On his 60th birthday back in 2020, the late market investor and one of the co-founders of Akasa Air, Rakesh Jhunjhunwala, said that he wanted to encourage his children to never give up on their desire to learn or to ever believe they know everything.

“We begin life with learning and end life without learning everything,” Jhunjhunwala told CNBC-TV18,&nbsp;thinking of his daughter and two sons.

The value of independent thought was his second piece of advice. The late investor often expressed gratitude to his father for pushing him to think independently.&nbsp;&nbsp;Jhunjhunwala said that he would guide his children in the same manner. “Don’t necessarily accept everything anybody says, but also don’t reject everything either. Have independent thought.”

Jhunjhunwala also believed that becoming wealthy may not be the greatest pleasure in life and that he wanted his children to not spend their lives chasing after money but rather, to ultimately take pleasure in what they strive to accomplish.

Lastly, Jhunjhunwala stated that he wished for his children to learn from their mother (his wife Rekha). He emphasised on having integrity, being independent and the power of giving back.

“I want them to be independent minded people. I hope they turn out to be fair, charitable and responsible citizens,” he said.

Monday marked the first death anniversary of Jhunjhunwala, who died of multiple organ failure in Mumbai.

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On his 60th birthday back in 2020, the late market investor and one of the co-founders of Akasa Air, Rakesh Jhunjhunwala, said that he wanted to encourage his children to never give up on their desire to learn or to ever believe they know everything.

On his 60th birthday back in 2020, the late market investor and one of the co-founders of Akasa Air, Rakesh Jhunjhunwala, said that he wanted to encourage his children to never give up on their desire to learn or to ever believe they know everything. “We begin life with learning and end life without learning everything,” Jhunjhunwala told CNBC-TV18, thinking of his daughter and two sons. The value of independent thought was his second piece of advice. The late investor often expressed gratitude to his father for pushing him to think independently. Jhunjhunwala said that he would guide his children in the same manner. “Don’t necessarily accept everything anybody says, but also don’t reject everything either. Have independent thought.” Jhunjhunwala also believed that becoming wealthy may not be the greatest pleasure in life and that he wanted his children to not spend their lives chasing after money but rather, to ultimately take pleasure in what they strive to accomplish. Lastly, Jhunjhunwala stated that he wished for his children to learn from their mother (his wife Rekha). He emphasised on having integrity, being independent and the power of giving back. “I want them to be independent minded people. I hope they turn out to be fair, charitable and responsible citizens,” he said. Monday marked the first death anniversary of Jhunjhunwala, who died of multiple organ failure in Mumbai. WATCH WION LIVE HERE

‘Never lose your quest to learn’: Rakesh Juhunjhunwala advised his children 

US non-profit organisation, Teach for America is recovering from a national downturn as a wave of new recruits sign up due to the organisation’s student loan relief benefits, Bloomberg reported.

The educational organisation said that its incoming class for the year 2023–24 is approximately 40 per cent larger than last year, marking the highest increase since the financial crisis. The nonprofit employs college graduates to serve at schools in low-income neighbourhoods around the US.

Teach for America, which was founded in 1990, offers compensation ranging from $33,000 to $68,000 year, depending on the region and previous teaching experience. Although the low salaries make it difficult to attract candidates, Darin Lim Yankowitz, the organization’s vice president of people and performance, claims that applications increased this year in large part due to the unstable employment market and the program’s ability to reduce student loan payments.

“Economic incentive has always been important, but I think it’s of heightened importance right now,” Bloomberg quoted Yankowitz as saying. “People are seeing tons of layoffs — I think that heightens people’s anxiety about the debt burden because of the instability in the job market.”

According to the Federal Reserve, student loan debt adds up to around $1.77 trillion in the US, which has increased by three times since the Great Recession. After more than three years, a temporary halt on payments will come to an end in October, and millions of Americans will once again be responsible for paying their monthly expenses after the pandemic. That comes after a scheme by the Biden administration to let off as much as $20,000 per borrower was rejected by the Supreme Court.

The Segal AmeriCorps Education Award, which gives around $6,900 that can be used to pay down student loans after the two-year program is through, is one of the loan forgiveness programs for which Teach for America candidates are eligible. Additionally, some instructors are qualified for federal debt forbearance.

As per the Society for Human Resource Management, employers have increased their education perks in recent years as a strategy to draw in and keep top talent. But only a few businesses, offer assistance to employees with outstanding student loan debt.

Craig Copeland of the Employee Benefit Research Institute said that it is not surprising that these benefits are making Teach for America succeed.

“That gives them a better ability to compete for the best people instead of having to try to compete on salary,” Copeland, the institute’s director of wealth benefits research was quoted by Bloomberg as saying.

&nbsp;

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US non-profit organisation, Teach for America is recovering from a national downturn as a wave of new recruits sign up due to the organisation’s student loan relief benefits, Bloomberg reported.

US non-profit organisation, Teach for America is recovering from a national downturn as a wave of new recruits sign up due to the organisation’s student loan relief benefits, Bloomberg reported. The educational organisation said that its incoming class for the year 2023–24 is approximately 40 per cent larger than last year, marking the highest increase since the financial crisis. The nonprofit employs college graduates to serve at schools in low-income neighbourhoods around the US. Teach for America, which was founded in 1990, offers compensation ranging from $33,000 to $68,000 year, depending on the region and previous teaching experience. Although the low salaries make it difficult to attract candidates, Darin Lim Yankowitz, the organization’s vice president of people and performance, claims that applications increased this year in large part due to the unstable employment market and the program’s ability to reduce student loan payments. “Economic incentive has always been important, but I think it’s of heightened importance right now,” Bloomberg quoted Yankowitz as saying. “People are seeing tons of layoffs — I think that heightens people’s anxiety about the debt burden because of the instability in the job market.” According to the Federal Reserve, student loan debt adds up to around $1.77 trillion in the US, which has increased by three times since the Great Recession. After more than three years, a temporary halt on payments will come to an end in October, and millions of Americans will once again be responsible for paying their monthly expenses after the pandemic. That comes after a scheme by the Biden administration to let off as much as $20,000 per borrower was rejected by the Supreme Court. The Segal AmeriCorps Education Award, which gives around $6,900 that can be used to pay down student loans after the two-year program is through, is one of the loan forgiveness programs for which Teach for America candidates are eligible. Additionally, some instructors are qualified for federal debt forbearance. As per the Society for Human Resource Management, employers have increased their education perks in recent years as a strategy to draw in and keep top talent. But only a few businesses, offer assistance to employees with outstanding student loan debt. Craig Copeland of the Employee Benefit Research Institute said that it is not surprising that these benefits are making Teach for America succeed. “That gives them a better ability to compete for the best people instead of having to try to compete on salary,” Copeland, the institute’s director of wealth benefits research was quoted by Bloomberg as saying. WATCH WION LIVE HERE

US: Teach for America recruits more as graduates seek debt relief from loans 

Due to a dwindling user base and financial losses, OpenAI’s ChatGPT might go out of business.

After its release in November 2022, OpenAI’s ChatGPT established itself as the fastest-growing platform in history. The company’s financial destiny, according to a recent news report by Analytics India Magazine, has, however, sparked concerns. The research suggests that by the end of 2024, the company may declare bankruptcy.

