As interest rates rise and China’s economic recovery disappoints, the global economy is predicted to slow down, according to a report by Bloomberg.

The most recent OECD (The Organisation for Economic Cooperation and Development) predictions indicate that growth, which was already "sub-par" this year at 3 per cent, will slow to 2.7 per cent in 2024. That would represent the weakest yearly expansion since the global financial crisis, with the exception of 2020, when Covid struck.

Bloomberg quoted the OECD Chief Economist Clare Lombardelli as saying during a news conference on Tuesday that "high inflation continues to unwind, but the world economy remains in a difficult place." "Inflation and slow growth present us with a double challenge," she added.

The Paris-based group issued a warning that risks to its estimate are biassed to the downside because prior rate hikes may have had a bigger impact than anticipated and because inflation may turn out to be persistent, necessitating additional monetary tightening. China's problems were referred to as a "key risk" for global output.

Global GDP is anticipated to decline after a stronger-than-expected start to 2023, aided by reduced energy prices and China's reopening, according to the OECD. The effects of tighter monetary policy are becoming more apparent, consumer and corporate confidence are declining, and China's recovery is losing steam.

The bleak picture will put central bankers to the test as the economy continues to be impacted by their efforts to combat inflation, and politicians worry that activity is being stifled.

Despite indicating that the peak may have been reached, the European Central Bank announced its tenth consecutive hike last week. On Wednesday, the Federal Reserve is anticipated to do nothing.

The OECD warned against slowing down as core price increases remained persistent in several countries despite declining headline indicators. Rate reductions are unlikely to happen until "well into 2024," according to the report.

"Monetary policy needs to remain restrictive until there are clear signs that underlying inflation pressures have durably abated," Bloomberg quoted the OECD as saying.

Based on their exposure and whether they are importers or exporters of the fossil fuel, Lombardelli said that certain countries have experienced a slight increase in inflation as a result of the 25 per cent increase in oil prices since May.

According to her, countries would certainly not be pleased about this. "Oil prices will continue to be potentially volatile through this period. That’s why we’ve highlighted it as one of the risks. The impact obviously will be, as we have learned, a squeezing on household budgets and on demand.”

Germany will experience a 0.2 per cent decline in 2023, making it the only G-20 country other than Argentina to experience a downturn, according to the OECD's analysis of regional and national outlooks. The OECD also lowered its growth projections for the euro-area for this year and next. Even if the US economy would grow more quickly than expected in June, it will drop to 1.3 per cent in 2024 from 2.2 per cent in 2023.

The sharpest growth downgrades were seen in China, where output is projected to increase by less than 5 per cent next year due to weak domestic demand and structural difficulties in the real estate markets. According to the OECD, China's options for providing effective policy support may be more constrained than in the past.

The group cautioned against governments using additional spending to boost growth. Instead, it recommended reducing support to make way for upcoming investment difficulties and prevent fuelling the inflation that central banks are trying to control.

&nbsp;(With inputs from Bloomberg)

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As interest rates rise and China’s economic recovery disappoints, the global economy is predicted to slow down, according to a report by Bloomberg. The most recent OECD (The Organisation for Economic Cooperation and Development) predictions indicate that growth, which was already "sub-par" this year at 3 per cent, will slow to 2.

As interest rates rise and China’s economic recovery disappoints, the global economy is predicted to slow down, according to a report by Bloomberg. The most recent OECD (The Organisation for Economic Cooperation and Development) predictions indicate that growth, which was already "sub-par" this year at 3 per cent, will slow to 2.7 per cent in 2024. That would represent the weakest yearly expansion since the global financial crisis, with the exception of 2020, when Covid struck. Bloomberg quoted the OECD Chief Economist Clare Lombardelli as saying during a news conference on Tuesday that "high inflation continues to unwind, but the world economy remains in a difficult place." "Inflation and slow growth present us with a double challenge," she added. The Paris-based group issued a warning that risks to its estimate are biassed to the downside because prior rate hikes may have had a bigger impact than anticipated and because inflation may turn out to be persistent, necessitating additional monetary tightening. China's problems were referred to as a "key risk" for global output. Global GDP is anticipated to decline after a stronger-than-expected start to 2023, aided by reduced energy prices and China's reopening, according to the OECD. The effects of tighter monetary policy are becoming more apparent, consumer and corporate confidence are declining, and China's recovery is losing steam. The bleak picture will put central bankers to the test as the economy continues to be impacted by their efforts to combat inflation, and politicians worry that activity is being stifled. Despite indicating that the peak may have been reached, the European Central Bank announced its tenth consecutive hike last week. On Wednesday, the Federal Reserve is anticipated to do nothing. The OECD warned against slowing down as core price increases remained persistent in several countries despite declining headline indicators. Rate reductions are unlikely to happen until "well into 2024," according to the report. "Monetary policy needs to remain restrictive until there are clear signs that underlying inflation pressures have durably abated," Bloomberg quoted the OECD as saying. Based on their exposure and whether they are importers or exporters of the fossil fuel, Lombardelli said that certain countries have experienced a slight increase in inflation as a result of the 25 per cent increase in oil prices since May. According to her, countries would certainly not be pleased about this. "Oil prices will continue to be potentially volatile through this period. That’s why we’ve highlighted it as one of the risks. The impact obviously will be, as we have learned, a squeezing on household budgets and on demand.” Germany will experience a 0.2 per cent decline in 2023, making it the only G-20 country other than Argentina to experience a downturn, according to the OECD's analysis of regional and national outlooks. The OECD also lowered its growth projections for the euro-area for this year and next. Even if the US economy would grow more quickly than expected in June, it will drop to 1.3 per cent in 2024 from 2.2 per cent in 2023. The sharpest growth downgrades were seen in China, where output is projected to increase by less than 5 per cent next year due to weak domestic demand and structural difficulties in the real estate markets. According to the OECD, China's options for providing effective policy support may be more constrained than in the past. The group cautioned against governments using additional spending to boost growth. Instead, it recommended reducing support to make way for upcoming investment difficulties and prevent fuelling the inflation that central banks are trying to control. (With inputs from Bloomberg) WATCH WION LIVE HERE

Rate hikes set to slow down world economy: OECD report

This week, China appealed a decision by the World Trade Organisation (WTO) to reject the country's tariffs on US goods worth $2.4 billion, claiming that the judgement was wrong, Bloomberg reported.

According to the report, a statement was released on Tuesday that acknowledged the appeal, the Ministry of Commerce stated that “China believes that the expert panel's decision in this case contains legal errors.” The country is contesting the WTO panel's decision "to protect its rights and interests.”

When China implemented the tariffs in retaliation for the steel and aluminium tariffs imposed by the previous administration of President Donald Trump, the WTO concluded last month that China had broken its fundamental trade commitments.

The panel agreed with the Washington’s assertions that Beijing had broken previous trade agreements it made when it joined the WTO and that Beijing's tariffs prevented it from receiving the treatment of a so-called most-favorable nation.

