<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>

Valentine's Day Strike: Uber, Lyft, DoorDash drivers demand fair pay nationwide<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.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/valentines-day-strike-uber-lyft-doordash-drivers-demand-fair-pay-nationwide-689705">Read more here </a><o:p></o:p>

Bitcoin surges past $50k mark for first time in over 2 years: Report<o:p></o:p>

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>

<a href="https://www.wionews.com/business-economy/bitcoin-surges-past-50k-mark-for-first-time-in-over-2-years-report-689726">Read more here</a><o:p></o:p>

EU to channel frozen Russian assets for Ukraine's reconstruction: Report<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.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/eu-to-channel-frozen-russian-assets-for-ukraines-reconstruction-report-689731">Read more here</a><o:p></o:p>

Google commits 25 million euros to empower AI skills across Europe<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).<o:p></o:p>

<a href="https://www.wionews.com/business-economy/google-commits-25-million-euros-to-empower-ai-skills-across-europe-689740">Read more here</a><o:p></o:p>

HP pursues $4 bn in damages in London lawsuit against autonomy founders over alleged fraud<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>

<a href="https://www.wionews.com/business-economy/hp-pursues-4-bn-in-damages-in-london-lawsuit-against-autonomy-founders-over-alleged-fraud-689753">Read more here</a><o:p></o:p>

India's retail inflation slips to 3-month low, yet rate cuts unlikely amid lingering concerns<o:p></o:p>

India's retail inflation dipped to a three-month low of 5.10 per cent in January, fueled by slower price increases in certain food items, according to recent data.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/indias-retail-inflation-slips-to-3-month-low-yet-rate-cuts-unlikely-amid-lingering-concerns-689780">Read more here</a><o:p></o:p>

Founders fund backs bitcoin, ether investments, reflecting renewed Silicon Valley interest in crypto<o:p></o:p>

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.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/founders-fund-backs-bitcoin-ether-investments-reflecting-renewed-silicon-valley-interest-in-crypto-689784">Read more here</a><o:p></o:p>

Citigroup faces regulatory scrutiny amid urgent calls for risk management overhaul<o:p></o:p>

US banking giant Citigroup Inc faces urgent demands from regulators to revise its methods for measuring default risk in trading partnerships, adding to challenges for CEO Jane Fraser's turnaround efforts.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/citigroup-faces-regulatory-scrutiny-amid-urgent-calls-for-risk-management-overhaul-689790">Read more here</a><o:p></o:p>

Arm holdings sees surge in investor interest amid AI stock craze<o:p></o:p>

Investors are flocking to Arm Holdings as the craze for artificial intelligence (AI) stocks continues to surge. After nearly doubling in price within a week, Arm Holdings' shares skyrocketed by 80 per cent since Wednesday. <o:p></o:p>

<a href="https://www.wionews.com/business-economy/arm-holdings-sees-surge-in-investor-interest-amid-ai-stock-craze-689811">Read more here</a><o:p></o:p>

Bulgaria and Romania set to join Schengen zone: What you need to know<o:p></o:p>

Bulgaria and Romania are on the brink of joining the Schengen Zone, ushering in a new era of border-free travel. This expansion promises to simplify the movement of over 400 million citizens across member states, marking a milestone in European integration.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/bulgaria-and-romania-set-to-join-schengen-zone-what-you-need-to-know-689826">Read more here</a><o:p></o:p>

US universities settle lawsuit over admission practices<o:p></o:p>

A significant development unfolded in the legal battle between major US universities and students alleging biased admission practices favouring wealthy applicants. US District Judge Matthew Kennelly in Chicago granted preliminary approval for settlements totalling over $104 million between several prestigious institutions and a proposed class of students on Monday.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/us-universities-settle-lawsuit-over-admission-practices-689838">Read more here</a><o:p></o:p>

IMF's Georgieva warns of challenges ahead for Russia's war economy. Here are the details<o:p></o:p>

Russia's war economy faces significant challenges in the coming months, according to Kristalina Georgieva, the managing director of the International Monetary Fund (IMF).<o:p></o:p>

<a href="https://www.wionews.com/business-economy/imfs-georgieva-warns-of-challenges-ahead-for-russias-war-economy-here-are-the-details-689841">Read more here</a><o:p></o:p>

US January deficit plummets amid record receipts and reduced tax refunds<o:p></o:p>

The US federal budget deficit saw a significant decline in January, dropping to $22 billion, according to data released by the Treasury Department on Monday.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/us-january-deficit-plummets-amid-record-receipts-and-reduced-tax-refunds-689846">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. Valentine's Day Strike: Uber, Lyft, DoorDash drivers demand fair pay nationwide 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.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Valentine's Day Strike: Uber, Lyft, DoorDash drivers demand fair pay nationwide 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. Read more here Bitcoin surges past $50k mark for first time in over 2 years: 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. Read more here EU to channel frozen Russian assets for Ukraine's reconstruction: Report 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. Read more here Google commits 25 million euros to empower AI skills across Europe In a bid to foster AI literacy and skills development in Europe, Google has announced a pledge of 25 million euros ($26.98 million). Read more here HP pursues $4 bn in damages in London lawsuit against autonomy founders over alleged fraud 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. Read more here India's retail inflation slips to 3-month low, yet rate cuts unlikely amid lingering concerns India's retail inflation dipped to a three-month low of 5.10 per cent in January, fueled by slower price increases in certain food items, according to recent data. Read more here Founders fund backs bitcoin, ether investments, reflecting renewed Silicon Valley interest in crypto 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. Read more here Citigroup faces regulatory scrutiny amid urgent calls for risk management overhaul US banking giant Citigroup Inc faces urgent demands from regulators to revise its methods for measuring default risk in trading partnerships, adding to challenges for CEO Jane Fraser's turnaround efforts. Read more here Arm holdings sees surge in investor interest amid AI stock craze Investors are flocking to Arm Holdings as the craze for artificial intelligence (AI) stocks continues to surge. After nearly doubling in price within a week, Arm Holdings' shares skyrocketed by 80 per cent since Wednesday. Read more here Bulgaria and Romania set to join Schengen zone: What you need to know Bulgaria and Romania are on the brink of joining the Schengen Zone, ushering in a new era of border-free travel. This expansion promises to simplify the movement of over 400 million citizens across member states, marking a milestone in European integration. Read more here US universities settle lawsuit over admission practices A significant development unfolded in the legal battle between major US universities and students alleging biased admission practices favouring wealthy applicants. US District Judge Matthew Kennelly in Chicago granted preliminary approval for settlements totalling over $104 million between several prestigious institutions and a proposed class of students on Monday. Read more here IMF's Georgieva warns of challenges ahead for Russia's war economy. Here are the details Russia's war economy faces significant challenges in the coming months, according to Kristalina Georgieva, the managing director of the International Monetary Fund (IMF). Read more here US January deficit plummets amid record receipts and reduced tax refunds The US federal budget deficit saw a significant decline in January, dropping to $22 billion, according to data released by the Treasury Department on Monday. Read more here

WION Business Wrap | Valentine's day workers' strike, Bitcoin's surge and more

The US federal budget deficit saw a significant decline in January, dropping to $22 billion, according to data released by the Treasury Department on Monday. <o:p></o:p>

This sharp decrease was attributed to record receipts for the month, partially driven by a reduction in tax refunds following the Internal Revenue Service's (IRS) clearance of a backlog of pandemic-delayed tax returns.<o:p></o:p>

