Indian low-cost carrier, IndiGo received the nod from the Directorate General of Civil Aviation (DGCA) on Wednesday to wet lease (lease with operational crew) 11 Airbus A320 family narrow-body aircraft for three months, according to a report by the Times of India.

As Pratt &amp; Whitney (PW) has warned that up to 700 of its engines for the A320neo aircraft may need to be evaluated in the next three years internationally, forcing some planes to be grounded, the low-cost carrier is seeking to lease more than 20 aircraft.

IndiGo, the largest A320 operator in the world, is attempting to lease as many older generation A320ceo aircraft as possible in order to avoid being affected by the newest round of PW’s never-ending problems with its geared turbofan (GTF) A320neo engines.

“We have given the approval for wet leasing of 11 aircraft to IndiGo for three months. These are all A320 family aircraft,” Times of India quoted a senior DGCA official as saying.

The regulator has not yet received IndiGo’s request to lease additional aircraft. The following batch will only include aircraft that are leased with the low-cost carrier’s own crew operating them.

As a “stopgap” measure in response to supply chain challenges the aviation industry was experiencing, the government raised the length of time Indian airlines may wet lease wide body aircraft from six months to a year in November of last year.

Indian airlines with massive growth ambitions were unable to meet the growing demand for travel due to the large number of planes that were grounded, waiting for engines and components, and the supply of requested new aircraft from original equipment manufacturers (OEMs) being impacted.

Two wide-body aircraft from Turkish Airlines have already been wet leased by IndiGo. They are utilised to fly daily between Istanbul and Delhi and Mumbai. Due to problems with PW engines, IndiGo is now looking for single aisle A320ceos instead of the single aisle A320neos, which were meant to be more fuel efficient. Approximately 50 of IndiGo’s 170 A320neo aircraft are now grounded.

PW has since issued a cautionary statement saying that “600 to 700 engines will be removed for shop visits between 2023 and 2026 (and) the accelerated removals and incremental shop visits will result in higher aircraft on ground.” The new PW warning may have a negative impact on IndiGo’s operations.

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Indian low-cost carrier, IndiGo received the nod from the Directorate General of Civil Aviation (DGCA) on Wednesday to wet lease (lease with operational crew) 11 Airbus A320 family narrow-body aircraft for three months, according to a report by the Times of India.

Indian low-cost carrier, IndiGo received the nod from the Directorate General of Civil Aviation (DGCA) on Wednesday to wet lease (lease with operational crew) 11 Airbus A320 family narrow-body aircraft for three months, according to a report by the Times of India. As Pratt & Whitney (PW) has warned that up to 700 of its engines for the A320neo aircraft may need to be evaluated in the next three years internationally, forcing some planes to be grounded, the low-cost carrier is seeking to lease more than 20 aircraft. IndiGo, the largest A320 operator in the world, is attempting to lease as many older generation A320ceo aircraft as possible in order to avoid being affected by the newest round of PW’s never-ending problems with its geared turbofan (GTF) A320neo engines. “We have given the approval for wet leasing of 11 aircraft to IndiGo for three months. These are all A320 family aircraft,” Times of India quoted a senior DGCA official as saying. The regulator has not yet received IndiGo’s request to lease additional aircraft. The following batch will only include aircraft that are leased with the low-cost carrier’s own crew operating them. As a “stopgap” measure in response to supply chain challenges the aviation industry was experiencing, the government raised the length of time Indian airlines may wet lease wide body aircraft from six months to a year in November of last year. Indian airlines with massive growth ambitions were unable to meet the growing demand for travel due to the large number of planes that were grounded, waiting for engines and components, and the supply of requested new aircraft from original equipment manufacturers (OEMs) being impacted. Two wide-body aircraft from Turkish Airlines have already been wet leased by IndiGo. They are utilised to fly daily between Istanbul and Delhi and Mumbai. Due to problems with PW engines, IndiGo is now looking for single aisle A320ceos instead of the single aisle A320neos, which were meant to be more fuel efficient. Approximately 50 of IndiGo’s 170 A320neo aircraft are now grounded. PW has since issued a cautionary statement saying that “600 to 700 engines will be removed for shop visits between 2023 and 2026 (and) the accelerated removals and incremental shop visits will result in higher aircraft on ground.” The new PW warning may have a negative impact on IndiGo’s operations. WATCH WION LIVE HERE

DGCA permits IndiGo to wet lease A320 planes to tackle persistent Pratt & Whitney engine woes 

As Silicon Valley continues its cost-cutting measures, Google revealed it will let go of hundreds of employees who assisted in hiring and recruiting new personnel, according to a report by CNN.

The most recent job layoffs come after Alphabet, the parent company of Google, lost 12,000 jobs in January, or approximately 6 per cent of its total workforce, as it struggled with the economic unrest that had a negative impact on the company’s bottom line in particular its main advertising division.

Google’s CEO Sundar Pichai stated during the company’s earnings call in July that the company was working to decrease “expense growth and pace of hiring.”

“We continue to invest in top engineering and technical talent while also meaningfully slowing the pace of our overall hiring,” CNN quoted Google spokesperson Courtenay Mencini as saying in a statement on Wednesday, further indicating that the workload for recruiters has reduced amid hiring slowdowns. “To ensure we operate efficiently, we’ve made the hard decision to reduce the size of our recruiting team.”

A few hundred employees throughout the globe will be impacted by the job cuts, but the majority of the team will continue to work and recruit for important positions like top engineering talent, according to Google. The actual number of department layoffs was not disclosed by the corporation.

Google added that the hiring reductions do not constitute a larger round of layoffs and that the impacted employees will get severance packages and other perks.

Google's cloud, user experience, software engineering, and other teams’ recruiters made posts on LinkedIn indicating they had been impacted by the layoffs.

An affected Google recruiter was quoted by CNN as saying, “My heart is heavy for everyone that was impacted alongside me, and I know better days are ahead for all of us even though today doesn't feel like it.”

As rising demand for its services during the pandemic increased profitability, Alphabet increased its workforce by more than 50,000 employees beginning in 2021. However, the company’s main digital ad business last year experienced a slowdown as advertisers cut down on their spending due to concerns about an economic downturn or recession.

In an effort to stabilise its operations, the corporation has put more emphasis this year on cost-cutting measures. Google announced in July that its revenues increased by about 15 per cent year over year in the quarter that ended in June as its Search and YouTube advertisements businesses kept growing.

Alphabet has 190,234 employees as at the end of 2022,according to a report with the Securities and Exchange Commission. As per its most recent filing, its headcount decreased to 181,798 by the end of June.

This year, a variety of other IT companies, including Meta, Microsoft, and, more lately, T-Mobile, undertook significant layoffs in an effort to reduce expenses in the face of economic difficulties.

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As Silicon Valley continues its cost-cutting measures, Google revealed it will let go of hundreds of employees who assisted in hiring and recruiting new personnel, according to a report by CNN.

