As U.S. President Joe Biden brings an offer to the “Global South” to this weekend’s Group of 20 (G20) conference in India, he carries the message indicating that, no matter what happens to the Chinese economy, the United States can assist support development in China’s place.&nbsp;

Biden hopes to persuade fast-growing economies in Africa, Latin America, and Asia that there is an alternative to China’s Belt and Road project, which has funnelled billions of dollars to developing countries but left many of them deeply in debt. Biden will be armed with money for the World Bank and pledges of sustained US engagement.&nbsp;

At least one thing will work in his favour: Chinese President Xi Jinping won’t be present at the summit. &nbsp;

Although Biden expressed his disappointment, the absence of Xi with China’s economy struggling, provides Washington with an opportunity to shift the agenda of a political club it has tried to control.&nbsp;

In order to free up hundreds of billions of dollars in additional funds for grants and loans, Biden’s plan for the World Bank reform and increased funding for the lender’s infrastructure and climate help in developing countries are at the centre of his proposal.&nbsp;

In addition to past efforts by the United States and its close allies to generate $600 billion by 2027 in public and private funding for the Partnership for Global Infrastructure and Investment, in an attempt to emerge as an alternative to the Belt and Road that does not include China, the White House is asking Congress for $3.3 billion.&nbsp;

Zack Cooper, a senior fellow focused on Asia at the American Enterprise Institute said, “Xi’s absence from the G20 does give the United States an opening, which could be compounded by the challenges that China's economic downturn will have for Belt and Road spending.”&nbsp;

“But the question ... is whether the United States will be able to step up,” he further added. &nbsp;

Rapid expansion and excessive debt&nbsp;

Chinese Premier Li Qiang will serve as China’s representative at the G20 summit, where global leaders are grappling with declining economic growth and the looming risk of a property debt crisis. Russian President Vladimir Putin has opted out of attending the event, instead delegating Foreign Minister Sergei Lavrov.&nbsp;

According to the IMF’s projections, regions such as the Middle East, Central Asia, developing nations in Asia, and sub-Saharan Africa are expected to achieve robust GDP growth ranging from 3.2 per cent to 5.0 per cent next year. This pace outpaces the modest 1 per cent growth forecast for the United States and the 3 per cent global average.&nbsp;

Nevertheless, these regions confront significant hurdles in realising their growth potential, notably as climate change strains outdated infrastructure, much of which dates back to the colonial era.&nbsp;

The combination of the ongoing COVID-19 pandemic, surging inflation, and rising U.S. interest rates has created mounting concerns regarding the sustainability of these countries’ debt loads. This has fuelled fears reminiscent of the Asian financial crisis that prompted the establishment of the G20 in 1999.&nbsp;

‘Taking sides’&nbsp;

Biden’s foreign policy is founded on the principles of confronting Russia’s actions in Ukraine, managing competition with China, and rejuvenating U.S. alliances that were overlooked by his predecessor, Trump, who is likely to be the Democratic candidate’s Republican rival in the 2024 presidential election.&nbsp;

While these endeavours have yielded positive results with traditional U.S. allies, they have garnered less support from developing nations, including Brazil, India, and South Africa. These countries have been striving to avoid being caught in the crossfire of Washington’s disputes with Beijing and Moscow while simultaneously seeking increased Western investment.&nbsp;

Khulu Mbatha, a former foreign policy advisor to South African President Cyril Ramaphosa, emphasised the need to maintain a neutral stance, stating, "We must have the ability to navigate without aligning with either side, much like our approach to the Ukraine conflict."&nbsp;

On the other hand, Xi is also exploring new avenues to engage with the developing world. He recently hosted a meeting of Central Asian leaders and discussed development initiatives in May. Additionally, at the BRICS summit in South Africa last month, he underscored the vitality of the Chinese economy.&nbsp;

The BRICS group, comprising Brazil, Russia, India, China, and South Africa, is a relatively new alliance compared to the G20. It operates independently of Washington and is planning to expand its membership to include Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates.&nbsp;

Xi is also anticipated to attend an Asia-Pacific Economic Cooperation (APEC) summit in San Francisco in November, where he may have an opportunity to meet with Biden.&nbsp;

(With inputs from Reuters)&nbsp;

&nbsp;

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As U.S. President Joe Biden brings an offer to the “Global South” to this weekend’s Group of 20 (G20) conference in India, he carries the message indicating that, no matter what happens to the Chinese economy, the United States can assist support development in China’s place.

As U.S. President Joe Biden brings an offer to the “Global South” to this weekend’s Group of 20 (G20) conference in India, he carries the message indicating that, no matter what happens to the Chinese economy, the United States can assist support development in China’s place. Biden hopes to persuade fast-growing economies in Africa, Latin America, and Asia that there is an alternative to China’s Belt and Road project, which has funnelled billions of dollars to developing countries but left many of them deeply in debt. Biden will be armed with money for the World Bank and pledges of sustained US engagement. At least one thing will work in his favour: Chinese President Xi Jinping won’t be present at the summit. Although Biden expressed his disappointment, the absence of Xi with China’s economy struggling, provides Washington with an opportunity to shift the agenda of a political club it has tried to control. In order to free up hundreds of billions of dollars in additional funds for grants and loans, Biden’s plan for the World Bank reform and increased funding for the lender’s infrastructure and climate help in developing countries are at the centre of his proposal. In addition to past efforts by the United States and its close allies to generate $600 billion by 2027 in public and private funding for the Partnership for Global Infrastructure and Investment, in an attempt to emerge as an alternative to the Belt and Road that does not include China, the White House is asking Congress for $3.3 billion. Zack Cooper, a senior fellow focused on Asia at the American Enterprise Institute said, “Xi’s absence from the G20 does give the United States an opening, which could be compounded by the challenges that China's economic downturn will have for Belt and Road spending.” “But the question ... is whether the United States will be able to step up,” he further added. Rapid expansion and excessive debt Chinese Premier Li Qiang will serve as China’s representative at the G20 summit, where global leaders are grappling with declining economic growth and the looming risk of a property debt crisis. Russian President Vladimir Putin has opted out of attending the event, instead delegating Foreign Minister Sergei Lavrov. According to the IMF’s projections, regions such as the Middle East, Central Asia, developing nations in Asia, and sub-Saharan Africa are expected to achieve robust GDP growth ranging from 3.2 per cent to 5.0 per cent next year. This pace outpaces the modest 1 per cent growth forecast for the United States and the 3 per cent global average. Nevertheless, these regions confront significant hurdles in realising their growth potential, notably as climate change strains outdated infrastructure, much of which dates back to the colonial era. The combination of the ongoing COVID-19 pandemic, surging inflation, and rising U.S. interest rates has created mounting concerns regarding the sustainability of these countries’ debt loads. This has fuelled fears reminiscent of the Asian financial crisis that prompted the establishment of the G20 in 1999. ‘Taking sides’ Biden’s foreign policy is founded on the principles of confronting Russia’s actions in Ukraine, managing competition with China, and rejuvenating U.S. alliances that were overlooked by his predecessor, Trump, who is likely to be the Democratic candidate’s Republican rival in the 2024 presidential election. While these endeavours have yielded positive results with traditional U.S. allies, they have garnered less support from developing nations, including Brazil, India, and South Africa. These countries have been striving to avoid being caught in the crossfire of Washington’s disputes with Beijing and Moscow while simultaneously seeking increased Western investment. Khulu Mbatha, a former foreign policy advisor to South African President Cyril Ramaphosa, emphasised the need to maintain a neutral stance, stating, "We must have the ability to navigate without aligning with either side, much like our approach to the Ukraine conflict." On the other hand, Xi is also exploring new avenues to engage with the developing world. He recently hosted a meeting of Central Asian leaders and discussed development initiatives in May. Additionally, at the BRICS summit in South Africa last month, he underscored the vitality of the Chinese economy. The BRICS group, comprising Brazil, Russia, India, China, and South Africa, is a relatively new alliance compared to the G20. It operates independently of Washington and is planning to expand its membership to include Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates. Xi is also anticipated to attend an Asia-Pacific Economic Cooperation (APEC) summit in San Francisco in November, where he may have an opportunity to meet with Biden. (With inputs from Reuters) WATCH WION LIVE HERE

