Abu Dhabi's Mubadala Investment is actively considering an investment in London's Heathrow Airport, Reuters reported citing sources familiar with the matter. <o:p></o:p>

The sovereign wealth fund is contemplating this move after being approached by Ardian, a buyout firm based in Paris. <o:p></o:p>

If Mubadala proceeds with the investment, it could join the ranks of Saudi Arabia's Public Investment Fund (PIF) and Qatar Investment Authority (QIA) as prominent stakeholders in the renowned London hub.<o:p></o:p>

While discussions are currently underway, no formal agreements have been reached, and Mubadala has not finalised its decision on the potential acquisition. <o:p></o:p>

The consideration comes after Spanish infrastructure company Ferrovial SE agreed to sell its 25 per cent stake in Heathrow to Saudi's PIF and Ardian for £2.37 billion (approximately $2.99 billion) in November. <o:p></o:p>

However, an additional 35 per cent of Heathrow's capital, held by other shareholders, invoked tag-along rights, necessitating the sale of their positions for the deal to proceed.<o:p></o:p>

The move aligns with a trend observed in recent years, where Middle Eastern wealth funds actively diversify their portfolios by investing in global infrastructure assets. <o:p></o:p>

If Mubadala proceeds with the Heathrow investment, it would become the third Gulf state-backed shareholder in the airport, alongside PIF and QIA, which currently holds a 20 per cent stake.<o:p></o:p>

Investments by Gulf state-backed entities in global infrastructure projects represent a broader strategy to reduce dependence on oil-dependent economies. <o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

Abu Dhabi's Mubadala Investment is actively considering an investment in London's Heathrow Airport, Reuters reported citing sources familiar with the matter. The sovereign wealth fund is contemplating this move after being approached by Ardian, a buyout firm based in Paris.

Abu Dhabi's Mubadala Investment is actively considering an investment in London's Heathrow Airport, Reuters reported citing sources familiar with the matter. The sovereign wealth fund is contemplating this move after being approached by Ardian, a buyout firm based in Paris. If Mubadala proceeds with the investment, it could join the ranks of Saudi Arabia's Public Investment Fund (PIF) and Qatar Investment Authority (QIA) as prominent stakeholders in the renowned London hub. While discussions are currently underway, no formal agreements have been reached, and Mubadala has not finalised its decision on the potential acquisition. The consideration comes after Spanish infrastructure company Ferrovial SE agreed to sell its 25 per cent stake in Heathrow to Saudi's PIF and Ardian for £2.37 billion (approximately $2.99 billion) in November. However, an additional 35 per cent of Heathrow's capital, held by other shareholders, invoked tag-along rights, necessitating the sale of their positions for the deal to proceed. The move aligns with a trend observed in recent years, where Middle Eastern wealth funds actively diversify their portfolios by investing in global infrastructure assets. If Mubadala proceeds with the Heathrow investment, it would become the third Gulf state-backed shareholder in the airport, alongside PIF and QIA, which currently holds a 20 per cent stake. Investments by Gulf state-backed entities in global infrastructure projects represent a broader strategy to reduce dependence on oil-dependent economies. (With inputs from Bloomberg)

Abu Dhabi's Mubadala Investment explores stake in London's Heathrow Airport

India’s Reserve Bank (RBI) has ramped up scrutiny of fintech companies, signalling an end to lenient regulation of this pivotal industry. <o:p></o:p>

Following regular inspections in the past year, it was revealed that several fintech firms exhibited leniency in areas such as customer due diligence, prompting the RBI to take decisive action. <o:p></o:p>

The central bank has adopted measures, including hiring analysts to assess customer data and conducting frequent meetings with industry executives.<o:p></o:p>

Last month, the RBI set a precedent for its stricter stance by instructing sector giant Paytm to wind down its banking unit, citing persistent non-compliance with regulations. <o:p></o:p>

This move created a ripple of concern within the sector. <o:p></o:p>

Subsequently, this month, Visa received a separate order from the RBI to cease business-to-business card payments through third-party fintech firms. <o:p></o:p>

In particular, the RBI has expressed unease about the digital customer identification process employed by fintech firms. <o:p></o:p>

This process, reliant on a government identity proof called Aadhaar and a linked mobile number, is faster and cheaper but susceptible to manipulation, raising concerns about fraud and money laundering. <o:p></o:p>

While not prohibiting this method, the RBI has mandated that digitally verified accounts be tagged as 'high risk' until physical or video-call-based identification is completed, in adherence to its regulations on customer due diligence.<o:p></o:p>

As part of its heightened oversight, RBI officials are conducting frequent onsite inspections, randomly selecting samples from fintech firms' user bases to verify authenticity. <o:p></o:p>

The frequency of these meetings has increased from once a quarter to once a month, reflecting the central bank's commitment to more proactive regulation. <o:p></o:p>

Simultaneously, the RBI is investing in advanced technology to detect regulatory violations and hiring analysts to scrutinise vast amounts of customer data held by fintech firms.<o:p></o:p>

While this intensified scrutiny is expected to drive up compliance costs and capital requirements, potentially triggering sector consolidation, industry experts believe it will encourage compliance and deeper diligence. <o:p></o:p>

Reuters cited Ashish Fafadia, Partner at Blume Ventures, who noted that the increased scrutiny will compel support for companies that adhere to regulations, fostering a more compliant fintech landscape.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

India’s Reserve Bank (RBI) has ramped up scrutiny of fintech companies, signalling an end to lenient regulation of this pivotal industry. Following regular inspections in the past year, it was revealed that several fintech firms exhibited leniency in areas such as customer due diligence, prompting the RBI to take decisive action.

India’s Reserve Bank (RBI) has ramped up scrutiny of fintech companies, signalling an end to lenient regulation of this pivotal industry. Following regular inspections in the past year, it was revealed that several fintech firms exhibited leniency in areas such as customer due diligence, prompting the RBI to take decisive action. The central bank has adopted measures, including hiring analysts to assess customer data and conducting frequent meetings with industry executives. Last month, the RBI set a precedent for its stricter stance by instructing sector giant Paytm to wind down its banking unit, citing persistent non-compliance with regulations. This move created a ripple of concern within the sector. Subsequently, this month, Visa received a separate order from the RBI to cease business-to-business card payments through third-party fintech firms. In particular, the RBI has expressed unease about the digital customer identification process employed by fintech firms. This process, reliant on a government identity proof called Aadhaar and a linked mobile number, is faster and cheaper but susceptible to manipulation, raising concerns about fraud and money laundering. While not prohibiting this method, the RBI has mandated that digitally verified accounts be tagged as 'high risk' until physical or video-call-based identification is completed, in adherence to its regulations on customer due diligence. As part of its heightened oversight, RBI officials are conducting frequent onsite inspections, randomly selecting samples from fintech firms' user bases to verify authenticity. The frequency of these meetings has increased from once a quarter to once a month, reflecting the central bank's commitment to more proactive regulation. Simultaneously, the RBI is investing in advanced technology to detect regulatory violations and hiring analysts to scrutinise vast amounts of customer data held by fintech firms. While this intensified scrutiny is expected to drive up compliance costs and capital requirements, potentially triggering sector consolidation, industry experts believe it will encourage compliance and deeper diligence. Reuters cited Ashish Fafadia, Partner at Blume Ventures, who noted that the increased scrutiny will compel support for companies that adhere to regulations, fostering a more compliant fintech landscape. (With inputs from Reuters)

