that has positioned itself as a major player in the war profiteering game.

Recently, the company announced a record-breaking production of its Himars MLRS, a multiple rocket launcher system that many nations are now lining up to use.

Himars has proven to be highly effective, allowing the Ukrainian armed forces to gain decisive victories over the Russian army, most notably in the counteroffensive launched in September and October 2022 that led to the recapturing of Kherson.

Given the system's success, the US military has provided $2 million in aid, including ammunition for Himars, which has been combat tested and proven highly reliable.

In fact, in December, the army awarded Lockheed Martin the contract for full-rate production of the high mobility artillery rocket system M142 launchers, to support both the US Army and its overseas military sales partners.&nbsp;

Several nations, including Lithuania, Latvia, Estonia, and even the Netherlands, have lined up for purchase.

Meanwhile, on the other front, the company is hopeful that Australia's defence review will lead to an increase in orders for its F-35 fighter jets.&nbsp;

China still has the largest conventionally built military since World War II, according to Australia’s defence minister.&nbsp;

The decision to give new defence equipment to Australia is largely due to the country's strong relationship with the U.S., which wants to counter China's growing influence in Taiwan and the South China Sea.

A multiple-fold increase in revenue through war profiteering&nbsp;

As the diplomatic tensions between these countries keep getting worse, the profits of war companies like Lockheed Martin speak for themselves.&nbsp;

The company's revenue base stands at $66 billion, with strong stock returns of about 24 per cent in the last 12 months.&nbsp;

The sales of Lockheed Martin have risen at a decent growth rate of 3.4 per cent to the current valuation.&nbsp;

People say that the high production of its Sikorsky helicopter programs, AC-3, and long-range anti-ship missiles, among other things, is to blame for this growth.

As the war in Ukraine continues to last for more than a year, the business will likely continue to increase as countries increase their defence spending.&nbsp;

Even though there are moral concerns about making money off of war, companies like Lockheed Martin are likely to keep growing as long as there are conflicts around the world.&nbsp; 
&nbsp; 
&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

Due to the ongoing conflict between Russia and Ukraine, big defence companies are putting more effort into making more military equipment. One such company is Lockheed Martin, an American defence and aerospace company that has positioned itself as a major player in the war profiteering game.

Due to the ongoing conflict between Russia and Ukraine, big defence companies are putting more effort into making more military equipment. One such company is Lockheed Martin, an American defence and aerospace company that has positioned itself as a major player in the war profiteering game. Recently, the company announced a record-breaking production of its Himars MLRS, a multiple rocket launcher system that many nations are now lining up to use. Himars has proven to be highly effective, allowing the Ukrainian armed forces to gain decisive victories over the Russian army, most notably in the counteroffensive launched in September and October 2022 that led to the recapturing of Kherson. Given the system's success, the US military has provided $2 million in aid, including ammunition for Himars, which has been combat tested and proven highly reliable. In fact, in December, the army awarded Lockheed Martin the contract for full-rate production of the high mobility artillery rocket system M142 launchers, to support both the US Army and its overseas military sales partners. Several nations, including Lithuania, Latvia, Estonia, and even the Netherlands, have lined up for purchase. Meanwhile, on the other front, the company is hopeful that Australia's defence review will lead to an increase in orders for its F-35 fighter jets. China still has the largest conventionally built military since World War II, according to Australia’s defence minister. The decision to give new defence equipment to Australia is largely due to the country's strong relationship with the U.S., which wants to counter China's growing influence in Taiwan and the South China Sea. A multiple-fold increase in revenue through war profiteering As the diplomatic tensions between these countries keep getting worse, the profits of war companies like Lockheed Martin speak for themselves. The company's revenue base stands at $66 billion, with strong stock returns of about 24 per cent in the last 12 months. The sales of Lockheed Martin have risen at a decent growth rate of 3.4 per cent to the current valuation. People say that the high production of its Sikorsky helicopter programs, AC-3, and long-range anti-ship missiles, among other things, is to blame for this growth. As the war in Ukraine continues to last for more than a year, the business will likely continue to increase as countries increase their defence spending. Even though there are moral concerns about making money off of war, companies like Lockheed Martin are likely to keep growing as long as there are conflicts around the world. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

War profiteering: The world lines up for Lockheed Martin's products

On the company's investor day on Wednesday (March 1), engineers from Tesla disclosed their plans to reduce assembly costs in future car generations by 50 per cent.

