<o:p></o:p>Responding to a forecasted moderation in travel demand, online travel giant Expedia has announced plans to reduce its global workforce by approximately 1,500 jobs, constituting about 9 per cent of its total employee base. <o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

This move is part of the company's broader initiative for "organisational and technological transformation."<o:p></o:p>

Expedia's restructuring efforts come in the wake of recent warnings regarding the anticipated moderation in revenue for the year 2024. <o:p></o:p>

The company highlighted factors such as declining air ticket prices as contributing to this forecast. <o:p></o:p>

An Expedia Group spokesperson noted the ongoing evaluation of resource allocation to ensure the prioritisation of essential tasks amid these transformations.<o:p></o:p>

The adjustment in Expedia's workforce is representative of broader trends within the travel industry.<o:p></o:p>

&nbsp;As travel companies grapple with expectations of slower growth in 2024, there's a collective acknowledgment of the need to recalibrate strategies in response to shifting consumer behaviours and market conditions.<o:p></o:p>

Booking Holdings, a key player in the travel sector, has also adjusted its forecasts to reflect a tempered outlook for the first quarter and full-year bookings. <o:p></o:p>

The move aligned with the broader narrative of the industry, indicating a cautious approach in light of the normalisation of US travel demand.<o:p></o:p>

Expedia anticipates total pre-tax charges and cash expenditures related to the restructuring to fall within the range of $80 million to $100 million. <o:p></o:p>

Following the announcement, Expedia's shares witnessed marginal gains in aftermath trading.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Responding to a forecasted moderation in travel demand, online travel giant Expedia has announced plans to reduce its global workforce by approximately 1,500 jobs, constituting about 9 per cent of its total employee base.

Responding to a forecasted moderation in travel demand, online travel giant Expedia has announced plans to reduce its global workforce by approximately 1,500 jobs, constituting about 9 per cent of its total employee base. This is based on a Reuters report. This move is part of the company's broader initiative for "organisational and technological transformation." Expedia's restructuring efforts come in the wake of recent warnings regarding the anticipated moderation in revenue for the year 2024. The company highlighted factors such as declining air ticket prices as contributing to this forecast. An Expedia Group spokesperson noted the ongoing evaluation of resource allocation to ensure the prioritisation of essential tasks amid these transformations. The adjustment in Expedia's workforce is representative of broader trends within the travel industry. As travel companies grapple with expectations of slower growth in 2024, there's a collective acknowledgment of the need to recalibrate strategies in response to shifting consumer behaviours and market conditions. Booking Holdings, a key player in the travel sector, has also adjusted its forecasts to reflect a tempered outlook for the first quarter and full-year bookings. The move aligned with the broader narrative of the industry, indicating a cautious approach in light of the normalisation of US travel demand. Expedia anticipates total pre-tax charges and cash expenditures related to the restructuring to fall within the range of $80 million to $100 million. Following the announcement, Expedia's shares witnessed marginal gains in aftermath trading. (With inputs from Reuters)

Expedia announces global workforce reduction:  Report

The Indian government is reviewing proposals totalling $21 billion in investments aimed at fostering chip manufacturing within the country. <o:p></o:p>

According to a Bloomberg report, the proposals encompass diverse ventures from both domestic conglomerates and international players.<o:p></o:p>

Tower Semiconductor Ltd. of Israel has put forth a substantial proposal amounting to $9 billion, intending to establish a semiconductor plant in Gujarat, the home state of Prime Minister Narendra Modi. <o:p></o:p>

Likewise, India's Tata Group has presented an $8 billion plan for a chip manufacturing unit in the same region. <o:p></o:p>

The semiconductor sector has evolved into a pivotal arena of geopolitical competition, with various nations, including the US, Japan, and China, vying to strengthen their domestic chip industries. <o:p></o:p>

Prime Minister Narendra Modi's administration is keen on positioning India as a global manufacturing hub, leveraging incentives to attract international chipmakers while nurturing domestic champions. <o:p></o:p>

The endeavour aims to reduce reliance on costly imports and fortify India's foothold in industries like smartphone assembly.<o:p></o:p>

Under India's incentive plan for chip manufacturing, the government is set to subsidise half of the approved projects' costs, with an initial allocation of $10 billion earmarked for this purpose. <o:p></o:p>

Despite past setbacks, such as the collapse of high-profile partnerships, India remains steadfast in its pursuit of semiconductor self-sufficiency. <o:p></o:p>

Notably, financial incentives have already brought investments from tech giants like Apple and Google, stimulating the growth of India's electronics manufacturing ecosystem.<o:p></o:p>

Tower Semiconductor envisions scaling its proposed plant over a decade to produce 80,000 silicon wafers per month, potentially marking a significant milestone as the first manufacturing unit in India operated by a major semiconductor company. <o:p></o:p>

Similarly, Tata Group's venture is anticipated to be in collaboration with Powerchip Semiconductor Manufacturing Corp. <o:p></o:p>

Both projects focus on manufacturing mature chips widely used across diverse sectors, including consumer electronics, automotive, and defence.<o:p></o:p>

At the same time, Tata Group is also eyeing the establishment of a $3 billion chip-packaging plant in eastern India. <o:p></o:p>

These initiatives align with Tata's broader strategy to diversify investments into high-tech sectors, building upon its existing ventures in smartphone components and assembly. <o:p></o:p>

Concurrently, Japan's Renesas Electronics Corp is exploring opportunities for collaboration in India's burgeoning chip-packaging segment. <o:p></o:p>

The fate of these ambitious proposals now rests with Modi's cabinet, expected to make decisions in the coming weeks. <o:p></o:p>

To qualify for state subsidies, applicants must furnish comprehensive details, including technological partnerships, financing arrangements, semiconductor specifications, and target markets. <o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

The Indian government is reviewing proposals totalling $21 billion in investments aimed at fostering chip manufacturing within the country. According to a Bloomberg report, the proposals encompass diverse ventures from both domestic conglomerates and international players.