"This January's comparison with a year ago was also significantly helped by the $36 billion bailout of a Teamsters union pension fund in January 2023, as no similar large one-time outlays were recorded this year," noted Treasury officials.<o:p></o:p>

Despite this, outlays for the month increased by 3 per cent to $499 billion, while receipts surged by 7 per cent to $477 billion.<o:p></o:p>

For the fiscal year's first four months, the deficit expanded by $72 billion, reaching $532 billion. <o:p></o:p>

This increase, amounting to 16 per cent, was attributed to rising costs associated with servicing the national debt, as well as heightened outlays for programs such as Social Security, Medicare, and military expenditures.<o:p></o:p>

The Treasury Department reported that both receipts and outlays for the period were at record levels, with receipts climbing by $112 billion to $1.585 trillion, and outlays rising by $184 billion to $2.117 trillion. <o:p></o:p>

Notably, individual tax refunds decreased by $15 billion compared to the previous January, reflecting the IRS's enhanced processing capabilities for paper returns. <o:p></o:p>

Meanwhile, individual withheld receipts experienced a $20 billion increase, driven by robust employment trends.<o:p></o:p>

However, the Treasury's interest costs on the public debt surged by $18 billion in January compared to the previous year, reaching 3.15 per cent due to higher debt levels and an increased weighted average interest rate. <o:p></o:p>

Year-to-date, debt interest costs rose by $96 billion, outpacing outlays for Medicare. <o:p></o:p>

Additionally, costs for Medicare and Social Security saw notable increases, driven by factors such as higher payments for Medicare Advantage plans and cost-of-living adjustments for Social Security beneficiaries.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The US federal budget deficit saw a significant decline in January, dropping to $22 billion, according to data released by the Treasury Department on Monday. This sharp decrease was attributed to record receipts for the month, partially driven by a reduction in tax refunds following the Internal Revenue Service's (IRS) clearance of a backlog of pandemic-delayed tax returns.

The US federal budget deficit saw a significant decline in January, dropping to $22 billion, according to data released by the Treasury Department on Monday. This sharp decrease was attributed to record receipts for the month, partially driven by a reduction in tax refunds following the Internal Revenue Service's (IRS) clearance of a backlog of pandemic-delayed tax returns. "This January's comparison with a year ago was also significantly helped by the $36 billion bailout of a Teamsters union pension fund in January 2023, as no similar large one-time outlays were recorded this year," noted Treasury officials. Despite this, outlays for the month increased by 3 per cent to $499 billion, while receipts surged by 7 per cent to $477 billion. For the fiscal year's first four months, the deficit expanded by $72 billion, reaching $532 billion. This increase, amounting to 16 per cent, was attributed to rising costs associated with servicing the national debt, as well as heightened outlays for programs such as Social Security, Medicare, and military expenditures. The Treasury Department reported that both receipts and outlays for the period were at record levels, with receipts climbing by $112 billion to $1.585 trillion, and outlays rising by $184 billion to $2.117 trillion. Notably, individual tax refunds decreased by $15 billion compared to the previous January, reflecting the IRS's enhanced processing capabilities for paper returns. Meanwhile, individual withheld receipts experienced a $20 billion increase, driven by robust employment trends. However, the Treasury's interest costs on the public debt surged by $18 billion in January compared to the previous year, reaching 3.15 per cent due to higher debt levels and an increased weighted average interest rate. Year-to-date, debt interest costs rose by $96 billion, outpacing outlays for Medicare. Additionally, costs for Medicare and Social Security saw notable increases, driven by factors such as higher payments for Medicare Advantage plans and cost-of-living adjustments for Social Security beneficiaries. (With inputs from Reuters)

US January deficit plummets amid record receipts and reduced tax refunds

Russia's war economy faces significant challenges in the coming months, according to Kristalina Georgieva, the managing director of the International Monetary Fund (IMF).<o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

Georgieva highlighted the difficulties arising from an exodus of people and technology shortages, despite the apparent boost in economic growth driven by high military spending.<o:p></o:p>

Speaking to CNBC, Georgieva expressed concerns about Russia's economic trajectory, emphasizing that the current growth relies heavily on state-funded arms production. <o:p></o:p>

She noted that while military production is on the rise, consumption levels are declining, reminiscent of the economic dynamics of the Soviet Union. <o:p></o:p>

Georgieva's remarks underscore the complexities of Russia's economic landscape, where apparent growth masks underlying challenges.<o:p></o:p>

Russia's economy rebounded strongly in 2023, registering a growth of 3.6 per cent following a contraction of 1.2 per cent in the previous year. <o:p></o:p>

However, Russia-based economists have raised concerns about the quality of this growth, highlighting the limited benefits to the population from increased military spending. <o:p></o:p>

Georgieva cautioned that Russia's economic outlook remains precarious due to significant factors such as the outflow of people and reduced access to technology resulting from international sanctions.<o:p></o:p>

Despite the IMF's forecast of 2.6 per cent GDP growth for Russia in the current year, Georgieva stressed that underlying issues pose substantial risks to sustained economic prosperity. <o:p></o:p>

These challenges paint a complex picture of Russia's economic landscape, characterized by short-term growth prospects and long-term uncertainties.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Russia's war economy faces significant challenges in the coming months, according to Kristalina Georgieva, the managing director of the International Monetary Fund (IMF).

Russia's war economy faces significant challenges in the coming months, according to Kristalina Georgieva, the managing director of the International Monetary Fund (IMF). This is based on a Reuters report. Georgieva highlighted the difficulties arising from an exodus of people and technology shortages, despite the apparent boost in economic growth driven by high military spending. Speaking to CNBC, Georgieva expressed concerns about Russia's economic trajectory, emphasizing that the current growth relies heavily on state-funded arms production. She noted that while military production is on the rise, consumption levels are declining, reminiscent of the economic dynamics of the Soviet Union. Georgieva's remarks underscore the complexities of Russia's economic landscape, where apparent growth masks underlying challenges. Russia's economy rebounded strongly in 2023, registering a growth of 3.6 per cent following a contraction of 1.2 per cent in the previous year. However, Russia-based economists have raised concerns about the quality of this growth, highlighting the limited benefits to the population from increased military spending. Georgieva cautioned that Russia's economic outlook remains precarious due to significant factors such as the outflow of people and reduced access to technology resulting from international sanctions. Despite the IMF's forecast of 2.6 per cent GDP growth for Russia in the current year, Georgieva stressed that underlying issues pose substantial risks to sustained economic prosperity. These challenges paint a complex picture of Russia's economic landscape, characterized by short-term growth prospects and long-term uncertainties. (With inputs from Reuters)

IMF's Georgieva warns of challenges ahead for Russia's war economy. Here are the details

A significant development unfolded in the legal battle between major US universities and students alleging biased admission practices favouring wealthy applicants. US&nbsp;District Judge Matthew Kennelly in Chicago granted preliminary approval for settlements totalling over $104 million between several prestigious institutions and a proposed class of students on Monday.

The lawsuit, initiated in 2022, accused universities, including Brown, Columbia, and Yale, of unlawfully considering applicants' financial backgrounds in their admission decisions, contrary to claims of being "need-blind." The plaintiffs sought billions of dollars in damages on behalf of hundreds of thousands of current and former students.

Notably, settlements were reached with Brown, Columbia, Yale, Duke, and Emory, among others. Yale and Emory agreed to pay $18.5 million each, Brown committed $19.5 million, and Columbia and Duke pledged $24 million each. Despite the settlements, the universities denied any liability.

