After India restricted exports of non-basmati rice in an effort to regulate domestic prices, traders are concerned that exports of sugar, another key crop, may also be at risk, according to a Bloomberg report.

As global supplies tighten, several nations have come to depend more on sugar exports from South Asian countries. Uneven rainfall in India’s agricultural belts has raised fear that sugar production would be insufficient to meet global demand and there may be a consistent decline for a second consecutive season beginning in October.

Bloomberg reported that this might reduce the nation’s export capacity. To safeguard domestic supplies and maintain prices, the government has already restricted export of non-basmati rice and wheat. This has added to the strain on the world’s food markets, which are already under pressure due to bad weather patterns and the escalating conflicts in Ukraine.

According to Henrique Akamine, head of sugar and ethanol at Tropical Research Services, the government’s decision to limit rice exports is a clear indication that it is worried about both inflation and food security. “The worry right now is that the government will probably follow suit and do something similar regarding sugar,” Bloomberg quoted him as saying.

The major sugar cane producing regions in Maharashtra and Karnataka have not received adequate rainfall in June, leading to crop stress, Bloomberg quoted Aditya Jhunjhunwala, the president of Indian Sugar Mills Association (ISMA), as saying. Sugar output is expected to drop by 3.4 per cent from last year to 31.7 million tonnes in 2023-24. Despite this, supplies are expected to meet domestic demand, according to Jhunjhunwala.

Meanwhile, India will use more sugar for biofuel. According to ISMA, mills would divert 4.5 million tons to produce ethanol, up 9.8 per cent from the previous year. But Sanjeev Chopra, India's food secretary has called ISMA’s judgment of decreasing sugar production as one that will stoke fears of a shortage in the nation.

India has previously controlled its sugar exports. Shipments were limited to 6.1 million tons for the 2022–2023 season, down from 11 million tons the previous season. Analysts predict that only two to three million tons, if not none at all, will be permitted next season, perhaps threatening a further increase in global prices.

(With inputs from agencies)

&nbsp;

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After India restricted exports of non-basmati rice in an effort to regulate domestic prices, traders are concerned that exports of sugar, another key crop, may also be at risk, according to a Bloomberg report.

After India restricted exports of non-basmati rice in an effort to regulate domestic prices, traders are concerned that exports of sugar, another key crop, may also be at risk, according to a Bloomberg report. As global supplies tighten, several nations have come to depend more on sugar exports from South Asian countries. Uneven rainfall in India’s agricultural belts has raised fear that sugar production would be insufficient to meet global demand and there may be a consistent decline for a second consecutive season beginning in October. Bloomberg reported that this might reduce the nation’s export capacity. To safeguard domestic supplies and maintain prices, the government has already restricted export of non-basmati rice and wheat. This has added to the strain on the world’s food markets, which are already under pressure due to bad weather patterns and the escalating conflicts in Ukraine. According to Henrique Akamine, head of sugar and ethanol at Tropical Research Services, the government’s decision to limit rice exports is a clear indication that it is worried about both inflation and food security. “The worry right now is that the government will probably follow suit and do something similar regarding sugar,” Bloomberg quoted him as saying. The major sugar cane producing regions in Maharashtra and Karnataka have not received adequate rainfall in June, leading to crop stress, Bloomberg quoted Aditya Jhunjhunwala, the president of Indian Sugar Mills Association (ISMA), as saying. Sugar output is expected to drop by 3.4 per cent from last year to 31.7 million tonnes in 2023-24. Despite this, supplies are expected to meet domestic demand, according to Jhunjhunwala. Meanwhile, India will use more sugar for biofuel. According to ISMA, mills would divert 4.5 million tons to produce ethanol, up 9.8 per cent from the previous year. But Sanjeev Chopra, India's food secretary has called ISMA’s judgment of decreasing sugar production as one that will stoke fears of a shortage in the nation. India has previously controlled its sugar exports. Shipments were limited to 6.1 million tons for the 2022–2023 season, down from 11 million tons the previous season. Analysts predict that only two to three million tons, if not none at all, will be permitted next season, perhaps threatening a further increase in global prices. (With inputs from agencies) WATCH WION LIVE HERE

After India’s ban on rice exports, concerns over sugar emerge: Reports

Amid the ongoing price hike, the Indian government is expecting tomato harvest to increase from 223,000 metric tonnes (MT) in July to 544,000 MT in August, which is likely to bring down prices of the fruit and provide relief to consumers, The Economic Times reported on Tuesday.

The report quoted a senior official from India's Food Ministry as saying, “As the production in major growing areas, especially in Himachal Pradesh go up, we will see cooling down of prices.”

Himachal Pradesh’s tomato harvest is predicted to increase from 2,000 MT in July to 30,000 MT in August. The harvest is expected to see a uptick in Karnataka, Tamil Nadu, Maharashtra, Telangana, Madhya Pradesh, and Andhra Pradesh too.

Total tomato harvest is predicted to reach 956,000 MT in September and 1,333,000 MT in October, The Economic Times mentioned in its report.

The report further stated that the hike in retail prices was brought about by supply shortages attributed to heavy rains and floods in the northern and northwestern states in July, which damaged standing crops. Due to this, tomato supply from Himachal Pradesh fell from 10,875 MT in July 2022 to 1,505 MT presently in 2023.

“There is an area damage of 7,800 hectare out of the total sown area of 14,500 hectare of Kharif tomatoes in Himachal Pradesh resulting in reduced production,” the publication quoted the Food Ministry official as saying.

To combat rising tomato prices, the central government had directed the National Agricultural Cooperative Marketing Federation (NAFED) and the National Cooperative Consumers Federation (NCCF) to purchase tomatoes from mandis in Andhra Pradesh, Karnataka, and Maharashtra and distribute them in major consumption centres where retail prices have increased the most.

Despite this measure, the prices of tomatoes went up after a temporary relief due to limited supply.

Tomatoes are grown in almost every state in India, though in varied quantities. The southern and western parts of India produce the most, accounting for 56 per cent to 58 per cent of total Indian output.&nbsp;

Surplus states in western and southern India provide tomatoes to markets based on production seasons.&nbsp;Production seasons fluctuate among regions as well while the harvesting season is at its best from December to February.

