At least two dozen firms, including three Chinese firms, are likely to face the European Union's latest sanctions. These firms have been accused of supporting Russia's war efforts in Ukraine.

As per the draft document accessed by Bloomberg, most of them are tech companies. They are accused of "contributing to Russia's military and technological enhancement," according to the draft document.

If the sanctions are adopted, it would be the first time the EU would impose restrictions on Chinese firms since the Ukraine war broke out in February 2022.

The list also includes firms in Hong Kong, Serbia, India and Turkey, some of which are being targeted for the first time.

The companies have not been named for legal reasons.

The restrictions would ban European companies from trading with these listed firms. The EU's latest action is part of its efforts to squeeze Russia's ability to secure sanctioned goods through non-western countries.

EU sanctions need the backing of all member-states (27 in total) to be adopted.

The 27-member bloc has so far imposed sanctions on over 620 companies, almost all of them from Russia. These listed companies are mostly importing banned technologies and electronics goods and re-exporting them to Russia.

This is not the first time that the European Union has sought to sanction several Chinese firms.

But previous proposals had to be dropped following resistance from some member states, and after Beijing issued assurances.

Sanctioning Chinese firms would be a major step in the history of the bloc. The EU counts Beijing as one of its most important trade partners. Germany, in particular, counts China as its biggest market for automobiles.

(With inputs from agencies)

At least two dozen firms, including three Chinese firms, are likely to face the European Union's latest sanctions. These firms have been accused of supporting Russia's war efforts in Ukraine.

At least two dozen firms, including three Chinese firms, are likely to face the European Union's latest sanctions. These firms have been accused of supporting Russia's war efforts in Ukraine. As per the draft document accessed by Bloomberg, most of them are tech companies. They are accused of "contributing to Russia's military and technological enhancement," according to the draft document. If the sanctions are adopted, it would be the first time the EU would impose restrictions on Chinese firms since the Ukraine war broke out in February 2022. The list also includes firms in Hong Kong, Serbia, India and Turkey, some of which are being targeted for the first time. The companies have not been named for legal reasons. The restrictions would ban European companies from trading with these listed firms. The EU's latest action is part of its efforts to squeeze Russia's ability to secure sanctioned goods through non-western countries. EU sanctions need the backing of all member-states (27 in total) to be adopted. The 27-member bloc has so far imposed sanctions on over 620 companies, almost all of them from Russia. These listed companies are mostly importing banned technologies and electronics goods and re-exporting them to Russia. This is not the first time that the European Union has sought to sanction several Chinese firms. But previous proposals had to be dropped following resistance from some member states, and after Beijing issued assurances. Sanctioning Chinese firms would be a major step in the history of the bloc. The EU counts Beijing as one of its most important trade partners. Germany, in particular, counts China as its biggest market for automobiles. (With inputs from agencies)

EU mulls sanctions on two dozen firms, including three Chinese companies: Report

In a significant development, India and the United Arab Emirates (UAE) have inked a historic agreement on a trans-continental trade corridor, aiming to connect Europe with India through the Middle East via sea and rail.<o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

The pact, announced during Prime Minister Narendra Modi's visit to the Gulf state, is a collaborative effort supported by the United States and the European Union.<o:p></o:p>

The framework agreement, disclosed by the Indian foreign ministry, marks a crucial step in fostering regional connectivity between the two nations. <o:p></o:p>

While specific details of the agreement were not made public, the ministry emphasised that the corridor would build upon existing understanding and cooperation, enhancing the partnership between India and the UAE.<o:p></o:p>

The ambitious corridor, initially unveiled during the G20 summit in New Delhi last September, seeks to extend from India through the Arabian Sea to the UAE, spanning Saudi Arabia, Jordan, and Israel before reaching Europe. <o:p></o:p>

However, the official statement from the Indian ministry did not explicitly mention other countries besides India and the UAE.<o:p></o:p>

The agreement gains significance amid the ongoing conflict in Gaza, which has disrupted plans for further integration between Israel and its Arab neighbours. <o:p></o:p>

Saudi Arabia has put a halt to normalisation plans amidst the regional instability. <o:p></o:p>

During Modi's visit, he held discussions with UAE President Sheikh Mohamed bin Zayed al Nahyan.<o:p></o:p>

Sheikh Mohamed expressed optimism despite the challenging regional circumstances, stating, "Today, our region is going through a difficult time, but because of our relationship with you, we are building a lot of hope and looking forward to a future with India that is on par with our ambitions."<o:p></o:p>

Despite regional challenges, the UAE has maintained diplomatic relations with Israel, which were established in 2020 under the US-backed Abraham Accords. <o:p></o:p>

The framework agreement between India and the UAE signals a commitment to the trade corridor, potentially impacting China's global trade infrastructure plans and the Belt and Road connectivity strategy.<o:p></o:p>

In the backdrop of the Yemeni Houthi movement's attacks on shipping vessels in the Red Sea, citing protests against Israel's actions in Gaza, the trade route via the sea remains threatened. <o:p></o:p>

India and the UAE signed a bilateral investment pact and exchanged cooperation agreements covering commerce, digital infrastructure, and electrical connectivity in addition to the corridor deal. <o:p></o:p>

In addition to addressing the Indian diaspora, Modi is scheduled to speak at a summit in Dubai, inaugurate the first stone-built Hindu temple in the Middle East in Abu Dhabi, and make his ninth trip to the Gulf state since taking office. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In a significant development, India and the United Arab Emirates (UAE) have inked a historic agreement on a trans-continental trade corridor, aiming to connect Europe with India through the Middle East via sea and rail.

