In response to Catalonia's ongoing three-year drought, Spain has announced an investment of $502 million (467 million euros) in the construction of two desalination plants along the Catalan coast.<o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

These facilities, strategically placed north and south of Barcelona, Spain's second-largest city, are anticipated to commence operations in 2028 and 2029, offering a combined annual capacity to treat 80 million cubic meters (21 billion gallons) of water. <o:p></o:p>

The initiative comes as a vital measure to address the region's severe water scarcity, marked by Catalonia's reservoirs currently standing at a mere 16 per cent of their normal capacity for this time of the year.<o:p></o:p>

"The government's commitment is to do everything possible to help wherever needed to guarantee drinkable water," Environment Minister Teresa Ribera said at a news conference in Barcelona.<o:p></o:p>

Catalonia, facing unprecedented challenges with its reservoirs at critically low levels, has implemented stringent water usage limits for residents. <o:p></o:p>

These restrictions aim to alleviate pressure on the already strained water resources in the region. <o:p></o:p>

Ribera disclosed additional plans, indicating that the government, in collaboration with local water utilities, intends to transport up to 40,000 cubic meters of desalinated water daily via sea routes. <o:p></o:p>

The desalinated water will be sourced from a plant situated in Sagunto, within the Valencia region, further underscoring Spain's multi-faceted approach to address the pressing water crisis.<o:p></o:p>

The move towards desalination is a strategic response to the changing climate patterns and the increasing frequency of droughts. <o:p></o:p>

The two desalination plants are expected to play a pivotal role in securing a more resilient water supply for Catalonia in the face of future uncertainties. <o:p></o:p>

The projects signify a proactive step by the Spanish government to adapt and respond to the evolving environmental challenges, with the long-term goal of ensuring sustainable water resources for its citizens.<o:p></o:p>

&nbsp;(With inputs from Reuters)<o:p></o:p>

In response to Catalonia's ongoing three-year drought, Spain has announced an investment of $502 million (467 million euros) in the construction of two desalination plants along the Catalan coast.

In response to Catalonia's ongoing three-year drought, Spain has announced an investment of $502 million (467 million euros) in the construction of two desalination plants along the Catalan coast. This is based on a Reuters report. These facilities, strategically placed north and south of Barcelona, Spain's second-largest city, are anticipated to commence operations in 2028 and 2029, offering a combined annual capacity to treat 80 million cubic meters (21 billion gallons) of water. The initiative comes as a vital measure to address the region's severe water scarcity, marked by Catalonia's reservoirs currently standing at a mere 16 per cent of their normal capacity for this time of the year. "The government's commitment is to do everything possible to help wherever needed to guarantee drinkable water," Environment Minister Teresa Ribera said at a news conference in Barcelona. Catalonia, facing unprecedented challenges with its reservoirs at critically low levels, has implemented stringent water usage limits for residents. These restrictions aim to alleviate pressure on the already strained water resources in the region. Ribera disclosed additional plans, indicating that the government, in collaboration with local water utilities, intends to transport up to 40,000 cubic meters of desalinated water daily via sea routes. The desalinated water will be sourced from a plant situated in Sagunto, within the Valencia region, further underscoring Spain's multi-faceted approach to address the pressing water crisis. The move towards desalination is a strategic response to the changing climate patterns and the increasing frequency of droughts. The two desalination plants are expected to play a pivotal role in securing a more resilient water supply for Catalonia in the face of future uncertainties. The projects signify a proactive step by the Spanish government to adapt and respond to the evolving environmental challenges, with the long-term goal of ensuring sustainable water resources for its citizens. (With inputs from Reuters)

Spain to invest $502 million in desalination plants to combat drought in Catalonia

South Korean automaker, Hyundai Motor, is gearing up for a groundbreaking move in the Indian market, eyeing an Initial Public Offering (IPO) for its Indian unit. <o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

This potential IPO, slated to be the largest in the country, aims to raise at least $3 billion, sources familiar with the matter reported on Friday. <o:p></o:p>

The move comes as Hyundai intensifies its focus on the Indian market, anticipating increased competition with the impending entry of electric vehicle giant, Tesla.<o:p></o:p>

Early talks and potential valuation<o:p></o:p>

Hyundai Motor India has initiated preliminary discussions regarding the IPO with various banks.<o:p></o:p>

&nbsp;The IPO could potentially value Hyundai's Indian operation at up to $30 billion, more than half of its current market capitalisation of $42 billion in Seoul. <o:p></o:p>

The announcement triggered a surge in Hyundai's shares, climbing 5 per cent to reach their highest point in nearly three years on Monday. <o:p></o:p>

This valuation would position Hyundai's India unit behind industry counterparts like Tata Motors and Maruti Suzuki India.<o:p></o:p>

"They want to make use of India's IPO boom. India's capital markets have hardly stood out like this before compared to other countries," Reuters quoted one of the sources familiar with the matter.<o:p></o:p>

India's capital market surge and IPO boom<o:p></o:p>

India's stock market, valued at $4 trillion, has emerged as a robust alternative to China, surpassing Hong Kong to become the fourth-largest globally. <o:p></o:p>

With the Nifty 50 index rising by 20 per cent in 2023 and continuing its record-breaking run into 2024, India's capital market has become a focal point for domestic and foreign investments. <o:p></o:p>

The second half of 2023 witnessed a surge in IPOs, a trend anticipated to persist in 2024, driven by expectations of policy stability.<o:p></o:p>

&nbsp;Hyundai's potential IPO aligns with this trend, positioning the company to leverage India's flourishing capital markets.<o:p></o:p>

Hyundai's IPO talks with major investment banks<o:p></o:p>

In its pursuit of an Indian IPO, Hyundai has engaged in discussions with prominent investment banks such as JP Morgan, Morgan Stanley, Citi, and Bank of America. <o:p></o:p>

While formal appointments are yet to be made, these talks reflect Hyundai's commitment to exploring all options for its India business. <o:p></o:p>

Hyundai's move follows a pattern of companies like SoftBank-backed Ola Electric and Swiggy, expected to go public in 2024. <o:p></o:p>

Although there has been no official comment from the mentioned banks, Hyundai's plan is gaining momentum in the financial sector.<o:p></o:p>

Hyundai's India push and competition with Tesla<o:p></o:p>

Hyundai, India's second-largest car maker by sales, has been strategically reinforcing its presence in India and the United States, redirecting focus after scaling back production in China and exiting the Russian market. <o:p></o:p>

Entering India over two decades ago, Hyundai is the only foreign player to have secured a significant market share alongside Maruti Suzuki. <o:p></o:p>

Hyundai's move to go public comes at a crucial juncture as it faces growing competition from domestic players like Tata Motors.<o:p></o:p>