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Amid the ongoing price hike, the Indian government is expecting tomato harvest to increase from 223,000 metric tonnes (MT) in July to 544,000 MT in August, which is likely to bring down prices of the fruit and provide relief to consumers, The Economic Times reported on Tuesday.

Amid the ongoing price hike, the Indian government is expecting tomato harvest to increase from 223,000 metric tonnes (MT) in July to 544,000 MT in August, which is likely to bring down prices of the fruit and provide relief to consumers, The Economic Times reported on Tuesday. The report quoted a senior official from India's Food Ministry as saying, “As the production in major growing areas, especially in Himachal Pradesh go up, we will see cooling down of prices.” Himachal Pradesh’s tomato harvest is predicted to increase from 2,000 MT in July to 30,000 MT in August. The harvest is expected to see a uptick in Karnataka, Tamil Nadu, Maharashtra, Telangana, Madhya Pradesh, and Andhra Pradesh too. Total tomato harvest is predicted to reach 956,000 MT in September and 1,333,000 MT in October, The Economic Times mentioned in its report. The report further stated that the hike in retail prices was brought about by supply shortages attributed to heavy rains and floods in the northern and northwestern states in July, which damaged standing crops. Due to this, tomato supply from Himachal Pradesh fell from 10,875 MT in July 2022 to 1,505 MT presently in 2023. “There is an area damage of 7,800 hectare out of the total sown area of 14,500 hectare of Kharif tomatoes in Himachal Pradesh resulting in reduced production,” the publication quoted the Food Ministry official as saying. To combat rising tomato prices, the central government had directed the National Agricultural Cooperative Marketing Federation (NAFED) and the National Cooperative Consumers Federation (NCCF) to purchase tomatoes from mandis in Andhra Pradesh, Karnataka, and Maharashtra and distribute them in major consumption centres where retail prices have increased the most. Despite this measure, the prices of tomatoes went up after a temporary relief due to limited supply. Tomatoes are grown in almost every state in India, though in varied quantities. The southern and western parts of India produce the most, accounting for 56 per cent to 58 per cent of total Indian output. Surplus states in western and southern India provide tomatoes to markets based on production seasons. Production seasons fluctuate among regions as well while the harvesting season is at its best from December to February. WATCH WION LIVE HERE

Indian government confident of keeping tomato prices in check: Report

Ambareesh Murty, the co-founder of Pepperfry, an online marketplace for furniture and home decor, died on Monday due to a cardiac arrest in Leh. The 51-year-old was a motorbike enthusiast who was traveling from Mumbai to Leh on a motorcycle.

Ashish Shah, the second co-founder of the company, posted on X (formerly known as Twitter), saying that he was “extremely devastated” by the death of his “friend, mentor, and brother.”

“Extremely devastated to inform that my friend, mentor, brother, soulmate @AmbareeshMurty is no more. Lost him yesterday night to a cardiac arrest at Leh. Please pray for him and for strength to his family and near ones,” Mr Shah wrote on X.

Tributes and fond memories with Mr Murty began pouring in on social media.

“Very sad my second boss and what a mentor he was... I messaged him two days back and he was okay. Got him added to PruICICI group where a reunion is getting planned,” Kalpesh Teli said.

Mr. Murty served on the board of Adonia Hospitality, according to CrunchBase.

He was awarded bachelor’s degree from the Delhi College of Engineering in 1994 and did his MBA&nbsp;from IIM Calcutta in 1996. On his X profile, he admitted to being a secret sociopath and declared a passion for reading epic fantasies.

After graduating, Mr. Murty started offering private lessons out of his house. This was his first entrepreneurial experience. He established Tutors’ Bureau, a modest company that matched tutors with schoolchildren. Early in the 1990s, he managed the business for two years.

As of 2020, Pepperfry was valued at $500 million after receiving a $244 million investment over eight funding rounds. Goldman Sachs and Bertelsmann India Investments are two of its investors.

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Ambareesh Murty, the co-founder of Pepperfry, an online marketplace for furniture and home decor, died on Monday due to a cardiac arrest in Leh. The 51-year-old was a motorbike enthusiast who was traveling from Mumbai to Leh on a motorcycle.

Ambareesh Murty, the co-founder of Pepperfry, an online marketplace for furniture and home decor, died on Monday due to a cardiac arrest in Leh. The 51-year-old was a motorbike enthusiast who was traveling from Mumbai to Leh on a motorcycle. Ashish Shah, the second co-founder of the company, posted on X (formerly known as Twitter), saying that he was “extremely devastated” by the death of his “friend, mentor, and brother.” “Extremely devastated to inform that my friend, mentor, brother, soulmate @AmbareeshMurty is no more. Lost him yesterday night to a cardiac arrest at Leh. Please pray for him and for strength to his family and near ones,” Mr Shah wrote on X. Tributes and fond memories with Mr Murty began pouring in on social media. “Very sad my second boss and what a mentor he was... I messaged him two days back and he was okay. Got him added to PruICICI group where a reunion is getting planned,” Kalpesh Teli said. Mr. Murty served on the board of Adonia Hospitality, according to CrunchBase. He was awarded bachelor’s degree from the Delhi College of Engineering in 1994 and did his MBA from IIM Calcutta in 1996. On his X profile, he admitted to being a secret sociopath and declared a passion for reading epic fantasies. After graduating, Mr. Murty started offering private lessons out of his house. This was his first entrepreneurial experience. He established Tutors’ Bureau, a modest company that matched tutors with schoolchildren. Early in the 1990s, he managed the business for two years. As of 2020, Pepperfry was valued at $500 million after receiving a $244 million investment over eight funding rounds. Goldman Sachs and Bertelsmann India Investments are two of its investors. WATCH WION LIVE HERE

Pepperfry co-founder Ambareesh Murty dies of cardiac arrest at 51

Differing from the popular belief, Monday has come to be the most productive day of the week while Friday afternoons were found to be the least productive, according to recent study in the US using computer usage data, Money Control reported.