As Silicon Valley continues its cost-cutting measures, Google revealed it will let go of hundreds of employees who assisted in hiring and recruiting new personnel, according to a report by CNN. The most recent job layoffs come after Alphabet, the parent company of Google, lost 12,000 jobs in January, or approximately 6 per cent of its total workforce, as it struggled with the economic unrest that had a negative impact on the company’s bottom line in particular its main advertising division. Google’s CEO Sundar Pichai stated during the company’s earnings call in July that the company was working to decrease “expense growth and pace of hiring.” “We continue to invest in top engineering and technical talent while also meaningfully slowing the pace of our overall hiring,” CNN quoted Google spokesperson Courtenay Mencini as saying in a statement on Wednesday, further indicating that the workload for recruiters has reduced amid hiring slowdowns. “To ensure we operate efficiently, we’ve made the hard decision to reduce the size of our recruiting team.” A few hundred employees throughout the globe will be impacted by the job cuts, but the majority of the team will continue to work and recruit for important positions like top engineering talent, according to Google. The actual number of department layoffs was not disclosed by the corporation. Google added that the hiring reductions do not constitute a larger round of layoffs and that the impacted employees will get severance packages and other perks. Google's cloud, user experience, software engineering, and other teams’ recruiters made posts on LinkedIn indicating they had been impacted by the layoffs. An affected Google recruiter was quoted by CNN as saying, “My heart is heavy for everyone that was impacted alongside me, and I know better days are ahead for all of us even though today doesn't feel like it.” As rising demand for its services during the pandemic increased profitability, Alphabet increased its workforce by more than 50,000 employees beginning in 2021. However, the company’s main digital ad business last year experienced a slowdown as advertisers cut down on their spending due to concerns about an economic downturn or recession. In an effort to stabilise its operations, the corporation has put more emphasis this year on cost-cutting measures. Google announced in July that its revenues increased by about 15 per cent year over year in the quarter that ended in June as its Search and YouTube advertisements businesses kept growing. Alphabet has 190,234 employees as at the end of 2022,according to a report with the Securities and Exchange Commission. As per its most recent filing, its headcount decreased to 181,798 by the end of June. This year, a variety of other IT companies, including Meta, Microsoft, and, more lately, T-Mobile, undertook significant layoffs in an effort to reduce expenses in the face of economic difficulties. WATCH WION LIVE HERE

Google laid off hundreds of recruiters in another round of job cuts

According to a research by global hiring platform, Indeed, blue-collar workers are looking for jobs that could potentially offer them physical safety and psychological well-being in addition to fair pay.

Although fair compensation is a major concern and priority for blue-collar job seekers, the survey conducted by Indeed indicated that 82 per cent of blue-collar job searchers are looking for positions that will allow them to earn enough money to live comfortably rather than earn just enough to cover their basic needs.

The report indicated that at present, just 18 per cent of the workforces are able to make such earnings. At present, up to 56 per cent of blue-collar workers earn just enough to cover their bare necessities. Furthermore, 39 per cent of Gen Z blue-collar workers make incomes that fall short of covering their essential expenses.

Commenting on the need for fair pay among blue-collar workers and the current shift in pay-structures, Nirupama VG, the founder and managing director at the recruitment solutions firm, AdAstra said, “companies, especially in sectors such as e-commerce and logistics, are leaning towards performance-linked pay structures, offering to join perks and larger incentives linked to individual and team performances. This not only manages the fixed costs for organisations but also incentivises a meritocratic culture, potentially fostering a win-win scenario for both employers and employees.”

According to the report, a sizeable 73 per cent of job seekers give workplace safety top priority as it helps with preventing accidents and injuries.

Additionally, professions that reduce physical and mental stress at work are sought after by 49 per cent of respondents. Blue-collar workers may experience physical stress as a result of the manual labour, which can cause ache, fatigue, and other physical health problems.

&nbsp;A company that tackles these issues and fosters a supportive, positive environment is crucial for overall wellbeing and job satisfaction, especially in light of the potential psychological stress that comes with high-pressure work conditions.

Taking the example of Covid19, Nirupama said that presently for blue-collar workers, companies are now launching tailored health programmes that include special insurance coverage and initiatives to increase public awareness of physical and mental health.

On the other hand, for Indian blue-collar workers looking for employment abroad, Aditi Banerjee, Co-Founder and CEO of the international recruitment firm, Magic Billion said, “through the initiative of the 'Emigration Clearance' facilitated by the offices of Protectors of Emigrants (POE), we ensure that our citizens are not exploited in foreign lands. This process verifies the employment contract, and the authenticity of the foreign employer, integrating necessary insurance coverage, thus acting as a protective layer safeguarding the rights and well-being of emigrants.”

Since Blue-collar occupations are informal in nature, they do not provide the same level of job security as formal jobs, job security is a top priority for 71 per cent of job-seekers. Wages in the informal sector are often low and workers are not provided with benefits like health insurance or retirement plans. Due to economic downturns or changes in the business, they are also more susceptible to layoffs or job losses. In times of economic uncertainty, job security guarantees that employees will still be paid.

Banerjee claims that there is currently an evident change in the blue-collar job sector, partially influenced by international trends and technological improvements. The skills that blue-collar population possesses are highlighted by these trends, enabling them to participate in an international work. In order to improve these blue-collar workers’ integration, employers in the UK and Germany also wish to up-skill candidates.

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According to a research by global hiring platform, Indeed, blue-collar workers are looking for jobs that could potentially offer them physical safety and psychological well-being in addition to fair pay.