According to court filings, average payouts to class members are projected to be $750, with additional settlements pending, including with Vanderbilt University. Eric Cramer, chairman of Berger Montague and legal representative for the students.

Cramer highlighted the students' pursuit of a resolution "at the right amount" with willing institutions, juxtaposed with the determination to litigate against those unwilling to settle reasonably.

The legal battle has also involved disputes over access to student records and depositions of senior leaders at prominent colleges, underscoring the complexity and intensity of the litigation.

A significant development unfolded in the legal battle between major US universities and students alleging biased admission practices favouring wealthy applicants.

A significant development unfolded in the legal battle between major US universities and students alleging biased admission practices favouring wealthy applicants. US District Judge Matthew Kennelly in Chicago granted preliminary approval for settlements totalling over $104 million between several prestigious institutions and a proposed class of students on Monday. The lawsuit, initiated in 2022, accused universities, including Brown, Columbia, and Yale, of unlawfully considering applicants' financial backgrounds in their admission decisions, contrary to claims of being "need-blind." The plaintiffs sought billions of dollars in damages on behalf of hundreds of thousands of current and former students. Notably, settlements were reached with Brown, Columbia, Yale, Duke, and Emory, among others. Yale and Emory agreed to pay $18.5 million each, Brown committed $19.5 million, and Columbia and Duke pledged $24 million each. Despite the settlements, the universities denied any liability. According to court filings, average payouts to class members are projected to be $750, with additional settlements pending, including with Vanderbilt University. Eric Cramer, chairman of Berger Montague and legal representative for the students. Cramer highlighted the students' pursuit of a resolution "at the right amount" with willing institutions, juxtaposed with the determination to litigate against those unwilling to settle reasonably. The legal battle has also involved disputes over access to student records and depositions of senior leaders at prominent colleges, underscoring the complexity and intensity of the litigation.

US universities settle lawsuit over admission practices

Nissan Motor witnessed its sharpest stock decline in over two decades, plummeting by 12 per cent on Friday, following disappointing quarterly earnings and slashed car sales estimates, primarily attributed to fierce competition in the Chinese auto market. <o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

The emergence of homegrown Chinese brands like BYD, offering affordable electric vehicles tailored to local preferences, has intensified competition, leading to a significant erosion of market share for foreign automakers like Nissan.<o:p></o:p>

Reuters cited James Hong, the head of mobility research at Macquarie, who emphasised Nissan's vulnerability in China compared to its Japanese counterparts, Toyota and Honda.<o:p></o:p>

"Compared to rivals Toyota Motor and Honda Motor, Nissan is the 'most vulnerable' in China," he said.<o:p></o:p>

Nissan's recent 11.6 per cent stock decline resulted in a $1.8 billion loss in market value, reflecting investor concerns over the company's performance and outlook. <o:p></o:p>

The automaker reported a third-quarter operating profit significantly below analyst expectations and revised its global vehicle sales forecast downwards, citing challenges in China and other key markets such as the United States.<o:p></o:p>

Stephen Ma, Nissan's Chief Financial Officer, attributed the downward revision in sales forecasts to the company's performance in China, where sales plummeted by a quarter in the nine months leading to December 31. <o:p></o:p>

Ma also acknowledged intensified competition in other crucial markets, including the United States, prompting Nissan to recalibrate its strategies and incentives to enhance competitiveness.<o:p></o:p>

Amidst the cut-throat competition in China's auto market, Nissan faces the spectre of a "zero-margin business," wherein sales may barely break even due to price cuts necessitated by fierce competition.<o:p></o:p>

Analysts warn that Japanese automakers must align their product offerings with local preferences to stage a recovery in China, a process that could span several years.<o:p></o:p>

To address the shifting preferences of Chinese consumers, particularly younger buyers, Japanese automakers may need to focus on incorporating advanced technology features such as driving assist systems and automated parking. <o:p></o:p>

Nissan has expressed intentions to leverage excess capacity in its Chinese plants to manufacture models catering to both local and export markets, with plans to commence exports from China to overseas markets by 2025.<o:p></o:p>

Nissan's CFO Stephen Ma highlighted the company's efforts to regain traction in China, particularly in regions where electrification is progressing at a slower pace.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Nissan Motor witnessed its sharpest stock decline in over two decades, plummeting by 12 per cent on Friday, following disappointing quarterly earnings and slashed car sales estimates, primarily attributed to fierce competition in the Chinese auto market.

Nissan Motor witnessed its sharpest stock decline in over two decades, plummeting by 12 per cent on Friday, following disappointing quarterly earnings and slashed car sales estimates, primarily attributed to fierce competition in the Chinese auto market. This is based on a Reuters report. The emergence of homegrown Chinese brands like BYD, offering affordable electric vehicles tailored to local preferences, has intensified competition, leading to a significant erosion of market share for foreign automakers like Nissan. Reuters cited James Hong, the head of mobility research at Macquarie, who emphasised Nissan's vulnerability in China compared to its Japanese counterparts, Toyota and Honda. "Compared to rivals Toyota Motor and Honda Motor, Nissan is the 'most vulnerable' in China," he said. Nissan's recent 11.6 per cent stock decline resulted in a $1.8 billion loss in market value, reflecting investor concerns over the company's performance and outlook. The automaker reported a third-quarter operating profit significantly below analyst expectations and revised its global vehicle sales forecast downwards, citing challenges in China and other key markets such as the United States. Stephen Ma, Nissan's Chief Financial Officer, attributed the downward revision in sales forecasts to the company's performance in China, where sales plummeted by a quarter in the nine months leading to December 31. Ma also acknowledged intensified competition in other crucial markets, including the United States, prompting Nissan to recalibrate its strategies and incentives to enhance competitiveness. Amidst the cut-throat competition in China's auto market, Nissan faces the spectre of a "zero-margin business," wherein sales may barely break even due to price cuts necessitated by fierce competition. Analysts warn that Japanese automakers must align their product offerings with local preferences to stage a recovery in China, a process that could span several years. To address the shifting preferences of Chinese consumers, particularly younger buyers, Japanese automakers may need to focus on incorporating advanced technology features such as driving assist systems and automated parking. Nissan has expressed intentions to leverage excess capacity in its Chinese plants to manufacture models catering to both local and export markets, with plans to commence exports from China to overseas markets by 2025. Nissan's CFO Stephen Ma highlighted the company's efforts to regain traction in China, particularly in regions where electrification is progressing at a slower pace. (With inputs from Reuters)

Nissan shares plunge amid market concerns in China: Report

Investors are flocking to Arm Holdings as the craze for artificial intelligence (AI) stocks continues to surge. After nearly doubling in price within a week, Arm Holdings' shares skyrocketed by 80 per cent since Wednesday. This remarkable growth has been attributed to the company's optimistic quarterly forecast, driven by the increasing demand for its technology in designing chips for AI features.

Options traders -- individuals who engage in the buying and selling of options contracts, are capitalising on this momentum, with a significant surge in trading activity observed in Arm Holdings' options market. According to Trade Alert data, the options volume has surged to approximately 490,000 contracts per day over the last three sessions, marking a substantial increase compared to the average Daily trade volume in the month preceding the results report.

Chris Murphy, co-head of derivative strategy at Susquehanna Financial Group, highlighted the significance of this surge in bullish options activity, suggesting that investors are seeking the 'next NVIDIA'. NVIDIA, a chip heavyweight and a key player in the AI industry, has experienced a remarkable rise of about 220 per cent over the past year, making it the best-performing stock in the S&amp;P 500 during that period. The surge in bullish options activity is likely contributing to the upward trajectory of Arm Holdings' stock.