The research was conducted at Texas A&amp;M School of Public Health by analysing the data of 789 employees, including typing speed, mouse activity, and typing errors, over a two-year period.

The findings bring up important questions regarding the potential advantages of flexible work schedules, such as four-day workweeks and hybrid work, as employers look to strike a balance between productivity and worker well-being.

A significant majority of employees still work on-site, despite the growing acceptance of remote and hybrid work modes, highlighting the need for a wider change in work culture.

According to Dr. Taehyun Roh, an assistant professor in the Department of Epidemiology and Biostatistics, workers used their computers actively from Monday through Thursday, while Fridays saw a considerable decline in productivity.

A secondary survey for Canon USA revealed that, for 28 per cent of workers, Monday is the most productive day, with introverts favouring the beginning of the week in particular for their peak output.

The survey also revealed that workers were less productive in the afternoons and more likely to make mistakes, particularly on Fridays, which was consistent with the declining trend in task completion as the week came to a close.

The director of the Texas A&amp;M Ergonomics Center, Dr. Mark Benden, said that these results provide corporate executives with important insights into enhancing productivity and workplace sustainability.

In a recent study conducted in the US, Canada, the UK, and Ireland, longer hours worked over fewer days resulted in lower rates of burnout, improved general health, and higher levels of job satisfaction.

Although there may be benefits, widespread adoption of flexible work arrangements is still a work in progress. A work from home research poll from May found that nearly 60 per cent of full-time workers still did all of their work on-site.

&nbsp;
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Differing from the popular belief, Monday has come to be the most productive day of the week while Friday afternoons were found to be the least productive, according to recent study in the US using computer usage data, Money Control reported.

Differing from the popular belief, Monday has come to be the most productive day of the week while Friday afternoons were found to be the least productive, according to recent study in the US using computer usage data, Money Control reported. The research was conducted at Texas A&M School of Public Health by analysing the data of 789 employees, including typing speed, mouse activity, and typing errors, over a two-year period. The findings bring up important questions regarding the potential advantages of flexible work schedules, such as four-day workweeks and hybrid work, as employers look to strike a balance between productivity and worker well-being. A significant majority of employees still work on-site, despite the growing acceptance of remote and hybrid work modes, highlighting the need for a wider change in work culture. According to Dr. Taehyun Roh, an assistant professor in the Department of Epidemiology and Biostatistics, workers used their computers actively from Monday through Thursday, while Fridays saw a considerable decline in productivity. A secondary survey for Canon USA revealed that, for 28 per cent of workers, Monday is the most productive day, with introverts favouring the beginning of the week in particular for their peak output. The survey also revealed that workers were less productive in the afternoons and more likely to make mistakes, particularly on Fridays, which was consistent with the declining trend in task completion as the week came to a close. The director of the Texas A&M Ergonomics Center, Dr. Mark Benden, said that these results provide corporate executives with important insights into enhancing productivity and workplace sustainability. In a recent study conducted in the US, Canada, the UK, and Ireland, longer hours worked over fewer days resulted in lower rates of burnout, improved general health, and higher levels of job satisfaction. Although there may be benefits, widespread adoption of flexible work arrangements is still a work in progress. A work from home research poll from May found that nearly 60 per cent of full-time workers still did all of their work on-site. WATCH WION LIVE HERE

Least productive day of the week isn’t Monday: Study

With the tightening labour market appreciating remote work as a key benefit, moves by employers to make it mandatory for workers to return to office are backfiring, a Business Insider report said.

After the COVID-19 pandemic caused widespread adoption of work-from-home policies, companies like Amazon, Disney, JPMorgan, and even the video conferencing platform Zoom have asked its employees to return to the office. However, employees are unhappy about the new diktat.

Workers have the upper hand in labor negotiations as deaths due to COVID-19 have reduced the American workforce by roughly 500,000, according to The Guardian. The unemployment rate is close to the half-century record low of 3.5 per cent, according to July statistics from the Labor Department.

According to the Entrepreneur magazine, pressure from employers to return to office can lead to unionisation and strikes among workers. The Writers’ and Screen Actors Guilds, Amazon warehouse and delivery workers, Starbucks employees, and digital media publications, including Business Insider, have all gone on strike in large numbers.

Business Insider previously reported that employees like an Arizona administrator, who made a six figure salary, quit their jobs after being called back to office.

The Wall Street Journal reported that companies that allow full-time remote work have seen a five per cent increase in staffing levels over the past year, compared to just 2.6 per cent for full-time in-person offices. This means that employers who insist on bringing workers back to in-person work are experiencing slower hiring rates.

Nicholas Bloom, a Stanford economics professor, told The Wall Street Journal that workers now place an increasing importance on a flexible workplace and view hybrid work arrangements equal to an eight per cent salary rise. Additionally, Bloom told Wall Street Journal that ensuring employees have a healthy work-life balance increases employee retention, boosts performance, and improves customer satisfaction.

Prithwiraj Choudhury, an associate professor at the Harvard Business School, said in his research published earlier this year that employees who worked from home 75 per cent of the time were the most productive. “When you allow flexibility, it expands your talent pool”, Business Insider quoted Choudhury as saying. 
&nbsp;

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With the tightening labour market appreciating remote work as a key benefit, moves by employers to make it mandatory for workers to return to office are backfiring, a Business Insider report said.

