Europe's ambitious journey towards green energy is facing a significant challenge, caught in a dilemma between soaring installations driven by cheap Chinese solar panel imports and the devastating impact on local solar manufacturers. <o:p></o:p>

While European Union countries celebrated a record year for green energy with a 40 per cent surge in solar capacity compared to 2022, many solar panels and parts were sourced from China, reaching up to 95 per cent in some instances, as per International Energy Agency data. <o:p></o:p>

The boom, however, has proven detrimental to local manufacturers, prompting warnings of imminent closures unless governments intervene.<o:p></o:p>

Despite the green energy triumph, Europe's few remaining solar panel manufacturers are teetering on the brink, grappling with oversupply and the influx of inexpensive imports. <o:p></o:p>

Production closures loom large, with industry leaders cautioning that up to half of the sector's capacity could shut down in a matter of weeks without government intervention.<o:p></o:p>

Policymakers find themselves in a dilemma, torn between addressing the crisis and the potential consequences of trade restrictions on Chinese solar imports. <o:p></o:p>

German Economy Minister Robert Habeck expressed concerns in a letter to the European Commission, warning against imposing trade restrictions on Chinese solar imports. <o:p></o:p>

Habeck emphasised the risk of hindering Europe's green energy expansion and raising costs in the photovoltaic (PV) market. <o:p></o:p>

The letter suggested that such restrictions could lead to bankruptcies among EU companies involved in assembling and installing solar panels using imported components. <o:p></o:p>

While Germany contemplates support for the sector, a government budget crisis has cast uncertainty on planned initiatives. <o:p></o:p>

Spain is considering tariffs, the Netherlands eyes carbon border taxes, and Italy recently announced ainvestment in a PV panel factory in Sicily.<o:p></o:p>

EU Financial Services Commissioner Mairead McGuinness addressed the solar sector's challenges, offering no new support but highlighting existing measures, including a forthcoming law aiming to expedite permits for local manufacturing and provide EU-made products a competitive advantage in clean tech tenders. <o:p></o:p>

On the topic of trade restrictions, McGuinness maintained a cautious stance, emphasising the need to balance potential measures against energy transition objectives. <o:p></o:p>

The industry itself is divided, with solar manufacturers urging government intervention to absorb excess inventories, while the broader green energy sector opposes import curbs.<o:p></o:p>

Amid the struggle for a solution, European solar manufacturers, even those hoping for a competitive local industry, acknowledge the daunting reality of a "price war" with China.<o:p></o:p>

Gunter Erfurt, CEO of Swiss panel maker Meyer Burger, highlighted the challenge, stating that Europe is competing against strategically subsidised Chinese solar firms, some selling below production costs. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Europe's ambitious journey towards green energy is facing a significant challenge, caught in a dilemma between soaring installations driven by cheap Chinese solar panel imports and the devastating impact on local solar manufacturers.

Europe's ambitious journey towards green energy is facing a significant challenge, caught in a dilemma between soaring installations driven by cheap Chinese solar panel imports and the devastating impact on local solar manufacturers. While European Union countries celebrated a record year for green energy with a 40 per cent surge in solar capacity compared to 2022, many solar panels and parts were sourced from China, reaching up to 95 per cent in some instances, as per International Energy Agency data. The boom, however, has proven detrimental to local manufacturers, prompting warnings of imminent closures unless governments intervene. Despite the green energy triumph, Europe's few remaining solar panel manufacturers are teetering on the brink, grappling with oversupply and the influx of inexpensive imports. Production closures loom large, with industry leaders cautioning that up to half of the sector's capacity could shut down in a matter of weeks without government intervention. Policymakers find themselves in a dilemma, torn between addressing the crisis and the potential consequences of trade restrictions on Chinese solar imports. German Economy Minister Robert Habeck expressed concerns in a letter to the European Commission, warning against imposing trade restrictions on Chinese solar imports. Habeck emphasised the risk of hindering Europe's green energy expansion and raising costs in the photovoltaic (PV) market. The letter suggested that such restrictions could lead to bankruptcies among EU companies involved in assembling and installing solar panels using imported components. While Germany contemplates support for the sector, a government budget crisis has cast uncertainty on planned initiatives. Spain is considering tariffs, the Netherlands eyes carbon border taxes, and Italy recently announced ainvestment in a PV panel factory in Sicily. EU Financial Services Commissioner Mairead McGuinness addressed the solar sector's challenges, offering no new support but highlighting existing measures, including a forthcoming law aiming to expedite permits for local manufacturing and provide EU-made products a competitive advantage in clean tech tenders. On the topic of trade restrictions, McGuinness maintained a cautious stance, emphasising the need to balance potential measures against energy transition objectives. The industry itself is divided, with solar manufacturers urging government intervention to absorb excess inventories, while the broader green energy sector opposes import curbs. Amid the struggle for a solution, European solar manufacturers, even those hoping for a competitive local industry, acknowledge the daunting reality of a "price war" with China. Gunter Erfurt, CEO of Swiss panel maker Meyer Burger, highlighted the challenge, stating that Europe is competing against strategically subsidised Chinese solar firms, some selling below production costs. (With inputs from Reuters)

Solar Industry Crossroads: Europe grapples with Chinese imports amid green energy boom

Following the Reserve Bank of India's (RBI) recent restrictions on Paytm, the company's CEO, Vijay Shekhar Sharma, met with Finance Minister Nirmala Sitharaman to discuss the matter.<o:p></o:p>

However, the Finance Ministry confirmed that the government would have no role to play in the RBI's actions.<o:p></o:p>

The meeting with the Finance Minister emphasised that Paytm needs to resolve the issues directly with the RBI and adhere to the regulatory guidelines set by the central bank.<o:p></o:p>

Paytm has been grappling with regulatory challenges after the RBI directed the company to halt its popular digital wallet, deposits, and credit products. <o:p></o:p>

Paytm's shares experienced a significant dip of over 40 per cent following the RBI's directives. <o:p></o:p>

The market sentiment, however, showed signs of recovery this Tuesday. <o:p></o:p>

While the government made it clear that it would not intervene in the RBI's clampdown, Vijay Shekhar Sharma also held discussions with RBI officials to address the regulatory concerns raised by the central bank. <o:p></o:p>

The RBI's restrictions included barring Paytm Payments Bank Ltd from accepting deposits or facilitating credit transactions after February 29, affecting various customer accounts and prepaid instruments linked to those accounts, such as wallets and FASTags.<o:p></o:p>

The RBI's actions extended to terminating the nodal accounts of Paytm's parent company, One97 Communications Ltd, and Paytm Payments Bank Ltd. <o:p></o:p>

Despite these challenges, Paytm Payments Bank sought to reassure its customers, assuring them that their funds are secure and that they can continue to utilise balances from their accounts without any limits, as specified in the RBI order. <o:p></o:p>

However, after February 29, depositing money into accounts or wallets will no longer be possible.<o:p></o:p>

Following the Reserve Bank of India's (RBI) recent restrictions on Paytm, the company's CEO, Vijay Shekhar Sharma, met with Finance Minister Nirmala Sitharaman to discuss the matter.

Following the Reserve Bank of India's (RBI) recent restrictions on Paytm, the company's CEO, Vijay Shekhar Sharma, met with Finance Minister Nirmala Sitharaman to discuss the matter. However, the Finance Ministry confirmed that the government would have no role to play in the RBI's actions. The meeting with the Finance Minister emphasised that Paytm needs to resolve the issues directly with the RBI and adhere to the regulatory guidelines set by the central bank. Paytm has been grappling with regulatory challenges after the RBI directed the company to halt its popular digital wallet, deposits, and credit products. Paytm's shares experienced a significant dip of over 40 per cent following the RBI's directives. The market sentiment, however, showed signs of recovery this Tuesday. While the government made it clear that it would not intervene in the RBI's clampdown, Vijay Shekhar Sharma also held discussions with RBI officials to address the regulatory concerns raised by the central bank. The RBI's restrictions included barring Paytm Payments Bank Ltd from accepting deposits or facilitating credit transactions after February 29, affecting various customer accounts and prepaid instruments linked to those accounts, such as wallets and FASTags. The RBI's actions extended to terminating the nodal accounts of Paytm's parent company, One97 Communications Ltd, and Paytm Payments Bank Ltd. Despite these challenges, Paytm Payments Bank sought to reassure its customers, assuring them that their funds are secure and that they can continue to utilise balances from their accounts without any limits, as specified in the RBI order. However, after February 29, depositing money into accounts or wallets will no longer be possible.