According to a research by global hiring platform, Indeed, blue-collar workers are looking for jobs that could potentially offer them physical safety and psychological well-being in addition to fair pay. Although fair compensation is a major concern and priority for blue-collar job seekers, the survey conducted by Indeed indicated that 82 per cent of blue-collar job searchers are looking for positions that will allow them to earn enough money to live comfortably rather than earn just enough to cover their basic needs. The report indicated that at present, just 18 per cent of the workforces are able to make such earnings. At present, up to 56 per cent of blue-collar workers earn just enough to cover their bare necessities. Furthermore, 39 per cent of Gen Z blue-collar workers make incomes that fall short of covering their essential expenses. Commenting on the need for fair pay among blue-collar workers and the current shift in pay-structures, Nirupama VG, the founder and managing director at the recruitment solutions firm, AdAstra said, “companies, especially in sectors such as e-commerce and logistics, are leaning towards performance-linked pay structures, offering to join perks and larger incentives linked to individual and team performances. This not only manages the fixed costs for organisations but also incentivises a meritocratic culture, potentially fostering a win-win scenario for both employers and employees.” According to the report, a sizeable 73 per cent of job seekers give workplace safety top priority as it helps with preventing accidents and injuries. Additionally, professions that reduce physical and mental stress at work are sought after by 49 per cent of respondents. Blue-collar workers may experience physical stress as a result of the manual labour, which can cause ache, fatigue, and other physical health problems. A company that tackles these issues and fosters a supportive, positive environment is crucial for overall wellbeing and job satisfaction, especially in light of the potential psychological stress that comes with high-pressure work conditions. Taking the example of Covid19, Nirupama said that presently for blue-collar workers, companies are now launching tailored health programmes that include special insurance coverage and initiatives to increase public awareness of physical and mental health. On the other hand, for Indian blue-collar workers looking for employment abroad, Aditi Banerjee, Co-Founder and CEO of the international recruitment firm, Magic Billion said, “through the initiative of the 'Emigration Clearance' facilitated by the offices of Protectors of Emigrants (POE), we ensure that our citizens are not exploited in foreign lands. This process verifies the employment contract, and the authenticity of the foreign employer, integrating necessary insurance coverage, thus acting as a protective layer safeguarding the rights and well-being of emigrants.” Since Blue-collar occupations are informal in nature, they do not provide the same level of job security as formal jobs, job security is a top priority for 71 per cent of job-seekers. Wages in the informal sector are often low and workers are not provided with benefits like health insurance or retirement plans. Due to economic downturns or changes in the business, they are also more susceptible to layoffs or job losses. In times of economic uncertainty, job security guarantees that employees will still be paid. Banerjee claims that there is currently an evident change in the blue-collar job sector, partially influenced by international trends and technological improvements. The skills that blue-collar population possesses are highlighted by these trends, enabling them to participate in an international work. In order to improve these blue-collar workers’ integration, employers in the UK and Germany also wish to up-skill candidates. WATCH WION LIVE HERE

Exploring the trend: Blue-collar workers seek physical, psychological well-being in addition to fair pay

After surpassing profitability goals ahead of schedule, Zomato, one of India’s top food delivery platforms, continues to inspire investor confidence, Moneycontrol reported.

The company’s exceptional performance is highlighted in a report published by&nbsp;private wealth management company, Bernstein, which provides financial advice to&nbsp;investors. The report points to elements like increased contribution margins and strong execution as major contributors towards Zomato's&nbsp;achievements.

&nbsp;In addition to boosting investor confidence, this success has switched the emphasis from Gross Merchandise Value (GMV) to profitability as the key value criterion.

As per the report, Zomato has succeeded in achieving Consolidated Adjusted Earnings before Interest, Taxes, Depreciation and Amortisation (EBITDA) break-even three quarters earlier than its original plan, and did so in Q1FY24 rather than the originally anticipated Q4FY24.

This&nbsp;is due to a steady rise in contribution margins over the last six quarters, which are currently 6.4 per cent of Gross Order Value (GOV). The long-term prediction in the report is for contribution margins of 8 to 9 per cent and an adjusted EBITDA margin of 5 per cent. At Rs 11600 crore ($ 1.39 billion), Zomato’s financial position is quite strong.

With a Gross Order Value (GOV) growth of 11 per cent quarter-over-quarter in Q1FY24, the food delivery segment has showcased significant momentum. Over the next three years, the research predicts a sustainable compound annual growth rate (CAGR) of 24 per cent, driven primarily by the addition of new monthly transactional customers and elevated order frequency.

According to analysts, Zomato is in a good position to maintain food delivery growth, along with ongoing increases in contribution margins. Tiger Global and Softbank have recently sold stakes, attracting long-term investors with a focus on profitability and earnings.

The research also emphasises on the progress made towards Zomato’s Quick Commerce division, particularly Blinkit. With the management expecting an adjusted EBITDA break-even within the next four quarters, Blinkit has achieved a break-even contribution margin.

With a considerable decrease in contribution margin percentage losses (0.6 per cent compared to 2.7 per cent in the prior quarter), Blinkit’s Gross Order Value is anticipated to increase by more than 20 per cent quarter over quarter. Blinkit is valued on the same basis in relation to the food delivery industry by Bernstein.

According to these indicators, Bernstein is optimistic about Zomato’s chances moving forward. They have increased the target price (TP) to Rs 120 ($1.45), which would indicate a 20 per cent increase, while maintaining an “Outperform” rating on Zomato. The anticipated EV/Adjusted EBITDA for FY25 is now 35 times the company’s current market value.

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After surpassing profitability goals ahead of schedule, Zomato, one of India’s top food delivery platforms, continues to inspire investor confidence, Moneycontrol reported.

After surpassing profitability goals ahead of schedule, Zomato, one of India’s top food delivery platforms, continues to inspire investor confidence, Moneycontrol reported. The company’s exceptional performance is highlighted in a report published by private wealth management company, Bernstein, which provides financial advice to investors. The report points to elements like increased contribution margins and strong execution as major contributors towards Zomato's achievements. In addition to boosting investor confidence, this success has switched the emphasis from Gross Merchandise Value (GMV) to profitability as the key value criterion. As per the report, Zomato has succeeded in achieving Consolidated Adjusted Earnings before Interest, Taxes, Depreciation and Amortisation (EBITDA) break-even three quarters earlier than its original plan, and did so in Q1FY24 rather than the originally anticipated Q4FY24. This is due to a steady rise in contribution margins over the last six quarters, which are currently 6.4 per cent of Gross Order Value (GOV). The long-term prediction in the report is for contribution margins of 8 to 9 per cent and an adjusted EBITDA margin of 5 per cent. At Rs 11600 crore ($ 1.39 billion), Zomato’s financial position is quite strong. With a Gross Order Value (GOV) growth of 11 per cent quarter-over-quarter in Q1FY24, the food delivery segment has showcased significant momentum. Over the next three years, the research predicts a sustainable compound annual growth rate (CAGR) of 24 per cent, driven primarily by the addition of new monthly transactional customers and elevated order frequency. According to analysts, Zomato is in a good position to maintain food delivery growth, along with ongoing increases in contribution margins. Tiger Global and Softbank have recently sold stakes, attracting long-term investors with a focus on profitability and earnings. The research also emphasises on the progress made towards Zomato’s Quick Commerce division, particularly Blinkit. With the management expecting an adjusted EBITDA break-even within the next four quarters, Blinkit has achieved a break-even contribution margin. With a considerable decrease in contribution margin percentage losses (0.6 per cent compared to 2.7 per cent in the prior quarter), Blinkit’s Gross Order Value is anticipated to increase by more than 20 per cent quarter over quarter. Blinkit is valued on the same basis in relation to the food delivery industry by Bernstein. According to these indicators, Bernstein is optimistic about Zomato’s chances moving forward. They have increased the target price (TP) to Rs 120 ($1.45), which would indicate a 20 per cent increase, while maintaining an “Outperform” rating on Zomato. The anticipated EV/Adjusted EBITDA for FY25 is now 35 times the company’s current market value. WATCH WION LIVE HERE

Zomato’s profitability leap inspires investor confidence; Bernstein rates company as “outperform” 

The US government on Tuesday accused Google of giving out $10 billion annually to Apple and other companies in order to maintain its monopoly over online search, according to a report by NDTV.

