The US dollar surged to three-month highs on Tuesday, propelled by robust inflation data that exceeded economists' expectations for January. <o:p></o:p>

According to Reuters, the Consumer Price Index (CPI) reported a 0.3 per cent increase on a monthly basis, surpassing the 0.2 per cent forecast. <o:p></o:p>

Year-on-year, the CPI rose by 3.1 per cent, exceeding the estimated 2.9 per cent growth. <o:p></o:p>

These figures reinforced market expectations that the Federal Reserve would maintain interest rates steady in March, boosting the dollar's strength.<o:p></o:p>

"The key message from today's CPI is that it's slowing but less than expected," Dec Mullarkey, Managing Director at SLC Management in Boston told Reuters.<o:p></o:p>

He highlighted that the reading supported the Fed's decision to await further assurance that inflation remained contained. <o:p></o:p>

As a result, the dollar index surged to a three-month high of 104.95, indicating a strong performance against a basket of major currencies. <o:p></o:p>

It was last up 0.7 per cent at 104.89, poised for its most substantial one-day gain since early February.<o:p></o:p>

The greenback's rally extended beyond inflation data, surpassing 150 yen for the first time since November. <o:p></o:p>

Analysts noted that the yen, which had depreciated over 6 per cent against the dollar this year, faced persistent pressure amid revised expectations of the Federal Reserve's monetary policy. <o:p></o:p>

The dollar's strength against the yen prompted speculation of potential intervention by Japanese officials to stabilise the currency.<o:p></o:p>

Market analysts emphasised the market's response to the inflation data, with Federal funds futures indicating no rate cut in March and a lower than 50 per cent probability of easing in May. <o:p></o:p>

Expectations aligned with the Fed's projections, suggesting around three rate cuts this year, as reflected in the "dot plot" released in December. <o:p></o:p>

Analysts anticipate reduced volatility in the market as expectations align with the Fed's forecasts.<o:p></o:p>

In addition to the dollar's surge, the euro depreciated by 0.6 per cent to $1.0707, reaching its lowest level since mid-November. <o:p></o:p>

Meanwhile, in the cryptocurrency market, bitcoin touched $50,383, its highest level since December 2021, before dipping below $50,000 following the CPI data release. <o:p></o:p>

Despite this, bitcoin has experienced an 18 per cent increase this year, supported by regulatory approvals for US-listed exchange-traded funds.<o:p></o:p>

Looking ahead, economists anticipate the US retail sales report, scheduled for Thursday. <o:p></o:p>

Recent forecasts suggest a potential decline of 0.1 per cent for January, following a 0.6 per cent rise in December. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The US dollar surged to three-month highs on Tuesday, propelled by robust inflation data that exceeded economists' expectations for January. According to Reuters, the Consumer Price Index (CPI) reported a 0.

The US dollar surged to three-month highs on Tuesday, propelled by robust inflation data that exceeded economists' expectations for January. According to Reuters, the Consumer Price Index (CPI) reported a 0.3 per cent increase on a monthly basis, surpassing the 0.2 per cent forecast. Year-on-year, the CPI rose by 3.1 per cent, exceeding the estimated 2.9 per cent growth. These figures reinforced market expectations that the Federal Reserve would maintain interest rates steady in March, boosting the dollar's strength. "The key message from today's CPI is that it's slowing but less than expected," Dec Mullarkey, Managing Director at SLC Management in Boston told Reuters. He highlighted that the reading supported the Fed's decision to await further assurance that inflation remained contained. As a result, the dollar index surged to a three-month high of 104.95, indicating a strong performance against a basket of major currencies. It was last up 0.7 per cent at 104.89, poised for its most substantial one-day gain since early February. The greenback's rally extended beyond inflation data, surpassing 150 yen for the first time since November. Analysts noted that the yen, which had depreciated over 6 per cent against the dollar this year, faced persistent pressure amid revised expectations of the Federal Reserve's monetary policy. The dollar's strength against the yen prompted speculation of potential intervention by Japanese officials to stabilise the currency. Market analysts emphasised the market's response to the inflation data, with Federal funds futures indicating no rate cut in March and a lower than 50 per cent probability of easing in May. Expectations aligned with the Fed's projections, suggesting around three rate cuts this year, as reflected in the "dot plot" released in December. Analysts anticipate reduced volatility in the market as expectations align with the Fed's forecasts. In addition to the dollar's surge, the euro depreciated by 0.6 per cent to $1.0707, reaching its lowest level since mid-November. Meanwhile, in the cryptocurrency market, bitcoin touched $50,383, its highest level since December 2021, before dipping below $50,000 following the CPI data release. Despite this, bitcoin has experienced an 18 per cent increase this year, supported by regulatory approvals for US-listed exchange-traded funds. Looking ahead, economists anticipate the US retail sales report, scheduled for Thursday. Recent forecasts suggest a potential decline of 0.1 per cent for January, following a 0.6 per cent rise in December. (With inputs from Reuters)

US dollar hits 3-month high on strong inflation data, surpasses 150 yen mark

Nvidia, the leading AI chipmaker, is on the brink of surpassing Alphabet as the third most valuable company on Wall Street, after overtaking Amazon's market capitalisation for the first time in two decades, according to Reuters. <o:p></o:p>

Nvidia's market cap reached $1.78 trillion, exceeding Amazon's $1.75 trillion, as the latter's shares declined by 2.15 per cent. <o:p></o:p>

Alphabet, Google's parent company, saw a 1.62 per cent dip in its stock, leaving its market value at $1.81 trillion.<o:p></o:p>

The surge in Nvidia's market value comes as the company benefits from the tech industry's push to integrate AI into various products and services. <o:p></o:p>

Major tech firms like Meta Platforms are heavily investing in Nvidia's graphics processors, leading to a significant increase in demand for its components. <o:p></o:p>

Analysts foresee substantial potential for Nvidia in the AI sector, with Mizuho raising its price target for Nvidia's stock ahead of its quarterly results.<o:p></o:p>

Nvidia's dominance in the high-end AI chip market, controlling about 80 per cent of it, has propelled its stock to new heights. <o:p></o:p>

Mizuho analyst Vijay Rakesh highlighted the persistent high demand for Nvidia's processors, indicating significant AI upside for the company.<o:p></o:p>

&nbsp;This optimism extends to other tech giants like Microsoft and Meta, whose stocks have rallied due to AI-related optimism.<o:p></o:p>

Alphabet, while facing competition from Nvidia, has been actively incorporating AI technologies into its products and services. <o:p></o:p>

Despite this, the company's recent quarterly report failed to meet investors' expectations, leading to a drop in its stock price. <o:p></o:p>

Nevertheless, Alphabet's stock remains up by 4 per cent in 2024, showcasing a resilient performance amidst the competitive tech landscape.<o:p></o:p>

Nvidia briefly surpassed Amazon's market capitalisation on Monday, marking a significant milestone for the company. <o:p></o:p>

This achievement reflects Nvidia's remarkable growth trajectory since its early days when its market value was under $6 billion. <o:p></o:p>

The current surge in Nvidia's market cap echoes its strong positioning in the AI market and underscores its potential for further expansion.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Nvidia, the leading AI chipmaker, is on the brink of surpassing Alphabet as the third most valuable company on Wall Street, after overtaking Amazon's market capitalisation for the first time in two decades, according to Reuters.