Paytm CEO Advised by Government: No intervention in RBI clampdown

Nintendo has elevated its full-year Switch sales forecast to 15.5 million units, up from the previous estimate of 15 million units, driven by robust sales during the year-end shopping season.<o:p></o:p>

The Kyoto-based gaming giant aims to sustain the momentum of its hybrid home-portable Switch, which is approaching its eighth year on the market. <o:p></o:p>

Nintendo President Shuntaro Furukawa emphasised the company's commitment to the Switch business during an earnings briefing, indicating a proactive stance in maintaining the console's popularity.<o:p></o:p>

Despite an 8 per cent decline in Switch sales, with 13.74 million units sold in the first nine months of the financial year compared to the previous year, the console's lifecycle has been prolonged by successful game releases. <o:p></o:p>

Hits like "The Legend of Zelda: Tears of the Kingdom" and "Super Mario Bros. Wonder" have contributed to the console's enduring appeal. <o:p></o:p>

The Switch, available in various iterations including the handheld-only Switch Lite and a version with an OLED display, has surpassed the poorly performing Wii U and boasts total sales second only to the Nintendo DS handheld, having overtaken the Wii.<o:p></o:p>

Nintendo's financial performance tells a success story, with a record net profit of 408 billion yen reported for the April-December period. <o:p></o:p>

The company's ability to leverage existing hardware and capitalise on compelling game releases has resulted in a flourishing bottom line. <o:p></o:p>

Industry experts foresee continued success, with Serkan Toto, founder of game industry consultancy Kantan Games, anticipating new Switch games and hinting at a successor device launching later this year, priced around $400. <o:p></o:p>

This speculation aligns with rising expectations for Nintendo to introduce new hardware in 2024.<o:p></o:p>

The buoyant market response is reflected in Nintendo's stock performance, with shares closing down a marginal 0.5 per cent ahead of earnings but boasting a 14 per cent gain year-to-date. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Nintendo has elevated its full-year Switch sales forecast to 15.5 million units, up from the previous estimate of 15 million units, driven by robust sales during the year-end shopping season.

Nintendo has elevated its full-year Switch sales forecast to 15.5 million units, up from the previous estimate of 15 million units, driven by robust sales during the year-end shopping season. The Kyoto-based gaming giant aims to sustain the momentum of its hybrid home-portable Switch, which is approaching its eighth year on the market. Nintendo President Shuntaro Furukawa emphasised the company's commitment to the Switch business during an earnings briefing, indicating a proactive stance in maintaining the console's popularity. Despite an 8 per cent decline in Switch sales, with 13.74 million units sold in the first nine months of the financial year compared to the previous year, the console's lifecycle has been prolonged by successful game releases. Hits like "The Legend of Zelda: Tears of the Kingdom" and "Super Mario Bros. Wonder" have contributed to the console's enduring appeal. The Switch, available in various iterations including the handheld-only Switch Lite and a version with an OLED display, has surpassed the poorly performing Wii U and boasts total sales second only to the Nintendo DS handheld, having overtaken the Wii. Nintendo's financial performance tells a success story, with a record net profit of 408 billion yen reported for the April-December period. The company's ability to leverage existing hardware and capitalise on compelling game releases has resulted in a flourishing bottom line. Industry experts foresee continued success, with Serkan Toto, founder of game industry consultancy Kantan Games, anticipating new Switch games and hinting at a successor device launching later this year, priced around $400. This speculation aligns with rising expectations for Nintendo to introduce new hardware in 2024. The buoyant market response is reflected in Nintendo's stock performance, with shares closing down a marginal 0.5 per cent ahead of earnings but boasting a 14 per cent gain year-to-date. (With inputs from Reuters)

Nintendo boosts Switch sales forecast, hints at new hardware launch

Japan's leading automaker, Toyota has revised its full fiscal year profit forecast upwards following robust earnings in the October to December quarter, where profits nearly doubled compared to the previous year. <o:p></o:p>

According to media reports, the third-quarter profit soared to 1.36 trillion yen ($9 billion), marking a substantial recovery from the setbacks faced during the computer chip production disruptions triggered by the COVID-19 pandemic. <o:p></o:p>

The company's solid performance over the first nine months of the fiscal year resulted in 3.9 trillion yen ($26 billion) profit, more than double the figure achieved in the preceding fiscal year.<o:p></o:p>

A key factor contributing to Toyota's success is the favourable exchange rate, with a weak yen boosting the value of overseas earnings when converted into yen. <o:p></o:p>

The recent exchange rate of about 148 yen to the dollar, compared to 140 yen a year ago, played a pivotal role in enhancing the company's financial performance. <o:p></o:p>

Quarterly sales also experienced an uptick, rising by 23 per cent to 12.04 trillion yen ($81 billion) from 9.75 trillion yen.<o:p></o:p>

Toyota, headquartered in Toyota City, central Japan, responded to its performance by revising its full fiscal year profit forecast to 4.5 trillion yen ($30 billion), surpassing its earlier projection of 3.95 trillion yen ($27 billion). <o:p></o:p>

Similarly, the sales projection for the fiscal year was adjusted to 43.5 trillion yen ($294 billion), up from the initial estimate of 43 trillion yen ($290 billion). <o:p></o:p>

The company attributes these positive adjustments to cost-cutting measures, strategic marketing efforts, and the favourable effects of currency exchange rates.<o:p></o:p>

However, amid the overall positive outlook, Toyota did not raise its vehicle sales forecast for the fiscal year. <o:p></o:p>

Instead, it slightly reduced the forecast to 9.45 million vehicles, compared to the previous expectation of 9.6 million vehicles. <o:p></o:p>

Despite this adjustment, the forecast still exceeds the previous fiscal year's sales of 8.8 million vehicles, showcasing Toyota's resilience in navigating challenges, particularly the global shortage of computer chips that has affected the entire automotive industry.<o:p></o:p>

The impact of the chip shortage is notably felt within Toyota's group, with Daihatsu Motor Co., responsible for manufacturing small models, temporarily suspending production under Japanese government orders. <o:p></o:p>

The automaker admitted to falsifying safety tests for decades, leading to a scandal that surfaced in April 2023. <o:p></o:p>

While the impact on Toyota's overall sales and profits is expected to be limited due to Daihatsu's relatively small contribution, the company acknowledges a potential decline in Japanese sales due to the subsidiary's issues, posing a challenge to Toyota's brand image.<o:p></o:p>

Despite the challenges posed by the Daihatsu scandal and similar irregularities in other group companies, including Hino and Toyota Industries, Toyota remains optimistic about its overall financial outlook. <o:p></o:p>

Japan's leading automaker, Toyota has revised its full fiscal year profit forecast upwards following robust earnings in the October to December quarter, where profits nearly doubled compared to the previous year.