The report indicates that concerns about the feasibility of OpenAI’s intention to register for a trademark on GPT led to predictions that users could eventually stop using it. According to the report, fewer people used ChatGPT in June and July than they did in May. According to SimilarWeb data as of August 3, ChatGPT traffic has decreased for a second time in a row after falling by 9.6 per cent in July and 9.7 per cent in June. Notably, the number of users fell by 12 per cent in July, from 1.7 billion in June to 1.5 billion.

The report said that some of this loss is attributed to API (Application Programming Interface) cannibalisation, where employers forbade employees from using ChatGPT for business-related activities but permitted the large language model (LLM) to be incorporated into other workflows.

According to media reports, running ChatGPT costs OpenAI about $700,000 per day. While recent investors like Microsoft cover these costs, continuing to incur such costs in the absence of revenue could be harmful.

The latest trademark filing for “GPT-5” by OpenAI and its ongoing model training initiatives demonstrate the company’s commitment to making progress in this field. Despite these efforts, the report warns that OpenAI may be in financial trouble by the end of 2024 if more funding is not quickly secured.

In the midst of these advancements, OpenAI has faced further difficulties with Apple’s anticipated entry into the market for AI-powered chatbots and Elon Musk’s assertions that his AI firm xAI is superior. Musk, a co-founder of OpenAI, criticised the organisation for its ties to Microsoft and its approach to developing artificial intelligence.

Formerly a nonprofit venture, OpenAI has transformed into a “capped-profit” organisation, obtaining $10 billion from Microsoft to support its expansion while striving to balance its original non-profit objective. Sam Altman, the business’s chief executive, has stated that there are no immediate plans for the company to go public because of uncertainty on whether decisions involving superintelligence will meet investor expectations.

Due to a dwindling user base and financial losses, OpenAI’s ChatGPT might go out of business. After its release in November 2022, OpenAI’s ChatGPT established itself as the fastest-growing platform in history.

Due to a dwindling user base and financial losses, OpenAI’s ChatGPT might go out of business. After its release in November 2022, OpenAI’s ChatGPT established itself as the fastest-growing platform in history. The company’s financial destiny, according to a recent news report by Analytics India Magazine, has, however, sparked concerns. The research suggests that by the end of 2024, the company may declare bankruptcy. The report indicates that concerns about the feasibility of OpenAI’s intention to register for a trademark on GPT led to predictions that users could eventually stop using it. According to the report, fewer people used ChatGPT in June and July than they did in May. According to SimilarWeb data as of August 3, ChatGPT traffic has decreased for a second time in a row after falling by 9.6 per cent in July and 9.7 per cent in June. Notably, the number of users fell by 12 per cent in July, from 1.7 billion in June to 1.5 billion. The report said that some of this loss is attributed to API (Application Programming Interface) cannibalisation, where employers forbade employees from using ChatGPT for business-related activities but permitted the large language model (LLM) to be incorporated into other workflows. According to media reports, running ChatGPT costs OpenAI about $700,000 per day. While recent investors like Microsoft cover these costs, continuing to incur such costs in the absence of revenue could be harmful. The latest trademark filing for “GPT-5” by OpenAI and its ongoing model training initiatives demonstrate the company’s commitment to making progress in this field. Despite these efforts, the report warns that OpenAI may be in financial trouble by the end of 2024 if more funding is not quickly secured. In the midst of these advancements, OpenAI has faced further difficulties with Apple’s anticipated entry into the market for AI-powered chatbots and Elon Musk’s assertions that his AI firm xAI is superior. Musk, a co-founder of OpenAI, criticised the organisation for its ties to Microsoft and its approach to developing artificial intelligence. Formerly a nonprofit venture, OpenAI has transformed into a “capped-profit” organisation, obtaining $10 billion from Microsoft to support its expansion while striving to balance its original non-profit objective. Sam Altman, the business’s chief executive, has stated that there are no immediate plans for the company to go public because of uncertainty on whether decisions involving superintelligence will meet investor expectations.

ChatGPT costs $700,000 daily, creator OpenAI may go bankrupt by 2024: Report 

The World Food Programme has requested India for 200,000 tonnes of rice to carry out humanitarian operations, according to a report by Mint.

The appeal comes after the UN-mediated Black Sea grain deal, which was vital for world supply and collapsed last month when Russia withdrew on the grounds that the accord’s humanitarian goals could no longer be substantiated. After India curtailed rice shipments after Russia’s action, food prices worldwide increased even more.

Presently the department of commerce, ministry of external affairs, department of revenue, department of food and public distribution, and the Food Corporation of India (FCI) are reviewing the UN request internally.

Based on the assessment of the stock position, the request is anticipated to be approved.&nbsp;&nbsp;A government official told Mint that India has never turned down a request from the World Food Program.

“The decision will be made strictly on the basis of availability of the commodity and keeping the country’s food security in mind. We have agreed at the World Trade Organization (WTO) that we will not impose any export restriction on the WFP. We have come up with rice export restrictions but they will be set aside when it comes to the request made by WFP,” Mint quotes the official as saying.

In order to process the aid, WFP has formally requested the country-of-origin certificate, commercial invoice, sanitary and phytosanitary certificate, as well as crop year certification.

Earlier, WFP-chartered ships supplied more than 380,000 tonnes of wheat through several Black Sea ports as part of the Black Sea grain agreement to support operations in Afghanistan, Ethiopia, Somalia, and Yemen. This was vital in lowering food costs brought on by the conflict in Ukraine.

In India, the Consumer Food Price Index (CPI)—which accounts for almost to half of the total consumer price basket—measures food inflation and increased to 4.49 per cent in June 2023 from 2.96 per cent (revised) in May 2023. While core inflation estimates show that the underlying trend in inflation is intact, Morgan Stanley anticipates headline inflation to track higher than their previous assumption.

Mint cited the official saying that grain transit from Russia and Ukraine is restricted, driving up food costs globally and raising concerns about supplies.

“The price of rice coming out of Australia and the US, the next big producers, is much higher compared to elsewhere. And India has to ensure food security because the quantity that will be sought by India is enormous,” Mint quoted the official.

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The World Food Programme has requested India for 200,000 tonnes of rice to carry out humanitarian operations, according to a report by Mint. The appeal comes after the UN-mediated Black Sea grain deal, which was vital for world supply and collapsed last month when Russia withdrew on the grounds that the accord’s humanitarian goals could no longer be substantiated.

The World Food Programme has requested India for 200,000 tonnes of rice to carry out humanitarian operations, according to a report by Mint. The appeal comes after the UN-mediated Black Sea grain deal, which was vital for world supply and collapsed last month when Russia withdrew on the grounds that the accord’s humanitarian goals could no longer be substantiated. After India curtailed rice shipments after Russia’s action, food prices worldwide increased even more. Presently the department of commerce, ministry of external affairs, department of revenue, department of food and public distribution, and the Food Corporation of India (FCI) are reviewing the UN request internally. Based on the assessment of the stock position, the request is anticipated to be approved. A government official told Mint that India has never turned down a request from the World Food Program. “The decision will be made strictly on the basis of availability of the commodity and keeping the country’s food security in mind. We have agreed at the World Trade Organization (WTO) that we will not impose any export restriction on the WFP. We have come up with rice export restrictions but they will be set aside when it comes to the request made by WFP,” Mint quotes the official as saying. In order to process the aid, WFP has formally requested the country-of-origin certificate, commercial invoice, sanitary and phytosanitary certificate, as well as crop year certification. Earlier, WFP-chartered ships supplied more than 380,000 tonnes of wheat through several Black Sea ports as part of the Black Sea grain agreement to support operations in Afghanistan, Ethiopia, Somalia, and Yemen. This was vital in lowering food costs brought on by the conflict in Ukraine. In India, the Consumer Food Price Index (CPI)—which accounts for almost to half of the total consumer price basket—measures food inflation and increased to 4.49 per cent in June 2023 from 2.96 per cent (revised) in May 2023. While core inflation estimates show that the underlying trend in inflation is intact, Morgan Stanley anticipates headline inflation to track higher than their previous assumption. Mint cited the official saying that grain transit from Russia and Ukraine is restricted, driving up food costs globally and raising concerns about supplies. “The price of rice coming out of Australia and the US, the next big producers, is much higher compared to elsewhere. And India has to ensure food security because the quantity that will be sought by India is enormous,” Mint quoted the official. WATCH WION LIVE HERE