In addition to Elon Musk, the company's public face, the presentation included more than a dozen other Tesla officials, including Tom Zhu, the new global production leader.

The executives covered a wide range of topics throughout the presentation, including the company's creativity in managing its operations from manufacture to service, as well as a white paper strategy for the world to adopt sustainable energy.

Zach Kirkhorn, the company's chief financial officer, emphasised their commitment to reducing production costs and announced that Tesla's next-generation platform would comprise many vehicles produced in standardised factories.

Tesla's shares dropped more than five&nbsp;per cent in after-hours trading as a result of Musk disappointing investors by failing to reveal the release date of a highly anticipated inexpensive small electric vehicle.

Musk was anticipated to present a strategy for creating a more accessible electric vehicle (EV) that would increase consumer interest in his brand and fend off rivals.

<h2>Tesla vs Market</h2>

Capturing the mass market is critical to Tesla’s annual production goal, which is more than the combined production of two of the world's largest volume vehicle makers — Germany's Volkswagen and Japan's Toyota.

It would also represent a sales volume for Tesla alone of about a quarter of last year's total global car sales. Musk said the key to driving Tesla's sales volume would be bringing prices down for consumers, adding that tesla's discounts offered this year had stoked demand.

The most valuable automaker is Tesla, but its price has fluctuated significantly. Shares have recovered more than 60 per cent this year but are still down almost 50 per cent from their peak in November 2021.

Tesla could only need 10 models, according to Musk, which would result in 2 million annual sales for each model line at the desired manufacturing rate.

In terms of making profitable EVs, Tesla already has an advantage over its competitors.

Peter Bannon, a Tesla executive, illustrated how the company uses data to save expenses. He claimed that customer data revealed Tesla owners did not utilise the sunroof, so "we removed it."

Tesla will need to advance its battery technology despite its recent achievements, which Musk has referred to as the "basic limiting factor" for the switch to sustainable energy and more inexpensive vehicles. Tesla has had difficulty increasing the output of cutting-edge batteries known as 4680s.

But, they said that they were still testing two different production procedures. Executives stated on Wednesday that it was likely they may reach volume production this year.

Tesla's investor day presentation showcased the company's commitment to cutting production costs and capturing the mass market.

While the lack of details about when a more affordable EV will debut was disappointing to investors, Tesla's lead in manufacturing EVs at a profit and dedication to reducing costs gives hope for future success. 
 
(With inputs from agencies)

WATCH WION LIVE HERE:

<iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed" style="width:100%;max-width:560px;" width="560"></iframe>

On the company's investor day on Wednesday (March 1), engineers from Tesla disclosed their plans to reduce assembly costs in future car generations by 50 per cent.

On the company's investor day on Wednesday (March 1), engineers from Tesla disclosed their plans to reduce assembly costs in future car generations by 50 per cent. In addition to Elon Musk, the company's public face, the presentation included more than a dozen other Tesla officials, including Tom Zhu, the new global production leader. The executives covered a wide range of topics throughout the presentation, including the company's creativity in managing its operations from manufacture to service, as well as a white paper strategy for the world to adopt sustainable energy. Zach Kirkhorn, the company's chief financial officer, emphasised their commitment to reducing production costs and announced that Tesla's next-generation platform would comprise many vehicles produced in standardised factories. Tesla's shares dropped more than five per cent in after-hours trading as a result of Musk disappointing investors by failing to reveal the release date of a highly anticipated inexpensive small electric vehicle. Musk was anticipated to present a strategy for creating a more accessible electric vehicle (EV) that would increase consumer interest in his brand and fend off rivals. Tesla vs Market Capturing the mass market is critical to Tesla’s annual production goal, which is more than the combined production of two of the world's largest volume vehicle makers — Germany's Volkswagen and Japan's Toyota. It would also represent a sales volume for Tesla alone of about a quarter of last year's total global car sales. Musk said the key to driving Tesla's sales volume would be bringing prices down for consumers, adding that tesla's discounts offered this year had stoked demand. The most valuable automaker is Tesla, but its price has fluctuated significantly. Shares have recovered more than 60 per cent this year but are still down almost 50 per cent from their peak in November 2021. Tesla could only need 10 models, according to Musk, which would result in 2 million annual sales for each model line at the desired manufacturing rate. In terms of making profitable EVs, Tesla already has an advantage over its competitors. Peter Bannon, a Tesla executive, illustrated how the company uses data to save expenses. He claimed that customer data revealed Tesla owners did not utilise the sunroof, so "we removed it." Tesla will need to advance its battery technology despite its recent achievements, which Musk has referred to as the "basic limiting factor" for the switch to sustainable energy and more inexpensive vehicles. Tesla has had difficulty increasing the output of cutting-edge batteries known as 4680s. But, they said that they were still testing two different production procedures. Executives stated on Wednesday that it was likely they may reach volume production this year. Tesla's investor day presentation showcased the company's commitment to cutting production costs and capturing the mass market. While the lack of details about when a more affordable EV will debut was disappointing to investors, Tesla's lead in manufacturing EVs at a profit and dedication to reducing costs gives hope for future success. (With inputs from agencies) WATCH WION LIVE HERE:

