India’s economy expanded at its quickest rate in a year in the April-June quarter, data is expected to indicate on Thursday. Meanwhile, economists foresee a slowdown.

The median projection of economists surveyed by Reuters indicates that India’s gross domestic product (GDP) expanded 7.7 per cent in the most recent quarter, which is faster growth than the country experienced in the April to June quarter in 2022.

According to economists, falling commodity costs have allowed for manufacturers to raise profits and somewhat offset the 250-basis point increase in interest rates since May 2022.

India, being the third-largest economy in Asia, has been able to defy the global downturn that has left several other economies, including China, faltering. India’s services sector, which accounts for more than half of its economic output, has had strong growth.

For the longest period since August 2011, the S&amp;P Global India services Purchasing Managers’ Index has been consistently over the 50-point threshold distinguishing growth from contraction for almost two years.

The Indian government has been putting more money toward infrastructure each year to stimulate growth. India spent roughly 28 per cent of its 10 trillion Indian rupee ($120.91 billion) capital expenditure budget in the first three months of the fiscal year, which began on April 1.

Kaushik Das, chief economist for India at Deutsche Bank, said that a 3 per cent drop in wholesale prices will also boost the nation's strong headline growth by lowering the “GDP deflator,” which is used to estimate real economic growth by excluding price increases.

Setbacks ahead&nbsp;

According to economists, the price effect may change in the upcoming months, and growth may slow.

August has been unusually dry after above average rainfall in July, which has driven up the cost of basic foods and reduced discretionary expenditure.

In India’s hinterlands, where agriculture provides the majority of the country’s income, dry weather could also reduce agricultural productivity and weaken the influence of the locals.

A comparison to higher growth rates from a year ago as well as slowing exports and global growth will also have an impact on future quarters’ growth.

Rahul Bajoria, an economist at Barclays, stated that there is some evidence that the activity is decreasing sequentially. “The market as a whole believes that things will slow down.”

(With inputs from Reuters)

&nbsp;

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India’s economy expanded at its quickest rate in a year in the April-June quarter, data is expected to indicate on Thursday. Meanwhile, economists foresee a slowdown.

India’s economy expanded at its quickest rate in a year in the April-June quarter, data is expected to indicate on Thursday. Meanwhile, economists foresee a slowdown. The median projection of economists surveyed by Reuters indicates that India’s gross domestic product (GDP) expanded 7.7 per cent in the most recent quarter, which is faster growth than the country experienced in the April to June quarter in 2022. According to economists, falling commodity costs have allowed for manufacturers to raise profits and somewhat offset the 250-basis point increase in interest rates since May 2022. India, being the third-largest economy in Asia, has been able to defy the global downturn that has left several other economies, including China, faltering. India’s services sector, which accounts for more than half of its economic output, has had strong growth. For the longest period since August 2011, the S&P Global India services Purchasing Managers’ Index has been consistently over the 50-point threshold distinguishing growth from contraction for almost two years. The Indian government has been putting more money toward infrastructure each year to stimulate growth. India spent roughly 28 per cent of its 10 trillion Indian rupee ($120.91 billion) capital expenditure budget in the first three months of the fiscal year, which began on April 1. Kaushik Das, chief economist for India at Deutsche Bank, said that a 3 per cent drop in wholesale prices will also boost the nation's strong headline growth by lowering the “GDP deflator,” which is used to estimate real economic growth by excluding price increases. Setbacks ahead According to economists, the price effect may change in the upcoming months, and growth may slow. August has been unusually dry after above average rainfall in July, which has driven up the cost of basic foods and reduced discretionary expenditure. In India’s hinterlands, where agriculture provides the majority of the country’s income, dry weather could also reduce agricultural productivity and weaken the influence of the locals. A comparison to higher growth rates from a year ago as well as slowing exports and global growth will also have an impact on future quarters’ growth. Rahul Bajoria, an economist at Barclays, stated that there is some evidence that the activity is decreasing sequentially. “The market as a whole believes that things will slow down.” (With inputs from Reuters) WATCH WION LIVE HERE

India’s economy is expected to expand at its fastest rate in a year: Estimates

Visa and Mastercard are looking to raise their credit card fees that merchants pay when they use customer’s credit cards for transactions, according to a report by The Wall Street Journal.

According to sources familiar with the situation and documents reviewed by The Wall Street Journal, the fee rise will begin in October and April. Online purchases will mostly have these increased fees.

According to CMSPI, a consulting firm that works with merchants, the modifications may result in businesses paying an extra $502 million in fees every year.

More than half of those funds will come from network charge increases, according to CMSPI. Increases in interchange fees, often known as swipe fees, will provide the remaining funds. These charges are borne by retailers whenever customers use credit cards.

The interchange fee economy is mostly unknown to consumers. However, the fees are a significant point of friction between the card networks and all types of merchants, from huge internet retailers to neighborhood coffee shops.

According to the Nilson Report, a trade journal, U.S. businesses spent an estimated $93 billion on Visa and Mastercard credit-card fees last year. Comparatively, $33 billion was the amount in 2012.

At least a portion of the expense is transferred by retailers to customers in the form of higher pricing. Small companies are increasingly rewarding customers who pay with a debit card, cash, or check with discounts.

The costs that retailers must pay are determined by card networks like Visa and Mastercard. Visa and Mastercard regulate the network fees. The bank that issued the card receives exchange fees.

According to Visa, Mastercard, and the major banks, the fees assist in clearing the expenses relating to fraud detection and innovation. The banks frequently subsidise well-known credit-card rewards with the money they receive from interchange fees.

&nbsp;

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Visa and Mastercard are looking to raise their credit card fees that merchants pay when they use customer’s credit cards for transactions, according to a report by The Wall Street Journal.

