Following reports that China, one of the company’s major markets, had prohibited government personnel from using iPhones as Beijing intensifies its continuing tech war with the US, Apple shares plummeted during after-hours trading on Thursday, following the company’s greatest single day loss in a month, according to a report by Forbes.

In after-hours trading, Apple shares were down 2.62 per cent at 5:01 a.m., according to the report. This fall came after a 3.6 per cent drop in New York on Wednesday, which Bloomberg reports was Apple's greatest single-day share price drop in just over a month. This decline defied a general upward trend for tech equities this year, during which the business had increased by 46 per cent.

It follows Wednesday’s claims that China had forbidden central government employees from using or bringing iPhones into the office, as well as this week’s launch of a new smartphone from Chinese company Huawei that may pose a threat to Apple’s dominant market share.

Presently, Apple is widely regarded in China, but it is facing criticism on several fronts. The unveiling of a high-speed competitor gadget from Huawei and the rumoured ban on iPhones in government buildings are two actions that could spell disaster. It might hurt sales in a crucial market that has been vital to the business’ success lately and contributed to the $74 billion in income it brought in previous year.

Apart from sales, Apple is at risk due to its dependence on Chinese manufacturing (nearly all major devices are made there), and the possible hostility from Beijing signalled by the ban could significantly impede its worldwide supply chain.

It is unclear how strictly Beijing’s iPhone ban would be enforced by the authorities. The Wall Street Journal, which broke the news of the prohibition, noted that it was unknown how broad it would apply and that it was an enlargement of a previous limitation that had been in effect at a small number of government agencies for years. While noting that certain central government authorities had received similar instructions, it stated that the order's reach was unknown.

Bloomberg hinted at a far wider extent when it confirmed the news on Thursday; both publications cited unnamed persons knowledgeable with the situation. According to Bloomberg, restrictions would apply to “a plethora of state-owned enterprises and other government-controlled organisations,” a designation that may include a broad range of institutions given Beijing’s influence over society, government, and the economy.

(With inputs from agencies)

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Following reports that China, one of the company’s major markets, had prohibited government personnel from using iPhones as Beijing intensifies its continuing tech war with the US, Apple shares plummeted during after-hours trading on Thursday, following the company’s greatest single day loss in a month, according to a report by Forbes.

Following reports that China, one of the company’s major markets, had prohibited government personnel from using iPhones as Beijing intensifies its continuing tech war with the US, Apple shares plummeted during after-hours trading on Thursday, following the company’s greatest single day loss in a month, according to a report by Forbes. In after-hours trading, Apple shares were down 2.62 per cent at 5:01 a.m., according to the report. This fall came after a 3.6 per cent drop in New York on Wednesday, which Bloomberg reports was Apple's greatest single-day share price drop in just over a month. This decline defied a general upward trend for tech equities this year, during which the business had increased by 46 per cent. It follows Wednesday’s claims that China had forbidden central government employees from using or bringing iPhones into the office, as well as this week’s launch of a new smartphone from Chinese company Huawei that may pose a threat to Apple’s dominant market share. Presently, Apple is widely regarded in China, but it is facing criticism on several fronts. The unveiling of a high-speed competitor gadget from Huawei and the rumoured ban on iPhones in government buildings are two actions that could spell disaster. It might hurt sales in a crucial market that has been vital to the business’ success lately and contributed to the $74 billion in income it brought in previous year. Apart from sales, Apple is at risk due to its dependence on Chinese manufacturing (nearly all major devices are made there), and the possible hostility from Beijing signalled by the ban could significantly impede its worldwide supply chain. It is unclear how strictly Beijing’s iPhone ban would be enforced by the authorities. The Wall Street Journal, which broke the news of the prohibition, noted that it was unknown how broad it would apply and that it was an enlargement of a previous limitation that had been in effect at a small number of government agencies for years. While noting that certain central government authorities had received similar instructions, it stated that the order's reach was unknown. Bloomberg hinted at a far wider extent when it confirmed the news on Thursday; both publications cited unnamed persons knowledgeable with the situation. According to Bloomberg, restrictions would apply to “a plethora of state-owned enterprises and other government-controlled organisations,” a designation that may include a broad range of institutions given Beijing’s influence over society, government, and the economy. (With inputs from agencies) WATCH WION LIVE HERE

Apple’s shares plummet after Beijing ban on iPhones: Report

The United States and Saudi Arabia are negotiating&nbsp;to obtain metals in Africa that are required to support the two nations as they make the transition to alternative energy sources, a source-based report in&nbsp;The Wall Street Journal noted.

As per the report, a state-backed Saudi enterprise would purchase stakes in $15 billion worth of mining assets in African nations like the Democratic Republic of the Congo, Guinea, and Namibia, granting U.S. businesses the opportunity to purchase some of the production.

For supply of cobalt, lithium, and other metals used in electric car batteries, laptops, and cellphones, the U.S. is racing with China.

Saudi Arabian Mining Co (Ma'aden) and the Saudi Public Investment Fund (PIF) acquired 10 per cent of Brazilian Vale’s base metal unit in a similar deal in July, while American investment group Engine No. 1 acquired 3 per cent.

The newspaper reported that the PIF contacted Congo in June about investing&nbsp;$3 billion, through its joint venture with Ma’aden, into the country's cobalt, copper, and tantalum industries.

Manara -- the joint venture between the PIF and&nbsp;Ma'aden --&nbsp;is also concentrating on nickel, lithium, and iron ore.

The White House is looking for financial support from other sovereign wealth funds in the area, but according to the Journal, negotiations with Saudi Arabia have advanced the most.

(With inputs from Reuters)

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The United States and Saudi Arabia are negotiating to obtain metals in Africa that are required to support the two nations as they make the transition to alternative energy sources, a source-based report in The Wall Street Journal noted.

The United States and Saudi Arabia are negotiating to obtain metals in Africa that are required to support the two nations as they make the transition to alternative energy sources, a source-based report in The Wall Street Journal noted. As per the report, a state-backed Saudi enterprise would purchase stakes in $15 billion worth of mining assets in African nations like the Democratic Republic of the Congo, Guinea, and Namibia, granting U.S. businesses the opportunity to purchase some of the production. For supply of cobalt, lithium, and other metals used in electric car batteries, laptops, and cellphones, the U.S. is racing with China. Saudi Arabian Mining Co (Ma'aden) and the Saudi Public Investment Fund (PIF) acquired 10 per cent of Brazilian Vale’s base metal unit in a similar deal in July, while American investment group Engine No. 1 acquired 3 per cent. The newspaper reported that the PIF contacted Congo in June about investing $3 billion, through its joint venture with Ma’aden, into the country's cobalt, copper, and tantalum industries. Manara -- the joint venture between the PIF and Ma'aden -- is also concentrating on nickel, lithium, and iron ore. The White House is looking for financial support from other sovereign wealth funds in the area, but according to the Journal, negotiations with Saudi Arabia have advanced the most. (With inputs from Reuters) WATCH WION LIVE HERE

US, Saudi Arabia are in dialogue to secure metals in Africa: Report

India’s external debt of&nbsp;$624.7 billion is manageable and moderate when seen globally, Hindustan Times cited Finance Minster Nirmala Sitharaman as saying.&nbsp;

In the preface to "India's External Debt: A Status Report 2022-23",&nbsp;which was published earlier this month, Sitharaman noted that the ratio of external debt to GDP has decreased from 20 per cent at March 2022-23's end to 18.9 per cent.