Amid worsening global hunger, WFP requests India for 200,000 tonnes of rice 

In 2000, after receiving a loan worth 8,00,000 rupees ($9,000), Vijay Shekhar Sharma founded Paytm's parent organisation – One97 Communications, which offered digital goods and services. Later in 2010, with an initial investment of $2 million, Sharma launched Paytm, an acronym for 'pay through mobile,' which started as a prepaid mobile and DTH (direct-to-home) recharge platform headquartered in Noida, India. &nbsp;

In less than ten years, Paytm has developed into one of the most valuable financial start-ups in the nation. &nbsp; &nbsp;

In 2014, the Paytm Wallet became one of India's most popular digital wallets. The following few years saw Paytm grow its user base and enter the e-commerce space by enabling online shopping and ticketing. Digital payments surged in 2016 after India demonetised 500- and 1000-rupee notes. &nbsp;

"Paytm Karo" became the infamous tagline that every Indian was familiar with when thinking about online shopping after demonetisation. &nbsp;

Paytm was the first payment app in the nation that achieved 100 million downloads in 2017. As of March 1, 2021, Paytm had 1.2 billion monthly transactions and more than 150 million active users. &nbsp; &nbsp;

With a 15 per cent month-over-month gain, the digital payments giant now holds the largest market share in the offline merchant payments sector. The business has expanded into several services, including ticketing for movies and flights, gold sales, insurance, bank deposits and remittances. &nbsp; &nbsp;

IPO Listing &nbsp; &nbsp;

In 2021, Paytm made history by conducting India's largest Initial Public Offering (IPO). Its initial public offering exceeded Coal India's IPO of Rs 15,200 crore ($1.8 billion) in 2010. &nbsp;

After completing the IPO, Paytm's founder Vijay Shekhar Sharma broke into tears during his speech at the Bombay Stock Exchange (BSE), as per a report by NDTV. &nbsp;

The company surpassed the market capitalisation milestone of Rs. 1 lakh crore ($12 billion). The digital payments company's market cap on the BSE touched Rs. 1.19 lakh crore ($14 billion). &nbsp;

Purchase of stake from Antfin &nbsp; &nbsp;

In August 2023, Paytm's CEO announced that he intends to purchase a 10.3 per cent stake from Antfin, an Ant Financial subsidiary, for $628 million. This move aimed to streamline ownership within the Indian payments firm. Following the announcement, Paytm's shares surged by 11.4 per cent, having already risen over 50 per cent in the year. Antfin (Netherlands) Holding B.V.'s acquisition price is 796.6 rupees ($9.3) per share, mirroring Paytm's recent closing price. This purchase will reduce Antfin's ownership to 13.5 per cent, relinquishing its status as the largest stakeholder. Notably, China's Alibaba sold its entire stake in Paytm in February, while Softbank Group Corp has gradually lowered its stake, now at 9.18 per cent. After this acquisition, Sharma, Paytm's founder, will become the primary stakeholder with 19.42 per cent. &nbsp; &nbsp;

The success of Paytm &nbsp;

Research by International Journal for Research in Engineering Application &amp; Management attributes Paytm's success to its revenue model and innovative strategies to enhance its services in the Indian digital financial services sector. &nbsp;

Revenue model &nbsp;

A diversified revenue model of Paytm has played a huge role in its growth and market leadership. By adopting various revenue streams, Paytm has ensured financial stability and catered to different user base segments. &nbsp;

For instance, the advertising revenue model allows sellers to promote their products on Paytm's platform for a fee. The subscription model lets sellers pay an annual subscription fee to list their products. And Paytm's advance payment model capitalises on customer payments by accruing interest until funds are transferred to sellers. &nbsp;

Innovative strategies &nbsp; &nbsp;

What began as a platform for online bill payments has evolved into a comprehensive mobile money solution, including the establishment of Paytm Payments Bank. This initiative bridges the gap for individuals needing access to traditional financial services. The launch of the Paytm for Business app and banking features targeting corporate customers exemplify Paytm's versatility and adaptability to varying market demands.

Paytm was among the first financial companies to push for cashless transactions by making digital payments through a unified payments interface (UPI), which has presently proven to be a huge success.

&nbsp;

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In 2000, after receiving a loan worth 8,00,000 rupees ($9,000), Vijay Shekhar Sharma founded Paytm's parent organisation – One97 Communications, which offered digital goods and services.

In 2000, after receiving a loan worth 8,00,000 rupees ($9,000), Vijay Shekhar Sharma founded Paytm's parent organisation – One97 Communications, which offered digital goods and services. Later in 2010, with an initial investment of $2 million, Sharma launched Paytm, an acronym for 'pay through mobile,' which started as a prepaid mobile and DTH (direct-to-home) recharge platform headquartered in Noida, India. In less than ten years, Paytm has developed into one of the most valuable financial start-ups in the nation. In 2014, the Paytm Wallet became one of India's most popular digital wallets. The following few years saw Paytm grow its user base and enter the e-commerce space by enabling online shopping and ticketing. Digital payments surged in 2016 after India demonetised 500- and 1000-rupee notes. "Paytm Karo" became the infamous tagline that every Indian was familiar with when thinking about online shopping after demonetisation. Paytm was the first payment app in the nation that achieved 100 million downloads in 2017. As of March 1, 2021, Paytm had 1.2 billion monthly transactions and more than 150 million active users. With a 15 per cent month-over-month gain, the digital payments giant now holds the largest market share in the offline merchant payments sector. The business has expanded into several services, including ticketing for movies and flights, gold sales, insurance, bank deposits and remittances. IPO Listing In 2021, Paytm made history by conducting India's largest Initial Public Offering (IPO). Its initial public offering exceeded Coal India's IPO of Rs 15,200 crore ($1.8 billion) in 2010. After completing the IPO, Paytm's founder Vijay Shekhar Sharma broke into tears during his speech at the Bombay Stock Exchange (BSE), as per a report by NDTV. The company surpassed the market capitalisation milestone of Rs. 1 lakh crore ($12 billion). The digital payments company's market cap on the BSE touched Rs. 1.19 lakh crore ($14 billion). Purchase of stake from Antfin In August 2023, Paytm's CEO announced that he intends to purchase a 10.3 per cent stake from Antfin, an Ant Financial subsidiary, for $628 million. This move aimed to streamline ownership within the Indian payments firm. Following the announcement, Paytm's shares surged by 11.4 per cent, having already risen over 50 per cent in the year. Antfin (Netherlands) Holding B.V.'s acquisition price is 796.6 rupees ($9.3) per share, mirroring Paytm's recent closing price. This purchase will reduce Antfin's ownership to 13.5 per cent, relinquishing its status as the largest stakeholder. Notably, China's Alibaba sold its entire stake in Paytm in February, while Softbank Group Corp has gradually lowered its stake, now at 9.18 per cent. After this acquisition, Sharma, Paytm's founder, will become the primary stakeholder with 19.42 per cent. The success of Paytm Research by International Journal for Research in Engineering Application & Management attributes Paytm's success to its revenue model and innovative strategies to enhance its services in the Indian digital financial services sector. Revenue model A diversified revenue model of Paytm has played a huge role in its growth and market leadership. By adopting various revenue streams, Paytm has ensured financial stability and catered to different user base segments. For instance, the advertising revenue model allows sellers to promote their products on Paytm's platform for a fee. The subscription model lets sellers pay an annual subscription fee to list their products. And Paytm's advance payment model capitalises on customer payments by accruing interest until funds are transferred to sellers. Innovative strategies What began as a platform for online bill payments has evolved into a comprehensive mobile money solution, including the establishment of Paytm Payments Bank. This initiative bridges the gap for individuals needing access to traditional financial services. The launch of the Paytm for Business app and banking features targeting corporate customers exemplify Paytm's versatility and adaptability to varying market demands. Paytm was among the first financial companies to push for cashless transactions by making digital payments through a unified payments interface (UPI), which has presently proven to be a huge success. WATCH WION LIVE HERE