Visa and Mastercard are looking to raise their credit card fees that merchants pay when they use customer’s credit cards for transactions, according to a report by The Wall Street Journal. According to sources familiar with the situation and documents reviewed by The Wall Street Journal, the fee rise will begin in October and April. Online purchases will mostly have these increased fees. According to CMSPI, a consulting firm that works with merchants, the modifications may result in businesses paying an extra $502 million in fees every year. More than half of those funds will come from network charge increases, according to CMSPI. Increases in interchange fees, often known as swipe fees, will provide the remaining funds. These charges are borne by retailers whenever customers use credit cards. The interchange fee economy is mostly unknown to consumers. However, the fees are a significant point of friction between the card networks and all types of merchants, from huge internet retailers to neighborhood coffee shops. According to the Nilson Report, a trade journal, U.S. businesses spent an estimated $93 billion on Visa and Mastercard credit-card fees last year. Comparatively, $33 billion was the amount in 2012. At least a portion of the expense is transferred by retailers to customers in the form of higher pricing. Small companies are increasingly rewarding customers who pay with a debit card, cash, or check with discounts. The costs that retailers must pay are determined by card networks like Visa and Mastercard. Visa and Mastercard regulate the network fees. The bank that issued the card receives exchange fees. According to Visa, Mastercard, and the major banks, the fees assist in clearing the expenses relating to fraud detection and innovation. The banks frequently subsidise well-known credit-card rewards with the money they receive from interchange fees. WATCH WION LIVE HERE

Visa, Mastercard gear up to increase credit-card fees: Report 

The Russian rouble’s instability reveals a weakness in President Valdimir Putin’s tight-lipped economy, which the Kremlin’s economic team promptly patched up, allowing the currency to temporarily regain its stability, The Associated Press reported.

The Russian economy is beset by a challenge: how to finance the military without weakening the national currency and overheating the economy with inflation. Reports say that the patch, an emergency interest rate increase, cannot solve this problem.

A few economic setbacks are clear, particularly for the auto sector when Western manufacturers stopped doing business in Russia. However, Chinese auto imports have been steadily increasing.

Although it is exorbitantly expensive and constrained by visa and airline restrictions, the wealthy continue to manage it and those on low incomes couldn’t afford it to begin with.

Russia being one of the largest oil exporters in the world is now under pressure to devalue its currency because of Western sanctions that are reducing the amount of money it makes from exporting oil. As a result, the country’s trade surplus with the rest of the globe is decreasing. Additionally, Russian consumers and businesses are purchasing more imported goods.

The rouble is usually supported when export revenues exceed import expenses. While the rouble has progressively fallen due to the shrinking trade surplus, Moscow has gained because a lower exchange rate actually makes it easier for the government to pay its expenditures.

This is due to the fact that the dollars made from the sale of oil may be converted into more rubles, which can then be used to fund government operations, employee wages, and pensions.

However, the Russian ruble fell to its lowest on August 14, below 100 rubles to the dollar. In order to reduce local demand for imports, the central bank implemented a significant emergency interest rate increase of 3.5 percentage points. After the rate hike, the currency increased to 92 to the dollar, but it has since slowly declined; on Wednesday, it was trading at 96 to the dollar.

Even while the currency rate is lower than it was at 60 rubles to the dollar last year, an economic crisis may not arise if a freefall can be prevented.

Following the 2014 capture of Ukraine’s Crimean Peninsula, the Kremlin has worked to protect the economy from sanctions. By forbidding imports from the European Union, it also forced manufacturers to obtain parts locally and has moved food production to local businesses.

The government has strong reserves and little debt as a result of oil revenue, while sanctions have blocked nearly half of those reserves.

But in the long run, Robin Brooks, chief economist at the Institute of International Finance, warned that Putin’s military spending and sanctions are putting Russia's economy under “slow burn” strain.

Not all is lost for Russia&nbsp;

Despite extensive sanctions related to the Ukraine conflict and the departure of hundreds of well-known Western enterprises, life in Moscow appears to be going on as usual.

On first glance, malls don’t appear to have altered, but consumers now find new apparel companies like Maag and Vilet where Zara and H&amp;M once had their stores.&nbsp;Additionally, the Krispy Kreme that once had its outlet in the Evropeyskaya Mall could be confused for the doughnut vendor Krunchy Dream as the branding is identical. Banks offer stickers with a chip that allows mobile payment as Apple Pay is no longer operational in the country.

Reports say that economic indicators are within normal bounds. Economic growth has exceeded expectations, unemployment is low, and inflation, which was 4 per cent in July according to Russian standards, is high for those with low incomes.

As more items pass through neighbouring nations like Kazakhstan and Armenia to evade sanctions, imports into Russia are on the rise. Money is being given to people and businesses through government spending on the military and social programs, some of which is being spent on imported goods.

Salaries are also being supported by labour shortages brought on by emigration, while government-backed mortgages encourage real estate transactions.

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The Russian rouble’s instability reveals a weakness in President Valdimir Putin’s tight-lipped economy, which the Kremlin’s economic team promptly patched up, allowing the currency to temporarily regain its stability, The Associated Press reported.