The short-term debt, which accounts for 20.6 per cent of the total foreign borrowing and is primarily used to finance imports, made up the remaining 79.4 per cent of the total external debt, adding to its stability, she said.

“From a cross-country perspective, India's external debt position is better than most of the Low and Middle-Income Countries (LMICs) as measured by select vulnerability indicators, such as share of short-term debt in total external debt, external debt to GNI (Gross National Income), foreign exchange reserves to external debt and external debt to exports,” Hindustan Times quoted Sitharaman as saying.

According to the report, the debt service ratio for 2022–23 climbed slightly to 5.3 per cent from 5.2 per cent the year before, mostly as a result of an increase in debt service payments from $41.6 billion in 2021–22 to $49.2 billion in 2022–23.

The ratio of gross debt service payments, both principle and interest, to external current receipts, also known as the “debt service ratio”, shows how much foreign exchange reserves are used to offset principal and interest payments on the stock of foreign debt.

The report indicated that, an increase in debt service payments under commercial borrowings, including those from multilateral and bilateral sources (16.7 per cent), external assistance (17.2 per cent), and an increase under NRI deposits (31.7 per cent), together had an impact on the increase in gross external debt service payments from 2022 to 2023.

At $624.7 billion as of March 31, 2023, India's external debt is just 0.9 per cent (or $5.6 billion) greater than it was the previous year. As of March 31st 2023, foreign exchange reserves would have covered 92.6 per cent of the external debt.

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India’s external debt of $624.7 billion is manageable and moderate when seen globally, Hindustan Times cited Finance Minster Nirmala Sitharaman as saying. In the preface to "India's External Debt: A Status Report 2022-23", which was published earlier this month, Sitharaman noted that the ratio of external debt to GDP has decreased from 20 per cent at March 2022-23's end to 18.

India’s external debt of $624.7 billion is manageable and moderate when seen globally, Hindustan Times cited Finance Minster Nirmala Sitharaman as saying. In the preface to "India's External Debt: A Status Report 2022-23", which was published earlier this month, Sitharaman noted that the ratio of external debt to GDP has decreased from 20 per cent at March 2022-23's end to 18.9 per cent. The short-term debt, which accounts for 20.6 per cent of the total foreign borrowing and is primarily used to finance imports, made up the remaining 79.4 per cent of the total external debt, adding to its stability, she said. “From a cross-country perspective, India's external debt position is better than most of the Low and Middle-Income Countries (LMICs) as measured by select vulnerability indicators, such as share of short-term debt in total external debt, external debt to GNI (Gross National Income), foreign exchange reserves to external debt and external debt to exports,” Hindustan Times quoted Sitharaman as saying. According to the report, the debt service ratio for 2022–23 climbed slightly to 5.3 per cent from 5.2 per cent the year before, mostly as a result of an increase in debt service payments from $41.6 billion in 2021–22 to $49.2 billion in 2022–23. The ratio of gross debt service payments, both principle and interest, to external current receipts, also known as the “debt service ratio”, shows how much foreign exchange reserves are used to offset principal and interest payments on the stock of foreign debt. The report indicated that, an increase in debt service payments under commercial borrowings, including those from multilateral and bilateral sources (16.7 per cent), external assistance (17.2 per cent), and an increase under NRI deposits (31.7 per cent), together had an impact on the increase in gross external debt service payments from 2022 to 2023. At $624.7 billion as of March 31, 2023, India's external debt is just 0.9 per cent (or $5.6 billion) greater than it was the previous year. As of March 31st 2023, foreign exchange reserves would have covered 92.6 per cent of the external debt. WATCH WION LIVE HERE

India’s external debt of $624.7 billion is controllable: Nirmala Sitharaman

In a bid to assuage the concerns of lenders, Indian edtech giant Byjus has&nbsp;proposed&nbsp;to pay back its whole $1.2 billion term loan in less than six months, sources familiar with the matter told Bloomberg.&nbsp;

According to those&nbsp;sources, who requested anonymity, the corporation is willing to return $300 million of the distressed debt within three months if the amendment proposal is approved, and the remaining amount within the following three months. The sources added that the lenders are studying the idea and are looking for further information regarding how the payback will be funded.

For nearly a year, Byju’s and its lenders have been at odds while attempts to renegotiate the terms of their loan deal have fallen through. One of the largest term loans taken out by a startup in the world, the company decided to skip an interest payment, escalating the conflict that is the root of its growing hardship.

The five-year loan was raised by the company in 2021 to support its expansion outside of India; its parent company is officially known as Think &amp; Learn Pvt.

According to data gathered by Bloomberg, the loan is currently valued at 49.8 cents on the dollar. Generally, a rating below 70 is seen as distressed.

(With inputs from Bloomberg)

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In a bid to assuage the concerns of lenders, Indian edtech giant Byjus has proposed to pay back its whole $1.2 billion term loan in less than six months, sources familiar with the matter told Bloomberg.

In a bid to assuage the concerns of lenders, Indian edtech giant Byjus has proposed to pay back its whole $1.2 billion term loan in less than six months, sources familiar with the matter told Bloomberg. According to those sources, who requested anonymity, the corporation is willing to return $300 million of the distressed debt within three months if the amendment proposal is approved, and the remaining amount within the following three months. The sources added that the lenders are studying the idea and are looking for further information regarding how the payback will be funded. For nearly a year, Byju’s and its lenders have been at odds while attempts to renegotiate the terms of their loan deal have fallen through. One of the largest term loans taken out by a startup in the world, the company decided to skip an interest payment, escalating the conflict that is the root of its growing hardship. The five-year loan was raised by the company in 2021 to support its expansion outside of India; its parent company is officially known as Think & Learn Pvt. According to data gathered by Bloomberg, the loan is currently valued at 49.8 cents on the dollar. Generally, a rating below 70 is seen as distressed. (With inputs from Bloomberg) WATCH WION LIVE HERE

Byju’s surprises lenders with a $1.2 billion repayment offer

Israel’s Prime Minister Benjamin Netanyahu described the launch of the ambitious India-Middle East-Europe Economic Corridor (IMEC) as “major news” for Israelis and said it was the “largest cooperation project in our history” that would impact the Middle East, Israel, and the entire globe.

In a bid to counter China's Belt and Road Initiative (BRI),&nbsp;the new economic corridor&nbsp;was jointly unveiled on Saturday by leaders from the US, India, Saudi Arabia, the United Arab Emirates, France, Germany, Italy, and the European Union in New Delhi.