Flashback Friday: Pioneering the e-wallet ecosystem – The story of Paytm  

All eyes are on Yang Huiyan, the billionaire chairperson of Chinese real-estate giant Country Garden, as bondholders hope that she will utilise her personal funds to sustain the company, according to a Bloomberg report.

Yang, whose estimated net worth is $5 billion, would receive nearly $28 million through dividends on Friday for her personal stake in the company’s service unit, according to Bloomberg's calculations. The $22.5 million bond payments that the company missed this week can be paid out by that amount. Another $35 million in cash payouts could go to a family-owned foundation.

The question of whether Yang would use her personal funds to settle Country Garden's obligations has gained attention in the wake of creditors pressuring Hui Ka Yan, the founder of the bankrupt developer China Evergrande Group, to use his own funds to support his company.

Country Garden, formerly the biggest builder in China and regarded by investors as a “model enterprise”, would join a long list of defaulters, including Evergrande, if it does not make the payments during the allotted 30-day grace period.

With the company’s dollar bond expiring in 2026 selling at approximately 10 cents on the dollar, investors have already factored in a potential default. On Thursday, Country Garden was downgraded by Moody’s Investors Service from B1 to Caa1. The firm stated that it could lose up to $7.6 billion in the first half.

“Over the past 12 months, Country Garden has shown higher willingness to pay compared to other privately-owned developers such as CIFI and Evergrande,” Bloombrg quoted Zerlina Zeng, a senior credit analyst at Creditsights Singapore. “However, with contracted sales continuing to tumble, it is hard to say whether they will continue to use their own funds to keep the bondholders afloat.”

Yang has provided Country Garden with “strong support” since its offering, the company claimed in a Thursday night filing with the Hong Kong exchange. Together with family members, this amounts to around HK$38.6 billion ($4.9 billion) in loans, shareholding increases, bond purchases, and scrip dividends, it said, without mentioning how much of the support arrived recently.

Yang this month transferred a sibling-controlled charity foundation a sizable portion of her personal ownership in Country Garden Services, which she also chairs, in a move that alarmed the market. Analysts at UBS Group AG described the timing as ”unusual.” The property manager shifted the payment date for its 2022 payments and special payouts a few days later.

The unit paying the dividends, Country Garden Services, said in a statement to Bloomberg that the payout plan, which was approved in May, is unrelated to any “third-party factor”. The services company explained that it moved forward the dividend payment date from August 30 to Friday because it has enough of cash and wants to relieve investors’ fears about its stability.

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All eyes are on Yang Huiyan, the billionaire chairperson of Chinese real-estate giant Country Garden, as bondholders hope that she will utilise her personal funds to sustain the company, according to a Bloomberg report.

All eyes are on Yang Huiyan, the billionaire chairperson of Chinese real-estate giant Country Garden, as bondholders hope that she will utilise her personal funds to sustain the company, according to a Bloomberg report. Yang, whose estimated net worth is $5 billion, would receive nearly $28 million through dividends on Friday for her personal stake in the company’s service unit, according to Bloomberg's calculations. The $22.5 million bond payments that the company missed this week can be paid out by that amount. Another $35 million in cash payouts could go to a family-owned foundation. The question of whether Yang would use her personal funds to settle Country Garden's obligations has gained attention in the wake of creditors pressuring Hui Ka Yan, the founder of the bankrupt developer China Evergrande Group, to use his own funds to support his company. Country Garden, formerly the biggest builder in China and regarded by investors as a “model enterprise”, would join a long list of defaulters, including Evergrande, if it does not make the payments during the allotted 30-day grace period. With the company’s dollar bond expiring in 2026 selling at approximately 10 cents on the dollar, investors have already factored in a potential default. On Thursday, Country Garden was downgraded by Moody’s Investors Service from B1 to Caa1. The firm stated that it could lose up to $7.6 billion in the first half. “Over the past 12 months, Country Garden has shown higher willingness to pay compared to other privately-owned developers such as CIFI and Evergrande,” Bloombrg quoted Zerlina Zeng, a senior credit analyst at Creditsights Singapore. “However, with contracted sales continuing to tumble, it is hard to say whether they will continue to use their own funds to keep the bondholders afloat.” Yang has provided Country Garden with “strong support” since its offering, the company claimed in a Thursday night filing with the Hong Kong exchange. Together with family members, this amounts to around HK$38.6 billion ($4.9 billion) in loans, shareholding increases, bond purchases, and scrip dividends, it said, without mentioning how much of the support arrived recently. Yang this month transferred a sibling-controlled charity foundation a sizable portion of her personal ownership in Country Garden Services, which she also chairs, in a move that alarmed the market. Analysts at UBS Group AG described the timing as ”unusual.” The property manager shifted the payment date for its 2022 payments and special payouts a few days later. The unit paying the dividends, Country Garden Services, said in a statement to Bloomberg that the payout plan, which was approved in May, is unrelated to any “third-party factor”. The services company explained that it moved forward the dividend payment date from August 30 to Friday because it has enough of cash and wants to relieve investors’ fears about its stability. WATCH WION LIVE HERE

Country Garden billionaire bags big payouts as default looms: Report

Fashion conglomerate and parent company of Coach and Kate Spade, Tapestry, is to acquire competitor Capri Holdings for $8.5 billion.

Although it won't be as big as its European rivals, the merger will produce an American fashion giant better equipped to compete in the luxury market. The acquisition will bring together six fashion brands: Tapestry's Coach, Kate Spade, Stuart Weitzman, Capri's Versace, Jimmy Choo, and Michael Kors.

According to Tapestry CEO Joanne Crevoiserat, the company will be larger and more scalable, giving it the ability to reach more customers worldwide and compete more effectively in the luxury market.

According to her, the merger brings together "six iconic brands" that operate in more than 75 countries and generate an annual revenue of over $12 billion.

In an interview with CNBC, she said the acquisition would enable Tapestry to reach more customers of all ages and income levels. Versace and Jimmy Choo attract wealthier clientele, whereas Michael Kors pulls younger and more diverse customers.