India’s central bank intensifies oversight of fintech sector through rigorous inspections

Russia has successfully fulfilled its commitment to provide humanitarian aid in the form of 200,000 metric tonnes of free grain to six African countries, as previously announced by President Vladimir Putin in July. <o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

The delivery, confirmed by Agriculture Minister Dmitry Patrushev, included 50,000 tonnes each to Somalia and the Central African Republic, and 25,000 tonnes each to Mali, Burkina Faso, Zimbabwe, and Eritrea.<o:p></o:p>

The initiative, a response to Putin's pledge made during the Russia-Africa summit, aimed to strengthen ties and cooperation between Moscow and African nations. <o:p></o:p>

The swift execution of the grain delivery underscores Russia's commitment to supporting these countries in times of need. <o:p></o:p>

Reuters cited Patrushev, in a meeting with Putin, who said, "After the Russia-Africa summit, we have been maintaining relations with African countries and building cooperation. As a result, we were able to deliver this volume of wheat to these countries quite quickly."<o:p></o:p>

The gesture also follows Russia's withdrawal from the Black Sea grain initiative, a deal that permitted Ukraine to ship grain from its Black Sea ports amid the ongoing conflict. <o:p></o:p>

Putin argued that the initiative was ineffective in addressing the urgent needs of the recipient countries. <o:p></o:p>

The recent shipment to Africa represents a proactive step by Moscow to establish alternative channels for aiding nations in distress.<o:p></o:p>

Looking ahead, Patrushev informed Putin that Russia anticipates exporting up to 70 million metric tonnes of grain during the 2023-2024 agricultural year, which commenced on July 1, 2023, and concludes on June 30, 2024. <o:p></o:p>

In the previous season, Russia exported 66 million tonnes valued at nearly $16.5 billion.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Russia has successfully fulfilled its commitment to provide humanitarian aid in the form of 200,000 metric tonnes of free grain to six African countries, as previously announced by President Vladimir Putin in July.

Russia has successfully fulfilled its commitment to provide humanitarian aid in the form of 200,000 metric tonnes of free grain to six African countries, as previously announced by President Vladimir Putin in July. This is based on a Reuters report. The delivery, confirmed by Agriculture Minister Dmitry Patrushev, included 50,000 tonnes each to Somalia and the Central African Republic, and 25,000 tonnes each to Mali, Burkina Faso, Zimbabwe, and Eritrea. The initiative, a response to Putin's pledge made during the Russia-Africa summit, aimed to strengthen ties and cooperation between Moscow and African nations. The swift execution of the grain delivery underscores Russia's commitment to supporting these countries in times of need. Reuters cited Patrushev, in a meeting with Putin, who said, "After the Russia-Africa summit, we have been maintaining relations with African countries and building cooperation. As a result, we were able to deliver this volume of wheat to these countries quite quickly." The gesture also follows Russia's withdrawal from the Black Sea grain initiative, a deal that permitted Ukraine to ship grain from its Black Sea ports amid the ongoing conflict. Putin argued that the initiative was ineffective in addressing the urgent needs of the recipient countries. The recent shipment to Africa represents a proactive step by Moscow to establish alternative channels for aiding nations in distress. Looking ahead, Patrushev informed Putin that Russia anticipates exporting up to 70 million metric tonnes of grain during the 2023-2024 agricultural year, which commenced on July 1, 2023, and concludes on June 30, 2024. In the previous season, Russia exported 66 million tonnes valued at nearly $16.5 billion. (With inputs from Reuters)

Russia delivers on grain promise: 200,000 tonnes shipped to six African nations

The Indian Directorate of Enforcement (ED) has urged the Bureau of Immigration (BOI) to issue a look-out circular (LOC) against Byju Raveendran, the founder and CEO of the embattled edtech giant Byju's, as reported by the Economic Times.<o:p></o:p>

The ED's request for a new LOC, which prevents an individual from leaving the country, comes as part of an ongoing investigation into alleged Foreign Exchange Management Act (FEMA) violations by Byju's. <o:p></o:p>

The ED's Bengaluru office, now overseeing the case, expressed the need for the circular to safeguard the interests of investors.<o:p></o:p>

Raveendran, who has been shuttling between Delhi and Dubai in recent years, faced an 'on intimation' LOC more than a year and a half ago. <o:p></o:p>

However, the recent shift of the investigation to the Bengaluru office prompted the ED to seek a revised LOC to ensure Raveendran's compliance with the probe. <o:p></o:p>

The ED served show-cause notices to Byju and Raveendran in November of last year on alleged FEMA violations totalling Rs 9,362.35 crore. <o:p></o:p>

The ED had initiated investigations based on complaints regarding foreign investments and business conduct. <o:p></o:p>

Searches at Byju's locations and Raveendran's residence had led to the seizure of pertinent documents related to investments.<span style="font-size:8.0pt;line-height:107%;font-family:
&quot;Arial&quot;,sans-serif;mso-fareast-font-family:&quot;Times New Roman&quot;;display:none;
mso-hide:all;mso-font-kerning:0pt;mso-ligatures:none;mso-ansi-language:EN-IN;
mso-fareast-language:EN-GB">Bottom of Form<o:p></o:p>

Other developments<o:p></o:p>

According to previous&nbsp;media reports, Byju's CEO and founder, Byju Raveendran, secured relief as the court declined to halt an emergency meeting convened by investors, after the Karnataka High Court hearing on Wednesday.<o:p></o:p>

The court ruled that resolutions passed during the upcoming shareholders meeting would be considered invalid. <o:p></o:p>

Byju's, in response, asserted that decisions made during this emergency meeting would not be held until the court concludes the hearing, thus safeguarding Raveendran's position as CEO. <o:p></o:p>

This move nullified the investors' attempt to vote out the company founders, protecting them from removal from the board of directors.<o:p></o:p>

Byju's has faced a series of challenges since early 2023, including the resignation of its auditor, lenders initiating bankruptcy proceedings against a holding company, and a US lawsuit disputing loan terms. <o:p></o:p>

The company accused certain investors, including General Atlantic, Peak XV (formerly Sequoia Capital India), and Chan Zuckerberg Initiative, of violating the shareholders' agreement by calling for the extraordinary general meeting on February 23. <o:p></o:p>

Byju's argued in court that these investors were disrupting operations by hindering crucial funding.<o:p></o:p>

The Karnataka High Court, responding to a petition by Think &amp; Learn Pvt Ltd, Byju's parent company, ordered the invalidation of resolutions proposed in the February 23 EGM until the final disposition of the petition. <o:p></o:p>

Despite this ruling, some investors plan to proceed with the EGM, seeking the removal of Byju as CEO, citing transparency issues and financial mismanagement under his leadership. 

Investor sources contested the idea that the court invalidated the resolutions, asserting that the EGM would proceed with a vote against Byju as CEO.<o:p></o:p>

<span style="font-size:8.0pt;line-height:107%;font-family:
&quot;Arial&quot;,sans-serif;mso-fareast-font-family:&quot;Times New Roman&quot;;display:none;
mso-hide:all;mso-font-kerning:0pt;mso-ligatures:none;mso-ansi-language:EN-IN;
mso-fareast-language:EN-GB">Bottom of Form<o:p></o:p>

<span style="font-size:8.0pt;
line-height:107%;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:&quot;Times New Roman&quot;;
display:none;mso-hide:all;mso-font-kerning:0pt;mso-ligatures:none;mso-ansi-language:
EN-IN;mso-fareast-language:EN-GB">Bottom of Form<o:p></o:p>

The Indian Directorate of Enforcement (ED) has urged the Bureau of Immigration (BOI) to issue a look-out circular (LOC) against Byju Raveendran, the founder and CEO of the embattled edtech giant Byju's, as reported by the Economic Times.