The Russian rouble’s instability reveals a weakness in President Valdimir Putin’s tight-lipped economy, which the Kremlin’s economic team promptly patched up, allowing the currency to temporarily regain its stability, The Associated Press reported. The Russian economy is beset by a challenge: how to finance the military without weakening the national currency and overheating the economy with inflation. Reports say that the patch, an emergency interest rate increase, cannot solve this problem. A few economic setbacks are clear, particularly for the auto sector when Western manufacturers stopped doing business in Russia. However, Chinese auto imports have been steadily increasing. Although it is exorbitantly expensive and constrained by visa and airline restrictions, the wealthy continue to manage it and those on low incomes couldn’t afford it to begin with. Russia being one of the largest oil exporters in the world is now under pressure to devalue its currency because of Western sanctions that are reducing the amount of money it makes from exporting oil. As a result, the country’s trade surplus with the rest of the globe is decreasing. Additionally, Russian consumers and businesses are purchasing more imported goods. The rouble is usually supported when export revenues exceed import expenses. While the rouble has progressively fallen due to the shrinking trade surplus, Moscow has gained because a lower exchange rate actually makes it easier for the government to pay its expenditures. This is due to the fact that the dollars made from the sale of oil may be converted into more rubles, which can then be used to fund government operations, employee wages, and pensions. However, the Russian ruble fell to its lowest on August 14, below 100 rubles to the dollar. In order to reduce local demand for imports, the central bank implemented a significant emergency interest rate increase of 3.5 percentage points. After the rate hike, the currency increased to 92 to the dollar, but it has since slowly declined; on Wednesday, it was trading at 96 to the dollar. Even while the currency rate is lower than it was at 60 rubles to the dollar last year, an economic crisis may not arise if a freefall can be prevented. Following the 2014 capture of Ukraine’s Crimean Peninsula, the Kremlin has worked to protect the economy from sanctions. By forbidding imports from the European Union, it also forced manufacturers to obtain parts locally and has moved food production to local businesses. The government has strong reserves and little debt as a result of oil revenue, while sanctions have blocked nearly half of those reserves. But in the long run, Robin Brooks, chief economist at the Institute of International Finance, warned that Putin’s military spending and sanctions are putting Russia's economy under “slow burn” strain. Not all is lost for Russia Despite extensive sanctions related to the Ukraine conflict and the departure of hundreds of well-known Western enterprises, life in Moscow appears to be going on as usual. On first glance, malls don’t appear to have altered, but consumers now find new apparel companies like Maag and Vilet where Zara and H&M once had their stores. Additionally, the Krispy Kreme that once had its outlet in the Evropeyskaya Mall could be confused for the doughnut vendor Krunchy Dream as the branding is identical. Banks offer stickers with a chip that allows mobile payment as Apple Pay is no longer operational in the country. Reports say that economic indicators are within normal bounds. Economic growth has exceeded expectations, unemployment is low, and inflation, which was 4 per cent in July according to Russian standards, is high for those with low incomes. As more items pass through neighbouring nations like Kazakhstan and Armenia to evade sanctions, imports into Russia are on the rise. Money is being given to people and businesses through government spending on the military and social programs, some of which is being spent on imported goods. Salaries are also being supported by labour shortages brought on by emigration, while government-backed mortgages encourage real estate transactions. WATCH WION LIVE HERE

Russia’s earning from oil stays low as war expenses mount: Report  

After acquiring Credit Suisse, the biggest bank in Switzerland, earlier this year, UBS Group AG reported its first quarterly earnings on Thursday, reporting a profit of $28.88 billion for the second quarter of this fiscal year, according to a report by Business Today. In March, UBS purchased Credit Suisse for just 3 billion Swiss francs ($3.4 billion), saving it from bankruptcy.

Due to the deal’s recent closure in June, the results for UBS as a whole only contain earnings for one month of Credit Suisse.

According to UBS, the $28.93 billion in negative goodwill on the Credit Suisse acquisition was the main factor in the result. Underlying earnings before tax, which excludes acquisition costs, negative goodwill, and integration-related expenditures, was $1.1 billion.

Negative goodwill indicates the fair market value of assets acquired as part of a merger that is higher than the purchase price.

&nbsp;“Two and a half months since closing the Credit Suisse acquisition, we are wasting no time in delivering value for all our stakeholders from one of the biggest and most complex bank mergers in history,” Business Today quoted UBS CEO Sergio Ermotti as saying.

When it agreed to acquire Credit Suisse in March, the Swiss government imposed two agreements on UBS that it said it had terminated: a 9 billion Swiss franc ($10.24 billion) loss protection agreement and a 100 billion Swiss franc public liquidity backstop.

After acquiring Credit Suisse, the biggest bank in Switzerland, earlier this year, UBS Group AG reported its first quarterly earnings on Thursday, reporting a profit of $28.

After acquiring Credit Suisse, the biggest bank in Switzerland, earlier this year, UBS Group AG reported its first quarterly earnings on Thursday, reporting a profit of $28.88 billion for the second quarter of this fiscal year, according to a report by Business Today. In March, UBS purchased Credit Suisse for just 3 billion Swiss francs ($3.4 billion), saving it from bankruptcy. Due to the deal’s recent closure in June, the results for UBS as a whole only contain earnings for one month of Credit Suisse. According to UBS, the $28.93 billion in negative goodwill on the Credit Suisse acquisition was the main factor in the result. Underlying earnings before tax, which excludes acquisition costs, negative goodwill, and integration-related expenditures, was $1.1 billion. Negative goodwill indicates the fair market value of assets acquired as part of a merger that is higher than the purchase price. “Two and a half months since closing the Credit Suisse acquisition, we are wasting no time in delivering value for all our stakeholders from one of the biggest and most complex bank mergers in history,” Business Today quoted UBS CEO Sergio Ermotti as saying. When it agreed to acquire Credit Suisse in March, the Swiss government imposed two agreements on UBS that it said it had terminated: a 9 billion Swiss franc ($10.24 billion) loss protection agreement and a 100 billion Swiss franc public liquidity backstop.

UBS reports a $29 billion second quarter profit after Credit Suisse takeover

SoftBank Vision Growth Fund has sold 10 crore shares of the online food delivery app Zomato through a block auction on Tuesday, August 29. The total transaction value is Rs 940 crore ($113 million), and shares were sold for Rs 94 ($1.14) each, according to a report by CNBC-TV18.

As compensation for selling its holding to Zomato last year, SoftBank received a 3.35 percent stake in the company, which it now owns. Zomato acquired the fast-grocery delivery startup Blinkit at the time. The lock-in period for investors after the Blinkit deal ended on August 25.

According to the bulk deals data made available on the Bombay Stock Exchnage (BSE)and the National Stock Exchange (NSE), Tiger Global Management, another significant foreign investor in Zomato, sold all of its stake amounting to 1.44 per cent for Rs 1,123.85 crore ($135 million).

The venture capital fund operated by the US-based investment manager, Internet Fund III Pte Ltd, sold the shares through open market transactions.

As per stock exchange records, US-based private equity fund Tiger Global also sold its final shares of Zomato on Monday.

Data from BSE indicates that, the private equity firm sold 123.5 million shares in bulk for Rs 91.01 ($1.10) each, with buyers including Morgan Stanley Asia Singapore, Kotak Mahindra Mutual Fund, Societe Generale, and BNP Paribas Arbitrage Fund.

Tiger Global made its initial Zomato investment in 2020 and acquired Zomato shares as part of the Blinkit transaction last year. In August 2022, the private equity group reduced its ownership in Zomato.

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SoftBank Vision Growth Fund has sold 10 crore shares of the online food delivery app Zomato through a block auction on Tuesday, August 29. The total transaction value is Rs 940 crore ($113 million), and shares were sold for Rs 94 ($1.