China's tariffs, according to the commerce ministry's announcement on Tuesday, were enacted in retaliation for “unilateral and protectionist” actions taken by the US. The conflict began during the early stages of Trump's trade war, when his government levied 10% per cent tariffs on imports of aluminium and 25 per cent tariffs on steel from around the world.

Because the WTO administrative body has been inactive since 2019, a Beijing appeal serves as a veto.

(With inputs from Bloomberg)

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This week, China appealed a decision by the World Trade Organisation (WTO) to reject the country's tariffs on US goods worth $2.4 billion, claiming that the judgement was wrong, Bloomberg reported.

This week, China appealed a decision by the World Trade Organisation (WTO) to reject the country's tariffs on US goods worth $2.4 billion, claiming that the judgement was wrong, Bloomberg reported. According to the report, a statement was released on Tuesday that acknowledged the appeal, the Ministry of Commerce stated that “China believes that the expert panel's decision in this case contains legal errors.” The country is contesting the WTO panel's decision "to protect its rights and interests.” When China implemented the tariffs in retaliation for the steel and aluminium tariffs imposed by the previous administration of President Donald Trump, the WTO concluded last month that China had broken its fundamental trade commitments. The panel agreed with the Washington’s assertions that Beijing had broken previous trade agreements it made when it joined the WTO and that Beijing's tariffs prevented it from receiving the treatment of a so-called most-favorable nation. China's tariffs, according to the commerce ministry's announcement on Tuesday, were enacted in retaliation for “unilateral and protectionist” actions taken by the US. The conflict began during the early stages of Trump's trade war, when his government levied 10% per cent tariffs on imports of aluminium and 25 per cent tariffs on steel from around the world. Because the WTO administrative body has been inactive since 2019, a Beijing appeal serves as a veto. (With inputs from Bloomberg) WATCH WION LIVE HERE

China appeals WTO's decision on tariffs imposed on US goods brought by Trump administration

If “serious progress” is not made towards a resolution, the United Auto Workers (UAW)have warned to extend their historic strike against Detroit's Big Three automakers on Friday, according to a report by The Washington Post.

UAW President Shawn Fain gave General Motors, Ford, and Stellantis until noon on Friday, which will mark one week since the union started striking at three factories, one at each company, in a video uploaded late Monday. The industry is transitioning to electric vehicles, which could result in additional plant closures. The union is asking for a significant pay rise, improved benefits, and more employment protections.

“We’re going to keep hitting the company where we need to, when we need to,” The Washington Post quoted Fain as saying. “And we’re not going to keep waiting around forever while they drag this out.”

The strike's participating factories were not disclosed by Fain. He also refrained from announcing that provisional agreements would be required to prevent further strikes and did not define what would constitute “serious progress.” The current strikes affect the Wentzville, Missouri, GM van and truck facility, the Toledo Stellantis plant that manufactures the Jeep Wrangler and Gladiator, and the Wayne, Michigan, Ford plant that produces the Ranger pickup and Bronco SUV.

Separately, Ford and the employees' union, Unifor, avoided a strike on Tuesday by coming to a tentative contract agreement. The union said the agreement made "fundamental, transformative gains that addressed our core priorities of pensions, wages, and the EV transition." Late on Tuesday, the union and Ford announced that they had achieved an agreement.

Both parties declined to provide details, stating that the workers must yet ratify the arrangement. The agreement was reached just after 5,600 Ford employees and Unifor announced they were prepared to strike. An engine manufacturing facility in Windsor, Ontario, which produces engines for the business's extremely lucrative F-series trucks, was one of the workplaces threatening a work stoppage.

When Unifor announced the tentative agreement, it claimed that it had “used the most potent tool at our union's disposal: the right to strike.”

Although Unifor is also in negotiations with GM and Stellantis, it has decided to put its current agreements with those businesses on hold in order to concentrate on discussions with Ford.

The UAW and the automakers in the United States are still at odds over the provisions of a new, four-year contract. The automakers are only willing to provide roughly 20 per cent of the 36 per cent wage raise the union is asking for over a four-year period.

The current system of tiered pay for employees is nevertheless a source of contention because younger workers receive lower pay and perks or spend years in a temporary employment status. The businesses have offered to reduce the time it takes for employees to reach the top salary rate and have suggested raising the starting pay for temporary employees by 20 per cent, to $20 per hour. They did not, however, give in to all of the union's demands.

Following Fain's comments late Monday, Ford stated that it has conceded a lot in the negotiations and is still committed to reaching an agreement. Ford is providing certain compensation adjustments for the cost of living, additional contributions to employees' retirement savings, and more paid time off in addition to 20 per cent wage increases spread over four years

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If “serious progress” is not made towards a resolution, the United Auto Workers (UAW)have warned to extend their historic strike against Detroit's Big Three automakers on Friday, according to a report by The Washington Post.

If “serious progress” is not made towards a resolution, the United Auto Workers (UAW)have warned to extend their historic strike against Detroit's Big Three automakers on Friday, according to a report by The Washington Post. UAW President Shawn Fain gave General Motors, Ford, and Stellantis until noon on Friday, which will mark one week since the union started striking at three factories, one at each company, in a video uploaded late Monday. The industry is transitioning to electric vehicles, which could result in additional plant closures. The union is asking for a significant pay rise, improved benefits, and more employment protections. “We’re going to keep hitting the company where we need to, when we need to,” The Washington Post quoted Fain as saying. “And we’re not going to keep waiting around forever while they drag this out.” The strike's participating factories were not disclosed by Fain. He also refrained from announcing that provisional agreements would be required to prevent further strikes and did not define what would constitute “serious progress.” The current strikes affect the Wentzville, Missouri, GM van and truck facility, the Toledo Stellantis plant that manufactures the Jeep Wrangler and Gladiator, and the Wayne, Michigan, Ford plant that produces the Ranger pickup and Bronco SUV. Separately, Ford and the employees' union, Unifor, avoided a strike on Tuesday by coming to a tentative contract agreement. The union said the agreement made "fundamental, transformative gains that addressed our core priorities of pensions, wages, and the EV transition." Late on Tuesday, the union and Ford announced that they had achieved an agreement. Both parties declined to provide details, stating that the workers must yet ratify the arrangement. The agreement was reached just after 5,600 Ford employees and Unifor announced they were prepared to strike. An engine manufacturing facility in Windsor, Ontario, which produces engines for the business's extremely lucrative F-series trucks, was one of the workplaces threatening a work stoppage. When Unifor announced the tentative agreement, it claimed that it had “used the most potent tool at our union's disposal: the right to strike.” Although Unifor is also in negotiations with GM and Stellantis, it has decided to put its current agreements with those businesses on hold in order to concentrate on discussions with Ford. The UAW and the automakers in the United States are still at odds over the provisions of a new, four-year contract. The automakers are only willing to provide roughly 20 per cent of the 36 per cent wage raise the union is asking for over a four-year period. The current system of tiered pay for employees is nevertheless a source of contention because younger workers receive lower pay and perks or spend years in a temporary employment status. The businesses have offered to reduce the time it takes for employees to reach the top salary rate and have suggested raising the starting pay for temporary employees by 20 per cent, to $20 per hour. They did not, however, give in to all of the union's demands. Following Fain's comments late Monday, Ford stated that it has conceded a lot in the negotiations and is still committed to reaching an agreement. Ford is providing certain compensation adjustments for the cost of living, additional contributions to employees' retirement savings, and more paid time off in addition to 20 per cent wage increases spread over four years WATCH WION LIVE HERE

 UAW warns to expand strike if dialogue doesn’t lead to “serious progress”: Report

S&amp;P Global Market Intelligence announced on Monday that India’s growth prediction for FY24 was raised upward to 6.6 per cent on the strength of strong growth in the April-June quarter, according to a report by The Economic Times.