Tesla’s grand plan to reduce assembly costs fails to charm investors, shares dip

The US Air Force is set to replace its ageing fleet of E-3s with 26 Boeing Co E-7A airborne early warning and control (AEW&amp;C) planes, according to a recent announcement from the Department of the Air Force.

The contract is worth up to $1.2 billion and will involve Boeing developing two new variants of the E-7 for the Air Force.

The E-7A is a modern, technologically advanced aircraft that uses the 737-700 narrowbody as its base, providing a significant upgrade over the much older 707 used for the E-3.

Introduced in 2009, the E-7A can track and provide real-time data for airborne targets and control and direct individual aircraft.

ALSO READ | <a href="https://www.wionews.com/india-news/made-in-india-19-seater-plane-hindustan-228-201-lw-gets-dgca-nod-for-civilian-flight-ops-566571">Made-in-India 19-seater plane 'Hindustan 228-201 LW' gets DGCA nod for civilian flight ops</a>

The US Air Force expects the first plane to be in service by the fiscal year 2027, with an additional 24 to be purchased by fiscal 2032.

The E-7A is set to be the Department's principal airborne sensor for detecting, identifying, tracking, and reporting all airborne activity to Joint Force Commanders.

The E-7A has already been used by other countries, including the Royal Australian Air Force, the Republic of Korea Air Force, the Turkish Air Force, and the United Kingdom's Royal Air Force.

Australia was the first plane customer and deployed it in Iraq and Syria alongside the US military.

Boeing Defence Australia Managing Director Scott Carpendale said that his team was working on using its local capabilities to support the US programme, as it had done with Britain's.

"What that looks like is to be determined, and it is guided by US requirements, US security considerations, export control restrictions or parameters and then where we best utilise our talent," he told reporters on the sidelines of the Australian International Airshow.

Regarding updating its airborne early warning and control capabilities, the US Air Force has made great progress with the decision to replace its old fleet of E-3s with the E-7A.

The Air Force will be better equipped to identify, track, and report airborne activities because of the E-7A's cutting-edge technology and state-of-the-art aircraft base, offering Joint Force Commanders a decisive advantage in their mission to safeguard and defend American interests home and abroad.

WATCH | FAA: U.S. aviation sector regulator, Boeing deliveries halted over fuselage issue

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/faa-us-aviation-sector-regulator-boeing-deliveries-halted-over-fuselage-issue-565410/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

In summary, the US Air Force's choice to switch from E-3s to Boeing Co. E-7A AEW&amp;C aircraft represents a sizable investment in modernising those systems' airborne early warning and control capabilities.

The E-7A will significantly outperform the older aircraft in technology and aircraft base, giving the Air Force a major advantage in spotting and following aerial activities locally and internationally.&nbsp;

(With inputs from agencies)

You can&nbsp;now write for wionews.com&nbsp;and be a part of the community. Share your stories and opinions with us&nbsp;<a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

The US Air Force is set to replace its ageing fleet of E-3s with 26 Boeing Co E-7A airborne early warning and control (AEW&C) planes, according to a recent announcement from the Department of the Air Force.