In a significant development, India and the United Arab Emirates (UAE) have inked a historic agreement on a trans-continental trade corridor, aiming to connect Europe with India through the Middle East via sea and rail. This is based on a Reuters report. The pact, announced during Prime Minister Narendra Modi's visit to the Gulf state, is a collaborative effort supported by the United States and the European Union. The framework agreement, disclosed by the Indian foreign ministry, marks a crucial step in fostering regional connectivity between the two nations. While specific details of the agreement were not made public, the ministry emphasised that the corridor would build upon existing understanding and cooperation, enhancing the partnership between India and the UAE. The ambitious corridor, initially unveiled during the G20 summit in New Delhi last September, seeks to extend from India through the Arabian Sea to the UAE, spanning Saudi Arabia, Jordan, and Israel before reaching Europe. However, the official statement from the Indian ministry did not explicitly mention other countries besides India and the UAE. The agreement gains significance amid the ongoing conflict in Gaza, which has disrupted plans for further integration between Israel and its Arab neighbours. Saudi Arabia has put a halt to normalisation plans amidst the regional instability. During Modi's visit, he held discussions with UAE President Sheikh Mohamed bin Zayed al Nahyan. Sheikh Mohamed expressed optimism despite the challenging regional circumstances, stating, "Today, our region is going through a difficult time, but because of our relationship with you, we are building a lot of hope and looking forward to a future with India that is on par with our ambitions." Despite regional challenges, the UAE has maintained diplomatic relations with Israel, which were established in 2020 under the US-backed Abraham Accords. The framework agreement between India and the UAE signals a commitment to the trade corridor, potentially impacting China's global trade infrastructure plans and the Belt and Road connectivity strategy. In the backdrop of the Yemeni Houthi movement's attacks on shipping vessels in the Red Sea, citing protests against Israel's actions in Gaza, the trade route via the sea remains threatened. India and the UAE signed a bilateral investment pact and exchanged cooperation agreements covering commerce, digital infrastructure, and electrical connectivity in addition to the corridor deal. In addition to addressing the Indian diaspora, Modi is scheduled to speak at a summit in Dubai, inaugurate the first stone-built Hindu temple in the Middle East in Abu Dhabi, and make his ninth trip to the Gulf state since taking office. (With inputs from Reuters)

India and UAE unveil ambitious trans-continental trade corridor amid regional challenges

Investment banking giant Morgan Stanley is set to reduce its workforce by cutting hundreds of jobs in its wealth management unit, sources tell&nbsp;Reuters.<o:p></o:p>

The decision follows a trend among Wall Street firms over the past year, reflecting ongoing efforts to streamline operations and manage costs in the face of economic uncertainties.<o:p></o:p>

The job cuts in the wealth management unit, impacting less than 1 per cent of its employees, come at a time when optimism about a soft landing for the economy is growing. <o:p></o:p>

However, companies remain cautious and are actively seeking to trim expenses, particularly in light of uncertainties surrounding the trajectory of interest rate cuts by the US Federal Reserve.<o:p></o:p>

Morgan Stanley's wealth management unit, a key revenue generator for the bank, faced challenges in the last quarter with flat revenue compared to the previous year. <o:p></o:p>

The medium-term margin forecast for the business fell below analysts' expectations. <o:p></o:p>

Despite becoming a significant money-maker for the bank after major acquisitions like Eaton Vance and E*Trade, the wealth management unit's performance has come under scrutiny.<o:p></o:p>

An anonymous source highlighted that the unit played a crucial role in making Morgan Stanley less reliant on traditional revenue streams such as trading and investment banking, which can be volatile. <o:p></o:p>

The bank's new CEO, Ted Pick, who assumed leadership at the beginning of the year, is expected to implement one of the first significant moves with this workforce reduction. <o:p></o:p>

As of the end of last year, the bank had nearly 80,000 employees.<o:p></o:p>

The recent job cut plans align with the bank's strategic goal of reaching $10 trillion in assets under management, a target set by former CEO James Gorman. <o:p></o:p>

The wealth management unit, fuelled by major acquisitions, has been a cornerstone in diversifying Morgan Stanley's revenue streams.<o:p></o:p>

The Wall Street Journal was the first to report Morgan Stanley's intention to reduce jobs in its wealth management unit. <o:p></o:p>

However, the bank has declined to provide any official comment on the matter.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Investment banking giant Morgan Stanley is set to reduce its workforce by cutting hundreds of jobs in its wealth management unit, sources tell Reuters. The decision follows a trend among Wall Street firms over the past year, reflecting ongoing efforts to streamline operations and manage costs in the face of economic uncertainties.

Investment banking giant Morgan Stanley is set to reduce its workforce by cutting hundreds of jobs in its wealth management unit, sources tell Reuters. The decision follows a trend among Wall Street firms over the past year, reflecting ongoing efforts to streamline operations and manage costs in the face of economic uncertainties. The job cuts in the wealth management unit, impacting less than 1 per cent of its employees, come at a time when optimism about a soft landing for the economy is growing. However, companies remain cautious and are actively seeking to trim expenses, particularly in light of uncertainties surrounding the trajectory of interest rate cuts by the US Federal Reserve. Morgan Stanley's wealth management unit, a key revenue generator for the bank, faced challenges in the last quarter with flat revenue compared to the previous year. The medium-term margin forecast for the business fell below analysts' expectations. Despite becoming a significant money-maker for the bank after major acquisitions like Eaton Vance and E*Trade, the wealth management unit's performance has come under scrutiny. An anonymous source highlighted that the unit played a crucial role in making Morgan Stanley less reliant on traditional revenue streams such as trading and investment banking, which can be volatile. The bank's new CEO, Ted Pick, who assumed leadership at the beginning of the year, is expected to implement one of the first significant moves with this workforce reduction. As of the end of last year, the bank had nearly 80,000 employees. The recent job cut plans align with the bank's strategic goal of reaching $10 trillion in assets under management, a target set by former CEO James Gorman. The wealth management unit, fuelled by major acquisitions, has been a cornerstone in diversifying Morgan Stanley's revenue streams. The Wall Street Journal was the first to report Morgan Stanley's intention to reduce jobs in its wealth management unit. However, the bank has declined to provide any official comment on the matter. (With inputs from Reuters)

Morgan Stanley to trim hundreds of jobs in wealth management unit

<o:p></o:p>

In response to the economic challenges plaguing the tech industry, networking equipment giant Cisco Systems has declared plans to cut more than 4,000 jobs, equivalent to 5 per cent of its global workforce. <o:p></o:p>