With the tightening labour market appreciating remote work as a key benefit, moves by employers to make it mandatory for workers to return to office are backfiring, a Business Insider report said. After the COVID-19 pandemic caused widespread adoption of work-from-home policies, companies like Amazon, Disney, JPMorgan, and even the video conferencing platform Zoom have asked its employees to return to the office. However, employees are unhappy about the new diktat. Workers have the upper hand in labor negotiations as deaths due to COVID-19 have reduced the American workforce by roughly 500,000, according to The Guardian. The unemployment rate is close to the half-century record low of 3.5 per cent, according to July statistics from the Labor Department. According to the Entrepreneur magazine, pressure from employers to return to office can lead to unionisation and strikes among workers. The Writers’ and Screen Actors Guilds, Amazon warehouse and delivery workers, Starbucks employees, and digital media publications, including Business Insider, have all gone on strike in large numbers. Business Insider previously reported that employees like an Arizona administrator, who made a six figure salary, quit their jobs after being called back to office. The Wall Street Journal reported that companies that allow full-time remote work have seen a five per cent increase in staffing levels over the past year, compared to just 2.6 per cent for full-time in-person offices. This means that employers who insist on bringing workers back to in-person work are experiencing slower hiring rates. Nicholas Bloom, a Stanford economics professor, told The Wall Street Journal that workers now place an increasing importance on a flexible workplace and view hybrid work arrangements equal to an eight per cent salary rise. Additionally, Bloom told Wall Street Journal that ensuring employees have a healthy work-life balance increases employee retention, boosts performance, and improves customer satisfaction. Prithwiraj Choudhury, an associate professor at the Harvard Business School, said in his research published earlier this year that employees who worked from home 75 per cent of the time were the most productive. “When you allow flexibility, it expands your talent pool”, Business Insider quoted Choudhury as saying. WATCH WION LIVE HERE

Moves by employers to end 'Work From Home' could backfire: Report 

China has become the leading exporter of automobiles in the first six months of 2023, topping Japan within half a year as Chinese electric cars witnessed an increase in sales worldwide, according to a report by Nikkei Asia.

The report mentioned that major Chinese automakers exported 2.14 million vehicles from January to June. As per data obtained from the China Association of Automobile Manufacturers (CAAM), the number of exports has risen by almost 76 per cent for the year, while the Japan Automobile Manufacturers Association indicated that Japan remained at 2.14 million with an increase in exports by 17 per cent.

China was already ahead of Japan, with higher exports the January-March quarter. The rise in exports comes with the development of the electronic vehicle (EV) industry and its increasing demand in European and Russian markets.

From January to June, China’s exports of new energy vehicles, such as EVs, plug-in hybrids, and fuel cell cars, more than doubled to account for 25 per cent of the nation’s overall automobile exports. While its top Chinese rival BYD exported more than 80,000 vehicles, Tesla exported more than 180,000 vehicles using its Shanghai facility as an export hub for Asia.

During the same time, China exported 287,000 automobiles to Russia, which included gasoline-powered cars, as per customs data compiled by CAAM. After Moscow’s invasion of Ukraine in February 2022, South Korean, Japanese, and European automakers reduced their presence in Russia. To fill this need, Chinese brands have entered the Russian market.

Belgium, a crucial European transit hub that is electrifying its auto fleet, and Mexico, where demand for gasoline-powered vehicles is strong, were also high on the list of destinations for Chinese exports.

China had the most car sales for newly manufactured vehicles in 2022 with a total of 26.86 million vehicles sold globally. EV sales in Japan as a whole, including gasoline-powered vehicles, hit 5.36 million, exceeding the country’s total new vehicle sales of 4.2 million.

According to a 2027 prediction by American company AlixPartners, 39 per cent of new car sales in China will be electric vehicles. That would surpass the predicted 23 per cent global EV uptake.

Government incentives for EV sales have significantly increased demand in China. Chinese manufacturers like BYD are anticipated to sell 65 per cent of the nation’s electric vehicles by 2030.

Chinese automakers are able to increase their export competitiveness with an increase in domestic supply for lithium-ion-batteries, influencing the performance and prices of EVs.

“After 2025, Chinese automakers are likely to take a significant share of Japan's major export markets, including the U.S.”, Nikkei Asia quoted Tomoyuki Suzuki, the managing director at AlixPartners in Tokyo as saying.

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China has become the leading exporter of automobiles in the first six months of 2023, topping Japan within half a year as Chinese electric cars witnessed an increase in sales worldwide, according to a report by Nikkei Asia.

China has become the leading exporter of automobiles in the first six months of 2023, topping Japan within half a year as Chinese electric cars witnessed an increase in sales worldwide, according to a report by Nikkei Asia. The report mentioned that major Chinese automakers exported 2.14 million vehicles from January to June. As per data obtained from the China Association of Automobile Manufacturers (CAAM), the number of exports has risen by almost 76 per cent for the year, while the Japan Automobile Manufacturers Association indicated that Japan remained at 2.14 million with an increase in exports by 17 per cent. China was already ahead of Japan, with higher exports the January-March quarter. The rise in exports comes with the development of the electronic vehicle (EV) industry and its increasing demand in European and Russian markets. From January to June, China’s exports of new energy vehicles, such as EVs, plug-in hybrids, and fuel cell cars, more than doubled to account for 25 per cent of the nation’s overall automobile exports. While its top Chinese rival BYD exported more than 80,000 vehicles, Tesla exported more than 180,000 vehicles using its Shanghai facility as an export hub for Asia. During the same time, China exported 287,000 automobiles to Russia, which included gasoline-powered cars, as per customs data compiled by CAAM. After Moscow’s invasion of Ukraine in February 2022, South Korean, Japanese, and European automakers reduced their presence in Russia. To fill this need, Chinese brands have entered the Russian market. Belgium, a crucial European transit hub that is electrifying its auto fleet, and Mexico, where demand for gasoline-powered vehicles is strong, were also high on the list of destinations for Chinese exports. China had the most car sales for newly manufactured vehicles in 2022 with a total of 26.86 million vehicles sold globally. EV sales in Japan as a whole, including gasoline-powered vehicles, hit 5.36 million, exceeding the country’s total new vehicle sales of 4.2 million. According to a 2027 prediction by American company AlixPartners, 39 per cent of new car sales in China will be electric vehicles. That would surpass the predicted 23 per cent global EV uptake. Government incentives for EV sales have significantly increased demand in China. Chinese manufacturers like BYD are anticipated to sell 65 per cent of the nation’s electric vehicles by 2030. Chinese automakers are able to increase their export competitiveness with an increase in domestic supply for lithium-ion-batteries, influencing the performance and prices of EVs. “After 2025, Chinese automakers are likely to take a significant share of Japan's major export markets, including the U.S.”, Nikkei Asia quoted Tomoyuki Suzuki, the managing director at AlixPartners in Tokyo as saying. WATCH WION LIVE HERE

China leads world in automobile exports, surpasses Japan 

Paytm’s founder and CEO, Vijay Shekhar Sharma, plans to buy a 10.3 per cent stake from the fintech company Antfinin, a subsidiary of China’s Ant Financial for $628 million. The purchase is being made in order to streamline the ownership structure of the Indian payments company, Antfinin said on Monday.