G20 Summit: Biden woos developing nations to counter China

Kotak Mahindra Bank unbelievably announced on September 1 that its founder and CEO – Uday Kotak, the visionary who built one of India’s leading banks from scratch, is stepping down from his position as CEO and appointing a new leadership, months before his contract was set to legally expire.&nbsp;

As this transition begins, we take a look back at Kotak’s journey to fame and the path taken by the bank that bears his name.&nbsp;

Uday Kotak’s early life&nbsp;

Born in Mumbai on March 15, 1959, Uday Kotak hails from an upper-middle-class Gujarati Lohana joint family that engaged in cotton trading. After Partition, his father left Karachi and came back to India. He grew up in Babulnath in a large joint family in a home with 60 people living under one roof.&nbsp;

Uday was always passionate about cricket and wanted to build a career as a cricketer. He was a talented player who captained his college team while pursuing his MBA at Jamnalal Bajaj Institute. He was struck in the head by a ball during a Kanga League game; it took him several months to recover and he missed a year of college.&nbsp;

The launch of Kotak Mahindra Finance&nbsp;

After abandoning his dreams to become a cricketer and completing his MBA, Uday chose to launch his own little financial agency at the Navsari building premises using a 300-square-foot office space that his father had provided him.&nbsp;

Uday obtained a small loan from his family and friends to launch his finance and bill discounting firm. His closest friend, Anand Mahindra, is responsible for the majority of the investment. It was because of his assistance that the financial institution was given the name ‘Kotak Mahindra.’ &nbsp;

Uday offered low-interest financial help to commercial organisations like Tata subsidiary Nelco. Compared to other banks and financial institutions, he charged business organisations reduced interest rates. Finally, under the name Kotak Mahindra Finance, he founded the Kotak Mahindra group in 1985.&nbsp;

The path towards banking &nbsp;

The business had diversified into investment banking, bill discounting, stockbroking, life insurance, auto financing, and mutual funds by 1995 after expanding into distribution and brokerage. Then, in an important milestone, Uday obtained a banking licence from the central bank in 2003.&nbsp;

Under Uday’s direction, Kotak Mahindra Bank witnessed a remarkable change in the years that followed, growing from a young organisation into India’s third-largest private sector bank. Along with the bank, Uday’s group also established an asset management firm and an alternative asset business worth $18 billion.&nbsp;

Kotak’s mantra to success&nbsp;

The three core principles and values&nbsp;

When speaking to the Financial Express, Uday highlighted two critical qualities that have propelled his career: common sense and middle-class values. He believes these values are fundamental for all individuals.&nbsp;

In shaping the banks of the future, Uday emphasised three core principles. First, he stressed the importance of prudence, cautioning against excessive leverage in banking, drawing from lessons learned during the global financial crisis. Second, he advocated for simplicity, advising banks to avoid complex financial products that can lead to confusion and risk. Lastly, Kotak underscored the need for humility among bankers, recognising their role as custodians of public funds.&nbsp;

In the evolving Indian business landscape, Uday observed a shift towards “survival of the fittest,” with policies favouring financial prudence over bailouts for struggling businesses.&nbsp;

The five Cs&nbsp;

Apart from the three principles, Uday shared his success mantras with IIM Bangalore students during the institute’s 42nd annual convocation. Kotak’s advice revolved around five key principles: character, conviction, commitment, creativity, and capability.&nbsp;

Character was the cornerstone, with Kotak emphasising the importance of aligning decisions with personal values, even when tempted by shortcuts. &nbsp;

Conviction was about courageously pursuing beliefs, distinguished from foolhardiness through self-reflection. &nbsp;

Commitment was linked to passion and enjoyment in work, fostering genuine dedication and progress.&nbsp;

Kotak championed creativity, urging students to think beyond convention and embrace failure as a learning opportunity. &nbsp;

Lastly, he highlighted that capability isn’t enough; execution is key. He encouraged students to stretch their limits while maintaining their values.&nbsp;

Kotak concluded by advising graduates to be bold, creative, and resilient, defending their values as they enter the professional world, remains full of opportunities and challenges.&nbsp;

Kotak after Kotak &nbsp;

Kotak chose to share the news of his resignation on the microblogging platform 'X' (formerly Twitter), where he reflected on his remarkable journey with the institution.&nbsp;

Kotak Mahindra Bank, which began with just three employees in Fort, Mumbai, has now evolved into a financial powerhouse with a substantial presence across India and in five other countries, boasting a workforce of over 100,000 employees. Kotak described this transformation in his heartfelt note, stating, “It has been 38 long years since this institution was created.”&nbsp;

What makes this development particularly noteworthy is that Kotak’s departure comes ahead of schedule. He mentioned that both the joint Managing Director and Chairman of the bank are also expected to step down by December. The transition awaits approval from the Reserve Bank of India (RBI).&nbsp;

As Kotak steps down, the responsibility temporarily falls on his colleague, Dipak Gupta, who currently serves as the Joint MD. In his post, Kotak noted, “In the interim, my dear colleague Dipak Gupta... will function as MD &amp; CEO, subject to approvals.”&nbsp;

The banking community and stakeholders will undoubtedly watch closely as the bank awaits the RBI’s approval of the proposed successor, marking the end of an era in the Indian banking sector.

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Kotak Mahindra Bank unbelievably announced on September 1 that its founder and CEO – Uday Kotak, the visionary who built one of India’s leading banks from scratch, is stepping down from his position as CEO and appointing a new leadership, months before his contract was set to legally expire.