On Monday, the options trading frenzy for Arm Holdings reached unprecedented levels, with a staggering 600,000 contracts changing hands by early afternoon, and the day's volume projected to hit a record 816,000 contracts. This surge in trading activity underscores the heightened investor interest in Arm Holdings and reflects the growing enthusiasm for AI-related investments.

With Arm's shares soaring by 20 per cent to $137.72 on Monday, call options betting on further upside were among the most actively traded contracts. Call options, which confer the right to buy shares at a predetermined price in the future, have seen heightened interest, particularly those speculating on Arm's shares rising above $185 by the end of the week. Such options trading activity reflects investors' bullish outlook on Arm Holdings' future performance.

Despite the substantial gains in Arm Holdings' stock, some traders remain optimistic and continue to hold onto their bullish options bets. For instance, a trader who invested in ARM January 2026 calls on February 7 witnessed a significant increase in the value of their contracts, from approximately $12.2 million to about $42 million on Monday. This bullish stance from traders further reinforces the positive sentiment surrounding Arm Holdings' prospects.

In addition to the surge in call options trading, Arm puts were also active on Monday, suggesting that some investors may be looking to secure profits from the recent rally in the stock price. This dynamic options trading landscape reflects the diverse strategies employed by investors to navigate the volatile market conditions and capitalise on potential opportunities in the AI sector.

While Arm's technology is not directly involved in AI work, companies like NVIDIA are opting for its central processing units to complement their AI-specific chips. This strategic choice underscores the importance of Arm Holdings' technology in the broader ecosystem of AI-related developments and further fuels investor interest in the company's growth prospects.

Option traders explained further<o:p></o:p>

Option traders are individuals or entities who engage in the buying and selling of options contracts. Options are financial derivatives that give the holder the right, but not the obligation, to buy or sell an underlying asset (such as stocks, commodities, or indices) at a specified price (known as the strike price) within a certain time frame (until the expiration date).

Option traders participate in the options market to speculate on the future price movements of the underlying asset, hedge against potential risks, or generate income through options trading strategies.

They analyse market trends, evaluate risk-reward ratios, and employ various trading strategies to achieve their financial objectives.

<o:p>&nbsp;</o:p>

Investors are flocking to Arm Holdings as the craze for artificial intelligence (AI) stocks continues to surge. After nearly doubling in price within a week, Arm Holdings' shares skyrocketed by 80 per cent since Wednesday.

Investors are flocking to Arm Holdings as the craze for artificial intelligence (AI) stocks continues to surge. After nearly doubling in price within a week, Arm Holdings' shares skyrocketed by 80 per cent since Wednesday. This remarkable growth has been attributed to the company's optimistic quarterly forecast, driven by the increasing demand for its technology in designing chips for AI features. Options traders -- individuals who engage in the buying and selling of options contracts, are capitalising on this momentum, with a significant surge in trading activity observed in Arm Holdings' options market. According to Trade Alert data, the options volume has surged to approximately 490,000 contracts per day over the last three sessions, marking a substantial increase compared to the average Daily trade volume in the month preceding the results report. Chris Murphy, co-head of derivative strategy at Susquehanna Financial Group, highlighted the significance of this surge in bullish options activity, suggesting that investors are seeking the 'next NVIDIA'. NVIDIA, a chip heavyweight and a key player in the AI industry, has experienced a remarkable rise of about 220 per cent over the past year, making it the best-performing stock in the S&P 500 during that period. The surge in bullish options activity is likely contributing to the upward trajectory of Arm Holdings' stock. On Monday, the options trading frenzy for Arm Holdings reached unprecedented levels, with a staggering 600,000 contracts changing hands by early afternoon, and the day's volume projected to hit a record 816,000 contracts. This surge in trading activity underscores the heightened investor interest in Arm Holdings and reflects the growing enthusiasm for AI-related investments. With Arm's shares soaring by 20 per cent to $137.72 on Monday, call options betting on further upside were among the most actively traded contracts. Call options, which confer the right to buy shares at a predetermined price in the future, have seen heightened interest, particularly those speculating on Arm's shares rising above $185 by the end of the week. Such options trading activity reflects investors' bullish outlook on Arm Holdings' future performance. Despite the substantial gains in Arm Holdings' stock, some traders remain optimistic and continue to hold onto their bullish options bets. For instance, a trader who invested in ARM January 2026 calls on February 7 witnessed a significant increase in the value of their contracts, from approximately $12.2 million to about $42 million on Monday. This bullish stance from traders further reinforces the positive sentiment surrounding Arm Holdings' prospects. In addition to the surge in call options trading, Arm puts were also active on Monday, suggesting that some investors may be looking to secure profits from the recent rally in the stock price. This dynamic options trading landscape reflects the diverse strategies employed by investors to navigate the volatile market conditions and capitalise on potential opportunities in the AI sector. While Arm's technology is not directly involved in AI work, companies like NVIDIA are opting for its central processing units to complement their AI-specific chips. This strategic choice underscores the importance of Arm Holdings' technology in the broader ecosystem of AI-related developments and further fuels investor interest in the company's growth prospects. Option traders explained further Option traders are individuals or entities who engage in the buying and selling of options contracts. Options are financial derivatives that give the holder the right, but not the obligation, to buy or sell an underlying asset (such as stocks, commodities, or indices) at a specified price (known as the strike price) within a certain time frame (until the expiration date). Option traders participate in the options market to speculate on the future price movements of the underlying asset, hedge against potential risks, or generate income through options trading strategies. They analyse market trends, evaluate risk-reward ratios, and employ various trading strategies to achieve their financial objectives.

Arm holdings sees surge in investor interest amid AI stock craze

India's retail inflation dipped to a three-month low of 5.10 per cent in January, fueled by slower price increases in certain food items, according to recent data. <o:p></o:p>

While this decline aligns with economists' forecasts, the Reserve Bank of India (RBI) is expected to maintain its cautious stance on interest rates, considering inflation remains above its target rate.<o:p></o:p>

"The CPI inflation came in slightly softer than our expectations," Reuters quoted Upasna Bhardwaj, chief economist at Kotak Mahindra Bank as saying. <o:p></o:p>

However, she emphasised uncertainties surrounding food inflation, which are likely to keep the central bank vigilant in the near term.<o:p></o:p>

Food inflation, a significant component of the overall consumer price basket, registered a notable decrease in January, standing at 8.30 per cent compared to 9.53 per cent in December. <o:p></o:p>

Prices of cereals and vegetables, in particular, witnessed moderation, offering a glimmer of hope for easing inflationary pressures. <o:p></o:p>

Despite these improvements, concerns persist over volatile food prices, driven by factors such as climate vagaries and supply shocks.<o:p></o:p>

Gaura Sen Gupta, an economist at IDFC First Bank, noted the persistent weakness in housing inflation, juxtaposed with robust urban demand. <o:p></o:p>

India's economic resilience has been evident, with growth outpacing expectations in recent quarters. <o:p></o:p>

The economy expanded by 7.6 per cent in the July-September quarter, surpassing earlier projections. <o:p></o:p>

Despite this growth momentum, the RBI remains cautious, citing ongoing challenges posed by food price shocks and geopolitical tensions.<o:p></o:p>

In response to inflationary pressures, India has implemented measures such as lowering stock limits for certain commodities and imposing export bans to stabilise prices. <o:p></o:p>

Economists anticipate that these initiatives, coupled with moderating food prices, could provide relief from inflationary pressures in the coming months. <o:p></o:p>

Shilan Shah, deputy chief emerging markets economist at Capital Economics, expressed optimism, suggesting that rate cuts might become a consideration in the latter half of the year.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

India's retail inflation dipped to a three-month low of 5.10 per cent in January, fueled by slower price increases in certain food items, according to recent data.