The Indian Directorate of Enforcement (ED) has urged the Bureau of Immigration (BOI) to issue a look-out circular (LOC) against Byju Raveendran, the founder and CEO of the embattled edtech giant Byju's, as reported by the Economic Times. The ED's request for a new LOC, which prevents an individual from leaving the country, comes as part of an ongoing investigation into alleged Foreign Exchange Management Act (FEMA) violations by Byju's. The ED's Bengaluru office, now overseeing the case, expressed the need for the circular to safeguard the interests of investors. Raveendran, who has been shuttling between Delhi and Dubai in recent years, faced an 'on intimation' LOC more than a year and a half ago. However, the recent shift of the investigation to the Bengaluru office prompted the ED to seek a revised LOC to ensure Raveendran's compliance with the probe. The ED served show-cause notices to Byju and Raveendran in November of last year on alleged FEMA violations totalling Rs 9,362.35 crore. The ED had initiated investigations based on complaints regarding foreign investments and business conduct. Searches at Byju's locations and Raveendran's residence had led to the seizure of pertinent documents related to investments.Bottom of Form Other developments According to previous media reports, Byju's CEO and founder, Byju Raveendran, secured relief as the court declined to halt an emergency meeting convened by investors, after the Karnataka High Court hearing on Wednesday. The court ruled that resolutions passed during the upcoming shareholders meeting would be considered invalid. Byju's, in response, asserted that decisions made during this emergency meeting would not be held until the court concludes the hearing, thus safeguarding Raveendran's position as CEO. This move nullified the investors' attempt to vote out the company founders, protecting them from removal from the board of directors. Byju's has faced a series of challenges since early 2023, including the resignation of its auditor, lenders initiating bankruptcy proceedings against a holding company, and a US lawsuit disputing loan terms. The company accused certain investors, including General Atlantic, Peak XV (formerly Sequoia Capital India), and Chan Zuckerberg Initiative, of violating the shareholders' agreement by calling for the extraordinary general meeting on February 23. Byju's argued in court that these investors were disrupting operations by hindering crucial funding. The Karnataka High Court, responding to a petition by Think & Learn Pvt Ltd, Byju's parent company, ordered the invalidation of resolutions proposed in the February 23 EGM until the final disposition of the petition. Despite this ruling, some investors plan to proceed with the EGM, seeking the removal of Byju as CEO, citing transparency issues and financial mismanagement under his leadership. Investor sources contested the idea that the court invalidated the resolutions, asserting that the EGM would proceed with a vote against Byju as CEO. Bottom of Form Bottom of Form

ED seeks look out circular against Byju's founder amid ongoing investigation: Report

WION's&nbsp;Business Desk brings you this daily round up of global stories from the world of business and economy.<o:p></o:p>

Intel unveils ambitious plans to overtake TSMC with advanced chip manufacturing technologies<o:p></o:p>

At a technology conference in San Jose, California, Intel announced its ambitious plans to regain dominance in the semiconductor industry by surpassing its main competitor, Taiwan Semiconductor Manufacturing Co (TSMC).<o:p></o:p>

<a href="https://www.wionews.com/business-economy/intel-unveils-ambitious-plans-to-overtake-tsmc-with-advanced-chip-manufacturing-technologies-692590">Read more here</a><o:p></o:p>

US natural gas producers struggle amid record supplies and plummeting prices<o:p></o:p>

Amid a relentless surge in natural gas output, US gas producers find themselves grappling with plummeting prices and mounting losses.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/us-natural-gas-producers-struggle-amid-record-supplies-and-plummeting-prices-692595">Read more here</a><o:p></o:p>

EV startups Rivian and Lucid adjust 2024 production forecasts amid market challenges<o:p></o:p>

Electric vehicle (EV) startups Rivian and Lucid have adjusted their production forecasts for 2024, citing challenges in the market landscape and persistent borrowing costs hindering consumer adoption of battery-powered cars.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/ev-startups-rivian-and-lucid-adjust-2024-production-forecasts-amid-market-challenges-692600">Read more here</a><o:p></o:p>

Boeing replaces head of 737 jetliner programme in wake of mid-air door blowout incident<o:p></o:p>

In the wake of the infamous mid-air window blow-out, Boeing has said that the head of its 737 jetliner programme Ed Clark is departing the company.<o:p></o:p>

<a href="https://www.wionews.com/world/boeing-replaces-head-of-737-jetliner-program-after-last-months-door-blowout-incident-692579">Read more here</a><o:p></o:p>

ED seeks look out circular against Byju's founder amid ongoing investigation: Report<o:p></o:p>

The Indian Directorate of Enforcement (ED) has urged the Bureau of Immigration (BOI) to issue a look-out circular (LOC) against Byju Raveendran, the founder and CEO of the embattled edtech giant Byju's,<o:p></o:p>

<a href="https://www.wionews.com/business-economy/ed-seeks-lookout-circular-against-byjus-founder-amid-ongoing-investigation-report-692540">Read more here</a><o:p></o:p>

Russia delivers on grain promise: 200,000 tonnes shipped to six African nations<o:p></o:p>

Russia has successfully fulfilled its commitment to provide humanitarian aid in the form of 200,000 metric tonnes of free grain to six African countries, as previously announced by President Vladimir Putin in July.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/russia-delivers-on-grain-promise-200000-tonnes-shipped-to-six-african-nations-692560">Read more here</a><o:p></o:p>

India’s central bank intensifies oversight of fintech sector through rigorous inspections<o:p></o:p>

India’s Reserve Bank (RBI) has ramped up scrutiny of fintech companies, signalling an end to lenient regulation of this pivotal industry.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/indias-central-bank-intensifies-oversight-of-fintech-sector-through-rigorous-inspections-692562">Read more here</a><o:p></o:p>

Abu Dhabi's Mubadala Investment explores stake in London's Heathrow Airport<o:p></o:p>

Abu Dhabi's Mubadala Investment is actively considering an investment in London's Heathrow Airport, Reuters reported citing sources familiar with the matter.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/abu-dhabis-mubadala-investment-explores-stake-in-londons-heathrow-airport-692569">Read more here</a><o:p></o:p>

India surpasses China, emerges as HSBC's third-largest profit hub in 2023<o:p></o:p>

In a financial twist, India has become the unexpected star in HSBC's profit galaxy, surpassing China and securing its position as the third-largest profitable region for the Hong Kong and Shanghai Banking Corp Ltd (HSBC) in 2023.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/india-surpasses-china-emerges-as-hsbcs-third-largest-profit-hub-in-2023-692613">Read more here</a><o:p></o:p>

Federal Reserve treads cautiously on rate cuts amid economic uncertainty<o:p></o:p>

In a peek into the Federal Reserve's recent discussions, the minutes of the January meeting have unveiled a predominant concern among policymakers about the potential risks associated with cutting interest rates too soon.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/federal-reserve-treads-cautiously-on-rate-cuts-amid-economic-uncertainty-692620">Read more here</a><o:p></o:p>

Global debt skyrockets to unprecedented $313 tn, emerging markets facing new challenges<o:p></o:p>

The world has witnessed a staggering surge in global debt, reaching an unprecedented high of $313 trillion in 2023, as reported by the Institute of International Finance (IIF), a financial services trade group.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/global-debt-skyrockets-to-unprecedented-313-tn-emerging-markets-facing-new-challenges-692634">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. Intel unveils ambitious plans to overtake TSMC with advanced chip manufacturing technologies At a technology conference in San Jose, California, Intel announced its ambitious plans to regain dominance in the semiconductor industry by surpassing its main competitor, Taiwan Semiconductor Manufacturing Co (TSMC).