SoftBank Vision Growth Fund has sold 10 crore shares of the online food delivery app Zomato through a block auction on Tuesday, August 29. The total transaction value is Rs 940 crore ($113 million), and shares were sold for Rs 94 ($1.14) each, according to a report by CNBC-TV18. As compensation for selling its holding to Zomato last year, SoftBank received a 3.35 percent stake in the company, which it now owns. Zomato acquired the fast-grocery delivery startup Blinkit at the time. The lock-in period for investors after the Blinkit deal ended on August 25. According to the bulk deals data made available on the Bombay Stock Exchnage (BSE)and the National Stock Exchange (NSE), Tiger Global Management, another significant foreign investor in Zomato, sold all of its stake amounting to 1.44 per cent for Rs 1,123.85 crore ($135 million). The venture capital fund operated by the US-based investment manager, Internet Fund III Pte Ltd, sold the shares through open market transactions. As per stock exchange records, US-based private equity fund Tiger Global also sold its final shares of Zomato on Monday. Data from BSE indicates that, the private equity firm sold 123.5 million shares in bulk for Rs 91.01 ($1.10) each, with buyers including Morgan Stanley Asia Singapore, Kotak Mahindra Mutual Fund, Societe Generale, and BNP Paribas Arbitrage Fund. Tiger Global made its initial Zomato investment in 2020 and acquired Zomato shares as part of the Blinkit transaction last year. In August 2022, the private equity group reduced its ownership in Zomato. WATCH WION LIVE HERE

Softbank Vision Growth Fund sells 10 crore Zomato shares in block transaction 

The Indian government on Tuesday announced a scheme that will provide financial aid of up to Rs 50 lakh ($60,000) to technical textiles startups and other individuals engaged in the industry.

According to a Mint report, the&nbsp;grant-in-aid will be offered for up to 18 months to aspiring innovators under the Grant for Research and Entrepreneurship Across Aspiring Innovators in Technical Textiles (GREAT) program.

“With a strong emphasis on developing the startup ecosystem in technical textiles, the guidelines focus on supporting individuals and companies to translate prototypes to technologies and products including commercialisation,” Mint quoted the statement made by the ministry of textiles.

The statement added that the GREAT guidelines give momentum to the development of high-performance fibres and composites, sustainable and recyclable textile materials, and smart textiles using artificial intelligence, the internet of things, 3D/4D printing, and rapid prototyping. The application areas for technical textiles include agrotextiles, building textiles, geotextiles, homes, medical textiles, mobile textiles, packaging textiles, protective textiles, and sports textiles.

Notably, companies must not be older than five years to qualify for the grant.

“To incentivise the incubators, the ministry will additionally provide 10 per cent of total grant-in-aid to incubators. To strengthen authenticity and commitment towards the project, a minimum investment of 10 per cent of the funding from the incubatee in two equal instalments is mandated,” the statement said.

The startup guidelines (GREAT), according to the statement, will give the technical textiles startup ecosystem in India the much-needed boost it needs, especially in specialised sub-segments like biodegradable and sustainable textiles, high-performance &amp; specialty fibres, and smart textiles, among others.

The government has also given 26 institutes its approval to upgrade their laboratory facilities and provide training in technical textile application fields.

It has also granted approval to 26 institutions’ requests for the creation and introduction of technical textile degree programs as well as technical textile courses or papers in important areas or specialisations.

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The Indian government on Tuesday announced a scheme that will provide financial aid of up to Rs 50 lakh ($60,000) to technical textiles startups and other individuals engaged in the industry.

The Indian government on Tuesday announced a scheme that will provide financial aid of up to Rs 50 lakh ($60,000) to technical textiles startups and other individuals engaged in the industry. According to a Mint report, the grant-in-aid will be offered for up to 18 months to aspiring innovators under the Grant for Research and Entrepreneurship Across Aspiring Innovators in Technical Textiles (GREAT) program. “With a strong emphasis on developing the startup ecosystem in technical textiles, the guidelines focus on supporting individuals and companies to translate prototypes to technologies and products including commercialisation,” Mint quoted the statement made by the ministry of textiles. The statement added that the GREAT guidelines give momentum to the development of high-performance fibres and composites, sustainable and recyclable textile materials, and smart textiles using artificial intelligence, the internet of things, 3D/4D printing, and rapid prototyping. The application areas for technical textiles include agrotextiles, building textiles, geotextiles, homes, medical textiles, mobile textiles, packaging textiles, protective textiles, and sports textiles. Notably, companies must not be older than five years to qualify for the grant. “To incentivise the incubators, the ministry will additionally provide 10 per cent of total grant-in-aid to incubators. To strengthen authenticity and commitment towards the project, a minimum investment of 10 per cent of the funding from the incubatee in two equal instalments is mandated,” the statement said. The startup guidelines (GREAT), according to the statement, will give the technical textiles startup ecosystem in India the much-needed boost it needs, especially in specialised sub-segments like biodegradable and sustainable textiles, high-performance & specialty fibres, and smart textiles, among others. The government has also given 26 institutes its approval to upgrade their laboratory facilities and provide training in technical textile application fields. It has also granted approval to 26 institutions’ requests for the creation and introduction of technical textile degree programs as well as technical textile courses or papers in important areas or specialisations. WATCH WION LIVE HERE

India's technical textile startups to receive central aid up to Rs 50 lakh

The Tata group on May 4 initiated the use of sustainable aviation fuel (SAF), as Vistara became the first airline in India to successfully operate a wide-body commercial domestic flight from Delhi to Mumbai using a blend of 17 per cent&nbsp;SAF&nbsp;to 83 per cent conventional jet fuel.

AirAsia India, a low-cost subsidiary of Air India, followed suit, operating the Pune-Delhi sector on May 19 using an indigenously-manufactured&nbsp;SAF&nbsp;blend.

Upon receiving the AirAsia flight at Delhi’s Indira Gandhi International Airport, Hardeep Singh Puri, the Minister for Petroleum and Natural Gas, said, “This would be the first domestic commercial passenger flight with&nbsp;SAF&nbsp;blending of up to one per cent in demonstration mode.”

What is&nbsp;SAF?