The Indian government is reviewing proposals totalling $21 billion in investments aimed at fostering chip manufacturing within the country. According to a Bloomberg report, the proposals encompass diverse ventures from both domestic conglomerates and international players. Tower Semiconductor Ltd. of Israel has put forth a substantial proposal amounting to $9 billion, intending to establish a semiconductor plant in Gujarat, the home state of Prime Minister Narendra Modi. Likewise, India's Tata Group has presented an $8 billion plan for a chip manufacturing unit in the same region. The semiconductor sector has evolved into a pivotal arena of geopolitical competition, with various nations, including the US, Japan, and China, vying to strengthen their domestic chip industries. Prime Minister Narendra Modi's administration is keen on positioning India as a global manufacturing hub, leveraging incentives to attract international chipmakers while nurturing domestic champions. The endeavour aims to reduce reliance on costly imports and fortify India's foothold in industries like smartphone assembly. Under India's incentive plan for chip manufacturing, the government is set to subsidise half of the approved projects' costs, with an initial allocation of $10 billion earmarked for this purpose. Despite past setbacks, such as the collapse of high-profile partnerships, India remains steadfast in its pursuit of semiconductor self-sufficiency. Notably, financial incentives have already brought investments from tech giants like Apple and Google, stimulating the growth of India's electronics manufacturing ecosystem. Tower Semiconductor envisions scaling its proposed plant over a decade to produce 80,000 silicon wafers per month, potentially marking a significant milestone as the first manufacturing unit in India operated by a major semiconductor company. Similarly, Tata Group's venture is anticipated to be in collaboration with Powerchip Semiconductor Manufacturing Corp. Both projects focus on manufacturing mature chips widely used across diverse sectors, including consumer electronics, automotive, and defence. At the same time, Tata Group is also eyeing the establishment of a $3 billion chip-packaging plant in eastern India. These initiatives align with Tata's broader strategy to diversify investments into high-tech sectors, building upon its existing ventures in smartphone components and assembly. Concurrently, Japan's Renesas Electronics Corp is exploring opportunities for collaboration in India's burgeoning chip-packaging segment. The fate of these ambitious proposals now rests with Modi's cabinet, expected to make decisions in the coming weeks. To qualify for state subsidies, applicants must furnish comprehensive details, including technological partnerships, financing arrangements, semiconductor specifications, and target markets. (With inputs from Bloomberg)

India evaluates $21 bn semiconductor proposals to boost chip manufacturing industry

<o:p></o:p>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

India evaluates $21 bn semiconductor proposals to boost chip manufacturing industry<o:p></o:p>

The Indian government is reviewing proposals totalling $21 billion in investments aimed at fostering chip manufacturing within the country.

<a href="https://www.wionews.com/business-economy/india-evaluates-21-bn-semiconductor-proposals-to-boost-chip-manufacturing-industry-694210">Read more here</a><o:p></o:p>

Expedia announces global workforce reduction: Report<o:p></o:p>

Responding to a forecasted moderation in travel demand, online travel giant Expedia has announced plans to reduce its global workforce by approximately 1,500 jobs, constituting about 9 per cent of its total employee base.

<a href="https://www.wionews.com/business-economy/expedia-announces-global-workforce-reduction-report-694218">Read more here</a><o:p></o:p>

India’s finance minister initiates monthly RBI meetings with fintech firms to foster regulatory compliance<o:p></o:p>

In a bid to enhance regulatory alignment and spur innovation in the fintech sector, Indian Finance Minister, Nirmala Sitharaman, has proposed monthly virtual meetings between federal regulators, including the Reserve Bank of India (RBI), and startup and fintech companies.

<a href="https://www.wionews.com/business-economy/indias-finance-minister-initiates-monthly-rbi-meetings-with-fintech-firms-to-foster-regulatory-compliance-694262">Read more here</a><o:p></o:p>

British banking icon Jacob Rothschild dies at 87<o:p></o:p>

Renowned British banker Jacob Rothschild, a prominent figure in Europe's esteemed banking lineage, has died at the age of 87, as confirmed by his family on Monday.

<a href="https://www.wionews.com/business-economy/british-banking-icon-jacob-rothschild-dies-at-87-694272">Read more here</a><o:p></o:p>

Spain's ports witness surge in goods traffic amid Red Sea crisis<o:p></o:p>

Spain's top ports experienced a notable upsurge in goods traffic during January, with volumes increasing by up to 25 per cent, propelled by disruptions in shipping routes caused by ongoing crises in the Red Sea region.

<a href="https://www.wionews.com/business-economy/spains-ports-witness-surge-in-goods-traffic-amid-red-sea-crisis-694284">Read more here</a><o:p></o:p>

Boeing safety review panel flags disconnect between management and employees<o:p></o:p>

A panel of experts tasked with scrutinising Boeing's safety management processes has unearthed a concerning "disconnect" between the aerospace giant's senior management and its workforce regarding safety culture, raising significant apprehensions about internal safety protocols.

<a href="https://www.wionews.com/business-economy/boeing-safety-review-panel-flags-disconnect-between-management-and-employees-694296">Read more here</a><o:p></o:p>

Google sounds alarm on Microsoft's cloud monopoly, calls for regulatory action<o:p></o:p>

Alphabet's Google Cloud has intensified its critique of Microsoft's cloud computing practices, cautioning against the emergence of a monopolistic environment that could stifle innovation, particularly in emerging technologies like generative artificial intelligence.

<a href="https://www.wionews.com/business-economy/google-sounds-alarm-on-microsofts-cloud-monopoly-calls-for-regulatory-action-694303">Read more here</a><o:p></o:p>

Berkshire Hathaway nears $1 trillion valuation following earnings surge: Report<o:p></o:p>

Warren Buffett's Berkshire Hathaway has soared to new heights, nearing a valuation of $1 trillion following a significant surge in its post-earnings stock performance.

<a href="https://www.wionews.com/business-economy/berkshire-hathaway-nears-1-trillion-valuation-following-earnings-surge-report-694319">Read more here</a><o:p></o:p>

India's defence ambitions take flight: A self-reliant future beckons<o:p></o:p>

India's defence sector is experiencing a significant transformation, with ambitious goals to propel the nation towards self-reliance and global prominence.

<a href="https://www.wionews.com/business-economy/indias-defence-ambitions-take-flight-a-self-reliant-future-beckons-694287">Read more here</a><o:p></o:p>

India's exports defy global headwinds: Reaching new shores in Africa, Latin America, &amp; Central Asia<o:p></o:p>

Despite global trade uncertainties, India's exports are charting a new course, venturing into uncharted territories in Africa, Latin America, and Central Asia.

<a href="https://www.wionews.com/business-economy/indias-exports-defy-global-headwinds-reaching-new-shores-in-africa-latin-america-central-asia-694291">Read more here</a><o:p></o:p>

Standard Chartered halts new China offshore investments amid capital outflow worries<o:p></o:p>

Standard Chartered, a London-headquartered bank, has announced the suspension of new investments by its clients in China into offshore products via a quota-based channel, citing "commercial reasons."

<a href="https://www.wionews.com/business-economy/standard-chartered-halts-new-china-offshore-investments-amid-capital-outflow-worries-694313">Read more here</a><o:p></o:p>

David Greenbaum named President of Disney Studios<o:p></o:p>

David Greenbaum has been appointed to the newly established position of president, taking charge of Disney Live Action and 20th Century Studios, as announced by Walt Disney Studios on Monday.

<a href="https://www.wionews.com/business-economy/david-greenbaum-named-president-of-disney-studios-694316">Read more here</a><o:p></o:p>

Douglas Readies IPO announcement surrounded by market optimism<o:p></o:p>

German perfume retailer Douglas is gearing up to announce its intention to proceed with an initial public offering (IPO) in the coming days, according to two individuals familiar with the matter.