Nvidia, the leading AI chipmaker, is on the brink of surpassing Alphabet as the third most valuable company on Wall Street, after overtaking Amazon's market capitalisation for the first time in two decades, according to Reuters. Nvidia's market cap reached $1.78 trillion, exceeding Amazon's $1.75 trillion, as the latter's shares declined by 2.15 per cent. Alphabet, Google's parent company, saw a 1.62 per cent dip in its stock, leaving its market value at $1.81 trillion. The surge in Nvidia's market value comes as the company benefits from the tech industry's push to integrate AI into various products and services. Major tech firms like Meta Platforms are heavily investing in Nvidia's graphics processors, leading to a significant increase in demand for its components. Analysts foresee substantial potential for Nvidia in the AI sector, with Mizuho raising its price target for Nvidia's stock ahead of its quarterly results. Nvidia's dominance in the high-end AI chip market, controlling about 80 per cent of it, has propelled its stock to new heights. Mizuho analyst Vijay Rakesh highlighted the persistent high demand for Nvidia's processors, indicating significant AI upside for the company. This optimism extends to other tech giants like Microsoft and Meta, whose stocks have rallied due to AI-related optimism. Alphabet, while facing competition from Nvidia, has been actively incorporating AI technologies into its products and services. Despite this, the company's recent quarterly report failed to meet investors' expectations, leading to a drop in its stock price. Nevertheless, Alphabet's stock remains up by 4 per cent in 2024, showcasing a resilient performance amidst the competitive tech landscape. Nvidia briefly surpassed Amazon's market capitalisation on Monday, marking a significant milestone for the company. This achievement reflects Nvidia's remarkable growth trajectory since its early days when its market value was under $6 billion. The current surge in Nvidia's market cap echoes its strong positioning in the AI market and underscores its potential for further expansion. (With inputs from Reuters)

Nvidia on the brink of overtaking Alphabet in market cap after Amazon

<o:p></o:p>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.<o:p></o:p>

US dollar hits 3-month high on strong inflation data, surpasses 150 yen mark<o:p></o:p>

The US dollar surged to three-month highs on Tuesday, propelled by robust inflation data that exceeded economists' expectations for January.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/us-dollar-hits-3-month-high-on-strong-inflation-data-surpasses-150-yen-mark-690078">Read more here</a> <o:p></o:p>

SpaceX fined after worker injury, records reveal history of safety concerns<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.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/spacex-fined-after-worker-injury-records-reveal-history-of-safety-concerns-690084">Read more here</a><o:p></o:p>

Nvidia on the brink of overtaking Alphabet in market after Amazon<o:p></o:p>

Nvidia, the leading AI chipmaker, is on the brink of surpassing Alphabet as the third most valuable company on Wall Street, after overtaking Amazon's market capitalisation for the first time in two decades, according to Reuters.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/nvidia-on-the-brink-of-overtaking-alphabet-in-market-after-amazon-690089">Read more here </a><o:p></o:p>

Barclays faces lawsuit over discrimination allegations from vice president<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.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/barclays-faces-lawsuit-over-discrimination-allegations-from-vice-president-690094">Read more here </a><o:p></o:p>

Walmart in advanced talks to acquire Vizio for over $2 bn, boosting TV market control<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.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/walmart-in-advanced-talks-to-acquire-vizio-for-over-2-bn-boosting-tv-market-control-690100">Read more here </a><o:p></o:p>

Rising rents propel US inflation; rate cuts still anticipated in 2024<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.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/rising-rents-propel-us-inflation-rate-cuts-still-anticipated-in-2024-690133">Read more here </a><o:p></o:p>

Disneyland character performers announce plans to unionise, seeking better benefits<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.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/disneyland-character-performers-announce-plans-to-unionise-seeking-better-benefits-690139">Read more here </a><o:p></o:p>

China's declining birth rate puts teachers' jobs at risk: Millions face uncertain future by 2035<o:p></o:p>

In the wake of China's plummeting birth rate, the future of teaching, once considered a steadfast career choice in the nation, is now cast in uncertainty, the South China Morning Post (SCMP) reported.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/chinas-declining-birth-rate-puts-teachers-jobs-at-risk-millions-face-uncertain-future-by-2035-690148">Read more here </a><o:p></o:p>

Love is in the air, but is it in your budget? Exploring the economic impact of Valentine's Day<o:p></o:p>

While millions prepare to celebrate love with chocolates, cards, and cosy dinners, the question arises: how much does this day of affection truly cost the economy, and is the pressure to spend worth it?

<a href="https://www.wionews.com/business-economy/love-is-in-the-air-but-is-it-in-your-budget-exploring-the-economic-impact-of-valentines-day-690154">Read more here </a><o:p></o:p>

Toyota announces leadership changes at Daihatsu following safety test scandal

In response to the revelation of rigged collision safety-tests, Toyota Motor Corp announced significant leadership changes within Daihatsu Motor, with both the president and chairman set to step down.

<a href="https://www.wionews.com/business-economy/toyota-announces-leadership-changes-at-daihatsu-following-safety-test-scandal-690175">Read more here</a>