SAF&nbsp;is a type of biofuel that is used to power aircraft. Its chemical and physical properties are identical to that of conventional jet fuel, albeit with a significantly lower carbon footprint.&nbsp;SAF&nbsp;is made by using feedstocks consisting of various material such as cooking oil, municipal waste, agricultural residue, plants, and waste gasses.

According to the International Air Transport Association (IATA), the use of&nbsp;SAF&nbsp;can significantly bring down carbon dioxide emissions by about 80 per cent. Additionally,&nbsp;SAF&nbsp;could potentially stabilise fuel prices in the aviation sector, making it easier for airlines to budget and predict their operating expenses.

Targets set by aviation regulators

As aviation regulatory bodies push forth their sustainability goals to lower emissions, Puri said that one per cent&nbsp;SAF&nbsp;will be mandatory for domestic airlines by 2025. He further added that 140 million litres of biofuels are required to produce one per cent&nbsp;SAF&nbsp;mixed with jet fuel. If there are greater volumes of biofuels available, the mandate for&nbsp;SAF&nbsp;might increase to four or five per cent.

Meanwhile in the US, the Biden administration is targeting 100 per cent use of&nbsp;SAF&nbsp;by 2050. The EU on the other hand, instructs fuel suppliers to ensure that fuel with two per cent&nbsp;SAF&nbsp;in 2025 is supplied to all European Union (EU) airports. Subsequently, the supply is to increase to six per cent in 2030, 20 per cent in 2035 and steadily to 70 per cent in 2050.

Current landscape and the future

According to a report by the European Union Aviation&nbsp;Safety Agency (EASA), with a supply of less than 0.05 per cent of the overall jet fuel demand in 2020, the&nbsp;SAF&nbsp;industry is still in its early stages of development.&nbsp;

Currently, the EU’s greatest possible&nbsp;SAF&nbsp;production capacity is only 0.24 million tonnes, or 10 per cent of the&nbsp;SAF&nbsp;needed to fulfil the proposed mandate by 2030. The 2030 mandate level is high but achievable given the announcements of major capacity additions from these current&nbsp;SAF&nbsp;providers and the production from new market entrants.

In the Indian context, a press release from the Ministry of Petroleum and Natural Gas said, “India has feedstock for potential production of 19 to 24 million tons of&nbsp;SAF&nbsp;per year, whereas the estimated maximum requirement of&nbsp;SAF&nbsp;in India, considering 50 per cent blend, is around eight to ten million tons per year by 2030”.

What are aircraft manufacturers doing?

According to multiple reports by aviation news website Simple Flying, major aircraft manufacturers like Airbus and Boeing have aircraft that can fly with a 50 per cent blend of&nbsp;SAF&nbsp;and conventional jet fuel. Presently, aircraft flying with 100 per cent&nbsp;SAF&nbsp;are in the testing phase with Airbus conducting such tests on their A350 and A321 aircraft.

At the Airbus Summit, Chief Technical Officer, Sabine Klauke was quoted as saying, “All Airbus aircraft today are certified to fly with a 50 per cent&nbsp;SAF&nbsp;blend. We have a clear ambition to achieve certification for 100 per cent sustainable aviation fuel for our fleets by 2030. So, if we look, what is used today,&nbsp;SAF&nbsp;represents maybe 0.03 per cent of the fuel which is used in civil aviation, and that's for sure. We have a clear plan leading to 2030.”

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The Tata group on May 4 initiated the use of sustainable aviation fuel (SAF), as Vistara became the first airline in India to successfully operate a wide-body commercial domestic flight from Delhi to Mumbai using a blend of 17 per cent SAF to 83 per cent conventional jet fuel.

The Tata group on May 4 initiated the use of sustainable aviation fuel (SAF), as Vistara became the first airline in India to successfully operate a wide-body commercial domestic flight from Delhi to Mumbai using a blend of 17 per cent SAF to 83 per cent conventional jet fuel. AirAsia India, a low-cost subsidiary of Air India, followed suit, operating the Pune-Delhi sector on May 19 using an indigenously-manufactured SAF blend. Upon receiving the AirAsia flight at Delhi’s Indira Gandhi International Airport, Hardeep Singh Puri, the Minister for Petroleum and Natural Gas, said, “This would be the first domestic commercial passenger flight with SAF blending of up to one per cent in demonstration mode.” What is SAF? SAF is a type of biofuel that is used to power aircraft. Its chemical and physical properties are identical to that of conventional jet fuel, albeit with a significantly lower carbon footprint. SAF is made by using feedstocks consisting of various material such as cooking oil, municipal waste, agricultural residue, plants, and waste gasses. According to the International Air Transport Association (IATA), the use of SAF can significantly bring down carbon dioxide emissions by about 80 per cent. Additionally, SAF could potentially stabilise fuel prices in the aviation sector, making it easier for airlines to budget and predict their operating expenses. Targets set by aviation regulators As aviation regulatory bodies push forth their sustainability goals to lower emissions, Puri said that one per cent SAF will be mandatory for domestic airlines by 2025. He further added that 140 million litres of biofuels are required to produce one per cent SAF mixed with jet fuel. If there are greater volumes of biofuels available, the mandate for SAF might increase to four or five per cent. Meanwhile in the US, the Biden administration is targeting 100 per cent use of SAF by 2050. The EU on the other hand, instructs fuel suppliers to ensure that fuel with two per cent SAF in 2025 is supplied to all European Union (EU) airports. Subsequently, the supply is to increase to six per cent in 2030, 20 per cent in 2035 and steadily to 70 per cent in 2050. Current landscape and the future According to a report by the European Union Aviation Safety Agency (EASA), with a supply of less than 0.05 per cent of the overall jet fuel demand in 2020, the SAF industry is still in its early stages of development. Currently, the EU’s greatest possible SAF production capacity is only 0.24 million tonnes, or 10 per cent of the SAF needed to fulfil the proposed mandate by 2030. The 2030 mandate level is high but achievable given the announcements of major capacity additions from these current SAF providers and the production from new market entrants. In the Indian context, a press release from the Ministry of Petroleum and Natural Gas said, “India has feedstock for potential production of 19 to 24 million tons of SAF per year, whereas the estimated maximum requirement of SAF in India, considering 50 per cent blend, is around eight to ten million tons per year by 2030”. What are aircraft manufacturers doing? According to multiple reports by aviation news website Simple Flying, major aircraft manufacturers like Airbus and Boeing have aircraft that can fly with a 50 per cent blend of SAF and conventional jet fuel. Presently, aircraft flying with 100 per cent SAF are in the testing phase with Airbus conducting such tests on their A350 and A321 aircraft. At the Airbus Summit, Chief Technical Officer, Sabine Klauke was quoted as saying, “All Airbus aircraft today are certified to fly with a 50 per cent SAF blend. We have a clear ambition to achieve certification for 100 per cent sustainable aviation fuel for our fleets by 2030. So, if we look, what is used today, SAF represents maybe 0.03 per cent of the fuel which is used in civil aviation, and that's for sure. We have a clear plan leading to 2030.” WATCH WION LIVE HERE

Sustainable aviation fuel: The fuel of the future?