<a href="https://www.wionews.com/business-economy/douglas-readies-ipo-announcement-surrounded-by-market-optimism-694321">Read more here</a><o:p></o:p>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. India evaluates $21 bn semiconductor proposals to boost chip manufacturing industry The Indian government is reviewing proposals totalling $21 billion in investments aimed at fostering chip manufacturing within the country.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. India evaluates $21 bn semiconductor proposals to boost chip manufacturing industry The Indian government is reviewing proposals totalling $21 billion in investments aimed at fostering chip manufacturing within the country. Read more here Expedia announces global workforce reduction: Report Responding to a forecasted moderation in travel demand, online travel giant Expedia has announced plans to reduce its global workforce by approximately 1,500 jobs, constituting about 9 per cent of its total employee base. Read more here India’s finance minister initiates monthly RBI meetings with fintech firms to foster regulatory compliance In a bid to enhance regulatory alignment and spur innovation in the fintech sector, Indian Finance Minister, Nirmala Sitharaman, has proposed monthly virtual meetings between federal regulators, including the Reserve Bank of India (RBI), and startup and fintech companies. Read more here British banking icon Jacob Rothschild dies at 87 Renowned British banker Jacob Rothschild, a prominent figure in Europe's esteemed banking lineage, has died at the age of 87, as confirmed by his family on Monday. Read more here Spain's ports witness surge in goods traffic amid Red Sea crisis Spain's top ports experienced a notable upsurge in goods traffic during January, with volumes increasing by up to 25 per cent, propelled by disruptions in shipping routes caused by ongoing crises in the Red Sea region. Read more here Boeing safety review panel flags disconnect between management and employees A panel of experts tasked with scrutinising Boeing's safety management processes has unearthed a concerning "disconnect" between the aerospace giant's senior management and its workforce regarding safety culture, raising significant apprehensions about internal safety protocols. Read more here Google sounds alarm on Microsoft's cloud monopoly, calls for regulatory action Alphabet's Google Cloud has intensified its critique of Microsoft's cloud computing practices, cautioning against the emergence of a monopolistic environment that could stifle innovation, particularly in emerging technologies like generative artificial intelligence. Read more here Berkshire Hathaway nears $1 trillion valuation following earnings surge: Report Warren Buffett's Berkshire Hathaway has soared to new heights, nearing a valuation of $1 trillion following a significant surge in its post-earnings stock performance. Read more here India's defence ambitions take flight: A self-reliant future beckons India's defence sector is experiencing a significant transformation, with ambitious goals to propel the nation towards self-reliance and global prominence. Read more here India's exports defy global headwinds: Reaching new shores in Africa, Latin America, & Central Asia Despite global trade uncertainties, India's exports are charting a new course, venturing into uncharted territories in Africa, Latin America, and Central Asia. Read more here Standard Chartered halts new China offshore investments amid capital outflow worries Standard Chartered, a London-headquartered bank, has announced the suspension of new investments by its clients in China into offshore products via a quota-based channel, citing "commercial reasons." Read more here David Greenbaum named President of Disney Studios David Greenbaum has been appointed to the newly established position of president, taking charge of Disney Live Action and 20th Century Studios, as announced by Walt Disney Studios on Monday. Read more here Douglas Readies IPO announcement surrounded by market optimism German perfume retailer Douglas is gearing up to announce its intention to proceed with an initial public offering (IPO) in the coming days, according to two individuals familiar with the matter. Read more here

WION Business Wrap | India’s semiconductor proposal, Expedia’s restructuring and more

German perfume retailer Douglas is gearing up to announce its intention to proceed with an initial public offering (IPO) in the coming days, according to two individuals familiar with the matter.

The move, if executed, will serve as a litmus test for Europe's equity markets. Majority-owned by CVC Capital Partners, Douglas plans to issue its intention to float on the Frankfurt bourse imminently, contingent on market conditions remaining favorable.

However, there is a possibility that the announcement may be delayed until next Monday, as a final decision is pending.

The timing of Douglas' IPO announcement coincides with a week rife with significant macro-economic data releases, including US inflation figures scheduled for Thursday.

Investment banks are poised to initiate discussions with potential investors following the intention to float announcement, aiming to ascertain a valuation range for the share sale.

While Reuters previously reported Douglas' aim to go public by the end of March, official spokespeople for the IPO declined to comment on the matter.

The prospective IPO announcement occurs against a backdrop of improving sentiment towards new stock listings, exemplified by the successful IPOs of German defense contractor Renk and Athens International Airport earlier this month.

The growing consensus that interest rates have plateaued contributes to a more favorable environment for equity markets.

Additionally, the CBOE Volatility Index, often referred to as Wall Street's fear gauge, remains at levels conducive for IPOs, bolstering confidence in the upcoming offerings.

Douglas' IPO plans are part of a broader trend, with at least four other major IPOs slated for the first half of the year, as per sources.

(With inputs from Reuters)

German perfume retailer Douglas is gearing up to announce its intention to proceed with an initial public offering (IPO) in the coming days, according to two individuals familiar with the matter.

German perfume retailer Douglas is gearing up to announce its intention to proceed with an initial public offering (IPO) in the coming days, according to two individuals familiar with the matter. The move, if executed, will serve as a litmus test for Europe's equity markets. Majority-owned by CVC Capital Partners, Douglas plans to issue its intention to float on the Frankfurt bourse imminently, contingent on market conditions remaining favorable. However, there is a possibility that the announcement may be delayed until next Monday, as a final decision is pending. The timing of Douglas' IPO announcement coincides with a week rife with significant macro-economic data releases, including US inflation figures scheduled for Thursday. Investment banks are poised to initiate discussions with potential investors following the intention to float announcement, aiming to ascertain a valuation range for the share sale. While Reuters previously reported Douglas' aim to go public by the end of March, official spokespeople for the IPO declined to comment on the matter. The prospective IPO announcement occurs against a backdrop of improving sentiment towards new stock listings, exemplified by the successful IPOs of German defense contractor Renk and Athens International Airport earlier this month. The growing consensus that interest rates have plateaued contributes to a more favorable environment for equity markets. Additionally, the CBOE Volatility Index, often referred to as Wall Street's fear gauge, remains at levels conducive for IPOs, bolstering confidence in the upcoming offerings. Douglas' IPO plans are part of a broader trend, with at least four other major IPOs slated for the first half of the year, as per sources. (With inputs from Reuters)

Douglas Readies IPO announcement surrounded by market optimism

Warren Buffett's Berkshire Hathaway has soared to new heights, nearing a valuation of $1 trillion following a significant surge in its post-earnings stock performance. <o:p></o:p>

As reported by Business Insider, the conglomerate witnessed an uptick in its Class B shares, propelling its market capitalisation to approximately $931 billion, marking a historic milestone for the company. <o:p></o:p>