Kotak Mahindra Bank unbelievably announced on September 1 that its founder and CEO – Uday Kotak, the visionary who built one of India’s leading banks from scratch, is stepping down from his position as CEO and appointing a new leadership, months before his contract was set to legally expire. As this transition begins, we take a look back at Kotak’s journey to fame and the path taken by the bank that bears his name. Uday Kotak’s early life Born in Mumbai on March 15, 1959, Uday Kotak hails from an upper-middle-class Gujarati Lohana joint family that engaged in cotton trading. After Partition, his father left Karachi and came back to India. He grew up in Babulnath in a large joint family in a home with 60 people living under one roof. Uday was always passionate about cricket and wanted to build a career as a cricketer. He was a talented player who captained his college team while pursuing his MBA at Jamnalal Bajaj Institute. He was struck in the head by a ball during a Kanga League game; it took him several months to recover and he missed a year of college. The launch of Kotak Mahindra Finance After abandoning his dreams to become a cricketer and completing his MBA, Uday chose to launch his own little financial agency at the Navsari building premises using a 300-square-foot office space that his father had provided him. Uday obtained a small loan from his family and friends to launch his finance and bill discounting firm. His closest friend, Anand Mahindra, is responsible for the majority of the investment. It was because of his assistance that the financial institution was given the name ‘Kotak Mahindra.’ Uday offered low-interest financial help to commercial organisations like Tata subsidiary Nelco. Compared to other banks and financial institutions, he charged business organisations reduced interest rates. Finally, under the name Kotak Mahindra Finance, he founded the Kotak Mahindra group in 1985. The path towards banking The business had diversified into investment banking, bill discounting, stockbroking, life insurance, auto financing, and mutual funds by 1995 after expanding into distribution and brokerage. Then, in an important milestone, Uday obtained a banking licence from the central bank in 2003. Under Uday’s direction, Kotak Mahindra Bank witnessed a remarkable change in the years that followed, growing from a young organisation into India’s third-largest private sector bank. Along with the bank, Uday’s group also established an asset management firm and an alternative asset business worth $18 billion. Kotak’s mantra to success The three core principles and values When speaking to the Financial Express, Uday highlighted two critical qualities that have propelled his career: common sense and middle-class values. He believes these values are fundamental for all individuals. In shaping the banks of the future, Uday emphasised three core principles. First, he stressed the importance of prudence, cautioning against excessive leverage in banking, drawing from lessons learned during the global financial crisis. Second, he advocated for simplicity, advising banks to avoid complex financial products that can lead to confusion and risk. Lastly, Kotak underscored the need for humility among bankers, recognising their role as custodians of public funds. In the evolving Indian business landscape, Uday observed a shift towards “survival of the fittest,” with policies favouring financial prudence over bailouts for struggling businesses. The five Cs Apart from the three principles, Uday shared his success mantras with IIM Bangalore students during the institute’s 42nd annual convocation. Kotak’s advice revolved around five key principles: character, conviction, commitment, creativity, and capability. Character was the cornerstone, with Kotak emphasising the importance of aligning decisions with personal values, even when tempted by shortcuts. Conviction was about courageously pursuing beliefs, distinguished from foolhardiness through self-reflection. Commitment was linked to passion and enjoyment in work, fostering genuine dedication and progress. Kotak championed creativity, urging students to think beyond convention and embrace failure as a learning opportunity. Lastly, he highlighted that capability isn’t enough; execution is key. He encouraged students to stretch their limits while maintaining their values. Kotak concluded by advising graduates to be bold, creative, and resilient, defending their values as they enter the professional world, remains full of opportunities and challenges. Kotak after Kotak Kotak chose to share the news of his resignation on the microblogging platform 'X' (formerly Twitter), where he reflected on his remarkable journey with the institution. Kotak Mahindra Bank, which began with just three employees in Fort, Mumbai, has now evolved into a financial powerhouse with a substantial presence across India and in five other countries, boasting a workforce of over 100,000 employees. Kotak described this transformation in his heartfelt note, stating, “It has been 38 long years since this institution was created.” What makes this development particularly noteworthy is that Kotak’s departure comes ahead of schedule. He mentioned that both the joint Managing Director and Chairman of the bank are also expected to step down by December. The transition awaits approval from the Reserve Bank of India (RBI). As Kotak steps down, the responsibility temporarily falls on his colleague, Dipak Gupta, who currently serves as the Joint MD. In his post, Kotak noted, “In the interim, my dear colleague Dipak Gupta... will function as MD & CEO, subject to approvals.” The banking community and stakeholders will undoubtedly watch closely as the bank awaits the RBI’s approval of the proposed successor, marking the end of an era in the Indian banking sector. WATCH WION LIVE HERE

Flashback Friday: Revisiting the success of the self-made billionaire banker – Uday Kotak 

The two Tata Group companies, India’s tech giant Tata Cosultancy Services Ltd and Britain’s Jaguar Land Rover (JLR), have deepened their partnership, as per a statement made on Wednesday.&nbsp;

Their partnership is valued at over 800 million pounds ($1 billion) over five years.

The biggest tech service provider from India would offer the automaker with a variety of services as part of the agreement, ranging from application development and maintenance to cloud migration, cybersecurity, and data services.

JLR and TCS have been working together on several fronts as partners since 2012.

TCS said, “TCS will leverage its contextual knowledge, deep domain expertise, proprietary platforms, vast partner ecosystem and future-ready talent pool to help JLR enhance its digital capacity; transform, simplify, and manage its Digital estate; and build a new, future-ready digital core that will support its business transformation.”

Nigel Blenkinsop, Executive Director, Enterprise Performance &amp; Quality, JLR, said: “TCS' breadth of capabilities and deep understanding of our business will further enhance our ability to transform and simplify our Digital estate at pace, ensuring we can deliver a modern luxury experience for our clients."

Top Indian tech service providers have recently renewed several contracts worth millions or billions of dollars, despite concerns that client spending may be declining in the important US and EU (European Union) markets.

In June, British pension fund Nest and TCS agreed on a $1.1 billion contract.

Rivals like Infosys signed three contracts between June and August, on the other hand, HCL Technologies, scored a $2.1 billion deal with Verizon last month.

(With inputs from Bloomberg)&nbsp;

&nbsp;

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The two Tata Group companies, India’s tech giant Tata Cosultancy Services Ltd and Britain’s Jaguar Land Rover (JLR), have deepened their partnership, as per a statement made on Wednesday.

The two Tata Group companies, India’s tech giant Tata Cosultancy Services Ltd and Britain’s Jaguar Land Rover (JLR), have deepened their partnership, as per a statement made on Wednesday. Their partnership is valued at over 800 million pounds ($1 billion) over five years. The biggest tech service provider from India would offer the automaker with a variety of services as part of the agreement, ranging from application development and maintenance to cloud migration, cybersecurity, and data services. JLR and TCS have been working together on several fronts as partners since 2012. TCS said, “TCS will leverage its contextual knowledge, deep domain expertise, proprietary platforms, vast partner ecosystem and future-ready talent pool to help JLR enhance its digital capacity; transform, simplify, and manage its Digital estate; and build a new, future-ready digital core that will support its business transformation.” Nigel Blenkinsop, Executive Director, Enterprise Performance & Quality, JLR, said: “TCS' breadth of capabilities and deep understanding of our business will further enhance our ability to transform and simplify our Digital estate at pace, ensuring we can deliver a modern luxury experience for our clients." Top Indian tech service providers have recently renewed several contracts worth millions or billions of dollars, despite concerns that client spending may be declining in the important US and EU (European Union) markets. In June, British pension fund Nest and TCS agreed on a $1.1 billion contract. Rivals like Infosys signed three contracts between June and August, on the other hand, HCL Technologies, scored a $2.1 billion deal with Verizon last month. (With inputs from Bloomberg) WATCH WION LIVE HERE

India’s TCS and Jaguar Land Rover expand partnership with a $1 bn deal

Russia announced on Wednesday that Turkey has made a preliminary agreement to handle the one million metric tonnes of grain that Russia intends to ship at a reduced cost to Africa with assistance from Qatar.