The US Air Force is set to replace its ageing fleet of E-3s with 26 Boeing Co E-7A airborne early warning and control (AEW&C) planes, according to a recent announcement from the Department of the Air Force. The contract is worth up to $1.2 billion and will involve Boeing developing two new variants of the E-7 for the Air Force. The E-7A is a modern, technologically advanced aircraft that uses the 737-700 narrowbody as its base, providing a significant upgrade over the much older 707 used for the E-3. Introduced in 2009, the E-7A can track and provide real-time data for airborne targets and control and direct individual aircraft. ALSO READ | Made-in-India 19-seater plane 'Hindustan 228-201 LW' gets DGCA nod for civilian flight ops The US Air Force expects the first plane to be in service by the fiscal year 2027, with an additional 24 to be purchased by fiscal 2032. The E-7A is set to be the Department's principal airborne sensor for detecting, identifying, tracking, and reporting all airborne activity to Joint Force Commanders. The E-7A has already been used by other countries, including the Royal Australian Air Force, the Republic of Korea Air Force, the Turkish Air Force, and the United Kingdom's Royal Air Force. Australia was the first plane customer and deployed it in Iraq and Syria alongside the US military. Boeing Defence Australia Managing Director Scott Carpendale said that his team was working on using its local capabilities to support the US programme, as it had done with Britain's. "What that looks like is to be determined, and it is guided by US requirements, US security considerations, export control restrictions or parameters and then where we best utilise our talent," he told reporters on the sidelines of the Australian International Airshow. Regarding updating its airborne early warning and control capabilities, the US Air Force has made great progress with the decision to replace its old fleet of E-3s with the E-7A. The Air Force will be better equipped to identify, track, and report airborne activities because of the E-7A's cutting-edge technology and state-of-the-art aircraft base, offering Joint Force Commanders a decisive advantage in their mission to safeguard and defend American interests home and abroad. WATCH | FAA: U.S. aviation sector regulator, Boeing deliveries halted over fuselage issue In summary, the US Air Force's choice to switch from E-3s to Boeing Co. E-7A AEW&C aircraft represents a sizable investment in modernising those systems' airborne early warning and control capabilities. The E-7A will significantly outperform the older aircraft in technology and aircraft base, giving the Air Force a major advantage in spotting and following aerial activities locally and internationally. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

US Air Force plans $1.2 bn Boeing planes to replace ageing fleet

There has been a growing trend in the automotive industry towards cost-cutting measures and streamlining operations. General Motors' announcement of cutting executive-level and broader jobs is part of the automaker's efforts to reduce its structural costs and enhance efficiency.

The cost-cutting drive comes after GM's announcement in January that it aims to save $2 billion in costs over the next two years. The decision by GM comes in response to similar actions taken by other significant automakers, such as Ford Motor and Stellantis, to cut expenses and streamline their operations. &nbsp;The company's broader attempts to streamline operations include the anticipated "low hundreds" of job cutbacks.&nbsp;

In her letter to employees, GM Chief People Officer Arden Hoffman emphasised the need for a "culture shift" to hold the company accountable for achieving higher operating efficiency. She also stressed the importance of having the "winning team" to beat the competition and achieve the company's goals.

Watch: US: General Motors on cost-cutting drive, cuts hundreds of jobs | World Business News

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/us-general-motors-on-cost-cutting-drive-cuts-hundreds-of-jobs-world-business-news-567050/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

The decision by GM and other manufacturers to reduce expenses and streamline operations coincides with the industry's need for increased efficiency and the growth of competition. The development of electric and driverless vehicles, which need a large amount of funding and R&amp;D, also puts pressure on automakers.

GM and other manufacturers' cost-cutting initiatives aim to improve their competitiveness and financial performance in light of difficult market conditions. There has been a wave of layoffs across corporate America, with major tech companies and Wall Street titans at the forefront.

Also read| <a href="https://www.wionews.com/business-economy/general-motors-recall-140000-chevy-bolts-from-us-canada-markets-545443">General Motors recalls 140,000 Chevy Bolts from US, Canada markets</a> 
&nbsp;

Companies like Amazon, Walt Disney, Facebook owner Meta, and American banks have had to cut back on staff due to rising interest rates and sluggish consumer demand.

Tracking site Layoffs.fyi predicts that in 2022, as the demand boom spurred by the pandemic quickly faded, technology companies laid off more than 150,000 workers. &nbsp;As growth slows in the world's largest economies, additional layoffs are anticipated this year.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1  width=&quot;100%&quot;"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

There has been a growing trend in the automotive industry towards cost-cutting measures and streamlining operations. General Motors' announcement of cutting executive-level and broader jobs is part of the automaker's efforts to reduce its structural costs and enhance efficiency.