Despite a slight retracement from its peak, Berkshire Hathaway's recent stock rally draws attention to investor optimism surrounding its strong financial performance.<o:p></o:p>

Bolstered by strong fourth-quarter and full-year 2023 results, Berkshire Hathaway reported an increase in both revenue and operating earnings. <o:p></o:p>

The company's fourth-quarter revenue skyrocketed to $169.9 billion, reflecting an 83 per cent year-over-year surge.<o:p></o:p>

&nbsp;Adjusted revenue, excluding gains and losses from investments, surged by 70 per cent year-over-year to $133.1 billion.<o:p></o:p>

The surge in revenue was primarily attributed to strategic acquisitions, including the 2022 purchase of Alleghany, an insurance company, and the integration of operating results from Pilot Travel Centres. <o:p></o:p>

These initiatives contributed significantly to Berkshire Hathaway's stellar financial performance.<o:p></o:p>

Additionally, Berkshire Hathaway witnessed an uptick in operating earnings, which surged by 28 per cent year-over-year to $8.5 billion in the fourth quarter and by 21 per cent to $37.4 billion for the entirety of 2023. <o:p></o:p>

Looking ahead, Berkshire Hathaway faces the challenge of effectively deploying its cash reserves to drive future growth and sustain its earnings momentum. <o:p></o:p>

Warren Buffett tempered investor expectations in his annual letter to shareholders, noting the scarcity of transformative investment opportunities. <o:p></o:p>

Despite uncertainties surrounding future investments, analysts remain optimistic about Berkshire Hathaway's resilience, citing its diverse revenue streams across multiple industries. <o:p></o:p>

According to Bloomberg Intelligence, Berkshire Hathaway's diverse business segments offer resilience against economic headwinds, with robust earnings expected to mitigate potential challenges such as a slowing economy and rising labour costs. <o:p></o:p>

Warren Buffett's Berkshire Hathaway has soared to new heights, nearing a valuation of $1 trillion following a significant surge in its post-earnings stock performance.

Warren Buffett's Berkshire Hathaway has soared to new heights, nearing a valuation of $1 trillion following a significant surge in its post-earnings stock performance. As reported by Business Insider, the conglomerate witnessed an uptick in its Class B shares, propelling its market capitalisation to approximately $931 billion, marking a historic milestone for the company. Despite a slight retracement from its peak, Berkshire Hathaway's recent stock rally draws attention to investor optimism surrounding its strong financial performance. Bolstered by strong fourth-quarter and full-year 2023 results, Berkshire Hathaway reported an increase in both revenue and operating earnings. The company's fourth-quarter revenue skyrocketed to $169.9 billion, reflecting an 83 per cent year-over-year surge. Adjusted revenue, excluding gains and losses from investments, surged by 70 per cent year-over-year to $133.1 billion. The surge in revenue was primarily attributed to strategic acquisitions, including the 2022 purchase of Alleghany, an insurance company, and the integration of operating results from Pilot Travel Centres. These initiatives contributed significantly to Berkshire Hathaway's stellar financial performance. Additionally, Berkshire Hathaway witnessed an uptick in operating earnings, which surged by 28 per cent year-over-year to $8.5 billion in the fourth quarter and by 21 per cent to $37.4 billion for the entirety of 2023. Looking ahead, Berkshire Hathaway faces the challenge of effectively deploying its cash reserves to drive future growth and sustain its earnings momentum. Warren Buffett tempered investor expectations in his annual letter to shareholders, noting the scarcity of transformative investment opportunities. Despite uncertainties surrounding future investments, analysts remain optimistic about Berkshire Hathaway's resilience, citing its diverse revenue streams across multiple industries. According to Bloomberg Intelligence, Berkshire Hathaway's diverse business segments offer resilience against economic headwinds, with robust earnings expected to mitigate potential challenges such as a slowing economy and rising labour costs.

Berkshire Hathaway nears $1 trillion valuation following earnings surge: Report

David Greenbaum has been appointed to the newly established position of president, taking charge of Disney Live Action and 20th Century Studios, as announced by Walt Disney Studios on Monday.

He will be reporting directly to Alan Bergman, the Co-Chairman of Disney Entertainment.

Greenbaum's appointment follows the departure of Sean Bailey, who has overlooked Disney's live action films since 2010 and is stepping down from his role.

Disney's recent struggles at the box office, marked by disappointments like the "Haunted Mansion" adaptation, have prompted significant changes within the company.

CEO Bob Iger addressed these concerns in an August 2023 earnings call, acknowledging the need for improvement in the quality and performance of Disney's movies.

Greenbaum's appointment reflects Disney's commitment to enhancing its film offerings.

Bringing a wealth of experience and filmmaker relationships to his new role, Greenbaum most recently served as president of Searchlight Pictures.

Under his leadership, Searchlight Pictures released critically acclaimed films such as "The Shape of Water" and "Nomadland," demonstrating his creative sensibility and industry expertise.

Alan Bergman praised Greenbaum's track record and relationships within the film industry, brings a spotlight on his suitability for the role.

During Sean Bailey's tenure, Disney saw success with several re-imagined classics like "The Lion King," "Beauty and the Beast," and "Aladdin," each crossing the $1 billion mark at the box office.

However, the performance of the most recent live-action adaptation, "The Little Mermaid," fell short of expectations, grossing $569.6 million globally. Regardless this, Bailey will continue his involvement with Disney as a producer for projects like "Tron: Ares".

(With inputs from Reuters)

David Greenbaum has been appointed to the newly established position of president, taking charge of Disney Live Action and 20th Century Studios, as announced by Walt Disney Studios on Monday.

David Greenbaum has been appointed to the newly established position of president, taking charge of Disney Live Action and 20th Century Studios, as announced by Walt Disney Studios on Monday. He will be reporting directly to Alan Bergman, the Co-Chairman of Disney Entertainment. Greenbaum's appointment follows the departure of Sean Bailey, who has overlooked Disney's live action films since 2010 and is stepping down from his role. Disney's recent struggles at the box office, marked by disappointments like the "Haunted Mansion" adaptation, have prompted significant changes within the company. CEO Bob Iger addressed these concerns in an August 2023 earnings call, acknowledging the need for improvement in the quality and performance of Disney's movies. Greenbaum's appointment reflects Disney's commitment to enhancing its film offerings. Bringing a wealth of experience and filmmaker relationships to his new role, Greenbaum most recently served as president of Searchlight Pictures. Under his leadership, Searchlight Pictures released critically acclaimed films such as "The Shape of Water" and "Nomadland," demonstrating his creative sensibility and industry expertise. Alan Bergman praised Greenbaum's track record and relationships within the film industry, brings a spotlight on his suitability for the role. During Sean Bailey's tenure, Disney saw success with several re-imagined classics like "The Lion King," "Beauty and the Beast," and "Aladdin," each crossing the $1 billion mark at the box office. However, the performance of the most recent live-action adaptation, "The Little Mermaid," fell short of expectations, grossing $569.6 million globally. Regardless this, Bailey will continue his involvement with Disney as a producer for projects like "Tron: Ares". (With inputs from Reuters)

David Greenbaum named President of Disney Studios

Standard Chartered, a London-headquartered bank, has announced the suspension of new investments by its clients in China into offshore products via a quota-based channel, citing "commercial reasons."