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Intel unveils ambitious plans to overtake TSMC with advanced chip manufacturing technologies At a technology conference in San Jose, California, Intel announced its ambitious plans to regain dominance in the semiconductor industry by surpassing its main competitor, Taiwan Semiconductor Manufacturing Co (TSMC). Read more here US natural gas producers struggle amid record supplies and plummeting prices Amid a relentless surge in natural gas output, US gas producers find themselves grappling with plummeting prices and mounting losses. Read more here EV startups Rivian and Lucid adjust 2024 production forecasts amid market challenges Electric vehicle (EV) startups Rivian and Lucid have adjusted their production forecasts for 2024, citing challenges in the market landscape and persistent borrowing costs hindering consumer adoption of battery-powered cars. Read more here Boeing replaces head of 737 jetliner programme in wake of mid-air door blowout incident In the wake of the infamous mid-air window blow-out, Boeing has said that the head of its 737 jetliner programme Ed Clark is departing the company. Read more here ED seeks look out circular against Byju's founder amid ongoing investigation: Report The Indian Directorate of Enforcement (ED) has urged the Bureau of Immigration (BOI) to issue a look-out circular (LOC) against Byju Raveendran, the founder and CEO of the embattled edtech giant Byju's, Read more here Russia delivers on grain promise: 200,000 tonnes shipped to six African nations Russia has successfully fulfilled its commitment to provide humanitarian aid in the form of 200,000 metric tonnes of free grain to six African countries, as previously announced by President Vladimir Putin in July. Read more here India’s central bank intensifies oversight of fintech sector through rigorous inspections India’s Reserve Bank (RBI) has ramped up scrutiny of fintech companies, signalling an end to lenient regulation of this pivotal industry. Read more here Abu Dhabi's Mubadala Investment explores stake in London's Heathrow Airport Abu Dhabi's Mubadala Investment is actively considering an investment in London's Heathrow Airport, Reuters reported citing sources familiar with the matter. Read more here India surpasses China, emerges as HSBC's third-largest profit hub in 2023 In a financial twist, India has become the unexpected star in HSBC's profit galaxy, surpassing China and securing its position as the third-largest profitable region for the Hong Kong and Shanghai Banking Corp Ltd (HSBC) in 2023. Read more here Federal Reserve treads cautiously on rate cuts amid economic uncertainty In a peek into the Federal Reserve's recent discussions, the minutes of the January meeting have unveiled a predominant concern among policymakers about the potential risks associated with cutting interest rates too soon. Read more here Global debt skyrockets to unprecedented $313 tn, emerging markets facing new challenges The world has witnessed a staggering surge in global debt, reaching an unprecedented high of $313 trillion in 2023, as reported by the Institute of International Finance (IIF), a financial services trade group. Read more here

WION Business Wrap | Intel’s plan to overtake TSMC, Struggles of US natural gas producers and more

In a peek&nbsp;into the Federal Reserve's recent discussions, the minutes of the January meeting have unveiled a predominant concern among policymakers about the potential risks associated with cutting interest rates too soon. <o:p></o:p>

The minutes, released on Wednesday, indicated a broad uncertainty regarding the duration of maintaining current borrowing costs, with a focus on steering inflation back to the US central bank's target of 2 per cent.<o:p></o:p>

According to the minutes, the uncertainty revolves around the timeframe required for a restrictive monetary policy stance to bring inflation back on track. <o:p></o:p>

Most participants expressed apprehension about the risks associated with a swift easing of policy. <o:p></o:p>

While the majority was cautious about moving too quickly, a couple of participants raised concerns about the downside risks linked to an overly restrictive stance for an extended period.<o:p></o:p>

Market reactions were evident, with US stocks initially trading lower upon the release of the minutes before later recovering ground in the session. <o:p></o:p>

The US dollar remained relatively stable against a basket of currencies, and US Treasury yields experienced an uptick.<o:p></o:p>

The minutes echo recent statements from Fed policymakers, highlighting a measured approach towards anticipated rate cuts expected to begin later this year. <o:p></o:p>

Richmond Fed President Thomas Barkin, speaking on SiriusXM, highlighted concerns about persistent inflation in service industries and housing. <o:p></o:p>

He mentioned that the latest data, reflecting strong job growth and higher-than-anticipated inflation, complicates any decision on rate cuts, making it "harder".<o:p></o:p>

Federal Reserve officials, including Vice Chair Philip Jefferson and Governors Lisa Cook and Christopher Waller, are expected to delve deeper into the discussion on rate cuts in upcoming speeches on Thursday. <o:p></o:p>

The overall sentiment conveyed by the minutes and subsequent speeches is a cautious approach, with concerns about moving too quickly amid uncertainties.<o:p></o:p>

Quincy Krosby, Chief Global Strategist at LPL Financial, emphasised the Fed's valid concerns, especially given the recent uptick in prices. <o:p></o:p>

Krosby suggested that the Fed is wary of rushing decisions before confidently addressing and curbing inflation.<o:p></o:p>

The minutes also shed light on the Fed's considerations regarding the balance sheet policy. "Many participants" suggested initiating "in-depth" discussions on this matter at the March policy meeting, indicating the complexity of decisions on when and how to cease reducing the size of the Fed's balance sheet.<o:p></o:p>

As the economic landscape continues to evolve, investors in contracts tied to the Fed's benchmark overnight interest rate appear to anticipate a reduction in borrowing costs starting in June. <o:p></o:p>

The minutes acknowledged the mixed picture since the end of January, with Treasury yields rising while stocks continued their march to record highs.<o:p></o:p>

In the aftermath of the minutes, Ryan Sweet, Chief US Economist at Oxford Economics, questioned the Fed's concern about cutting rates too soon, deeming it "odd." <o:p></o:p>

Sweet suggested that risks might be tilting towards overly tight policies that could potentially weigh on the economy if signs of deterioration are not addressed promptly.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In a peek into the Federal Reserve's recent discussions, the minutes of the January meeting have unveiled a predominant concern among policymakers about the potential risks associated with cutting interest rates too soon.