India's retail inflation dipped to a three-month low of 5.10 per cent in January, fueled by slower price increases in certain food items, according to recent data. While this decline aligns with economists' forecasts, the Reserve Bank of India (RBI) is expected to maintain its cautious stance on interest rates, considering inflation remains above its target rate. "The CPI inflation came in slightly softer than our expectations," Reuters quoted Upasna Bhardwaj, chief economist at Kotak Mahindra Bank as saying. However, she emphasised uncertainties surrounding food inflation, which are likely to keep the central bank vigilant in the near term. Food inflation, a significant component of the overall consumer price basket, registered a notable decrease in January, standing at 8.30 per cent compared to 9.53 per cent in December. Prices of cereals and vegetables, in particular, witnessed moderation, offering a glimmer of hope for easing inflationary pressures. Despite these improvements, concerns persist over volatile food prices, driven by factors such as climate vagaries and supply shocks. Gaura Sen Gupta, an economist at IDFC First Bank, noted the persistent weakness in housing inflation, juxtaposed with robust urban demand. India's economic resilience has been evident, with growth outpacing expectations in recent quarters. The economy expanded by 7.6 per cent in the July-September quarter, surpassing earlier projections. Despite this growth momentum, the RBI remains cautious, citing ongoing challenges posed by food price shocks and geopolitical tensions. In response to inflationary pressures, India has implemented measures such as lowering stock limits for certain commodities and imposing export bans to stabilise prices. Economists anticipate that these initiatives, coupled with moderating food prices, could provide relief from inflationary pressures in the coming months. Shilan Shah, deputy chief emerging markets economist at Capital Economics, expressed optimism, suggesting that rate cuts might become a consideration in the latter half of the year. (With inputs from Reuters)

India's retail inflation slips to 3-month low, yet rate cuts unlikely amid lingering concerns

US banking giant Citigroup Inc&nbsp;faces urgent demands from regulators to revise its methods for measuring default risk in trading partnerships, adding to challenges for CEO Jane Fraser's turnaround efforts.

As per a Reuters report these regulatory concerns, including directives from the Federal Reserve, highlight ongoing deficiencies in risk management and internal oversight, hindering the bank's recovery plans.

Last year, the Federal Reserve issued three Notices Requiring Immediate Attention (MRIAs) to Citigroup, urging swift action on how the bank assesses default risk in derivative transactions. These notices, typically confidential, underscore pressing concerns about the bank's risk assessment practices.

Meanwhile, Citigroup's internal audit flagged shortcomings in addressing issues previously identified by regulators. Specifically, deficiencies were noted in improving risk management and ensuring comprehensive reporting to the board and senior management, highlighting persistent challenges in internal oversight.

Additionally, the Office of the Comptroller of the Currency (OCC) conducted examinations to assess Citigroup's progress on data integrity, revealing shortcomings and prompting additional remedial work. These regulatory actions coincide with Citigroup's efforts to address two 2020 consent orders related to deficiencies in risk management and internal controls, stemming from a payment mishap involving cosmetics firm Revlon.

The complexity of Citigroup's regulatory challenges underscores the scale of CEO Jane Fraser's overhaul efforts. While the bank has embarked on a significant restructuring to enhance profitability and shareholder value, regulatory hurdles pose a formidable obstacle to its ambitions.

In response to inquiries, Citigroup emphasized its commitment to meeting regulatory expectations and ongoing efforts to modernise and simplify its operations. The bank acknowledged the iterative nature of its progress, citing learnings in regulatory reporting and infrastructure enhancements.

The regulatory scrutiny has immediate implications for Citigroup's financial performance, with shares dipping amid news of regulatory pressures. While regulatory notices are common in banking supervision, Citigroup's challenges underscore the severity of its compliance issues.

Professor Julie Hill of the University of Alabama School of Law underscored the gravity of regulatory demands and incomplete compliance with prior consent orders, warning of potential consequences for Citigroup's regulatory standing and operational costs.

The MRIAs issued by the Federal Reserve highlight specific areas requiring urgent attention from Citigroup. These include improvements in data governance and clarity in governance structures to address counterparty credit risk concerns.

Internal audits at Citigroup also reveal delays in addressing regulatory concerns, with revised timelines indicating prolonged remedial efforts. The bank faces pressure to expedite corrective measures to meet regulatory expectations.

(With inputs from Reuters)

US banking giant Citigroup Inc faces urgent demands from regulators to revise its methods for measuring default risk in trading partnerships, adding to challenges for CEO Jane Fraser's turnaround efforts.

US banking giant Citigroup Inc faces urgent demands from regulators to revise its methods for measuring default risk in trading partnerships, adding to challenges for CEO Jane Fraser's turnaround efforts. As per a Reuters report these regulatory concerns, including directives from the Federal Reserve, highlight ongoing deficiencies in risk management and internal oversight, hindering the bank's recovery plans. Last year, the Federal Reserve issued three Notices Requiring Immediate Attention (MRIAs) to Citigroup, urging swift action on how the bank assesses default risk in derivative transactions. These notices, typically confidential, underscore pressing concerns about the bank's risk assessment practices. Meanwhile, Citigroup's internal audit flagged shortcomings in addressing issues previously identified by regulators. Specifically, deficiencies were noted in improving risk management and ensuring comprehensive reporting to the board and senior management, highlighting persistent challenges in internal oversight. Additionally, the Office of the Comptroller of the Currency (OCC) conducted examinations to assess Citigroup's progress on data integrity, revealing shortcomings and prompting additional remedial work. These regulatory actions coincide with Citigroup's efforts to address two 2020 consent orders related to deficiencies in risk management and internal controls, stemming from a payment mishap involving cosmetics firm Revlon. The complexity of Citigroup's regulatory challenges underscores the scale of CEO Jane Fraser's overhaul efforts. While the bank has embarked on a significant restructuring to enhance profitability and shareholder value, regulatory hurdles pose a formidable obstacle to its ambitions. In response to inquiries, Citigroup emphasized its commitment to meeting regulatory expectations and ongoing efforts to modernise and simplify its operations. The bank acknowledged the iterative nature of its progress, citing learnings in regulatory reporting and infrastructure enhancements. The regulatory scrutiny has immediate implications for Citigroup's financial performance, with shares dipping amid news of regulatory pressures. While regulatory notices are common in banking supervision, Citigroup's challenges underscore the severity of its compliance issues. Professor Julie Hill of the University of Alabama School of Law underscored the gravity of regulatory demands and incomplete compliance with prior consent orders, warning of potential consequences for Citigroup's regulatory standing and operational costs. The MRIAs issued by the Federal Reserve highlight specific areas requiring urgent attention from Citigroup. These include improvements in data governance and clarity in governance structures to address counterparty credit risk concerns. Internal audits at Citigroup also reveal delays in addressing regulatory concerns, with revised timelines indicating prolonged remedial efforts. The bank faces pressure to expedite corrective measures to meet regulatory expectations. (With inputs from Reuters)

Citigroup faces regulatory scrutiny amid urgent calls for risk management overhaul