Netanyahu said that Israel is the centre of a ground-breaking worldwide project that will connect infrastructure from Asia to Europe in a late-Saturday night video address.

“I welcome the statement that was released today by the United States, India, Saudi Arabia, the UAE and the European Union, as well as France, Italy and Germany. Israel is at the focus of an unprecedented international project that will link infrastructure from Asia to Europe. This link will also realise a multi-year vision that will change the face of the Middle East, and Israel, and will affect the entire world,” he said.

The IMEC is being viewed as a potential substitute for the BRI, a large-scale project started by Chinese President Xi Jinping that has also received criticism over its debt sustainability, particularly from smaller countries.

In order to connect China, the world’s largest manufacturer, with Southeast Asia, Central Asia, the Gulf region, Africa, and Europe through a network of land and sea links, Xi introduced the BRI in 2013.

The IMEC’s declaration coincides with discussions about the rapprochement between Israel and Saudi Arabia. Although there are no diplomatic ties between the two nations, the Gulf state has recently been viewed to soften its stance towards Israel by allowing Israeli airlines to use its airspace.

“I would like to thank US President (Joe) Biden and his administration for the major effort that has led us to today's historic announcement. Several months ago, the US contacted us regarding the realisation of this historic opportunity. Since then, it has held urgent diplomatic contacts in order to bring about today's breakthrough,” he added.

According to him, the initiative will change&nbsp;the look of the area and make the dream of "normalising the Middle East" possible. The programme calls for the building of trains, a hydrogen pipelines, fibre optic communications lines, electrical cables, and additional infrastructure.

He added that the State of Israel will offer all of its skills, knowledge, drive, and dedication to the realisation of the biggest cooperative endeavour in its history. All government ministries would be given the green signal to collaborate in making this ambition a reality, he added.

In order for this vision to materialise as fast as possible, Netanyahu stated, “I have directed the National Security Council, in the Prime Minister’s Office, to coordinate the staff work and also the close cooperation with the US and other countries.”

(With inputs from PTI)

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Israel’s Prime Minister Benjamin Netanyahu described the launch of the ambitious India-Middle East-Europe Economic Corridor (IMEC) as “major news” for Israelis and said it was the “largest cooperation project in our history” that would impact the Middle East, Israel, and the entire globe.

Israel’s Prime Minister Benjamin Netanyahu described the launch of the ambitious India-Middle East-Europe Economic Corridor (IMEC) as “major news” for Israelis and said it was the “largest cooperation project in our history” that would impact the Middle East, Israel, and the entire globe. In a bid to counter China's Belt and Road Initiative (BRI), the new economic corridor was jointly unveiled on Saturday by leaders from the US, India, Saudi Arabia, the United Arab Emirates, France, Germany, Italy, and the European Union in New Delhi. Netanyahu said that Israel is the centre of a ground-breaking worldwide project that will connect infrastructure from Asia to Europe in a late-Saturday night video address. “I welcome the statement that was released today by the United States, India, Saudi Arabia, the UAE and the European Union, as well as France, Italy and Germany. Israel is at the focus of an unprecedented international project that will link infrastructure from Asia to Europe. This link will also realise a multi-year vision that will change the face of the Middle East, and Israel, and will affect the entire world,” he said. The IMEC is being viewed as a potential substitute for the BRI, a large-scale project started by Chinese President Xi Jinping that has also received criticism over its debt sustainability, particularly from smaller countries. In order to connect China, the world’s largest manufacturer, with Southeast Asia, Central Asia, the Gulf region, Africa, and Europe through a network of land and sea links, Xi introduced the BRI in 2013. The IMEC’s declaration coincides with discussions about the rapprochement between Israel and Saudi Arabia. Although there are no diplomatic ties between the two nations, the Gulf state has recently been viewed to soften its stance towards Israel by allowing Israeli airlines to use its airspace. “I would like to thank US President (Joe) Biden and his administration for the major effort that has led us to today's historic announcement. Several months ago, the US contacted us regarding the realisation of this historic opportunity. Since then, it has held urgent diplomatic contacts in order to bring about today's breakthrough,” he added. According to him, the initiative will change the look of the area and make the dream of "normalising the Middle East" possible. The programme calls for the building of trains, a hydrogen pipelines, fibre optic communications lines, electrical cables, and additional infrastructure. He added that the State of Israel will offer all of its skills, knowledge, drive, and dedication to the realisation of the biggest cooperative endeavour in its history. All government ministries would be given the green signal to collaborate in making this ambition a reality, he added. In order for this vision to materialise as fast as possible, Netanyahu stated, “I have directed the National Security Council, in the Prime Minister’s Office, to coordinate the staff work and also the close cooperation with the US and other countries.” (With inputs from PTI) WATCH WION LIVE HERE

India-Middle East-Europe Economic Corridor to change the face of the Middle East: Israel PM

Russian foreign minister, Sergey Lavrov,&nbsp;on September 10 said that Moscow has billions of rupees in Indian banks that are “unfortunately not currently usable”. However, India has suggested several ways in which this money could be invested, a Moneycontrol report added.&nbsp;

Following the establishment of the framework, India and Russia did settle their trade in rupees. Nevertheless, the system did not function as expected as Moscow swiftly built a surplus amounting to billions of rupees while New Delhi’s trade deficit widened due to an increase in oil imports.

According to the most recent official statistics, India’s imports from Russia&nbsp;increased by 132 per cent to $16.04 billion in April - June mostly as a result of New Delhi’s oil purchases from Moscow.&nbsp;

Though there was little time for Russia and India to discuss bilateral concerns at the Leaders’ Summit this past weekend, Lavrov said that he had a conversation with his Indian counterpart S. Jaishankar earlier this week on the margins of the ASEAN Summit. The 43rd ASEAN Summit was held in Indonesia on from September 6th to 7th.

Lavrov has already brought up Moscow’s worries about an influx of Indian rupees. He previously revealed to reporters in May that both nations were talking about ways to&nbsp;convert the rupees Moscow had accumulated into a different currency.

Russia may be given the opportunity to invest its accumulated rupees in accordance with the framework for rupee settlement released by the Reserve Bank of India (RBI) in July 2022.

Any excess rupees maintained in Vostro accounts, according to the framework, may be used for permitted capital and current account activities, such as payments for projects and investments, management of export and import advance flow, and investment in government securities, subject to restrictions and recommendations.

To enable trading in rupees abroad and maintain the flow of crude, Indian lenders opened special vostro accounts at Russian banks, notably Sberbank PJSC and VTB Bank PJSC.

According to a Reuters report dated August 1 that quoted bankers, Russia had primarily placed its excess rupees in short-term treasury bills as opposed to longer-term government bonds. Following this, the RBI on August 10 dispelled worries about the potential withdrawal of Russian investment in local government debt, saying it did not expect the domestic liquidity situation or the rupee’s exchange rate to come under pressure from such an outflow, without disclosing how much Russia may have invested in Indian government securities.