In a peek into the Federal Reserve's recent discussions, the minutes of the January meeting have unveiled a predominant concern among policymakers about the potential risks associated with cutting interest rates too soon. The minutes, released on Wednesday, indicated a broad uncertainty regarding the duration of maintaining current borrowing costs, with a focus on steering inflation back to the US central bank's target of 2 per cent. According to the minutes, the uncertainty revolves around the timeframe required for a restrictive monetary policy stance to bring inflation back on track. Most participants expressed apprehension about the risks associated with a swift easing of policy. While the majority was cautious about moving too quickly, a couple of participants raised concerns about the downside risks linked to an overly restrictive stance for an extended period. Market reactions were evident, with US stocks initially trading lower upon the release of the minutes before later recovering ground in the session. The US dollar remained relatively stable against a basket of currencies, and US Treasury yields experienced an uptick. The minutes echo recent statements from Fed policymakers, highlighting a measured approach towards anticipated rate cuts expected to begin later this year. Richmond Fed President Thomas Barkin, speaking on SiriusXM, highlighted concerns about persistent inflation in service industries and housing. He mentioned that the latest data, reflecting strong job growth and higher-than-anticipated inflation, complicates any decision on rate cuts, making it "harder". Federal Reserve officials, including Vice Chair Philip Jefferson and Governors Lisa Cook and Christopher Waller, are expected to delve deeper into the discussion on rate cuts in upcoming speeches on Thursday. The overall sentiment conveyed by the minutes and subsequent speeches is a cautious approach, with concerns about moving too quickly amid uncertainties. Quincy Krosby, Chief Global Strategist at LPL Financial, emphasised the Fed's valid concerns, especially given the recent uptick in prices. Krosby suggested that the Fed is wary of rushing decisions before confidently addressing and curbing inflation. The minutes also shed light on the Fed's considerations regarding the balance sheet policy. "Many participants" suggested initiating "in-depth" discussions on this matter at the March policy meeting, indicating the complexity of decisions on when and how to cease reducing the size of the Fed's balance sheet. As the economic landscape continues to evolve, investors in contracts tied to the Fed's benchmark overnight interest rate appear to anticipate a reduction in borrowing costs starting in June. The minutes acknowledged the mixed picture since the end of January, with Treasury yields rising while stocks continued their march to record highs. In the aftermath of the minutes, Ryan Sweet, Chief US Economist at Oxford Economics, questioned the Fed's concern about cutting rates too soon, deeming it "odd." Sweet suggested that risks might be tilting towards overly tight policies that could potentially weigh on the economy if signs of deterioration are not addressed promptly. (With inputs from Reuters)

Federal Reserve treads cautiously on rate cuts amid economic uncertainty

The world has witnessed a staggering surge in global debt, reaching an unprecedented high of $313 trillion in 2023, as reported by the Institute of International Finance (IIF), a financial services trade group. <o:p></o:p>

The IIF's Global Debt Monitor revealed that this record-breaking figure represents an increase of over $15 trillion in the last quarter of 2023 year-on-year, emphasising the monumental growth from around $210 trillion almost a decade ago.<o:p></o:p>

According to the IIF, about 55 per cent of this surge in global debt originated from mature markets, with the United States, France, and Germany being the primary contributors.<o:p></o:p>

Despite a decline of approximately 2 percentage points in the global debt-to-GDP ratio, settling at nearly 330 per cent in 2023, certain emerging markets experienced a surge in the ratio, indicating potential challenges in debt repayments. <o:p></o:p>

Notably, India, Argentina, China, Russia, Malaysia, and South Africa registered the largest increases, raising concerns about their ability to meet debt obligations.<o:p></o:p>

"While the reduction in this ratio was particularly notable in developed countries," stated the IIF, "some emerging markets saw a fresh high in the reading that indicates a country's ability to pay back debts." <o:p></o:p>

The report highlighted uncertainties surrounding US policy rates and the US dollar, potentially increasing market volatility and tightening funding conditions for countries relying heavily on external borrowing.<o:p></o:p>

Despite the concerns, the IIF noted that the global economy has demonstrated resilience to borrowing cost volatility, resulting in a rebound in investor sentiment. <o:p></o:p>

The appetite for borrowing, especially in emerging markets, is on the rise in 2024, evidenced by increased international sovereign bond issuance volumes. <o:p></o:p>

Notably, countries like Saudi Arabia, Mexico, Hungary, and Romania have engaged in significant bond issuances, reaching an all-time record for January at $47 billion.<o:p></o:p>

"If sustained, this upbeat sentiment should also reverse the ongoing deleveraging by European governments and non-financial corporates in mature markets, both of which are now less indebted than in the run-up to the pandemic," suggested the IIF, highlighting the potential positive impact of the current trend on European economies.<o:p></o:p>

However, the IIF expressed concerns about potential inflationary pressures, which could result in higher borrowing costs. <o:p></o:p>

Geopolitical risks were also identified as a "structural market risk," with growing fragmentation raising concerns about fiscal discipline worldwide. <o:p></o:p>

The IIF emphasised that government budget deficits remain above pre-pandemic levels, and any acceleration in regional conflicts could trigger a significant increase in defence spending, adding an additional layer of complexity to the global economic landscape.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The world has witnessed a staggering surge in global debt, reaching an unprecedented high of $313 trillion in 2023, as reported by the Institute of International Finance (IIF), a financial services trade group.

The world has witnessed a staggering surge in global debt, reaching an unprecedented high of $313 trillion in 2023, as reported by the Institute of International Finance (IIF), a financial services trade group. The IIF's Global Debt Monitor revealed that this record-breaking figure represents an increase of over $15 trillion in the last quarter of 2023 year-on-year, emphasising the monumental growth from around $210 trillion almost a decade ago. According to the IIF, about 55 per cent of this surge in global debt originated from mature markets, with the United States, France, and Germany being the primary contributors. Despite a decline of approximately 2 percentage points in the global debt-to-GDP ratio, settling at nearly 330 per cent in 2023, certain emerging markets experienced a surge in the ratio, indicating potential challenges in debt repayments. Notably, India, Argentina, China, Russia, Malaysia, and South Africa registered the largest increases, raising concerns about their ability to meet debt obligations. "While the reduction in this ratio was particularly notable in developed countries," stated the IIF, "some emerging markets saw a fresh high in the reading that indicates a country's ability to pay back debts." The report highlighted uncertainties surrounding US policy rates and the US dollar, potentially increasing market volatility and tightening funding conditions for countries relying heavily on external borrowing. Despite the concerns, the IIF noted that the global economy has demonstrated resilience to borrowing cost volatility, resulting in a rebound in investor sentiment. The appetite for borrowing, especially in emerging markets, is on the rise in 2024, evidenced by increased international sovereign bond issuance volumes. Notably, countries like Saudi Arabia, Mexico, Hungary, and Romania have engaged in significant bond issuances, reaching an all-time record for January at $47 billion. "If sustained, this upbeat sentiment should also reverse the ongoing deleveraging by European governments and non-financial corporates in mature markets, both of which are now less indebted than in the run-up to the pandemic," suggested the IIF, highlighting the potential positive impact of the current trend on European economies. However, the IIF expressed concerns about potential inflationary pressures, which could result in higher borrowing costs. Geopolitical risks were also identified as a "structural market risk," with growing fragmentation raising concerns about fiscal discipline worldwide. The IIF emphasised that government budget deficits remain above pre-pandemic levels, and any acceleration in regional conflicts could trigger a significant increase in defence spending, adding an additional layer of complexity to the global economic landscape. (With inputs from Reuters)

Global debt skyrockets to unprecedented $313 tn, emerging markets facing new challenges

Major US-based crypto firm Circle has announced its decision to discontinue support for its USDC (US Dollar Coin) token on the Tron blockchain network. <o:p></o:p>

The move, according to Circle, is part of its ongoing efforts to uphold the integrity and safety of USDC, one of the leading stablecoins in the market.<o:p></o:p>

According to a blog post by Circle, the decision to cease USDC support on Tron is effective immediately. <o:p></o:p>