According to Reuters, this decision comes as the company adjusts to a tough economic landscape that has prompted numerous layoffs across the tech sector this year. <o:p></o:p>

Following the announcement, Cisco's shares experienced a decline of over 5 per cent in extended trading. <o:p></o:p>

Additionally, the company revised its annual revenue target, lowering it to a range between $51.5 billion and $52.5 billion, down from the previously projected $53.8 billion to $55 billion.<o:p></o:p>

Cisco CEO Charles Robbins acknowledged the challenging market conditions, stating, "We also continue to see weak demand with our telco and cable service provider customers." <o:p></o:p>

The telecom industry's spending constraints have been a contributing factor to the subdued demand for Cisco's products. <o:p></o:p>

Analysts anticipate continued pressure on the demand for networking gear as clients in the telecom sector prioritize reducing excess inventory. <o:p></o:p>

Joe Brunetto, an analyst at Third Bridge, predicts that the networking hardware inventory buildup will likely resolve in the second half of 2024 or early 2025.<o:p></o:p>

Despite the current challenges, Cisco is strategically positioning itself for growth by focusing on artificial intelligence and forming partnerships. <o:p></o:p>

CEO Robbins highlighted a collaboration with Nvidia, where the latter agreed to use Cisco's ethernet alongside its own technology, widely utilised in data centres and AI applications.<o:p></o:p>

This move aims to bolster Cisco's growth prospects amid a shifting market landscape. <o:p></o:p>

The company's third-quarter revenue projection, however, falls below estimates, ranging between $12.1 billion and $12.3 billion, compared to the anticipated $13.1 billion according to LSEG data.<o:p></o:p>

Cisco, with its current workforce of 85,000 employees, had earlier hinted at impending layoffs and restructuring to redirect its focus towards high-growth areas. <o:p></o:p>

The job cuts will result in an $800 million charge before tax, covering severance and other related costs. <o:p></o:p>

The majority of these charges are expected to be recognized in the first half of fiscal 2025. <o:p></o:p>

In the second quarter, Cisco reported an adjusted profit of 87 cents per share and revenue of $12.79 billion, surpassing LSEG estimates.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In response to the economic challenges plaguing the tech industry, networking equipment giant Cisco Systems has declared plans to cut more than 4,000 jobs, equivalent to 5 per cent of its global workforce.

In response to the economic challenges plaguing the tech industry, networking equipment giant Cisco Systems has declared plans to cut more than 4,000 jobs, equivalent to 5 per cent of its global workforce. According to Reuters, this decision comes as the company adjusts to a tough economic landscape that has prompted numerous layoffs across the tech sector this year. Following the announcement, Cisco's shares experienced a decline of over 5 per cent in extended trading. Additionally, the company revised its annual revenue target, lowering it to a range between $51.5 billion and $52.5 billion, down from the previously projected $53.8 billion to $55 billion. Cisco CEO Charles Robbins acknowledged the challenging market conditions, stating, "We also continue to see weak demand with our telco and cable service provider customers." The telecom industry's spending constraints have been a contributing factor to the subdued demand for Cisco's products. Analysts anticipate continued pressure on the demand for networking gear as clients in the telecom sector prioritize reducing excess inventory. Joe Brunetto, an analyst at Third Bridge, predicts that the networking hardware inventory buildup will likely resolve in the second half of 2024 or early 2025. Despite the current challenges, Cisco is strategically positioning itself for growth by focusing on artificial intelligence and forming partnerships. CEO Robbins highlighted a collaboration with Nvidia, where the latter agreed to use Cisco's ethernet alongside its own technology, widely utilised in data centres and AI applications. This move aims to bolster Cisco's growth prospects amid a shifting market landscape. The company's third-quarter revenue projection, however, falls below estimates, ranging between $12.1 billion and $12.3 billion, compared to the anticipated $13.1 billion according to LSEG data. Cisco, with its current workforce of 85,000 employees, had earlier hinted at impending layoffs and restructuring to redirect its focus towards high-growth areas. The job cuts will result in an $800 million charge before tax, covering severance and other related costs. The majority of these charges are expected to be recognized in the first half of fiscal 2025. In the second quarter, Cisco reported an adjusted profit of 87 cents per share and revenue of $12.79 billion, surpassing LSEG estimates. (With inputs from Reuters)

Cisco announces job cuts and revenue forecast slash amid economic challenges

As part of its ambition to displace China as the global supply chain hub, India is setting up a warehouse facility, named 'Bharat Mart', in the United Arab Emirates.

Indian Prime Minister Narendra Modi and UAE Vice President Mohamed bin Rashid al Maktoum laid the foundation stone for the facility on Wednesday.

'Bharat Mart' is expected to be a platform for exporters to showcase their products under one roof, according to media reports. Once the concept is finalised, the facility is expected to be operational by 2025.

Moreover, 'Bharat Mart' is all set to rival China's warehousing facility called 'Dragon Mart'.

The facility, covering an area of over 100,000 square meters, will be set up in Dubai's Jebel Ali free zone, which is managed by DP World.&nbsp;

'Bharat Mart' will have retail showrooms, warehouses, offices, and other facilities. It will accommodate various categories of goods, ranging from heavy machinery to perishable items.

Reports also suggest there are also plans to establish a digital platform for buyers across the globe.

'Bharat Mart' is likely to further strengthen bilateral trade by leveraging Jebel Ali Port’s strategic location and strength in logistics.

India-UAE trade has been on the rise since the Comprehensive Economic Partnership Agreement came into effect in 2022. &nbsp;

In 2022-23, the first year of the agreement, bilateral trade reached a historic high of around $84.5 billion.&nbsp;

Both countries are aiming to double their non-petroleum trade target to $100 billion by 2030.

The facility is also expected to play a key role in promoting the exports of India’s micro, small and medium sectors. It will provide them with a platform to reach international buyers in West Asia, Africa and Eurasia.

As part of its ambition to displace China as the global supply chain hub, India is setting up a warehouse facility, named 'Bharat Mart', in the United Arab Emirates.