Moscow put forth the plan after pulling out of a one-year agreement in July that had allowed Ukraine to ship grain from its Black Sea ports securely in an effort to contain a rise in food prices that had been worsened by Russia’s invasion.

Russia has made offers of free or heavily discounted grain, though much less than Ukraine had been shipping, to African nations, some of which have been experiencing food shortages.

According to the Russian news agency Interfax, Deputy Foreign Minister Alexander Grushko told reporters that he anticipated working with all parties in the near future to iron out all the technical details of the delivery plan.

The Russian grain would be exported by Turkey, although it was unclear exactly what its involvement would entail.

Moscow claims it left the previous agreement because the West did not eliminate sanctions-related barriers to its own exports of grains and fertilisers. However, Moscow also complained that not enough of the food made available under the Black Sea Agreement was reaching the world's poorest nations.

Since breaking out of the agreement, Russia has assaulted Ukrainian grain storage facilities, seaports, and rivers on several occasions, leading the West and Ukraine to accuse Moscow of using food as a weapon of war. Russia refers to its action in Ukraine as a “special military operation.”

(With inputs from Reuters)

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Russia announced on Wednesday that Turkey has made a preliminary agreement to handle the one million metric tonnes of grain that Russia intends to ship at a reduced cost to Africa with assistance from Qatar.

Russia announced on Wednesday that Turkey has made a preliminary agreement to handle the one million metric tonnes of grain that Russia intends to ship at a reduced cost to Africa with assistance from Qatar. Moscow put forth the plan after pulling out of a one-year agreement in July that had allowed Ukraine to ship grain from its Black Sea ports securely in an effort to contain a rise in food prices that had been worsened by Russia’s invasion. Russia has made offers of free or heavily discounted grain, though much less than Ukraine had been shipping, to African nations, some of which have been experiencing food shortages. According to the Russian news agency Interfax, Deputy Foreign Minister Alexander Grushko told reporters that he anticipated working with all parties in the near future to iron out all the technical details of the delivery plan. The Russian grain would be exported by Turkey, although it was unclear exactly what its involvement would entail. Moscow claims it left the previous agreement because the West did not eliminate sanctions-related barriers to its own exports of grains and fertilisers. However, Moscow also complained that not enough of the food made available under the Black Sea Agreement was reaching the world's poorest nations. Since breaking out of the agreement, Russia has assaulted Ukrainian grain storage facilities, seaports, and rivers on several occasions, leading the West and Ukraine to accuse Moscow of using food as a weapon of war. Russia refers to its action in Ukraine as a “special military operation.” (With inputs from Reuters) WATCH WION LIVE HERE

Russia: Turkey to handle 1 million tonnes of grain for Africa

Nigeria on Wednesday said it received investment pledges worth $14 billion from Indian investors and is seeking to sign an economic cooperation agreement with the South Asian country.

The Nigerian government said that India’s Jindal Steel and Power has agreed to invest $3 billion in Nigeria’s steel industry and Indorama Corp. will invest an extra $8 billion to expand its petrochemical facilities there.

Jitender Sachdeva, the founder chairman of Skipperseil Ltd., and Bharti Enterprises have offered $1.6 billion over four years to construct power plants and $700 million in Nigeria, respectively, according to the government.

Separately, Nigeria authorised a $1 billion collaboration agreement with the Indian government to support the Nigerian Defence Industries Corporation in achieving 40 per cent local manufacturing and production self-sufficiency in defence equipment manufacture within three years, according to Ngelale.

President&nbsp;Bola Tinubu met with Indian business representatives as part of the Nigeria-India presidential roundtable and conference to mobilise international funding for infrastructure development. He will attend the G20 summit in New Delhi later this week as a guest country.

India, which presently holds the rotating presidency of the group, invited Tinubu to attend.

“We are ready to give you the best returns for investment possible, there’s nowhere else like our country,” Tinubu said in the statement.

Instead of relying on borrowing, the government of Africa’s top oil producer aims to promote investments in order to finance the creation of jobs and the construction of urgently needed infrastructure, such as railways, roads, and power plants.

With his largest reforms in decades, Tinubu has done away with a well-liked but expensive petrol subsidy and lifted restrictions on foreign exchange trading. With record debt, sluggish growth, unemployment, and double-digit inflation, he has vowed to revitalise the economy.

Nigeria, the most populous country in Africa, is considering to join the G20 as the second member of the continent after South Africa and is seeking advice on the advantages and disadvantages of doing so.

(With inputs from Reuters)

&nbsp;

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Nigeria on Wednesday said it received investment pledges worth $14 billion from Indian investors and is seeking to sign an economic cooperation agreement with the South Asian country.

Nigeria on Wednesday said it received investment pledges worth $14 billion from Indian investors and is seeking to sign an economic cooperation agreement with the South Asian country. The Nigerian government said that India’s Jindal Steel and Power has agreed to invest $3 billion in Nigeria’s steel industry and Indorama Corp. will invest an extra $8 billion to expand its petrochemical facilities there. Jitender Sachdeva, the founder chairman of Skipperseil Ltd., and Bharti Enterprises have offered $1.6 billion over four years to construct power plants and $700 million in Nigeria, respectively, according to the government. Separately, Nigeria authorised a $1 billion collaboration agreement with the Indian government to support the Nigerian Defence Industries Corporation in achieving 40 per cent local manufacturing and production self-sufficiency in defence equipment manufacture within three years, according to Ngelale. President Bola Tinubu met with Indian business representatives as part of the Nigeria-India presidential roundtable and conference to mobilise international funding for infrastructure development. He will attend the G20 summit in New Delhi later this week as a guest country. India, which presently holds the rotating presidency of the group, invited Tinubu to attend. “We are ready to give you the best returns for investment possible, there’s nowhere else like our country,” Tinubu said in the statement. Instead of relying on borrowing, the government of Africa’s top oil producer aims to promote investments in order to finance the creation of jobs and the construction of urgently needed infrastructure, such as railways, roads, and power plants. With his largest reforms in decades, Tinubu has done away with a well-liked but expensive petrol subsidy and lifted restrictions on foreign exchange trading. With record debt, sluggish growth, unemployment, and double-digit inflation, he has vowed to revitalise the economy. Nigeria, the most populous country in Africa, is considering to join the G20 as the second member of the continent after South Africa and is seeking advice on the advantages and disadvantages of doing so. (With inputs from Reuters) WATCH WION LIVE HERE

Indian firms to invest $14 billion in Nigeria: Report  

State-owned Saudi Aramco increased the price of its signature Arab Light to Asia in October by 10 cents to $3.60 a barrel over the benchmark, according to a price list obtained by Bloomberg. Although still the highest since December, the increase was less than the 30-cent increase predicted in a Bloomberg survey.