The Boston-headquartered company emphasided its commitment to ensuring the trustworthiness and transparency of USDC, stating that it continually evaluates the suitability of blockchains supporting the stablecoin under its risk management framework.<o:p></o:p>

While Circle did not explicitly state the reason behind the decision, it comes amidst regulatory scrutiny surrounding the Tron blockchain.<o:p></o:p>

&nbsp;Tron, a popular platform for stablecoin transactions, has faced regulatory challenges in the United States, particularly with its founder, Justin Sun, who has been embroiled in legal disputes with the Securities and Exchange Commission (SEC). <o:p></o:p>

Sun has vehemently denied the SEC's allegations, asserting that they lack merit.<o:p></o:p>

Circle's move to end USDC support on Tron impacts both institutional and retail users.<o:p></o:p>

Institutional clients have until February 2025 to transfer USDC held on Tron to other blockchains or redeem the tokens for traditional currency. <o:p></o:p>

Retail customers, on the other hand, can transfer USDC to alternative blockchains or redeem them at various crypto exchanges and brokerages.<o:p></o:p>

The termination of USDC support on Tron follows Circle's earlier actions, including the closure of accounts associated with Justin Sun and his affiliated companies. <o:p></o:p>

With USDC being the eighth-largest crypto token globally, the move to discontinue support on Tron is expected to have reverberations in the market. <o:p></o:p>

According to Circle's website, approximately $335 million worth of USDC is hosted on the Tron blockchain. <o:p></o:p>

Tron has faced allegations in the past regarding its association with crypto transfers linked to groups designated as terror organisations. <o:p></o:p>

However, the platform has maintained that it does not have control over its users' activities and has refuted any direct link to the identified groups.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Major US-based crypto firm Circle has announced its decision to discontinue support for its USDC (US Dollar Coin) token on the Tron blockchain network. The move, according to Circle, is part of its ongoing efforts to uphold the integrity and safety of USDC, one of the leading stablecoins in the market.

Major US-based crypto firm Circle has announced its decision to discontinue support for its USDC (US Dollar Coin) token on the Tron blockchain network. The move, according to Circle, is part of its ongoing efforts to uphold the integrity and safety of USDC, one of the leading stablecoins in the market. According to a blog post by Circle, the decision to cease USDC support on Tron is effective immediately. The Boston-headquartered company emphasided its commitment to ensuring the trustworthiness and transparency of USDC, stating that it continually evaluates the suitability of blockchains supporting the stablecoin under its risk management framework. While Circle did not explicitly state the reason behind the decision, it comes amidst regulatory scrutiny surrounding the Tron blockchain. Tron, a popular platform for stablecoin transactions, has faced regulatory challenges in the United States, particularly with its founder, Justin Sun, who has been embroiled in legal disputes with the Securities and Exchange Commission (SEC). Sun has vehemently denied the SEC's allegations, asserting that they lack merit. Circle's move to end USDC support on Tron impacts both institutional and retail users. Institutional clients have until February 2025 to transfer USDC held on Tron to other blockchains or redeem the tokens for traditional currency. Retail customers, on the other hand, can transfer USDC to alternative blockchains or redeem them at various crypto exchanges and brokerages. The termination of USDC support on Tron follows Circle's earlier actions, including the closure of accounts associated with Justin Sun and his affiliated companies. With USDC being the eighth-largest crypto token globally, the move to discontinue support on Tron is expected to have reverberations in the market. According to Circle's website, approximately $335 million worth of USDC is hosted on the Tron blockchain. Tron has faced allegations in the past regarding its association with crypto transfers linked to groups designated as terror organisations. However, the platform has maintained that it does not have control over its users' activities and has refuted any direct link to the identified groups. (With inputs from Reuters)

Circle ceases USDC support on Tron Blockchain amid regulatory concerns

The Conference Board announced on Tuesday that it was abandoning long-standing prediction of an imminent recession in the United States. <o:p></o:p>

Despite the downturn in its Leading Economic Index (LEI), which suggests a stagnation in economic output in the upcoming months, the organisation noted positive signals indicating economic resilience<o:p></o:p>

Reuters cited Justyna Zabinska-La Monica, senior manager of business cycle indicators at the Conference Board, who said, "While the declining LEI continues to signal headwinds to economic activity, for the first time in the past two years, six out of its 10 components were positive contributors over the past six-month period."<o:p></o:p>

This shift, she highlighted, has led the leading index to no longer foresee a recession looming ahead.<o:p></o:p>

The Conference Board's index, designed to anticipate future economic trends, experienced a 0.4 per cent decline in January, reaching its lowest level since April 2020. <o:p></o:p>

Despite this prolonged downturn, the rate of decline over a six-month period has markedly slowed, suggesting a less pessimistic outlook compared to previous months.<o:p></o:p>

Matthew Martin, a US economist at Oxford Economics, echoed this sentiment, affirming that despite the index's overall decline, key indicators poised for improvement hint at sustained economic growth.<o:p></o:p>

The reversal of the recession forecast can be attributed to several factors, including the recent surge in stock prices and the Federal Reserve's signalling of a shift in monetary policy. <o:p></o:p>

The rally in stock markets, with the S&amp;P 500 index surging by over 20 per cent since late October, has injected optimism into the economic landscape, signalling confidence in the Fed's commitment to curbing inflation without stifling growth. <o:p></o:p>

Additionally, indicators such as low unemployment filings and promising metrics in credit availability, home building permits, and manufactured goods orders have contributed to the newfound optimism.<o:p></o:p>

Despite the positive outlook, concerns linger regarding the economy's short-term performance.<o:p></o:p>

Zabinska-La Monica cautioned that growth in the second and third quarters could hover around zero, indicating potential challenges ahead.<o:p></o:p>

&nbsp;Nonetheless, economists remain hopeful, citing the strength of the labour market, improved financial conditions, and stronger consumer spending as factors underpinning optimism for continued economic expansion.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The Conference Board announced on Tuesday that it was abandoning long-standing prediction of an imminent recession in the United States. Despite the downturn in its Leading Economic Index (LEI), which suggests a stagnation in economic output in the upcoming months, the organisation noted positive signals indicating economic resilience Reuters cited Justyna Zabinska-La Monica, senior manager of business cycle indicators at the Conference Board, who said, "While the declining LEI continues to signal headwinds to economic activity, for the first time in the past two years, six out of its 10 components were positive contributors over the past six-month period.