"It does increase our access to the luxury market and the higher-end consumer segments in luxury," Reuters quoted Crevoiserat as saying.

Early trading saw Capri shares rise by 56 per cent to a little under the $57 per share transaction price, while Tapestry shares dropped to about 12 per cent.

The transaction occurred when Tapestry and Capri were experiencing limited sales in North America. Both businesses mentioned that American consumers are becoming more frugal with their spending in their quarterly reports from May.

According to Crevoiserat, the acquisition timing will be determined by both firms' long-term plans rather than by the state of the market. However, she maintained that the bigger business would be better equipped to adapt to rapidly shifting consumer preferences and the ups and downs of a global economy.

The slow-down in sales has had an effect, particularly on Capri. As it decreased its prediction in late May, its shares fell to a 52-week low. The business reported decreased sales, notably at department shops, for its luxury brands Versace and Jimmy Choo and Michael Kors. At the time, John Idol, the company's CEO, stated that the company anticipated that softness would last into the summer.

In contrast, Tapestry improved its full-year outlook during the most recent reported quarter.

Tapestry has worked to enhance its brands and win over a younger demographic of customers. In contrast, Coach has partnered with well-known companies and personalities like Disney and Kirsten Dunst to appeal to Gen Z customers.

The coach also reduced the number of products it carries to concentrate on bestsellers while maintaining high price points by limiting markdowns. Kate Spade has started to follow a similar strategy.

Tapestry has also looked outside the US and pursued bigger sales in countries like China to spur growth.

CNBC quoted Crevoiserat: "We have developed a dynamic, data-driven consumer engagement platform that has fueled our success, fostering innovation, agility, and strong financial results."

According to Capri CEO Idol, the acquisition will give the business "greater resources and capabilities" to broaden its international clientele.

"We are confident this combination will deliver immediate value to our shareholders. It will also provide new opportunities for our dedicated employees around the world as Capri becomes part of a larger and more diversified company," said Idol added.

After the boards of both companies have unanimously approved the acquisition, the shareholders are to receive $57 per share and a 59 per cent premium on the 30-day volume average of Capri's value. The deal is expected to be finalized in 2024.

There are no financial requirements for the deal to be carried out. According to the companies, it will be financed using bridge financing from Bank of America and Morgan Stanley through senior notes, term loans, and cash, with some money going toward clearing Capri's outstanding debt.

&nbsp;

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Fashion conglomerate and parent company of Coach and Kate Spade, Tapestry, is to acquire competitor Capri Holdings for $8.5 billion. Although it won't be as big as its European rivals, the merger will produce an American fashion giant better equipped to compete in the luxury market.

Fashion conglomerate and parent company of Coach and Kate Spade, Tapestry, is to acquire competitor Capri Holdings for $8.5 billion. Although it won't be as big as its European rivals, the merger will produce an American fashion giant better equipped to compete in the luxury market. The acquisition will bring together six fashion brands: Tapestry's Coach, Kate Spade, Stuart Weitzman, Capri's Versace, Jimmy Choo, and Michael Kors. According to Tapestry CEO Joanne Crevoiserat, the company will be larger and more scalable, giving it the ability to reach more customers worldwide and compete more effectively in the luxury market. According to her, the merger brings together "six iconic brands" that operate in more than 75 countries and generate an annual revenue of over $12 billion. In an interview with CNBC, she said the acquisition would enable Tapestry to reach more customers of all ages and income levels. Versace and Jimmy Choo attract wealthier clientele, whereas Michael Kors pulls younger and more diverse customers. "It does increase our access to the luxury market and the higher-end consumer segments in luxury," Reuters quoted Crevoiserat as saying. Early trading saw Capri shares rise by 56 per cent to a little under the $57 per share transaction price, while Tapestry shares dropped to about 12 per cent. The transaction occurred when Tapestry and Capri were experiencing limited sales in North America. Both businesses mentioned that American consumers are becoming more frugal with their spending in their quarterly reports from May. According to Crevoiserat, the acquisition timing will be determined by both firms' long-term plans rather than by the state of the market. However, she maintained that the bigger business would be better equipped to adapt to rapidly shifting consumer preferences and the ups and downs of a global economy. The slow-down in sales has had an effect, particularly on Capri. As it decreased its prediction in late May, its shares fell to a 52-week low. The business reported decreased sales, notably at department shops, for its luxury brands Versace and Jimmy Choo and Michael Kors. At the time, John Idol, the company's CEO, stated that the company anticipated that softness would last into the summer. In contrast, Tapestry improved its full-year outlook during the most recent reported quarter. Tapestry has worked to enhance its brands and win over a younger demographic of customers. In contrast, Coach has partnered with well-known companies and personalities like Disney and Kirsten Dunst to appeal to Gen Z customers. The coach also reduced the number of products it carries to concentrate on bestsellers while maintaining high price points by limiting markdowns. Kate Spade has started to follow a similar strategy. Tapestry has also looked outside the US and pursued bigger sales in countries like China to spur growth. CNBC quoted Crevoiserat: "We have developed a dynamic, data-driven consumer engagement platform that has fueled our success, fostering innovation, agility, and strong financial results." According to Capri CEO Idol, the acquisition will give the business "greater resources and capabilities" to broaden its international clientele. "We are confident this combination will deliver immediate value to our shareholders. It will also provide new opportunities for our dedicated employees around the world as Capri becomes part of a larger and more diversified company," said Idol added. After the boards of both companies have unanimously approved the acquisition, the shareholders are to receive $57 per share and a 59 per cent premium on the 30-day volume average of Capri's value. The deal is expected to be finalized in 2024. There are no financial requirements for the deal to be carried out. According to the companies, it will be financed using bridge financing from Bank of America and Morgan Stanley through senior notes, term loans, and cash, with some money going toward clearing Capri's outstanding debt. WATCH WION LIVE HERE

Fashion conglomerate Tapestry strikes $8.5 billion deal to acquire Capri Holdings

At Nanchengxiang restaurants in Beijing, diners can treat themselves to a large breakfast buffet with three types of rice porridge, sour and spicy soup and milk at just 3 yuan ($0.40).

"Many good, cheap choices popped up during the pandemic," Gao Yi, aged 71, told Reuters while he ate breakfast with his grandson in one of the chain's 160 locations in the Chinese capital.

"Not all of them last. But there are new good deals all the time; you just have to go out to find them."

Deflation in China appears like that.

A price war among lower-end restaurant chains in China is fueled by a lack of consumer demand, which analysts warn might hurt smaller firms already trying to compete with the discounts provided by larger players.

Deflation can hinder economic growth, as seen in Japan in the 1990s.

"Good deals are needed to get consumers through the door, so there is a lot of pressure on these businesses to find margins," Ben Cavender, the managing director at China Market Research Group in Shanghai, told Reuters.

People in China were mostly left to fend for themselves financially throughout the pandemic, unlike residents of Western nations, with government assistance focused primarily on the industrial industry. As some economists had feared, there was no immediate consumer splurge after the restrictions were lifted.

Spending appetites remain less, and confidence is low in an economy that has not been expanding. This is because earnings and pensions have stayed the same while employment remains unpredictable.

"Discount strategies, offering consumers a more value-for-money choice, match the current economic situation," Reuters quoted Zhu Danpeng, a food and beverage analyst and deputy head of the Guangdong Provincial Food Safety Promotion Alliance.