This represents a significant change from the 5.9 per cent growth the analytics company predicted in August. However, compared to 5.1 per cent in August, the inflation rate was forecast to grow sharply to 6 per cent in 2023, touching the upper band goal range set by the RBI.

The Economic Times quoted Rajiv Biswas, APAC Chief Economist at S&amp;P Global Market Intelligence as saying, “India's economic growth momentum was buoyant in the April-June quarter, growing at a pace of 7.8 per cent year-on-year, supported by robust growth in domestic demand.”

S&amp;P is less pessimistic about inflation but in contrast is more positive than the Reserve Bank of India, which expects the economy to grow by 6.5 per cent this fiscal year.

Biswas noted a risk to the prognosis from the recent recovery in global oil prices, noting that there is still a chance of a major El Nino weather event forming in late 2023 and into 2024, which may cause drought conditions and raise prices for important agricultural commodities.

S&amp;P highlighted that due to concerns about global economic development, India's economy is likely to increase at a rate of 6.2 per cent in FY25 as opposed to the 6.1 per cent projected in August. While the company increased its growth projection for 2023 to 2.6 per cent because it was confident about the world's prospects, it decreased its growth forecast for 2024 to 2.3 per cent in its September update.

The paper said that "downside risks include inflation persistence, tighter financial conditions, and escalating geopolitical tensions" and claimed that "the 2024 global growth forecast has been lowered again."

The company noted that while the US is expected to see a marked slowdown with threats to China's growth, the recession in Europe was the baseline scenario for the second half of 2023.

India's exports are anticipated to suffer from slower global growth.

Concerns over inflation

India's inflation rate is anticipated to be high, at 5.3 per cent, in 2024.

The global analytics company raised its worldwide inflation forecast for 2023 and 2024 in response to its prediction of worsening inflation trends across nations.

The Economic Times quoted S&amp;P stating that “the near-term outlook for inflation has deteriorated,” citing increased crude oil prices and a rise in the cost of some industrial non-energy goods.

Given the generally tight labour market circumstances, increased wage and unit labour cost rise, and persistent core inflation rates, particularly for services, the report added.

According to the group, global inflation will reach a high of 5.7 per cent in 2023 and stay over 4 per cent in 2024.

India's inflation somewhat decreased in August from 7.4 per cent to 6.8 per cent, and it is anticipated to continue to reduce as a result of lower tomato prices and a Rs 200 ($2.4) reduction in the cost of LPG cylinders.

High inflation, according to experts, will accelerate the trajectory of rate cuts. At its meeting in early October, the Monetary Policy Committee of the RBI is anticipated to maintain the policy rate at 6.5 per cent.

A similar trajectory for advanced economies may be predicted, according to S&amp;P Global Market Intelligence.

“Central bank rate cuts in advanced economies remain some way off. Our forecast remains that policy rate cuts in advanced economies are unlikely until mid-2024 given the challenging inflationary environment,” The Economic Times quoted S&amp;P as saying.

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S&P Global Market Intelligence announced on Monday that India’s growth prediction for FY24 was raised upward to 6.6 per cent on the strength of strong growth in the April-June quarter, according to a report by The Economic Times.

S&P Global Market Intelligence announced on Monday that India’s growth prediction for FY24 was raised upward to 6.6 per cent on the strength of strong growth in the April-June quarter, according to a report by The Economic Times. This represents a significant change from the 5.9 per cent growth the analytics company predicted in August. However, compared to 5.1 per cent in August, the inflation rate was forecast to grow sharply to 6 per cent in 2023, touching the upper band goal range set by the RBI. The Economic Times quoted Rajiv Biswas, APAC Chief Economist at S&P Global Market Intelligence as saying, “India's economic growth momentum was buoyant in the April-June quarter, growing at a pace of 7.8 per cent year-on-year, supported by robust growth in domestic demand.” S&P is less pessimistic about inflation but in contrast is more positive than the Reserve Bank of India, which expects the economy to grow by 6.5 per cent this fiscal year. Biswas noted a risk to the prognosis from the recent recovery in global oil prices, noting that there is still a chance of a major El Nino weather event forming in late 2023 and into 2024, which may cause drought conditions and raise prices for important agricultural commodities. S&P highlighted that due to concerns about global economic development, India's economy is likely to increase at a rate of 6.2 per cent in FY25 as opposed to the 6.1 per cent projected in August. While the company increased its growth projection for 2023 to 2.6 per cent because it was confident about the world's prospects, it decreased its growth forecast for 2024 to 2.3 per cent in its September update. The paper said that "downside risks include inflation persistence, tighter financial conditions, and escalating geopolitical tensions" and claimed that "the 2024 global growth forecast has been lowered again." The company noted that while the US is expected to see a marked slowdown with threats to China's growth, the recession in Europe was the baseline scenario for the second half of 2023. India's exports are anticipated to suffer from slower global growth. Concerns over inflation India's inflation rate is anticipated to be high, at 5.3 per cent, in 2024. The global analytics company raised its worldwide inflation forecast for 2023 and 2024 in response to its prediction of worsening inflation trends across nations. The Economic Times quoted S&P stating that “the near-term outlook for inflation has deteriorated,” citing increased crude oil prices and a rise in the cost of some industrial non-energy goods. Given the generally tight labour market circumstances, increased wage and unit labour cost rise, and persistent core inflation rates, particularly for services, the report added. According to the group, global inflation will reach a high of 5.7 per cent in 2023 and stay over 4 per cent in 2024. India's inflation somewhat decreased in August from 7.4 per cent to 6.8 per cent, and it is anticipated to continue to reduce as a result of lower tomato prices and a Rs 200 ($2.4) reduction in the cost of LPG cylinders. High inflation, according to experts, will accelerate the trajectory of rate cuts. At its meeting in early October, the Monetary Policy Committee of the RBI is anticipated to maintain the policy rate at 6.5 per cent. A similar trajectory for advanced economies may be predicted, according to S&P Global Market Intelligence. “Central bank rate cuts in advanced economies remain some way off. Our forecast remains that policy rate cuts in advanced economies are unlikely until mid-2024 given the challenging inflationary environment,” The Economic Times quoted S&P as saying. WATCH WION LIVE HERE

 S&P Global raises India’s FY24 growth projection to 6.6 pc amid inflation worries

Brazil has offered to share its ethanol manufacturing technology with India, in an attempt to put an end to their long-running disagreements over the sugar industry, the Financial Express reported on Monday.