Paytm’s shares rose to 11.4 per cent on Monday after the announcement, while their share value has already gone up by more than 50 per cent this year.

The price of Sharma’s stake acquisition from Antfin (Netherlands) Holding B.V. is 796.6 rupees ($9.3) per share, &nbsp;Paytm’s most recent closing price.

After the sale, Antfin’s ownership in the company will drop to 13.5 per cent, no longer making it the largest stakeholder.

Previously, China’s Alibaba sold all of its stake in February, exiting Paytm.

Through open market transactions, the Japanese investment company Softbank Group Corp has also been reducing its stake in Paytm; which presently stands at 9.18 per cent.

Following the sale, Paytm’s founder, Sharma will be the largest stakeholder with a holding of 19.42 per cent.

“No cash payment will be made for this acquisition, and neither will any pledge, guarantee, or other value assurance be provided by Mr. Sharma, directly or otherwise,” Reuters quoted Paytm as saying in a statement.

The company further stated that Sharma and the current board will continue in their respective positions and that there would be no change in the management or control of Paytm.

(With inputs from Reuters)

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Paytm’s founder and CEO, Vijay Shekhar Sharma, plans to buy a 10.3 per cent stake from the fintech company Antfinin, a subsidiary of China’s Ant Financial for $628 million.

Paytm’s founder and CEO, Vijay Shekhar Sharma, plans to buy a 10.3 per cent stake from the fintech company Antfinin, a subsidiary of China’s Ant Financial for $628 million. The purchase is being made in order to streamline the ownership structure of the Indian payments company, Antfinin said on Monday. Paytm’s shares rose to 11.4 per cent on Monday after the announcement, while their share value has already gone up by more than 50 per cent this year. The price of Sharma’s stake acquisition from Antfin (Netherlands) Holding B.V. is 796.6 rupees ($9.3) per share, Paytm’s most recent closing price. After the sale, Antfin’s ownership in the company will drop to 13.5 per cent, no longer making it the largest stakeholder. Previously, China’s Alibaba sold all of its stake in February, exiting Paytm. Through open market transactions, the Japanese investment company Softbank Group Corp has also been reducing its stake in Paytm; which presently stands at 9.18 per cent. Following the sale, Paytm’s founder, Sharma will be the largest stakeholder with a holding of 19.42 per cent. “No cash payment will be made for this acquisition, and neither will any pledge, guarantee, or other value assurance be provided by Mr. Sharma, directly or otherwise,” Reuters quoted Paytm as saying in a statement. The company further stated that Sharma and the current board will continue in their respective positions and that there would be no change in the management or control of Paytm. (With inputs from Reuters) WATCH WION LIVE HERE

Vijay Shekhar Sharma to buy 10.3 per cent stake in Paytm from Antfin for $628 million 

The Directorate General of Trade Remedies (DGTR), an arm of the Commerce Ministry of India, has imposed an anti-dumping duty on optical fibers from China, Korea and Indonesia in a move to secure the domestic industry from artificially cheap rates that are capturing the market.

The gazette notification issued on August 3 also mentioned that the imports were adding "injury to the domestic markets."&nbsp;

"The anti-dumping duty imposed under this notification shall be effective for a period of five years (unless revoked, superseded or amended earlier) from the date of publication,"&nbsp;the notification said.

The Times of India reported in July that the Commerce Ministry's recommendation to impose an anti-dumping duty comes at a time when India is undergoing a digitisation drive under the ambitious Bharat Net rural outreach plan, with commercial operators adding optical fibre to their networks to support 4G and 5G services.

The anti-dumping duty is likely to be a major relief to both domestic businesses and international companies that manufacture locally. Sterlite Industries, Birla Cable, Birla Furukawa Fibre Optics, HFCL, and American Corning are among the big names in the optical fibre business.

As per media reports, local manufacturers have been complaining that cheap imports, particularly from China, are hurting their business.

Upon an investigation by the DGTR, it was revealed that dumping did have a significant impact on Indian manufacturers. "It was further found that the growth in demand was almost entirely subsumed by such dumped imports," the Times of India quoted the agency as saying.

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The Directorate General of Trade Remedies (DGTR), an arm of the Commerce Ministry of India, has imposed an anti-dumping duty on optical fibers from China, Korea and Indonesia in a move to secure the domestic industry from artificially cheap rates that are capturing the market.

The Directorate General of Trade Remedies (DGTR), an arm of the Commerce Ministry of India, has imposed an anti-dumping duty on optical fibers from China, Korea and Indonesia in a move to secure the domestic industry from artificially cheap rates that are capturing the market. The gazette notification issued on August 3 also mentioned that the imports were adding "injury to the domestic markets." "The anti-dumping duty imposed under this notification shall be effective for a period of five years (unless revoked, superseded or amended earlier) from the date of publication," the notification said. The Times of India reported in July that the Commerce Ministry's recommendation to impose an anti-dumping duty comes at a time when India is undergoing a digitisation drive under the ambitious Bharat Net rural outreach plan, with commercial operators adding optical fibre to their networks to support 4G and 5G services. The anti-dumping duty is likely to be a major relief to both domestic businesses and international companies that manufacture locally. Sterlite Industries, Birla Cable, Birla Furukawa Fibre Optics, HFCL, and American Corning are among the big names in the optical fibre business. As per media reports, local manufacturers have been complaining that cheap imports, particularly from China, are hurting their business. Upon an investigation by the DGTR, it was revealed that dumping did have a significant impact on Indian manufacturers. "It was further found that the growth in demand was almost entirely subsumed by such dumped imports," the Times of India quoted the agency as saying. WATCH WION LIVE HERE

India imposes anti-dumping duty on optical fibre imports from China, Korea and Indonesia 

The Indian economy is expected to grow by an average annual rate of 6.7 per cent to March 2031, according to a forecast by S&amp;P Global on Thursday. Despite short-term challenges from rate hikes and a global slowdown, growth led by manufacturing and service exports and consumer demand has been projected.