&nbsp;Analysts speculate that the IPO could enhance Hyundai's position against Tesla in the Indian EV market.<o:p></o:p>

"Hyundai's India unit IPO talks come amid Tesla's plan to enter India, and if Hyundai's unit manages to go public in the country, it might help Hyundai better compete with Tesla in the Indian EV market in the future," noted industry analysts.<o:p></o:p>

Future investments in India's EV market<o:p></o:p>

Hyundai has outlined ambitious plans for the Indian market, announcing intentions to invest close to $4 billion over the next decade. <o:p></o:p>

These funds are set for launching new electric vehicles, expanding charging infrastructure, and establishing a battery pack assembly unit. <o:p></o:p>

Notably, part of this investment involves acquiring a former General Motors plant, a strategic move to bolster production capacity in India. <o:p></o:p>

Currently, Hyundai manufactures cars at its Chennai plant, often referred to as the "Detroit of Asia".<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

South Korean automaker, Hyundai Motor, is gearing up for a groundbreaking move in the Indian market, eyeing an Initial Public Offering (IPO) for its Indian unit.

South Korean automaker, Hyundai Motor, is gearing up for a groundbreaking move in the Indian market, eyeing an Initial Public Offering (IPO) for its Indian unit. This is based on a Reuters report. This potential IPO, slated to be the largest in the country, aims to raise at least $3 billion, sources familiar with the matter reported on Friday. The move comes as Hyundai intensifies its focus on the Indian market, anticipating increased competition with the impending entry of electric vehicle giant, Tesla. Early talks and potential valuation Hyundai Motor India has initiated preliminary discussions regarding the IPO with various banks. The IPO could potentially value Hyundai's Indian operation at up to $30 billion, more than half of its current market capitalisation of $42 billion in Seoul. The announcement triggered a surge in Hyundai's shares, climbing 5 per cent to reach their highest point in nearly three years on Monday. This valuation would position Hyundai's India unit behind industry counterparts like Tata Motors and Maruti Suzuki India. "They want to make use of India's IPO boom. India's capital markets have hardly stood out like this before compared to other countries," Reuters quoted one of the sources familiar with the matter. India's capital market surge and IPO boom India's stock market, valued at $4 trillion, has emerged as a robust alternative to China, surpassing Hong Kong to become the fourth-largest globally. With the Nifty 50 index rising by 20 per cent in 2023 and continuing its record-breaking run into 2024, India's capital market has become a focal point for domestic and foreign investments. The second half of 2023 witnessed a surge in IPOs, a trend anticipated to persist in 2024, driven by expectations of policy stability. Hyundai's potential IPO aligns with this trend, positioning the company to leverage India's flourishing capital markets. Hyundai's IPO talks with major investment banks In its pursuit of an Indian IPO, Hyundai has engaged in discussions with prominent investment banks such as JP Morgan, Morgan Stanley, Citi, and Bank of America. While formal appointments are yet to be made, these talks reflect Hyundai's commitment to exploring all options for its India business. Hyundai's move follows a pattern of companies like SoftBank-backed Ola Electric and Swiggy, expected to go public in 2024. Although there has been no official comment from the mentioned banks, Hyundai's plan is gaining momentum in the financial sector. Hyundai's India push and competition with Tesla Hyundai, India's second-largest car maker by sales, has been strategically reinforcing its presence in India and the United States, redirecting focus after scaling back production in China and exiting the Russian market. Entering India over two decades ago, Hyundai is the only foreign player to have secured a significant market share alongside Maruti Suzuki. Hyundai's move to go public comes at a crucial juncture as it faces growing competition from domestic players like Tata Motors. Analysts speculate that the IPO could enhance Hyundai's position against Tesla in the Indian EV market. "Hyundai's India unit IPO talks come amid Tesla's plan to enter India, and if Hyundai's unit manages to go public in the country, it might help Hyundai better compete with Tesla in the Indian EV market in the future," noted industry analysts. Future investments in India's EV market Hyundai has outlined ambitious plans for the Indian market, announcing intentions to invest close to $4 billion over the next decade. These funds are set for launching new electric vehicles, expanding charging infrastructure, and establishing a battery pack assembly unit. Notably, part of this investment involves acquiring a former General Motors plant, a strategic move to bolster production capacity in India. Currently, Hyundai manufactures cars at its Chennai plant, often referred to as the "Detroit of Asia". (With inputs from Reuters)

Hyundai's Ambitious Move: Plans $3 billion IPO for the Indian unit

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

Hyundai's Ambitious Move: Plans $3 billion IPO for the Indian unit<o:p></o:p>

South Korean automaker, Hyundai Motor, is gearing up for a groundbreaking move in the Indian market, eyeing an Initial Public Offering (IPO) for its Indian unit.

<a href="https://www.wionews.com/business-economy/hyundais-ambitious-move-plans-3-billion-ipo-for-the-indian-unit-687342">Read more here</a><o:p></o:p>

Spain to invest $502 million in desalination plants to combat drought in Catalonia<o:p></o:p>

In response to Catalonia's ongoing three-year drought, Spain has announced an investment of $502 million (467 million euros) in the construction of two desalination plants along the Catalan coast.

<a href="https://www.wionews.com/business-economy/spain-to-invest-502-million-in-desalination-plants-to-combat-drought-in-catalonia-687366">Read more here</a><o:p></o:p>

FAA clears 94pc of Boeing 737 MAX 9 fleet after emergency; focus shifts to overhaul oversight<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.

<a href="https://www.wionews.com/business-economy/faa-clears-94pc-of-boeing-737-max-9-fleet-after-emergency-focus-shifts-to-overhaul-oversight-687369">Read more here</a><o:p></o:p>

"Russia's Google" Yandex to exit in $5.2 billion deal, a historic corporate shift<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.

<a href="https://www.wionews.com/business-economy/russias-google-yandex-to-exit-in-52-billion-deal-a-historic-corporate-shift-687390">Read more here</a><o:p></o:p>

US imposes visa restrictions on spyware abusers and manufacturers: Report<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.

<a href="https://www.wionews.com/business-economy/us-imposes-visa-restrictions-on-spyware-abusers-and-manufacturers-report-687392">Read more here</a><o:p></o:p>

Nvidia surges to record high as Goldman Sachs boosts price target on AI growth<o:p></o:p>

Nvidia reached a new pinnacle on Monday as Goldman Sachs increased its price target for the company's shares, anticipating earnings growth driven by the ongoing artificial intelligence (AI) boom.

<a href="https://www.wionews.com/business-economy/nvidia-surges-to-record-high-as-goldman-sachs-boosts-price-target-on-ai-growth-687427">Read more here</a><o:p></o:p>

Snap announces 10 per cent workforce cut amid tech industry layoffs: Report<o:p></o:p>

Social media giant Snap, the parent company of Snapchat, disclosed on Monday its decision to lay off approximately 528 employees, constituting 10 per cent of its global workforce.