A ministerial conference and several rounds of formal negotiations between the two parties led to the development.

The offer on ethanol technology might be the deciding factor because India wants to proceed quickly with the use of biofuels for stand-alone usage in transportation as well as for blending with petroleum fuels.

“Brazil is saying they will share with us technology for ethanol production. It is a positive thing. We should be able to get a good outcome (in talks),” the Financial Express quoted an anonymous official as saying. But the representative withheld information on the Indian proposal during the negotiations.

Brazil is a major manufacturer of ethanol and sugarcane. It has attained a 25 per cent level and is a leader in gasoline with ethanol added. In Brazil, a sizable market for flex-fuel vehicles that can run on either gasoline or ethanol has now been cornered, making up 83 per cent of sales of new light vehicles in 2022.

By FY 26, India wants to increase the current 10 per cent ethanol blend to 20 per cent. Diesel and ethanol blends are also being tested. Additionally, it is the Global Alliance's proposer and coordinator, which was established on its idea during the G-20 Summit on September 9. &nbsp;Along with the presidents of the US, Brazil, Argentina, Italy, Singapore, the United Arab Emirates, Mauritius, and Bangladesh, Prime Minister Narendra Modi had launched it.

All major manufacturers currently provide vehicles with flex fuel engines, and late last month Roads and Highways Minister Nitin Gadkari unveiled the first electric flex-fuel vehicle produced in India by Toyota.

The Indian government is pushing ethanol in order to increase farm revenue in addition to lowering the cost of importing crude oil for transportation and aiding in the decarbonisation of transportation. Some sources claim that sugarcane farmers' incomes could increase by 15 per cent as a result of ethanol. Sugar price increases are not under much pressure since farmers are earning more money from ethanol. Additionally, it increases the cash flow and profitability of sugarcane processors.

Given that it involves two of the biggest sugar producers in the world, the India-Brazil sugar dispute is critical. The resolution of the conflict could have a significant effect on the world sugar market.

The India-Brazil sugar dispute began in 2005 when India complained to the World Trade Organization (WTO) about Brazil's sugar subsidies, claiming that they were affecting Indian sugar farmers and causing the global sugar market to become distorted. Brazil had to cut back on its sugar subsidies after the WTO decided in favour of India.

Despite this, the conflict has persisted, with India and Brazil trading charges of breaking WTO regulations. Brazil contested India's support programmes for sugarcane farmers and sugar export subsidies in 2019. Brazil said that these actions were against the WTO's Agriculture Agreement (AoA).

In response to a complaint from Brazil, the WTO's Dispute Settlement Panel stated in a report distributed to members in December 2021 that India's support for sugarcane producers between 2014–15 and 2018–19 exceeded the permissible amount of 10 per cent of the total value of production, in violation of AoA provisions. Costa Rica and Guatemala later asked to join the dispute. Other nations participated in the dispute as third parties.

The panel's decision has been contested by India, but as the WTO's Appellate Body is now inactive, efforts have been made to resolve the dispute bilaterally.

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Brazil has offered to share its ethanol manufacturing technology with India, in an attempt to put an end to their long-running disagreements over the sugar industry, the Financial Express reported on Monday.

Brazil has offered to share its ethanol manufacturing technology with India, in an attempt to put an end to their long-running disagreements over the sugar industry, the Financial Express reported on Monday. A ministerial conference and several rounds of formal negotiations between the two parties led to the development. The offer on ethanol technology might be the deciding factor because India wants to proceed quickly with the use of biofuels for stand-alone usage in transportation as well as for blending with petroleum fuels. “Brazil is saying they will share with us technology for ethanol production. It is a positive thing. We should be able to get a good outcome (in talks),” the Financial Express quoted an anonymous official as saying. But the representative withheld information on the Indian proposal during the negotiations. Brazil is a major manufacturer of ethanol and sugarcane. It has attained a 25 per cent level and is a leader in gasoline with ethanol added. In Brazil, a sizable market for flex-fuel vehicles that can run on either gasoline or ethanol has now been cornered, making up 83 per cent of sales of new light vehicles in 2022. By FY 26, India wants to increase the current 10 per cent ethanol blend to 20 per cent. Diesel and ethanol blends are also being tested. Additionally, it is the Global Alliance's proposer and coordinator, which was established on its idea during the G-20 Summit on September 9. Along with the presidents of the US, Brazil, Argentina, Italy, Singapore, the United Arab Emirates, Mauritius, and Bangladesh, Prime Minister Narendra Modi had launched it. All major manufacturers currently provide vehicles with flex fuel engines, and late last month Roads and Highways Minister Nitin Gadkari unveiled the first electric flex-fuel vehicle produced in India by Toyota. The Indian government is pushing ethanol in order to increase farm revenue in addition to lowering the cost of importing crude oil for transportation and aiding in the decarbonisation of transportation. Some sources claim that sugarcane farmers' incomes could increase by 15 per cent as a result of ethanol. Sugar price increases are not under much pressure since farmers are earning more money from ethanol. Additionally, it increases the cash flow and profitability of sugarcane processors. Given that it involves two of the biggest sugar producers in the world, the India-Brazil sugar dispute is critical. The resolution of the conflict could have a significant effect on the world sugar market. The India-Brazil sugar dispute began in 2005 when India complained to the World Trade Organization (WTO) about Brazil's sugar subsidies, claiming that they were affecting Indian sugar farmers and causing the global sugar market to become distorted. Brazil had to cut back on its sugar subsidies after the WTO decided in favour of India. Despite this, the conflict has persisted, with India and Brazil trading charges of breaking WTO regulations. Brazil contested India's support programmes for sugarcane farmers and sugar export subsidies in 2019. Brazil said that these actions were against the WTO's Agriculture Agreement (AoA). In response to a complaint from Brazil, the WTO's Dispute Settlement Panel stated in a report distributed to members in December 2021 that India's support for sugarcane producers between 2014–15 and 2018–19 exceeded the permissible amount of 10 per cent of the total value of production, in violation of AoA provisions. Costa Rica and Guatemala later asked to join the dispute. Other nations participated in the dispute as third parties. The panel's decision has been contested by India, but as the WTO's Appellate Body is now inactive, efforts have been made to resolve the dispute bilaterally. WATCH WION LIVE HERE

Brazil to offer India ethanol technology to resolve ongoing sugar dispute: Report

Ukraine wants to file a complaint with the World Trade Organisation against Poland, Hungary, and Slovakia for their restrictions on Ukrainian agricultural exports, according to Ukrainian officials who told Reuters on Monday.

According to a source, the plea might be submitted "in the near future" and came after the three nations surrounding Ukraine decided to restrict imports of many of its main exports.

Earlier on Monday, Ukrainian Trade Representative Taras Kachka was quoted by Politico as indicating in an interview that Kyiv intended to sue the three nations.