This decision comes among a surge in demand for overseas investments driven by weaknesses in the local market and currency imbalance.

The bank did not provide detailed explanations for the suspension but acknowledged the move in the middle of Beijing's efforts to stem capital outflows amidst a weakening yuan and a slowing economy.

China's principal overseas investment route is the qualified domestic institutional investor (QDII) programme, which was launched in 2006.

Though, StanChart's recent decision reflects challenges in meeting the demands of Chinese wealth and corporate clients seeking offshore investments. The suspension applies to new subscriptions into offshore-domiciled funds sold via the QDII program, effective from last Thursday, according to a client note issued by StanChart.

The decision follows a trend of growing appetite among domestic investors for overseas assets since late 2022, driven by China's underperforming stock market compared to major offshore markets like the US.

The CSI300 index, China's blue-chip index, has hit five-year lows and experienced an 18 per cent decline over the past year, attributed to various economic challenges including a debt crisis in the property sector. Experts suggest that quota limitations likely influenced StanChart's decision, given the absence of new quotas issued since 2021.

Economic and geopolitical concerns have spurred an exodus of investors from China, redirecting capital into alternative markets such as Japan. The benchmark Nikkei index has experienced significant gains in middle of this trend.

While Beijing has introduced market support measures since August, including reducing trading costs and prioritising equity fund launches, capital outflows continue to pose challenges. StanChart's move align with renewed depreciation pressure on the yuan in 2024, influenced by the dollar's resurgence.

StanChart's CEO Bill Winters has recently highlighted opportunities in China's wealth management sector, emphasising the bank's cross-border services as a competitive advantage over domestic peers.

In fact the concerns about potential tightening measures from Beijing, Winters remains optimistic about the bank's cross-border business. StanChart holds a QDII quota of $2.8 billion, making it the third-largest among foreign banks, behind HSBC and Citigroup.

However, neither the bank nor the regulator has disclosed the extent to which these quotas have been utilised.

(With inputs from Reuters)

Standard Chartered, a London-headquartered bank, has announced the suspension of new investments by its clients in China into offshore products via a quota-based channel, citing "commercial reasons.

Standard Chartered, a London-headquartered bank, has announced the suspension of new investments by its clients in China into offshore products via a quota-based channel, citing "commercial reasons." This decision comes among a surge in demand for overseas investments driven by weaknesses in the local market and currency imbalance. The bank did not provide detailed explanations for the suspension but acknowledged the move in the middle of Beijing's efforts to stem capital outflows amidst a weakening yuan and a slowing economy. China's principal overseas investment route is the qualified domestic institutional investor (QDII) programme, which was launched in 2006. Though, StanChart's recent decision reflects challenges in meeting the demands of Chinese wealth and corporate clients seeking offshore investments. The suspension applies to new subscriptions into offshore-domiciled funds sold via the QDII program, effective from last Thursday, according to a client note issued by StanChart. The decision follows a trend of growing appetite among domestic investors for overseas assets since late 2022, driven by China's underperforming stock market compared to major offshore markets like the US. The CSI300 index, China's blue-chip index, has hit five-year lows and experienced an 18 per cent decline over the past year, attributed to various economic challenges including a debt crisis in the property sector. Experts suggest that quota limitations likely influenced StanChart's decision, given the absence of new quotas issued since 2021. Economic and geopolitical concerns have spurred an exodus of investors from China, redirecting capital into alternative markets such as Japan. The benchmark Nikkei index has experienced significant gains in middle of this trend. While Beijing has introduced market support measures since August, including reducing trading costs and prioritising equity fund launches, capital outflows continue to pose challenges. StanChart's move align with renewed depreciation pressure on the yuan in 2024, influenced by the dollar's resurgence. StanChart's CEO Bill Winters has recently highlighted opportunities in China's wealth management sector, emphasising the bank's cross-border services as a competitive advantage over domestic peers. In fact the concerns about potential tightening measures from Beijing, Winters remains optimistic about the bank's cross-border business. StanChart holds a QDII quota of $2.8 billion, making it the third-largest among foreign banks, behind HSBC and Citigroup. However, neither the bank nor the regulator has disclosed the extent to which these quotas have been utilised. (With inputs from Reuters)

Standard Chartered halts new China offshore investments amid capital outflow worries

Alphabet's Google Cloud has intensified its critique of Microsoft's cloud computing practices, cautioning against the emergence of a monopolistic environment that could stifle innovation, particularly in emerging technologies like generative artificial intelligence. <o:p></o:p>

In an interview, Google Cloud Vice President Amit Zavery expressed concerns over Microsoft's alleged attempts to establish a closed ecosystem, asserting that such a strategy would limit customer choice and hinder technological progress.<o:p></o:p>

Zavery highlighted that Microsoft's historical dominance in on-premise software and raised apprehensions about the company replicating this monopoly within the cloud computing domain. <o:p></o:p>

He warned against Microsoft's purported creation of a "walled garden," emphasising the risk of customers being compelled to solely engage with Microsoft's cloud offerings, thereby curbing competition and restricting innovation. <o:p></o:p>

Zavery stressed the importance of maintaining an open and competitive cloud market to foster advancements, especially in areas like artificial intelligence. <o:p></o:p>

The Google executive urged antitrust regulators to intervene and scrutinise Microsoft's cloud practices to ensure fair competition and prevent monopolistic tendencies. <o:p></o:p>

Zavery advocated for regulatory guidance and potential regulations to address what he perceives as anticompetitive behaviour by Microsoft in the cloud computing arena. <o:p></o:p>

He highlighted the need to prevent the transition of Microsoft's on-premise software monopoly into a cloud monopoly.<o:p></o:p>

In response, Microsoft refuted Google's assertions, asserting that competition in the cloud hyperscaler market remains robust. <o:p></o:p>

A Microsoft spokesperson cited independent data showing that Microsoft and Google made incremental gains in 2023, although Amazon Web Services (AWS) continues to maintain a significant lead as the global market leader. <o:p></o:p>

Microsoft President Brad Smith indirectly addressed Google's concerns during his keynote address at the Mobile World Congress in Barcelona, highlighting Microsoft's vertical integration across various AI layers. <o:p></o:p>

While not explicitly naming Google, Smith's remarks appear to challenge Google's criticisms regarding monopolistic tendencies. <o:p></o:p>

Zavery also criticised Microsoft's approach to resolving complaints from individual cloud vendors, alleging that the company's selective agreements fail to address broader industry concerns. <o:p></o:p>

He questioned the efficacy of Microsoft's dealings with cloud vendors, suggesting that such practices enable Microsoft to dictate winners and losers within the competitive landscape. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Alphabet's Google Cloud has intensified its critique of Microsoft's cloud computing practices, cautioning against the emergence of a monopolistic environment that could stifle innovation, particularly in emerging technologies like generative artificial intelligence.