The claim was made on the first day of a historic trial that is the largest antitrust case to come before a US court in a period of more than 20 years.

“This case is about the future of the internet and whether Google will ever face meaningful competition in search,” NDTV quoted Justice Department lawyer Kenneth Dintzer as saying, while the United States government began making its case against the tech titan.

Google is looking to convince Judge Amit P. Mehta that the lawsuit initiated by the Department of Justice is without merit over the course of ten weeks with the help of numerous witnesses who will be called to the witness stand.

Google’s attorney John Schmidtlein&nbsp;said that the company has developed their search engine for years and that the ones who brought on the legal action do not know of the “inescapable truth.”

The trial, which is being held in a courthouse in Washington, is the first direct trial by US authorities on a major computer giant since Microsoft was singled out more than 20 years ago for the monopoly of its Windows operating system.

The government’s main argument in the Google case is that the internet giant unfairly obtained its dominance of online searches through the creation of exclusivity agreements with device manufacturers, mobile operators, and other businesses that denied competitors the opportunity to compete.

Dintzer informed Judge Mehta that Google spends $10 billion annually to Apple and other companies to maintain its position as the default search engine on mobile devices and online browsers, smothering challengers before they had a chance to flourish.

This led to what the government refers to as a “feedback loop” during the past ten years, in which Google’s dominance increased due to its monopolistic access to user data that rivals were unable to match.

“Through this feedback loop, this wheel has been turning for more than 12 years. It always turns to Google's advantage,” NDTV quoted Dintzer as saying.

Due to its dominance, Google parent Alphabet is now among the richest corporations in the world. Revenue from search ads accounts for about 60 per cent of the company’s total sales, far outpacing that of Android phones and YouTube.

Dintzer told the jury that they shall keep a tab on what Google did to protect its monopoly. According to them, the focus should be on what they did, not on what they could have or should have done.

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The US government on Tuesday accused Google of giving out $10 billion annually to Apple and other companies in order to maintain its monopoly over online search, according to a report by NDTV.

The US government on Tuesday accused Google of giving out $10 billion annually to Apple and other companies in order to maintain its monopoly over online search, according to a report by NDTV. The claim was made on the first day of a historic trial that is the largest antitrust case to come before a US court in a period of more than 20 years. “This case is about the future of the internet and whether Google will ever face meaningful competition in search,” NDTV quoted Justice Department lawyer Kenneth Dintzer as saying, while the United States government began making its case against the tech titan. Google is looking to convince Judge Amit P. Mehta that the lawsuit initiated by the Department of Justice is without merit over the course of ten weeks with the help of numerous witnesses who will be called to the witness stand. Google’s attorney John Schmidtlein said that the company has developed their search engine for years and that the ones who brought on the legal action do not know of the “inescapable truth.” The trial, which is being held in a courthouse in Washington, is the first direct trial by US authorities on a major computer giant since Microsoft was singled out more than 20 years ago for the monopoly of its Windows operating system. The government’s main argument in the Google case is that the internet giant unfairly obtained its dominance of online searches through the creation of exclusivity agreements with device manufacturers, mobile operators, and other businesses that denied competitors the opportunity to compete. Dintzer informed Judge Mehta that Google spends $10 billion annually to Apple and other companies to maintain its position as the default search engine on mobile devices and online browsers, smothering challengers before they had a chance to flourish. This led to what the government refers to as a “feedback loop” during the past ten years, in which Google’s dominance increased due to its monopolistic access to user data that rivals were unable to match. “Through this feedback loop, this wheel has been turning for more than 12 years. It always turns to Google's advantage,” NDTV quoted Dintzer as saying. Due to its dominance, Google parent Alphabet is now among the richest corporations in the world. Revenue from search ads accounts for about 60 per cent of the company’s total sales, far outpacing that of Android phones and YouTube. Dintzer told the jury that they shall keep a tab on what Google did to protect its monopoly. According to them, the focus should be on what they did, not on what they could have or should have done. WATCH WION LIVE HERE

Google shells out $10 bn yearly to maintain online search monopoly: Report

Retail inflation in India eased to 6.83 per cent in August after reaching its peak in 15 months at 7.44 per cent in July as vegetable prices fall, in a major relief to India’s central bank and bond investors.

However, inflation as measured by the Consumer Price Index (CPI) continued to remain over the RBI’s (Reserve Bank of India’s) target range of 2-6 per cent.&nbsp;

Retail inflation was predicted by 18 experts surveyed by Mint to drop to 7 per cent in August.

According to data provided by the ministry of statistics and programme implementation (MoSPI) on Tuesday, food inflation, as assessed by the Consumer Food Price Index, which makes up roughly half of the total consumer price basket, fell to 9.94 per cent in August from 11.51 per cent in July.

Vegetable prices led the decrease in inflation, which was also moderated by costs of housing, clothing and footwear, and other non-essential commodities.

According to a statement from MosPI, the inflation data was gathered from selected 1,114 metropolitan markets and 1,181 villages across all states and union territories.

“During the month of August, NSO (National Statistics Office) collected prices from 99.6 per cent of villages and 98.3 per cent of urban markets, while the market-wise prices reported therein were 88.8 per cent for rural and 91.3 per cent for urban,” Mint cited the statement from MoSPI.

“Within food items, inflation in vegetables fell to 26.1 per cent in August 2023 from 37.4 per cent in the previous month, contributing as much as 28 basis points (bps) of the 61bps decline in the headline CPI inflation print between these months. Notably, the year-on-year (y-o-y) inflation prints in seven of the 12 food segments in the food and beverages index witnessed an uptick in their y-o-y print in August,” Mint quoted Aditi&nbsp;Nayar, chief economist at Icra Ltd, as saying.

However, analysts are keeping a vigilant track of oil, pulse, and wheat prices.

Nayar further mentioned that good rainfall during the remainder of September could ensure that kharif yields in control.

At 4.8 per cent, core inflation remained true to the market forecasts.

The RBI maintained the repo rate at 6.50 per cent last month after blaming a demand-supply imbalance for the recent surge in vegetable prices.

Retail inflation in India eased to 6.83 per cent in August after reaching its peak in 15 months at 7.44 per cent in July as vegetable prices fall, in a major relief to India’s central bank and bond investors.