Poland, Bulgaria, Hungary, Romania, Slovakia, and other countries were able to apply restrictions in May that prevented the domestic sale of Ukrainian wheat, maize, rapeseed, and sunflower seeds while allowing the transit of such cargoes for export to other countries.

Following the executive European Commission's decision not to extend its embargo on imports into Ukraine's five EU neighbours, Poland, Slovakia, and Hungary announced their own limitations on the purchase of Ukrainian grain on Friday.

According to Warsaw, Bratislava, and Budapest, such actions are being taken to benefit their local businesses and farmers.

According to Kachka, if Warsaw continued with its extra steps, Ukraine may apply reciprocal restrictions on the import of fruit and vegetables from Poland.

According to Polish Agriculture Minister Robert Telus, the restriction in Warsaw now extends to meals made from the following cereals: maize, wheat and rapeseed.

The leader of Poland's parliamentary foreign affairs department, Radoslaw Fogiel, was quoted by PAP as stating that Ukraine's plan to suit will "reverberate badly in Poland" and that Ukraine should be aware of this.

"Our decision is not aimed at Ukraine, it is dictated by the protection of the Polish farmer and the protection of Poland's interests," Reuters quoted him as saying.

After Ukraine announced it will take steps to tighten supervision of shipments to neighbouring countries, the EU permitted its ban to expire on Friday.

According to Kachka, Kiev would enact a system of "real time" export licences for grains and was prepared to "take on the responsibility to ensure that export from Ukraine is not creating any tsunami in neighbouring countries."

According to data from the farm ministry, 1.4 million tonnes of farm products from Ukraine, out of a total export volume of 4.5 million tons—left the country by train in the first quarter of the 2023–24 July to June season. Train crossings with Poland, Slovakia, and Hungary are used by Ukraine to transport grain. Additionally, Ukraine transported 1 million tonnes of additional oils and oilseeds by rail.

(With inputs from Reuters)

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Ukraine wants to file a complaint with the World Trade Organisation against Poland, Hungary, and Slovakia for their restrictions on Ukrainian agricultural exports, according to Ukrainian officials who told Reuters on Monday.

Ukraine wants to file a complaint with the World Trade Organisation against Poland, Hungary, and Slovakia for their restrictions on Ukrainian agricultural exports, according to Ukrainian officials who told Reuters on Monday. According to a source, the plea might be submitted "in the near future" and came after the three nations surrounding Ukraine decided to restrict imports of many of its main exports. Earlier on Monday, Ukrainian Trade Representative Taras Kachka was quoted by Politico as indicating in an interview that Kyiv intended to sue the three nations. Poland, Bulgaria, Hungary, Romania, Slovakia, and other countries were able to apply restrictions in May that prevented the domestic sale of Ukrainian wheat, maize, rapeseed, and sunflower seeds while allowing the transit of such cargoes for export to other countries. Following the executive European Commission's decision not to extend its embargo on imports into Ukraine's five EU neighbours, Poland, Slovakia, and Hungary announced their own limitations on the purchase of Ukrainian grain on Friday. According to Warsaw, Bratislava, and Budapest, such actions are being taken to benefit their local businesses and farmers. According to Kachka, if Warsaw continued with its extra steps, Ukraine may apply reciprocal restrictions on the import of fruit and vegetables from Poland. According to Polish Agriculture Minister Robert Telus, the restriction in Warsaw now extends to meals made from the following cereals: maize, wheat and rapeseed. The leader of Poland's parliamentary foreign affairs department, Radoslaw Fogiel, was quoted by PAP as stating that Ukraine's plan to suit will "reverberate badly in Poland" and that Ukraine should be aware of this. "Our decision is not aimed at Ukraine, it is dictated by the protection of the Polish farmer and the protection of Poland's interests," Reuters quoted him as saying. After Ukraine announced it will take steps to tighten supervision of shipments to neighbouring countries, the EU permitted its ban to expire on Friday. According to Kachka, Kiev would enact a system of "real time" export licences for grains and was prepared to "take on the responsibility to ensure that export from Ukraine is not creating any tsunami in neighbouring countries." According to data from the farm ministry, 1.4 million tonnes of farm products from Ukraine, out of a total export volume of 4.5 million tons—left the country by train in the first quarter of the 2023–24 July to June season. Train crossings with Poland, Slovakia, and Hungary are used by Ukraine to transport grain. Additionally, Ukraine transported 1 million tonnes of additional oils and oilseeds by rail. (With inputs from Reuters) WATCH WION LIVE HERE

Ukraine looking to sue Poland, Hungary, and Slovakia over their bans on food imports

Zomato’s stock increased by almost 2 per cent during trading on the National Stock Exchange (NSE) on September 18, reaching a 52-week high of Rs 105 ($1.26), Moneycontrol reported. However, compared to its previous rate, the stock closed 0.87 per cent lower at Rs 102.05 ($1.23) per share.

This increase was ascribed to investors' rising trust in the business, which was sparked by Zomato's transparency in proving revenue growth and margin expansion.

In a Jefferies research, the majority of investors praised CFO Akshant Goyal for keeping his word during the company's US roadshow. In the report, Jefferies noted that while scepticism was strong at the time, presently, it is the opposite.

Zomato CFO anticipates a 20 to 25 per cent growth in the value of its meal delivery service and a staggering 60 per cent CAGR for its brand-new rapid commerce venture. Given that restaurants only account for 10 per cent of India's food consumption, food delivery has a "vast growth runway." By providing restaurants with local insights that increase food diversity and stimulate local demand, Zomato is facilitating growth, according to Jefferies.

However, in India's enormous retail market, Zomato's rapid commerce may grow even more than food delivery.

Additionally, Jefferies anticipates a gradual increase in food margins to 5 per cent, with rapid commerce likely to reach break-even in four quarters.

With only 20 million monthly active users at present, according to Jefferies, who rates Zomato as a "buy" with a target price of Rs 130 ($1.56), Zomato has a significant amount of room to develop both its user base and its revenue. However, it says that this can compromise short-term financial success. After its IPO, the company, changed its emphasis from survival to being prepared for the future, according to the report.

Zomato shares were trading at Rs 104.10 ($1.25) as of 11:24 a.m. The share price has increased by 96 per cent during the past six months.

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Zomato’s stock increased by almost 2 per cent during trading on the National Stock Exchange (NSE) on September 18, reaching a 52-week high of Rs 105 ($1.26), Moneycontrol reported.