A federal judge has mandated Elon Musk to testify once again in the US Securities and Exchange Commission's investigation into his $44 billion acquisition of Twitter, setting a deadline for both parties to finalise the details of the interview. <o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

US Magistrate Judge Laurel Beeler's ruling, issued over the weekend, reinforces her previous stance in December, favouring the regulator's request for Musk's testimony.<o:p></o:p>

In October, the SEC filed a lawsuit against Musk, seeking his testimony as part of its inquiry into his acquisition of Twitter in 2022, which he later rebranded as X. <o:p></o:p>

Musk had declined to attend an interview in September, prompting the SEC to escalate the matter. <o:p></o:p>

The investigation centres on whether Musk adhered to legal requirements regarding disclosures of his Twitter stock purchases and the veracity of his statements related to the deal.<o:p></o:p>

Judge Beeler's order comes after Musk contested the SEC's attempts to interview him, alleging harassment and citing previous interactions with the regulator. <o:p></o:p>

However, Beeler dismissed Musk's argument, asserting the SEC's authority to issue subpoenas for pertinent information. <o:p></o:p>

She emphasised the relevance of the subpoena in the ongoing investigation.<o:p></o:p>

Should Musk and the SEC fail to reach a consensus on the interview logistics, Judge Beeler retains the authority to intervene and make a decision on their behalf. <o:p></o:p>

The conflict between Musk and the SEC traces back to 2018 when the regulator sued him over a tweet suggesting Tesla's privatisation with "funding secured." <o:p></o:p>

Subsequently, Musk agreed to have his Tesla-related tweets scrutinised by company lawyers to settle the matter. <o:p></o:p>

However, the SEC reignited legal proceedings in 2019, alleging Musk's failure to comply with this arrangement.<o:p></o:p>

Musk has sought recourse from the US Supreme Court, challenging the terms of the agreement on grounds of infringement of his constitutional right to free speech. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

A federal judge has mandated Elon Musk to testify once again in the US Securities and Exchange Commission's investigation into his $44 billion acquisition of Twitter, setting a deadline for both parties to finalise the details of the interview.

A federal judge has mandated Elon Musk to testify once again in the US Securities and Exchange Commission's investigation into his $44 billion acquisition of Twitter, setting a deadline for both parties to finalise the details of the interview. This is based on a Reuters report. US Magistrate Judge Laurel Beeler's ruling, issued over the weekend, reinforces her previous stance in December, favouring the regulator's request for Musk's testimony. In October, the SEC filed a lawsuit against Musk, seeking his testimony as part of its inquiry into his acquisition of Twitter in 2022, which he later rebranded as X. Musk had declined to attend an interview in September, prompting the SEC to escalate the matter. The investigation centres on whether Musk adhered to legal requirements regarding disclosures of his Twitter stock purchases and the veracity of his statements related to the deal. Judge Beeler's order comes after Musk contested the SEC's attempts to interview him, alleging harassment and citing previous interactions with the regulator. However, Beeler dismissed Musk's argument, asserting the SEC's authority to issue subpoenas for pertinent information. She emphasised the relevance of the subpoena in the ongoing investigation. Should Musk and the SEC fail to reach a consensus on the interview logistics, Judge Beeler retains the authority to intervene and make a decision on their behalf. The conflict between Musk and the SEC traces back to 2018 when the regulator sued him over a tweet suggesting Tesla's privatisation with "funding secured." Subsequently, Musk agreed to have his Tesla-related tweets scrutinised by company lawyers to settle the matter. However, the SEC reignited legal proceedings in 2019, alleging Musk's failure to comply with this arrangement. Musk has sought recourse from the US Supreme Court, challenging the terms of the agreement on grounds of infringement of his constitutional right to free speech. (With inputs from Reuters)

US judge orders Elon Musk to testify in SEC's Twitter probe, deadline set for agreement

In a recent address at the Arab Fiscal Forum in Dubai, International Monetary Fund (IMF) Managing Director Kristalina Georgieva highlighted concerns over the sluggish growth of West Asia economies. <o:p></o:p>

According to Reuters, Georgieva pointed to factors such as oil production cuts and the Israel-Gaza conflict as major contributors to the region's economic challenges.<o:p></o:p>

Georgieva emphasised the resilience of the global economy amidst uncertainties but cautioned about the potential wider impact on regional economies due to continued conflict in Gaza.<o:p></o:p>

&nbsp;She stated, "Despite uncertainties, the global economy has been surprisingly resilient," underscoring the need for vigilance amid ongoing conflicts.<o:p></o:p>

The IMF's regional economic report for the West Asia and North Africa last month downgraded GDP growth forecasts to 2.9 per cent for the year, citing short-term oil production cuts and the conflict in Gaza as significant factors. <o:p></o:p>

This revision lagged below previous projections made in October, reflecting persistent challenges faced by economies in the region.<o:p></o:p>

Georgieva highlighted the adverse effects of the Israel-Gaza conflict on tourism revenues in neighbouring economies and the impact of Red Sea attacks on global freight costs. <o:p></o:p>

These challenges further exacerbate the recovery process for economies already grappling with previous shocks, she noted.<o:p></o:p>

The ongoing conflict in the region, particularly the attacks by Iran-aligned Houthis in Yemen targeting commercial vessels in the Red Sea, has disrupted global trade routes. <o:p></o:p>

Several major shippers have opted to divert traffic to the Cape of Good Hope, bypassing the Suez Canal, which could potentially impact Suez Canal revenues. <o:p></o:p>

Egypt's Finance Minister Mohamed Maait acknowledged the potential impact but expressed confidence in the region's resilience.<o:p></o:p>

Georgieva also highlighted the potential economic benefits of phasing out energy subsidies in West Asia. <o:p></o:p>

According to an upcoming IMF paper, eliminating these subsidies could result in savings of $336 billion, equivalent to the economies of Iraq and Libya combined. <o:p></o:p>

Georgieva underscored the importance of redirecting these resources towards social spending and addressing environmental concerns.<o:p></o:p>

The IMF's recommendations include the gradual unwinding of energy subsidies in the region, particularly for oil-exporting economies, with targeted support as an alternative. <o:p></o:p>

Additionally, Georgieva stressed the importance of investing in advanced technologies like Artificial Intelligence (AI) to drive economic growth and ensure competitiveness on a global scale.<o:p></o:p>

Countries in the Middle East, including the UAE and Saudi Arabia, have significantly ramped up investment in AI as part of broader strategies to diversify their income sources. <o:p></o:p>

However, Georgieva cautioned that countries lacking the necessary infrastructure and skilled workforce to embrace AI technology risk falling behind in the global economic landscape.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In a recent address at the Arab Fiscal Forum in Dubai, International Monetary Fund (IMF) Managing Director Kristalina Georgieva highlighted concerns over the sluggish growth of West Asia economies.