The Conference Board announced on Tuesday that it was abandoning long-standing prediction of an imminent recession in the United States. Despite the downturn in its Leading Economic Index (LEI), which suggests a stagnation in economic output in the upcoming months, the organisation noted positive signals indicating economic resilience Reuters cited Justyna Zabinska-La Monica, senior manager of business cycle indicators at the Conference Board, who said, "While the declining LEI continues to signal headwinds to economic activity, for the first time in the past two years, six out of its 10 components were positive contributors over the past six-month period." This shift, she highlighted, has led the leading index to no longer foresee a recession looming ahead. The Conference Board's index, designed to anticipate future economic trends, experienced a 0.4 per cent decline in January, reaching its lowest level since April 2020. Despite this prolonged downturn, the rate of decline over a six-month period has markedly slowed, suggesting a less pessimistic outlook compared to previous months. Matthew Martin, a US economist at Oxford Economics, echoed this sentiment, affirming that despite the index's overall decline, key indicators poised for improvement hint at sustained economic growth. The reversal of the recession forecast can be attributed to several factors, including the recent surge in stock prices and the Federal Reserve's signalling of a shift in monetary policy. The rally in stock markets, with the S&P 500 index surging by over 20 per cent since late October, has injected optimism into the economic landscape, signalling confidence in the Fed's commitment to curbing inflation without stifling growth. Additionally, indicators such as low unemployment filings and promising metrics in credit availability, home building permits, and manufactured goods orders have contributed to the newfound optimism. Despite the positive outlook, concerns linger regarding the economy's short-term performance. Zabinska-La Monica cautioned that growth in the second and third quarters could hover around zero, indicating potential challenges ahead. Nonetheless, economists remain hopeful, citing the strength of the labour market, improved financial conditions, and stronger consumer spending as factors underpinning optimism for continued economic expansion. (With inputs from Reuters)

Conference board retracts US recession prediction; economy set to grow despite index decline

In a promising start to the US retailers' reporting season, Walmart reported strong fourth-quarter results, brought on by increased spending by price-conscious consumers seeking a respite from inflationary pressures. <o:p></o:p>

Simultaneously, the retail behemoth announced its intention to acquire smart-TV manufacturer Vizio for $2.3 billion, signalling a shift towards strengthen its advertising arm.<o:p></o:p>

According to Reuters, Walmart's shares soared by 6.5 per cent to reach an all-time peak of $181.35, following the announcement. <o:p></o:p>

The surge was not only attributed to stellar earnings but also to an annual sales forecast and a 9 per cent dividend hike, marking its most notable increase in over a decade. <o:p></o:p>

Walmart's emphasis on groceries, outshining competitors like Target, has acted as a shield amid a broader downturn in consumer spending. <o:p></o:p>

By leveraging its vast scale to negotiate with suppliers and offering aggressive price cuts, the retail giant has managed to draw in a diverse customer base, including higher-income households.<o:p></o:p>

"Walmart's commitment to offering value resonates strongly with customers," Reuters quoted CEO Doug McMillon as saying during a conference call.<o:p></o:p>

He attributed the surge in transactions and volumes, culminating in surpassing $100 billion in global e-commerce sales in 2023, to the company's concerted efforts in enhancing store experiences, expanding online assortments, and augmenting pickup and delivery options.<o:p></o:p>

In stark contrast, Home Depot reported a slump in holiday quarter sales, attributing the decline to consumers tightening their purse strings amidst soaring food prices and mortgage rates.<o:p></o:p>

Reflecting on Walmart's conservative yet prudent fiscal outlook, Christian Greiner, a senior portfolio manager at ZCM, acknowledged the cautious approach amid volatile economic conditions. <o:p></o:p>

Greiner noted the market's recognition of Walmart's foresight, driving the surge in shares.<o:p></o:p>

In a move to strengthen its advertising arm, Walmart unveiled plans to acquire Vizio, a leading smart-TV manufacturer, for a hefty $2.3 billion. <o:p></o:p>

The acquisition, slated to bolster Walmart Connect, the retailer's advertising business, is poised to revolutionise its advertising strategy by reaching consumers via television.<o:p></o:p>

GlobalData's Managing Director Neil Saunders hailed the deal as a game-changer, enabling Walmart to extend its advertising reach beyond traditional channels and compete head-on with industry rivals like Amazon. <o:p></o:p>

The proposed offer, set at $11.50 per share in cash, represents a premium of 47 per cent to Vizio's closing price before reports of the deal surfaced. <o:p></o:p>

Analysts predict that the acquisition will be mildly dilutive to Walmart's earnings in fiscal 2025.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In a promising start to the US retailers' reporting season, Walmart reported strong fourth-quarter results, brought on by increased spending by price-conscious consumers seeking a respite from inflationary pressures.

In a promising start to the US retailers' reporting season, Walmart reported strong fourth-quarter results, brought on by increased spending by price-conscious consumers seeking a respite from inflationary pressures. Simultaneously, the retail behemoth announced its intention to acquire smart-TV manufacturer Vizio for $2.3 billion, signalling a shift towards strengthen its advertising arm. According to Reuters, Walmart's shares soared by 6.5 per cent to reach an all-time peak of $181.35, following the announcement. The surge was not only attributed to stellar earnings but also to an annual sales forecast and a 9 per cent dividend hike, marking its most notable increase in over a decade. Walmart's emphasis on groceries, outshining competitors like Target, has acted as a shield amid a broader downturn in consumer spending. By leveraging its vast scale to negotiate with suppliers and offering aggressive price cuts, the retail giant has managed to draw in a diverse customer base, including higher-income households. "Walmart's commitment to offering value resonates strongly with customers," Reuters quoted CEO Doug McMillon as saying during a conference call. He attributed the surge in transactions and volumes, culminating in surpassing $100 billion in global e-commerce sales in 2023, to the company's concerted efforts in enhancing store experiences, expanding online assortments, and augmenting pickup and delivery options. In stark contrast, Home Depot reported a slump in holiday quarter sales, attributing the decline to consumers tightening their purse strings amidst soaring food prices and mortgage rates. Reflecting on Walmart's conservative yet prudent fiscal outlook, Christian Greiner, a senior portfolio manager at ZCM, acknowledged the cautious approach amid volatile economic conditions. Greiner noted the market's recognition of Walmart's foresight, driving the surge in shares. In a move to strengthen its advertising arm, Walmart unveiled plans to acquire Vizio, a leading smart-TV manufacturer, for a hefty $2.3 billion. The acquisition, slated to bolster Walmart Connect, the retailer's advertising business, is poised to revolutionise its advertising strategy by reaching consumers via television. GlobalData's Managing Director Neil Saunders hailed the deal as a game-changer, enabling Walmart to extend its advertising reach beyond traditional channels and compete head-on with industry rivals like Amazon. The proposed offer, set at $11.50 per share in cash, represents a premium of 47 per cent to Vizio's closing price before reports of the deal surfaced. Analysts predict that the acquisition will be mildly dilutive to Walmart's earnings in fiscal 2025. (With inputs from Reuters)

Walmart soars on strong earnings and Vizio acquisition: Report

In a significant move impacting millions of users, Paytm, India's leading digital payments platform has been coordinating an essential transition by shifting its nodal account to Axis Bank.

This manoeuvre, as disclosed in a regulatory filing, aims to ensure uninterrupted operations of essential services like Paytm QR, Soundbox, and card machines post the March 15 deadline set by the Reserve Bank of India (RBI).

The decision comes amid regulatory concerns and operational adjustments for Paytm Payments Bank Ltd (PPBL).

Following the RBI's directive, Paytm has been compelled to accelerate the migration process for its vast user base.

Paytm, with over 30 crore users and a network of 1 crore merchants, faces the intricate task of facilitating a seamless transition while sustaining its market presence.

A Times of India report quoted a Paytm representative as saying, "The shift of the nodal account to Axis Bank (by opening an Escrow Account) will ensure seamless merchant settlements as before."

A Business Standard article reports&nbsp;that industry insiders anticipate&nbsp;the migration process could span three to six months.

The report further said that Paytm's endeavour to secure a third-party application provider (TPAP) license from the National Payments Corporation of India (NPCI) aligns with its strategy to sustain digital payment capabilities, particularly through the Unified Payments Interface (UPI).

Notably, discussions are underway between Paytm and other major banking entities like HDFC Bank and State Bank of India (SBI) to ensure continued UPI services for users.