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Russian foreign minister, Sergey Lavrov, on September 10 said that Moscow has billions of rupees in Indian banks that are “unfortunately not currently usable”. However, India has suggested several ways in which this money could be invested, a Moneycontrol report added.

Russian foreign minister, Sergey Lavrov, on September 10 said that Moscow has billions of rupees in Indian banks that are “unfortunately not currently usable”. However, India has suggested several ways in which this money could be invested, a Moneycontrol report added. Following the establishment of the framework, India and Russia did settle their trade in rupees. Nevertheless, the system did not function as expected as Moscow swiftly built a surplus amounting to billions of rupees while New Delhi’s trade deficit widened due to an increase in oil imports. According to the most recent official statistics, India’s imports from Russia increased by 132 per cent to $16.04 billion in April - June mostly as a result of New Delhi’s oil purchases from Moscow. Though there was little time for Russia and India to discuss bilateral concerns at the Leaders’ Summit this past weekend, Lavrov said that he had a conversation with his Indian counterpart S. Jaishankar earlier this week on the margins of the ASEAN Summit. The 43rd ASEAN Summit was held in Indonesia on from September 6th to 7th. Lavrov has already brought up Moscow’s worries about an influx of Indian rupees. He previously revealed to reporters in May that both nations were talking about ways to convert the rupees Moscow had accumulated into a different currency. Russia may be given the opportunity to invest its accumulated rupees in accordance with the framework for rupee settlement released by the Reserve Bank of India (RBI) in July 2022. Any excess rupees maintained in Vostro accounts, according to the framework, may be used for permitted capital and current account activities, such as payments for projects and investments, management of export and import advance flow, and investment in government securities, subject to restrictions and recommendations. To enable trading in rupees abroad and maintain the flow of crude, Indian lenders opened special vostro accounts at Russian banks, notably Sberbank PJSC and VTB Bank PJSC. According to a Reuters report dated August 1 that quoted bankers, Russia had primarily placed its excess rupees in short-term treasury bills as opposed to longer-term government bonds. Following this, the RBI on August 10 dispelled worries about the potential withdrawal of Russian investment in local government debt, saying it did not expect the domestic liquidity situation or the rupee’s exchange rate to come under pressure from such an outflow, without disclosing how much Russia may have invested in Indian government securities. WATCH WION LIVE HERE

India to offer Russia to invest trapped rupees: Sergey Lavrov

On the sidelines of the G20 meeting in New Delhi, Ajay Banga, the president of the World Bank, stated that the organization’s mission is being revised to include the eradication of poverty on a “liveable planet” as part of ongoing changes, according to a report by Mint.

The G20 has committed to making multilateral lending effective against poverty.

“There’s a lot of work going on with the World Bank on the reform agenda. It starts from redefining the vision of the bank, to not just be focused on poverty, although it’s important, but to also include a liveable planet,” Mint quoted Banga as saying.

He said the objective is to end poverty on a globe where people can live, and that by doing so, countries can broaden their perspectives to encompass climate change, pandemics, and fragility, all of which are linked to ending poverty.

As a former Mastercard executive chairman, Banga brought to light the necessity for cooperation among multilateral development banks on issues of digital governance and climate change, as well as the inclusion of the private sector to encourage investments in renewable energy in developing countries.

“I just announced a very big partnership with the Inter American Development Banks on the Amazon (region) on Caribbean climate and are digitising governance. We’ve also announced a private sector lab where N. Chandrasekharan (chairman) of Tata Sons is one of the members of that project led by (UN climate envoy) Mark Carney and (former UK minister) Shriti Vadera, and the idea is to get ideas from the private sector, asset managers and operators on what the bank can do to help facilitate much more investing in renewable energy in the emerging markets,” Mint quoted Banga as saying.

The Private Sector Investment Lab is concentrated on increasing financing for the infrastructure needed for the switch to renewable energy sources.

The New Delhi G20 Leaders’ Declaration on Saturday endorsed a roadmap for putting the group’s independent review of multilateral development bank (MDB) capital adequacy frameworks (CAFs) into action. This could result in an additional $200 billion in lending headroom over the following ten years for the sustainable development goals (SDGs) and climate finance.

In the statement, G20 leaders recognised the need for a global system of financing for development that could assist developing nations, “in particular the poorest and most vulnerable,” in overcoming economic obstacles such as those brought on by climate change.

The chairman of one of the biggest development lenders in the world noted that as women made up more than 50 per cent of the employment, management, and social workforce, they needed to be “at the centre” of the reforms.

According to Banga, there are currently gaps in senior management engagement, remuneration, and opportunities for social and personal growth all over the world. The issue also affects wealthy countries. He said he believed that countries should concentrate their efforts on involving at least 50 per cent of the populace in that regard.

Since the developing world had a bigger percentage of a younger population, whose hopes represent the future, Banga suggested an equal focus must be placed on young people.

He said, “The trick is to give them quality of life when they are growing up—clean air, water, education, healthcare—once they grow into new jobs. You do those two things for them, and then they become the engine of your future. So our first part is vision and inclusion.”

Banga praised India’s initiatives to include the more than 1 billion members of the African Union into the G20, calling the action “excellent.” &nbsp;He said that just like India, the African continent is teeming with youthful people and that their success depends on their goals. He believes that India should be commended for pushing this effort; along with the assistance they received from other nations.

He complimented India’s efforts to reach an agreement on all topics and claimed that the country has set a course for the globe during its G20 chairmanship despite difficulties.

He believes that the declaration bears testament to the fact that the G20 leadership was able to compromise, find a fair solution, and establish a course for the globe. Saying that the G20 includes both rich and emerging nations, he noted that about 80 per cent of the global GDP was present there.

On Sunday, Banga met with Nirmala Sitharaman, India’s Finance Minister. Both&nbsp;expressed enthusiasm for the expert group’s Volume 2 report on strengthening multilateral development banks, which will be presented at the 4th meeting of finance ministers and central bank governors in October in Morocco.

During the conference, Banga committed to collaborating closely with the Ministry of Finance’s department of economic affairs to develop a market structure from the demand side of corporate social responsibility for optimising its social impact.

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On the sidelines of the G20 meeting in New Delhi, Ajay Banga, the president of the World Bank, stated that the organization’s mission is being revised to include the eradication of poverty on a “liveable planet” as part of ongoing changes, according to a report by Mint.