<a href="https://www.wionews.com/business-economy/snap-announces-10-per-cent-workforce-cut-amid-tech-industry-layoffs-report-687465">Read more here</a><o:p></o:p>

Huawei faces production hurdles as AI chip demand surges, impacting Mate 60 phones<o:p></o:p>

Huawei, the Chinese tech giant, is facing production challenges as it grapples with surging demand for its artificial intelligence (AI) chips, leading to a slowdown in the manufacturing of its premium Mate 60 smartphones.

<a href="https://www.wionews.com/business-economy/huawei-faces-production-hurdles-as-ai-chip-demand-surges-impacting-mate-60-phones-687409">Read more here</a><o:p></o:p>

Google faces September trial date in US antitrust lawsuit over digital ads: Report<o:p></o:p>

A US federal judge has set a trial date of September 9, 2024, for the antitrust lawsuit filed by the US Justice Department and a coalition of states against Google.

<a href="https://www.wionews.com/business-economy/google-faces-september-trial-date-in-us-antitrust-lawsuit-over-digital-ads-report-687470">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. Hyundai's Ambitious Move: Plans $3 billion IPO for the Indian unit South Korean automaker, Hyundai Motor, is gearing up for a groundbreaking move in the Indian market, eyeing an Initial Public Offering (IPO) for its Indian unit.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Hyundai's Ambitious Move: Plans $3 billion IPO for the Indian unit South Korean automaker, Hyundai Motor, is gearing up for a groundbreaking move in the Indian market, eyeing an Initial Public Offering (IPO) for its Indian unit. Read more here Spain to invest $502 million in desalination plants to combat drought in Catalonia In response to Catalonia's ongoing three-year drought, Spain has announced an investment of $502 million (467 million euros) in the construction of two desalination plants along the Catalan coast. Read more here FAA clears 94pc of Boeing 737 MAX 9 fleet after emergency; focus shifts to overhaul oversight 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. Read more here "Russia's Google" Yandex to exit in $5.2 billion deal, a historic corporate shift 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. Read more here US imposes visa restrictions on spyware abusers and manufacturers: Report 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. Read more here Nvidia surges to record high as Goldman Sachs boosts price target on AI growth Nvidia reached a new pinnacle on Monday as Goldman Sachs increased its price target for the company's shares, anticipating earnings growth driven by the ongoing artificial intelligence (AI) boom. Read more here Snap announces 10 per cent workforce cut amid tech industry layoffs: Report Social media giant Snap, the parent company of Snapchat, disclosed on Monday its decision to lay off approximately 528 employees, constituting 10 per cent of its global workforce. Read more here Huawei faces production hurdles as AI chip demand surges, impacting Mate 60 phones Huawei, the Chinese tech giant, is facing production challenges as it grapples with surging demand for its artificial intelligence (AI) chips, leading to a slowdown in the manufacturing of its premium Mate 60 smartphones. Read more here Google faces September trial date in US antitrust lawsuit over digital ads: Report A US federal judge has set a trial date of September 9, 2024, for the antitrust lawsuit filed by the US Justice Department and a coalition of states against Google. Read more here

WION Business Wrap | Hyundai's IPO in India, Spain's investment in desalination plants and more

A US federal judge has set a trial date of September 9, 2024, for the antitrust lawsuit filed by the US Justice Department and a coalition of states against Google. <o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

The lawsuit, initiated in January 2023, alleges that Google has abused its dominance in digital advertising technology, monopolising the market and impeding fair competition. <o:p></o:p>

The government is pushing for Google to divest its ad manager suite, contending that such actions are necessary to restore a level playing field in the digital advertising industry.<o:p></o:p>

Google has vehemently denied the allegations, stating that if the lawsuit were to succeed, it would have detrimental effects on innovation and hinder the growth of small businesses and publishers. <o:p></o:p>

The company argues that the proposed measures would "slow innovation, raise advertising fees, and make it harder for thousands of small businesses and publishers to grow." <o:p></o:p>

The impending trial marks a significant legal battle for Google, requiring the tech giant to defend its practices in the digital advertising sector against accusations of monopolistic behaviour.<o:p></o:p>

The trial, set to take place in Alexandria, Virginia, faced a request for an earlier start date in July from the Justice Department, Virginia, and other states. <o:p></o:p>

However, US District Judge Leonie Brinkema cited logistical challenges in her decision to schedule the trial for September. <o:p></o:p>

While representatives for both Google and the Justice Department declined to comment on the trial date, the proceedings will likely draw attention as a pivotal moment in the ongoing legal scrutiny surrounding Google's practices in the digital advertising space.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

A US federal judge has set a trial date of September 9, 2024, for the antitrust lawsuit filed by the US Justice Department and a coalition of states against Google.

A US federal judge has set a trial date of September 9, 2024, for the antitrust lawsuit filed by the US Justice Department and a coalition of states against Google. This is based on a Reuters report. The lawsuit, initiated in January 2023, alleges that Google has abused its dominance in digital advertising technology, monopolising the market and impeding fair competition. The government is pushing for Google to divest its ad manager suite, contending that such actions are necessary to restore a level playing field in the digital advertising industry. Google has vehemently denied the allegations, stating that if the lawsuit were to succeed, it would have detrimental effects on innovation and hinder the growth of small businesses and publishers. The company argues that the proposed measures would "slow innovation, raise advertising fees, and make it harder for thousands of small businesses and publishers to grow." The impending trial marks a significant legal battle for Google, requiring the tech giant to defend its practices in the digital advertising sector against accusations of monopolistic behaviour. The trial, set to take place in Alexandria, Virginia, faced a request for an earlier start date in July from the Justice Department, Virginia, and other states. However, US District Judge Leonie Brinkema cited logistical challenges in her decision to schedule the trial for September. While representatives for both Google and the Justice Department declined to comment on the trial date, the proceedings will likely draw attention as a pivotal moment in the ongoing legal scrutiny surrounding Google's practices in the digital advertising space. (With inputs from Reuters)

Google faces September trial date in US antitrust lawsuit over digital ads: Report

Social media giant Snap, the parent company of Snapchat, disclosed on Monday its decision to lay off approximately 528 employees, constituting 10 per cent of its global workforce. <o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

Snap's struggle to translate its popularity among young users into consistent revenue growth and compete with industry giants like Meta Platforms has prompted this restructuring effort. <o:p></o:p>

The announcement comes in the wake of similar actions by tech and media firms, reflecting a broader challenge faced by the industry.<o:p></o:p>