In a recent address at the Arab Fiscal Forum in Dubai, International Monetary Fund (IMF) Managing Director Kristalina Georgieva highlighted concerns over the sluggish growth of West Asia economies. According to Reuters, Georgieva pointed to factors such as oil production cuts and the Israel-Gaza conflict as major contributors to the region's economic challenges. Georgieva emphasised the resilience of the global economy amidst uncertainties but cautioned about the potential wider impact on regional economies due to continued conflict in Gaza. She stated, "Despite uncertainties, the global economy has been surprisingly resilient," underscoring the need for vigilance amid ongoing conflicts. The IMF's regional economic report for the West Asia and North Africa last month downgraded GDP growth forecasts to 2.9 per cent for the year, citing short-term oil production cuts and the conflict in Gaza as significant factors. This revision lagged below previous projections made in October, reflecting persistent challenges faced by economies in the region. Georgieva highlighted the adverse effects of the Israel-Gaza conflict on tourism revenues in neighbouring economies and the impact of Red Sea attacks on global freight costs. These challenges further exacerbate the recovery process for economies already grappling with previous shocks, she noted. The ongoing conflict in the region, particularly the attacks by Iran-aligned Houthis in Yemen targeting commercial vessels in the Red Sea, has disrupted global trade routes. Several major shippers have opted to divert traffic to the Cape of Good Hope, bypassing the Suez Canal, which could potentially impact Suez Canal revenues. Egypt's Finance Minister Mohamed Maait acknowledged the potential impact but expressed confidence in the region's resilience. Georgieva also highlighted the potential economic benefits of phasing out energy subsidies in West Asia. According to an upcoming IMF paper, eliminating these subsidies could result in savings of $336 billion, equivalent to the economies of Iraq and Libya combined. Georgieva underscored the importance of redirecting these resources towards social spending and addressing environmental concerns. The IMF's recommendations include the gradual unwinding of energy subsidies in the region, particularly for oil-exporting economies, with targeted support as an alternative. Additionally, Georgieva stressed the importance of investing in advanced technologies like Artificial Intelligence (AI) to drive economic growth and ensure competitiveness on a global scale. Countries in the Middle East, including the UAE and Saudi Arabia, have significantly ramped up investment in AI as part of broader strategies to diversify their income sources. However, Georgieva cautioned that countries lacking the necessary infrastructure and skilled workforce to embrace AI technology risk falling behind in the global economic landscape. (With inputs from Reuters)

IMF warns of slower growth in West Asia in 2024 citing oil cuts, regional tensions

<o:p></o:p>

Tower Semiconductor, a leading Israeli chipmaker, has reportedly submitted a proposal to the Indian government for the establishment of an $8 billion chip manufacturing plant in the country. <o:p></o:p>

According to a report by Indian Express published on Sunday, the proposed facility aims to produce cutting-edge 65 nanometre and 40 nanometre chips, catering to diverse sectors such as automotive and wearable electronics.<o:p></o:p>

This move follows a meeting held in October 2023 between India’s Minister of State for Electronics and IT, Rajeev Chandrasekhar, and Tower Semiconductor’s CEO, Russel C Ellwanger. <o:p></o:p>

Discussions during the meeting revolved around potential collaborations between Tower Semiconductor and India in the chip manufacturing domain, indicating the company's keen interest in bolstering its presence in the Indian market.<o:p></o:p>

If approved, Tower Semiconductor's proposal could mark a significant stride towards realising India's ambitions of becoming a global hub for chip manufacturing. <o:p></o:p>

The Indian government’s $10 billion chip manufacturing scheme, which offers a 50 per cent capital expenditure subsidy to successful applicants, aims to incentivise and accelerate investments in this crucial sector.<o:p></o:p>

Previously, Tower Semiconductor had expressed interest in setting up a $3 billion chip plant in Karnataka in partnership with the international consortium ISMC. <o:p></o:p>

However, this plan was put on hold due to the impending merger between Tower Semiconductor and Intel. <o:p></o:p>

Now, with renewed focus, the company seeks to solidify its footprint in India's burgeoning tech landscape.<o:p></o:p>

In parallel with Tower Semiconductor's proposal, CG Power and Industrial Solutions announced a strategic partnership with a unit of Japanese chipmaker Renesas Electronics and Thailand's Stars Microelectronics. <o:p></o:p>

The collaboration aims to establish a semiconductor facility in India at an investment of $222 million.<o:p></o:p>

The proposed venture will focus on setting up an outsourced semiconductor assembly and testing (OSAT) facility, a crucial component in the chip manufacturing process.<o:p></o:p>

In the joint venture, CG Power will hold the majority stake of 92.34 per cent.<o:p></o:p>

Renesas Electronics America and Stars Microelectronics will hold stakes of 6.76 per cent and 0.9 per cent, respectively.<o:p></o:p>

While India currently lacks indigenous chip manufacturing capabilities, initiatives like those proposed by Tower Semiconductor and CG Power signal a promising future for the country's tech industry. <o:p></o:p>

With global players eyeing India as a lucrative destination for chip production, the nation is poised to emerge as a key player in the global semiconductor market. <o:p></o:p>

Notably, other contenders like Foxconn and Vedanta are also vying to establish chip manufacturing facilities in India, highlighting the growing competition and potential for growth in this sector.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Tower Semiconductor, a leading Israeli chipmaker, has reportedly submitted a proposal to the Indian government for the establishment of an $8 billion chip manufacturing plant in the country.

Tower Semiconductor, a leading Israeli chipmaker, has reportedly submitted a proposal to the Indian government for the establishment of an $8 billion chip manufacturing plant in the country. According to a report by Indian Express published on Sunday, the proposed facility aims to produce cutting-edge 65 nanometre and 40 nanometre chips, catering to diverse sectors such as automotive and wearable electronics. This move follows a meeting held in October 2023 between India’s Minister of State for Electronics and IT, Rajeev Chandrasekhar, and Tower Semiconductor’s CEO, Russel C Ellwanger. Discussions during the meeting revolved around potential collaborations between Tower Semiconductor and India in the chip manufacturing domain, indicating the company's keen interest in bolstering its presence in the Indian market. If approved, Tower Semiconductor's proposal could mark a significant stride towards realising India's ambitions of becoming a global hub for chip manufacturing. The Indian government’s $10 billion chip manufacturing scheme, which offers a 50 per cent capital expenditure subsidy to successful applicants, aims to incentivise and accelerate investments in this crucial sector. Previously, Tower Semiconductor had expressed interest in setting up a $3 billion chip plant in Karnataka in partnership with the international consortium ISMC. However, this plan was put on hold due to the impending merger between Tower Semiconductor and Intel. Now, with renewed focus, the company seeks to solidify its footprint in India's burgeoning tech landscape. In parallel with Tower Semiconductor's proposal, CG Power and Industrial Solutions announced a strategic partnership with a unit of Japanese chipmaker Renesas Electronics and Thailand's Stars Microelectronics. The collaboration aims to establish a semiconductor facility in India at an investment of $222 million. The proposed venture will focus on setting up an outsourced semiconductor assembly and testing (OSAT) facility, a crucial component in the chip manufacturing process. In the joint venture, CG Power will hold the majority stake of 92.34 per cent. Renesas Electronics America and Stars Microelectronics will hold stakes of 6.76 per cent and 0.9 per cent, respectively. While India currently lacks indigenous chip manufacturing capabilities, initiatives like those proposed by Tower Semiconductor and CG Power signal a promising future for the country's tech industry. With global players eyeing India as a lucrative destination for chip production, the nation is poised to emerge as a key player in the global semiconductor market. Notably, other contenders like Foxconn and Vedanta are also vying to establish chip manufacturing facilities in India, highlighting the growing competition and potential for growth in this sector. (With inputs from Reuters)

Tower Semiconductor proposes $8 bn chip plant in India: Report

<o:p></o:p>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

Tower Semiconductor proposes $8 bn chip plant in India: Report<o:p></o:p>

Tower Semiconductor, a leading Israeli chipmaker, has reportedly submitted a proposal to the Indian government for the establishment of an $8 billion chip manufacturing plant in the country.