The RBI's recent extension of the deadline for PPBL's operational restrictions till March 15 provides a brief respite for users and merchants to adapt to the impending changes.

In a significant move impacting millions of users, Paytm, India's leading digital payments platform has been coordinating an essential transition by shifting its nodal account to Axis Bank.

In a significant move impacting millions of users, Paytm, India's leading digital payments platform has been coordinating an essential transition by shifting its nodal account to Axis Bank. This manoeuvre, as disclosed in a regulatory filing, aims to ensure uninterrupted operations of essential services like Paytm QR, Soundbox, and card machines post the March 15 deadline set by the Reserve Bank of India (RBI). The decision comes amid regulatory concerns and operational adjustments for Paytm Payments Bank Ltd (PPBL). Following the RBI's directive, Paytm has been compelled to accelerate the migration process for its vast user base. Paytm, with over 30 crore users and a network of 1 crore merchants, faces the intricate task of facilitating a seamless transition while sustaining its market presence. A Times of India report quoted a Paytm representative as saying, "The shift of the nodal account to Axis Bank (by opening an Escrow Account) will ensure seamless merchant settlements as before." A Business Standard article reports that industry insiders anticipate the migration process could span three to six months. The report further said that Paytm's endeavour to secure a third-party application provider (TPAP) license from the National Payments Corporation of India (NPCI) aligns with its strategy to sustain digital payment capabilities, particularly through the Unified Payments Interface (UPI). Notably, discussions are underway between Paytm and other major banking entities like HDFC Bank and State Bank of India (SBI) to ensure continued UPI services for users. The RBI's recent extension of the deadline for PPBL's operational restrictions till March 15 provides a brief respite for users and merchants to adapt to the impending changes.

Paytm shifts nodal account to Axis Bank. What it means for customers

The Reserve Bank of India (RBI) has released its February bulletin, painting a picture of stabilising inflation and promising economic prospects for India in 2024.

According to the RBI bulletin, while inflation expectations may edge down, renewed pressures from certain sectors remains a possibility.

Retail inflation in January was recorded at a three-month low of 5.1 per cent , signalling positive developments in the overall inflation scenario.

The central bank's monthly bulletin titled 'State of the Economy' highlighted the favourable conditions emerging both domestically and globally.

As per RBI's assessment, the Indian economy maintains its momentum, supported by promising high-frequency indicators.

The bulletin expressed optimism about corporate expansion strategies, fuelled by expectations of increased demand.

“Ex­pectations of a fresh round of capex by the corporate sector is likely to fuel the next leg of growth,” RBI said in its press release.

"Core inflation is at its lowest since October 2019," it added, hinting at a positive outlook for input costs and manufacturing firm selling prices.

The bulletin also addressed fiscal matters, with internal simulations indicating a promising trajectory for India's debt-to-GDP ratio.

The RBI projected a decrease to 73.4 per cent by 2030-31, a notable improvement from the IMF's forecast of 78.2 per cent.

Dismissing concerns raised by the IMF, the RBI emphasised that fiscal tightening is not immediately warranted.

In another article titled 'The Shape of Growth Compatible Fiscal Consolidation', the RBI outlined strategies for fiscal consolidation, advocating for a focus on developmental expenditure.

This includes investments in health, education, digitalisation, and climate risk mitigation, aiming to drive sustainable growth.

The article highlighted the potential of directing government spending towards employment-generating sectors, which could significantly reduce the debt-GDP ratio by 2030-31.

&nbsp;“We find that if government expenditure is directed towards the above-mentioned segments, the debt-GDP ratio of the general government can decline substantially to 73.4 per cent of GDP by 2030-31,” the article said.

Regarding inflation dynamics, the bulletin explored the impact of recent shocks on headline and core inflation.

Despite supply-side disruptions caused by events like the COVID-19 pandemic and geopolitical tensions, various core inflation measures have held up well.

The long-term convergence of non-core to core inflation&nbsp;remains a notable observation. Core inflation refers to the&nbsp;change in prices for goods and services, excluding those from the food and energy sectors.

“Since early 2020, multiple supply side shocks, particularly in food and energy, have led to some degree of persistence in headline inflation. This led to spillovers from non-core to core inflation weakening some properties of core inflation, although in the long-run, non-core inflation still converges to core inflation”, the article said.

Lastly, the bulletin said that evolving business sentiments underscored the resilience of Indian services and infrastructure sectors.

Despite pandemic-induced challenges, both sectors exhibited a gradual rebound in confidence, as reflected in the Services and Infrastructure Outlook Survey (SIOS) conducted by the RBI.

(With inputs from agencies)

The Reserve Bank of India (RBI) has released its February bulletin, painting a picture of stabilising inflation and promising economic prospects for India in 2024.

The Reserve Bank of India (RBI) has released its February bulletin, painting a picture of stabilising inflation and promising economic prospects for India in 2024. According to the RBI bulletin, while inflation expectations may edge down, renewed pressures from certain sectors remains a possibility. Retail inflation in January was recorded at a three-month low of 5.1 per cent , signalling positive developments in the overall inflation scenario. The central bank's monthly bulletin titled 'State of the Economy' highlighted the favourable conditions emerging both domestically and globally. As per RBI's assessment, the Indian economy maintains its momentum, supported by promising high-frequency indicators. The bulletin expressed optimism about corporate expansion strategies, fuelled by expectations of increased demand. “Expectations of a fresh round of capex by the corporate sector is likely to fuel the next leg of growth,” RBI said in its press release. "Core inflation is at its lowest since October 2019," it added, hinting at a positive outlook for input costs and manufacturing firm selling prices. The bulletin also addressed fiscal matters, with internal simulations indicating a promising trajectory for India's debt-to-GDP ratio. The RBI projected a decrease to 73.4 per cent by 2030-31, a notable improvement from the IMF's forecast of 78.2 per cent. Dismissing concerns raised by the IMF, the RBI emphasised that fiscal tightening is not immediately warranted. In another article titled 'The Shape of Growth Compatible Fiscal Consolidation', the RBI outlined strategies for fiscal consolidation, advocating for a focus on developmental expenditure. This includes investments in health, education, digitalisation, and climate risk mitigation, aiming to drive sustainable growth. The article highlighted the potential of directing government spending towards employment-generating sectors, which could significantly reduce the debt-GDP ratio by 2030-31. “We find that if government expenditure is directed towards the above-mentioned segments, the debt-GDP ratio of the general government can decline substantially to 73.4 per cent of GDP by 2030-31,” the article said. Regarding inflation dynamics, the bulletin explored the impact of recent shocks on headline and core inflation. Despite supply-side disruptions caused by events like the COVID-19 pandemic and geopolitical tensions, various core inflation measures have held up well. The long-term convergence of non-core to core inflation remains a notable observation. Core inflation refers to the change in prices for goods and services, excluding those from the food and energy sectors. “Since early 2020, multiple supply side shocks, particularly in food and energy, have led to some degree of persistence in headline inflation. This led to spillovers from non-core to core inflation weakening some properties of core inflation, although in the long-run, non-core inflation still converges to core inflation”, the article said. Lastly, the bulletin said that evolving business sentiments underscored the resilience of Indian services and infrastructure sectors. Despite pandemic-induced challenges, both sectors exhibited a gradual rebound in confidence, as reflected in the Services and Infrastructure Outlook Survey (SIOS) conducted by the RBI. (With inputs from agencies)

India's inflation prospects stabilise, economy poised for growth: RBI Bulletin

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