Japan's leading automaker, Toyota has revised its full fiscal year profit forecast upwards following robust earnings in the October to December quarter, where profits nearly doubled compared to the previous year. According to media reports, the third-quarter profit soared to 1.36 trillion yen ($9 billion), marking a substantial recovery from the setbacks faced during the computer chip production disruptions triggered by the COVID-19 pandemic. The company's solid performance over the first nine months of the fiscal year resulted in 3.9 trillion yen ($26 billion) profit, more than double the figure achieved in the preceding fiscal year. A key factor contributing to Toyota's success is the favourable exchange rate, with a weak yen boosting the value of overseas earnings when converted into yen. The recent exchange rate of about 148 yen to the dollar, compared to 140 yen a year ago, played a pivotal role in enhancing the company's financial performance. Quarterly sales also experienced an uptick, rising by 23 per cent to 12.04 trillion yen ($81 billion) from 9.75 trillion yen. Toyota, headquartered in Toyota City, central Japan, responded to its performance by revising its full fiscal year profit forecast to 4.5 trillion yen ($30 billion), surpassing its earlier projection of 3.95 trillion yen ($27 billion). Similarly, the sales projection for the fiscal year was adjusted to 43.5 trillion yen ($294 billion), up from the initial estimate of 43 trillion yen ($290 billion). The company attributes these positive adjustments to cost-cutting measures, strategic marketing efforts, and the favourable effects of currency exchange rates. However, amid the overall positive outlook, Toyota did not raise its vehicle sales forecast for the fiscal year. Instead, it slightly reduced the forecast to 9.45 million vehicles, compared to the previous expectation of 9.6 million vehicles. Despite this adjustment, the forecast still exceeds the previous fiscal year's sales of 8.8 million vehicles, showcasing Toyota's resilience in navigating challenges, particularly the global shortage of computer chips that has affected the entire automotive industry. The impact of the chip shortage is notably felt within Toyota's group, with Daihatsu Motor Co., responsible for manufacturing small models, temporarily suspending production under Japanese government orders. The automaker admitted to falsifying safety tests for decades, leading to a scandal that surfaced in April 2023. While the impact on Toyota's overall sales and profits is expected to be limited due to Daihatsu's relatively small contribution, the company acknowledges a potential decline in Japanese sales due to the subsidiary's issues, posing a challenge to Toyota's brand image. Despite the challenges posed by the Daihatsu scandal and similar irregularities in other group companies, including Hino and Toyota Industries, Toyota remains optimistic about its overall financial outlook.

Toyota boosts profit outlook as earnings surge, fuelled by weak yen: Report

In the wake of a regulatory crackdown, India's leading digital payments platform, Paytm, finds itself in turbulent waters as retailers express apprehension, opening doors for retail giants Walmart and Google to make significant inroads into the market.<o:p></o:p>

Once hailed as the trailblazer in India's digital payments realm, Paytm's future seems uncertain as its banking unit, the backbone of its popular app, faces mandated closure by India's central bank due to "persistent non-compliance." <o:p></o:p>

According to a Reuters report, this move has sparked anxiety among merchants, with many choosing to distance themselves from the platform. <o:p></o:p>

Mohammed Salahuddin, a member of a local retailers association in southern Telangana state, revealed that around 2,000 shops have already taken measures such as displaying "No Paytm, Pay Cash" signs, signalling a palpable shift away from the platform.<o:p></o:p>

In response to the growing concerns among merchants, Paytm is mobilising its sales force to mitigate fears and encourage continued usage of its platform. <o:p></o:p>

Sales representatives are actively engaging with a diverse range of merchants, from roadside vendors to large retail outlets, advocating for the utilisation of Paytm's partner banks to ensure uninterrupted payment processing. <o:p></o:p>

However, the company faces a daunting task, with approximately 15 per cent of its 40 million merchants requiring migration to alternative banking solutions, underscoring the magnitude of the challenge ahead.<o:p></o:p>

Despite Paytm's efforts to mitigate the fallout, its rivals are swiftly capitalising on the situation, eager to seize a larger share of the digital payments market. <o:p></o:p>

Following the regulatory upheaval, Paytm's stock plummeted by 39 per cent, resulting in a loss of $2.3 billion in market value. <o:p></o:p>

This downturn has created a ripe opportunity for industry behemoths like Walmart and Google to make significant strides.<o:p></o:p>

Data from market intelligence firm Sensor Tower indicates a notable decline in Paytm app downloads, juxtaposed with robust growth in rival platforms such as Walmart's PhonePe and Google Pay. <o:p></o:p>

In particular, PhonePe witnessed a 76 per cent surge in downloads, underlining the shifting dynamics within the digital payments landscape. <o:p></o:p>

Recognising the opportune moment, Google Pay swiftly rolled out initiatives to attract disillusioned Paytm merchants, further intensifying competition in the sector.<o:p></o:p>

PhonePe, a prominent rival to Paytm, wasted no time in leveraging the regulatory turmoil to its advantage. <o:p></o:p>

Through front-page newspaper advertisements, PhonePe strategically positioned itself as the preferred choice for merchants, emphasising its commitment to seamless business operations. <o:p></o:p>

Additionally, PhonePe highlighted its innovative offerings, including SmartSpeakers, designed to cater to the needs of digitally challenged retailers, thereby enhancing payment efficiency.<o:p></o:p>

Neil Shah, Director at Counterpoint Research, underscored the significance of this moment, noting that Paytm's rivals are poised to capitalise on its vulnerabilities. <o:p></o:p>

With innovations such as PhonePe's SmartSpeaker and Google's Soundpod gaining traction, the competitive landscape is poised for a dramatic shift. <o:p></o:p>

The success of these initiatives could potentially erode Paytm's market dominance.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In the wake of a regulatory crackdown, India's leading digital payments platform, Paytm, finds itself in turbulent waters as retailers express apprehension, opening doors for retail giants Walmart and Google to make significant inroads into the market.

In the wake of a regulatory crackdown, India's leading digital payments platform, Paytm, finds itself in turbulent waters as retailers express apprehension, opening doors for retail giants Walmart and Google to make significant inroads into the market. Once hailed as the trailblazer in India's digital payments realm, Paytm's future seems uncertain as its banking unit, the backbone of its popular app, faces mandated closure by India's central bank due to "persistent non-compliance." According to a Reuters report, this move has sparked anxiety among merchants, with many choosing to distance themselves from the platform. Mohammed Salahuddin, a member of a local retailers association in southern Telangana state, revealed that around 2,000 shops have already taken measures such as displaying "No Paytm, Pay Cash" signs, signalling a palpable shift away from the platform. In response to the growing concerns among merchants, Paytm is mobilising its sales force to mitigate fears and encourage continued usage of its platform. Sales representatives are actively engaging with a diverse range of merchants, from roadside vendors to large retail outlets, advocating for the utilisation of Paytm's partner banks to ensure uninterrupted payment processing. However, the company faces a daunting task, with approximately 15 per cent of its 40 million merchants requiring migration to alternative banking solutions, underscoring the magnitude of the challenge ahead. Despite Paytm's efforts to mitigate the fallout, its rivals are swiftly capitalising on the situation, eager to seize a larger share of the digital payments market. Following the regulatory upheaval, Paytm's stock plummeted by 39 per cent, resulting in a loss of $2.3 billion in market value. This downturn has created a ripe opportunity for industry behemoths like Walmart and Google to make significant strides. Data from market intelligence firm Sensor Tower indicates a notable decline in Paytm app downloads, juxtaposed with robust growth in rival platforms such as Walmart's PhonePe and Google Pay. In particular, PhonePe witnessed a 76 per cent surge in downloads, underlining the shifting dynamics within the digital payments landscape. Recognising the opportune moment, Google Pay swiftly rolled out initiatives to attract disillusioned Paytm merchants, further intensifying competition in the sector. PhonePe, a prominent rival to Paytm, wasted no time in leveraging the regulatory turmoil to its advantage. Through front-page newspaper advertisements, PhonePe strategically positioned itself as the preferred choice for merchants, emphasising its commitment to seamless business operations. Additionally, PhonePe highlighted its innovative offerings, including SmartSpeakers, designed to cater to the needs of digitally challenged retailers, thereby enhancing payment efficiency. Neil Shah, Director at Counterpoint Research, underscored the significance of this moment, noting that Paytm's rivals are poised to capitalise on its vulnerabilities. With innovations such as PhonePe's SmartSpeaker and Google's Soundpod gaining traction, the competitive landscape is poised for a dramatic shift. The success of these initiatives could potentially erode Paytm's market dominance. (With inputs from Reuters)