On the sidelines of the G20 meeting in New Delhi, Ajay Banga, the president of the World Bank, stated that the organization’s mission is being revised to include the eradication of poverty on a “liveable planet” as part of ongoing changes, according to a report by Mint. The G20 has committed to making multilateral lending effective against poverty. “There’s a lot of work going on with the World Bank on the reform agenda. It starts from redefining the vision of the bank, to not just be focused on poverty, although it’s important, but to also include a liveable planet,” Mint quoted Banga as saying. He said the objective is to end poverty on a globe where people can live, and that by doing so, countries can broaden their perspectives to encompass climate change, pandemics, and fragility, all of which are linked to ending poverty. As a former Mastercard executive chairman, Banga brought to light the necessity for cooperation among multilateral development banks on issues of digital governance and climate change, as well as the inclusion of the private sector to encourage investments in renewable energy in developing countries. “I just announced a very big partnership with the Inter American Development Banks on the Amazon (region) on Caribbean climate and are digitising governance. We’ve also announced a private sector lab where N. Chandrasekharan (chairman) of Tata Sons is one of the members of that project led by (UN climate envoy) Mark Carney and (former UK minister) Shriti Vadera, and the idea is to get ideas from the private sector, asset managers and operators on what the bank can do to help facilitate much more investing in renewable energy in the emerging markets,” Mint quoted Banga as saying. The Private Sector Investment Lab is concentrated on increasing financing for the infrastructure needed for the switch to renewable energy sources. The New Delhi G20 Leaders’ Declaration on Saturday endorsed a roadmap for putting the group’s independent review of multilateral development bank (MDB) capital adequacy frameworks (CAFs) into action. This could result in an additional $200 billion in lending headroom over the following ten years for the sustainable development goals (SDGs) and climate finance. In the statement, G20 leaders recognised the need for a global system of financing for development that could assist developing nations, “in particular the poorest and most vulnerable,” in overcoming economic obstacles such as those brought on by climate change. The chairman of one of the biggest development lenders in the world noted that as women made up more than 50 per cent of the employment, management, and social workforce, they needed to be “at the centre” of the reforms. According to Banga, there are currently gaps in senior management engagement, remuneration, and opportunities for social and personal growth all over the world. The issue also affects wealthy countries. He said he believed that countries should concentrate their efforts on involving at least 50 per cent of the populace in that regard. Since the developing world had a bigger percentage of a younger population, whose hopes represent the future, Banga suggested an equal focus must be placed on young people. He said, “The trick is to give them quality of life when they are growing up—clean air, water, education, healthcare—once they grow into new jobs. You do those two things for them, and then they become the engine of your future. So our first part is vision and inclusion.” Banga praised India’s initiatives to include the more than 1 billion members of the African Union into the G20, calling the action “excellent.” He said that just like India, the African continent is teeming with youthful people and that their success depends on their goals. He believes that India should be commended for pushing this effort; along with the assistance they received from other nations. He complimented India’s efforts to reach an agreement on all topics and claimed that the country has set a course for the globe during its G20 chairmanship despite difficulties. He believes that the declaration bears testament to the fact that the G20 leadership was able to compromise, find a fair solution, and establish a course for the globe. Saying that the G20 includes both rich and emerging nations, he noted that about 80 per cent of the global GDP was present there. On Sunday, Banga met with Nirmala Sitharaman, India’s Finance Minister. Both expressed enthusiasm for the expert group’s Volume 2 report on strengthening multilateral development banks, which will be presented at the 4th meeting of finance ministers and central bank governors in October in Morocco. During the conference, Banga committed to collaborating closely with the Ministry of Finance’s department of economic affairs to develop a market structure from the demand side of corporate social responsibility for optimising its social impact. WATCH WION LIVE HERE

World Bank to redefine vision to progress towards a ‘livable planet’: Ajay Banga

Amazon Inc. has been accused by the US Labour Board prosecutors of enforcing unlawful confidentiality requirements on its employees, which may eventually lead the business to modify its confidentiality policies, as per a&nbsp;Bloomberg&nbsp;report.

The regional director for the National Labour Relations Board in Seattle said in a complaint filed on Monday that Amazon had broken the law by making a confidentiality agreement a requirement of employment for a worker on its drone programme.&nbsp;

The complaint stated that the agreement forbade the disclosure of "business and financial information" as well as details of the company's "techniques, technology, practises, operations, and methods," even if the information is not labelled as secret.

Amazon was charged with infringing rights granted by federal workplace legislation, according to the complaint, which was submitted on behalf of the labour board's general counsel. It was claimed that this impacts workers at all of the company's US facilities.

Workers' freedom to discuss their working conditions with one another, with or without a union, is protected under the federal labour legislation.&nbsp;

Members of the National Labour Relations Board (NLRB) in Washington, where Democrats are in the majority, voted in August to create a new standard that makes it more difficult for businesses to defend workplace handbook policies that agency officials fear may have a chilling effect on workers' rights.

Regional NLRB directors file complaints with the agency, which are reviewed by agency judges whose decisions can be challenged in federal court after being reviewed by labour board members in Washington, DC. The government is unable to hold executives accountable for violations or levy punitive damages on businesses, but it can order them to amend any legally incompliant procedures.

In an interview, Cheddi Skeete, the former drone project manager who first brought the matter to the NLRB, expressed his concern about how excessively broad secrecy restrictions prevent workers from networking and job-hunting for fear of upsetting their current employers.

Skeete said he thinks the NLRB will assist in guaranteeing a fair balance between employers' need for privacy and employees' need to be allowed to discuss their job. Skeete filed a second discrimination and retaliation action against Amazon earlier this year. This might transform the corporate and technological landscapes, he told Bloomberg.

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Amazon Inc. has been accused by the US Labour Board prosecutors of enforcing unlawful confidentiality requirements on its employees, which may eventually lead the business to modify its confidentiality policies, as per a Bloomberg report.

Amazon Inc. has been accused by the US Labour Board prosecutors of enforcing unlawful confidentiality requirements on its employees, which may eventually lead the business to modify its confidentiality policies, as per a Bloomberg report. The regional director for the National Labour Relations Board in Seattle said in a complaint filed on Monday that Amazon had broken the law by making a confidentiality agreement a requirement of employment for a worker on its drone programme. The complaint stated that the agreement forbade the disclosure of "business and financial information" as well as details of the company's "techniques, technology, practises, operations, and methods," even if the information is not labelled as secret. Amazon was charged with infringing rights granted by federal workplace legislation, according to the complaint, which was submitted on behalf of the labour board's general counsel. It was claimed that this impacts workers at all of the company's US facilities. Workers' freedom to discuss their working conditions with one another, with or without a union, is protected under the federal labour legislation. Members of the National Labour Relations Board (NLRB) in Washington, where Democrats are in the majority, voted in August to create a new standard that makes it more difficult for businesses to defend workplace handbook policies that agency officials fear may have a chilling effect on workers' rights. Regional NLRB directors file complaints with the agency, which are reviewed by agency judges whose decisions can be challenged in federal court after being reviewed by labour board members in Washington, DC. The government is unable to hold executives accountable for violations or levy punitive damages on businesses, but it can order them to amend any legally incompliant procedures. In an interview, Cheddi Skeete, the former drone project manager who first brought the matter to the NLRB, expressed his concern about how excessively broad secrecy restrictions prevent workers from networking and job-hunting for fear of upsetting their current employers. Skeete said he thinks the NLRB will assist in guaranteeing a fair balance between employers' need for privacy and employees' need to be allowed to discuss their job. Skeete filed a second discrimination and retaliation action against Amazon earlier this year. This might transform the corporate and technological landscapes, he told Bloomberg. WATCH WION LIVE HERE

Amazon illegally silenced its drone employees: Labour Board  

Following a temporary decline in the rouble last month, Russian President Vladimir Putin took a soothing stance on the currency’s future, indicating that the government is not planning to enact further capital controls to stabilise the currency, Bloomberg reported.