As part of its ambition to displace China as the global supply chain hub, India is setting up a warehouse facility, named 'Bharat Mart', in the United Arab Emirates. Indian Prime Minister Narendra Modi and UAE Vice President Mohamed bin Rashid al Maktoum laid the foundation stone for the facility on Wednesday. 'Bharat Mart' is expected to be a platform for exporters to showcase their products under one roof, according to media reports. Once the concept is finalised, the facility is expected to be operational by 2025. Moreover, 'Bharat Mart' is all set to rival China's warehousing facility called 'Dragon Mart'. The facility, covering an area of over 100,000 square meters, will be set up in Dubai's Jebel Ali free zone, which is managed by DP World. 'Bharat Mart' will have retail showrooms, warehouses, offices, and other facilities. It will accommodate various categories of goods, ranging from heavy machinery to perishable items. Reports also suggest there are also plans to establish a digital platform for buyers across the globe. 'Bharat Mart' is likely to further strengthen bilateral trade by leveraging Jebel Ali Port’s strategic location and strength in logistics. India-UAE trade has been on the rise since the Comprehensive Economic Partnership Agreement came into effect in 2022. In 2022-23, the first year of the agreement, bilateral trade reached a historic high of around $84.5 billion. Both countries are aiming to double their non-petroleum trade target to $100 billion by 2030. The facility is also expected to play a key role in promoting the exports of India’s micro, small and medium sectors. It will provide them with a platform to reach international buyers in West Asia, Africa and Eurasia.

India to set up 'Bharat Mart' in Dubai: All you need to know about the warehouse facility

Japan is no longer the third-largest economy in the world.

The Asian country has lost that position to Germany, after contracting&nbsp;for the last six months of 2023 and consequently&nbsp;slipping into&nbsp;a recession.

Latest data shows&nbsp;that Japan's economy unexpectedly shrank in the October-December quarter due to weak domestic demand.

Japan's economy is now smaller than Germany's. Japan's nominal GDP of&nbsp;$4.2106 trillion&nbsp;is smaller than Germany's $4.4561 trillion, as per local media reports.

Japan's gross domestic product or GDP fell 0.4 per cent in the October-December period, after a 3.3 per cent slump between July and September.&nbsp;&nbsp;

Market analysts expected a 1.4 per cent growth in the final three months of 2023.&nbsp;

Two consecutive quarters of contraction are typically considered the definition of a technical recession.

For the full year, Japan's economy grew 1.9 per cent,&nbsp;higher than the 1.1 per cent growth recorded in 2022.&nbsp;

Private consumption, which makes up over half of Japan's economic activity, fell 0.2 per cent. Capital expenditure, another key private-sector growth engine, fell 0.1 per cent.

Nevertheless, external demand, which is exports minus imports, contributed 0.20 per cent to GDP as exports rose 2.6 per cent from the July-September quarter.

A weak yen in comparison to the US dollar has helped Japan expand its exports.

Moreover, there is a risk that the economy could continue to shrink in the January-March quarter this year.

Analysts say there are&nbsp;three big reasons for the downside risks: slowing global growth, weak domestic demand and the impact of the new year quake in western Japan.

Impact on ultra-easy monetary policy

The weak economic data has raised uncertainty about the Bank of Japan's plan&nbsp;to exit its ultra-easy monetary policy this year.

An ultra-easy monetary policy has been the hallmark of Japan's banking system for the last three decades, marked by negative interest rates.&nbsp;

A Reuters report states that Japan's central bank has been laying the groundwork to overhaul its ultra-easy monetary policy by April.

Sources, however, suggest that it is likely to go slow on any subsequent policy tightening as risks persist.

The latest data did not have a major impact on the stock market. In fact, the benchmark index, Nikkei, rose one per cent, reversing some of its losses made from the previous session.&nbsp;&nbsp;

The stock market possibly rose on expectations the central bank may continue with its easy money policy for some more time.

(With inputs from Reuters)

Japan is no longer the third-largest economy in the world. The Asian country has lost that position to Germany, after contracting for the last six months of 2023 and consequently slipping into a recession.

Japan is no longer the third-largest economy in the world. The Asian country has lost that position to Germany, after contracting for the last six months of 2023 and consequently slipping into a recession. Latest data shows that Japan's economy unexpectedly shrank in the October-December quarter due to weak domestic demand. Japan's economy is now smaller than Germany's. Japan's nominal GDP of $4.2106 trillion is smaller than Germany's $4.4561 trillion, as per local media reports. Japan's gross domestic product or GDP fell 0.4 per cent in the October-December period, after a 3.3 per cent slump between July and September. Market analysts expected a 1.4 per cent growth in the final three months of 2023. Two consecutive quarters of contraction are typically considered the definition of a technical recession. For the full year, Japan's economy grew 1.9 per cent, higher than the 1.1 per cent growth recorded in 2022. Private consumption, which makes up over half of Japan's economic activity, fell 0.2 per cent. Capital expenditure, another key private-sector growth engine, fell 0.1 per cent. Nevertheless, external demand, which is exports minus imports, contributed 0.20 per cent to GDP as exports rose 2.6 per cent from the July-September quarter. A weak yen in comparison to the US dollar has helped Japan expand its exports. Moreover, there is a risk that the economy could continue to shrink in the January-March quarter this year. Analysts say there are three big reasons for the downside risks: slowing global growth, weak domestic demand and the impact of the new year quake in western Japan. Impact on ultra-easy monetary policy The weak economic data has raised uncertainty about the Bank of Japan's plan to exit its ultra-easy monetary policy this year. An ultra-easy monetary policy has been the hallmark of Japan's banking system for the last three decades, marked by negative interest rates. A Reuters report states that Japan's central bank has been laying the groundwork to overhaul its ultra-easy monetary policy by April. Sources, however, suggest that it is likely to go slow on any subsequent policy tightening as risks persist. The latest data did not have a major impact on the stock market. In fact, the benchmark index, Nikkei, rose one per cent, reversing some of its losses made from the previous session. The stock market possibly rose on expectations the central bank may continue with its easy money policy for some more time. (With inputs from Reuters)