Reuters quoted S&amp;P Global&nbsp;report&nbsp;as saying, "While the world is in the midst of an unprecedented period of transition and uncertainty, India faces a defining opportunity to capitalise on this moment."&nbsp;

India could possibly overtake Japan and China and become the world’s third largest economy, if S&amp;P Global’s forecast of the per capita GDP rising to $4,500 is realised. According to the rating agency, India's economy is expected to reach $6.7 trillion in 2031 from $3.4 trillion in 2023.

According to the report, with the government providing incentives to firms and improving infrastructure, India is all set to attract new opportunities in manufacturing.&nbsp;

The economy is expected to gain from tax reforms that will increase efficiency, from state support for physical and digital infrastructure, and from a decrease in leakages from government subsidy payments.

Due to rising household incomes and increased expenditure on food and other commodities, the Indian consumer market would more than double by 2031, rising to $5.2 trillion from $2.3 trillion in 2023.

“Higher per capita incomes will also likely boost discretionary spending in areas such as entertainment, communications, restaurants and hotels," Reuters quoted the report as saying.&nbsp;

S&amp;P Global stated that in addition to expanding female participation in the workforce to enjoy a demographic dividend, creating a strong logistics framework will be essential in re-orienting&nbsp;India’s economy towards manufacturing.&nbsp;

An addition of 30 million jobs expected by 2030 as India’s construction sector booms: Knight Frank

The construction sector in India could add about 30 million jobs by 2030 as the urban housing demand and state spending on infrastructure including roads increases, as per an industry report released on Thursday.

Construction, India’s second-largest sector after agriculture, is seeing an increase in investment interest due to improved business sentiment and conductive policy measures, realty consultant&nbsp;Knight Frank said.&nbsp;

“We are seeing a surge in real-estate demand in the top eight cities as well as in smaller towns, driven by rising household incomes and global service providers who are outsourcing to India," Gulam Zia, executive director of Knight Frank, said.

As per Knight Frank's projections,&nbsp;India’s construction industry will contribute nearly one-fifth to the&nbsp;GDP by 2030 and support 100 million jobs.

According to the report, construction companies are anticipated to increase employment opportunities for 10.5 million skilled individuals, approximately 80 million semi-skilled workers, 1.1 million engineers, 1.5 million technicians, and a million office workers.

According to the realty consultant, the real estate sector's annual turnover is likely to&nbsp;increase to $1 trillion by 2030.

(With inputs from Reuters)

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According to the Frank Knight report, presently only about 50 per cent of the graduating civil engineers remain in the sector as they find it difficult to meet the requirements of the industry and can find employment elsewhere.

(With inputs from Reuters)

The Indian economy is expected to grow by an average annual rate of 6.7 per cent to March 2031, according to a forecast by S&P Global on Thursday. Despite short-term challenges from rate hikes and a global slowdown, growth led by manufacturing and service exports and consumer demand has been projected.

The Indian economy is expected to grow by an average annual rate of 6.7 per cent to March 2031, according to a forecast by S&P Global on Thursday. Despite short-term challenges from rate hikes and a global slowdown, growth led by manufacturing and service exports and consumer demand has been projected. Reuters quoted S&P Global report as saying, "While the world is in the midst of an unprecedented period of transition and uncertainty, India faces a defining opportunity to capitalise on this moment." India could possibly overtake Japan and China and become the world’s third largest economy, if S&P Global’s forecast of the per capita GDP rising to $4,500 is realised. According to the rating agency, India's economy is expected to reach $6.7 trillion in 2031 from $3.4 trillion in 2023. According to the report, with the government providing incentives to firms and improving infrastructure, India is all set to attract new opportunities in manufacturing. The economy is expected to gain from tax reforms that will increase efficiency, from state support for physical and digital infrastructure, and from a decrease in leakages from government subsidy payments. Due to rising household incomes and increased expenditure on food and other commodities, the Indian consumer market would more than double by 2031, rising to $5.2 trillion from $2.3 trillion in 2023. “Higher per capita incomes will also likely boost discretionary spending in areas such as entertainment, communications, restaurants and hotels," Reuters quoted the report as saying. S&P Global stated that in addition to expanding female participation in the workforce to enjoy a demographic dividend, creating a strong logistics framework will be essential in re-orienting India’s economy towards manufacturing. An addition of 30 million jobs expected by 2030 as India’s construction sector booms: Knight Frank The construction sector in India could add about 30 million jobs by 2030 as the urban housing demand and state spending on infrastructure including roads increases, as per an industry report released on Thursday. Construction, India’s second-largest sector after agriculture, is seeing an increase in investment interest due to improved business sentiment and conductive policy measures, realty consultant Knight Frank said. “We are seeing a surge in real-estate demand in the top eight cities as well as in smaller towns, driven by rising household incomes and global service providers who are outsourcing to India," Gulam Zia, executive director of Knight Frank, said. As per Knight Frank's projections, India’s construction industry will contribute nearly one-fifth to the GDP by 2030 and support 100 million jobs. According to the report, construction companies are anticipated to increase employment opportunities for 10.5 million skilled individuals, approximately 80 million semi-skilled workers, 1.1 million engineers, 1.5 million technicians, and a million office workers. According to the realty consultant, the real estate sector's annual turnover is likely to increase to $1 trillion by 2030. (With inputs from Reuters) WATCH WION LIVE HERE According to the Frank Knight report, presently only about 50 per cent of the graduating civil engineers remain in the sector as they find it difficult to meet the requirements of the industry and can find employment elsewhere. (With inputs from Reuters)

India projected to grow at an annual rate of 6.7% through 2031: S&P Global

Beginning with a single shop in 1971 in downtown Seattle, Starbucks has transformed into a well-established global brand and a leading coffee giant.&nbsp;With over 33,000 coffee shops, Starbucks came to life with the vision of its three founders, Jerry Baldwin, Gordon Bowker and Zev Siegel, who named it after “Starbuk”, the first mate in the classic novel ‘Moby Dick’, authored by Herman Melville.