FTC's antitrust lawsuit against Amazon scheduled for October 2026 trial

A US federal judge has set an October 2026 trial date for the Federal Trade Commission's (FTC) antitrust lawsuit against Amazon.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/ftcs-antitrust-lawsuit-against-amazon-scheduled-for-october-2026-trial-690168">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. US dollar hits 3-month high on strong inflation data, surpasses 150 yen mark The US dollar surged to three-month highs on Tuesday, propelled by robust inflation data that exceeded economists' expectations for January.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. US dollar hits 3-month high on strong inflation data, surpasses 150 yen mark The US dollar surged to three-month highs on Tuesday, propelled by robust inflation data that exceeded economists' expectations for January. Read more here SpaceX fined after worker injury, records reveal history of safety concerns 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. Read more here Nvidia on the brink of overtaking Alphabet in market after Amazon Nvidia, the leading AI chipmaker, is on the brink of surpassing Alphabet as the third most valuable company on Wall Street, after overtaking Amazon's market capitalisation for the first time in two decades, according to Reuters. Read more here Barclays faces lawsuit over discrimination allegations from vice president A vice president at Barclays has filed a lawsuit against the British bank, seeking approximately $290,000, alleging racial, religious, and gender discrimination. Read more here Walmart in advanced talks to acquire Vizio for over $2 bn, boosting TV market control 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. Read more here Rising rents propel US inflation; rate cuts still anticipated in 2024 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. Read more here Disneyland character performers announce plans to unionise, seeking better benefits 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. Read more here China's declining birth rate puts teachers' jobs at risk: Millions face uncertain future by 2035 In the wake of China's plummeting birth rate, the future of teaching, once considered a steadfast career choice in the nation, is now cast in uncertainty, the South China Morning Post (SCMP) reported. Read more here Love is in the air, but is it in your budget? Exploring the economic impact of Valentine's Day While millions prepare to celebrate love with chocolates, cards, and cosy dinners, the question arises: how much does this day of affection truly cost the economy, and is the pressure to spend worth it? Read more here Toyota announces leadership changes at Daihatsu following safety test scandal In response to the revelation of rigged collision safety-tests, Toyota Motor Corp announced significant leadership changes within Daihatsu Motor, with both the president and chairman set to step down. Read more here FTC's antitrust lawsuit against Amazon scheduled for October 2026 trial A US federal judge has set an October 2026 trial date for the Federal Trade Commission's (FTC) antitrust lawsuit against Amazon. Read more here

WION Business Wrap | US dollar’s 3-month high, Nvidia’s rising market value and more

In response to the revelation of rigged collision safety-tests, Toyota Motor Corp announced significant leadership changes within Daihatsu Motor, with both the president and chairman set to step down.

These developments come almost a year after Daihatsu disclosed the manipulation of safety tests, marking a pivotal moment for the small-car unit as Toyota endeavours to reinstate the brand's reputation as one of Japan's foremost compact car manufacturers.

The move signals one of the most significant shifts within the company since the scandal emerged. Toyota's efforts to restore Daihatsu's standing align with its broader objectives to address governance issues across its affiliates, including truck maker Hino Motors and Toyota Industries. These challenges have prompted an apology from Toyota Chairman Akio Toyoda, acknowledging the severity of the situation.

Toyota wasted no time in announcing replacements for the outgoing executives at Daihatsu. Masahiro Inoue, currently serving as the chief executive officer for the Latin America and Caribbean region, is slated to assume the role of president effective March 1.

This move reflects Toyota's proactive approach to instilling fresh leadership and direction within Daihatsu. Meanwhile, the chairman position will remain vacant, indicating a streamlined leadership structure moving forward.

While some may interpret these leadership changes as disciplinary&nbsp;measures, Toyota's Chief Executive Koji Sato emphasised that the reorganisation within Daihatsu is not solely a response to the misconduct but rather a strategic decision.

The outgoing president, Soichiro Okudaira, brought nearly four decades of experience at Toyota to his role at Daihatsu, assuming the presidency in 2017 following its full acquisition by Toyota. This tenure underscores the deep ties between the two companies.

Daihatsu's significance within Toyota's broader operations is notable, accounting for 7 per cent of the conglomerate's total group sales in 2023. Despite this, the safety certification lapses necessitated actions to address the issue, including Daihatsu's removal from the Commercial Japan Partnership Technologies (CJPT).

This partnership, initially established by Toyota, Hino, and Isuzu Motors for technology development in commercial vehicles, saw Daihatsu's participation alongside Suzuki Motor. The decision to transfer Daihatsu's 10 per cent equity stake in CJPT to Toyota underscores the gravity of the situation.

(With inputs from Reuters)<o:p></o:p>

In response to the revelation of rigged collision safety-tests, Toyota Motor Corp announced significant leadership changes within Daihatsu Motor, with both the president and chairman set to step down.

In response to the revelation of rigged collision safety-tests, Toyota Motor Corp announced significant leadership changes within Daihatsu Motor, with both the president and chairman set to step down. These developments come almost a year after Daihatsu disclosed the manipulation of safety tests, marking a pivotal moment for the small-car unit as Toyota endeavours to reinstate the brand's reputation as one of Japan's foremost compact car manufacturers. The move signals one of the most significant shifts within the company since the scandal emerged. Toyota's efforts to restore Daihatsu's standing align with its broader objectives to address governance issues across its affiliates, including truck maker Hino Motors and Toyota Industries. These challenges have prompted an apology from Toyota Chairman Akio Toyoda, acknowledging the severity of the situation. Toyota wasted no time in announcing replacements for the outgoing executives at Daihatsu. Masahiro Inoue, currently serving as the chief executive officer for the Latin America and Caribbean region, is slated to assume the role of president effective March 1. This move reflects Toyota's proactive approach to instilling fresh leadership and direction within Daihatsu. Meanwhile, the chairman position will remain vacant, indicating a streamlined leadership structure moving forward. While some may interpret these leadership changes as disciplinary measures, Toyota's Chief Executive Koji Sato emphasised that the reorganisation within Daihatsu is not solely a response to the misconduct but rather a strategic decision. The outgoing president, Soichiro Okudaira, brought nearly four decades of experience at Toyota to his role at Daihatsu, assuming the presidency in 2017 following its full acquisition by Toyota. This tenure underscores the deep ties between the two companies. Daihatsu's significance within Toyota's broader operations is notable, accounting for 7 per cent of the conglomerate's total group sales in 2023. Despite this, the safety certification lapses necessitated actions to address the issue, including Daihatsu's removal from the Commercial Japan Partnership Technologies (CJPT). This partnership, initially established by Toyota, Hino, and Isuzu Motors for technology development in commercial vehicles, saw Daihatsu's participation alongside Suzuki Motor. The decision to transfer Daihatsu's 10 per cent equity stake in CJPT to Toyota underscores the gravity of the situation. (With inputs from Reuters)

Toyota announces leadership changes at Daihatsu following safety test scandal

A US federal judge has set an October 2026 trial date for the Federal Trade Commission's (FTC) antitrust lawsuit against Amazon.

As per a Reuters report, the lawsuit, filed on September 26 and joined by 17 state attorneys general, accuses the e-commerce giant of operating an illegal monopoly, particularly by impeding sellers from offering lower prices on other platforms.

The trial date was determined by US District Judge John Chun in response to the long-awaited legal action following a four-year investigation.

The FTC's lawsuit against Amazon aims to address what it perceives as unlawful conduct by the company. The agency is seeking a permanent injunction to halt practices it considers anti-competitive.