Zomato’s stock increased by almost 2 per cent during trading on the National Stock Exchange (NSE) on September 18, reaching a 52-week high of Rs 105 ($1.26), Moneycontrol reported. However, compared to its previous rate, the stock closed 0.87 per cent lower at Rs 102.05 ($1.23) per share. This increase was ascribed to investors' rising trust in the business, which was sparked by Zomato's transparency in proving revenue growth and margin expansion. In a Jefferies research, the majority of investors praised CFO Akshant Goyal for keeping his word during the company's US roadshow. In the report, Jefferies noted that while scepticism was strong at the time, presently, it is the opposite. Zomato CFO anticipates a 20 to 25 per cent growth in the value of its meal delivery service and a staggering 60 per cent CAGR for its brand-new rapid commerce venture. Given that restaurants only account for 10 per cent of India's food consumption, food delivery has a "vast growth runway." By providing restaurants with local insights that increase food diversity and stimulate local demand, Zomato is facilitating growth, according to Jefferies. However, in India's enormous retail market, Zomato's rapid commerce may grow even more than food delivery. Additionally, Jefferies anticipates a gradual increase in food margins to 5 per cent, with rapid commerce likely to reach break-even in four quarters. With only 20 million monthly active users at present, according to Jefferies, who rates Zomato as a "buy" with a target price of Rs 130 ($1.56), Zomato has a significant amount of room to develop both its user base and its revenue. However, it says that this can compromise short-term financial success. After its IPO, the company, changed its emphasis from survival to being prepared for the future, according to the report. Zomato shares were trading at Rs 104.10 ($1.25) as of 11:24 a.m. The share price has increased by 96 per cent during the past six months. WATCH WION LIVE HERE

Investors laud Zomato for keeping its word as stock price drives to a 52-week high

According to a report released on Monday by Fitch Ratings, commercial vehicle sales volume growth in India will drop to low- to mid-single digits as a result of increased ownership expenses.

The rating agency indicates that the rising regulatory requirements, high inflation, and high borrowing rates have increased ownership expenses, which has a major impact on buying decisions.

Compared to the 569,000 units sold in the fiscal year 2020, commercial vehicle sales increased by 34 per cent to over 962,000 units in the financial year 2023, according to information from the Society of Indian Automobile Manufacturers (SIAM).

"The 3.3 per cent Y/Y drop in commercial vehicle wholesale volume in the second quarter of FY23 marked the first yearly decline since March 2020," Reuters cited Fitch, adding that this was due to purchases made before automakers raised their prices and problems with vehicle supply following the implementation of new emission standards.

The most recent regulations mandate real-time emissions assessment, which will cause commercial cars' pricing to increase by close to 5 per cent starting in April 2023.

“We expect faster volume for medium and heavy commercial vehicles than for light commercial vehicles, due to India's rising infrastructure activities and the vulnerability of light commercial vehicles to potentially weaker rural demand due to uneven rainfall,” Reuters quoted from Fitch’s report.

(With inputs from Reuters)

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According to a report released on Monday by Fitch Ratings, commercial vehicle sales volume growth in India will drop to low- to mid-single digits as a result of increased ownership expenses.

According to a report released on Monday by Fitch Ratings, commercial vehicle sales volume growth in India will drop to low- to mid-single digits as a result of increased ownership expenses. The rating agency indicates that the rising regulatory requirements, high inflation, and high borrowing rates have increased ownership expenses, which has a major impact on buying decisions. Compared to the 569,000 units sold in the fiscal year 2020, commercial vehicle sales increased by 34 per cent to over 962,000 units in the financial year 2023, according to information from the Society of Indian Automobile Manufacturers (SIAM). "The 3.3 per cent Y/Y drop in commercial vehicle wholesale volume in the second quarter of FY23 marked the first yearly decline since March 2020," Reuters cited Fitch, adding that this was due to purchases made before automakers raised their prices and problems with vehicle supply following the implementation of new emission standards. The most recent regulations mandate real-time emissions assessment, which will cause commercial cars' pricing to increase by close to 5 per cent starting in April 2023. “We expect faster volume for medium and heavy commercial vehicles than for light commercial vehicles, due to India's rising infrastructure activities and the vulnerability of light commercial vehicles to potentially weaker rural demand due to uneven rainfall,” Reuters quoted from Fitch’s report. (With inputs from Reuters) WATCH WION LIVE HERE

India's commercial vehicle volume growth hampered by rising ownership costs: Fitch

As per a report by the Reserve Bank of India (RBI) on the state of the economy, India's headline retail inflation is anticipated to decline in September, with room for further corrections in vegetable prices, Moneycontrol reported on Monday.

The report published on September 18 indicated that, headline inflation had slowed down from its peak in August compared to a month earlier, offering a small silver lining to domestic events. It further stated that the ebbing was driven by reversal in the prices of vegetables and that there were preliminary signs of corrections in a wide range of vegetable prices that go beyond the TOP (Tomatoes, Onions, and Potatoes) group.

Vegetable prices decreased somewhat in August compared to the prior month, which resulted in a decrease in India's headline retail inflation rate to 6.83 per cent. Food inflation decreased to 9.94 per cent in August from 11.51 per cent in July as the Consumer Food Price Index fell 0.7 per cent month over month, indicating a downward trend in price momentum. Vegetables, whose index fell 5.9 percent from July, were the main component of food where prices fell.

According to CPI data, the index declined 21.7 per cent month over month in August, reflecting the sharp decline in tomato retail prices. However, the price index for potatoes increased by 2.3 percent from July while the index for onions increased by 12.3 per cent.

According to the official projection from the RBI, average CPI inflation will be 6.2 per cent from July to September, 5.7 per cent from October to December, and 5.2 per cent in each of the first two quarters of 2024. The last time inflation fell below the central bank's medium-term target of 4 per cent was in September 2019, when it registered at 3.99 per cent.

The September print, which will be made public on October 12, is expected to fully reflect the impact of the continuous decrease in vegetable prices, according to economists. Additionally, they anticipate that the decrease in LPG prices will moderate the impact on the main retail figure.

The report further stated that, a stabilising core inflation shows a general lessening of price pressures in the economy, which is a crucial development for the conduct of monetary policy.

Core inflation, which includes prices for food and fuel, fell once again in August, easing down to 4.8 per cent from 4.9 per cent in July.

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As per a report by the Reserve Bank of India (RBI) on the state of the economy, India's headline retail inflation is anticipated to decline in September, with room for further corrections in vegetable prices, Moneycontrol reported on Monday.

As per a report by the Reserve Bank of India (RBI) on the state of the economy, India's headline retail inflation is anticipated to decline in September, with room for further corrections in vegetable prices, Moneycontrol reported on Monday. The report published on September 18 indicated that, headline inflation had slowed down from its peak in August compared to a month earlier, offering a small silver lining to domestic events. It further stated that the ebbing was driven by reversal in the prices of vegetables and that there were preliminary signs of corrections in a wide range of vegetable prices that go beyond the TOP (Tomatoes, Onions, and Potatoes) group. Vegetable prices decreased somewhat in August compared to the prior month, which resulted in a decrease in India's headline retail inflation rate to 6.83 per cent. Food inflation decreased to 9.94 per cent in August from 11.51 per cent in July as the Consumer Food Price Index fell 0.7 per cent month over month, indicating a downward trend in price momentum. Vegetables, whose index fell 5.9 percent from July, were the main component of food where prices fell. According to CPI data, the index declined 21.7 per cent month over month in August, reflecting the sharp decline in tomato retail prices. However, the price index for potatoes increased by 2.3 percent from July while the index for onions increased by 12.3 per cent. According to the official projection from the RBI, average CPI inflation will be 6.2 per cent from July to September, 5.7 per cent from October to December, and 5.2 per cent in each of the first two quarters of 2024. The last time inflation fell below the central bank's medium-term target of 4 per cent was in September 2019, when it registered at 3.99 per cent. The September print, which will be made public on October 12, is expected to fully reflect the impact of the continuous decrease in vegetable prices, according to economists. Additionally, they anticipate that the decrease in LPG prices will moderate the impact on the main retail figure. The report further stated that, a stabilising core inflation shows a general lessening of price pressures in the economy, which is a crucial development for the conduct of monetary policy. Core inflation, which includes prices for food and fuel, fell once again in August, easing down to 4.8 per cent from 4.9 per cent in July. WATCH WION LIVE HERE