Japan slips into recession, overtaken by Germany as third largest economy

Guillaume Faury, the CEO of Airbus, has delivered a message to the company's staff, labelling recent unexpected losses in its Space business as "not acceptable."<o:p></o:p>

This stark assessment comes in response to a 300-million-euro charge in November, related to unidentified satellite programs, including the OneSat family in commercial telecoms. <o:p></o:p>

Faury, during a January review, acknowledged the setback in the Space business, stating, "mishaps of this magnitude and suddenness are just not acceptable at Airbus".<o:p></o:p>

In a bid to address the challenges faced by the Space business, Faury emphasised the need for effective risk management and urged the entire organisation to learn from what he characterised as an internal "crisis" in Space. <o:p></o:p>

He highlighted the importance of aligning actions with commitments, stating, "We no longer 'say what we do, and do what we say.' <o:p></o:p>

As a listed company and a global leader in aerospace and defence, this is something we simply cannot afford." <o:p></o:p>

Airbus is set to report its earnings on Thursday.<o:p></o:p>

Faury outlined a recent reorganization within the Defence and Space unit, dividing it into three parts - Air Power, Space Systems, and Connected Intelligence. <o:p></o:p>

He expressed confidence that this restructuring would enhance accountability and risk management. <o:p></o:p>

Faury mentioned that the new structure is already yielding initial results. <o:p></o:p>

Additionally, industry sources revealed that Jean-Marc Nasr, the executive vice president of Space Systems, will be replaced in March by Alain Faure, the head of Airbus Operations. <o:p></o:p>

Faury acknowledged Nasr's commitment in a hand-written memo, thanking him for his dedication during challenging times.<o:p></o:p>

The management changes and strategic reviews reflect Airbus's commitment to addressing the issues within its Space business. <o:p></o:p>

Faury's focus on re-evaluating the company's strategy in Defence and Space follows the appointment of Christian Scherer as the head of Airbus's core jet-making business. <o:p></o:p>

Despite challenges and questions about the European company's future in the space industry, Faury emphasised in the January letter to staff that "a high-performing Defence and Space division is a stronger Airbus than one without a Defence and Space business”.<o:p></o:p>

Analysts anticipate Airbus's 2023 results to be impacted by weaknesses in the Space business, potentially eroding the outperformance in the core commercial jet-making division.<o:p></o:p>

Faury acknowledged competition from Elon Musk's SpaceX and challenges in the space sector, citing "seemingly structural problems of competitiveness." <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Guillaume Faury, the CEO of Airbus, has delivered a message to the company's staff, labelling recent unexpected losses in its Space business as "not acceptable." This stark assessment comes in response to a 300-million-euro charge in November, related to unidentified satellite programs, including the OneSat family in commercial telecoms.

Guillaume Faury, the CEO of Airbus, has delivered a message to the company's staff, labelling recent unexpected losses in its Space business as "not acceptable." This stark assessment comes in response to a 300-million-euro charge in November, related to unidentified satellite programs, including the OneSat family in commercial telecoms. Faury, during a January review, acknowledged the setback in the Space business, stating, "mishaps of this magnitude and suddenness are just not acceptable at Airbus". In a bid to address the challenges faced by the Space business, Faury emphasised the need for effective risk management and urged the entire organisation to learn from what he characterised as an internal "crisis" in Space. He highlighted the importance of aligning actions with commitments, stating, "We no longer 'say what we do, and do what we say.' As a listed company and a global leader in aerospace and defence, this is something we simply cannot afford." Airbus is set to report its earnings on Thursday. Faury outlined a recent reorganization within the Defence and Space unit, dividing it into three parts - Air Power, Space Systems, and Connected Intelligence. He expressed confidence that this restructuring would enhance accountability and risk management. Faury mentioned that the new structure is already yielding initial results. Additionally, industry sources revealed that Jean-Marc Nasr, the executive vice president of Space Systems, will be replaced in March by Alain Faure, the head of Airbus Operations. Faury acknowledged Nasr's commitment in a hand-written memo, thanking him for his dedication during challenging times. The management changes and strategic reviews reflect Airbus's commitment to addressing the issues within its Space business. Faury's focus on re-evaluating the company's strategy in Defence and Space follows the appointment of Christian Scherer as the head of Airbus's core jet-making business. Despite challenges and questions about the European company's future in the space industry, Faury emphasised in the January letter to staff that "a high-performing Defence and Space division is a stronger Airbus than one without a Defence and Space business”. Analysts anticipate Airbus's 2023 results to be impacted by weaknesses in the Space business, potentially eroding the outperformance in the core commercial jet-making division. Faury acknowledged competition from Elon Musk's SpaceX and challenges in the space sector, citing "seemingly structural problems of competitiveness." (With inputs from Reuters)

Airbus CEO issues blunt warning as unexpected space business losses trigger internal overhaul

Character performers at Disneyland, embodying beloved figures like Mickey Mouse, Donald Duck, and Goofy, have disclosed intentions to join the Actors' Equity Association, a union representing professionals in live theatrical performance.<o:p></o:p>

Reuters cited Kate Shindle, the president of Actors' Equity Association, who highlighted the expectation of fair compensation and prioritisation of workers' health and safety, stating, "Disney workers are openly and powerfully invested in and loyal to the Walt Disney Company and its values." <o:p></o:p>

This move comes as performers seek better wages and improved working conditions.<o:p></o:p>

In a bid for recognition, the union plans to seek voluntary acknowledgment from Disney Resort Entertainment once a majority of workers have signed union authorisation cards. <o:p></o:p>

Should the company refuse, Equity will proceed to file the cards with the National Labour Relations Board, according to their statement.<o:p></o:p>

The announcement follows a similar push by animation workers at Walt Disney, who sought representation from the Animation Guild to address concerns regarding benefits and pay. <o:p></o:p>

Additionally, Disney faced challenges last year during the 118-day SAG-AFTRA strike, where performers advocated for higher wages and safeguards against the use of artificial intelligence.<o:p></o:p>

Upon a successful vote in favour of unionisation, Disney will be obligated under federal law to engage in negotiations with Equity's representatives and establish a contract. <o:p></o:p>

This bargaining unit encompasses not only character performers but also hosts, trainers, and other supporting roles within the cast.<o:p></o:p>

Actors' Equity Association, representing over 51,000 professional actors and stage managers, aims to ensure fair treatment and representation for performers across the entertainment industry. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Character performers at Disneyland, embodying beloved figures like Mickey Mouse, Donald Duck, and Goofy, have disclosed intentions to join the Actors' Equity Association, a union representing professionals in live theatrical performance.