Jasmine Enberg, Principal Analyst at research firm Insider Intelligence, commented on the layoffs, expressing concerns about the state of Snap's business. <o:p></o:p>

"The layoffs don’t bode well for the state of Snap’s business. Snap is likely trying to garner some goodwill with investors, who rewarded its competitor for its cost-cutting measures," Reuters quoted her as saying.<o:p></o:p>

The tech industry has witnessed a series of layoffs, and Snap's decision to streamline its workforce is seen as an attempt to align with market expectations and address challenges in achieving sustained growth. <o:p></o:p>

Snap is set to report its fourth-quarter results on Tuesday.<o:p></o:p>

The company outlined expectations of pre-tax charges in the range of $55 million to $75 million, primarily covering severance and related costs, with a significant portion expected to be incurred during the first quarter of 2024. <o:p></o:p>

The restructuring aims to ensure the capacity for incremental investments supporting future growth.<o:p></o:p>

A person familiar with the matter noted that remote workers are disproportionately affected by Snap's workforce reduction, highlighting the company's push for employees to return to the office for four days a week. <o:p></o:p>

The layoffs at Snap contribute to the overall tech industry trend, with almost 32,000 workers being let go from 122 tech companies since the beginning of the year. <o:p></o:p>

The sector witnessed 168,032 job cuts in 2023, accounting for the highest number of layoffs across industries, according to a report by Challenger, Gray and Christmas.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Social media giant Snap, the parent company of Snapchat, disclosed on Monday its decision to lay off approximately 528 employees, constituting 10 per cent of its global workforce.

Social media giant Snap, the parent company of Snapchat, disclosed on Monday its decision to lay off approximately 528 employees, constituting 10 per cent of its global workforce. This is based on a Reuters report. Snap's struggle to translate its popularity among young users into consistent revenue growth and compete with industry giants like Meta Platforms has prompted this restructuring effort. The announcement comes in the wake of similar actions by tech and media firms, reflecting a broader challenge faced by the industry. Jasmine Enberg, Principal Analyst at research firm Insider Intelligence, commented on the layoffs, expressing concerns about the state of Snap's business. "The layoffs don’t bode well for the state of Snap’s business. Snap is likely trying to garner some goodwill with investors, who rewarded its competitor for its cost-cutting measures," Reuters quoted her as saying. The tech industry has witnessed a series of layoffs, and Snap's decision to streamline its workforce is seen as an attempt to align with market expectations and address challenges in achieving sustained growth. Snap is set to report its fourth-quarter results on Tuesday. The company outlined expectations of pre-tax charges in the range of $55 million to $75 million, primarily covering severance and related costs, with a significant portion expected to be incurred during the first quarter of 2024. The restructuring aims to ensure the capacity for incremental investments supporting future growth. A person familiar with the matter noted that remote workers are disproportionately affected by Snap's workforce reduction, highlighting the company's push for employees to return to the office for four days a week. The layoffs at Snap contribute to the overall tech industry trend, with almost 32,000 workers being let go from 122 tech companies since the beginning of the year. The sector witnessed 168,032 job cuts in 2023, accounting for the highest number of layoffs across industries, according to a report by Challenger, Gray and Christmas. (With inputs from Reuters)

Snap announces 10 per cent workforce cut amid tech industry layoffs: Report

Nvidia reached a new pinnacle on Monday as Goldman Sachs increased its price target for the company's shares, anticipating earnings growth driven by the ongoing artificial intelligence (AI) boom. <o:p></o:p>

According to a Reuters report, the stock experienced a 4 per cent surge, reaching $689.21, poised to contribute approximately $70 billion to Nvidia's market capitalisation, which stood at $1.63 trillion at Friday's close.<o:p></o:p>

Recognised as a symbol of the AI frenzy, Nvidia witnessed a historic monthly increase in market value in January, reflecting its prominent position in the rapidly evolving tech landscape.<o:p></o:p>

Goldman Sachs analyst Toshiya Hari expressed confidence in Nvidia's continued success.<o:p></o:p>

"We believe Nvidia will remain as the industry gold standard for the foreseeable future, given its robust hardware and software offerings and, importantly, the pace at which it continues to innovate," Reuters quoted him as saying.<o:p></o:p>

Despite the significant growth in Nvidia's stock price, up 39 per cent this year, Hari sees further potential for expansion. <o:p></o:p>

The analyst raised the price target to $800, marking a 21 per cent upside from current levels and reflecting the continued optimism surrounding Nvidia's future performance.<o:p></o:p>

The AI-focused growth strategy extends beyond Nvidia, with signs of AI monetisation evident in various companies. <o:p></o:p>

Hari pointed to positive developments from tech giants such as Microsoft and Meta Platforms, as well as encouraging earnings outlooks from AI server maker Super Micro Computer. <o:p></o:p>

These indicators contribute to Goldman Sachs' decision to raise full-year 2025-2026 earnings estimates for Nvidia by an average of 22 per cent. <o:p></o:p>

The anticipated robust demand for AI servers and improving graphics processing unit (GPU) supply further underlines the positive trajectory projected for Nvidia in the coming years.<o:p></o:p>

While Nvidia thrives on the AI wave, other chipmakers not deeply involved in AI, like Intel, have experienced a relative lag in their stock performance. <o:p></o:p>

Nvidia's dominance in the AI market has unlocked substantial revenue, setting it apart in an industry where AI capabilities are becoming increasingly integral. <o:p></o:p>

The company is poised to report its results on February 21, with analysts forecasting fourth-quarter earnings per share of $4.51 and revenue of $20.19 billion, based on LSEG data.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Nvidia reached a new pinnacle on Monday as Goldman Sachs increased its price target for the company's shares, anticipating earnings growth driven by the ongoing artificial intelligence (AI) boom.

Nvidia reached a new pinnacle on Monday as Goldman Sachs increased its price target for the company's shares, anticipating earnings growth driven by the ongoing artificial intelligence (AI) boom. According to a Reuters report, the stock experienced a 4 per cent surge, reaching $689.21, poised to contribute approximately $70 billion to Nvidia's market capitalisation, which stood at $1.63 trillion at Friday's close. Recognised as a symbol of the AI frenzy, Nvidia witnessed a historic monthly increase in market value in January, reflecting its prominent position in the rapidly evolving tech landscape. Goldman Sachs analyst Toshiya Hari expressed confidence in Nvidia's continued success. "We believe Nvidia will remain as the industry gold standard for the foreseeable future, given its robust hardware and software offerings and, importantly, the pace at which it continues to innovate," Reuters quoted him as saying. Despite the significant growth in Nvidia's stock price, up 39 per cent this year, Hari sees further potential for expansion. The analyst raised the price target to $800, marking a 21 per cent upside from current levels and reflecting the continued optimism surrounding Nvidia's future performance. The AI-focused growth strategy extends beyond Nvidia, with signs of AI monetisation evident in various companies. Hari pointed to positive developments from tech giants such as Microsoft and Meta Platforms, as well as encouraging earnings outlooks from AI server maker Super Micro Computer. These indicators contribute to Goldman Sachs' decision to raise full-year 2025-2026 earnings estimates for Nvidia by an average of 22 per cent. The anticipated robust demand for AI servers and improving graphics processing unit (GPU) supply further underlines the positive trajectory projected for Nvidia in the coming years. While Nvidia thrives on the AI wave, other chipmakers not deeply involved in AI, like Intel, have experienced a relative lag in their stock performance. Nvidia's dominance in the AI market has unlocked substantial revenue, setting it apart in an industry where AI capabilities are becoming increasingly integral. The company is poised to report its results on February 21, with analysts forecasting fourth-quarter earnings per share of $4.51 and revenue of $20.19 billion, based on LSEG data. (With inputs from Reuters)