Staff reported that the central Nanchengxiang outlet was crowded on Thursday, as it has been each morning since the 3 yuan discount was introduced in May. Reuters questioned the company about its profit margins and business plan, but they did not receive a response.

The staff of the Beijing-based burger chain Xishaoye has similarly advertised decreased prices, claiming that some menu items will cost as little as 10 yuan. Burgers, snacks, and drinks are available on the menu at KFC operator Yum China for 19.9 yuan.

"Traffic is back, but spending per person has dropped," Joey Wat, Yum's chief executive officer, told Reuters.

"In our minds, the pandemic seems like it happened a long time ago. It actually hasn't. People need time to adjust," Reuters quotes another source.

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At Nanchengxiang restaurants in Beijing, diners can treat themselves to a large breakfast buffet with three types of rice porridge, sour and spicy soup and milk at just 3 yuan ($0.

At Nanchengxiang restaurants in Beijing, diners can treat themselves to a large breakfast buffet with three types of rice porridge, sour and spicy soup and milk at just 3 yuan ($0.40). "Many good, cheap choices popped up during the pandemic," Gao Yi, aged 71, told Reuters while he ate breakfast with his grandson in one of the chain's 160 locations in the Chinese capital. "Not all of them last. But there are new good deals all the time; you just have to go out to find them." Deflation in China appears like that. A price war among lower-end restaurant chains in China is fueled by a lack of consumer demand, which analysts warn might hurt smaller firms already trying to compete with the discounts provided by larger players. Deflation can hinder economic growth, as seen in Japan in the 1990s. "Good deals are needed to get consumers through the door, so there is a lot of pressure on these businesses to find margins," Ben Cavender, the managing director at China Market Research Group in Shanghai, told Reuters. People in China were mostly left to fend for themselves financially throughout the pandemic, unlike residents of Western nations, with government assistance focused primarily on the industrial industry. As some economists had feared, there was no immediate consumer splurge after the restrictions were lifted. Spending appetites remain less, and confidence is low in an economy that has not been expanding. This is because earnings and pensions have stayed the same while employment remains unpredictable. "Discount strategies, offering consumers a more value-for-money choice, match the current economic situation," Reuters quoted Zhu Danpeng, a food and beverage analyst and deputy head of the Guangdong Provincial Food Safety Promotion Alliance. Staff reported that the central Nanchengxiang outlet was crowded on Thursday, as it has been each morning since the 3 yuan discount was introduced in May. Reuters questioned the company about its profit margins and business plan, but they did not receive a response. The staff of the Beijing-based burger chain Xishaoye has similarly advertised decreased prices, claiming that some menu items will cost as little as 10 yuan. Burgers, snacks, and drinks are available on the menu at KFC operator Yum China for 19.9 yuan. "Traffic is back, but spending per person has dropped," Joey Wat, Yum's chief executive officer, told Reuters. "In our minds, the pandemic seems like it happened a long time ago. It actually hasn't. People need time to adjust," Reuters quotes another source. WATCH WION LIVE HERE

China slides towards deflation, with breakfast buffets costing just 40 cents

The Securities Exchange Bureau of India (Sebi) on Wednesday announced that the Initial Public Offering (IPO) listing timeline will be&nbsp;reduced to T+3 days from T+6 days. The new rules, which will come into&nbsp;effect in December this year, will allow&nbsp;IPOs to be listed three days after the issue closing date, The Economic Times reported.

“Consequent to extensive consultation with the market participants and considering the public comments received pursuant to the consultation paper on the aforesaid subject matter, it has been decided to reduce the time taken for the listing of specified securities after the closure of the public issue to three working days (T+3 days) as against the present requirement of six working days (T+6 days); ‘T’ being issue closing date,” The Economic Times quoted Sebi as saying.

The offer documents for public issues must properly disclose the T+3 schedule for listing, the report&nbsp;stated.

For public issues opening on or after September 1, 2023, the new guidelines will be voluntary, and they will be required for issues starting on or after December 1, 2023.

The market regulator said that stakeholders will gain from the shortened listing schedule since issuers and allottees will receive their funds and securities earlier, the report noted.&nbsp;

Additionally, the action guarantees that subscribers who were not given shares would immediately refunds. All stakeholders’ resources, including those of stock exchanges, banks, depositories, and brokers, will be used for a shorter period of time throughout the public offering process.

Companies must complete allocations under the new rules by 6 p.m. on T+1 day. On the T+2 day, funds will be returned to unsuccessful applicants.

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The Securities Exchange Bureau of India (Sebi) on Wednesday announced that the Initial Public Offering (IPO) listing timeline will be reduced to T+3 days from T+6 days.

The Securities Exchange Bureau of India (Sebi) on Wednesday announced that the Initial Public Offering (IPO) listing timeline will be reduced to T+3 days from T+6 days. The new rules, which will come into effect in December this year, will allow IPOs to be listed three days after the issue closing date, The Economic Times reported. “Consequent to extensive consultation with the market participants and considering the public comments received pursuant to the consultation paper on the aforesaid subject matter, it has been decided to reduce the time taken for the listing of specified securities after the closure of the public issue to three working days (T+3 days) as against the present requirement of six working days (T+6 days); ‘T’ being issue closing date,” The Economic Times quoted Sebi as saying. The offer documents for public issues must properly disclose the T+3 schedule for listing, the report stated. For public issues opening on or after September 1, 2023, the new guidelines will be voluntary, and they will be required for issues starting on or after December 1, 2023. The market regulator said that stakeholders will gain from the shortened listing schedule since issuers and allottees will receive their funds and securities earlier, the report noted. Additionally, the action guarantees that subscribers who were not given shares would immediately refunds. All stakeholders’ resources, including those of stock exchanges, banks, depositories, and brokers, will be used for a shorter period of time throughout the public offering process. Companies must complete allocations under the new rules by 6 p.m. on T+1 day. On the T+2 day, funds will be returned to unsuccessful applicants. WATCH WION LIVE HERE

IPO rules changed, listing time brought down further: Sebi 

One of the world’s most distinctive financers, R Thyagarajan, who founded the Shriram Group, has impacted several lives by lending to low-income borrowers.

Content with his small house and his $5,000 car, Thyagarajan gave away a major chunk of his wealth to his employees. A pioneer in providing loans to India’s poor for trucks, tractors, and other vehicles, Thyagarajan turned Shriram into a conglomerate that offers services ranging from stockbroking to insurance.

Shriram’s share prices recorded a record high in July after rising by over 35 per cent this year -- more than four times as much as India’s benchmark stock index.

Now 86, Thyagarajan has taken up an advisory role.

In an interview with Bloomberg, he claimed that he got into the business to prove that lending to those without credit records or steady incomes was not unsafe as it is thought to be. He maintained that his method of doing business is relatively ordinary.

“I’m a bit of a leftist,” Bloomberg quoted Thyagarajan as saying in Chennai, where he founded the company in 1974. “I was never enthusiastic about making life pleasanter for people who already have a good life.” Rather, I “wanted to take away some unpleasantness in the lives of people who are getting into problems.”

Thyagarajan’s career illustrates the unrealised potential in the country with the largest population in the world, where an increasing number of its 1.4 billion citizens aim to join the expanding middle class.

However, roughly 25 per cent of Indians lack access to established financial systems. The World Bank estimates that one in three people, who have bank accounts in India, never use them.

Thyagarajan stated that lending to the poor is a sort of socialism. But he has attempted to show that the business can be secure and successful by providing a less expensive alternative to the heavy rates accessible to the unbanked. By doing so, he has convinced other businesses to lower borrowing costs.