There has been a growing trend in the automotive industry towards cost-cutting measures and streamlining operations. General Motors' announcement of cutting executive-level and broader jobs is part of the automaker's efforts to reduce its structural costs and enhance efficiency. The cost-cutting drive comes after GM's announcement in January that it aims to save $2 billion in costs over the next two years. The decision by GM comes in response to similar actions taken by other significant automakers, such as Ford Motor and Stellantis, to cut expenses and streamline their operations. The company's broader attempts to streamline operations include the anticipated "low hundreds" of job cutbacks. In her letter to employees, GM Chief People Officer Arden Hoffman emphasised the need for a "culture shift" to hold the company accountable for achieving higher operating efficiency. She also stressed the importance of having the "winning team" to beat the competition and achieve the company's goals. Watch: US: General Motors on cost-cutting drive, cuts hundreds of jobs | World Business News × The decision by GM and other manufacturers to reduce expenses and streamline operations coincides with the industry's need for increased efficiency and the growth of competition. The development of electric and driverless vehicles, which need a large amount of funding and R&D, also puts pressure on automakers. GM and other manufacturers' cost-cutting initiatives aim to improve their competitiveness and financial performance in light of difficult market conditions. There has been a wave of layoffs across corporate America, with major tech companies and Wall Street titans at the forefront. Also read| General Motors recalls 140,000 Chevy Bolts from US, Canada markets Companies like Amazon, Walt Disney, Facebook owner Meta, and American banks have had to cut back on staff due to rising interest rates and sluggish consumer demand. Tracking site Layoffs.fyi predicts that in 2022, as the demand boom spurred by the pandemic quickly faded, technology companies laid off more than 150,000 workers. As growth slows in the world's largest economies, additional layoffs are anticipated this year. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

General Motors cuts jobs, joins big tech firms' lower costs plan

Indian equity benchmark index, the Sensex, has dropped by over 2,000 points, and domestic have fallen for seven straight trading sessions as of Monday, leading to investors' wealth erosion of over $120 billion.

Those losses come after the main benchmarks suffered their worst weekly selloff of the year on worries of aggressive interest-rate hikes.

The Sensex index has dropped 2,031.16 points, or 3.31 per cent, since February 16, with the total market capitalisation of all companies listed on the Bombay Stock Exchange (BSE) down by over $120 billion, or 26 per cent, during this time.

Foreign investors, too, have turned net sellers, pulling out over $23 billion from Indian equities so far this month.

According to Shrikant Chouhan, head of retail equity research at Kotak Securities, investors are cutting their equity exposure due to weak Asian market cues and worsening global macroeconomic indicators such as increasing inflation, rising interest rates, and unpredictable commodity prices.

<a href="https://www.wionews.com/business-economy/in-dispute-with-adani-indian-truckers-say-hindenburgs-report-a-godsent-565123">Read more:&nbsp;In dispute with Adani, Indian truckers say Hindenburg's report a 'godsent'</a>

Still, after steep losses, Indian equity benchmarks eeked out small gains in early trade on Tuesday, driven by month-end flows which lifted sentiment and investors adjusted to expectations of more interest rate hikes.

However, worries about future interest rate hikes to temper stubbornly high inflation continued.

"After trading in red for most part of the trading session, the bulls were seen regrouping helped by mild US dollar selling, and also as European stock markets opened higher," said Prashanth Tapse, Senior Vice President for Research at Mehta Equities.

"Sentiment remained weak on the back of headwinds such as expectations of higher rates and geopolitical risks," he added.

What has also added to investor concern is solid US data, which has driven the futures market to price in a higher Fed rate peak.

Indeed, rates are now expected to rise by at least three more 25 basis points rate hikes from their current range of 4.50 per cent&nbsp;to 4.75 per cent, with a 50 basis point increase possible in March, according to Fed futures.

<a href="https://www.wionews.com/trending/how-much-money-is-enough-when-you-retire-3-mln-says-survey-564315">Read more:&nbsp;How much money is enough when you retire? $3 million, says survey</a> 
&nbsp; 
According to data released on Monday, US contracts to buy previously owned homes rose to the highest in over two-and-a-half years in January, while core capital goods orders in the world's largest economy advanced last month, exceeding expectations.

That solid data follows a personal consumption expenditure report that came in much higher than expected on Friday, adding to the growing consensus that the US Federal Reserve will need to maintain its hawkish stance for longer than previously expected.

Vinod Nair, head of research at Geojit Financial Services, said, "bears continued to wreak havoc in the domestic market as the latest data releases from the US heightened the existing worries of aggressive rate hikes."