RBI Bulletin: A further decline in vegetable prices could lower September's CPI inflation

A significant outflow of capital from Chinese stocks and bonds is reducing the market's influence in global portfolios and speeding up its decoupling from the rest of the globe, according to a report by the Times of India.

According to Bloomberg's statistics, calculated from the central bank’s data, foreign ownership of the country's equity and debt have decreased by around 1.37 trillion yuan ($188 billion), or 17 per cent, from a peak to the end of June this year.

The departure occurs at the same time as China's economic downturn brought on by years of Covid-19 restrictions, a housing market crisis, and ongoing hostilities with the West - worries that have contributed to making the "avoid China" theme one of the largest convictions among investors in Bank of America's most recent survey. Since the end of 2020, fewer foreign funds have been invested in the Hong Kong stock market, which accounts for a decrease of more than a third.

“Foreigners are just throwing in the towel,” the Times of India quoted Zhikai Chen, the head of Asia and global EM equities at BNP Paribas Asset Management. According to him, there are concerns about the property market and sluggish consumer spending. He said, “Disappointment on those fronts has led to a lot of foreign investors rethinking their exposure.”

Prior to this year, it was believed that China’s weakening would negatively affect the rest of the world, especially the emerging-markets group. The MSCI China Index is forecast to be down around 7 per cent in 2023, beginning a three-year losing streak that would be its longest in more than 20 years. As investors seek gains in other countries like India and other regions of Latin America, the larger MSCI Emerging Markets Index has increased by 3 per cent.

The disparity arises from China's efforts to become self-sufficient in all supply chains and the deterioration of relations with the US, which have rendered other markets less vulnerable to its ups and downs. The artificial intelligence boom, which has helped markets from the US to Taiwan while providing mainland shares less of a boost, is another factor in addition to the economic decoupling. From over 30 per cent at the end of 2021, China's weighting in the EM gauge has decreased to about 27 per cent presently.

The introduction of equity funds that exclude China already reached a new yearly high in 2023, indicating that a strategy to exclude China from emerging-market portfolios is quickly gaining acceptance.

The LGFV, housing stock overhang, demography, dependence ratio, regulatory instability, and geopolitical isolation are just a few of the dangers associated with China, Times of India cited Gaurav Pantankar, chief investment officer of MercedCERA, which manages around $1.1 billion in US assets.

According to data collated by Bloomberg, international investors have removed around $26 billion from Chinese government bonds in the debt market in 2023 while investing a total of $62 billion into notes from the rest of emerging Asia. According to a JPMorgan Chase &amp; Co. research, over half of the $250 billion to $300 billion inflow that came along with China's membership in government bond indexes since 2019 has been lost.

The yuan’s value against the dollar has reached a 16-year low due to selling pressure. The yuan is depreciating as a result of the central bank's loose monetary policy, which is in contrast to the tightening in most major economies and giving foreigners another reason to avoid local assets.

As a crisis in its real estate industry enters its fourth year, China looks to have entirely decoupled from the rest of Asia in terms of corporate debt performance. With domestic investors owning roughly 85–90 per cent of the market, it is now more regionally concentrated.

All of this occurs against the backdrop of China's faltering economy, which has led many to re-evaluate the market’s appeal as a location for investments. Citigroup Inc. and JPMorgan are two Wall Street banks that have doubts surrounding Beijing's 5 per cent growth ambition.

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A significant outflow of capital from Chinese stocks and bonds is reducing the market's influence in global portfolios and speeding up its decoupling from the rest of the globe, according to a report by the Times of India.

A significant outflow of capital from Chinese stocks and bonds is reducing the market's influence in global portfolios and speeding up its decoupling from the rest of the globe, according to a report by the Times of India. According to Bloomberg's statistics, calculated from the central bank’s data, foreign ownership of the country's equity and debt have decreased by around 1.37 trillion yuan ($188 billion), or 17 per cent, from a peak to the end of June this year. The departure occurs at the same time as China's economic downturn brought on by years of Covid-19 restrictions, a housing market crisis, and ongoing hostilities with the West - worries that have contributed to making the "avoid China" theme one of the largest convictions among investors in Bank of America's most recent survey. Since the end of 2020, fewer foreign funds have been invested in the Hong Kong stock market, which accounts for a decrease of more than a third. “Foreigners are just throwing in the towel,” the Times of India quoted Zhikai Chen, the head of Asia and global EM equities at BNP Paribas Asset Management. According to him, there are concerns about the property market and sluggish consumer spending. He said, “Disappointment on those fronts has led to a lot of foreign investors rethinking their exposure.” Prior to this year, it was believed that China’s weakening would negatively affect the rest of the world, especially the emerging-markets group. The MSCI China Index is forecast to be down around 7 per cent in 2023, beginning a three-year losing streak that would be its longest in more than 20 years. As investors seek gains in other countries like India and other regions of Latin America, the larger MSCI Emerging Markets Index has increased by 3 per cent. The disparity arises from China's efforts to become self-sufficient in all supply chains and the deterioration of relations with the US, which have rendered other markets less vulnerable to its ups and downs. The artificial intelligence boom, which has helped markets from the US to Taiwan while providing mainland shares less of a boost, is another factor in addition to the economic decoupling. From over 30 per cent at the end of 2021, China's weighting in the EM gauge has decreased to about 27 per cent presently. The introduction of equity funds that exclude China already reached a new yearly high in 2023, indicating that a strategy to exclude China from emerging-market portfolios is quickly gaining acceptance. The LGFV, housing stock overhang, demography, dependence ratio, regulatory instability, and geopolitical isolation are just a few of the dangers associated with China, Times of India cited Gaurav Pantankar, chief investment officer of MercedCERA, which manages around $1.1 billion in US assets. According to data collated by Bloomberg, international investors have removed around $26 billion from Chinese government bonds in the debt market in 2023 while investing a total of $62 billion into notes from the rest of emerging Asia. According to a JPMorgan Chase & Co. research, over half of the $250 billion to $300 billion inflow that came along with China's membership in government bond indexes since 2019 has been lost. The yuan’s value against the dollar has reached a 16-year low due to selling pressure. The yuan is depreciating as a result of the central bank's loose monetary policy, which is in contrast to the tightening in most major economies and giving foreigners another reason to avoid local assets. As a crisis in its real estate industry enters its fourth year, China looks to have entirely decoupled from the rest of Asia in terms of corporate debt performance. With domestic investors owning roughly 85–90 per cent of the market, it is now more regionally concentrated. All of this occurs against the backdrop of China's faltering economy, which has led many to re-evaluate the market’s appeal as a location for investments. Citigroup Inc. and JPMorgan are two Wall Street banks that have doubts surrounding Beijing's 5 per cent growth ambition. WATCH WION LIVE HERE

China’s decoupling speeds up as it loses about $200 billion from its markets

Foxconn, the Taiwan-based iPhone supplier,&nbsp;is planning a two-fold increase in its workforce in India in the next twelve months, according to a Mint report.