Retail inflation in India eased to 6.83 per cent in August after reaching its peak in 15 months at 7.44 per cent in July as vegetable prices fall, in a major relief to India’s central bank and bond investors. However, inflation as measured by the Consumer Price Index (CPI) continued to remain over the RBI’s (Reserve Bank of India’s) target range of 2-6 per cent. Retail inflation was predicted by 18 experts surveyed by Mint to drop to 7 per cent in August. According to data provided by the ministry of statistics and programme implementation (MoSPI) on Tuesday, food inflation, as assessed by the Consumer Food Price Index, which makes up roughly half of the total consumer price basket, fell to 9.94 per cent in August from 11.51 per cent in July. Vegetable prices led the decrease in inflation, which was also moderated by costs of housing, clothing and footwear, and other non-essential commodities. According to a statement from MosPI, the inflation data was gathered from selected 1,114 metropolitan markets and 1,181 villages across all states and union territories. “During the month of August, NSO (National Statistics Office) collected prices from 99.6 per cent of villages and 98.3 per cent of urban markets, while the market-wise prices reported therein were 88.8 per cent for rural and 91.3 per cent for urban,” Mint cited the statement from MoSPI. “Within food items, inflation in vegetables fell to 26.1 per cent in August 2023 from 37.4 per cent in the previous month, contributing as much as 28 basis points (bps) of the 61bps decline in the headline CPI inflation print between these months. Notably, the year-on-year (y-o-y) inflation prints in seven of the 12 food segments in the food and beverages index witnessed an uptick in their y-o-y print in August,” Mint quoted Aditi Nayar, chief economist at Icra Ltd, as saying. However, analysts are keeping a vigilant track of oil, pulse, and wheat prices. Nayar further mentioned that good rainfall during the remainder of September could ensure that kharif yields in control. At 4.8 per cent, core inflation remained true to the market forecasts. The RBI maintained the repo rate at 6.50 per cent last month after blaming a demand-supply imbalance for the recent surge in vegetable prices.

India’s retail inflation cools to 6.83 pc amid a decline in vegetable prices  

At a time when the iPhone manufacturer is facing more difficulties in China and is seeking to strengthen its supply chains abroad, tech giant Qualcomm announced on Monday that it has reached an agreement with Apple to provide 5G processors until at least 2026.&nbsp;

Despite switching all of its laptops to using chips of its own design, the transaction shows that Apple is not rushing to release its own modem and is prolonging a partnership worth billions of dollars to Qualcomm for at least three years beyond what was anticipated.

Early afternoon trading saw a 4 per cent increase in Qualcomm shares. Qualcomm&nbsp;is a pioneer in the design of modem chips, which link mobile devices to mobile data networks. Apple stock increased by 0.5 per cent.

Headquartered in San Diego, California, Qualcomm saw the conclusion of a protracted legal dispute with Apple, following which, the two firms subsequently agreed to a chip supply agreement in 2019.

The iPhones that Apple is anticipated to introduce on Tuesday would be the last batch of phones to be launched under that supply agreement, which shall expire this year.

As per the agreement made on Monday, Qualcomm will provide Apple with semiconductors for new phones released year up until 2026. When asked about the deal’s worth, Qualcomm merely said that it was “similar” to a previous one.

UBS analysts predicted that Qualcomm would sell $7.26 billion worth of chips to Apple in 2022 in a research note published on August 3.

A patent licencing agreement Qualcomm finalised with Apple in 2019 is still in effect, according to Qualcomm. The companies have the opportunity to extend the agreement for an additional two years until 2025.

Reuters quoted Susannah Streeter, the head of money and markets at Hargreaves Lansdown, as saying, “At a time when Apple is running into increasing challenges in China, reinforcing its supply chains elsewhere is a priority, and it appears the company is rolling back or at least delaying plans to go at it alone in more areas with its own chip production.”

Apple spent $1 billion to purchase Intel’s modem section in 2019, while the company is in the process of developing its own modem technology. It is unknown how rapidly Apple intends to increase the use of its own chips.

By 2026, barely a fifth of Apple’s iPhones would utilise Qualcomm’s chips, the company stated on Monday in a statement.

Although all of the iPhone 14 models announced last year had Qualcomm modems, Qualcomm made a similar prediction regarding its relationship with Apple in 2021 that turned out to be unduly conservative.

Moreover, Akash Palkhiwala, the chief financial officer of Qualcomm, revised his projections for the 2023 iPhones that will be made public this week last year, stating that he anticipated that the “vast majority” of them will come equipped with Qualcomm modems.

(With inputs from Reuters)

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At a time when the iPhone manufacturer is facing more difficulties in China and is seeking to strengthen its supply chains abroad, tech giant Qualcomm announced on Monday that it has reached an agreement with Apple to provide 5G processors until at least 2026.

At a time when the iPhone manufacturer is facing more difficulties in China and is seeking to strengthen its supply chains abroad, tech giant Qualcomm announced on Monday that it has reached an agreement with Apple to provide 5G processors until at least 2026. Despite switching all of its laptops to using chips of its own design, the transaction shows that Apple is not rushing to release its own modem and is prolonging a partnership worth billions of dollars to Qualcomm for at least three years beyond what was anticipated. Early afternoon trading saw a 4 per cent increase in Qualcomm shares. Qualcomm is a pioneer in the design of modem chips, which link mobile devices to mobile data networks. Apple stock increased by 0.5 per cent. Headquartered in San Diego, California, Qualcomm saw the conclusion of a protracted legal dispute with Apple, following which, the two firms subsequently agreed to a chip supply agreement in 2019. The iPhones that Apple is anticipated to introduce on Tuesday would be the last batch of phones to be launched under that supply agreement, which shall expire this year. As per the agreement made on Monday, Qualcomm will provide Apple with semiconductors for new phones released year up until 2026. When asked about the deal’s worth, Qualcomm merely said that it was “similar” to a previous one. UBS analysts predicted that Qualcomm would sell $7.26 billion worth of chips to Apple in 2022 in a research note published on August 3. A patent licencing agreement Qualcomm finalised with Apple in 2019 is still in effect, according to Qualcomm. The companies have the opportunity to extend the agreement for an additional two years until 2025. Reuters quoted Susannah Streeter, the head of money and markets at Hargreaves Lansdown, as saying, “At a time when Apple is running into increasing challenges in China, reinforcing its supply chains elsewhere is a priority, and it appears the company is rolling back or at least delaying plans to go at it alone in more areas with its own chip production.” Apple spent $1 billion to purchase Intel’s modem section in 2019, while the company is in the process of developing its own modem technology. It is unknown how rapidly Apple intends to increase the use of its own chips. By 2026, barely a fifth of Apple’s iPhones would utilise Qualcomm’s chips, the company stated on Monday in a statement. Although all of the iPhone 14 models announced last year had Qualcomm modems, Qualcomm made a similar prediction regarding its relationship with Apple in 2021 that turned out to be unduly conservative. Moreover, Akash Palkhiwala, the chief financial officer of Qualcomm, revised his projections for the 2023 iPhones that will be made public this week last year, stating that he anticipated that the “vast majority” of them will come equipped with Qualcomm modems. (With inputs from Reuters) WATCH WION LIVE HERE

Apple to receive 5G chips from Qualcomm till 2026 under new deal: Report

After Morgan Stanley predicted that Tesla’s Dojo supercomputer would boost the electric vehicle maker’s market value by over $600 billion by accelerating its entry into robotaxis and software services, shares of Tesla rose by 6 per cent on Monday.