In addition, the FTC has raised the possibility of remedies that could include divesting parts of Amazon's business.

However, both Amazon and the FTC declined to provide comments regarding the trial date or the allegations outlined in the lawsuit.

Amazon, in its defence against the FTC's claims, argues that the agency has misconstrued standard retail practices as anticompetitive behaviour. The company asserts that the FTC has failed to demonstrate any harm to consumers resulting from its business operations.

Last December, Amazon moved to dismiss the lawsuit, emphasising the disparity between what the FTC characterises as antitrust violations and the actual impact on consumers.

Responding to Amazon's motion to dismiss, the FTC argued that the government has clearly outlined Amazon's status as a monopolist and its methods for maintaining dominance in the market.

The FTC alleges that Amazon has utilised various illegal strategies to increase profits, including the implementation of an algorithm known as "Project Nessie." This algorithm allegedly led to over $1 billion in increased prices for US households.

Amazon, with its vast online marketplace offering over a billion items, reportedly used Project Nessie to identify products for price increases, directly impacting consumers' wallets.

However Amazon, refuses the FTC's claims regarding the pricing tool, stating that it has ceased using Project Nessie several years ago. The company maintains that the algorithm was primarily employed to prevent price-matching scenarios that could result in unsustainable price reductions.

Amazon asserts that the FTC's portrayal of Project Nessie is misleading and does not accurately reflect its intentions or practices. The ongoing legal battle between Amazon and the FTC underscores the complexity of antitrust regulations in the digital age and their implications for e-commerce giants.

(With inputs from Reuters)<o:p></o:p>

A US federal judge has set an October 2026 trial date for the Federal Trade Commission's (FTC) antitrust lawsuit against Amazon. As per a Reuters report, the lawsuit, filed on September 26 and joined by 17 state attorneys general, accuses the e-commerce giant of operating an illegal monopoly, particularly by impeding sellers from offering lower prices on other platforms.

A US federal judge has set an October 2026 trial date for the Federal Trade Commission's (FTC) antitrust lawsuit against Amazon. As per a Reuters report, the lawsuit, filed on September 26 and joined by 17 state attorneys general, accuses the e-commerce giant of operating an illegal monopoly, particularly by impeding sellers from offering lower prices on other platforms. The trial date was determined by US District Judge John Chun in response to the long-awaited legal action following a four-year investigation. The FTC's lawsuit against Amazon aims to address what it perceives as unlawful conduct by the company. The agency is seeking a permanent injunction to halt practices it considers anti-competitive. In addition, the FTC has raised the possibility of remedies that could include divesting parts of Amazon's business. However, both Amazon and the FTC declined to provide comments regarding the trial date or the allegations outlined in the lawsuit. Amazon, in its defence against the FTC's claims, argues that the agency has misconstrued standard retail practices as anticompetitive behaviour. The company asserts that the FTC has failed to demonstrate any harm to consumers resulting from its business operations. Last December, Amazon moved to dismiss the lawsuit, emphasising the disparity between what the FTC characterises as antitrust violations and the actual impact on consumers. Responding to Amazon's motion to dismiss, the FTC argued that the government has clearly outlined Amazon's status as a monopolist and its methods for maintaining dominance in the market. The FTC alleges that Amazon has utilised various illegal strategies to increase profits, including the implementation of an algorithm known as "Project Nessie." This algorithm allegedly led to over $1 billion in increased prices for US households. Amazon, with its vast online marketplace offering over a billion items, reportedly used Project Nessie to identify products for price increases, directly impacting consumers' wallets. However Amazon, refuses the FTC's claims regarding the pricing tool, stating that it has ceased using Project Nessie several years ago. The company maintains that the algorithm was primarily employed to prevent price-matching scenarios that could result in unsustainable price reductions. Amazon asserts that the FTC's portrayal of Project Nessie is misleading and does not accurately reflect its intentions or practices. The ongoing legal battle between Amazon and the FTC underscores the complexity of antitrust regulations in the digital age and their implications for e-commerce giants. (With inputs from Reuters)

FTC's antitrust lawsuit against Amazon scheduled for October 2026 trial

In the wake of China's plummeting birth rate, the future of teaching, once considered a steadfast career choice in the nation, is now cast in uncertainty, the South China Morning Post (SCMP) reported.<o:p></o:p>

The iconic "iron rice bowl" concept, symbolising guaranteed job security, may no longer hold true as demographic shifts pave the way for an estimated surplus of 1.9 million teachers by 2035. <o:p></o:p>

This sudden change poses significant challenges, not just for educators but for the broader societal and economic landscape of the country.<o:p></o:p>

Demographic transition and educational implications<o:p></o:p>

The dramatic decline in newborns since 2017, coupled with dwindling kindergarten and primary school enrolments, paints a sobering picture of China's demographic future.<o:p></o:p>

The SCMP report cited &nbsp;Chu Zhaohui, a senior researcher at the China National Academy of Educational Sciences, who warned, "With fewer students, there will inevitably be redundancies at schools within a certain period or a certain region." <o:p></o:p>

This trend, if unabated, could lead to a surplus of 1.5 million primary school teachers and 370,000 middle school teachers by 2035.<o:p></o:p>

Government response and local initiatives<o:p></o:p>

Local authorities are feeling the strain, grappling with fiscal pressures exacerbated by economic challenges. <o:p></o:p>

In response, regions like Hunan province have begun strategising for the long term, urging better allocation of education resources based on birth rates and urbanisation.<o:p></o:p>

Furthermore, several governments have curtailed the supply of teachers by discontinuing major degree programs related to education at certain universities.<o:p></o:p>

Educational quality and opportunities for improvement<o:p></o:p>

Amidst these challenges lies an opportunity for China to enhance the quality of its education system.<o:p></o:p>

The SCMP report mentioned Huang Bin, a professor at Nanjing University’s Institute of Education, who emphasised the importance of upgrading rural teachers and improving educational standards.<o:p></o:p>

Additionally, Maggie Chen, a veteran teacher in Zhejiang province, suggested that smaller class sizes could enable teachers to provide better individual attention to students.<o:p></o:p>

Parental concerns and societal implications<o:p></o:p>

Despite government measures to alleviate educational pressures, parental anxiety over children’s education remains high, as highlighted in a survey by youth36kr. <o:p></o:p>

This pervasive stress, coupled with broader societal trends of declining birth rates, underscores the multifaceted challenges facing China's educational landscape and society at large.<o:p></o:p>

In the wake of China's plummeting birth rate, the future of teaching, once considered a steadfast career choice in the nation, is now cast in uncertainty, the South China Morning Post (SCMP) reported.