The volatility of the currency is “manageable,” according to Putin, who spoke on Tuesday at an economic conference in Vladivostok, a port city on the Pacific coast of Russia. The supply of foreign currency has been constrained, he claimed, since exporters have been “restrained” in bringing their profits home from overseas.

“We need to somehow come to an agreement with business, they have to understand&nbsp;and proceed from the fact that it is safer to work here,” Bloomberg quoted Putin as saying ,“Nothing drastic needs to be done.”

The debate over capital controls in Russia has been contentious, but there a limited need for restrictions on the flow of money now that the rouble is beginning to stabilise after seeing the third-largest loss among developing markets this year.

Although the rouble lost some of its gains against the dollar as Putin spoke, it is still expected to post gains for a third straight day.

Putin is still holding his yearly display in Vladivostok, which he started doing in 2015 to entice investment and establish relationships with Asia-Pacific nations.

The event has evolved to reflect Russia’s isolation despite its increasing reliance on trade with Asia; this year, the vice president of Laos was the most notable participant to attend a plenary session with Putin. Zhang Guoqing, the Vice Premier of China, was also present at the forum and spoke with Putin on Tuesday.

Prior to his meeting with Putin on Wednesday, North Korean leader Kim Jong Un came to Russia on Tuesday. It is unknown at this time whether he would attend the conference or hold talks there. One of the prominent attendees in 2022 was Min Aung Hlaing, the leader of the junta in Myanmar and a person under US sanctions for alleged breaches of human rights.

Expanding international trade, investments, and technological and scientific collaboration will be some of the forum’s themes this year, according to Putin, whose remarks were posted on the forum’s website.

Along with the decline in the value of energy export receipts and a rise in imports, a shift away from settling trade in the dollar and the euro has also reduced the flow of currency into Russia.

Late last month, when the Russian rouble briefly surpassed 100 per dollar, the topic of capital controls resurfaced in Moscow. As a result, officials decided to take informal steps to make sure there is sufficient foreign currency available in the domestic market.

Prior to the collapse of the rouble, Putin warned of the threat from rising prices and requested action to stop the movement of cash out of Russia and to lessen market volatility.

In August, when the rouble was under heavy selling pressure, the central bank declared it would stop buying foreign currencies for the remainder of the year before delivering a sharp increase in interest rates at an emergency meeting.

However, the rouble has continued to be extremely volatile, suffering from a decline in foreign commerce in the midst of a number of international sanctions related to the Kremlin’s conflict in Ukraine.

This Friday marks the next policy review by the Bank of Russia, which just increased its benchmark rate to 12 per cent from 8.5 per cent, the second straight hike and the sharpest since the days immediately following Russia’s invasion of Ukraine in February 2022.

The central bank “was forced” to implement the significant rate increase, according to Putin, in part “because inflation began to rise slightly.”

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Following a temporary decline in the rouble last month, Russian President Vladimir Putin took a soothing stance on the currency’s future, indicating that the government is not planning to enact further capital controls to stabilise the currency, Bloomberg reported.

Following a temporary decline in the rouble last month, Russian President Vladimir Putin took a soothing stance on the currency’s future, indicating that the government is not planning to enact further capital controls to stabilise the currency, Bloomberg reported. The volatility of the currency is “manageable,” according to Putin, who spoke on Tuesday at an economic conference in Vladivostok, a port city on the Pacific coast of Russia. The supply of foreign currency has been constrained, he claimed, since exporters have been “restrained” in bringing their profits home from overseas. “We need to somehow come to an agreement with business, they have to understand and proceed from the fact that it is safer to work here,” Bloomberg quoted Putin as saying ,“Nothing drastic needs to be done.” The debate over capital controls in Russia has been contentious, but there a limited need for restrictions on the flow of money now that the rouble is beginning to stabilise after seeing the third-largest loss among developing markets this year. Although the rouble lost some of its gains against the dollar as Putin spoke, it is still expected to post gains for a third straight day. Putin is still holding his yearly display in Vladivostok, which he started doing in 2015 to entice investment and establish relationships with Asia-Pacific nations. The event has evolved to reflect Russia’s isolation despite its increasing reliance on trade with Asia; this year, the vice president of Laos was the most notable participant to attend a plenary session with Putin. Zhang Guoqing, the Vice Premier of China, was also present at the forum and spoke with Putin on Tuesday. Prior to his meeting with Putin on Wednesday, North Korean leader Kim Jong Un came to Russia on Tuesday. It is unknown at this time whether he would attend the conference or hold talks there. One of the prominent attendees in 2022 was Min Aung Hlaing, the leader of the junta in Myanmar and a person under US sanctions for alleged breaches of human rights. Expanding international trade, investments, and technological and scientific collaboration will be some of the forum’s themes this year, according to Putin, whose remarks were posted on the forum’s website. Along with the decline in the value of energy export receipts and a rise in imports, a shift away from settling trade in the dollar and the euro has also reduced the flow of currency into Russia. Late last month, when the Russian rouble briefly surpassed 100 per dollar, the topic of capital controls resurfaced in Moscow. As a result, officials decided to take informal steps to make sure there is sufficient foreign currency available in the domestic market. Prior to the collapse of the rouble, Putin warned of the threat from rising prices and requested action to stop the movement of cash out of Russia and to lessen market volatility. In August, when the rouble was under heavy selling pressure, the central bank declared it would stop buying foreign currencies for the remainder of the year before delivering a sharp increase in interest rates at an emergency meeting. However, the rouble has continued to be extremely volatile, suffering from a decline in foreign commerce in the midst of a number of international sanctions related to the Kremlin’s conflict in Ukraine. This Friday marks the next policy review by the Bank of Russia, which just increased its benchmark rate to 12 per cent from 8.5 per cent, the second straight hike and the sharpest since the days immediately following Russia’s invasion of Ukraine in February 2022. The central bank “was forced” to implement the significant rate increase, according to Putin, in part “because inflation began to rise slightly.” WATCH WION LIVE HERE

Putin expresses faith in the rouble, says ‘nothing drastic’ following crash

After the country’s biggest economic crisis in decades caused widespread riots and the overthrow of its administration in 2022, Sri Lanka has moved closer to finishing its restructuring this year by exchanging defaulted local debt for fresh bonds.

Bloomberg cited a statement posted Tuesday on the website of the finance ministry wherein, the government accepted offers from superannuation funds worth 3.2 trillion rupees ($10 billion).

The decision raises Sri Lanka’s prospects of passing the IMF’s first review of its $3 billion bailout, which will begin this week, opening the door to a payout of approximately $330 million by November.