"The personal consumption expenditure in the US, which is the US Fed's key monitorable of inflation, increased in January, pressuring investors to stay away from equities markets," he added.

WATCH WION LIVE HERE:&nbsp;

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Indian equity benchmark index, the Sensex, has dropped by over 2,000 points, and domestic have fallen for seven straight trading sessions as of Monday, leading to investors' wealth erosion of over $120 billion.

Indian equity benchmark index, the Sensex, has dropped by over 2,000 points, and domestic have fallen for seven straight trading sessions as of Monday, leading to investors' wealth erosion of over $120 billion. Those losses come after the main benchmarks suffered their worst weekly selloff of the year on worries of aggressive interest-rate hikes. The Sensex index has dropped 2,031.16 points, or 3.31 per cent, since February 16, with the total market capitalisation of all companies listed on the Bombay Stock Exchange (BSE) down by over $120 billion, or 26 per cent, during this time. Foreign investors, too, have turned net sellers, pulling out over $23 billion from Indian equities so far this month. According to Shrikant Chouhan, head of retail equity research at Kotak Securities, investors are cutting their equity exposure due to weak Asian market cues and worsening global macroeconomic indicators such as increasing inflation, rising interest rates, and unpredictable commodity prices. Read more: In dispute with Adani, Indian truckers say Hindenburg's report a 'godsent' Still, after steep losses, Indian equity benchmarks eeked out small gains in early trade on Tuesday, driven by month-end flows which lifted sentiment and investors adjusted to expectations of more interest rate hikes. However, worries about future interest rate hikes to temper stubbornly high inflation continued. "After trading in red for most part of the trading session, the bulls were seen regrouping helped by mild US dollar selling, and also as European stock markets opened higher," said Prashanth Tapse, Senior Vice President for Research at Mehta Equities. "Sentiment remained weak on the back of headwinds such as expectations of higher rates and geopolitical risks," he added. What has also added to investor concern is solid US data, which has driven the futures market to price in a higher Fed rate peak. Indeed, rates are now expected to rise by at least three more 25 basis points rate hikes from their current range of 4.50 per cent to 4.75 per cent, with a 50 basis point increase possible in March, according to Fed futures. Read more: How much money is enough when you retire? $3 million, says survey According to data released on Monday, US contracts to buy previously owned homes rose to the highest in over two-and-a-half years in January, while core capital goods orders in the world's largest economy advanced last month, exceeding expectations. That solid data follows a personal consumption expenditure report that came in much higher than expected on Friday, adding to the growing consensus that the US Federal Reserve will need to maintain its hawkish stance for longer than previously expected. Vinod Nair, head of research at Geojit Financial Services, said, "bears continued to wreak havoc in the domestic market as the latest data releases from the US heightened the existing worries of aggressive rate hikes." "The personal consumption expenditure in the US, which is the US Fed's key monitorable of inflation, increased in January, pressuring investors to stay away from equities markets," he added. WATCH WION LIVE HERE:

$120 billion wiped out in seven days of Indian stocks meltdown

Hindenburg's report on the Adani group is a godsent for Indian truckers delivering cement from the business empire's factories in a hilly north Indian state. Truckers claim the US research firm's report has helped them salvage their livelihoods.

Some 7,000 truck owners and drivers in India's Himachal Pradesh have been holding protest marches for weeks in response to Adani group's decision on December 15 to close two cement factories due to a dispute over travel costs.

The Adani group wanted to cut trucking rates by around half as the business empire claimed the factories were "unviable" otherwise.

On Monday, the Adani group said the trucker issue was "amicably resolved", with the travel rates cut by 10-12%. After late-night negotiations with Adani, truckers celebrated, describing the settlement as a success.

ALSO READ | <a href="https://www.wionews.com/business-economy/indias-market-regulator-seeks-details-of-loans-and-securities-of-adani-companies-564769">India's market regulator seeks details of loans and securities of Adani companies</a>

That resolution to the dispute comes four weeks after a damaging report by Hindenburg accused the Adani group of improper use of tax havens and stock manipulation.

Shares of the apples-to-airports group firms have taken a hammering since that report on January 24th. The market bleeding erodes the group stocks' wealth of around $140 billion.

Although the truckers' settlement will only have a little impact on the business empire, it is a significant victory for truckers, where most workers make less than 7 dollars per day.