The de facto leader of OPEC increased prices for all grades by 20 cents a barrel to a record high for supply going to the US.

The action follows Saudi Arabia’s announcement this week that it will extend supply restrictions through December. It will maintain production at 9 million barrels per day, the lowest level in a number of years, as Russia extends its own export restrictions.

This has given rise to optimism that 2023 will conclude strongly for the oil market. After months of supply restrictions, Brent crude futures recently surpassed $90 per barrel, and some traders are betting on $100.

There was some respite for European buyers who had recently experienced a run of significant price increases. The list revealed that Aramco reduced supply costs into the Mediterranean and Northwest Europe by 10 cents per barrel, while they are still historically high.

European consumers of the kingdom’s petroleum were forced to look for alternatives, and many have since switched to sweet, or low-sulfur, oil.

Since the beginning of the year, the price of higher sulphurous crude, which accounts for the majority of the Saudi supply cuts, has skyrocketed. As a result, benchmark Brent crude futures have occasionally traded at significant discounts to barrels of lower quality from the Middle East.

(With inputs from Bloomberg)

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State-owned Saudi Aramco increased the price of its signature Arab Light to Asia in October by 10 cents to $3.60 a barrel over the benchmark, according to a price list obtained by Bloomberg.

State-owned Saudi Aramco increased the price of its signature Arab Light to Asia in October by 10 cents to $3.60 a barrel over the benchmark, according to a price list obtained by Bloomberg. Although still the highest since December, the increase was less than the 30-cent increase predicted in a Bloomberg survey. The de facto leader of OPEC increased prices for all grades by 20 cents a barrel to a record high for supply going to the US. The action follows Saudi Arabia’s announcement this week that it will extend supply restrictions through December. It will maintain production at 9 million barrels per day, the lowest level in a number of years, as Russia extends its own export restrictions. This has given rise to optimism that 2023 will conclude strongly for the oil market. After months of supply restrictions, Brent crude futures recently surpassed $90 per barrel, and some traders are betting on $100. There was some respite for European buyers who had recently experienced a run of significant price increases. The list revealed that Aramco reduced supply costs into the Mediterranean and Northwest Europe by 10 cents per barrel, while they are still historically high. European consumers of the kingdom’s petroleum were forced to look for alternatives, and many have since switched to sweet, or low-sulfur, oil. Since the beginning of the year, the price of higher sulphurous crude, which accounts for the majority of the Saudi supply cuts, has skyrocketed. As a result, benchmark Brent crude futures have occasionally traded at significant discounts to barrels of lower quality from the Middle East. (With inputs from Bloomberg) WATCH WION LIVE HERE

Saudi Arabia raises oil prices to Asia for fourth consecutive month: Report  

The shares of South Korean battery material manufacturer Ecopro Co. have increased 919 per cent this year thanks to the business’s explosive growth, which is the highest gain of any company with a market capitalisation of at least $10 billion.

This is a clear indicator that the best-performing stock in the world can withstand almost anything, even the imprisonment of its founder for insider trading.

Lee Dong-chae, its former chairman and chief executive officer, has seen enormous wealth gains as a result of that surge, which is attributed to a large number of Korean retail investors. According to the Bloomberg Billionaires Index, he and his family’s fortune increased by nearly $4.5 billion this year to reach $4.9 billion.

These gains have mostly come while Lee has fought allegations of insider trading, which led to him being sentenced to two years in prison and paying a fine of 2.2 billion won ($1.7 million) for breaking capital markets law.

At a time when worries are growing that Ecopro’s share price boom is unsustainable and has outpaced fundamentals, his detention, which South Korea’s Supreme Court upheld last month, has brought attention to the company’s governance.

“I don’t think even Lee expected the company to grow so fast,” Park Ju-gun, head of corporate research firm Leaders Index in Seoul told Bloomberg. “Their internal infrastructure may not have developed at the speed of their growth.”

The absence of Lee is felt by the company, according to a spokeswoman who told Bloomberg in a written statement that the company is “desperately in need” of his “forward-looking insight and spirit to challenge.”

Retail Army &nbsp;

Retail investors from South Korea, who dominate the country’s share market, are the driving force behind Ecopro’s surge. This year, companies that produce materials or components used in the construction of cars are prospering, and equities related to electric vehicles are the most popular trade. The cathodes used in lithium-ion batteries for clients including Samsung SDI Co. and SK On Co. are provided by Ecopro BM Co., a listed subsidiary of Ecopro. Ecopro BM Co. is up 227 per cent and is the largest firm on the nation’s tech-heavy junior market Kosdaq, followed by its parent.

Ecopro’s quick rise is proof that investors’ rising desire for businesses can profit from the booming EV sector. However, there are questions about whether the increase has &nbsp;been too quick. Market analysts warn that the speculative wagers made by the influx of new retail investors brought on by the Covid 19 pandemic are capable of generating both unbearable losses and spectacular rewards.

According to Park, the market for rechargeable batteries will surely grow in the future, but it is unusual to see only a few firms making significant profits, according to Park. He also said that Ecopro has overheated as a result of its popularity with retail investors.

When compared to the same period last year, Ecopro’s revenue increased by 64 per cent to 2 trillion won, but its operating profit only increased by less than 1 per cent to 170.3 billion won. Despite increasing sales of EV cathodes, rising metal prices and currency fluctuations hurt profitability, according to the company’s earnings report. Ecopro BM is the source of the majority of its income.

Environmental inspiration

Lee, who was raised in a low-income household in the southeast port city of Pohang and attended night classes to study business management, established Ecopro in 1998 after being moved by the 1997 Kyoto Protocol’s goal to cut greenhouse gas emissions.

Initially&nbsp;concentrating Ecopro on creating ecologically friendly items, the 63-year-old, who had previously worked as an accountant and had another business selling furs that didn’t take off, switched to inventing materials for EV batteries 20 years ago.

Last year in March, he stepped down as CEO following allegations that numerous workers, including Lee, engaged in insider trading. According to a statement made by the Supreme Court last month, Lee used accounts that were registered to him under a different name and those that belonged to his children to trade Ecopro BM stocks using secret knowledge about the company’s cathode supply agreements in 2020 and 2021. He made almost 1.1 billion won as a result, it claimed.

With around 25 per cent of the company’s shares held directly and indirectly, Lee is still the largest stakeholder. According to the spokesperson, he and his family own the minimum of shares required to retain their managerial authority.

Governance improvements &nbsp;

The company established a monitoring system for insider trades, including those in non-listed companies, once the charges against Lee were made, the Ecopro representative said. By requiring high-profile executives and workers to register stock transactions, it also stepped-up compliance efforts.

The corporation joined the Fair-Trade Commission’s list of big business groups with assets worth more than 5 trillion won earlier this year. The holding company with 26 affiliates is now subject to stricter rules and scrutiny as a result of the inclusion.