Paytm faces regulatory hurdles in India while Walmart, Google seize market opportunity

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;<o:p></o:p>

Paytm faces regulatory hurdles in India while Walmart, Google seize market opportunity<o:p></o:p>

In the wake of a regulatory crackdown, India's leading digital payments platform, Paytm, finds itself in turbulent waters as retailers express apprehension, opening doors for retail giants Walmart and Google to make significant inroads into the market.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/paytm-faces-regulatory-hurdles-in-india-while-walmart-google-seize-market-opportunity-687706">Read more here</a><o:p></o:p>

Toyota boosts profit outlook as earnings surge, fuelled by weak yen: Report<o:p></o:p>

Japan's leading automaker, Toyota has revised its full fiscal year profit forecast upwards following robust earnings in the October to December quarter, where profits nearly doubled compared to the previous year.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/toyota-boosts-profit-outlook-as-earnings-surge-fuelled-by-weak-yen-report-687713">Read more here</a><o:p></o:p>

Nintendo boosts Switch sales forecast, hints at new hardware launch<o:p></o:p>

Nintendo has elevated its full-year Switch sales forecast to 15.5 million units, up from the previous estimate of 15 million units, driven by robust sales during the year-end shopping season.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/nintendo-boosts-switch-sales-forecast-hints-at-new-hardware-launch-687736">Read more here</a><o:p></o:p>

Paytm CEO Advised by Government: No intervention in RBI clampdown<o:p></o:p>

Following the Reserve Bank of India's (RBI) recent restrictions on Paytm, the company's CEO, Vijay Shekhar Sharma, met with Finance Minister Nirmala Sitharaman to discuss the matter.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/paytm-ceo-advised-by-government-no-intervention-in-rbi-clampdown-687746">Read more here</a><o:p></o:p>

Solar Industry Crossroads: Europe grapples with Chinese imports amid green energy boom<o:p></o:p>

Europe's ambitious journey towards green energy is facing a significant challenge, caught in a dilemma between soaring installations driven by cheap Chinese solar panel imports and the devastating impact on local solar manufacturers.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/solar-industry-crossroads-europe-grapples-with-chinese-imports-amid-green-energy-boom-687755">Read more here</a><o:p></o:p>

DBS CEO's pay slashed following digital banking disruptions amid record profits<o:p></o:p>

Singapore's leading lender, DBS Group, reported record-breaking full-year results, yet Chief Executive Officer Piyush Gupta faced a significant reduction in compensation due to digital banking disruptions witnessed last year.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/dbs-ceos-pay-slashed-following-digital-banking-disruptions-amid-record-profits-687763">Read more here</a><o:p></o:p>

Honda recalls 750,000 US vehicles due to airbag defect, urges prompt action<o:p></o:p>

Honda announced on Tuesday that it is recalling 750,000 vehicles in the United States, citing a potential defect involving airbags that could unintentionally deploy during a crash.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/honda-recalls-750000-us-vehicles-due-to-airbag-defect-urges-prompt-action-687775">Read more here</a><o:p></o:p>

China escalates crackdown on short-selling with stringent measures<o:p></o:p>

In a move to curb short-selling, China's securities regulator announced on Tuesday a series of stringent measures, including the suspension of brokerages from borrowing shares for lending and imposing a cap on the size of securities re-lending businesses.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/china-escalates-crackdown-on-short-selling-with-stringent-measures-687781">Read more here</a><o:p></o:p>

Disney, Fox, Warner Bros Discovery unite to launch sports streaming platform<o:p></o:p>

In a new collaboration, Fox Corp, Disney, and Warner Bros Discovery announced on Tuesday their plans to introduce a joint sports streaming service in the upcoming autumn, aiming to capture the attention of younger audiences increasingly turning away from traditional television.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/disney-fox-warner-bros-discovery-unite-to-launch-sports-streaming-platform-687788">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. Paytm faces regulatory hurdles in India while Walmart, Google seize market opportunity In the wake of a regulatory crackdown, India's leading digital payments platform, Paytm, finds itself in turbulent waters as retailers express apprehension, opening doors for retail giants Walmart and Google to make significant inroads into the market.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Paytm faces regulatory hurdles in India while Walmart, Google seize market opportunity In the wake of a regulatory crackdown, India's leading digital payments platform, Paytm, finds itself in turbulent waters as retailers express apprehension, opening doors for retail giants Walmart and Google to make significant inroads into the market. Read more here Toyota boosts profit outlook as earnings surge, fuelled by weak yen: Report Japan's leading automaker, Toyota has revised its full fiscal year profit forecast upwards following robust earnings in the October to December quarter, where profits nearly doubled compared to the previous year. Read more here Nintendo boosts Switch sales forecast, hints at new hardware launch Nintendo has elevated its full-year Switch sales forecast to 15.5 million units, up from the previous estimate of 15 million units, driven by robust sales during the year-end shopping season. Read more here Paytm CEO Advised by Government: No intervention in RBI clampdown Following the Reserve Bank of India's (RBI) recent restrictions on Paytm, the company's CEO, Vijay Shekhar Sharma, met with Finance Minister Nirmala Sitharaman to discuss the matter. Read more here Solar Industry Crossroads: Europe grapples with Chinese imports amid green energy boom Europe's ambitious journey towards green energy is facing a significant challenge, caught in a dilemma between soaring installations driven by cheap Chinese solar panel imports and the devastating impact on local solar manufacturers. Read more here DBS CEO's pay slashed following digital banking disruptions amid record profits Singapore's leading lender, DBS Group, reported record-breaking full-year results, yet Chief Executive Officer Piyush Gupta faced a significant reduction in compensation due to digital banking disruptions witnessed last year. Read more here Honda recalls 750,000 US vehicles due to airbag defect, urges prompt action Honda announced on Tuesday that it is recalling 750,000 vehicles in the United States, citing a potential defect involving airbags that could unintentionally deploy during a crash. Read more here China escalates crackdown on short-selling with stringent measures In a move to curb short-selling, China's securities regulator announced on Tuesday a series of stringent measures, including the suspension of brokerages from borrowing shares for lending and imposing a cap on the size of securities re-lending businesses. Read more here Disney, Fox, Warner Bros Discovery unite to launch sports streaming platform In a new collaboration, Fox Corp, Disney, and Warner Bros Discovery announced on Tuesday their plans to introduce a joint sports streaming service in the upcoming autumn, aiming to capture the attention of younger audiences increasingly turning away from traditional television. Read more here

WION Business Wrap | Paytm’s rising competition, Toyota’s recent profits and more

In a new collaboration, Fox Corp, Disney, and Warner Bros Discovery announced on Tuesday their plans to introduce a joint sports streaming service in the upcoming autumn, aiming to capture the attention of younger audiences increasingly turning away from traditional television. <o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

This move involves the formation of a joint venture that will leverage the extensive portfolio of professional and collegiate sports rights held by the media giants, spanning leagues such as the NFL, NBA, MLB, FIFA World Cup, and college competitions. <o:p></o:p>

The yet-to-be-named service will offer a comprehensive package, combining traditional television channels like ESPN, TNT, and FS1 with streamed sports content. <o:p></o:p>

Subscribers will also have the option to access it as part of streaming bundles offered by Disney+, Hulu, or Max. <o:p></o:p>

"This means the full suite of ESPN channels will be available to consumers alongside the sports programming of other leaders," Reuters quoted Disney CEO Bob Iger, as saying.<o:p></o:p>