The industry is now quite profitable. There are around 9,400 so-called shadow banks in India, most of which provide financial services to borrowers who are passed over by traditional lenders.

Building an Empire

For a man who was raised in a wealthy family in the state of Tamil Nadu, surrounded by servants, founding a lending company with socialist ideals may seem like an odd career decision. However, Thyagarajan asserted that he has always had an analytical and egalitarian mindset.

Before spending three years at the Indian Statistical Institute in Kolkata, he completed his undergraduate and graduate studies in mathematics in Chennai.

He began a 20-year career in finance as an employee at New India Assurance Co., one of India’s leading insurers, in 1961. It included employment at reinsurance broker JB Boda &amp; Co. and local lender Vysya Bank.

People in Chennai approached him along the route looking for money to purchase used trucks, and he provided loans to them from his inheritance. That side business eventually turned into his primary venture. He co-founded Shriram Chits with friends and family when he was 37.

The unbanked frequently relied on “chit funds”, a form of group savings where each participant contributes a certain amount each month. One investor receives a portion of the amount each month until everyone has gotten a certain amount. The funds are used to pay for farm equipment, tuition, or other substantial purchases.

Thyagarajan established additional businesses over time, and Shriram eventually expanded to include more than 30 companies.

Living Modestly

Tyagarajan drove a Hyundai hatchback for many years. He also does not own a mobile phone, which he regards as a distraction.

All of the tycoon’s shareholdings in Shriram firms were transferred to the Shriram Ownership Trust, which was established in 2006. Beneficiaries of the perpetual trust include 44 group executives. When executives retire, they take millions of dollars with them.

The entire worth of the trust’s holdings exceeds $750 million and has increased in recent years.

Thyagarajan told Bloomberg that he did not need the money then or now, and that he enjoys simple things.

Thyagarajan’s only regret -- the manner in which he gave away his wealth. He said he would have split the bounty if he had known how profitable Shriram would become.

“I did not imagine that so much money was going to be distributed to so few,” he says. “I’m not very happy about it. But it’s okay. I’m not very sad either,” he said in the interview.

(With inputs from agencies)

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One of the world’s most distinctive financers, R Thyagarajan, who founded the Shriram Group, has impacted several lives by lending to low-income borrowers. Content with his small house and his $5,000 car, Thyagarajan gave away a major chunk of his wealth to his employees.

One of the world’s most distinctive financers, R Thyagarajan, who founded the Shriram Group, has impacted several lives by lending to low-income borrowers. Content with his small house and his $5,000 car, Thyagarajan gave away a major chunk of his wealth to his employees. A pioneer in providing loans to India’s poor for trucks, tractors, and other vehicles, Thyagarajan turned Shriram into a conglomerate that offers services ranging from stockbroking to insurance. Shriram’s share prices recorded a record high in July after rising by over 35 per cent this year -- more than four times as much as India’s benchmark stock index. Now 86, Thyagarajan has taken up an advisory role. In an interview with Bloomberg, he claimed that he got into the business to prove that lending to those without credit records or steady incomes was not unsafe as it is thought to be. He maintained that his method of doing business is relatively ordinary. “I’m a bit of a leftist,” Bloomberg quoted Thyagarajan as saying in Chennai, where he founded the company in 1974. “I was never enthusiastic about making life pleasanter for people who already have a good life.” Rather, I “wanted to take away some unpleasantness in the lives of people who are getting into problems.” Thyagarajan’s career illustrates the unrealised potential in the country with the largest population in the world, where an increasing number of its 1.4 billion citizens aim to join the expanding middle class. However, roughly 25 per cent of Indians lack access to established financial systems. The World Bank estimates that one in three people, who have bank accounts in India, never use them. Thyagarajan stated that lending to the poor is a sort of socialism. But he has attempted to show that the business can be secure and successful by providing a less expensive alternative to the heavy rates accessible to the unbanked. By doing so, he has convinced other businesses to lower borrowing costs. The industry is now quite profitable. There are around 9,400 so-called shadow banks in India, most of which provide financial services to borrowers who are passed over by traditional lenders. Building an Empire For a man who was raised in a wealthy family in the state of Tamil Nadu, surrounded by servants, founding a lending company with socialist ideals may seem like an odd career decision. However, Thyagarajan asserted that he has always had an analytical and egalitarian mindset. Before spending three years at the Indian Statistical Institute in Kolkata, he completed his undergraduate and graduate studies in mathematics in Chennai. He began a 20-year career in finance as an employee at New India Assurance Co., one of India’s leading insurers, in 1961. It included employment at reinsurance broker JB Boda & Co. and local lender Vysya Bank. People in Chennai approached him along the route looking for money to purchase used trucks, and he provided loans to them from his inheritance. That side business eventually turned into his primary venture. He co-founded Shriram Chits with friends and family when he was 37. The unbanked frequently relied on “chit funds”, a form of group savings where each participant contributes a certain amount each month. One investor receives a portion of the amount each month until everyone has gotten a certain amount. The funds are used to pay for farm equipment, tuition, or other substantial purchases. Thyagarajan established additional businesses over time, and Shriram eventually expanded to include more than 30 companies. Living Modestly Tyagarajan drove a Hyundai hatchback for many years. He also does not own a mobile phone, which he regards as a distraction. All of the tycoon’s shareholdings in Shriram firms were transferred to the Shriram Ownership Trust, which was established in 2006. Beneficiaries of the perpetual trust include 44 group executives. When executives retire, they take millions of dollars with them. The entire worth of the trust’s holdings exceeds $750 million and has increased in recent years. Thyagarajan told Bloomberg that he did not need the money then or now, and that he enjoys simple things. Thyagarajan’s only regret -- the manner in which he gave away his wealth. He said he would have split the bounty if he had known how profitable Shriram would become. “I did not imagine that so much money was going to be distributed to so few,” he says. “I’m not very happy about it. But it’s okay. I’m not very sad either,” he said in the interview. (With inputs from agencies) WATCH WION LIVE HERE

Meet R Thyagarajan, the man who donated his wealth to employees

India is likely to look at key partners in Latin America and Africa to establish bilateral agreements to carry out trade deals using local currencies, after the United Arab Emirates (UAE) and Indonesia. This comes in the backdrop of India’s plan to internationalise the rupee, Moneycontrol quoted a government official as saying.

According to the official, nations such as Brazil, Argentina, South Africa, Senegal, and Tanzania are likely to be the next set of nations for India’s bilateral local currency settlement push, as the country plans to convince smaller countries first to accept payment in rupees for transactions.

“If we have to push rupee trade, we have to start with smaller nations where it would be easier to give a push rupee internationalisation,” the official said on condition of anonymity, adding that the proposals are preliminary and would require further discussions.&nbsp;

As of 2022–2023, New Delhi has a trade surplus with Tanzania and Brazil of $1.39 billion and $3.25 billion, respectively. According to data from the commerce ministry during the time period, the trade deficit with South Africa, Senegal, and Argentina is minimal.

According to previous reports by Moneycontrol, the Indian government’s choice of partners for its bilateral currency settlement plan will be based on the possibility to increase trade as well as balance the trade difference between the two nations. India either has a small trade deficit or a trade surplus with African and Latin American nations.