In the wake of China's plummeting birth rate, the future of teaching, once considered a steadfast career choice in the nation, is now cast in uncertainty, the South China Morning Post (SCMP) reported. The iconic "iron rice bowl" concept, symbolising guaranteed job security, may no longer hold true as demographic shifts pave the way for an estimated surplus of 1.9 million teachers by 2035. This sudden change poses significant challenges, not just for educators but for the broader societal and economic landscape of the country. Demographic transition and educational implications The dramatic decline in newborns since 2017, coupled with dwindling kindergarten and primary school enrolments, paints a sobering picture of China's demographic future. The SCMP report cited Chu Zhaohui, a senior researcher at the China National Academy of Educational Sciences, who warned, "With fewer students, there will inevitably be redundancies at schools within a certain period or a certain region." This trend, if unabated, could lead to a surplus of 1.5 million primary school teachers and 370,000 middle school teachers by 2035. Government response and local initiatives Local authorities are feeling the strain, grappling with fiscal pressures exacerbated by economic challenges. In response, regions like Hunan province have begun strategising for the long term, urging better allocation of education resources based on birth rates and urbanisation. Furthermore, several governments have curtailed the supply of teachers by discontinuing major degree programs related to education at certain universities. Educational quality and opportunities for improvement Amidst these challenges lies an opportunity for China to enhance the quality of its education system. The SCMP report mentioned Huang Bin, a professor at Nanjing University’s Institute of Education, who emphasised the importance of upgrading rural teachers and improving educational standards. Additionally, Maggie Chen, a veteran teacher in Zhejiang province, suggested that smaller class sizes could enable teachers to provide better individual attention to students. Parental concerns and societal implications Despite government measures to alleviate educational pressures, parental anxiety over children’s education remains high, as highlighted in a survey by youth36kr. This pervasive stress, coupled with broader societal trends of declining birth rates, underscores the multifaceted challenges facing China's educational landscape and society at large.

China's declining birth rate puts teachers' jobs at risk: Millions face uncertain future by 2035

In a move signalling a resurgence of interest in cryptocurrency markets, Founders Fund, the venture capital firm founded by billionaire Peter Thiel, has reportedly reinvested in bitcoin and ether.

Sources, familiar with the matter told Reuters, that the firm allocated $200 million last year to acquire crypto tokens, evenly split between bitcoin and ether. This decision underscores the return of institutional investors to token investments, a strategy that was once highly favoured before the crypto market downturn in 2022.

Founders Fund's re-entry into the crypto space represents a notable comeback for the industry, which faced significant challenges following the collapse of major players like FTX and subsequent regulatory scrutiny.

The market turmoil in 2022 saw the price of bitcoin plummet to nearly $15,000, its lowest level since 2020. However, both bitcoin and ether have experienced a gradual recovery over the past year, with bitcoin recently surpassing the $50,000 mark for the first time in over two years.

As one of the earliest institutional backers of cryptocurrencies, Founders Fund initially began accumulating bitcoin in 2014, a move that proved profitable when they liquidated their holdings before the 2022 crash, yielding approximately $1.8 billion in returns.

Last summer, the firm resumed its crypto acquisitions, buying bitcoin when it was trading below $30,000 and subsequently expanding its portfolio with additional purchases of both bitcoin and ether over the following months.

While the specific details regarding the average purchase price remain undisclosed, Founders Fund's investment strategy aligns with Peter Thiel's public endorsement of bitcoin.

Thiel, known for his co-founding roles at PayPal and Palantir, has often lauded bitcoin as a store of value comparable to gold and a hedge against central banks' monetary policies.

Founded in Silicon Valley, Founders Fund has gained importance for its early-stage investments in companies like SpaceX and Meta.

With over $12 billion in assets under management, the firm's decision to allocate significant resources to cryptocurrency underscores its confidence in the long-term potential of digital assets.

In April 2023, Founders Fund further bolstered its crypto expertise by appointing Joey Krug as a partner dedicated to crypto investing.

(With inputs from Reuters)

In a move signalling a resurgence of interest in cryptocurrency markets, Founders Fund, the venture capital firm founded by billionaire Peter Thiel, has reportedly reinvested in bitcoin and ether.

In a move signalling a resurgence of interest in cryptocurrency markets, Founders Fund, the venture capital firm founded by billionaire Peter Thiel, has reportedly reinvested in bitcoin and ether. Sources, familiar with the matter told Reuters, that the firm allocated $200 million last year to acquire crypto tokens, evenly split between bitcoin and ether. This decision underscores the return of institutional investors to token investments, a strategy that was once highly favoured before the crypto market downturn in 2022. Founders Fund's re-entry into the crypto space represents a notable comeback for the industry, which faced significant challenges following the collapse of major players like FTX and subsequent regulatory scrutiny. The market turmoil in 2022 saw the price of bitcoin plummet to nearly $15,000, its lowest level since 2020. However, both bitcoin and ether have experienced a gradual recovery over the past year, with bitcoin recently surpassing the $50,000 mark for the first time in over two years. As one of the earliest institutional backers of cryptocurrencies, Founders Fund initially began accumulating bitcoin in 2014, a move that proved profitable when they liquidated their holdings before the 2022 crash, yielding approximately $1.8 billion in returns. Last summer, the firm resumed its crypto acquisitions, buying bitcoin when it was trading below $30,000 and subsequently expanding its portfolio with additional purchases of both bitcoin and ether over the following months. While the specific details regarding the average purchase price remain undisclosed, Founders Fund's investment strategy aligns with Peter Thiel's public endorsement of bitcoin. Thiel, known for his co-founding roles at PayPal and Palantir, has often lauded bitcoin as a store of value comparable to gold and a hedge against central banks' monetary policies. Founded in Silicon Valley, Founders Fund has gained importance for its early-stage investments in companies like SpaceX and Meta. With over $12 billion in assets under management, the firm's decision to allocate significant resources to cryptocurrency underscores its confidence in the long-term potential of digital assets. In April 2023, Founders Fund further bolstered its crypto expertise by appointing Joey Krug as a partner dedicated to crypto investing. (With inputs from Reuters)

Founders fund backs bitcoin, ether investments, reflecting renewed silicon valley interest in crypto

<o:p></o:p>

In a legal battle unfolding in London, Hewlett-Packard (HP) has claimed losses exceeding $4 billion resulting from an alleged fraud orchestrated by the co-founder of British software firm Autonomy, Mike Lynch.<o:p></o:p>

According to Reuters, HP's lawyers presented their case to the court on Monday, accusing Lynch of artificially inflating Autonomy's value through fraudulent means.<o:p></o:p>

Highlighting the magnitude of the case, HP seeks to recoup losses through a lawsuit targeting Lynch and Autonomy's former chief financial officer, Sushovan Hussain. <o:p></o:p>