The nation’s debt negotiations with holders of its international debt, including creditors like China and India, are currently the centre of attention.

Bloomberg quoted the South Asian economist from Standard Chartered Plc., Saurav Anand as saying, “It’s an important milestone for sure, but to complete the IMF review, the government will also need to reach an agreement with the bilateral lenders.” He further said that next month’s IMF proceedings and the Sri Lankan president’s visit to China are important areas of focus at present.

Sri Lanka is making headway in resolving its financial issues, joining some of the most insolvent countries in the world, such as Ghana and Zambia. Zambia became the first country to receive significant debt relief through the Common Framework of the Group of 20 nations in June. Zambia’s president, Hakainde Hichilema, is currently on a state visit to China.

Dollar bonds issued by the island’s government have returned 54 per cent to investors this year as investment flowed back after it received a bailout following months of food and fuel shortages. While a Bloomberg indicator of emerging market national debt has increased 3 per cent this year, Zambian dollar bonds, which are also undergoing restructuring, have increased by 20 per cent this year.

The foreign currency bonds due in 2030 remained stable at 45.4 cents on the dollar on Tuesday, according to indicative pricing reported by Bloomberg, while the Sri Lankan rupee fell 0.2 per cent.

The struggle to comply with IMF demands to maintain funding is seen in Egypt's and Pakistan's attempts to sell state assets despite the political dangers involved. Investors feared that these troubled nations could be the next to default.

Last year, a new administration was formed as a result of the political upheaval brought on by Sri Lanka’s economic collapse. After his predecessor Gotabaya Rajapaksa fled the country, President Ranil Wickremesinghe was chosen by parliament and is working to enact economic and constitutional reforms in an effort to reverse the trend.

According to Shehan Semasinghe, a junior finance minister, Sri Lanka is in talks with China, which has agreed to support the country’s debt restructuring.

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After the country’s biggest economic crisis in decades caused widespread riots and the overthrow of its administration in 2022, Sri Lanka has moved closer to finishing its restructuring this year by exchanging defaulted local debt for fresh bonds.

After the country’s biggest economic crisis in decades caused widespread riots and the overthrow of its administration in 2022, Sri Lanka has moved closer to finishing its restructuring this year by exchanging defaulted local debt for fresh bonds. Bloomberg cited a statement posted Tuesday on the website of the finance ministry wherein, the government accepted offers from superannuation funds worth 3.2 trillion rupees ($10 billion). The decision raises Sri Lanka’s prospects of passing the IMF’s first review of its $3 billion bailout, which will begin this week, opening the door to a payout of approximately $330 million by November. The nation’s debt negotiations with holders of its international debt, including creditors like China and India, are currently the centre of attention. Bloomberg quoted the South Asian economist from Standard Chartered Plc., Saurav Anand as saying, “It’s an important milestone for sure, but to complete the IMF review, the government will also need to reach an agreement with the bilateral lenders.” He further said that next month’s IMF proceedings and the Sri Lankan president’s visit to China are important areas of focus at present. Sri Lanka is making headway in resolving its financial issues, joining some of the most insolvent countries in the world, such as Ghana and Zambia. Zambia became the first country to receive significant debt relief through the Common Framework of the Group of 20 nations in June. Zambia’s president, Hakainde Hichilema, is currently on a state visit to China. Dollar bonds issued by the island’s government have returned 54 per cent to investors this year as investment flowed back after it received a bailout following months of food and fuel shortages. While a Bloomberg indicator of emerging market national debt has increased 3 per cent this year, Zambian dollar bonds, which are also undergoing restructuring, have increased by 20 per cent this year. The foreign currency bonds due in 2030 remained stable at 45.4 cents on the dollar on Tuesday, according to indicative pricing reported by Bloomberg, while the Sri Lankan rupee fell 0.2 per cent. The struggle to comply with IMF demands to maintain funding is seen in Egypt's and Pakistan's attempts to sell state assets despite the political dangers involved. Investors feared that these troubled nations could be the next to default. Last year, a new administration was formed as a result of the political upheaval brought on by Sri Lanka’s economic collapse. After his predecessor Gotabaya Rajapaksa fled the country, President Ranil Wickremesinghe was chosen by parliament and is working to enact economic and constitutional reforms in an effort to reverse the trend. According to Shehan Semasinghe, a junior finance minister, Sri Lanka is in talks with China, which has agreed to support the country’s debt restructuring. WATCH WION LIVE HERE

Sri Lanka’s local bond swap agreement brings it nearer to IMF bailout

On Monday, Canada’s Telesat said that it had reached a deal with SpaceX to begin launching its low-Earth orbit (LEO) satellites in 2026, with the intention of offering international internet access from space by the end of 2027.

Since LEO satellites orbit 36 times closer to Earth than conventional ones, information is transmitted and received more quickly, improving broadband coverage even in remote locations.

The LEO constellation launched by Telesat is named Lightspeed.

“It is another big step forward on our path to get Lightspeed up there,” Reuters quoted Telesat CEO Dan Goldberg as saying.

The deal, which covers 14 launches, was not valued. According to the firm, the constellation will be deployed by the end of 2027, when Telesat intends to offer a global service. Each Falcon 9 rocket will be able to launch up to 18 satellites into orbit. This comes three years after the original deadline.

Telesat’s stock declined 5.3 per cent to Canadian $21.99 ($16.20), following an early trade gain of about 3.2 per cent.

Last month, Telesat said that by hiring Canada’s MDA Ltd to construct 198 satellites, it would save $2 billion. Thales Alenia Space received the contract in 2021.

Thales informed Telesat roughly two years ago that it could no longer match with the agreed price and timetable due to “COVID hit, and supply chain issues hit, and inflation hit,” Reuters cited Goldberg.

The 14 launches will be carried out by SpaceX, which “gives us scope to expand the constellation above and beyond the 198 (satellites) that we've committed to with MDA,” Goldberg told Reuters.

With the goal of serving corporate customers, such as mobile operators, governments, aircraft and shipping corporations, Telesat is entering the competitive new world of LEO networks.

The majority of the LEO competition, which also includes Jeff Bezos’ Blue Origin and its Project Kuiper and SpaceX’s Starlink network, is geared at the consumer market.

Large bulk launch contracts like Telesat’s SpaceX contract have significantly reduced the U.S. launch supply in recent years due to satellite constellations.

The largest commercial launch contract in history was won by Amazon in 2022 for 83 missions across different launch firms to deploy its Kuiper network. With the aid of its expanding Starlink constellation, SpaceX hopes to roughly double its current yearly launch rate by 2023.

(With inputs from Reuters)

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On Monday, Canada’s Telesat said that it had reached a deal with SpaceX to begin launching its low-Earth orbit (LEO) satellites in 2026, with the intention of offering international internet access from space by the end of 2027.