The main items that India exports to these countries are grains, engineering goods, pharmaceuticals, and petroleum products. While Brazil and Argentina are the primary import sources for India’s needs for edible oil, India also imports fertilisers, cotton, and toys from South Africa. Senegal and Tanzania are crucial in meeting New Delhi’s demands for diamonds and jewellery.

New Delhi signed a memorandum of understanding (MoU) with the UAE last month In order to use the rupee and the dirham to settle bilateral transactions. A local currency settlement plan was also discussed with Indonesia during talks between the two countries on the sidelines of the G20 Finance Ministers and Central Bank Governors meeting in Gandhinagar in the mid-July.

According to reports, India is also considering Bangladesh and Sri Lanka for its local currency settlement plan as the two neighbours are experiencing a currency shortage.

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India is likely to look at key partners in Latin America and Africa to establish bilateral agreements to carry out trade deals using local currencies, after the United Arab Emirates (UAE) and Indonesia.

India is likely to look at key partners in Latin America and Africa to establish bilateral agreements to carry out trade deals using local currencies, after the United Arab Emirates (UAE) and Indonesia. This comes in the backdrop of India’s plan to internationalise the rupee, Moneycontrol quoted a government official as saying. According to the official, nations such as Brazil, Argentina, South Africa, Senegal, and Tanzania are likely to be the next set of nations for India’s bilateral local currency settlement push, as the country plans to convince smaller countries first to accept payment in rupees for transactions. “If we have to push rupee trade, we have to start with smaller nations where it would be easier to give a push rupee internationalisation,” the official said on condition of anonymity, adding that the proposals are preliminary and would require further discussions. As of 2022–2023, New Delhi has a trade surplus with Tanzania and Brazil of $1.39 billion and $3.25 billion, respectively. According to data from the commerce ministry during the time period, the trade deficit with South Africa, Senegal, and Argentina is minimal. According to previous reports by Moneycontrol, the Indian government’s choice of partners for its bilateral currency settlement plan will be based on the possibility to increase trade as well as balance the trade difference between the two nations. India either has a small trade deficit or a trade surplus with African and Latin American nations. The main items that India exports to these countries are grains, engineering goods, pharmaceuticals, and petroleum products. While Brazil and Argentina are the primary import sources for India’s needs for edible oil, India also imports fertilisers, cotton, and toys from South Africa. Senegal and Tanzania are crucial in meeting New Delhi’s demands for diamonds and jewellery. New Delhi signed a memorandum of understanding (MoU) with the UAE last month In order to use the rupee and the dirham to settle bilateral transactions. A local currency settlement plan was also discussed with Indonesia during talks between the two countries on the sidelines of the G20 Finance Ministers and Central Bank Governors meeting in Gandhinagar in the mid-July. According to reports, India is also considering Bangladesh and Sri Lanka for its local currency settlement plan as the two neighbours are experiencing a currency shortage. WATCH WION LIVE HERE

Brazil, South Africa may be next for India’s bilateral currency settlement plan: Report 

Online gaming company Mobile Premier League (MPL) has decided to slash 350 jobs after India decided to increase Goods and Service Tax (GST) on gamers and gaming companies to 28 per cent, Mint reported.

MPL’s founders Sai Srinivas and Shubh Malhotra in a late Tuesday email thanked their employees while saying that the last month has been challenging and uncertain for the company.

“The new rules will increase our tax burden by as much as 350 to 400 per cent. As a business, one can prepare for a 50 per per cent increase, but adjusting to a sudden increase of this magnitude means we need to make some very tough decisions,” Mint quoted the email as saying.

Quoting sources, Mint reported that the company confirmed that layoffs would be effective at the entry level while MPL declined to make any statements.

“In a short span of four years, we have achieved a lot. MPL India was on track to continue the amazing business performance we have seen since December when we turned EBITDA positive,” the email from the founders further said while addressing the additional costs leading to the large number of job slashes.

The Bengaluru-based startup is supported by Sequoia Capital, which led a $35.5 million fundraising round in 2019. In 2022, VCCircle reported that the firm had cut off 100 employees, or around 10 per cent of its workforce, stating that it would no longer pursue “growth at any cost” and would instead pursue “profitable growth.” It also left the Indonesian market that year.

Three fantasy sports platforms - DreamSports-owned Dream11, Games24x7-owned My11Circle, and Galactus Funware Technology-owned MPL - are among India’s top gaming corporations, and the industry is estimated to be worth $2-2.5 billion by the All-India Gaming Federation.

According to highly placed industry sources citing data from Singapore’s Accounting and Corporate Regulatory Authority (ACRA), M-League Private Limited, Galactus’ Singapore-based parent company, spent $92 million on advertising and promotional expenses in financial year 2022, an 81 per cent increase over financial year 2021. This increase in spending significantly contributed to its losses increasing threefold from financial year 2021 to $149 million in financial year 2022.

India decided to carry forward with the 28 per cent GST on the sector. To prevent or delay these enterprises from shifting their headquarters offshore and to protect their clients from the additional GST burden, the Council has suggested that even offshore entities offering such online money games to Indian consumers must register and pay GST. According to gaming companies, this could severely harm the sector.

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Online gaming company Mobile Premier League (MPL) has decided to slash 350 jobs after India decided to increase Goods and Service Tax (GST) on gamers and gaming companies to 28 per cent, Mint reported.

Online gaming company Mobile Premier League (MPL) has decided to slash 350 jobs after India decided to increase Goods and Service Tax (GST) on gamers and gaming companies to 28 per cent, Mint reported. MPL’s founders Sai Srinivas and Shubh Malhotra in a late Tuesday email thanked their employees while saying that the last month has been challenging and uncertain for the company. “The new rules will increase our tax burden by as much as 350 to 400 per cent. As a business, one can prepare for a 50 per per cent increase, but adjusting to a sudden increase of this magnitude means we need to make some very tough decisions,” Mint quoted the email as saying. Quoting sources, Mint reported that the company confirmed that layoffs would be effective at the entry level while MPL declined to make any statements. “In a short span of four years, we have achieved a lot. MPL India was on track to continue the amazing business performance we have seen since December when we turned EBITDA positive,” the email from the founders further said while addressing the additional costs leading to the large number of job slashes. The Bengaluru-based startup is supported by Sequoia Capital, which led a $35.5 million fundraising round in 2019. In 2022, VCCircle reported that the firm had cut off 100 employees, or around 10 per cent of its workforce, stating that it would no longer pursue “growth at any cost” and would instead pursue “profitable growth.” It also left the Indonesian market that year. Three fantasy sports platforms - DreamSports-owned Dream11, Games24x7-owned My11Circle, and Galactus Funware Technology-owned MPL - are among India’s top gaming corporations, and the industry is estimated to be worth $2-2.5 billion by the All-India Gaming Federation. According to highly placed industry sources citing data from Singapore’s Accounting and Corporate Regulatory Authority (ACRA), M-League Private Limited, Galactus’ Singapore-based parent company, spent $92 million on advertising and promotional expenses in financial year 2022, an 81 per cent increase over financial year 2021. This increase in spending significantly contributed to its losses increasing threefold from financial year 2021 to $149 million in financial year 2022. India decided to carry forward with the 28 per cent GST on the sector. To prevent or delay these enterprises from shifting their headquarters offshore and to protect their clients from the additional GST burden, the Council has suggested that even offshore entities offering such online money games to Indian consumers must register and pay GST. According to gaming companies, this could severely harm the sector. WATCH WION LIVE HERE

Mobile Premier League to slash 350 jobs after 28 pc GST burden 

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