Analysts are anticipating a new line of iPhones and smartwatches to be launched at tech giant Apple's fall event on September 12, media reports said on Tuesday.&nbsp;

The company has sent out invitations to the event, which will be held at the Steve Jobs Theater at the company headquarters in Cupertino, California. The event will be livestreamed at 1 pm local time (1700 GMT).&nbsp;

According to Wall Street experts, Apple will attempt to offer customers a variety of new features for iPhone, its flagship handset.&nbsp;

The new product launch comes amid a decline in smartphone demand internationally.&nbsp;In the April to June quarter, Apple reported a 2.4 per cent reduction in iPhone sales, an unusual decline for the product that has long driven the company’s expansion.

According to TF International Securities analyst Ming-Chi Kuo, the most expensive model of the new iPhone will contain a periscope camera that could potentially increase camera zoom capacity by five times or more.

According to a report published by Bloomberg, the anticipated watch range may use a new CPU based on Apple’s A15 Bionic chip technology, which was previously used in existing iPhone models to improve performance.

(With inputs from Reuters)

&nbsp;

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Analysts are anticipating a new line of iPhones and smartwatches to be launched at tech giant Apple's fall event on September 12, media reports said on Tuesday. The company has sent out invitations to the event, which will be held at the Steve Jobs Theater at the company headquarters in Cupertino, California.

Analysts are anticipating a new line of iPhones and smartwatches to be launched at tech giant Apple's fall event on September 12, media reports said on Tuesday. The company has sent out invitations to the event, which will be held at the Steve Jobs Theater at the company headquarters in Cupertino, California. The event will be livestreamed at 1 pm local time (1700 GMT). According to Wall Street experts, Apple will attempt to offer customers a variety of new features for iPhone, its flagship handset. The new product launch comes amid a decline in smartphone demand internationally. In the April to June quarter, Apple reported a 2.4 per cent reduction in iPhone sales, an unusual decline for the product that has long driven the company’s expansion. According to TF International Securities analyst Ming-Chi Kuo, the most expensive model of the new iPhone will contain a periscope camera that could potentially increase camera zoom capacity by five times or more. According to a report published by Bloomberg, the anticipated watch range may use a new CPU based on Apple’s A15 Bionic chip technology, which was previously used in existing iPhone models to improve performance. (With inputs from Reuters) WATCH WION LIVE HERE

Apple to unveil new iPhone, smartwatch on September 12: Report

Tiger Global, a US-based investment company, concluded its exit from the online food delivery service Zomato on Monday (August 28) by selling all of its shares for a total of Rs 1,123.85 crore ($136 million) through its venture capital fund Internet Fund III Pte Ltd, CNBC TV18 reported.

Tiger Global exited Zomato by selling about 12.35 crore of its shares, realising a transaction value of Rs. 1,124 crore ($136 million) at an average share price of Rs. 91.01 ($1). Tiger Global’s investment relationship with Zomato, a significant participant in India’s food delivery and restaurant discovery markets, came to an end with this transaction.

The sale of Tiger Global’s 1.44 per cent equity ownership in Zomato demonstrates the investment company's strategic choice to make money off of its stake in the online meal delivery service. It’s important to note that Tiger Global had long been a substantial Zomato investment.

Along with Tiger Global, DST Global participated in the share sale through its investment vehicle Apolleto Asia Ltd, selling over 3.2 crore Zomato shares for Rs 288 crore ($34 million).

According to shareholding information with the Bombay Stock Exchange (BSE), Tiger Global owned a 1.44 per cent investment in Zomato at the end of the June quarter. Tiger Global sold more than 18.45 crore shares on the open market in August 2022, cutting its ownership in the business by nearly half to 2.77 per cent. Before the deal, Tiger Global’s Internet Fund VI Pte owned 5.11 per cent of the online food delivery service.

In the June quarter of this fiscal year, Zomato saw profits for the first time. The company’s food delivery margins increased to 13.6 per cent and operational improvement in the food division both contributed to the profitability.

When contrasted with a net loss of Rs 186 crore ($22 million) during the same period last year, the company’s combined net profit for the first quarter of this fiscal year was Rs 2 crore ($242,000). Comparing the same quarter of the previous fiscal year to the current one, the consolidated revenue from operations increased 71 per cent year over year to Rs 2,416 crore ($292 million) from Rs 1,414 crore ($171 million).

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Tiger Global, a US-based investment company, concluded its exit from the online food delivery service Zomato on Monday (August 28) by selling all of its shares for a total of Rs 1,123.