Character performers at Disneyland, embodying beloved figures like Mickey Mouse, Donald Duck, and Goofy, have disclosed intentions to join the Actors' Equity Association, a union representing professionals in live theatrical performance. Reuters cited Kate Shindle, the president of Actors' Equity Association, who highlighted the expectation of fair compensation and prioritisation of workers' health and safety, stating, "Disney workers are openly and powerfully invested in and loyal to the Walt Disney Company and its values." This move comes as performers seek better wages and improved working conditions. In a bid for recognition, the union plans to seek voluntary acknowledgment from Disney Resort Entertainment once a majority of workers have signed union authorisation cards. Should the company refuse, Equity will proceed to file the cards with the National Labour Relations Board, according to their statement. The announcement follows a similar push by animation workers at Walt Disney, who sought representation from the Animation Guild to address concerns regarding benefits and pay. Additionally, Disney faced challenges last year during the 118-day SAG-AFTRA strike, where performers advocated for higher wages and safeguards against the use of artificial intelligence. Upon a successful vote in favour of unionisation, Disney will be obligated under federal law to engage in negotiations with Equity's representatives and establish a contract. This bargaining unit encompasses not only character performers but also hosts, trainers, and other supporting roles within the cast. Actors' Equity Association, representing over 51,000 professional actors and stage managers, aims to ensure fair treatment and representation for performers across the entertainment industry. (With inputs from Reuters)

Disneyland character performers announce plans to unionise, seeking better benefits

The latest data from the Labour Department revealed a higher-than-anticipated increase in US consumer prices in January, driven primarily by a surge in the cost of rental housing.<o:p></o:p>

However, this uptick in inflation hasn't altered the consensus that the Federal Reserve is likely to initiate interest rate cuts within the first half of the year.<o:p></o:p>

Reuters cited Seema Shah, the chief global strategist at Principal Asset Management, who emphasised the need for caution, stating, "It's important not to overreact and jump to the assumption that an inflationary resurgence is developing." <o:p></o:p>

Shah pointed out that while inflation was partially influenced by factors less pertinent to the Fed's preferred core PCE measure; forward-looking indicators suggest a potential easing in the coming months.<o:p></o:p>

According to the Bureau of Labour Statistics, the consumer price index (CPI) rose by 0.3 per cent in January, following a 0.2 per cent increase in December. <o:p></o:p>

Notably, more than two-thirds of this rise was attributed to shelter costs, including rents. <o:p></o:p>

However, not all inflationary drivers last month are factored into the calculation of the Fed's key inflation metrics.<o:p></o:p>

Analysts have observed a notable increase in food prices, with grocery food inflation surging by 0.4 per cent, the most significant gain in a year. <o:p></o:p>

This was partly attributed to winter storms impacting food supply chains. <o:p></o:p>

However, gasoline prices experienced a 3.3 per cent drop, mitigating some of the overall inflationary pressures.<o:p></o:p>

Despite the increase in overall prices, the Federal Reserve has signalled a cautious approach towards rate cuts, emphasising the need for sustained evidence of inflation deceleration. <o:p></o:p>

The Fed has already raised its policy rate by 525 basis points since March 2022, currently standing at 5.25 per cent-5.50 per cent.<o:p></o:p>

The core CPI, which excludes volatile food and energy components, surged by 0.4 per cent last month, the largest increase since May. <o:p></o:p>

This was largely driven by a 0.6 per cent rise in shelter costs, including owners' equivalent rent (OER), which experienced its most substantial increase in nine months.<o:p></o:p>

Economists anticipate that revisions to the CPI data and the increased weighting of housing components could lead to lower inflation readings in the coming months. <o:p></o:p>

Despite elevated rent measures, private gauges suggest that rents are trending downwards, which could influence official inflation metrics.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The latest data from the Labour Department revealed a higher-than-anticipated increase in US consumer prices in January, driven primarily by a surge in the cost of rental housing.

The latest data from the Labour Department revealed a higher-than-anticipated increase in US consumer prices in January, driven primarily by a surge in the cost of rental housing. However, this uptick in inflation hasn't altered the consensus that the Federal Reserve is likely to initiate interest rate cuts within the first half of the year. Reuters cited Seema Shah, the chief global strategist at Principal Asset Management, who emphasised the need for caution, stating, "It's important not to overreact and jump to the assumption that an inflationary resurgence is developing." Shah pointed out that while inflation was partially influenced by factors less pertinent to the Fed's preferred core PCE measure; forward-looking indicators suggest a potential easing in the coming months. According to the Bureau of Labour Statistics, the consumer price index (CPI) rose by 0.3 per cent in January, following a 0.2 per cent increase in December. Notably, more than two-thirds of this rise was attributed to shelter costs, including rents. However, not all inflationary drivers last month are factored into the calculation of the Fed's key inflation metrics. Analysts have observed a notable increase in food prices, with grocery food inflation surging by 0.4 per cent, the most significant gain in a year. This was partly attributed to winter storms impacting food supply chains. However, gasoline prices experienced a 3.3 per cent drop, mitigating some of the overall inflationary pressures. Despite the increase in overall prices, the Federal Reserve has signalled a cautious approach towards rate cuts, emphasising the need for sustained evidence of inflation deceleration. The Fed has already raised its policy rate by 525 basis points since March 2022, currently standing at 5.25 per cent-5.50 per cent. The core CPI, which excludes volatile food and energy components, surged by 0.4 per cent last month, the largest increase since May. This was largely driven by a 0.6 per cent rise in shelter costs, including owners' equivalent rent (OER), which experienced its most substantial increase in nine months. Economists anticipate that revisions to the CPI data and the increased weighting of housing components could lead to lower inflation readings in the coming months. Despite elevated rent measures, private gauges suggest that rents are trending downwards, which could influence official inflation metrics. (With inputs from Reuters)