The world’s most valuable car manufacturer, Tesla, began producing Dojo in July and expects to spend more than $1 billion on it over the course of the following year. Dojo will train AI models for self-driving cars.

According to the analysts at Morgan Stanley led by Adam Jones, Dojo can open up new addressable markets that “extend well beyond selling vehicles at a fixed price”.&nbsp;

In a note drafted on Sunday, Adam Jones said, “If Dojo can help make cars 'see' and 'react,' what other markets could open up? Think of any device at the edge with a camera that makes real-time decisions based on its visual field.”

Ferrari's U.S.-listed shares were replaced by Tesla's stock as the Wall Street brokerage raised it from "equal-weight" to "overweight" and designated it as the "top pick."

According to LSEG data, Morgan Stanley increased its 12-to-18-month price target on Tesla's shares by 60 per cent to $400, making it the highest among Wall Street brokerages. At this&nbsp;price, according to Morgan Stanley’s estimates, the EV manufacturer would have a market value of nearly $1.39 trillion.

Based on the stock’s closing value of $248.5 on Friday, this is almost 76 per cent greater than Tesla's market worth of about $789 billion. On Monday, the stock increased by almost 5.7 per cent to $262.70.

Jonas anticipates Dojo to be the programme and service that adds the most value.

Morgan Stanley increased its revenue forecast for Tesla's network services division from $157 billion to $335 billion in 2040.

By 2040, nearly doubling from 2030, Jonas projects the segment to provide more than 60 per cent&nbsp;of Tesla's core earnings.

“This increase is largely driven by the emerging opportunity we see in third-party fleet licensing, increased ARPU (average monthly revenue per user),” Reuters quoted the analyst as saying.

As per the LSEG statistics, Tesla's 12-month forward price-to-earnings ratio of 57.9 is far higher than those of venerable automakers Ford at 6.31 and General Motors at 4.56.

(With inputs from Reuters)

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After Morgan Stanley predicted that Tesla’s Dojo supercomputer would boost the electric vehicle maker’s market value by over $600 billion by accelerating its entry into robotaxis and software services, shares of Tesla rose by 6 per cent on Monday.

After Morgan Stanley predicted that Tesla’s Dojo supercomputer would boost the electric vehicle maker’s market value by over $600 billion by accelerating its entry into robotaxis and software services, shares of Tesla rose by 6 per cent on Monday. The world’s most valuable car manufacturer, Tesla, began producing Dojo in July and expects to spend more than $1 billion on it over the course of the following year. Dojo will train AI models for self-driving cars. According to the analysts at Morgan Stanley led by Adam Jones, Dojo can open up new addressable markets that “extend well beyond selling vehicles at a fixed price”. In a note drafted on Sunday, Adam Jones said, “If Dojo can help make cars 'see' and 'react,' what other markets could open up? Think of any device at the edge with a camera that makes real-time decisions based on its visual field.” Ferrari's U.S.-listed shares were replaced by Tesla's stock as the Wall Street brokerage raised it from "equal-weight" to "overweight" and designated it as the "top pick." According to LSEG data, Morgan Stanley increased its 12-to-18-month price target on Tesla's shares by 60 per cent to $400, making it the highest among Wall Street brokerages. At this price, according to Morgan Stanley’s estimates, the EV manufacturer would have a market value of nearly $1.39 trillion. Based on the stock’s closing value of $248.5 on Friday, this is almost 76 per cent greater than Tesla's market worth of about $789 billion. On Monday, the stock increased by almost 5.7 per cent to $262.70. Jonas anticipates Dojo to be the programme and service that adds the most value. Morgan Stanley increased its revenue forecast for Tesla's network services division from $157 billion to $335 billion in 2040. By 2040, nearly doubling from 2030, Jonas projects the segment to provide more than 60 per cent of Tesla's core earnings. “This increase is largely driven by the emerging opportunity we see in third-party fleet licensing, increased ARPU (average monthly revenue per user),” Reuters quoted the analyst as saying. As per the LSEG statistics, Tesla's 12-month forward price-to-earnings ratio of 57.9 is far higher than those of venerable automakers Ford at 6.31 and General Motors at 4.56. (With inputs from Reuters) WATCH WION LIVE HERE

Dojo supercomputer to boost Tesla’s valuation by $600 billion: Morgan Stanley

Finance Minister Nirmala Sitharaman said on Monday that India may reevaluate permitting local companies to list on overseas markets, suggesting that New Delhi may revive a plan that had been put on hold due to internal resistance and tax concerns.

Indian businesses presently are not&nbsp;permitted to list directly on international exchanges. They are the only ones who can list on foreign exchanges using tools like depository receipts.

The proposal to permit Indian companies to list directly overseas was initially made public in 2020, but it was later abandoned due to worries surrounding tax losses and criticism from a faction of the ruling party that worried less Indian regulatory scrutiny of domestic companies that list abroad.

Following bilateral discussions after the weekend’s G20 summit in New Delhi, Sitharaman spoke at a press conference alongside the British Finance Minister, Jeremy Hunt.

“We are particularly pleased to make a big step forward to make a first confirmation by India that it will explore the London Stock Exchange as an international destination for the direct listing of Indian companies,” Reuters quoted Hunt as saying.

Before the government ruled against authorising foreign listings, Reuters reported in 2020 that the London Stock Exchange was in discussions with a number of Indian technology companies for their international stock listings.

In order to facilitate businesses’ access to international finance, India announced in July that it would let companies to list on exchanges recognised by the International Financial Services Centre (IFSC), a new tax-neutral financial centre situated in Gujarat International Financial Tech City (GIFT).

“We have mentioned earlier once that we are looking at listing, commencing with the IFSC, so once that is done, we may look at moving further (with overseas listing),” Reuters quoted Finance Minster Nirmala Sitharaman as saying.

She further stated that at the present stage, the ministry is looking to commence listing in the IFSC.

(With inputs from Reuters)

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Finance Minister Nirmala Sitharaman said on Monday that India may reevaluate permitting local companies to list on overseas markets, suggesting that New Delhi may revive a plan that had been put on hold due to internal resistance and tax concerns.