On Monday, Canada’s Telesat said that it had reached a deal with SpaceX to begin launching its low-Earth orbit (LEO) satellites in 2026, with the intention of offering international internet access from space by the end of 2027. Since LEO satellites orbit 36 times closer to Earth than conventional ones, information is transmitted and received more quickly, improving broadband coverage even in remote locations. The LEO constellation launched by Telesat is named Lightspeed. “It is another big step forward on our path to get Lightspeed up there,” Reuters quoted Telesat CEO Dan Goldberg as saying. The deal, which covers 14 launches, was not valued. According to the firm, the constellation will be deployed by the end of 2027, when Telesat intends to offer a global service. Each Falcon 9 rocket will be able to launch up to 18 satellites into orbit. This comes three years after the original deadline. Telesat’s stock declined 5.3 per cent to Canadian $21.99 ($16.20), following an early trade gain of about 3.2 per cent. Last month, Telesat said that by hiring Canada’s MDA Ltd to construct 198 satellites, it would save $2 billion. Thales Alenia Space received the contract in 2021. Thales informed Telesat roughly two years ago that it could no longer match with the agreed price and timetable due to “COVID hit, and supply chain issues hit, and inflation hit,” Reuters cited Goldberg. The 14 launches will be carried out by SpaceX, which “gives us scope to expand the constellation above and beyond the 198 (satellites) that we've committed to with MDA,” Goldberg told Reuters. With the goal of serving corporate customers, such as mobile operators, governments, aircraft and shipping corporations, Telesat is entering the competitive new world of LEO networks. The majority of the LEO competition, which also includes Jeff Bezos’ Blue Origin and its Project Kuiper and SpaceX’s Starlink network, is geared at the consumer market. Large bulk launch contracts like Telesat’s SpaceX contract have significantly reduced the U.S. launch supply in recent years due to satellite constellations. The largest commercial launch contract in history was won by Amazon in 2022 for 83 missions across different launch firms to deploy its Kuiper network. With the aid of its expanding Starlink constellation, SpaceX hopes to roughly double its current yearly launch rate by 2023. (With inputs from Reuters) WATCH WION LIVE HERE

Canada’s Telesat joins hands with SpaceX to launch broadband satellites: Report

The average price of a household thali in India decreased slightly in August compared to the previous month, mainly because tomato prices fell significantly, Deccan Herald reported.

According to data gathered by rating agency CRISIL, homemade vegetarian thali preparation cost decreased to Rs 33.8 ($0.41) in August from Rs 34 ($0.41) in July, while non-vegetarian thali preparation cost marginally down to Rs 67.3 ($0.81) in August from Rs 67.6 ($0.81) in July.

On a year-over-year (YoY) basis, both categories’ expenses dramatically increased. When compared to the same month last year, the price of a vegetarian thali in August was 24 per cent&nbsp;higher. It was Rs 27.2 ($0.33) in August 2022.

A non-vegetarian thali increased in price by 13 per cent year over year, from Rs 59.8 ($0.72) in August 2022 to Rs 67.3 ($0.81) in August 2023.

The price of tomatoes, which increased by 176 per cent&nbsp;YoY to Rs 102 per kg ($1.23) in August 2023 from Rs 37 per kg ($0.45) in the same month the previous year, may be blamed for 21 per cent of the total increase in vegetarian thali's cost.

Tomato prices have dropped to about Rs 50 per kg ($0.60) after reaching a record high of over Rs 250 per kg ($3.01) in late July and early August.

The rating agency stated that expenses may start to level down as the retail price of tomatoes has decreased by half month-over-month to Rs 51 per kg ($0.61) in September. Additionally, starting in September, a 14.2 kg LPG cylinder will cost Rs 903 ($10.90) instead of the Rs 1,103 ($13.31) it did in August in Delhi. For customers, this will be a relief.

A vegetarian thali, for the sake of statistical consistency, consists of roti, vegetables (onion, tomato, and potato), rice, dal, curd, and salad. Chicken is used in place of dal for a non-vegetarian thali.

As most goods saw YoY price increases in August, the cost of food remained close to record highs despite the slight dip. Onion prices increased by 8 per cent, chili prices by 20 per cent, and cumin prices by 158 per cent YoY in August, which led to a 1 per cent increase in the price of vegetarian thali for the month.

The cost increase for non-vegetarian thali increased more slowly since broilers, which account for more than 50 per cent of the price, are thought to have increased between 1-3 per cent YoY.

However, a 17 per cent YoY drop in vegetable oil prices and a 14 per cent rise in potato prices helped to at least partially offset the expense of both thalis.

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The average price of a household thali in India decreased slightly in August compared to the previous month, mainly because tomato prices fell significantly, Deccan Herald reported.

The average price of a household thali in India decreased slightly in August compared to the previous month, mainly because tomato prices fell significantly, Deccan Herald reported. According to data gathered by rating agency CRISIL, homemade vegetarian thali preparation cost decreased to Rs 33.8 ($0.41) in August from Rs 34 ($0.41) in July, while non-vegetarian thali preparation cost marginally down to Rs 67.3 ($0.81) in August from Rs 67.6 ($0.81) in July. On a year-over-year (YoY) basis, both categories’ expenses dramatically increased. When compared to the same month last year, the price of a vegetarian thali in August was 24 per cent higher. It was Rs 27.2 ($0.33) in August 2022. A non-vegetarian thali increased in price by 13 per cent year over year, from Rs 59.8 ($0.72) in August 2022 to Rs 67.3 ($0.81) in August 2023. The price of tomatoes, which increased by 176 per cent YoY to Rs 102 per kg ($1.23) in August 2023 from Rs 37 per kg ($0.45) in the same month the previous year, may be blamed for 21 per cent of the total increase in vegetarian thali's cost. Tomato prices have dropped to about Rs 50 per kg ($0.60) after reaching a record high of over Rs 250 per kg ($3.01) in late July and early August. The rating agency stated that expenses may start to level down as the retail price of tomatoes has decreased by half month-over-month to Rs 51 per kg ($0.61) in September. Additionally, starting in September, a 14.2 kg LPG cylinder will cost Rs 903 ($10.90) instead of the Rs 1,103 ($13.31) it did in August in Delhi. For customers, this will be a relief. A vegetarian thali, for the sake of statistical consistency, consists of roti, vegetables (onion, tomato, and potato), rice, dal, curd, and salad. Chicken is used in place of dal for a non-vegetarian thali. As most goods saw YoY price increases in August, the cost of food remained close to record highs despite the slight dip. Onion prices increased by 8 per cent, chili prices by 20 per cent, and cumin prices by 158 per cent YoY in August, which led to a 1 per cent increase in the price of vegetarian thali for the month. The cost increase for non-vegetarian thali increased more slowly since broilers, which account for more than 50 per cent of the price, are thought to have increased between 1-3 per cent YoY. However, a 17 per cent YoY drop in vegetable oil prices and a 14 per cent rise in potato prices helped to at least partially offset the expense of both thalis. WATCH WION LIVE HERE

Household thali costs dip in August due to lower tomato prices

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