Tiger Global, a US-based investment company, concluded its exit from the online food delivery service Zomato on Monday (August 28) by selling all of its shares for a total of Rs 1,123.85 crore ($136 million) through its venture capital fund Internet Fund III Pte Ltd, CNBC TV18 reported. Tiger Global exited Zomato by selling about 12.35 crore of its shares, realising a transaction value of Rs. 1,124 crore ($136 million) at an average share price of Rs. 91.01 ($1). Tiger Global’s investment relationship with Zomato, a significant participant in India’s food delivery and restaurant discovery markets, came to an end with this transaction. The sale of Tiger Global’s 1.44 per cent equity ownership in Zomato demonstrates the investment company's strategic choice to make money off of its stake in the online meal delivery service. It’s important to note that Tiger Global had long been a substantial Zomato investment. Along with Tiger Global, DST Global participated in the share sale through its investment vehicle Apolleto Asia Ltd, selling over 3.2 crore Zomato shares for Rs 288 crore ($34 million). According to shareholding information with the Bombay Stock Exchange (BSE), Tiger Global owned a 1.44 per cent investment in Zomato at the end of the June quarter. Tiger Global sold more than 18.45 crore shares on the open market in August 2022, cutting its ownership in the business by nearly half to 2.77 per cent. Before the deal, Tiger Global’s Internet Fund VI Pte owned 5.11 per cent of the online food delivery service. In the June quarter of this fiscal year, Zomato saw profits for the first time. The company’s food delivery margins increased to 13.6 per cent and operational improvement in the food division both contributed to the profitability. When contrasted with a net loss of Rs 186 crore ($22 million) during the same period last year, the company’s combined net profit for the first quarter of this fiscal year was Rs 2 crore ($242,000). Comparing the same quarter of the previous fiscal year to the current one, the consolidated revenue from operations increased 71 per cent year over year to Rs 2,416 crore ($292 million) from Rs 1,414 crore ($171 million). WATCH WION LIVE HERE

Tiger Global disinvests its stake in Zomato, selling its shares for $136 million: Report

Reliance Consumer Products Limited (RCPL) announced its plans to take their beverage brand Campa Cola to international markets, starting with Asia and Africa, on Monday, according to a report by Mint.

The company is a fully owned subsidiary of Reliance Retail Ventures (RRVL) and the packaged consumer goods division of Reliance Industries Limited.

Isha Mukesh Ambani, director of RRVL, addressed shareholders during the company’s 46th annual general meeting and said that since its launch in different regions of India earlier this year, consumers begun to grow fond of Campa Cola.

“We are scaling it up further in India, and have started work to take it global, starting with Asia and Africa,” Mint quoted Isha Ambani as saying. The brand has not yet been introduced to all parts of India. In 2022, RIL purchased Campa Cola from Pure Drinks Ltd. of New Delhi, which had previously been a well-known beverage among other cola brands.

The cricketer Muttiah Muralitharan’s Ceylon Beverage International had previously been the contract packaging partner for the canning operations of Campa Cola beverage. Mint reported that people also know that the corporation is increasing the brand’s capacity for Indian bottling.

The consumer products portfolio of RCPL has expanded to include beverages, everyday essentials, cookies, and personal care items through owned, partner, and acquired brands.

“We launched our FMCG&nbsp;(fast-moving consumer goods) business with the vision to provide world-class products at affordable prices... to make heritage brands contemporary for Indian consumers, keeping the age-old brand promise intact,” Mint quoted Amabni. “We have acquired and partnered with several such brands like Campa Cola, Sosyo and Lotus.”

&nbsp;

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Reliance Consumer Products Limited (RCPL) announced its plans to take their beverage brand Campa Cola to international markets, starting with Asia and Africa, on Monday, according to a report by Mint.

Reliance Consumer Products Limited (RCPL) announced its plans to take their beverage brand Campa Cola to international markets, starting with Asia and Africa, on Monday, according to a report by Mint. The company is a fully owned subsidiary of Reliance Retail Ventures (RRVL) and the packaged consumer goods division of Reliance Industries Limited. Isha Mukesh Ambani, director of RRVL, addressed shareholders during the company’s 46th annual general meeting and said that since its launch in different regions of India earlier this year, consumers begun to grow fond of Campa Cola. “We are scaling it up further in India, and have started work to take it global, starting with Asia and Africa,” Mint quoted Isha Ambani as saying. The brand has not yet been introduced to all parts of India. In 2022, RIL purchased Campa Cola from Pure Drinks Ltd. of New Delhi, which had previously been a well-known beverage among other cola brands. The cricketer Muttiah Muralitharan’s Ceylon Beverage International had previously been the contract packaging partner for the canning operations of Campa Cola beverage. Mint reported that people also know that the corporation is increasing the brand’s capacity for Indian bottling. The consumer products portfolio of RCPL has expanded to include beverages, everyday essentials, cookies, and personal care items through owned, partner, and acquired brands. “We launched our FMCG (fast-moving consumer goods) business with the vision to provide world-class products at affordable prices... to make heritage brands contemporary for Indian consumers, keeping the age-old brand promise intact,” Mint quoted Amabni. “We have acquired and partnered with several such brands like Campa Cola, Sosyo and Lotus.” WATCH WION LIVE HERE

Reliance plans to introduce Campa Cola to international markets 

Despite India’s increasing labour force availability attributed to an increasing population, it will not be sufficient to strengthen the economy or improve fiscal outcomes, a report by Moody’s Investors Service indicated. It said that the quality of education is a major component that puts the population at a disadvantage.

Moody’s compared India’s current education outcome levels to those of Pakistan and Bangladesh, emphasising that better educational outcomes will help nations like India avoid potential job losses from digitalisation and Artificial Intelligence in the long run, especially in services like call centres and BPOs.

The rating agency stated in a report on sovereigns in South and Southeast Asia titled “Population growth alone will not drive credit benefits for emerging economies” that it anticipates continued population growth in the region to support economic expansion because the proportion of people who are working age will remain high relative to the proportion of people who are younger and older.

“However, the availability and scale of labour inputs alone will not drive materially stronger economic strength or better fiscal outcomes. Other conditions such as strong education and quality infrastructure are also key to reaping the benefits,” The Hindu quoted the report as saying.

Moody’s report also mentioned that there exists a significant gap in the quality of education between Pakistan, Bangladesh and India in comparison to China and other countries in South East Asia. This leads to labour force “participation imbalances.”

The organization predicts that, the population of India, Bangladesh, Indonesia, Pakistan, the Philippines, and Vietnam are to grow by a third, thereby leading to a 40 per cent of the increase in people in working age, over the next 20 years.

According to Moody’s, differences in the proportion of the male and female populations who have completed upper secondary education are most prominent in India and Bangladesh. It is believed that variations in the total mean years of education reflect gender disparities in educational success.

“The development of relevant engineering and programming expertise may actually provide employment opportunities, not only in technology-related fields, but also in higher-value-added manufacturing given the increasingly complex products being produced in some of these large countries, for example, smartphones in India and electric vehicles in Vietnam,” the report stated.