The collaboration aims to create a platform that caters to a diverse range of sports, capturing a broad audience and maximising the potential upside. <o:p></o:p>

Gershon, representing Fox Corp, emphasised the logic behind the deal, suggesting a shared approach to handling the escalating costs of sports rights and creating a platform that appeals to a wide spectrum of sports enthusiasts.<o:p></o:p>

The idea for this sports-centric service has been in discussions among the CEOs for some time. <o:p></o:p>

The collaboration is not seen as a replacement for Disney's flagship ESPN television network or Fox's FS1, which already hold a strong presence among traditional sports fans on TV. <o:p></o:p>

Instead, the partners view the new platform as providing additional choice for consumers, recognising the evolving landscape of sports consumption outside the traditional TV model.<o:p></o:p>

The service is expected to offer passionate fans, beyond the confines of the traditional bundle, a comprehensive and consolidated source for diverse sports content.<o:p></o:p>

Reuters cited Fox Chief Executive Lachlan Murdoch, who said, "We believe the service will provide passionate fans outside of the traditional bundle an array of amazing sports content all in one place." <o:p></o:p>

The new entity resulting from this collaboration will be jointly owned by the three media companies, each having equal board representation. <o:p></o:p>

Sports content will be licensed on a non-exclusive basis, and the operation of the new entity will be managed by an independent management team. <o:p></o:p>

The initiative signals a recognition of the market for sports outside the traditional television model and provides an additional avenue for these media companies to monetise the increasingly expensive sports rights.<o:p></o:p>

David Zaslav, CEO of Warner Bros Discovery, emphasised the industry's ability to drive innovation and offer consumers more choice, enjoyment, and value through the new sports service. <o:p></o:p>

Disney's previous indications of seeking strategic partners and investors for ESPN align with the broader industry focus on profitability in streaming. <o:p></o:p>

Activist investor Nelson Peltz has suggested that Disney can achieve streaming profitability by bundling its ESPN+ online service with a larger player interested in sports, a strategy that resonates with the collaborative approach taken by Disney, Fox, and Warner Bros Discovery.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In a new collaboration, Fox Corp, Disney, and Warner Bros Discovery announced on Tuesday their plans to introduce a joint sports streaming service in the upcoming autumn, aiming to capture the attention of younger audiences increasingly turning away from traditional television.

In a new collaboration, Fox Corp, Disney, and Warner Bros Discovery announced on Tuesday their plans to introduce a joint sports streaming service in the upcoming autumn, aiming to capture the attention of younger audiences increasingly turning away from traditional television. This is based on a Reuters report. This move involves the formation of a joint venture that will leverage the extensive portfolio of professional and collegiate sports rights held by the media giants, spanning leagues such as the NFL, NBA, MLB, FIFA World Cup, and college competitions. The yet-to-be-named service will offer a comprehensive package, combining traditional television channels like ESPN, TNT, and FS1 with streamed sports content. Subscribers will also have the option to access it as part of streaming bundles offered by Disney+, Hulu, or Max. "This means the full suite of ESPN channels will be available to consumers alongside the sports programming of other leaders," Reuters quoted Disney CEO Bob Iger, as saying. The collaboration aims to create a platform that caters to a diverse range of sports, capturing a broad audience and maximising the potential upside. Gershon, representing Fox Corp, emphasised the logic behind the deal, suggesting a shared approach to handling the escalating costs of sports rights and creating a platform that appeals to a wide spectrum of sports enthusiasts. The idea for this sports-centric service has been in discussions among the CEOs for some time. The collaboration is not seen as a replacement for Disney's flagship ESPN television network or Fox's FS1, which already hold a strong presence among traditional sports fans on TV. Instead, the partners view the new platform as providing additional choice for consumers, recognising the evolving landscape of sports consumption outside the traditional TV model. The service is expected to offer passionate fans, beyond the confines of the traditional bundle, a comprehensive and consolidated source for diverse sports content. Reuters cited Fox Chief Executive Lachlan Murdoch, who said, "We believe the service will provide passionate fans outside of the traditional bundle an array of amazing sports content all in one place." The new entity resulting from this collaboration will be jointly owned by the three media companies, each having equal board representation. Sports content will be licensed on a non-exclusive basis, and the operation of the new entity will be managed by an independent management team. The initiative signals a recognition of the market for sports outside the traditional television model and provides an additional avenue for these media companies to monetise the increasingly expensive sports rights. David Zaslav, CEO of Warner Bros Discovery, emphasised the industry's ability to drive innovation and offer consumers more choice, enjoyment, and value through the new sports service. Disney's previous indications of seeking strategic partners and investors for ESPN align with the broader industry focus on profitability in streaming. Activist investor Nelson Peltz has suggested that Disney can achieve streaming profitability by bundling its ESPN+ online service with a larger player interested in sports, a strategy that resonates with the collaborative approach taken by Disney, Fox, and Warner Bros Discovery. (With inputs from Reuters)

Disney, Fox, Warner Bros Discovery unite to launch sports streaming platform

In a move to curb short-selling, China's securities regulator announced on Tuesday a series of stringent measures, including the suspension of brokerages from borrowing shares for lending and imposing a cap on the size of securities re-lending businesses.<o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

The China Securities Regulatory Commission (CSRC) is also set to prohibit securities lending to investors who sell stocks on the same day of purchase and has pledged to crack down on illegal arbitrage involving short-selling. <o:p></o:p>

These steps come in the wake of a recent market downturn, prompting Chinese authorities to implement various measures to bolster share prices and restore confidence in the economy.<o:p></o:p>

The CSRC's latest measures aim to address the challenges posed by short-selling, a practice that has raised concerns about market stability. <o:p></o:p>

The regulator emphasised a "zero tolerance" stance against malicious short sellers, warning of severe consequences for those violating the rules. <o:p></o:p>

The CSRC explicitly stated that individuals flouting the law would "lose their shirts and rot in jail."<o:p></o:p>

As part of the regulatory crackdown, the CSRC announced the suspension of new business in securities re-lending, a practice wherein brokerages borrow shares to lend to clients for short selling. <o:p></o:p>

Existing businesses engaged in securities re-lending will be gradually phased out. <o:p></o:p>

Following the regulatory announcement, several mutual fund companies, including China Asset Management Co, E Fund Management Co, and Southern Asset Management, declared the suspension of lending shares and the gradual discontinuation of securities re-lending. <o:p></o:p>

Brokerage firm Huaxi Securities Co also committed to ceasing lending shares for short selling.<o:p></o:p>

To reinforce market integrity, the CSRC urged brokerages to enhance scrutiny over clients' trading behaviours. <o:p></o:p>

This move aims to ensure compliance with existing regulations, particularly those preventing the sale of shares on the same day of purchase. <o:p></o:p>

The regulator noted that some investors have circumvented these rules by using borrowed shares, and consequently, the CSRC will now ban such traders from borrowing shares. <o:p></o:p>

The recent regulatory efforts have already led to a 24 per cent decline in the securities lending business, amounting to 63.7 billion yuan, according to the CSRC. <o:p></o:p>

In addition to curbing short-selling, the CSRC encouraged listed companies to fortify their value through various means, including share buybacks, stock purchases by major shareholders, regular dividend pay-outs, and mergers and acquisitions. <o:p></o:p>

These measures aim to bolster the overall stability and attractiveness of Chinese stocks, fostering investor confidence in the market. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In a move to curb short-selling, China's securities regulator announced on Tuesday a series of stringent measures, including the suspension of brokerages from borrowing shares for lending and imposing a cap on the size of securities re-lending businesses.