Ram Krishan Sharma, one of the chief mediators on behalf of the truckers', said the Hindenburg report "played a crucial role in our battle against India's biggest business group, helped mobilize truckers and gain political support".

For several weeks, Adani's negotiators did not budge. With the latest resolution, some truckers think Hindenburg's report was "godsent".

Hindenburg's report is the best for Adani

Separately, in a media column, economist Swaminathan S Anklesaria Aiyar argues that the Adani group will benefit by slowing its "breakneck speed" of expansion. Aiyar says the Hindenburg report might be the "best thing" that has ever happened to billionaire Gautam Adani.

He believes the latest accusations and the market rout might instil financial discipline within the business empire.

The economist rejects the claim - frequently made by opposition parties - that Gautam Adani amassed his wealth through political favouritism and manipulation. He noted, "I disagree. Going from humble origins to global number three in two decades is impossible without exceptional business skills."

Aiyar believes what Hindenburg did 'to Adani' is the best thing anyone could have done 'for Adani'.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

Hindenburg's report on the Adani group is a godsent for Indian truckers delivering cement from the business empire's factories in a hilly north Indian state. Truckers claim the US research firm's report has helped them salvage their livelihoods.

Hindenburg's report on the Adani group is a godsent for Indian truckers delivering cement from the business empire's factories in a hilly north Indian state. Truckers claim the US research firm's report has helped them salvage their livelihoods. Some 7,000 truck owners and drivers in India's Himachal Pradesh have been holding protest marches for weeks in response to Adani group's decision on December 15 to close two cement factories due to a dispute over travel costs. The Adani group wanted to cut trucking rates by around half as the business empire claimed the factories were "unviable" otherwise. On Monday, the Adani group said the trucker issue was "amicably resolved", with the travel rates cut by 10-12%. After late-night negotiations with Adani, truckers celebrated, describing the settlement as a success. ALSO READ | India's market regulator seeks details of loans and securities of Adani companies That resolution to the dispute comes four weeks after a damaging report by Hindenburg accused the Adani group of improper use of tax havens and stock manipulation. Shares of the apples-to-airports group firms have taken a hammering since that report on January 24th. The market bleeding erodes the group stocks' wealth of around $140 billion. Although the truckers' settlement will only have a little impact on the business empire, it is a significant victory for truckers, where most workers make less than 7 dollars per day. Ram Krishan Sharma, one of the chief mediators on behalf of the truckers', said the Hindenburg report "played a crucial role in our battle against India's biggest business group, helped mobilize truckers and gain political support". For several weeks, Adani's negotiators did not budge. With the latest resolution, some truckers think Hindenburg's report was "godsent". Hindenburg's report is the best for Adani Separately, in a media column, economist Swaminathan S Anklesaria Aiyar argues that the Adani group will benefit by slowing its "breakneck speed" of expansion. Aiyar says the Hindenburg report might be the "best thing" that has ever happened to billionaire Gautam Adani. He believes the latest accusations and the market rout might instil financial discipline within the business empire. The economist rejects the claim - frequently made by opposition parties - that Gautam Adani amassed his wealth through political favouritism and manipulation. He noted, "I disagree. Going from humble origins to global number three in two decades is impossible without exceptional business skills." Aiyar believes what Hindenburg did 'to Adani' is the best thing anyone could have done 'for Adani'. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

In dispute with Adani, Indian truckers say Hindenburg's report a 'godsent'

The US housing market has struggled to stabilise as recent data shows the situation has become dire. According to the Mortgage Bankers Association, a gauge of US home-purchase applications tumbled to the lowest level since 1995, a 26-year low.

This decline results from the highest mortgage rates in three months, taking a toll on the market. In the week ending February 17, the index of mortgage applications to purchase a property fell by more than 18 per cent, the largest decline since 2015.

The 30-year fixed mortgage contract rate increased by 23 basis points to 6.62 per cent, the highest since November.

That is due to expectations that central bankers will continue increasing borrowing costs after jumbo-sized rate hikes by the Federal Reserve over the past year to combat surging inflation.

Sales of previously owned homes decreased in January for the twelfth consecutive month to the worst pace since 2010, reflecting the impact of the slowdown in mortgage applications.

The high mortgage rates, which make it difficult for prospective purchasers to afford homes, might be the reason for the decline.