Nvidia surges to record high as Goldman Sachs boosts price target on AI growth

Huawei, the Chinese tech giant, is facing production challenges as it grapples with surging demand for its artificial intelligence (AI) chips, leading to a slowdown in the manufacturing of its premium Mate 60 smartphones.<o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

The company's production facility, responsible for both Ascend AI chips and Kirin chips, has encountered manufacturing constraints, with a low yield rate affecting output quality. <o:p></o:p>

The situation indicates the complexities faced by Huawei as it navigates a global race for AI functionality amid a Sino-US technological standoff and aims to rebuild its smartphone unit following US sanctions in 2019.<o:p></o:p>

Sources familiar with the matter told Reuters that Huawei has prioritised the production of Ascend chips over Kirin chips, leading to the slowdown in manufacturing for Mate 60 smartphones. <o:p></o:p>

The shift in priorities is a strategic response to the soaring demand for AI chips, reflecting Huawei's efforts to remain competitive in the market. <o:p></o:p>

The global race for AI functionality, coupled with US restrictions on the sale of AI processing chips to China, has intensified the challenges faced by Huawei, which has been compelled to explore domestic alternatives to meet its requirements.<o:p></o:p>

Analysts speculate on Huawei's chip manufacturing capabilities, saying that advancements in Huawei's chip technology became apparent with the unanticipated August launch of the Mate 60 series, featuring Chinese-made chips capable of fifth-generation (5G) telecommunication speeds. <o:p></o:p>

The production bottleneck, particularly with Mate 60 handsets consistently out of stock, has drawn attention to the intricacies of Huawei's chip manufacturing process. <o:p></o:p>

The company is reportedly working to improve the yield rate, hoping that the current production arrangement is a short-term measure.<o:p></o:p>

Huawei's challenges in AI chip production also impact other products, including the Ascend-equipped computing unit MDC 810, which powers advanced driver assistance systems. <o:p></o:p>

Last week, Reuters reported that Chinese automakers had to delay the delivery of flagship models due to production issues with the MDC 810. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Huawei, the Chinese tech giant, is facing production challenges as it grapples with surging demand for its artificial intelligence (AI) chips, leading to a slowdown in the manufacturing of its premium Mate 60 smartphones.

Huawei, the Chinese tech giant, is facing production challenges as it grapples with surging demand for its artificial intelligence (AI) chips, leading to a slowdown in the manufacturing of its premium Mate 60 smartphones. This is based on a Reuters report. The company's production facility, responsible for both Ascend AI chips and Kirin chips, has encountered manufacturing constraints, with a low yield rate affecting output quality. The situation indicates the complexities faced by Huawei as it navigates a global race for AI functionality amid a Sino-US technological standoff and aims to rebuild its smartphone unit following US sanctions in 2019. Sources familiar with the matter told Reuters that Huawei has prioritised the production of Ascend chips over Kirin chips, leading to the slowdown in manufacturing for Mate 60 smartphones. The shift in priorities is a strategic response to the soaring demand for AI chips, reflecting Huawei's efforts to remain competitive in the market. The global race for AI functionality, coupled with US restrictions on the sale of AI processing chips to China, has intensified the challenges faced by Huawei, which has been compelled to explore domestic alternatives to meet its requirements. Analysts speculate on Huawei's chip manufacturing capabilities, saying that advancements in Huawei's chip technology became apparent with the unanticipated August launch of the Mate 60 series, featuring Chinese-made chips capable of fifth-generation (5G) telecommunication speeds. The production bottleneck, particularly with Mate 60 handsets consistently out of stock, has drawn attention to the intricacies of Huawei's chip manufacturing process. The company is reportedly working to improve the yield rate, hoping that the current production arrangement is a short-term measure. Huawei's challenges in AI chip production also impact other products, including the Ascend-equipped computing unit MDC 810, which powers advanced driver assistance systems. Last week, Reuters reported that Chinese automakers had to delay the delivery of flagship models due to production issues with the MDC 810. (With inputs from Reuters)

Huawei faces production hurdles as AI chip demand surges, impacting Mate 60 phones

In response to growing concerns about housing affordability, Canada has taken a significant step by extending the ban on foreign ownership of Canadian housing for an additional two years. <o:p></o:p>

Deputy Prime Minister Chrystia Freeland announced the extension, emphasising the government's commitment to addressing worries about Canadians being priced out of housing markets across the country. <o:p></o:p>

The housing affordability crisis in Canada has been attributed to increased migration and international students, leading to heightened demand for homes at a time when rising costs have hampered construction efforts.<o:p></o:p>

"As part of using all possible tools to make housing more affordable for Canadians, the ban on foreign ownership of Canadian housing, which is currently set to expire on January 1, 2025, will be extended to January 1, 2027," Reuters quoted Freeland as saying.<o:p></o:p>

The move to extend the ban aligns with the Canadian government's acknowledgment that foreign ownership has contributed to concerns about Canadians being priced out of housing markets in various cities and towns. <o:p></o:p>

The housing affordability crisis has become a critical issue for the Canadian government, prompting strategic measures to alleviate the pressure on the housing market.<o:p></o:p>

The recent announcement follows Canada's decision to implement an immediate two-year cap on international student permits, coupled with a halt in issuing work permits to some students post-graduation. <o:p></o:p>

These measures are part of a broader effort to manage the influx of newcomers, seen as exacerbating the existing housing crisis. Rapid population growth, largely fuelled by immigration, has strained essential services like healthcare and education while also playing a role in driving up housing costs.<o:p></o:p>

The housing affordability crisis has implications beyond the real estate market, impacting various aspects of Canadian society. The strain on services and the surge in housing costs have become significant challenges for Liberal Prime Minister Justin Trudeau. <o:p></o:p>

Recent opinion polls indicate a decline in Trudeau's support, suggesting that he could face challenges in an election if one were held presently.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In response to growing concerns about housing affordability, Canada has taken a significant step by extending the ban on foreign ownership of Canadian housing for an additional two years.