Finance Minister Nirmala Sitharaman said on Monday that India may reevaluate permitting local companies to list on overseas markets, suggesting that New Delhi may revive a plan that had been put on hold due to internal resistance and tax concerns. Indian businesses presently are not permitted to list directly on international exchanges. They are the only ones who can list on foreign exchanges using tools like depository receipts. The proposal to permit Indian companies to list directly overseas was initially made public in 2020, but it was later abandoned due to worries surrounding tax losses and criticism from a faction of the ruling party that worried less Indian regulatory scrutiny of domestic companies that list abroad. Following bilateral discussions after the weekend’s G20 summit in New Delhi, Sitharaman spoke at a press conference alongside the British Finance Minister, Jeremy Hunt. “We are particularly pleased to make a big step forward to make a first confirmation by India that it will explore the London Stock Exchange as an international destination for the direct listing of Indian companies,” Reuters quoted Hunt as saying. Before the government ruled against authorising foreign listings, Reuters reported in 2020 that the London Stock Exchange was in discussions with a number of Indian technology companies for their international stock listings. In order to facilitate businesses’ access to international finance, India announced in July that it would let companies to list on exchanges recognised by the International Financial Services Centre (IFSC), a new tax-neutral financial centre situated in Gujarat International Financial Tech City (GIFT). “We have mentioned earlier once that we are looking at listing, commencing with the IFSC, so once that is done, we may look at moving further (with overseas listing),” Reuters quoted Finance Minster Nirmala Sitharaman as saying. She further stated that at the present stage, the ministry is looking to commence listing in the IFSC. (With inputs from Reuters) WATCH WION LIVE HERE

New Delhi might reconsider permitting Indian businesses to list abroad: Nirmala Sitharaman

Following a failed revival plan for the business, hardware store Wilko will no longer be seen on the UK high streets. According to the GMB union, all 400 of its outlets will closed by the beginning of October, implying that all 12,500 employees at the family-run company face the possibility of layoffs.

&nbsp;Although certain parties are interested in renaming their stores, it is understood that no bidders are interested in operating stores under the Wilko name, the BBC reported on Monday.

Doug Putman, the owner of HMV, attempted to keep up to 300 Wilko stores operating, but his plan failed due to mounting prices. Following an announcement by administrators PwC that 52 stores nationwide will stop operating on Tuesday and Thursday, the first Wilko locations will close this week.

Between September 17 and 21, 124 additional stores, including ones in Maidenhead, Bognor Regis, and Humberstone, Leicestershire, will close. PwC stated that the final 222 Wilko stores will close at various times, with the last day of business for the distribution centre being September 15.

With the high cost of living causing consumers to look for deals, Wilko has battled against fierce competition from competing chains including B&amp;M, Poundland, The Range, and Home Bargains.

In a $13 million transaction, B&amp;M has announced that it will acquire up to 51 of Wilko’s 400 stores. The stores will be renamed as B&amp;M shops, according to the BBC. However, it is yet unclear whether any jobs will be preserved or whether Wilko employees would be given preference if they apply for positions at the B&amp;M shops.

In traditional town centres, High Street locations are home to many Wilko stores. The transition to larger retail parks and out-of-town options with greater room since the epidemic has benefited its rivals like B&amp;M, even though these sites are convenient for customers without cars.

Poundland is rumoured to be interested in expanding its portfolio by purchasing up to 70 additional locations.

The Wilko name is still up to be taken, with stores like The Range putting forward offers just for the name.

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Following a failed revival plan for the business, hardware store Wilko will no longer be seen on the UK high streets. According to the GMB union, all 400 of its outlets will closed by the beginning of October, implying that all 12,500 employees at the family-run company face the possibility of layoffs.

Following a failed revival plan for the business, hardware store Wilko will no longer be seen on the UK high streets. According to the GMB union, all 400 of its outlets will closed by the beginning of October, implying that all 12,500 employees at the family-run company face the possibility of layoffs. Although certain parties are interested in renaming their stores, it is understood that no bidders are interested in operating stores under the Wilko name, the BBC reported on Monday. Doug Putman, the owner of HMV, attempted to keep up to 300 Wilko stores operating, but his plan failed due to mounting prices. Following an announcement by administrators PwC that 52 stores nationwide will stop operating on Tuesday and Thursday, the first Wilko locations will close this week. Between September 17 and 21, 124 additional stores, including ones in Maidenhead, Bognor Regis, and Humberstone, Leicestershire, will close. PwC stated that the final 222 Wilko stores will close at various times, with the last day of business for the distribution centre being September 15. With the high cost of living causing consumers to look for deals, Wilko has battled against fierce competition from competing chains including B&M, Poundland, The Range, and Home Bargains. In a $13 million transaction, B&M has announced that it will acquire up to 51 of Wilko’s 400 stores. The stores will be renamed as B&M shops, according to the BBC. However, it is yet unclear whether any jobs will be preserved or whether Wilko employees would be given preference if they apply for positions at the B&M shops. In traditional town centres, High Street locations are home to many Wilko stores. The transition to larger retail parks and out-of-town options with greater room since the epidemic has benefited its rivals like B&M, even though these sites are convenient for customers without cars. Poundland is rumoured to be interested in expanding its portfolio by purchasing up to 70 additional locations. The Wilko name is still up to be taken, with stores like The Range putting forward offers just for the name. WATCH WION LIVE HERE

UK retailer Wilko to shut all stores, putting 12,500 jobs at risk: Report

Months after completing its acquisition of competitor Credit Suisse, UBS Group AG is laying off hundreds of employees in Asia as a response to weak customer demand and China’s faltering economy, according to a report by The Economic Times.

According to the sources familiar with the matter, the largest bank in Switzerland has recently slashed some redundant posts and more are anticipated through November.

Relationship managers will be among the posts that will be eliminated by the lender in Singapore and Hong Kong, most of them in teams that have just been purchased from Credit Suisse, according to the sources. They said that the number of cuts has not yet been decided. According to one of the sources, the lender intends to keep the majority of its private bankers in Australia and India for the time being.

In the Asia-Pacific area, where Singapore and the regional commercial capital of Hong Kong have traditionally served as booking hubs for China’s ultra-wealthy, UBS is fighting low consumer demand and activity levels. The region’s profit before tax for the wealth management division decreased by 9 per cent in the second quarter compared to the same period last year.

On Monday, UBS shares gave up early gains and were trading at 22.73 Swiss francs ($25.493) in Zurich at 11:18 a.m.

As pandemic precautions and a real estate crisis impacted the nation, the second-largest economy in the world grew by 3 per cent last year, one of its weakest rates of expansion in decades. After it finally reopened, there was some optimism that China might rebound this year. However, the recovery has stalled, and the benchmark stock index is on pace to post losses for a third consecutive year.

After acquiring Credit Suisse in June, UBS has set huge integration goals for its former rival, including the elimination of 3,000 domestic jobs and the achievement of cost savings of more than $10 billion.

The headcount cuts coincide with those made by major banks like Barclays Plc and Goldman Sachs Group Inc. According to Bloomberg, as part of the layoffs, Barclays aims to fire around 5 per cent of the client-facing employees in the trading sector as well as certain dealmakers globally.