The tech giant's acquisition of Autonomy for $11.1 billion in 2011, once hailed as one of the UK's most significant tech deals, ended in turmoil as HP wrote down Autonomy's value by $8.8 billion within a year.<o:p></o:p>

HP's legal team argued that Lynch's alleged fraud inflicted substantial financial harm on the company, justifying the pursuit of approximately $4 billion in damages. <o:p></o:p>

However, Lynch, currently facing criminal charges in the United States related to the deal, maintains his innocence and denies any wrongdoing. <o:p></o:p>

His lawyer, David Wolfson, countered HP's claims, suggesting that the price HP would have paid for Autonomy would not have significantly differed due to the company's unique technology and strategic value.<o:p></o:p>

The legal dispute stems from one of the longest civil trials in English legal history, where HP emerged largely victorious in 2022. <o:p></o:p>

Despite the court's ruling in favour of HP, the determination of damages remains pending, with Lynch intending to seek permission to appeal. <o:p></o:p>

This delay prolongs the legal saga, casting uncertainty over the resolution of the contentious lawsuit.<o:p></o:p>

Echoing Lynch's stance, lawyers representing Sushovan Hussain, who was previously convicted of fraud in the US, expressed agreement with Lynch's defence. <o:p></o:p>

Hussain, sentenced to five years in prison in 2019, aligns with Lynch's assertion that HP suffered no actual loss due to the alleged fraudulent activities surrounding the Autonomy deal.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In a legal battle unfolding in London, Hewlett-Packard (HP) has claimed losses exceeding $4 billion resulting from an alleged fraud orchestrated by the co-founder of British software firm Autonomy, Mike Lynch.

In a legal battle unfolding in London, Hewlett-Packard (HP) has claimed losses exceeding $4 billion resulting from an alleged fraud orchestrated by the co-founder of British software firm Autonomy, Mike Lynch. According to Reuters, HP's lawyers presented their case to the court on Monday, accusing Lynch of artificially inflating Autonomy's value through fraudulent means. Highlighting the magnitude of the case, HP seeks to recoup losses through a lawsuit targeting Lynch and Autonomy's former chief financial officer, Sushovan Hussain. The tech giant's acquisition of Autonomy for $11.1 billion in 2011, once hailed as one of the UK's most significant tech deals, ended in turmoil as HP wrote down Autonomy's value by $8.8 billion within a year. HP's legal team argued that Lynch's alleged fraud inflicted substantial financial harm on the company, justifying the pursuit of approximately $4 billion in damages. However, Lynch, currently facing criminal charges in the United States related to the deal, maintains his innocence and denies any wrongdoing. His lawyer, David Wolfson, countered HP's claims, suggesting that the price HP would have paid for Autonomy would not have significantly differed due to the company's unique technology and strategic value. The legal dispute stems from one of the longest civil trials in English legal history, where HP emerged largely victorious in 2022. Despite the court's ruling in favour of HP, the determination of damages remains pending, with Lynch intending to seek permission to appeal. This delay prolongs the legal saga, casting uncertainty over the resolution of the contentious lawsuit. Echoing Lynch's stance, lawyers representing Sushovan Hussain, who was previously convicted of fraud in the US, expressed agreement with Lynch's defence. Hussain, sentenced to five years in prison in 2019, aligns with Lynch's assertion that HP suffered no actual loss due to the alleged fraudulent activities surrounding the Autonomy deal. (With inputs from Reuters)

HP pursues $4 bn in damages in London lawsuit against autonomy founders over alleged fraud

In a bid to foster AI literacy and skills development in Europe, Google has announced a pledge of 25 million euros ($26.98 million).<o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

This initiative aims to empower individuals across the continent to harness the potential of artificial intelligence for personal and professional growth. <o:p></o:p>

The tech giant unveiled its funding commitment on Monday, inviting applications from social enterprises and nonprofits dedicated to delivering targeted training to underserved communities.<o:p></o:p>

Adrian Brown, executive director of the Centre for Public Impact, emphasised the significance of this program in addressing potential inequalities arising from AI advancements. <o:p></o:p>

"Research shows that the benefits of AI could exacerbate existing inequalities — especially in terms of economic security and employment," Reuters quoted Brown as saying. <o:p></o:p>

He further highlighted the program's goal of ensuring equitable access to AI education and opportunities, thereby preventing anyone from being left behind.<o:p></o:p>

Google's initiative extends beyond financial support, as the company plans to establish "growth academies" to assist businesses in leveraging AI to scale their operations. <o:p></o:p>

Additionally, Google has expanded its collection of free online AI training courses, now available in 18 languages. <o:p></o:p>

Last month, Google unveiled plans to invest $1 billion in constructing a data centre just outside London, in response to the growing demand for internet services in the region. <o:p></o:p>

The data centre, situated on a 33-acre site acquired by Google in 2020, will be located in Waltham Cross, approximately 15 miles north of central London. <o:p></o:p>

The announcement of Google's investment in AI education and infrastructure comes amid increasing recognition of the transformative potential of artificial intelligence across various sectors. <o:p></o:p>

&nbsp;(With inputs from Reuters)<o:p></o:p>

In a bid to foster AI literacy and skills development in Europe, Google has announced a pledge of 25 million euros ($26.98 million). This is based on a Reuters report.

In a bid to foster AI literacy and skills development in Europe, Google has announced a pledge of 25 million euros ($26.98 million). This is based on a Reuters report. This initiative aims to empower individuals across the continent to harness the potential of artificial intelligence for personal and professional growth. The tech giant unveiled its funding commitment on Monday, inviting applications from social enterprises and nonprofits dedicated to delivering targeted training to underserved communities. Adrian Brown, executive director of the Centre for Public Impact, emphasised the significance of this program in addressing potential inequalities arising from AI advancements. "Research shows that the benefits of AI could exacerbate existing inequalities — especially in terms of economic security and employment," Reuters quoted Brown as saying. He further highlighted the program's goal of ensuring equitable access to AI education and opportunities, thereby preventing anyone from being left behind. Google's initiative extends beyond financial support, as the company plans to establish "growth academies" to assist businesses in leveraging AI to scale their operations. Additionally, Google has expanded its collection of free online AI training courses, now available in 18 languages. Last month, Google unveiled plans to invest $1 billion in constructing a data centre just outside London, in response to the growing demand for internet services in the region. The data centre, situated on a 33-acre site acquired by Google in 2020, will be located in Waltham Cross, approximately 15 miles north of central London. The announcement of Google's investment in AI education and infrastructure comes amid increasing recognition of the transformative potential of artificial intelligence across various sectors. (With inputs from Reuters)