In response to growing concerns about housing affordability, Canada has taken a significant step by extending the ban on foreign ownership of Canadian housing for an additional two years. Deputy Prime Minister Chrystia Freeland announced the extension, emphasising the government's commitment to addressing worries about Canadians being priced out of housing markets across the country. The housing affordability crisis in Canada has been attributed to increased migration and international students, leading to heightened demand for homes at a time when rising costs have hampered construction efforts. "As part of using all possible tools to make housing more affordable for Canadians, the ban on foreign ownership of Canadian housing, which is currently set to expire on January 1, 2025, will be extended to January 1, 2027," Reuters quoted Freeland as saying. The move to extend the ban aligns with the Canadian government's acknowledgment that foreign ownership has contributed to concerns about Canadians being priced out of housing markets in various cities and towns. The housing affordability crisis has become a critical issue for the Canadian government, prompting strategic measures to alleviate the pressure on the housing market. The recent announcement follows Canada's decision to implement an immediate two-year cap on international student permits, coupled with a halt in issuing work permits to some students post-graduation. These measures are part of a broader effort to manage the influx of newcomers, seen as exacerbating the existing housing crisis. Rapid population growth, largely fuelled by immigration, has strained essential services like healthcare and education while also playing a role in driving up housing costs. The housing affordability crisis has implications beyond the real estate market, impacting various aspects of Canadian society. The strain on services and the surge in housing costs have become significant challenges for Liberal Prime Minister Justin Trudeau. Recent opinion polls indicate a decline in Trudeau's support, suggesting that he could face challenges in an election if one were held presently. (With inputs from Reuters)

Canada extends ban on foreign ownership of housing amid housing affordability crisis

China's exporters, particularly smaller enterprises, find themselves at a crossroads as prolonged factory deflation takes a toll on profit margins. Fierce price wars and shrinking business opportunities, exacerbated by higher interest rates abroad and growing trade protectionism, have left many exporters grappling with difficult choices. <o:p></o:p>

Reuters cited Kris Lin, an owner of a lighting factory, who highlighted the dilemma, stating, "It was impossible for me to lose this order." The relentless price competition poses a threat not only to individual businesses but also to the broader economic landscape in China.<o:p></o:p>

Survival struggles for small exporters<o:p></o:p>

Smaller Chinese exporters, locked in relentless price wars, are facing an uphill battle for survival. The continuous fall in producer prices, persisting for 15 consecutive months, has severely impacted profit margins, risking industrial output and jobs. The economic challenges compound existing issues like a property crisis and a debt crunch. <o:p></o:p>

Raymond Yeung, Chief China Economist at ANZ, emphasised the urgency of addressing deflation as a higher policy priority than achieving expected growth targets. Yeung warned of a potential vicious cycle, where companies cut prices, leading to staff salary reductions and subsequently hampering consumer spending.<o:p></o:p>

Impact on industrial profits and economic growth<o:p></o:p>

China's industrial profits experienced a 2.3 per cent decline in the previous year, adding to the 4 per cent drop in 2022 due to the COVID-19 pandemic. Manufacturing activity has been contracting for four consecutive months, with export orders shrinking for ten months straight. <o:p></o:p>

The challenging economic landscape has led to a decline in profits, prompting the need for policymakers to consider alternative strategies to stimulate growth. Louis Kuijs, Asia-Pacific Chief Economist at S&amp;P Global, underscored the importance of balanced growth to alleviate downward pressure on prices and margins. <o:p></o:p>

Financial resources and the broken monetary policy link<o:p></o:p>

China's focus on channelling financial resources into the manufacturing sector, rather than consumers, has raised concerns about overcapacity and deflation, even in booming higher-end sectors. Smaller firms are hesitant to take on loans to finance new business, contributing to what economists view as a broken link in China's monetary policy. Investment by private companies dropped 0.4 per cent last year, while state investment rose 6.4 per cent, indicating a growing inefficiency in the monetary policy framework. The intensifying competition in various industries, described as a "rat race" by an executive in the automotive molds sector, further complicates the situation. (Reuters)<o:p></o:p>

The urgency to address deflation and preserve jobs<o:p></o:p>

China faced a deflationary scare in 2015, primarily in state-dominated primary industries like steel. However, the current scenario involves a surplus in the private sector, with electronics, chemicals, and machinery makers being particularly affected. <o:p></o:p>

The pressure to cut jobs is intense, and factory owners are grappling with difficult decisions. Miao Yujie, an e-commerce clothing exporter, noted the anxious calls from bank managers offering loans but highlighted the impracticality for smaller firms to borrow amid fierce competition.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

China's exporters, particularly smaller enterprises, find themselves at a crossroads as prolonged factory deflation takes a toll on profit margins. Fierce price wars and shrinking business opportunities, exacerbated by higher interest rates abroad and growing trade protectionism, have left many exporters grappling with difficult choices.

China's exporters, particularly smaller enterprises, find themselves at a crossroads as prolonged factory deflation takes a toll on profit margins. Fierce price wars and shrinking business opportunities, exacerbated by higher interest rates abroad and growing trade protectionism, have left many exporters grappling with difficult choices. Reuters cited Kris Lin, an owner of a lighting factory, who highlighted the dilemma, stating, "It was impossible for me to lose this order." The relentless price competition poses a threat not only to individual businesses but also to the broader economic landscape in China. Survival struggles for small exporters Smaller Chinese exporters, locked in relentless price wars, are facing an uphill battle for survival. The continuous fall in producer prices, persisting for 15 consecutive months, has severely impacted profit margins, risking industrial output and jobs. The economic challenges compound existing issues like a property crisis and a debt crunch. Raymond Yeung, Chief China Economist at ANZ, emphasised the urgency of addressing deflation as a higher policy priority than achieving expected growth targets. Yeung warned of a potential vicious cycle, where companies cut prices, leading to staff salary reductions and subsequently hampering consumer spending. Impact on industrial profits and economic growth China's industrial profits experienced a 2.3 per cent decline in the previous year, adding to the 4 per cent drop in 2022 due to the COVID-19 pandemic. Manufacturing activity has been contracting for four consecutive months, with export orders shrinking for ten months straight. The challenging economic landscape has led to a decline in profits, prompting the need for policymakers to consider alternative strategies to stimulate growth. Louis Kuijs, Asia-Pacific Chief Economist at S&P Global, underscored the importance of balanced growth to alleviate downward pressure on prices and margins. Financial resources and the broken monetary policy link China's focus on channelling financial resources into the manufacturing sector, rather than consumers, has raised concerns about overcapacity and deflation, even in booming higher-end sectors. Smaller firms are hesitant to take on loans to finance new business, contributing to what economists view as a broken link in China's monetary policy. Investment by private companies dropped 0.4 per cent last year, while state investment rose 6.4 per cent, indicating a growing inefficiency in the monetary policy framework. The intensifying competition in various industries, described as a "rat race" by an executive in the automotive molds sector, further complicates the situation. (Reuters) The urgency to address deflation and preserve jobs China faced a deflationary scare in 2015, primarily in state-dominated primary industries like steel. However, the current scenario involves a surplus in the private sector, with electronics, chemicals, and machinery makers being particularly affected. The pressure to cut jobs is intense, and factory owners are grappling with difficult decisions. Miao Yujie, an e-commerce clothing exporter, noted the anxious calls from bank managers offering loans but highlighted the impracticality for smaller firms to borrow amid fierce competition. (With inputs from Reuters)