Nevertheless, it is still unclear whether Ecopro can keep up with market expectations given the stock’s extraordinarily high value.

(With inputs from Bloomberg)

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The shares of South Korean battery material manufacturer Ecopro Co. have increased 919 per cent this year thanks to the business’s explosive growth, which is the highest gain of any company with a market capitalisation of at least $10 billion.

The shares of South Korean battery material manufacturer Ecopro Co. have increased 919 per cent this year thanks to the business’s explosive growth, which is the highest gain of any company with a market capitalisation of at least $10 billion. This is a clear indicator that the best-performing stock in the world can withstand almost anything, even the imprisonment of its founder for insider trading. Lee Dong-chae, its former chairman and chief executive officer, has seen enormous wealth gains as a result of that surge, which is attributed to a large number of Korean retail investors. According to the Bloomberg Billionaires Index, he and his family’s fortune increased by nearly $4.5 billion this year to reach $4.9 billion. These gains have mostly come while Lee has fought allegations of insider trading, which led to him being sentenced to two years in prison and paying a fine of 2.2 billion won ($1.7 million) for breaking capital markets law. At a time when worries are growing that Ecopro’s share price boom is unsustainable and has outpaced fundamentals, his detention, which South Korea’s Supreme Court upheld last month, has brought attention to the company’s governance. “I don’t think even Lee expected the company to grow so fast,” Park Ju-gun, head of corporate research firm Leaders Index in Seoul told Bloomberg. “Their internal infrastructure may not have developed at the speed of their growth.” The absence of Lee is felt by the company, according to a spokeswoman who told Bloomberg in a written statement that the company is “desperately in need” of his “forward-looking insight and spirit to challenge.” Retail Army Retail investors from South Korea, who dominate the country’s share market, are the driving force behind Ecopro’s surge. This year, companies that produce materials or components used in the construction of cars are prospering, and equities related to electric vehicles are the most popular trade. The cathodes used in lithium-ion batteries for clients including Samsung SDI Co. and SK On Co. are provided by Ecopro BM Co., a listed subsidiary of Ecopro. Ecopro BM Co. is up 227 per cent and is the largest firm on the nation’s tech-heavy junior market Kosdaq, followed by its parent. Ecopro’s quick rise is proof that investors’ rising desire for businesses can profit from the booming EV sector. However, there are questions about whether the increase has been too quick. Market analysts warn that the speculative wagers made by the influx of new retail investors brought on by the Covid 19 pandemic are capable of generating both unbearable losses and spectacular rewards. According to Park, the market for rechargeable batteries will surely grow in the future, but it is unusual to see only a few firms making significant profits, according to Park. He also said that Ecopro has overheated as a result of its popularity with retail investors. When compared to the same period last year, Ecopro’s revenue increased by 64 per cent to 2 trillion won, but its operating profit only increased by less than 1 per cent to 170.3 billion won. Despite increasing sales of EV cathodes, rising metal prices and currency fluctuations hurt profitability, according to the company’s earnings report. Ecopro BM is the source of the majority of its income. Environmental inspiration Lee, who was raised in a low-income household in the southeast port city of Pohang and attended night classes to study business management, established Ecopro in 1998 after being moved by the 1997 Kyoto Protocol’s goal to cut greenhouse gas emissions. Initially concentrating Ecopro on creating ecologically friendly items, the 63-year-old, who had previously worked as an accountant and had another business selling furs that didn’t take off, switched to inventing materials for EV batteries 20 years ago. Last year in March, he stepped down as CEO following allegations that numerous workers, including Lee, engaged in insider trading. According to a statement made by the Supreme Court last month, Lee used accounts that were registered to him under a different name and those that belonged to his children to trade Ecopro BM stocks using secret knowledge about the company’s cathode supply agreements in 2020 and 2021. He made almost 1.1 billion won as a result, it claimed. With around 25 per cent of the company’s shares held directly and indirectly, Lee is still the largest stakeholder. According to the spokesperson, he and his family own the minimum of shares required to retain their managerial authority. Governance improvements The company established a monitoring system for insider trades, including those in non-listed companies, once the charges against Lee were made, the Ecopro representative said. By requiring high-profile executives and workers to register stock transactions, it also stepped-up compliance efforts. The corporation joined the Fair-Trade Commission’s list of big business groups with assets worth more than 5 trillion won earlier this year. The holding company with 26 affiliates is now subject to stricter rules and scrutiny as a result of the inclusion. Nevertheless, it is still unclear whether Ecopro can keep up with market expectations given the stock’s extraordinarily high value. (With inputs from Bloomberg) WATCH WION LIVE HERE

Imprisoned South Korean billionaire’s wealth soars 919 pc. Here's why

Chinese auto chipmaker GTA Semiconductor recently finished a financing round worth over $1.8 billion that was largely state-funded, according to a report from the state-backed Securities Times on Wednesday. The move has been hailed as a clear indication to the domestic chip manufacturing industry that Beijing is still willing to invest in it.

According to the Securities Times, Shanghai-based GTA Semiconductor, one of China’s leading auto chipmakers by production, has combined almost $2.7 billion in total assets in less than two years, the majority of which are from state provided funds.

The latest development comes as China gears up to launch a new state-backed investment fund that wants to gather around $40 billion for its semiconductor sector. Some Chinese media sites have called it one of the largest domestic funding rounds this year.

Whether or whether the car chipmaker’s most recent fund-raising was connected to this new fund is unknown to Reuters.

State-owned venture capital firms like Shanghai’s Spinnotec, which made the initial announcement of the $1.8 billion fund-raising round on Monday without disclosing the parties involved, have backed GTA Semiconductor.

According to the Securities Times, Beijing’s commitment to supporting domestic manufacturers in the midst of a campaign to limit its chipmaking capabilities from international dependence is shown by the size of the money GTA Semiconductor raised.

Although the majority of automobiles employ outdated chips, the rate at which these chips are being replaced in China by domestic producers is less than 10 per cent, making it a target for additional investment in the future, according to the state-backed publication.

(With inputs from Reuters)

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Chinese auto chipmaker GTA Semiconductor recently finished a financing round worth over $1.8 billion that was largely state-funded, according to a report from the state-backed Securities Times on Wednesday.

Chinese auto chipmaker GTA Semiconductor recently finished a financing round worth over $1.8 billion that was largely state-funded, according to a report from the state-backed Securities Times on Wednesday. The move has been hailed as a clear indication to the domestic chip manufacturing industry that Beijing is still willing to invest in it. According to the Securities Times, Shanghai-based GTA Semiconductor, one of China’s leading auto chipmakers by production, has combined almost $2.7 billion in total assets in less than two years, the majority of which are from state provided funds. The latest development comes as China gears up to launch a new state-backed investment fund that wants to gather around $40 billion for its semiconductor sector. Some Chinese media sites have called it one of the largest domestic funding rounds this year. Whether or whether the car chipmaker’s most recent fund-raising was connected to this new fund is unknown to Reuters. State-owned venture capital firms like Shanghai’s Spinnotec, which made the initial announcement of the $1.8 billion fund-raising round on Monday without disclosing the parties involved, have backed GTA Semiconductor. According to the Securities Times, Beijing’s commitment to supporting domestic manufacturers in the midst of a campaign to limit its chipmaking capabilities from international dependence is shown by the size of the money GTA Semiconductor raised. Although the majority of automobiles employ outdated chips, the rate at which these chips are being replaced in China by domestic producers is less than 10 per cent, making it a target for additional investment in the future, according to the state-backed publication. (With inputs from Reuters) WATCH WION LIVE HERE

Beijing prepares new chip fund as auto chipmaker raises over $1.8 billion

As the Mediterranean was scorched by unprecedented heat from Greece to Spain this summer, wildfires have cost Europe an estimated euros 4.1 billion ($4.43 billion) in damages so far this year.