To commemorate Indian Prime Minister Narendra Modi’s 73rd birthday, V Lee, Foxconn's representative in India, wrote on LinkedIn that the company is "aiming for another doubling of employment, FDI (foreign direct investment), and business size in India" by this time next year.

The largest electronics contract manufacturer in the world, Foxconn has been&nbsp;increasing&nbsp;its investments in India, in an attempt&nbsp;to diversify away from China.

Notably, Foxconn already operates a 40,000-person iPhone manufacturing in the southern state of Tamil Nadu.

In August this year, the Karnataka government said that Foxconn intends&nbsp;to invest $600 million in two projects to produce chip-making machinery and iPhone case components.

Earlier this month, Young Liu, Chairman and CEO of Hon Hai Technology Group (Foxconn) said that India will play a significant role in manufacturing in the future.

A PTI report quoted him as saying it took China 30 years to build the entire supply chain ecosystem but&nbsp;it will take an "appropriate amount of time in India". He added the process will be shorter in Asia's third-largest economy.&nbsp;

Meanwhile, the South Asian nation will be able to purchase the India-made iPhone 15 on the day that it goes on sale globally, according to previous reports by Bloomberg.

Reports indicate that even if the vast majority of iPhone 15s will be made in China, it would be the first time that a gadget of the most recent generation, that too made in India, will be offered on the first day of sales in India.&nbsp;

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Foxconn, the Taiwan-based iPhone supplier, is planning a two-fold increase in its workforce in India in the next twelve months, according to a Mint report. To commemorate Indian Prime Minister Narendra Modi’s 73rd birthday, V Lee, Foxconn's representative in India, wrote on LinkedIn that the company is "aiming for another doubling of employment, FDI (foreign direct investment), and business size in India" by this time next year.

Foxconn, the Taiwan-based iPhone supplier, is planning a two-fold increase in its workforce in India in the next twelve months, according to a Mint report. To commemorate Indian Prime Minister Narendra Modi’s 73rd birthday, V Lee, Foxconn's representative in India, wrote on LinkedIn that the company is "aiming for another doubling of employment, FDI (foreign direct investment), and business size in India" by this time next year. The largest electronics contract manufacturer in the world, Foxconn has been increasing its investments in India, in an attempt to diversify away from China. Notably, Foxconn already operates a 40,000-person iPhone manufacturing in the southern state of Tamil Nadu. In August this year, the Karnataka government said that Foxconn intends to invest $600 million in two projects to produce chip-making machinery and iPhone case components. Earlier this month, Young Liu, Chairman and CEO of Hon Hai Technology Group (Foxconn) said that India will play a significant role in manufacturing in the future. A PTI report quoted him as saying it took China 30 years to build the entire supply chain ecosystem but it will take an "appropriate amount of time in India". He added the process will be shorter in Asia's third-largest economy. Meanwhile, the South Asian nation will be able to purchase the India-made iPhone 15 on the day that it goes on sale globally, according to previous reports by Bloomberg. Reports indicate that even if the vast majority of iPhone 15s will be made in China, it would be the first time that a gadget of the most recent generation, that too made in India, will be offered on the first day of sales in India. WATCH WION LIVE HERE

Foxconn plans to increase its employees by two-fold in India by next year

In an effort to reduce home inflationary pressures, the French government intends to temporarily waive a ban on merchants selling fuel below cost, Prime Minister Elisabeth Borne told newspaper Le Parisien.

This summer's spike in petrol prices has complicated government efforts to control consumer inflation, with ministers urging the food and fuel businesses to reduce their margins.

TotalEnergies has extended the year-end fuel price cap, and several supermarket chains have run specials to offer petrol at cost.

However, Borne claimed that wholesalers were unable to lower prices any more due to a 1963 prohibition on selling fuel below cost, albeit the ban would be abolished for "several months."

"With this unprecedented measure, we will obtain tangible results for the French people, without subsidising fuel," Reuters quoted her as saying in an interview published on Saturday.

She dismissed the notion of the government lowering fuel taxes, pointing out the need to lower the public deficit and debt while arguing that big businesses should contribute as well.

The government may need to take action to address the issue of large profit margins in the petroleum refining industry, according to Finance Minister Bruno Le Maire on Thursday.

Regarding food costs, Borne informed Le Parisien that beginning in November; businesses must make a note on labels whenever they change a product's size.

During the recent price surge in the food industry, so-called "shrinkflation," in which products are supplied in lower quantities without any price drop, has come under fire.

This month, the French retail operator Carrefour made the announcement that it will put notices next to any products that it discovered to be engaged in such practices.

(With inputs from Reuters)

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In an effort to reduce home inflationary pressures, the French government intends to temporarily waive a ban on merchants selling fuel below cost, Prime Minister Elisabeth Borne told newspaper Le Parisien.

In an effort to reduce home inflationary pressures, the French government intends to temporarily waive a ban on merchants selling fuel below cost, Prime Minister Elisabeth Borne told newspaper Le Parisien. This summer's spike in petrol prices has complicated government efforts to control consumer inflation, with ministers urging the food and fuel businesses to reduce their margins. TotalEnergies has extended the year-end fuel price cap, and several supermarket chains have run specials to offer petrol at cost. However, Borne claimed that wholesalers were unable to lower prices any more due to a 1963 prohibition on selling fuel below cost, albeit the ban would be abolished for "several months." "With this unprecedented measure, we will obtain tangible results for the French people, without subsidising fuel," Reuters quoted her as saying in an interview published on Saturday. She dismissed the notion of the government lowering fuel taxes, pointing out the need to lower the public deficit and debt while arguing that big businesses should contribute as well. The government may need to take action to address the issue of large profit margins in the petroleum refining industry, according to Finance Minister Bruno Le Maire on Thursday. Regarding food costs, Borne informed Le Parisien that beginning in November; businesses must make a note on labels whenever they change a product's size. During the recent price surge in the food industry, so-called "shrinkflation," in which products are supplied in lower quantities without any price drop, has come under fire. This month, the French retail operator Carrefour made the announcement that it will put notices next to any products that it discovered to be engaged in such practices. (With inputs from Reuters) WATCH WION LIVE HERE

France to permit sale of fuel below cost to combat inflation

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