In a move to curb short-selling, China's securities regulator announced on Tuesday a series of stringent measures, including the suspension of brokerages from borrowing shares for lending and imposing a cap on the size of securities re-lending businesses. This is based on a Reuters report. The China Securities Regulatory Commission (CSRC) is also set to prohibit securities lending to investors who sell stocks on the same day of purchase and has pledged to crack down on illegal arbitrage involving short-selling. These steps come in the wake of a recent market downturn, prompting Chinese authorities to implement various measures to bolster share prices and restore confidence in the economy. The CSRC's latest measures aim to address the challenges posed by short-selling, a practice that has raised concerns about market stability. The regulator emphasised a "zero tolerance" stance against malicious short sellers, warning of severe consequences for those violating the rules. The CSRC explicitly stated that individuals flouting the law would "lose their shirts and rot in jail." As part of the regulatory crackdown, the CSRC announced the suspension of new business in securities re-lending, a practice wherein brokerages borrow shares to lend to clients for short selling. Existing businesses engaged in securities re-lending will be gradually phased out. Following the regulatory announcement, several mutual fund companies, including China Asset Management Co, E Fund Management Co, and Southern Asset Management, declared the suspension of lending shares and the gradual discontinuation of securities re-lending. Brokerage firm Huaxi Securities Co also committed to ceasing lending shares for short selling. To reinforce market integrity, the CSRC urged brokerages to enhance scrutiny over clients' trading behaviours. This move aims to ensure compliance with existing regulations, particularly those preventing the sale of shares on the same day of purchase. The regulator noted that some investors have circumvented these rules by using borrowed shares, and consequently, the CSRC will now ban such traders from borrowing shares. The recent regulatory efforts have already led to a 24 per cent decline in the securities lending business, amounting to 63.7 billion yuan, according to the CSRC. In addition to curbing short-selling, the CSRC encouraged listed companies to fortify their value through various means, including share buybacks, stock purchases by major shareholders, regular dividend pay-outs, and mergers and acquisitions. These measures aim to bolster the overall stability and attractiveness of Chinese stocks, fostering investor confidence in the market. (With inputs from Reuters)

China escalates crackdown on short-selling with stringent measures

Honda Motor Co announced on Tuesday that it is recalling 750,000 vehicles in the United States, citing a potential defect involving airbags that could unintentionally deploy during a crash. <o:p></o:p>

The National Highway Traffic Safety Administration (NHTSA) revealed that the front passenger seat weight sensor may crack and short circuit, leading to a failure in suppressing the airbag as intended. <o:p></o:p>

The recall encompasses specific models, including Honda Pilot, Accord, and Civic vehicles from the model years 2020-2022, as well as certain Honda CR-V and Passport vehicles from 2020 and 2021.<o:p></o:p>

The safety concern revolves around the possibility of the airbags not deploying correctly due to the defect of the front passenger seat weight sensor. <o:p></o:p>

The NHTSA emphasised that dealers would replace the seat weight sensors to address the issue. Honda, in a statement filed with the safety regulator, reported 3,834 warranty claims related to the defect. <o:p></o:p>

Despite this, no reported injuries or deaths have been associated with the recall issue since June 2020. <o:p></o:p>

The company urged vehicle owners to respond promptly to the recall notice to ensure their safety and the proper functioning of the airbags in the affected models.<o:p></o:p>

To shed light on the origin of the defect, Honda informed the NHTSA that, after a natural disaster impacted a subcontractor's manufacturing plant, a temporary change in the base material of the printed circuit board in the seat weight sensor occurred. <o:p></o:p>

The alternative material used during this period "could allow additional strain to the printed circuit board," according to Honda's explanation. <o:p></o:p>

Honda's recall follows a similar move by Toyota Motor in December when the latter recalled 1.12 million vehicles globally due to a short circuit in a sensor that could lead to airbags not deploying as designed. <o:p></o:p>

In the same month, Honda issued another massive recall, covering 4.5 million vehicles worldwide, over concerns related to fuel pump failure. <o:p></o:p>

This recall affected 2.54 million vehicles in the US.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Honda Motor Co announced on Tuesday that it is recalling 750,000 vehicles in the United States, citing a potential defect involving airbags that could unintentionally deploy during a crash.

Honda Motor Co announced on Tuesday that it is recalling 750,000 vehicles in the United States, citing a potential defect involving airbags that could unintentionally deploy during a crash. The National Highway Traffic Safety Administration (NHTSA) revealed that the front passenger seat weight sensor may crack and short circuit, leading to a failure in suppressing the airbag as intended. The recall encompasses specific models, including Honda Pilot, Accord, and Civic vehicles from the model years 2020-2022, as well as certain Honda CR-V and Passport vehicles from 2020 and 2021. The safety concern revolves around the possibility of the airbags not deploying correctly due to the defect of the front passenger seat weight sensor. The NHTSA emphasised that dealers would replace the seat weight sensors to address the issue. Honda, in a statement filed with the safety regulator, reported 3,834 warranty claims related to the defect. Despite this, no reported injuries or deaths have been associated with the recall issue since June 2020. The company urged vehicle owners to respond promptly to the recall notice to ensure their safety and the proper functioning of the airbags in the affected models. To shed light on the origin of the defect, Honda informed the NHTSA that, after a natural disaster impacted a subcontractor's manufacturing plant, a temporary change in the base material of the printed circuit board in the seat weight sensor occurred. The alternative material used during this period "could allow additional strain to the printed circuit board," according to Honda's explanation. Honda's recall follows a similar move by Toyota Motor in December when the latter recalled 1.12 million vehicles globally due to a short circuit in a sensor that could lead to airbags not deploying as designed. In the same month, Honda issued another massive recall, covering 4.5 million vehicles worldwide, over concerns related to fuel pump failure. This recall affected 2.54 million vehicles in the US. (With inputs from Reuters)

Honda recalls 750,000 US vehicles due to airbag defect, urges prompt action

In a move to curb the global proliferation of commercial spyware, the United States has announced a comprehensive plan to restrict visas for abusers and manufacturers involved in the sale of encryption-busting malware, as reported by the Financial Times (FT).<o:p></o:p>

The measure aims to address the pervasive issue of spyware, a multibillion-dollar industry linked to the repression of dissidents worldwide. <o:p></o:p>

The US State Department revealed on Monday that the visa ban specifically targets manufacturers who derive "financial benefit" from selling military-grade spyware to countries engaged in its abuse.<o:p></o:p>

Crucial Accountability Measure: Visa ban to target manufacturers<o:p></o:p>

According to the FT report, the newly announced visa ban builds upon a March 2022 executive order that prohibited US government agencies from purchasing spyware from manufacturers accused of selling to countries that misuse it. <o:p></o:p>

The US State Department emphasises that the measure is designed to hold spyware manufacturers accountable, particularly those accused of financially benefiting from the sale of such technology to countries engaged in abuse. <o:p></o:p>

Spyware industry's global reach and national security threat<o:p></o:p>

The US government has identified the spyware industry, capable of bypassing smartphone encryption to remotely mirror content, as a threat to national security. <o:p></o:p>

By March 2023, at least 50 government employees working abroad were discovered to have been surreptitiously surveilled by spyware, raising counter-intelligence concerns. <o:p></o:p>

FT cited a senior US official who highlighted the significance of travel to the United States for those in the spyware sector, emphasising the need for accountability among individuals involved in misuse or enabling misuse.<o:p></o:p>

Growing Tough Stance: US prioritises action against spyware manufacturers<o:p></o:p>

The Biden administration has adopted an increasingly robust stance against spyware manufacturers, with a focus on preventing their products from falling into the wrong hands. <o:p></o:p>

Most manufacturers, including Israel's NSO Group, have faced scrutiny. <o:p></o:p>

Israel, considering spyware as a weapon, regulates its sale to allies.<o:p></o:p>

&nbsp;Despite the impact of the US government's blacklisting and executive orders, the effectiveness of preventing spyware deployment on dissidents and human rights advocates remains uncertain. <o:p></o:p>

Last week, reports surfaced of at least 35 people in Jordan targeted with the NSO Group's Pegasus spyware, raising questions about the broader impact of these policies.<o:p></o:p>

Impact on NSO group and industry dynamics<o:p></o:p>

The US Commerce Department's blacklisting of NSO Group, combined with the 2022 executive order, played a pivotal role in scuttling a potential sale of the company to a US defence contractor. <o:p></o:p>

This move cut off NSO from crucial dealings with US companies providing servers and IT equipment.<o:p></o:p>

While NSO has continued its operations, competitors have emerged in European Union countries. <o:p></o:p>

The US official in correspondence with FT refrained from specifying the impact on individual countries or entities but emphasised the signal being sent to those involved in both misuse and enabling misuse of spyware.<o:p></o:p>

Ongoing challenges and need for global awareness<o:p></o:p>

Despite the US government's concerted efforts, challenges persist in preventing spyware misuse. <o:p></o:p>

Recent findings revealed targets in Jordan, including Human Rights Watch researchers and a renowned radio journalist, illustrating the ongoing challenges faced by dissidents and activists.