Alphabet's Google Cloud has intensified its critique of Microsoft's cloud computing practices, cautioning against the emergence of a monopolistic environment that could stifle innovation, particularly in emerging technologies like generative artificial intelligence. In an interview, Google Cloud Vice President Amit Zavery expressed concerns over Microsoft's alleged attempts to establish a closed ecosystem, asserting that such a strategy would limit customer choice and hinder technological progress. Zavery highlighted that Microsoft's historical dominance in on-premise software and raised apprehensions about the company replicating this monopoly within the cloud computing domain. He warned against Microsoft's purported creation of a "walled garden," emphasising the risk of customers being compelled to solely engage with Microsoft's cloud offerings, thereby curbing competition and restricting innovation. Zavery stressed the importance of maintaining an open and competitive cloud market to foster advancements, especially in areas like artificial intelligence. The Google executive urged antitrust regulators to intervene and scrutinise Microsoft's cloud practices to ensure fair competition and prevent monopolistic tendencies. Zavery advocated for regulatory guidance and potential regulations to address what he perceives as anticompetitive behaviour by Microsoft in the cloud computing arena. He highlighted the need to prevent the transition of Microsoft's on-premise software monopoly into a cloud monopoly. In response, Microsoft refuted Google's assertions, asserting that competition in the cloud hyperscaler market remains robust. A Microsoft spokesperson cited independent data showing that Microsoft and Google made incremental gains in 2023, although Amazon Web Services (AWS) continues to maintain a significant lead as the global market leader. Microsoft President Brad Smith indirectly addressed Google's concerns during his keynote address at the Mobile World Congress in Barcelona, highlighting Microsoft's vertical integration across various AI layers. While not explicitly naming Google, Smith's remarks appear to challenge Google's criticisms regarding monopolistic tendencies. Zavery also criticised Microsoft's approach to resolving complaints from individual cloud vendors, alleging that the company's selective agreements fail to address broader industry concerns. He questioned the efficacy of Microsoft's dealings with cloud vendors, suggesting that such practices enable Microsoft to dictate winners and losers within the competitive landscape. (With inputs from Reuters)

Google sounds alarm on Microsoft's cloud monopoly, calls for regulatory action

A panel of experts tasked with scrutinising Boeing's safety management processes has unearthed a concerning "disconnect" between the aerospace giant's senior management and its workforce regarding safety culture, raising significant apprehensions about internal safety protocols. <o:p></o:p>

The report, released on Monday following a comprehensive review directed by the US Congress in the wake of the fatal Boeing 737 MAX crashes in 2018 and 2019, highlights critical shortcomings within Boeing's safety framework and emphasizes the imperative for immediate remedial action.<o:p></o:p>

The expert panel's assessment identified glaring deficiencies in Boeing's safety culture, pointing to a pervasive "lack of awareness of safety-related metrics" across organisational ranks and an insufficient implementation of key components vital to fostering a positive safety ethos. <o:p></o:p>

One particular concern was the "gaps in Boeing's safety journey" and the emergence of serious quality lapses, some of which have come to light since 2023. <o:p></o:p>

Recent incidents, such as the mid-flight detachment of a door panel on an Alaska Airlines Boeing 737 MAX 9 jet, have further aggravated the tremors surrounding Boeing's quality control measures, prompting regulatory intervention and renewed scrutiny of the company's safety practices.<o:p></o:p>

In response to the panel's findings, Boeing affirmed its commitment to prioritising safety and pledged to meticulously evaluate the recommendations outlined in the report. <o:p></o:p>

Acknowledging the need for continuous improvement, Boeing emphasised its ongoing efforts to foster a safety-centric culture that empowers employees to voice safety concerns transparently. <o:p></o:p>

However, the company conceded that there remains "more work to do" to address the identified deficiencies comprehensively. <o:p></o:p>

Boeing's safety culture has long been a subject of scrutiny, with lawmakers and industry stakeholders advocating for a robust leadership framework that prioritises safety over commercial interests. <o:p></o:p>

Senator Maria Cantwell noted that it was vital to instil a culture of safety leadership within Boeing.<o:p></o:p>

Meanwhile, the Federal Aviation Administration (FAA), which commissioned the safety audit following the recent MAX 9 incident, said that it was reviewing the panel's recommendations and holding Boeing to the highest safety standards. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

A panel of experts tasked with scrutinising Boeing's safety management processes has unearthed a concerning "disconnect" between the aerospace giant's senior management and its workforce regarding safety culture, raising significant apprehensions about internal safety protocols.

A panel of experts tasked with scrutinising Boeing's safety management processes has unearthed a concerning "disconnect" between the aerospace giant's senior management and its workforce regarding safety culture, raising significant apprehensions about internal safety protocols. The report, released on Monday following a comprehensive review directed by the US Congress in the wake of the fatal Boeing 737 MAX crashes in 2018 and 2019, highlights critical shortcomings within Boeing's safety framework and emphasizes the imperative for immediate remedial action. The expert panel's assessment identified glaring deficiencies in Boeing's safety culture, pointing to a pervasive "lack of awareness of safety-related metrics" across organisational ranks and an insufficient implementation of key components vital to fostering a positive safety ethos. One particular concern was the "gaps in Boeing's safety journey" and the emergence of serious quality lapses, some of which have come to light since 2023. Recent incidents, such as the mid-flight detachment of a door panel on an Alaska Airlines Boeing 737 MAX 9 jet, have further aggravated the tremors surrounding Boeing's quality control measures, prompting regulatory intervention and renewed scrutiny of the company's safety practices. In response to the panel's findings, Boeing affirmed its commitment to prioritising safety and pledged to meticulously evaluate the recommendations outlined in the report. Acknowledging the need for continuous improvement, Boeing emphasised its ongoing efforts to foster a safety-centric culture that empowers employees to voice safety concerns transparently. However, the company conceded that there remains "more work to do" to address the identified deficiencies comprehensively. Boeing's safety culture has long been a subject of scrutiny, with lawmakers and industry stakeholders advocating for a robust leadership framework that prioritises safety over commercial interests. Senator Maria Cantwell noted that it was vital to instil a culture of safety leadership within Boeing. Meanwhile, the Federal Aviation Administration (FAA), which commissioned the safety audit following the recent MAX 9 incident, said that it was reviewing the panel's recommendations and holding Boeing to the highest safety standards. (With inputs from Reuters)