Rising rents propel US inflation; rate cuts still anticipated in 2024

Retail giant Walmart is reportedly in advanced discussions to acquire smart-television manufacturer Vizio for a sum exceeding $2 billion, as reported by the Wall Street Journal on Tuesday. <o:p></o:p>

This potential acquisition could significantly enhance Walmart's advertising business and provide it with dominance over more than 20 per cent of the US television market.<o:p></o:p>

According to the Wall Street Journal report, Vizio's shares surged by 24.6 per cent upon news of the talks, reaching their highest level since November 2022. <o:p></o:p>

Meanwhile, Walmart's shares experienced a slight decline of about 1 per cent following the report. <o:p></o:p>

The proposed purchase price represents a substantial premium of nearly 30 per cent over Vizio's market capitalisation of $1.54 billion at the close of trading on Monday.<o:p></o:p>

Walmart has been actively expanding its advertising reach, leveraging its vast consumer data to offer targeted ads across its various platforms, including its website and in-store digital displays. <o:p></o:p>

The addition of Vizio TVs into its ecosystem could provide advertisers with more avenues to reach Walmart's massive customer base, which sees over 130 million shoppers visiting its 5,000 US stores weekly.<o:p></o:p>

The rapid growth of Walmart's US ad business, known as Walmart Connect, has been highlighted by its finance chief as a significant contributor to the company's future profitability. <o:p></o:p>

It is anticipated that Walmart's ad revenues will increasingly outpace traditional retail sales over the next five years, signaling a strategic shift in its revenue composition.<o:p></o:p>

Vizio's active user base of nearly 18 million individuals presents a valuable asset for Walmart, potentially unlocking additional revenue streams through its software platform business. <o:p></o:p>

With Vizio commanding a significant presence in Walmart's shelves and sales, an acquisition could give Walmart control over 22 per cent of the US TV market, including its private-label Onn brand and Vizio products.<o:p></o:p>

Neither Walmart nor Vizio has commented on the ongoing discussions. <o:p></o:p>

The news of Walmart's interest in acquiring Vizio has impacted the market, with shares of rival Roku, which also sells smart TVs and streaming devices, declining approximately 9 per cent on Tuesday.<o:p></o:p>

However, it's important to note that discussions between Walmart and Vizio are ongoing, and the possibility of a deal remains uncertain.<o:p></o:p>

The final decision regarding a potential sale will ultimately lie with Vizio's CEO, William Wang, who holds majority voting rights in the company. <o:p></o:p>

While discussions progress, the outcome of the negotiations could reshape the landscape of the TV market and Walmart's advertising endeavours.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Retail giant Walmart is reportedly in advanced discussions to acquire smart-television manufacturer Vizio for a sum exceeding $2 billion, as reported by the Wall Street Journal on Tuesday.

Retail giant Walmart is reportedly in advanced discussions to acquire smart-television manufacturer Vizio for a sum exceeding $2 billion, as reported by the Wall Street Journal on Tuesday. This potential acquisition could significantly enhance Walmart's advertising business and provide it with dominance over more than 20 per cent of the US television market. According to the Wall Street Journal report, Vizio's shares surged by 24.6 per cent upon news of the talks, reaching their highest level since November 2022. Meanwhile, Walmart's shares experienced a slight decline of about 1 per cent following the report. The proposed purchase price represents a substantial premium of nearly 30 per cent over Vizio's market capitalisation of $1.54 billion at the close of trading on Monday. Walmart has been actively expanding its advertising reach, leveraging its vast consumer data to offer targeted ads across its various platforms, including its website and in-store digital displays. The addition of Vizio TVs into its ecosystem could provide advertisers with more avenues to reach Walmart's massive customer base, which sees over 130 million shoppers visiting its 5,000 US stores weekly. The rapid growth of Walmart's US ad business, known as Walmart Connect, has been highlighted by its finance chief as a significant contributor to the company's future profitability. It is anticipated that Walmart's ad revenues will increasingly outpace traditional retail sales over the next five years, signaling a strategic shift in its revenue composition. Vizio's active user base of nearly 18 million individuals presents a valuable asset for Walmart, potentially unlocking additional revenue streams through its software platform business. With Vizio commanding a significant presence in Walmart's shelves and sales, an acquisition could give Walmart control over 22 per cent of the US TV market, including its private-label Onn brand and Vizio products. Neither Walmart nor Vizio has commented on the ongoing discussions. The news of Walmart's interest in acquiring Vizio has impacted the market, with shares of rival Roku, which also sells smart TVs and streaming devices, declining approximately 9 per cent on Tuesday. However, it's important to note that discussions between Walmart and Vizio are ongoing, and the possibility of a deal remains uncertain. The final decision regarding a potential sale will ultimately lie with Vizio's CEO, William Wang, who holds majority voting rights in the company. While discussions progress, the outcome of the negotiations could reshape the landscape of the TV market and Walmart's advertising endeavours. (With inputs from Reuters)

Walmart in advanced talks to acquire Vizio for over $2 bn, boosting TV market control

A vice president at Barclays has filed a lawsuit against the British bank, seeking approximately $290,000, alleging racial, religious, and gender discrimination.<o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

The report cited Nazia Lawrence, who has been with the bank since 2015, works in execution services, a crucial back-office department responsible for implementing post-crisis risk management regulations. <o:p></o:p>

Lawrence expressed feeling "completely let down" by Barclays, according to court filings from a London employment tribunal.<o:p></o:p>

Lawrence's allegations suggest that despite her expanded role and consistent outstanding performance reports since 2019, she faced unequal treatment compared to her white male counterparts at similar professional levels. <o:p></o:p>

Despite being promised new responsibilities that were expected to lead to promotion after raising concerns to mentors, Lawrence claims she was repeatedly overlooked for promotions, while witnessing her colleagues, both male and female, ascend the ranks.<o:p></o:p>

As Lawrence's complaints became more formalised through official grievances, her performance ratings reportedly declined. <o:p></o:p>

The court filings indicate that she experienced mental distress, leading her to take annual leave and periods of unpaid sick leave to recuperate from the ordeal. <o:p></o:p>

The lawsuit not only seeks financial compensation but also requests the Employment Tribunal to recommend additional training for Barclays employees and the implementation of a transparent promotion process.<o:p></o:p>

Barclays has refrained from commenting on the matter, while Lawrence's legal representative was not immediately available for comment.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

A vice president at Barclays has filed a lawsuit against the British bank, seeking approximately $290,000, alleging racial, religious, and gender discrimination.