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Despite India’s increasing labour force availability attributed to an increasing population, it will not be sufficient to strengthen the economy or improve fiscal outcomes, a report by Moody’s Investors Service indicated.

Despite India’s increasing labour force availability attributed to an increasing population, it will not be sufficient to strengthen the economy or improve fiscal outcomes, a report by Moody’s Investors Service indicated. It said that the quality of education is a major component that puts the population at a disadvantage. Moody’s compared India’s current education outcome levels to those of Pakistan and Bangladesh, emphasising that better educational outcomes will help nations like India avoid potential job losses from digitalisation and Artificial Intelligence in the long run, especially in services like call centres and BPOs. The rating agency stated in a report on sovereigns in South and Southeast Asia titled “Population growth alone will not drive credit benefits for emerging economies” that it anticipates continued population growth in the region to support economic expansion because the proportion of people who are working age will remain high relative to the proportion of people who are younger and older. “However, the availability and scale of labour inputs alone will not drive materially stronger economic strength or better fiscal outcomes. Other conditions such as strong education and quality infrastructure are also key to reaping the benefits,” The Hindu quoted the report as saying. Moody’s report also mentioned that there exists a significant gap in the quality of education between Pakistan, Bangladesh and India in comparison to China and other countries in South East Asia. This leads to labour force “participation imbalances.” The organization predicts that, the population of India, Bangladesh, Indonesia, Pakistan, the Philippines, and Vietnam are to grow by a third, thereby leading to a 40 per cent of the increase in people in working age, over the next 20 years. According to Moody’s, differences in the proportion of the male and female populations who have completed upper secondary education are most prominent in India and Bangladesh. It is believed that variations in the total mean years of education reflect gender disparities in educational success. “The development of relevant engineering and programming expertise may actually provide employment opportunities, not only in technology-related fields, but also in higher-value-added manufacturing given the increasingly complex products being produced in some of these large countries, for example, smartphones in India and electric vehicles in Vietnam,” the report stated. WATCH WION LIVE HERE

Population growth insufficient to strengthen India’s economy: Moody’s Investors Service 

Thailand’s economic recovery has slowed down significantly during the second quarter of 2023. The National Economic and Social Development Council (NESDC) officially reported on Aug. 21 that real gross domestic product (GDP) growth had dipped from 2.6 per cent year-over-year in the first quarter of 2023 to 1.8 per cent in the second, according to a report by The Bangkok Post.

Thailand’s GDP expanded more slowly in comparison to the 2.6 per cent rise from January to March and lagged behind the consensus projection of 3.1 per cent growth in the second quarter in a poll conducted by Reuters.

“The economy was mainly driven by the acceleration of private consumption despite the slowdown of private investment and export of services,” Nikkei Asia quoted NESDC as saying in a statement.

In the quarter from April to June, private consumption increased to 7.8 per cent compared to the previous quarter’s 5.8 per cent increase.

Despite China being Thailand’s largest commercial partner, the global demand for exports, which make up around 60 per cent of the GDP, remained poor. Due to weak worldwide demand, exports of goods declined to 5.7 per cent from April to June, adding to a 6.4 per cent decline from the previous quarter.

“The fall in exports is expected to be more serious, as the weak economic outlook in China implies a greater drop in exports in the second half of the year,” and analyst at Asia Plus Securities told Nikkei Asia.

The total revenue from tourism climbed 71.7 per cent from the corresponding quarter in 2022.

When Bangkok eliminated all entry restrictions with the Covid 19 pandemic easing in the second half of 2022, the tourism sector in Thailand, which contributes around 18 per cent of GDP, started to rebound. The recovery began to accelerate in the third quarter.

The Tourism Authority of Thailand estimates that 29 million foreign visitors will visit Thailand this year, up from 11.5 million in 2022, albeit that number is still lower than the 39 million visitors who visited the nation in 2019, prior to the COVID-19 pandemic.

The National Economic and Social Development Council has revised its earlier predictions, which ranged from 2.7 per cent to 3.7 per cent to 2.5 per cent to 3.0 per cent growth for the Thai economy this year.

&nbsp;

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Thailand’s economic recovery has slowed down significantly during the second quarter of 2023. The National Economic and Social Development Council (NESDC) officially reported on Aug.

Thailand’s economic recovery has slowed down significantly during the second quarter of 2023. The National Economic and Social Development Council (NESDC) officially reported on Aug. 21 that real gross domestic product (GDP) growth had dipped from 2.6 per cent year-over-year in the first quarter of 2023 to 1.8 per cent in the second, according to a report by The Bangkok Post. Thailand’s GDP expanded more slowly in comparison to the 2.6 per cent rise from January to March and lagged behind the consensus projection of 3.1 per cent growth in the second quarter in a poll conducted by Reuters. “The economy was mainly driven by the acceleration of private consumption despite the slowdown of private investment and export of services,” Nikkei Asia quoted NESDC as saying in a statement. In the quarter from April to June, private consumption increased to 7.8 per cent compared to the previous quarter’s 5.8 per cent increase. Despite China being Thailand’s largest commercial partner, the global demand for exports, which make up around 60 per cent of the GDP, remained poor. Due to weak worldwide demand, exports of goods declined to 5.7 per cent from April to June, adding to a 6.4 per cent decline from the previous quarter. “The fall in exports is expected to be more serious, as the weak economic outlook in China implies a greater drop in exports in the second half of the year,” and analyst at Asia Plus Securities told Nikkei Asia. The total revenue from tourism climbed 71.7 per cent from the corresponding quarter in 2022. When Bangkok eliminated all entry restrictions with the Covid 19 pandemic easing in the second half of 2022, the tourism sector in Thailand, which contributes around 18 per cent of GDP, started to rebound. The recovery began to accelerate in the third quarter. The Tourism Authority of Thailand estimates that 29 million foreign visitors will visit Thailand this year, up from 11.5 million in 2022, albeit that number is still lower than the 39 million visitors who visited the nation in 2019, prior to the COVID-19 pandemic. The National Economic and Social Development Council has revised its earlier predictions, which ranged from 2.7 per cent to 3.7 per cent to 2.5 per cent to 3.0 per cent growth for the Thai economy this year. WATCH WION LIVE HERE

Thailand’s economy shows little signs of recovery, despite increasing tourism 

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