Google commits 25 million euros to empower AI skills across Europe

In a significant move towards supporting Ukraine's recovery efforts, the European Union (EU) has enacted legislation aimed at allocating windfall profits from frozen Russian central bank assets for the reconstruction of Ukraine, the EU announced on Monday. <o:p></o:p>

This decision marks a pivotal moment in the EU's efforts to utilise funds accrued from sanctions imposed on Russia following its invasion of Ukraine.<o:p></o:p>

Since the invasion, both the EU and the Group of Seven nations (G7) have collectively frozen around 300 billion euros ($323 billion) of Russian central bank assets. <o:p></o:p>

Deliberations on the utilisation of these funds have persisted for over a year, with the United States proposing outright confiscation. <o:p></o:p>

However, EU officials have deemed this approach legally precarious.<o:p></o:p>

The majority of the frozen assets, approximately two-thirds, are held within the EU, with a significant portion managed by Belgium's Euroclear. <o:p></o:p>

Until now, only taxes on these assets in Belgium have been directed towards a dedicated fund for Ukraine, overseen by the Belgian government.<o:p></o:p>

Under the newly passed law, central securities depositaries (CSDs) like Euroclear will be mandated to segregate net profits and revenues from Russian assets, ensuring they are kept separate from other financial activities.<o:p></o:p>

This regulation applies to institutions holding over 1 million euros ($1.1 million) of the Central Bank of Russia’s assets, providing clarity on the legal framework surrounding the utilisation of these funds.<o:p></o:p>

The EU estimates that approximately 15 billion euros ($16.17 billion) in profits could be allocated for Ukraine's benefit over the next four years from these assets. <o:p></o:p>

Additionally, the EU has committed to providing 50 billion euros ($53.89 billion) in aid to Kyiv.<o:p></o:p>

Ukrainian Foreign Minister Dmytro Kuleba expressed appreciation for the EU's decision.<o:p></o:p>

He urged ambitious and prompt actions in this regard.<o:p></o:p>

Meanwhile, the Kremlin has yet to respond to the EU's move. <o:p></o:p>

Moscow has previously stated that any attempt to use frozen Russian assets for Ukraine would be deemed illegal and subject to prolonged litigation, asserting that they would challenge such measures.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In a significant move towards supporting Ukraine's recovery efforts, the European Union (EU) has enacted legislation aimed at allocating windfall profits from frozen Russian central bank assets for the reconstruction of Ukraine, the EU announced on Monday.

In a significant move towards supporting Ukraine's recovery efforts, the European Union (EU) has enacted legislation aimed at allocating windfall profits from frozen Russian central bank assets for the reconstruction of Ukraine, the EU announced on Monday. This decision marks a pivotal moment in the EU's efforts to utilise funds accrued from sanctions imposed on Russia following its invasion of Ukraine. Since the invasion, both the EU and the Group of Seven nations (G7) have collectively frozen around 300 billion euros ($323 billion) of Russian central bank assets. Deliberations on the utilisation of these funds have persisted for over a year, with the United States proposing outright confiscation. However, EU officials have deemed this approach legally precarious. The majority of the frozen assets, approximately two-thirds, are held within the EU, with a significant portion managed by Belgium's Euroclear. Until now, only taxes on these assets in Belgium have been directed towards a dedicated fund for Ukraine, overseen by the Belgian government. Under the newly passed law, central securities depositaries (CSDs) like Euroclear will be mandated to segregate net profits and revenues from Russian assets, ensuring they are kept separate from other financial activities. This regulation applies to institutions holding over 1 million euros ($1.1 million) of the Central Bank of Russia’s assets, providing clarity on the legal framework surrounding the utilisation of these funds. The EU estimates that approximately 15 billion euros ($16.17 billion) in profits could be allocated for Ukraine's benefit over the next four years from these assets. Additionally, the EU has committed to providing 50 billion euros ($53.89 billion) in aid to Kyiv. Ukrainian Foreign Minister Dmytro Kuleba expressed appreciation for the EU's decision. He urged ambitious and prompt actions in this regard. Meanwhile, the Kremlin has yet to respond to the EU's move. Moscow has previously stated that any attempt to use frozen Russian assets for Ukraine would be deemed illegal and subject to prolonged litigation, asserting that they would challenge such measures. (With inputs from Reuters)

EU to channel frozen Russian assets for Ukraine's reconstruction: Report

Bitcoin has surged above the $50,000 mark for the first time in more than two years, propelled by optimism surrounding potential interest rate cuts later in the year and recent regulatory approval for US exchange-traded funds (ETFs) linked to its price. <o:p></o:p>

According to Reuters, the world's largest cryptocurrency has witnessed a 16.3 per cent increase since the beginning of the year, reaching its highest level since December 2021. <o:p></o:p>

At present, bitcoin is trading at $49,899, up 4.96 per cent for the day.<o:p></o:p>

Reuters cited Antoni Trenchev, the co-founder of Nexo, a crypto lending platform, who described the $50,000 milestone as significant for bitcoin, especially following the introduction of spot ETFs last month. <o:p></o:p>

Trenchev highlighted the impact of ETFs on market dynamics, noting that despite initial skepticism, these products have contributed to bitcoin's recent surge. <o:p></o:p>

Crypto-related stocks, including Coinbase, Riot Platforms, Marathon Digital, and MicroStrategy, have also experienced notable gains in response to bitcoin's upward momentum.<o:p></o:p>

Alongside bitcoin's rally, the broader cryptocurrency market has witnessed positive momentum, with the price of ether, the second-largest cryptocurrency, rising by 4.12 per cent to $2,607.57. <o:p></o:p>

This surge in cryptocurrency prices coincides with gains in global stock indexes, as investors eagerly await cues on potential interest rate adjustments by the US Federal Reserve. <o:p></o:p>

Market analysts anticipate rate cuts as early as May, further fueling investor optimism.<o:p></o:p>

Matteo Greco, a research analyst at Fineqia International, attributed bitcoin's recent price appreciation to increased inflows into BTC spot ETFs. <o:p></o:p>

The approval of the first US spot bitcoin ETFs by the US securities regulator in January marked a significant milestone for the cryptocurrency industry, opening doors for broader adoption and investment opportunities.<o:p></o:p>

Greco highlighted the slowing outflows from Grayscale Investment's Grayscale Bitcoin Trust, indicating a shift towards spot ETFs.<o:p></o:p>

Looking ahead, investors are closely monitoring pending applications for ETFs tied to the spot price of ether, with the SEC expected to deliver final decisions by May. <o:p></o:p>

Additionally, anticipation is building for bitcoin's upcoming "halving" event in April, which is designed to slow the release of new bitcoins into circulation. <o:p></o:p>

Analysts suggest that these factors, combined with potential interest rate cuts and ETF approvals, could further bolster cryptocurrency market sentiment.<o:p></o:p>

(With inputs from Reuters)

Bitcoin has surged above the $50,000 mark for the first time in more than two years, propelled by optimism surrounding potential interest rate cuts later in the year and recent regulatory approval for US exchange-traded funds (ETFs) linked to its price.