Boeing safety review panel flags disconnect between management and employees

India is set to take a firm stance against a proposal led by China for an investment facilitation pact and advocate strongly for its key interests at the World Trade Organisation (WTO) ministerial meeting commencing on Tuesday.<o:p></o:p>

Led by Commerce and Industry Minister Piyush Goyal, the Indian delegation aims to address critical issues concerning food security, fisheries subsidies, agricultural reforms, and e-commerce moratorium on import duties during the four-day 13th ministerial conference (MC13) in Abu Dhabi, UAE.<o:p></o:p>

Piyush Goyal stressed India's commitment to finding a permanent solution to the public stock holding (PSH) issue for food security, highlighting the significance of food procurement, stockholding, and distribution in India's food security strategy. <o:p></o:p>

The Indian government's procurement of crops at minimum support prices (MSP) plays a crucial role in ensuring food security for millions of vulnerable citizens, despite limitations imposed by the WTO's Agreement on Agriculture.<o:p></o:p>

India is vehemently opposed to the Joint Support Initiatives (JSIs) or plurilateral agreements advocated by certain nations, particularly China. <o:p></o:p>

These efforts to push for investment facilitation for development agreement at the WTO are seen as falling outside the WTO's mandate, raising systemic concerns and potentially hindering developing nations' interests in the future.<o:p></o:p>

Furthermore, India stands firm on protecting farmer livelihoods and ensuring equitable market access amid calls for agricultural reforms. <o:p></o:p>

Developed nations' push to reduce domestic support and increase market openness disregards the heavy subsidies they provide to their own farmers, posing challenges for India and other developing nations.<o:p></o:p>

In addition to advocating for inclusive WTO reforms, India emphasises the need to revamp the Appellate Body to ensure fairness in dispute resolution. <o:p></o:p>

This stance pits India against the USA's reluctance and the EU's proposal for alternate mechanisms.<o:p></o:p>

Fisheries subsidies also feature prominently in India's agenda, with a focus on promoting sustainable fishing practices and protecting the interests of poor fishermen. <o:p></o:p>

India advocates for a balanced approach based on the principle of common but differentiated responsibilities, urging advanced fishing nations to bear greater responsibility for overfishing and overcapacity.<o:p></o:p>

The ongoing moratorium on customs duties on e-commerce trade is another contentious issue for India, which seeks its termination alongside several other developing nations. <o:p></o:p>

Developed nations, however, advocate for the permanent adoption of duty-free digital transmission, setting the stage for heated debates at MC13.<o:p></o:p>

India reiterates its position that non-trade issues like labour and environment should not be discussed at the WTO.<o:p></o:p>

(With inputs from PTI)<o:p></o:p>

India is set to take a firm stance against a proposal led by China for an investment facilitation pact and advocate strongly for its key interests at the World Trade Organisation (WTO) ministerial meeting commencing on Tuesday.

India is set to take a firm stance against a proposal led by China for an investment facilitation pact and advocate strongly for its key interests at the World Trade Organisation (WTO) ministerial meeting commencing on Tuesday. Led by Commerce and Industry Minister Piyush Goyal, the Indian delegation aims to address critical issues concerning food security, fisheries subsidies, agricultural reforms, and e-commerce moratorium on import duties during the four-day 13th ministerial conference (MC13) in Abu Dhabi, UAE. Piyush Goyal stressed India's commitment to finding a permanent solution to the public stock holding (PSH) issue for food security, highlighting the significance of food procurement, stockholding, and distribution in India's food security strategy. The Indian government's procurement of crops at minimum support prices (MSP) plays a crucial role in ensuring food security for millions of vulnerable citizens, despite limitations imposed by the WTO's Agreement on Agriculture. India is vehemently opposed to the Joint Support Initiatives (JSIs) or plurilateral agreements advocated by certain nations, particularly China. These efforts to push for investment facilitation for development agreement at the WTO are seen as falling outside the WTO's mandate, raising systemic concerns and potentially hindering developing nations' interests in the future. Furthermore, India stands firm on protecting farmer livelihoods and ensuring equitable market access amid calls for agricultural reforms. Developed nations' push to reduce domestic support and increase market openness disregards the heavy subsidies they provide to their own farmers, posing challenges for India and other developing nations. In addition to advocating for inclusive WTO reforms, India emphasises the need to revamp the Appellate Body to ensure fairness in dispute resolution. This stance pits India against the USA's reluctance and the EU's proposal for alternate mechanisms. Fisheries subsidies also feature prominently in India's agenda, with a focus on promoting sustainable fishing practices and protecting the interests of poor fishermen. India advocates for a balanced approach based on the principle of common but differentiated responsibilities, urging advanced fishing nations to bear greater responsibility for overfishing and overcapacity. The ongoing moratorium on customs duties on e-commerce trade is another contentious issue for India, which seeks its termination alongside several other developing nations. Developed nations, however, advocate for the permanent adoption of duty-free digital transmission, setting the stage for heated debates at MC13. India reiterates its position that non-trade issues like labour and environment should not be discussed at the WTO. (With inputs from PTI)

India to assert key interests, opposes China-led investment pact at WTO ministerial meeting

India's economic growth trajectory is anticipated to decelerate to 6.5 per cent in the fiscal year 2024-25, according to projections by India Ratings &amp; Research (Ind-Ra). <o:p></o:p>

The rating agency cited a slowdown in industrial sector growth and subdued consumption demand as primary factors contributing to this anticipated slowdown. <o:p></o:p>

Notably, the forecasted growth rate marks a decline from the projected expansion of 7.3 per cent in the current financial year.<o:p></o:p>

A Deccan Herald report cited Devendra Pant, the Chief Economist of India Ratings &amp; Research, who highlighted the underlying trends shaping India's economic landscape. <o:p></o:p>

He noted the importance of sustained government capital expenditure, healthy corporate performance, and favourable global commodity prices in driving economic recovery. <o:p></o:p>

Despite these positive indicators, Pant acknowledged weaknesses in consumption demand and investment patterns, indicating the need for broader-based growth.<o:p></o:p>

India Ratings &amp; Research underscored the uneven distribution of consumption demand across income brackets, with the upper 50 per cent of households driving the bulk of aggregate demand. <o:p></o:p>

The rating agency said that heightened demand among lower-income household would be necessary to sustain consumption growth.<o:p></o:p>

Addressing media representatives, India Ratings &amp; Research highlighted the significance of balanced consumption patterns for fostering inclusive economic growth.<o:p></o:p>

Sunil Kumar Sinha, Principal Economist at India Ratings &amp; Research, cautioned about the potential impact of rising wholesale price inflation on corporate profitability. <o:p></o:p>

According to the Deccan Herald report, he noted that increased input costs could erode corporate margins if not adequately passed on through higher output prices. <o:p></o:p>

Sinha highlighted the challenge faced by producers in passing on elevated input costs amid constrained consumption patterns, further exacerbating pressures on corporate profitability.<o:p></o:p>

The rating agency's projections also encompassed forecasts for key macroeconomic indicators. <o:p></o:p>

India's merchandise exports, which witnessed passive performance in the current fiscal year, are anticipated to encounter global headwinds in 2024-25. <o:p></o:p>

Additionally, the Indian rupee is forecasted to depreciate by over 3 per cent against the US dollar in the upcoming financial year. <o:p></o:p>

On the inflation front, while retail inflation is expected to ease, wholesale price inflation is projected to rise, posing challenges for businesses.<o:p></o:p>

India's economic growth trajectory is anticipated to decelerate to 6.5 per cent in the fiscal year 2024-25, according to projections by India Ratings & Research (Ind-Ra).