According to the US official, the implementation of visa restrictions on spyware abusers and manufacturers serves as an important signal that extends not only to those directly involved in the misuse of spyware but also to individuals who facilitate such misuse.<o:p></o:p>

In a move to curb the global proliferation of commercial spyware, the United States has announced a comprehensive plan to restrict visas for abusers and manufacturers involved in the sale of encryption-busting malware, as reported by the Financial Times (FT).

In a move to curb the global proliferation of commercial spyware, the United States has announced a comprehensive plan to restrict visas for abusers and manufacturers involved in the sale of encryption-busting malware, as reported by the Financial Times (FT). The measure aims to address the pervasive issue of spyware, a multibillion-dollar industry linked to the repression of dissidents worldwide. The US State Department revealed on Monday that the visa ban specifically targets manufacturers who derive "financial benefit" from selling military-grade spyware to countries engaged in its abuse. Crucial Accountability Measure: Visa ban to target manufacturers According to the FT report, the newly announced visa ban builds upon a March 2022 executive order that prohibited US government agencies from purchasing spyware from manufacturers accused of selling to countries that misuse it. The US State Department emphasises that the measure is designed to hold spyware manufacturers accountable, particularly those accused of financially benefiting from the sale of such technology to countries engaged in abuse. Spyware industry's global reach and national security threat The US government has identified the spyware industry, capable of bypassing smartphone encryption to remotely mirror content, as a threat to national security. By March 2023, at least 50 government employees working abroad were discovered to have been surreptitiously surveilled by spyware, raising counter-intelligence concerns. FT cited a senior US official who highlighted the significance of travel to the United States for those in the spyware sector, emphasising the need for accountability among individuals involved in misuse or enabling misuse. Growing Tough Stance: US prioritises action against spyware manufacturers The Biden administration has adopted an increasingly robust stance against spyware manufacturers, with a focus on preventing their products from falling into the wrong hands. Most manufacturers, including Israel's NSO Group, have faced scrutiny. Israel, considering spyware as a weapon, regulates its sale to allies. Despite the impact of the US government's blacklisting and executive orders, the effectiveness of preventing spyware deployment on dissidents and human rights advocates remains uncertain. Last week, reports surfaced of at least 35 people in Jordan targeted with the NSO Group's Pegasus spyware, raising questions about the broader impact of these policies. Impact on NSO group and industry dynamics The US Commerce Department's blacklisting of NSO Group, combined with the 2022 executive order, played a pivotal role in scuttling a potential sale of the company to a US defence contractor. This move cut off NSO from crucial dealings with US companies providing servers and IT equipment. While NSO has continued its operations, competitors have emerged in European Union countries. The US official in correspondence with FT refrained from specifying the impact on individual countries or entities but emphasised the signal being sent to those involved in both misuse and enabling misuse of spyware. Ongoing challenges and need for global awareness Despite the US government's concerted efforts, challenges persist in preventing spyware misuse. Recent findings revealed targets in Jordan, including Human Rights Watch researchers and a renowned radio journalist, illustrating the ongoing challenges faced by dissidents and activists. According to the US official, the implementation of visa restrictions on spyware abusers and manufacturers serves as an important signal that extends not only to those directly involved in the misuse of spyware but also to individuals who facilitate such misuse.

US imposes visa restrictions on spyware abusers and manufacturers: Report

Yandex NV, often referred to as "Russia's Google," has finalised a deal worth 475 billion roubles ($5.21 billion) to sell its major businesses to a consortium of Russian investors, as reported by Reuters.<o:p></o:p>

This landmark deal represents the most significant corporate exit from Russia since Moscow's invasion of Ukraine almost two years ago. <o:p></o:p>

The sale, orchestrated by the Kremlin, positions Russia's largest technology player entirely under local ownership, with key involvement from an investment fund linked to oil major Lukoil.<o:p></o:p>

A Tumultuous Journey: Yandex's complicated exit strategy<o:p></o:p>

Yandex, listed on Nasdaq, was once seen as a potential global business from Russia. <o:p></o:p>

However, co-founder Arkady Volozh's criticism of Russia's invasion of Ukraine in August 2023 sparked discussions of nationalising Yandex. <o:p></o:p>

A fear of technology brain drain ultimately led to a complex deal, transferring over 95 per cent of Yandex's revenue-generating businesses to Russian control while retaining a few strategic assets. <o:p></o:p>

Despite Yandex's efforts to portray itself as independent from Kremlin influence, the company has become a crucial national asset, necessitating the intricate negotiation process with the Russian government.<o:p></o:p>

Market Capitalisation Plunge: A drastic shift from $30 billion to $10.2 billion<o:p></o:p>

The deal values Yandex at $10.2 billion, a significant drop from its market capitalisation of around $30 billion in late 2021 before the geopolitical tensions escalated. <o:p></o:p>

Yandex NV emphasised that the sale price reflects "a mandatory discount of at least 50 per cent to 'fair value,'" in line with Russia's regulations governing foreign asset sales. <o:p></o:p>

The approval of such deals by the Russian government demands a minimum discount of 50 per cent.<o:p></o:p>

Cash consideration and brand transition<o:p></o:p>

The deal consists of a cash equivalent of at least 230 billion roubles and approximately 176 million Yandex NV Class A shares. <o:p></o:p>

Notably, the cash consideration will be paid in Chinese Yuan (CNH) outside of Russia. Following the completion of the deal, Yandex NV will cease using the Yandex brand. <o:p></o:p>

This marks a significant shift for a company that once held a prominent position in the Russian and global tech landscape.<o:p></o:p>

Consortium.First: The buyer and the players involved<o:p></o:p>

The buyer, Consortium.First, is a newly-formed investment fund managed by trustee Solid Management.<o:p></o:p>

Led by members of Yandex's senior management team in Russia, it received support from financial investors, including Argonaut, an investment fund ultimately owned by Lukoil. <o:p></o:p>

The consortium also includes three other companies - Infinity Management, IT.Elaboration, and Meridian-Servis - owned by Alexander Chachava, Pavel Prass, and Alexander Ryazanov, respectively.<o:p></o:p>

Importantly, no members of the consortium are under US, EU, British or Swiss sanctions, ruling out other potential Russian buyers.<o:p></o:p>

Completion stages and Yandex's strategic retentions<o:p></o:p>

Pending regulatory and shareholder approval, the sale is set to be completed in two stages, with the first expected to conclude in the first half of 2024. <o:p></o:p>

Yandex NV plans to delist its Class A shares from Moscow Exchange once a new public listing is obtained.<o:p></o:p>

The company will retain a portfolio of four early-stage tech businesses, a data centre in Finland, and the "core intellectual property asset" of 1,300 employees, emphasising a commitment to specific technological sectors. <o:p></o:p>

Yandex NV's board chairman, John Boynton, described the deal as the best solution in "extraordinary circumstances" for shareholders and users.<o:p></o:p>

Yandex's message to employees<o:p></o:p>

In a letter to Yandex employees in Russia, company managers stressed that the main objective was to preserve Yandex's essence and independence. <o:p></o:p>

Yandex NV assured its workforce that despite the changes, the company would remain an independent entity.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Yandex NV, often referred to as "Russia's Google," has finalised a deal worth 475 billion roubles ($5.21 billion) to sell its major businesses to a consortium of Russian investors, as reported by Reuters.