According to a Distrelec report, a significant distributor of power sector components, including sensors that provide early warnings of potential wildfire activity, about 400,000 hectares (988,420 acres) of land have already been devastated by forest fires across the continent. This is based on information from the European Forest Fire Information System.

With an estimated cost of euros 1.66 billion ($1.8 billion) and more than 161,000 hectares of land devastated as of Aug. 30, Greece has sustained the most damage. This is one of the most devastating forest fires to have hit the nation in 16 years. Ever since the recent fires that broke out on August 19th and left at least 19 people dead, authorities in Greece have been on high alert for further destruction.

Spain recorded the second-highest number of forest fires, after Portugal and Italy, accounting for over 84,315 hectares and costing an estimated euros 871 million ($941 million). The research states that expenditures associated with battling fires, replanting, damage repair, and cleanup are included in the estimations for the economic impact.

Fires brought on by climate change have also had an effect in other parts of the world, having an impact on everything from tourism to agricultural output.

According to Petteri Taalas, the secretary general of the World Meteorological Organisation, “The extreme weather - an increasingly frequent occurrence in our warming climate, is having a major impact on human health, ecosystems, economies, agriculture, energy, and water supplies.” This indicates the immediate need to reduce greenhouse gas emissions as feasible.

As firemen utilised planes and helicopters to put out the fires, hundreds of people in Greece had to be evacuated.

(With inputs from Bloomberg)

Distrelec's website:&nbsp;<a data-auth="NotApplicable" data-linkindex="0" href="https://www.distrelec.com/global/" rel="noopener noreferrer" target="_blank" title="https://www.distrelec.com/global/">https://www.distrelec.com/global/</a>

&nbsp;

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As the Mediterranean was scorched by unprecedented heat from Greece to Spain this summer, wildfires have cost Europe an estimated euros 4.1 billion ($4.43 billion) in damages so far this year.

As the Mediterranean was scorched by unprecedented heat from Greece to Spain this summer, wildfires have cost Europe an estimated euros 4.1 billion ($4.43 billion) in damages so far this year. According to a Distrelec report, a significant distributor of power sector components, including sensors that provide early warnings of potential wildfire activity, about 400,000 hectares (988,420 acres) of land have already been devastated by forest fires across the continent. This is based on information from the European Forest Fire Information System. With an estimated cost of euros 1.66 billion ($1.8 billion) and more than 161,000 hectares of land devastated as of Aug. 30, Greece has sustained the most damage. This is one of the most devastating forest fires to have hit the nation in 16 years. Ever since the recent fires that broke out on August 19th and left at least 19 people dead, authorities in Greece have been on high alert for further destruction. Spain recorded the second-highest number of forest fires, after Portugal and Italy, accounting for over 84,315 hectares and costing an estimated euros 871 million ($941 million). The research states that expenditures associated with battling fires, replanting, damage repair, and cleanup are included in the estimations for the economic impact. Fires brought on by climate change have also had an effect in other parts of the world, having an impact on everything from tourism to agricultural output. According to Petteri Taalas, the secretary general of the World Meteorological Organisation, “The extreme weather - an increasingly frequent occurrence in our warming climate, is having a major impact on human health, ecosystems, economies, agriculture, energy, and water supplies.” This indicates the immediate need to reduce greenhouse gas emissions as feasible. As firemen utilised planes and helicopters to put out the fires, hundreds of people in Greece had to be evacuated. (With inputs from Bloomberg) Distrelec's website: https://www.distrelec.com/global/ WATCH WION LIVE HERE

Wildfires cost Europe 4.1 billion euros as temperatures hit record high: Report

On Thursday, the Beijing-controlled onshore yuan plunged to its lowest level against the dollar since 2007 as concerns over an impending economic slowdown were rekindled by falling Chinese exports.

After briefly reaching 7.3284 yuan, the lowest level since December 2007, the onshore yuan lost 0.13 per cent to 7.3279 yuan to the US dollar at around 09:25 GMT.

The offshore yuan, which is traded more freely than domestic currency outside of mainland China, decreased 0.19 percent to 7.3350 to the dollar.

Data released on Thursday indicated that China’s exports and imports fell once more in August, adding to the pressure on the government to adopt more stimulus measures for the world’s second-largest economy.

According to Lee Hardman, currency analyst at MUFG bank, “speculation has grown recently that domestic policymakers may eventually permit the renminbi (yuan) to devalue more significantly to help provide more support for growth from net trade.”

“However, their actions to support the renminbi suggest a gradual depreciation path is favoured as they remain wary of encouraging a sharp pick-up in capital outflows,” he continued.

In July, prices dropped for the first time in more than two years, which kept customers from making purchases, causing imports to decline by 7.3 per cent on a year-over-year basis.

Additionally, China’s exports, which have historically been a major driver of its economic growth, fell by 8.8 per cent.

(With inputs from AFP News)

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On Thursday, the Beijing-controlled onshore yuan plunged to its lowest level against the dollar since 2007 as concerns over an impending economic slowdown were rekindled by falling Chinese exports.

On Thursday, the Beijing-controlled onshore yuan plunged to its lowest level against the dollar since 2007 as concerns over an impending economic slowdown were rekindled by falling Chinese exports. After briefly reaching 7.3284 yuan, the lowest level since December 2007, the onshore yuan lost 0.13 per cent to 7.3279 yuan to the US dollar at around 09:25 GMT. The offshore yuan, which is traded more freely than domestic currency outside of mainland China, decreased 0.19 percent to 7.3350 to the dollar. Data released on Thursday indicated that China’s exports and imports fell once more in August, adding to the pressure on the government to adopt more stimulus measures for the world’s second-largest economy. According to Lee Hardman, currency analyst at MUFG bank, “speculation has grown recently that domestic policymakers may eventually permit the renminbi (yuan) to devalue more significantly to help provide more support for growth from net trade.” “However, their actions to support the renminbi suggest a gradual depreciation path is favoured as they remain wary of encouraging a sharp pick-up in capital outflows,” he continued. In July, prices dropped for the first time in more than two years, which kept customers from making purchases, causing imports to decline by 7.3 per cent on a year-over-year basis. Additionally, China’s exports, which have historically been a major driver of its economic growth, fell by 8.8 per cent. (With inputs from AFP News) WATCH WION LIVE HERE

Onshore yuan hits 2007 dollar low amid China slowdown fears: Report

For the fourth consecutive month, China’s exports have decreased as the “world's factory” battles sluggish domestic and international demand, the BBC reported on Thursday.