<a href="https://www.wionews.com/business-economy/tower-semiconductor-proposes-8-bn-chip-plant-in-india-report-689376">Read more here</a> <o:p></o:p>

IMF warns of slower growth in West Asia in 2024 citing oil cuts, regional tensions<o:p></o:p>

In a recent address at the Arab Fiscal Forum in Dubai, International Monetary Fund (IMF) Managing Director Kristalina Georgieva highlighted concerns over the sluggish growth of West Asia economies.

<a href="https://www.wionews.com/business-economy/imf-warns-of-slower-growth-in-west-asia-in-2024-citing-oil-cuts-regional-tensions-689382">Read more here </a><o:p></o:p>

US judge orders Elon Musk to testify in SEC's Twitter probe, deadline set for agreement<o:p></o:p>

A federal judge has mandated Elon Musk to testify once again in the US Securities and Exchange Commission's investigation into his $44 billion acquisition of Twitter, setting a deadline for both parties to finalise the details of the interview.

<a href="https://www.wionews.com/business-economy/us-judge-orders-elon-musk-to-testify-in-secs-twitter-probe-deadline-set-for-agreement-689401">Read more here </a><o:p></o:p>

Israel economy poised for recovery despite Moody's downgrade, says bank of Israel Governor<o:p></o:p>

Amidst the backdrop of Moody's recent downgrade of Israel's sovereign credit rating, Bank of Israel Governor Amir Yaron remains optimistic about the country's economic prospects.

<a href="https://www.wionews.com/business-economy/israel-economy-poised-for-recovery-despite-moodys-downgrade-says-bank-of-israel-governor-689496">Read more here </a><o:p></o:p>

Nissan shares plunge amid market concerns in China: Report<o:p></o:p>

Nissan Motor witnessed its sharpest stock decline in over two decades, plummeting by 12 per cent on Friday, following disappointing quarterly earnings and slashed car sales estimates, primarily attributed to fierce competition in the Chinese auto market.

<a href="https://www.wionews.com/business-economy/nissan-shares-plunge-amid-market-concerns-in-china-report-689508">Read more here </a><o:p></o:p>

Diamondback energy and Endeavor energy to merge, forming $50 billion oil giant<o:p></o:p>

In a new development, US shale oil rivals Diamondback Energy and Endeavor Energy Resources are on the verge of finalising a deal worth approximately $25 billion in cash and stock, as reported by Reuters.

<a href="https://www.wionews.com/business-economy/diamondback-energy-and-endeavor-energy-to-merge-forming-50-billion-oil-giant-689517">Read more here</a> <o:p></o:p>

EU agrees on revised fiscal rules to spur investments and debt reduction<o:p></o:p>

EU member states and Members of the European Parliament (MEPs) reached a preliminary agreement on Saturday to relax the bloc's stringent fiscal regulations, providing governments with extended timelines to reduce debt while incentivising investments in critical areas such as climate, industry, and security.

<a href="https://www.wionews.com/business-economy/eu-agrees-on-revised-fiscal-rules-to-spur-investments-and-debt-reduction-689533">Read more here </a><o:p></o:p>

Germany faces economic challenges amid strikes and structural issues<o:p></o:p>

Germany, the fourth-largest economy, is grappling with a series of challenges as the new year unfolds. Recent strikes and protests have disrupted transportation networks and underscored deeper issues within the country's economy.

<a href="https://www.wionews.com/business-economy/germany-faces-economic-challenges-amidst-strikes-and-structural-issues-689440">Read more here </a><o:p></o:p>

Tesco sells retail banking operations to Barclays in $757 million deal<o:p></o:p>

Barclays has struck a deal to acquire Tesco's retail banking operations for £600 million ($757 million), a move set to reshape the landscape of the banking sector.

<a href="https://www.wionews.com/business-economy/tesco-sells-retail-banking-operations-to-barclays-in-757-million-deal-689444">Read more here </a><o:p></o:p>

Barclays announces new policies limiting funding for oil and gas projects<o:p></o:p>

Barclays, a major player in the banking industry, has announced significant changes to its funding policies concerning oil and gas projects.

<a href="https://www.wionews.com/business-economy/barclays-announces-new-policies-limiting-funding-for-oil-and-gas-projects-689451">Read more here</a>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Tower Semiconductor proposes $8 bn chip plant in India: Report Tower Semiconductor, a leading Israeli chipmaker, has reportedly submitted a proposal to the Indian government for the establishment of an $8 billion chip manufacturing plant in the country.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Tower Semiconductor proposes $8 bn chip plant in India: Report Tower Semiconductor, a leading Israeli chipmaker, has reportedly submitted a proposal to the Indian government for the establishment of an $8 billion chip manufacturing plant in the country. Read more here IMF warns of slower growth in West Asia in 2024 citing oil cuts, regional tensions In a recent address at the Arab Fiscal Forum in Dubai, International Monetary Fund (IMF) Managing Director Kristalina Georgieva highlighted concerns over the sluggish growth of West Asia economies. Read more here US judge orders Elon Musk to testify in SEC's Twitter probe, deadline set for agreement A federal judge has mandated Elon Musk to testify once again in the US Securities and Exchange Commission's investigation into his $44 billion acquisition of Twitter, setting a deadline for both parties to finalise the details of the interview. Read more here Israel economy poised for recovery despite Moody's downgrade, says bank of Israel Governor Amidst the backdrop of Moody's recent downgrade of Israel's sovereign credit rating, Bank of Israel Governor Amir Yaron remains optimistic about the country's economic prospects. Read more here Nissan shares plunge amid market concerns in China: Report Nissan Motor witnessed its sharpest stock decline in over two decades, plummeting by 12 per cent on Friday, following disappointing quarterly earnings and slashed car sales estimates, primarily attributed to fierce competition in the Chinese auto market. Read more here Diamondback energy and Endeavor energy to merge, forming $50 billion oil giant In a new development, US shale oil rivals Diamondback Energy and Endeavor Energy Resources are on the verge of finalising a deal worth approximately $25 billion in cash and stock, as reported by Reuters. Read more here EU agrees on revised fiscal rules to spur investments and debt reduction EU member states and Members of the European Parliament (MEPs) reached a preliminary agreement on Saturday to relax the bloc's stringent fiscal regulations, providing governments with extended timelines to reduce debt while incentivising investments in critical areas such as climate, industry, and security. Read more here Germany faces economic challenges amid strikes and structural issues Germany, the fourth-largest economy, is grappling with a series of challenges as the new year unfolds. Recent strikes and protests have disrupted transportation networks and underscored deeper issues within the country's economy. Read more here Tesco sells retail banking operations to Barclays in $757 million deal Barclays has struck a deal to acquire Tesco's retail banking operations for £600 million ($757 million), a move set to reshape the landscape of the banking sector. Read more here Barclays announces new policies limiting funding for oil and gas projects Barclays, a major player in the banking industry, has announced significant changes to its funding policies concerning oil and gas projects. Read more here

WION Business Wrap |Tower Semiconductor’s $8 bn India plant, IMF on West Asia’s slow growth and more

Author

Zee News Rajasthan

Editor

Shashwat Sankranti

Home

Live Tv

Latest

World

India

Business

Entertainment

Sports

Opinions

Videos

Photos

Gravitas

Lifestyle

Science

Tech

Rajasthan News in Hindi: In-depth coverage of Rajasthan Crime, Political News, Education, Rajasthan Weather Update and Latest Rajasthan News on Zee News Rajasthan.