China's exporters on the brink as prolonged deflation threatens survival

In a change of leadership, Fatih Karahan took the helm as the new governor of Turkey's central bank, replacing Hafize Gaye Erkan. <o:p></o:p>

Karahan, a 42-year-old economist with a University of Pennsylvania economics PhD, emphasised his commitment to a stringent monetary policy aimed at curbing inflation. <o:p></o:p>

"We will be watchful of inflation expectations and pricing behavior. We stand ready to act in case of any deterioration in the inflation outlook," Reuters quoted Karahan as saying.<o:p></o:p>

This move comes on the heels of Erkan's resignation, who cited the need to protect her family amid what she described as a "reputation assassination”.<o:p></o:p>

Karahan, with nearly a decade of experience at the Federal Reserve Bank of New York and a background as an adjunct professor at prestigious institutions such as Columbia University and New York University, brings a wealth of knowledge to his new role. <o:p></o:p>

His previous stint at Amazon as a principal economist in 2022 adds a practical dimension to his academic expertise.<o:p></o:p>

&nbsp;Finance Minister Mehmet Simsek expressed optimism about Karahan's appointment, describing him as an "excellent fit" due to his extensive experience, particularly with the Federal Reserve Bank of New York.<o:p></o:p>

Simsek further highlighted the commitment to support the disinflation process through fiscal discipline and structural reforms.<o:p></o:p>

In his inaugural statement, Governor Karahan emphasised that the primary focus would be on achieving price stability. He expressed confidence in his team's ability to navigate the challenges, stating, "We will continue efforts to ensure disinflation, relying on a strong team." <o:p></o:p>

The central bank's decision to appoint one of its deputy governors, Karahan, to the top position aligns with the Turkish finance ministry's claim that the current central bank strategy enjoys full support from President Tayyip Erdogan. <o:p></o:p>

Goldman Sachs noted in a client memo that the appointment should allay concerns over potential political instability, asserting, "We view the appointment as positive as it should allay any concerns over a near-term loss of political support for the Bank."<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In a change of leadership, Fatih Karahan took the helm as the new governor of Turkey's central bank, replacing Hafize Gaye Erkan. Karahan, a 42-year-old economist with a University of Pennsylvania economics PhD, emphasised his commitment to a stringent monetary policy aimed at curbing inflation.

In a change of leadership, Fatih Karahan took the helm as the new governor of Turkey's central bank, replacing Hafize Gaye Erkan. Karahan, a 42-year-old economist with a University of Pennsylvania economics PhD, emphasised his commitment to a stringent monetary policy aimed at curbing inflation. "We will be watchful of inflation expectations and pricing behavior. We stand ready to act in case of any deterioration in the inflation outlook," Reuters quoted Karahan as saying. This move comes on the heels of Erkan's resignation, who cited the need to protect her family amid what she described as a "reputation assassination”. Karahan, with nearly a decade of experience at the Federal Reserve Bank of New York and a background as an adjunct professor at prestigious institutions such as Columbia University and New York University, brings a wealth of knowledge to his new role. His previous stint at Amazon as a principal economist in 2022 adds a practical dimension to his academic expertise. Finance Minister Mehmet Simsek expressed optimism about Karahan's appointment, describing him as an "excellent fit" due to his extensive experience, particularly with the Federal Reserve Bank of New York. Simsek further highlighted the commitment to support the disinflation process through fiscal discipline and structural reforms. In his inaugural statement, Governor Karahan emphasised that the primary focus would be on achieving price stability. He expressed confidence in his team's ability to navigate the challenges, stating, "We will continue efforts to ensure disinflation, relying on a strong team." The central bank's decision to appoint one of its deputy governors, Karahan, to the top position aligns with the Turkish finance ministry's claim that the current central bank strategy enjoys full support from President Tayyip Erdogan. Goldman Sachs noted in a client memo that the appointment should allay concerns over potential political instability, asserting, "We view the appointment as positive as it should allay any concerns over a near-term loss of political support for the Bank." (With inputs from Reuters)

Turkey's new central bank chief vows to maintain tight monetary policy amid inflation concerns

Vijay Shekhar Sharma, the visionary CEO of Paytm, is facing one of the most challenging periods in his entrepreneurial journey. This comes after the central bank of India ordered Paytm's banking arm to halt most of its operations due to "persistent non-compliances" and "supervisory concerns." <o:p></o:p>

This regulatory action has triggered a significant drop in Paytm's valuation, causing widespread concern among investors. Despite being no stranger to controversy, Sharma now confronts the daunting task of restoring investor confidence and keeping Paytm's operations afloat.<o:p></o:p>

A rocky road for Paytm's valuation<o:p></o:p>

The regulatory blow has hit Paytm hard, with its valuation plummeting to $3.7 billion, marking a stark decline from the approximately $20 billion valuation after its 2021 IPO. Paytm's stock has experienced a 75 per cent decline since its market debut, prompting analysts at JP Morgan to emphasise the urgent need for the company to "restore credibility" in the eyes of investors. Vijay Sharma, however, remains optimistic, referring to the regulatory setback as a mere "speed bump" during a recent conference call with analysts. <o:p></o:p>

Past controversies and public scrutiny<o:p></o:p>

Vijay Sharma's journey has been riddled with controversies, including the backlash following Paytm's 2021 IPO. Critics labelled him "too bombastic," highlighting the challenges faced by the firm as it grappled with investors' dissatisfaction and a subsequent tightening of IPO scrutiny by India's market regulator. Sharma's earlier success was attributed to his strategic alignment with India's demonetisation move in 2016, turning Paytm into the nation's premier digital payments platform. The recent regulatory action, however, has cast doubts on Paytm's ability to navigate these challenges.<o:p></o:p>

Investor confidence dwindles, markets skeptical<o:p></o:p>

As Paytm's valuation takes a hit, investors grow increasingly sceptical about a swift resolution to the regulatory hurdles. With nervous investors withdrawing $2 billion from Paytm, the markets reflect a lack of confidence in the company's ability to overcome the current crisis. Despite Sharma's reassurances that the Paytm app will continue to function, concerns linger about potential business disruptions, given the central role of Paytm's banking arm in supporting the payments app. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Vijay Shekhar Sharma, the visionary CEO of Paytm, is facing one of the most challenging periods in his entrepreneurial journey. This comes after the central bank of India ordered Paytm's banking arm to halt most of its operations due to "persistent non-compliances" and "supervisory concerns.