Bitcoin has surged above the $50,000 mark for the first time in more than two years, propelled by optimism surrounding potential interest rate cuts later in the year and recent regulatory approval for US exchange-traded funds (ETFs) linked to its price. According to Reuters, the world's largest cryptocurrency has witnessed a 16.3 per cent increase since the beginning of the year, reaching its highest level since December 2021. At present, bitcoin is trading at $49,899, up 4.96 per cent for the day. Reuters cited Antoni Trenchev, the co-founder of Nexo, a crypto lending platform, who described the $50,000 milestone as significant for bitcoin, especially following the introduction of spot ETFs last month. Trenchev highlighted the impact of ETFs on market dynamics, noting that despite initial skepticism, these products have contributed to bitcoin's recent surge. Crypto-related stocks, including Coinbase, Riot Platforms, Marathon Digital, and MicroStrategy, have also experienced notable gains in response to bitcoin's upward momentum. Alongside bitcoin's rally, the broader cryptocurrency market has witnessed positive momentum, with the price of ether, the second-largest cryptocurrency, rising by 4.12 per cent to $2,607.57. This surge in cryptocurrency prices coincides with gains in global stock indexes, as investors eagerly await cues on potential interest rate adjustments by the US Federal Reserve. Market analysts anticipate rate cuts as early as May, further fueling investor optimism. Matteo Greco, a research analyst at Fineqia International, attributed bitcoin's recent price appreciation to increased inflows into BTC spot ETFs. The approval of the first US spot bitcoin ETFs by the US securities regulator in January marked a significant milestone for the cryptocurrency industry, opening doors for broader adoption and investment opportunities. Greco highlighted the slowing outflows from Grayscale Investment's Grayscale Bitcoin Trust, indicating a shift towards spot ETFs. Looking ahead, investors are closely monitoring pending applications for ETFs tied to the spot price of ether, with the SEC expected to deliver final decisions by May. Additionally, anticipation is building for bitcoin's upcoming "halving" event in April, which is designed to slow the release of new bitcoins into circulation. Analysts suggest that these factors, combined with potential interest rate cuts and ETF approvals, could further bolster cryptocurrency market sentiment. (With inputs from Reuters)

Bitcoin surges past $50k mark for first time in over 2 years: Report

Thousands of drivers for leading ride-sharing and food delivery platforms are gearing up for a nationwide strike on Valentine's Day to demand fair pay, according to drivers' groups.

The protest, set to sweep across the United States, targets companies such as Uber, Lyft, and DoorDash, which have faced mounting criticism over their compensation policies.

The impending strike follows Lyft's recent announcement of guaranteed weekly earnings for drivers, a move aimed at enticing more drivers to its platform.

However, driver dissatisfaction persists, with accusations of platforms disproportionately pocketing high commissions.

"We are constantly working to improve the driver experience," Reuters cited Lyft as saying in a statement.

Jonathan Cruz, a driver from Miami and a member of the Justice For App Workers coalition, expressed the magnitude of the upcoming strike, anticipating widespread participation.

"This is the biggest strike I've ever seen, thousands and thousands of drivers... it's going to be nationwide," Cruz stated.

Uber CEO Dara Khosrowshahi acknowledged that only a minority of their drivers partake in such strikes, often with minimal impact on business.

Despite Khosrowshahi's remarks, drivers continue to voice grievances, citing significant drops in earnings despite long hours on the road.

Nicole Moore, president of the California-based Rideshare Drivers United union, highlighted the detrimental impact of algorithmic pricing on driver earnings.

"A year into algorithmic pricing, drivers have seen incredible decrease of our pay... whatever calculations and algorithms they're using, it's absolutely useless," Moore emphasised.

According to Gridwise, an analyst of gig mobility data, Uber drivers experienced a notable 17.1 per cent decrease in monthly average gross earnings in 2023, while Lyft drivers saw a modest 2.5 per cent increase.

Shantwan Humphrey, a driver from Dallas, Texas, lamented the struggles faced by drivers to make ends meet due to inadequate compensation.

As the strike looms, DoorDash, another major player in the gig economy, remained silent on the impending action.

(With inputs from Reuters)<o:p></o:p>

Thousands of drivers for leading ride-sharing and food delivery platforms are gearing up for a nationwide strike on Valentine's Day to demand fair pay, according to drivers' groups.

Thousands of drivers for leading ride-sharing and food delivery platforms are gearing up for a nationwide strike on Valentine's Day to demand fair pay, according to drivers' groups. The protest, set to sweep across the United States, targets companies such as Uber, Lyft, and DoorDash, which have faced mounting criticism over their compensation policies. The impending strike follows Lyft's recent announcement of guaranteed weekly earnings for drivers, a move aimed at enticing more drivers to its platform. However, driver dissatisfaction persists, with accusations of platforms disproportionately pocketing high commissions. "We are constantly working to improve the driver experience," Reuters cited Lyft as saying in a statement. Jonathan Cruz, a driver from Miami and a member of the Justice For App Workers coalition, expressed the magnitude of the upcoming strike, anticipating widespread participation. "This is the biggest strike I've ever seen, thousands and thousands of drivers... it's going to be nationwide," Cruz stated. Uber CEO Dara Khosrowshahi acknowledged that only a minority of their drivers partake in such strikes, often with minimal impact on business. Despite Khosrowshahi's remarks, drivers continue to voice grievances, citing significant drops in earnings despite long hours on the road. Nicole Moore, president of the California-based Rideshare Drivers United union, highlighted the detrimental impact of algorithmic pricing on driver earnings. "A year into algorithmic pricing, drivers have seen incredible decrease of our pay... whatever calculations and algorithms they're using, it's absolutely useless," Moore emphasised. According to Gridwise, an analyst of gig mobility data, Uber drivers experienced a notable 17.1 per cent decrease in monthly average gross earnings in 2023, while Lyft drivers saw a modest 2.5 per cent increase. Shantwan Humphrey, a driver from Dallas, Texas, lamented the struggles faced by drivers to make ends meet due to inadequate compensation. As the strike looms, DoorDash, another major player in the gig economy, remained silent on the impending action. (With inputs from Reuters)

Valentine's Day Strike: Uber, Lyft, DoorDash drivers demand fair pay nationwide

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