Inspired by the coffee roasting entrepreneur, Alfred Peet, the founders decided to base their business model on selling high-quality coffee beans and equipment. As Starbucks emerged out of the shadows of its competitors by the early 1980, a new era began. This was after Howard Schultz joined in 1982 as the head of marketing.

The beginning of a new era &nbsp;

Schultz noticed that first-time customers were often confused in the stores due to their limited knowledge about fine coffees. So, he worked with store employees to develop customer-friendly sales skills and created brochures to help customers learn about the company’s products.

When Schultz visited Milan in the spring of 1983, he had the biggest idea for the future of Starbucks. He was impressed by the cafés in Italy and learned that Milan alone had 1,500 coffee shops. Inspired, he thought of transforming the regional business into a national chain of coffee shops. Baldwin and Bowker, however, were unenthusiastic about Schultz’s suggestion since they preferred that Starbucks remained purely a coffee and equipment retailer rather than it evolving into a café.

The shift from a retailer of coffee beans to a chain of cafés&nbsp;

Schultz quit Starbucks in 1985 after he was unable to convince the founders and launched his own coffee chain, named Il Giornale, which swiftly spread to other cities. However, Il Giornale purchased Starbucks in 1987, and all operations were merged under the Starbucks brand. Along with the sale of beans and equipment, the management devised a dedicated café concept for company.

The coffee shop network expanded from 20 locations to having more than 100 in just four years. After the firm went public in 1992, Starbucks continued to see rapid growth. Starbucks started operating in locations outside of North America in 1996, and it quickly grew to become the biggest coffee shop company worldwide.

What has made Starbucks so successful?&nbsp;

Based on a study by Danish analyst Martin Roll, Starbuck’s success has been attributed to its brand philosophy, brand strategy and brand communication.

Brand Philosophy&nbsp;

Since its early days in the 1990’s, the coffee shop chain has built its brand through a great customer experience. Informal and casual conversations between employees and customers are used to capture the overall mood and gather feedback, in addition to quantitative market research.&nbsp;

Brand Strategy&nbsp;

The corporation has made enormous investments to create a uniform look and feel for its locations, products, and food and beverages. One of the most recognisable trademarks in the world is the Starbucks Siren. One of the main goals of the company’s worldwide expansion strategy is to replicate the Starbucks experience. Because of this, regardless of whether a store is located in New York, New Mexico, Moscow, Tokyo, or Shanghai, customers will essentially have a consistent experience.

Brand Communication &nbsp;

Without brand communication, one of Starbucks’ most prized intangible assets would not have been feasible. The brand’s internal creative team published its branding standards on its website in October 2019.&nbsp;Starbucks has invested a substantial sum of money in marketing and brand awareness projects. In 2008, the company spent around $200 million, while the company was experiencing slow growth. However, by the time of its first global brand campaign in 2014, the shift towards brand communication was complete

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Beginning with a single shop in 1971 in downtown Seattle, Starbucks has transformed into a well-established global brand and a leading coffee giant. With over 33,000 coffee shops, Starbucks came to life with the vision of its three founders, Jerry Baldwin, Gordon Bowker and Zev Siegel, who named it after “Starbuk”, the first mate in the classic novel ‘Moby Dick’, authored by Herman Melville.

Beginning with a single shop in 1971 in downtown Seattle, Starbucks has transformed into a well-established global brand and a leading coffee giant. With over 33,000 coffee shops, Starbucks came to life with the vision of its three founders, Jerry Baldwin, Gordon Bowker and Zev Siegel, who named it after “Starbuk”, the first mate in the classic novel ‘Moby Dick’, authored by Herman Melville. Inspired by the coffee roasting entrepreneur, Alfred Peet, the founders decided to base their business model on selling high-quality coffee beans and equipment. As Starbucks emerged out of the shadows of its competitors by the early 1980, a new era began. This was after Howard Schultz joined in 1982 as the head of marketing. The beginning of a new era Schultz noticed that first-time customers were often confused in the stores due to their limited knowledge about fine coffees. So, he worked with store employees to develop customer-friendly sales skills and created brochures to help customers learn about the company’s products. When Schultz visited Milan in the spring of 1983, he had the biggest idea for the future of Starbucks. He was impressed by the cafés in Italy and learned that Milan alone had 1,500 coffee shops. Inspired, he thought of transforming the regional business into a national chain of coffee shops. Baldwin and Bowker, however, were unenthusiastic about Schultz’s suggestion since they preferred that Starbucks remained purely a coffee and equipment retailer rather than it evolving into a café. The shift from a retailer of coffee beans to a chain of cafés Schultz quit Starbucks in 1985 after he was unable to convince the founders and launched his own coffee chain, named Il Giornale, which swiftly spread to other cities. However, Il Giornale purchased Starbucks in 1987, and all operations were merged under the Starbucks brand. Along with the sale of beans and equipment, the management devised a dedicated café concept for company. The coffee shop network expanded from 20 locations to having more than 100 in just four years. After the firm went public in 1992, Starbucks continued to see rapid growth. Starbucks started operating in locations outside of North America in 1996, and it quickly grew to become the biggest coffee shop company worldwide. What has made Starbucks so successful? Based on a study by Danish analyst Martin Roll, Starbuck’s success has been attributed to its brand philosophy, brand strategy and brand communication. Brand Philosophy Since its early days in the 1990’s, the coffee shop chain has built its brand through a great customer experience. Informal and casual conversations between employees and customers are used to capture the overall mood and gather feedback, in addition to quantitative market research. Brand Strategy The corporation has made enormous investments to create a uniform look and feel for its locations, products, and food and beverages. One of the most recognisable trademarks in the world is the Starbucks Siren. One of the main goals of the company’s worldwide expansion strategy is to replicate the Starbucks experience. Because of this, regardless of whether a store is located in New York, New Mexico, Moscow, Tokyo, or Shanghai, customers will essentially have a consistent experience. Brand Communication Without brand communication, one of Starbucks’ most prized intangible assets would not have been feasible. The brand’s internal creative team published its branding standards on its website in October 2019. Starbucks has invested a substantial sum of money in marketing and brand awareness projects. In 2008, the company spent around $200 million, while the company was experiencing slow growth. However, by the time of its first global brand campaign in 2014, the shift towards brand communication was complete WATCH WION LIVE HERE

Flashback Friday: Tracing the success of coffee giant Starbucks 

Brokerage firm Morgan Stanley on Wednesday updated India’s rating to ‘overweight’, saying that the country is at the start of a long wave boom. The firm added that supportive foreign inflows, macro stability and positive earnings outlook will help India outperform China, which has been downgraded to 'equal weight'.&nbsp;

In simple words, an 'overweight' rating indicates that the brokerage firm anticipates India to do better in the future.