The smaller Swiss company was acquired by Zurich-based UBS after an emergency government-brokered deal for 3 billion Swiss francs ($3.4 billion).&nbsp;

In a wager on the region’s valuable clients, Bloomberg had earlier reported that Asia could be designated as one of the regions to be spared significant cuts. According to information from Asian Private Banker, UBS had 850 private bankers in the region at year’s end, compared to 580 for Credit Suisse.

Yet, even senior bankers were leaving steadily. According to the record maintained by the Monetary Authority of Singapore, Gautam Anand, a managing director in Singapore who was hired from Credit Suisse last year, is no longer employed by UBS. He began working with UBS in January as part of initiatives to improve services for the affluent diaspora of India.

Moreover, Martin Loh of Credit Suisse, Joe Lau, the market group head for China, as well other bankers have recently left Hong Kong.

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Months after completing its acquisition of competitor Credit Suisse, UBS Group AG is laying off hundreds of employees in Asia as a response to weak customer demand and China’s faltering economy, according to a report by The Economic Times.

Months after completing its acquisition of competitor Credit Suisse, UBS Group AG is laying off hundreds of employees in Asia as a response to weak customer demand and China’s faltering economy, according to a report by The Economic Times. According to the sources familiar with the matter, the largest bank in Switzerland has recently slashed some redundant posts and more are anticipated through November. Relationship managers will be among the posts that will be eliminated by the lender in Singapore and Hong Kong, most of them in teams that have just been purchased from Credit Suisse, according to the sources. They said that the number of cuts has not yet been decided. According to one of the sources, the lender intends to keep the majority of its private bankers in Australia and India for the time being. In the Asia-Pacific area, where Singapore and the regional commercial capital of Hong Kong have traditionally served as booking hubs for China’s ultra-wealthy, UBS is fighting low consumer demand and activity levels. The region’s profit before tax for the wealth management division decreased by 9 per cent in the second quarter compared to the same period last year. On Monday, UBS shares gave up early gains and were trading at 22.73 Swiss francs ($25.493) in Zurich at 11:18 a.m. As pandemic precautions and a real estate crisis impacted the nation, the second-largest economy in the world grew by 3 per cent last year, one of its weakest rates of expansion in decades. After it finally reopened, there was some optimism that China might rebound this year. However, the recovery has stalled, and the benchmark stock index is on pace to post losses for a third consecutive year. After acquiring Credit Suisse in June, UBS has set huge integration goals for its former rival, including the elimination of 3,000 domestic jobs and the achievement of cost savings of more than $10 billion. The headcount cuts coincide with those made by major banks like Barclays Plc and Goldman Sachs Group Inc. According to Bloomberg, as part of the layoffs, Barclays aims to fire around 5 per cent of the client-facing employees in the trading sector as well as certain dealmakers globally. The smaller Swiss company was acquired by Zurich-based UBS after an emergency government-brokered deal for 3 billion Swiss francs ($3.4 billion). In a wager on the region’s valuable clients, Bloomberg had earlier reported that Asia could be designated as one of the regions to be spared significant cuts. According to information from Asian Private Banker, UBS had 850 private bankers in the region at year’s end, compared to 580 for Credit Suisse. Yet, even senior bankers were leaving steadily. According to the record maintained by the Monetary Authority of Singapore, Gautam Anand, a managing director in Singapore who was hired from Credit Suisse last year, is no longer employed by UBS. He began working with UBS in January as part of initiatives to improve services for the affluent diaspora of India. Moreover, Martin Loh of Credit Suisse, Joe Lau, the market group head for China, as well other bankers have recently left Hong Kong. WATCH WION LIVE HERE

UBS cuts jobs in Asia amid slowing activity

Ajay Singh, the chairman of SpiceJet, was strongly reprimanded by India’s Supreme Court on Monday, ordering him to pay $5,000,000 and $1,000,000 to Credit Suisse in addition to an installment due on September 22, The Economic Times reported.

The court also warned&nbsp;to send Singh to Tihar jail&nbsp;if the amount&nbsp;wasn’t paid.

“We have to move to the next drastic step. We are not worried if you shut down. Enough of this dilly-dally business… you will have to abide by the consent terms. We are not bothered even if you die. It is too much,” The Economic Times quoted the bench comprising Justices Vikram Nath and Ahsanuddin Amanullah as saying during the hearing.

The court also made it mandatory for Singh to attend the court on every hearing.

Court records indicated that Credit Suisse had&nbsp;requested India’s highest court in March to begin contempt proceedings against Singh and SpiceJet for “a willful and intentional disobedience” of court orders and refusal to pay dues totaling several million dollars as per a settlement between the two parties.

Due to a legal battle between Credit Suisse and SpiceJet over Credit Suisse’s supposed $24 million in unpaid debts, the Madras High Court ordered that the airline be shut down in 2021. Following an appeal against the high court’s decision, the top court decided to halt the winding-up process so that both sides may negotiate a settlement.

Both parties notified the Supreme Court that a settlement had been reached in August 2022.

However, Credit Suisse then launched a contempt lawsuit against managing director Ajay Singh in March, claiming that the airline and company secretary had failed to make payments as required by the conditions of the settlement.

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Ajay Singh, the chairman of SpiceJet, was strongly reprimanded by India’s Supreme Court on Monday, ordering him to pay $5,000,000 and $1,000,000 to Credit Suisse in addition to an installment due on September 22, The Economic Times reported.

Ajay Singh, the chairman of SpiceJet, was strongly reprimanded by India’s Supreme Court on Monday, ordering him to pay $5,000,000 and $1,000,000 to Credit Suisse in addition to an installment due on September 22, The Economic Times reported. The court also warned to send Singh to Tihar jail if the amount wasn’t paid. “We have to move to the next drastic step. We are not worried if you shut down. Enough of this dilly-dally business… you will have to abide by the consent terms. We are not bothered even if you die. It is too much,” The Economic Times quoted the bench comprising Justices Vikram Nath and Ahsanuddin Amanullah as saying during the hearing. The court also made it mandatory for Singh to attend the court on every hearing. Court records indicated that Credit Suisse had requested India’s highest court in March to begin contempt proceedings against Singh and SpiceJet for “a willful and intentional disobedience” of court orders and refusal to pay dues totaling several million dollars as per a settlement between the two parties. Due to a legal battle between Credit Suisse and SpiceJet over Credit Suisse’s supposed $24 million in unpaid debts, the Madras High Court ordered that the airline be shut down in 2021. Following an appeal against the high court’s decision, the top court decided to halt the winding-up process so that both sides may negotiate a settlement. Both parties notified the Supreme Court that a settlement had been reached in August 2022. However, Credit Suisse then launched a contempt lawsuit against managing director Ajay Singh in March, claiming that the airline and company secretary had failed to make payments as required by the conditions of the settlement. WATCH WION LIVE HERE

SpiceJet-Credit Suisse case: India’s Supreme Court presents Ajay Singh final chance to repay loans

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