India's economic growth trajectory is anticipated to decelerate to 6.5 per cent in the fiscal year 2024-25, according to projections by India Ratings & Research (Ind-Ra). The rating agency cited a slowdown in industrial sector growth and subdued consumption demand as primary factors contributing to this anticipated slowdown. Notably, the forecasted growth rate marks a decline from the projected expansion of 7.3 per cent in the current financial year. A Deccan Herald report cited Devendra Pant, the Chief Economist of India Ratings & Research, who highlighted the underlying trends shaping India's economic landscape. He noted the importance of sustained government capital expenditure, healthy corporate performance, and favourable global commodity prices in driving economic recovery. Despite these positive indicators, Pant acknowledged weaknesses in consumption demand and investment patterns, indicating the need for broader-based growth. India Ratings & Research underscored the uneven distribution of consumption demand across income brackets, with the upper 50 per cent of households driving the bulk of aggregate demand. The rating agency said that heightened demand among lower-income household would be necessary to sustain consumption growth. Addressing media representatives, India Ratings & Research highlighted the significance of balanced consumption patterns for fostering inclusive economic growth. Sunil Kumar Sinha, Principal Economist at India Ratings & Research, cautioned about the potential impact of rising wholesale price inflation on corporate profitability. According to the Deccan Herald report, he noted that increased input costs could erode corporate margins if not adequately passed on through higher output prices. Sinha highlighted the challenge faced by producers in passing on elevated input costs amid constrained consumption patterns, further exacerbating pressures on corporate profitability. The rating agency's projections also encompassed forecasts for key macroeconomic indicators. India's merchandise exports, which witnessed passive performance in the current fiscal year, are anticipated to encounter global headwinds in 2024-25. Additionally, the Indian rupee is forecasted to depreciate by over 3 per cent against the US dollar in the upcoming financial year. On the inflation front, while retail inflation is expected to ease, wholesale price inflation is projected to rise, posing challenges for businesses.

India's economic growth forecast to slow to 6.5pc in FY25, says India ratings and research

Four prestigious universities in the United States, namely Dartmouth, Northwestern, Rice, and Vanderbilt, have agreed to a combined settlement of $166 million to resolve allegations of favouring wealthy student applicants. <o:p></o:p>

According to Reuters, this development marks a milestone in a federal antitrust lawsuit, bringing the total settlements to $284 million. <o:p></o:p>

The lawsuit, filed in 2022, accused 17 renowned colleges and universities of breaching antitrust laws by considering students' financial backgrounds in admissions decisions, thus providing unfair advantages to affluent applicants.<o:p></o:p>

According to legal representatives for the proposed class of current and former US students, the latest settlements were disclosed in a filing made in Chicago federal court on Friday. <o:p></o:p>

The lawsuit highlighted the violation of a pledge by these institutions not to factor in students' financial statuses during the admissions process, resulting in an alleged bias towards wealthy candidates.<o:p></o:p>

In response to the lawsuit, Dartmouth and Rice University have committed to paying $33.75 million each, while Northwestern University agreed to a settlement of $43.5 million, and Vanderbilt University will pay $55 million to resolve the claims against them. <o:p></o:p>

Previously, Brown, Yale, and Columbia universities reached settlements totalling $62 million.<o:p></o:p>

Despite agreeing to the settlements, the universities, including those mentioned, have maintained their stance of denying any wrongdoing. <o:p></o:p>

Statements released by Northwestern, Dartmouth, Vanderbilt, and Rice indicated that they wanted to put the legal proceedings behind them and refocus on their academic missions. <o:p></o:p>

However, the case continues against seven other institutions, including Cornell University, the University of Pennsylvania, and Georgetown University.<o:p></o:p>

Ted Normand, a lawyer representing the plaintiffs told Reuters, "These new settlements will significantly increase the compensation to the class members for the harm we allege the defendants’ cartel caused." <o:p></o:p>

The average payouts expected for members of the affected class are approximately $750, as outlined in a court filing. <o:p></o:p>

However, the finalisation of these settlements is contingent upon the judge's review and approval.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Four prestigious universities in the United States, namely Dartmouth, Northwestern, Rice, and Vanderbilt, have agreed to a combined settlement of $166 million to resolve allegations of favouring wealthy student applicants.

Four prestigious universities in the United States, namely Dartmouth, Northwestern, Rice, and Vanderbilt, have agreed to a combined settlement of $166 million to resolve allegations of favouring wealthy student applicants. According to Reuters, this development marks a milestone in a federal antitrust lawsuit, bringing the total settlements to $284 million. The lawsuit, filed in 2022, accused 17 renowned colleges and universities of breaching antitrust laws by considering students' financial backgrounds in admissions decisions, thus providing unfair advantages to affluent applicants. According to legal representatives for the proposed class of current and former US students, the latest settlements were disclosed in a filing made in Chicago federal court on Friday. The lawsuit highlighted the violation of a pledge by these institutions not to factor in students' financial statuses during the admissions process, resulting in an alleged bias towards wealthy candidates. In response to the lawsuit, Dartmouth and Rice University have committed to paying $33.75 million each, while Northwestern University agreed to a settlement of $43.5 million, and Vanderbilt University will pay $55 million to resolve the claims against them. Previously, Brown, Yale, and Columbia universities reached settlements totalling $62 million. Despite agreeing to the settlements, the universities, including those mentioned, have maintained their stance of denying any wrongdoing. Statements released by Northwestern, Dartmouth, Vanderbilt, and Rice indicated that they wanted to put the legal proceedings behind them and refocus on their academic missions. However, the case continues against seven other institutions, including Cornell University, the University of Pennsylvania, and Georgetown University. Ted Normand, a lawyer representing the plaintiffs told Reuters, "These new settlements will significantly increase the compensation to the class members for the harm we allege the defendants’ cartel caused." The average payouts expected for members of the affected class are approximately $750, as outlined in a court filing. However, the finalisation of these settlements is contingent upon the judge's review and approval. (With inputs from Reuters)

Top US universities settle for $166 million over favouring wealthy students

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