According to the brokerage firm, India is now the top ranked, most-preferred market among emerging markets (EMs), rising from the sixth position.&nbsp;

The latest upgrade comes just four months after the firm raised India from 'underweight' to 'equal weight', citing a decline in valuation premium and a stable economy.

Within the Asia Pacific basket, India has&nbsp;now replaced Japan as the primary 'overweight' market for Morgan Stanley.&nbsp;

“We upgrade India to overweight for secular leadership. We see a secular trend towards sustained superior USD Earnings Per Share&nbsp;growth versus Emerging Markets over the cycle," the note read. It added that&nbsp;a young demographic profile is supporting equity inflows into India.

The Morgan Stanley note added that India’s future resembles China’s history to a large extent. In comparison to India’s 6.5 per cent GDP growth, the brokerage anticipates China’s GDP to expand by only 3.9 per cent by the end of the decade.

"We think returning India to an 'overweight' rating and downgrading China to 'equal weight'&nbsp;is warranted," analysts said. They were referring to the Indian markets' outperformance over China as a sign of a structural breakout in favour of India.

(With inputs from Reuters)

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Brokerage firm Morgan Stanley on Wednesday updated India’s rating to ‘overweight’, saying that the country is at the start of a long wave boom. The firm added that supportive foreign inflows, macro stability and positive earnings outlook will help India outperform China, which has been downgraded to 'equal weight'.

Brokerage firm Morgan Stanley on Wednesday updated India’s rating to ‘overweight’, saying that the country is at the start of a long wave boom. The firm added that supportive foreign inflows, macro stability and positive earnings outlook will help India outperform China, which has been downgraded to 'equal weight'. In simple words, an 'overweight' rating indicates that the brokerage firm anticipates India to do better in the future. According to the brokerage firm, India is now the top ranked, most-preferred market among emerging markets (EMs), rising from the sixth position. The latest upgrade comes just four months after the firm raised India from 'underweight' to 'equal weight', citing a decline in valuation premium and a stable economy. Within the Asia Pacific basket, India has now replaced Japan as the primary 'overweight' market for Morgan Stanley. “We upgrade India to overweight for secular leadership. We see a secular trend towards sustained superior USD Earnings Per Share growth versus Emerging Markets over the cycle," the note read. It added that a young demographic profile is supporting equity inflows into India. The Morgan Stanley note added that India’s future resembles China’s history to a large extent. In comparison to India’s 6.5 per cent GDP growth, the brokerage anticipates China’s GDP to expand by only 3.9 per cent by the end of the decade. "We think returning India to an 'overweight' rating and downgrading China to 'equal weight' is warranted," analysts said. They were referring to the Indian markets' outperformance over China as a sign of a structural breakout in favour of India. (With inputs from Reuters) WATCH WION LIVE HERE

Morgan Stanley upgrades India’s rating to ‘overweight’, downgrades China

Swiss banking giant UBS Group has laid off employees from Credit Suisse investment bank in New York, according to a source cited by Reuters.

The scale of layoffs and the businesses affected were not specified by the source.

Apart from the layoffs in New York, UBS is also in the process of closing Credit Suisse’s investment bank’s office in Houston, Reuters sources added.&nbsp;

Sources further told Reuters that the New York office will now handle the oil industry on behalf of the Houston office. But no clarity was provided on the number of workers that have been impacted by the layoffs.

UBS and Credit Suisse refused to make comments on the matter.

The latest layoffs come following UBS’s government-backed acquisition of Credit Suisse in June. Ever since the acquisition was announced,&nbsp;UBS has been clear that the layoffs will lower the risk of Credit Suisse’s investment bank.

After the emergency acquisition of Credit Suisse, UBS’s total employee count increased to nearly 120,000.&nbsp;

A Bloomberg report said that the bank has planned three rounds of cuts for 2023, with the July layoffs being the first and the other two could be carried out in September and October.

The Swiss banking giant hopes to save $6 billion in staff costs over the coming years through the job cuts.&nbsp;

(With inputs from agencies)

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Swiss banking giant UBS Group has laid off employees from Credit Suisse investment bank in New York, according to a source cited by Reuters. The scale of layoffs and the businesses affected were not specified by the source.

Swiss banking giant UBS Group has laid off employees from Credit Suisse investment bank in New York, according to a source cited by Reuters. The scale of layoffs and the businesses affected were not specified by the source. Apart from the layoffs in New York, UBS is also in the process of closing Credit Suisse’s investment bank’s office in Houston, Reuters sources added. Sources further told Reuters that the New York office will now handle the oil industry on behalf of the Houston office. But no clarity was provided on the number of workers that have been impacted by the layoffs. UBS and Credit Suisse refused to make comments on the matter. The latest layoffs come following UBS’s government-backed acquisition of Credit Suisse in June. Ever since the acquisition was announced, UBS has been clear that the layoffs will lower the risk of Credit Suisse’s investment bank. After the emergency acquisition of Credit Suisse, UBS’s total employee count increased to nearly 120,000. A Bloomberg report said that the bank has planned three rounds of cuts for 2023, with the July layoffs being the first and the other two could be carried out in September and October. The Swiss banking giant hopes to save $6 billion in staff costs over the coming years through the job cuts. (With inputs from agencies) WATCH WION LIVE HERE

UBS lays off Credit Suisse investment bank staff, closes Houston office  

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