<a href="https://www.wionews.com/videos/us-housing-market-drop-biggest-since-2008-mortgage-rates-soar-world-business-watch-564999">WATCH |&nbsp;US Housing market drop biggest since 2008, mortgage rates soar | World Business Watch</a>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/us-housing-market-drop-biggest-since-2008-mortgage-rates-soar-world-business-watch-564999/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

The Mortgage Bankers Association's index of refinancing applications also fell 2.2 per cent last week to a three-week low.

The gauge of overall mortgage applications dropped more than 13 per cent, the biggest slide since the last week of September.

Recent years have seen a dramatic rise in home prices and mortgage rates, sending the US housing market on a rollercoaster ride.

The market is slowing down, though, according to the current trend, which raises questions about the health of the economy as a whole.

<a href="https://www.wionews.com/world/portugal-announces-to-end-golden-visa-downsizes-airbnb-rentals-to-address-local-housing-crises-562999">Read more:&nbsp;Portugal to end Golden Visa, curtail Airbnb rentals to address local housing crisis</a>

A slowdown in the housing market could result in fewer jobs being created and a slowdown in the construction sector, both of which would have an impact on the overall economy.

Policymakers must respond to this scenario to address the problem and stop further deterioration.

The Federal Reserve must act to strike a balance between inflation and economic growth because its rate increases have significantly contributed to the high mortgage rates.

Also, more must be done to guarantee prospective homeowners can access low-cost mortgages.

The current state of the US housing market is a cause for concern, but it is not an impossible challenge.&nbsp;

With the right policies and initiatives, the property market can stabilise and continue to drive economic growth.&nbsp;

Stakeholders must take the necessary steps to ensure the market remains stable and accessible.

WATCH WION LIVE HERE:&nbsp;

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

The US housing market has struggled to stabilise as recent data shows the situation has become dire. According to the Mortgage Bankers Association, a gauge of US home-purchase applications tumbled to the lowest level since 1995, a 26-year low.

The US housing market has struggled to stabilise as recent data shows the situation has become dire. According to the Mortgage Bankers Association, a gauge of US home-purchase applications tumbled to the lowest level since 1995, a 26-year low. This decline results from the highest mortgage rates in three months, taking a toll on the market. In the week ending February 17, the index of mortgage applications to purchase a property fell by more than 18 per cent, the largest decline since 2015. The 30-year fixed mortgage contract rate increased by 23 basis points to 6.62 per cent, the highest since November. That is due to expectations that central bankers will continue increasing borrowing costs after jumbo-sized rate hikes by the Federal Reserve over the past year to combat surging inflation. Sales of previously owned homes decreased in January for the twelfth consecutive month to the worst pace since 2010, reflecting the impact of the slowdown in mortgage applications. The high mortgage rates, which make it difficult for prospective purchasers to afford homes, might be the reason for the decline. WATCH | US Housing market drop biggest since 2008, mortgage rates soar | World Business Watch × The Mortgage Bankers Association's index of refinancing applications also fell 2.2 per cent last week to a three-week low. The gauge of overall mortgage applications dropped more than 13 per cent, the biggest slide since the last week of September. Recent years have seen a dramatic rise in home prices and mortgage rates, sending the US housing market on a rollercoaster ride. The market is slowing down, though, according to the current trend, which raises questions about the health of the economy as a whole. Read more: Portugal to end Golden Visa, curtail Airbnb rentals to address local housing crisis A slowdown in the housing market could result in fewer jobs being created and a slowdown in the construction sector, both of which would have an impact on the overall economy. Policymakers must respond to this scenario to address the problem and stop further deterioration. The Federal Reserve must act to strike a balance between inflation and economic growth because its rate increases have significantly contributed to the high mortgage rates. Also, more must be done to guarantee prospective homeowners can access low-cost mortgages. The current state of the US housing market is a cause for concern, but it is not an impossible challenge. With the right policies and initiatives, the property market can stabilise and continue to drive economic growth. Stakeholders must take the necessary steps to ensure the market remains stable and accessible. WATCH WION LIVE HERE:

Is trouble brewing in the US housing markets?

Author

Zee News Rajasthan

Editor

Anupriya Adaval

Home

Live Tv

Latest

World

India

Business

Entertainment

Sports

Opinions

Videos

Photos

Gravitas

Lifestyle

Science

Tech

Rajasthan News in Hindi: In-depth coverage of Rajasthan Crime, Political News, Education, Rajasthan Weather Update and Latest Rajasthan News on Zee News Rajasthan.