A vice president at Barclays has filed a lawsuit against the British bank, seeking approximately $290,000, alleging racial, religious, and gender discrimination. This is based on a Reuters report. The report cited Nazia Lawrence, who has been with the bank since 2015, works in execution services, a crucial back-office department responsible for implementing post-crisis risk management regulations. Lawrence expressed feeling "completely let down" by Barclays, according to court filings from a London employment tribunal. Lawrence's allegations suggest that despite her expanded role and consistent outstanding performance reports since 2019, she faced unequal treatment compared to her white male counterparts at similar professional levels. Despite being promised new responsibilities that were expected to lead to promotion after raising concerns to mentors, Lawrence claims she was repeatedly overlooked for promotions, while witnessing her colleagues, both male and female, ascend the ranks. As Lawrence's complaints became more formalised through official grievances, her performance ratings reportedly declined. The court filings indicate that she experienced mental distress, leading her to take annual leave and periods of unpaid sick leave to recuperate from the ordeal. The lawsuit not only seeks financial compensation but also requests the Employment Tribunal to recommend additional training for Barclays employees and the implementation of a transparent promotion process. Barclays has refrained from commenting on the matter, while Lawrence's legal representative was not immediately available for comment. (With inputs from Reuters)

Barclays faces lawsuit over discrimination allegations from vice president

Elon Musk's SpaceX was fined $3,600 this month following an incident at its Washington state site that nearly resulted in an amputation, as per inspection records reviewed by Reuters. <o:p></o:p>

This fine comes amid broader concerns about the company's safety practices, highlighted in a Reuters investigation that uncovered hundreds of previously unreported injuries among SpaceX workers since 2014.<o:p></o:p>

According to state inspection records obtained by Reuters, inspectors found safety violations at SpaceX's Redmond, Washington, site prompted by worker complaints. <o:p></o:p>

These violations included a lack of a comprehensive safety program and inadequate communication of work rules. <o:p></o:p>

The incident leading to the fine involved a worker's foot being crushed by a falling roll of material, described as a "near amputation" by inspectors.<o:p></o:p>

SpaceX managers reportedly assured state inspectors that the incident was isolated and promptly addressed. <o:p></o:p>

However, inspectors noted that the site lacked safety measures such as requiring employees to wear steel-toe shoes, despite handling increasingly heavy materials. <o:p></o:p>

This violation was considered serious given the potential risk of injury.<o:p></o:p>

One worker, whose identity was not disclosed in the report, expressed concerns to inspectors about safety practices at the Redmond site. <o:p></o:p>

They highlighted the prioritisation of production speed over safety and alleged deliberate setup errors to boost production rates, suggesting a systemic issue in safety oversight.<o:p></o:p>

SpaceX's history of safety incidents and regulatory fines underscores broader challenges in worker safety regulation. <o:p></o:p>

Despite fines totalling over $50,000 in the past decade, experts suggest that fines pose minimal deterrents for major companies due to legal caps and chronic understaffing of regulatory agencies.<o:p></o:p>

The US National Aeronautics and Space Administration (NASA), a major SpaceX contractor, has not commented on the recent incident or the broader safety concerns. <o:p></o:p>

SpaceX's safety record has drawn attention, especially after a worker suffered a severe injury in a 2022 rocket engine malfunction, leading to a negligence lawsuit against the company filed by the worker's spouse.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Elon Musk's SpaceX was fined $3,600 this month following an incident at its Washington state site that nearly resulted in an amputation, as per inspection records reviewed by Reuters.

Elon Musk's SpaceX was fined $3,600 this month following an incident at its Washington state site that nearly resulted in an amputation, as per inspection records reviewed by Reuters. This fine comes amid broader concerns about the company's safety practices, highlighted in a Reuters investigation that uncovered hundreds of previously unreported injuries among SpaceX workers since 2014. According to state inspection records obtained by Reuters, inspectors found safety violations at SpaceX's Redmond, Washington, site prompted by worker complaints. These violations included a lack of a comprehensive safety program and inadequate communication of work rules. The incident leading to the fine involved a worker's foot being crushed by a falling roll of material, described as a "near amputation" by inspectors. SpaceX managers reportedly assured state inspectors that the incident was isolated and promptly addressed. However, inspectors noted that the site lacked safety measures such as requiring employees to wear steel-toe shoes, despite handling increasingly heavy materials. This violation was considered serious given the potential risk of injury. One worker, whose identity was not disclosed in the report, expressed concerns to inspectors about safety practices at the Redmond site. They highlighted the prioritisation of production speed over safety and alleged deliberate setup errors to boost production rates, suggesting a systemic issue in safety oversight. SpaceX's history of safety incidents and regulatory fines underscores broader challenges in worker safety regulation. Despite fines totalling over $50,000 in the past decade, experts suggest that fines pose minimal deterrents for major companies due to legal caps and chronic understaffing of regulatory agencies. The US National Aeronautics and Space Administration (NASA), a major SpaceX contractor, has not commented on the recent incident or the broader safety concerns. SpaceX's safety record has drawn attention, especially after a worker suffered a severe injury in a 2022 rocket engine malfunction, leading to a negligence lawsuit against the company filed by the worker's spouse. (With inputs from Reuters)

SpaceX fined after worker injury, records reveal history of safety concerns

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