According to government data, imports decreased 7.3 per cent in August and exports declined 8.8 per cent.

But the decrease was better than the previous month and not as bad as anticipated.

China is presently dealing with a number of post-pandemic issues, such as a real estate crisis and low consumer expenditure.

Following the Covid19 pandemic and the current trade conflict with the US, there has been a decline in worldwide demand for products created in China. It is significantly affecting a crucial driver of economic expansion for the nation.

According to a US Census Bureau data released on Wednesday, China’s percentage of US goods imports dropped to its lowest level since 2006 in the year ending in July.

14.6 per cent of all imported commodities during that time period came from China. This is a decrease from the peak of 21.8 per cent seen in the year ending in March 2018, before Donald Trump, who was then the president, intensified the US-China trade war.

The real estate sector in China is also experiencing a severe downturn as some of the largest developers are having financial difficulties.

Beijing has thus far refrained from implementing a significant stimulus programme to stimulate the economy.

Instead, it has chosen to implement a number of policies in recent months to support individuals and businesses.

The nation’s central bank has lowered loan rates, and Beijing has declared plans to permit a dozen of the nation's largest cities to lower the minimum down payment requirements for purchasers. Additionally, lenders have been urged to lower interest rates on existing mortgages.

Other initiatives, such as raising the personal income tax deduction for children's education and lowering the levy on share trading, have also been announced.

The Chinese state-run daily The Global Times published an article on its English-language website prior to the release of the trade numbers denouncing derogatory remarks made about the nation's economy by Western politicians and media.

“The reality is that Chinese economy is well on the recovery track with increasingly strong innovation and green development momentum, though the economy faces some difficulties and challenges under the impact of global economic slowdown,” BBC quoted it as saying.

&nbsp;

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For the fourth consecutive month, China’s exports have decreased as the “world's factory” battles sluggish domestic and international demand, the BBC reported on Thursday.

For the fourth consecutive month, China’s exports have decreased as the “world's factory” battles sluggish domestic and international demand, the BBC reported on Thursday. According to government data, imports decreased 7.3 per cent in August and exports declined 8.8 per cent. But the decrease was better than the previous month and not as bad as anticipated. China is presently dealing with a number of post-pandemic issues, such as a real estate crisis and low consumer expenditure. Following the Covid19 pandemic and the current trade conflict with the US, there has been a decline in worldwide demand for products created in China. It is significantly affecting a crucial driver of economic expansion for the nation. According to a US Census Bureau data released on Wednesday, China’s percentage of US goods imports dropped to its lowest level since 2006 in the year ending in July. 14.6 per cent of all imported commodities during that time period came from China. This is a decrease from the peak of 21.8 per cent seen in the year ending in March 2018, before Donald Trump, who was then the president, intensified the US-China trade war. The real estate sector in China is also experiencing a severe downturn as some of the largest developers are having financial difficulties. Beijing has thus far refrained from implementing a significant stimulus programme to stimulate the economy. Instead, it has chosen to implement a number of policies in recent months to support individuals and businesses. The nation’s central bank has lowered loan rates, and Beijing has declared plans to permit a dozen of the nation's largest cities to lower the minimum down payment requirements for purchasers. Additionally, lenders have been urged to lower interest rates on existing mortgages. Other initiatives, such as raising the personal income tax deduction for children's education and lowering the levy on share trading, have also been announced. The Chinese state-run daily The Global Times published an article on its English-language website prior to the release of the trade numbers denouncing derogatory remarks made about the nation's economy by Western politicians and media. “The reality is that Chinese economy is well on the recovery track with increasingly strong innovation and green development momentum, though the economy faces some difficulties and challenges under the impact of global economic slowdown,” BBC quoted it as saying. WATCH WION LIVE HERE

Chinese economy struggles with falling exports, weak demand: Report

Due to an increase in crude oil prices and a stronger US dollar, the rupee saw its highest monthly depreciation on Tuesday.

According to Bloomberg statistics, the rupee decreased by 29 paise to close at Rs 83.04 versus the dollar on Tuesday. On August 2, it had decreased by 33 pence.

“This depreciation can be attributed to the overall strength of the US dollar and a significant increase in crude oil prices, which surged by more than 10 per cent to reach $85 per barrel,” Financial Express quoted Jateen Trivedi, VP research analyst, LKP Securities, as saying.

As a result of Russia and Saudi Arabia extending supply curbs through the end of the year, crude oil prices have reached a 10-month high.

The purchasing power of the rupee weakens when it depreciates against other currencies, especially. This leads to customers having to pay&nbsp;more for imported goods and services.

Over 80 per cent of India’s crude oil is imported, and inflation is the main effect of a weakening rupee.

On September 5, the dollar index increased by 0.4 per cent against the Indian rupee. Analysts say that the rupee’s decline could be linked to persistent weakness seen in Asian currencies in addition to projected dollar outflows.&nbsp;

The rise in the dollar index signals the anticipation of a future increase in interest rates, which will have an effect on the rupee market.

The Financial Express quoted Nirpendra Yadav, senior commodity research analyst, Swastika Investmart, as saying that&nbsp;China’s slower economic performance has put pressure on the Asian currency markets.

Analysts also predict that the Federal Reserve meeting, which is scheduled for later this month, will have an impact on the movement of the rupee.

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Due to an increase in crude oil prices and a stronger US dollar, the rupee saw its highest monthly depreciation on Tuesday. According to Bloomberg statistics, the rupee decreased by 29 paise to close at Rs 83.

Due to an increase in crude oil prices and a stronger US dollar, the rupee saw its highest monthly depreciation on Tuesday. According to Bloomberg statistics, the rupee decreased by 29 paise to close at Rs 83.04 versus the dollar on Tuesday. On August 2, it had decreased by 33 pence. “This depreciation can be attributed to the overall strength of the US dollar and a significant increase in crude oil prices, which surged by more than 10 per cent to reach $85 per barrel,” Financial Express quoted Jateen Trivedi, VP research analyst, LKP Securities, as saying. As a result of Russia and Saudi Arabia extending supply curbs through the end of the year, crude oil prices have reached a 10-month high. The purchasing power of the rupee weakens when it depreciates against other currencies, especially. This leads to customers having to pay more for imported goods and services. Over 80 per cent of India’s crude oil is imported, and inflation is the main effect of a weakening rupee. On September 5, the dollar index increased by 0.4 per cent against the Indian rupee. Analysts say that the rupee’s decline could be linked to persistent weakness seen in Asian currencies in addition to projected dollar outflows. The rise in the dollar index signals the anticipation of a future increase in interest rates, which will have an effect on the rupee market. The Financial Express quoted Nirpendra Yadav, senior commodity research analyst, Swastika Investmart, as saying that China’s slower economic performance has put pressure on the Asian currency markets. Analysts also predict that the Federal Reserve meeting, which is scheduled for later this month, will have an impact on the movement of the rupee. WATCH WION LIVE HERE

Rupee experiences its highest monthly depreciation as US dollar strengthens, oil prices rise

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