Yandex NV, often referred to as "Russia's Google," has finalised a deal worth 475 billion roubles ($5.21 billion) to sell its major businesses to a consortium of Russian investors, as reported by Reuters. This landmark deal represents the most significant corporate exit from Russia since Moscow's invasion of Ukraine almost two years ago. The sale, orchestrated by the Kremlin, positions Russia's largest technology player entirely under local ownership, with key involvement from an investment fund linked to oil major Lukoil. A Tumultuous Journey: Yandex's complicated exit strategy Yandex, listed on Nasdaq, was once seen as a potential global business from Russia. However, co-founder Arkady Volozh's criticism of Russia's invasion of Ukraine in August 2023 sparked discussions of nationalising Yandex. A fear of technology brain drain ultimately led to a complex deal, transferring over 95 per cent of Yandex's revenue-generating businesses to Russian control while retaining a few strategic assets. Despite Yandex's efforts to portray itself as independent from Kremlin influence, the company has become a crucial national asset, necessitating the intricate negotiation process with the Russian government. Market Capitalisation Plunge: A drastic shift from $30 billion to $10.2 billion The deal values Yandex at $10.2 billion, a significant drop from its market capitalisation of around $30 billion in late 2021 before the geopolitical tensions escalated. Yandex NV emphasised that the sale price reflects "a mandatory discount of at least 50 per cent to 'fair value,'" in line with Russia's regulations governing foreign asset sales. The approval of such deals by the Russian government demands a minimum discount of 50 per cent. Cash consideration and brand transition The deal consists of a cash equivalent of at least 230 billion roubles and approximately 176 million Yandex NV Class A shares. Notably, the cash consideration will be paid in Chinese Yuan (CNH) outside of Russia. Following the completion of the deal, Yandex NV will cease using the Yandex brand. This marks a significant shift for a company that once held a prominent position in the Russian and global tech landscape. Consortium.First: The buyer and the players involved The buyer, Consortium.First, is a newly-formed investment fund managed by trustee Solid Management. Led by members of Yandex's senior management team in Russia, it received support from financial investors, including Argonaut, an investment fund ultimately owned by Lukoil. The consortium also includes three other companies - Infinity Management, IT.Elaboration, and Meridian-Servis - owned by Alexander Chachava, Pavel Prass, and Alexander Ryazanov, respectively. Importantly, no members of the consortium are under US, EU, British or Swiss sanctions, ruling out other potential Russian buyers. Completion stages and Yandex's strategic retentions Pending regulatory and shareholder approval, the sale is set to be completed in two stages, with the first expected to conclude in the first half of 2024. Yandex NV plans to delist its Class A shares from Moscow Exchange once a new public listing is obtained. The company will retain a portfolio of four early-stage tech businesses, a data centre in Finland, and the "core intellectual property asset" of 1,300 employees, emphasising a commitment to specific technological sectors. Yandex NV's board chairman, John Boynton, described the deal as the best solution in "extraordinary circumstances" for shareholders and users. Yandex's message to employees In a letter to Yandex employees in Russia, company managers stressed that the main objective was to preserve Yandex's essence and independence. Yandex NV assured its workforce that despite the changes, the company would remain an independent entity. (With inputs from Reuters)

"Russia's Google" Yandex to exit in $5.2 billion deal, a historic corporate shift

Following a mid-air emergency last month that led to the grounding of Boeing 737 MAX 9 planes, the US Federal Aviation Administration (FAA) announced on Monday that nearly 94 per cent of these planes have been inspected and returned to service. <o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

The FAA's move came after the suspension was imposed following a cabin panel blowout on an Alaska Airlines jet on January 5. <o:p></o:p>

The inspection process has involved a meticulous review of bolts, guide tracks, fittings, and visual examinations of various components, with a specific focus on the incident's root cause. <o:p></o:p>

The grounding resulted in the cancellation of thousands of flights in January.<o:p></o:p>

&nbsp;"At Boeing's Renton 737 factory, the FAA is doing a nose-to-tail, wingtip-to-wingtip inspection. And as we get findings out of that inspection, we anticipate that will drive our reimagined oversight," Reuters quoted the FAA's Deputy Associate Administrator for Aviation Safety, Jodi Baker as saying.<o:p></o:p>

&nbsp;This renewed oversight includes the possibility of increased staffing and ongoing audits to ensure the safety and reliability of Boeing's 737 MAX 9 fleet. 

Baker emphasised the necessity of adopting a proactive approach to surveillance.<o:p></o:p>

Boeing CEO Dave Calhoun addressed the ongoing production rate of the 737s, asserting, "We are producing 737s at a rate of 38 per month, and we will remain at that rate until the FAA and Boeing are satisfied with our quality of manufacturing process." <o:p></o:p>

This commitment comes in the wake of the FAA's decision last month to restrict Boeing from expanding production due to "unacceptable" quality issues.<o:p></o:p>

FAA Administrator Mike Whitaker is set to testify before a US House committee on Tuesday. <o:p></o:p>

Lawmakers have raised questions about the FAA's approach to on-site surveillance of Boeing and its suppliers. <o:p></o:p>

Baker addressed these concerns, stating, "It's being able to build relationships with employees so you can understand the challenges that they're having day in and day out, and help us see if there's systemic challenges then with the manufacturer as well."<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Following a mid-air emergency last month that led to the grounding of Boeing 737 MAX 9 planes, the US Federal Aviation Administration (FAA) announced on Monday that nearly 94 per cent of these planes have been inspected and returned to service.

Following a mid-air emergency last month that led to the grounding of Boeing 737 MAX 9 planes, the US Federal Aviation Administration (FAA) announced on Monday that nearly 94 per cent of these planes have been inspected and returned to service. This is based on a Reuters report. The FAA's move came after the suspension was imposed following a cabin panel blowout on an Alaska Airlines jet on January 5. The inspection process has involved a meticulous review of bolts, guide tracks, fittings, and visual examinations of various components, with a specific focus on the incident's root cause. The grounding resulted in the cancellation of thousands of flights in January. "At Boeing's Renton 737 factory, the FAA is doing a nose-to-tail, wingtip-to-wingtip inspection. And as we get findings out of that inspection, we anticipate that will drive our reimagined oversight," Reuters quoted the FAA's Deputy Associate Administrator for Aviation Safety, Jodi Baker as saying. This renewed oversight includes the possibility of increased staffing and ongoing audits to ensure the safety and reliability of Boeing's 737 MAX 9 fleet. Baker emphasised the necessity of adopting a proactive approach to surveillance. Boeing CEO Dave Calhoun addressed the ongoing production rate of the 737s, asserting, "We are producing 737s at a rate of 38 per month, and we will remain at that rate until the FAA and Boeing are satisfied with our quality of manufacturing process." This commitment comes in the wake of the FAA's decision last month to restrict Boeing from expanding production due to "unacceptable" quality issues. FAA Administrator Mike Whitaker is set to testify before a US House committee on Tuesday. Lawmakers have raised questions about the FAA's approach to on-site surveillance of Boeing and its suppliers. Baker addressed these concerns, stating, "It's being able to build relationships with employees so you can understand the challenges that they're having day in and day out, and help us see if there's systemic challenges then with the manufacturer as well." (With inputs from Reuters)

FAA clears 94pc of Boeing 737 MAX 9 fleet after emergency; focus shifts to overhaul oversight

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