Vijay Shekhar Sharma, the visionary CEO of Paytm, is facing one of the most challenging periods in his entrepreneurial journey. This comes after the central bank of India ordered Paytm's banking arm to halt most of its operations due to "persistent non-compliances" and "supervisory concerns." This regulatory action has triggered a significant drop in Paytm's valuation, causing widespread concern among investors. Despite being no stranger to controversy, Sharma now confronts the daunting task of restoring investor confidence and keeping Paytm's operations afloat. A rocky road for Paytm's valuation The regulatory blow has hit Paytm hard, with its valuation plummeting to $3.7 billion, marking a stark decline from the approximately $20 billion valuation after its 2021 IPO. Paytm's stock has experienced a 75 per cent decline since its market debut, prompting analysts at JP Morgan to emphasise the urgent need for the company to "restore credibility" in the eyes of investors. Vijay Sharma, however, remains optimistic, referring to the regulatory setback as a mere "speed bump" during a recent conference call with analysts. Past controversies and public scrutiny Vijay Sharma's journey has been riddled with controversies, including the backlash following Paytm's 2021 IPO. Critics labelled him "too bombastic," highlighting the challenges faced by the firm as it grappled with investors' dissatisfaction and a subsequent tightening of IPO scrutiny by India's market regulator. Sharma's earlier success was attributed to his strategic alignment with India's demonetisation move in 2016, turning Paytm into the nation's premier digital payments platform. The recent regulatory action, however, has cast doubts on Paytm's ability to navigate these challenges. Investor confidence dwindles, markets skeptical As Paytm's valuation takes a hit, investors grow increasingly sceptical about a swift resolution to the regulatory hurdles. With nervous investors withdrawing $2 billion from Paytm, the markets reflect a lack of confidence in the company's ability to overcome the current crisis. Despite Sharma's reassurances that the Paytm app will continue to function, concerns linger about potential business disruptions, given the central role of Paytm's banking arm in supporting the payments app. (With inputs from Reuters)

Paytm's Peril: CEO Vijay Sharma battles regulatory storm as valuation plummets

In a shocking revelation, documents obtained by the Financial Times (FT) have exposed how Iran illicitly utilised Lloyds and Santander UK to move money worldwide, forming a vast sanctions-evasion scheme supported by Tehran's intelligence services. <o:p></o:p>

As per the FT report, the state-controlled Petrochemical Commercial Company (PCC) and its British subsidiary, PCC UK, have been under US sanctions since November 2018, accused of raising funds for the Iranian Revolutionary Guards Quds Force and collaborating with Russian intelligence agencies.<o:p></o:p>

Both banks allegedly provided accounts to British front companies secretly owned by PCC. <o:p></o:p>

Elaborate network and complicated web of front entities<o:p></o:p>

Despite being under US sanctions, PCC's UK division continued to operate from an office in Grosvenor Gardens, Belgravia, using a complex network of front entities in the UK and other countries. <o:p></o:p>

The Royal Air Force recently joined US airstrikes against Iranian-backed Houthi rebels in Yemen, further escalating tensions. <o:p></o:p>

The UK and US have recently imposed sanctions on what they call a "transnational assassinations network" overseen by Iranian intelligence. <o:p></o:p>

PCC has been accused of using UK companies to receive funds from Iranian front entities in China, concealing their ownership through trustee agreements and nominee directors.<o:p></o:p>

UK banks linked to Iranian front companies<o:p></o:p>

One of the implicated companies, Pisco UK, registered to a house in Surrey, allegedly received a transfer from a Chinese company named Black Tulip through a Santander account. <o:p></o:p>

Internal documents reveal Pisco UK's full control by PCC, contradicting its official ownership records.<o:p></o:p>

Another front company, Aria Associates, with an account in Lloyds, is officially owned by Mohamed Ali Rejal, the deputy chief executive of PCC UK. <o:p></o:p>

Emails show Rejal's involvement in directing funds and concealing PCC's association with the transactions.<o:p></o:p>

Banks respond and politicians react<o:p></o:p>

Santander stated it was unable to comment on specific client relationships but emphasised its focus on sanctions compliance, indicating that the bank had closed Pisco's account. <o:p></o:p>

Lloyds Banking Group also refrained from commenting on individual customers but claimed compliance with sanctions laws. <o:p></o:p>

Politicians, including Alicia Kearns and Liam Byrne, expressed concerns about the UK's failure to curb such activities on its soil, calling for stronger actions against IRGC-connected entities. <o:p></o:p>

David Asher, a former US state department official, criticised UK banks for continuing business with IRGC-connected entities, deeming it inconsistent with the stated policy towards the Iranian regime. <o:p></o:p>

Continued operations and international connections<o:p></o:p>

As PCC continued operations in the UK, it entered contracts for equipment procurement with a Turkish company, ASB, later sanctioned by the US for collaborating with senior IRGC officials. <o:p></o:p>

Audit reports for PCC UK from 2021 indicate significant trading balances with PCC in Iran, allowing it to persist despite western banks being blocked from conducting business with the company. <o:p></o:p>

PCC UK's Belgravia office is also revealed to be the registered address for NIOC International Affairs (London) Ltd, a division of Iran's US-sanctioned national oil company, implicated in financing IRGC and Iranian military activities.<o:p></o:p>

In a shocking revelation, documents obtained by the Financial Times (FT) have exposed how Iran illicitly utilised Lloyds and Santander UK to move money worldwide, forming a vast sanctions-evasion scheme supported by Tehran's intelligence services.

In a shocking revelation, documents obtained by the Financial Times (FT) have exposed how Iran illicitly utilised Lloyds and Santander UK to move money worldwide, forming a vast sanctions-evasion scheme supported by Tehran's intelligence services. As per the FT report, the state-controlled Petrochemical Commercial Company (PCC) and its British subsidiary, PCC UK, have been under US sanctions since November 2018, accused of raising funds for the Iranian Revolutionary Guards Quds Force and collaborating with Russian intelligence agencies. Both banks allegedly provided accounts to British front companies secretly owned by PCC. Elaborate network and complicated web of front entities Despite being under US sanctions, PCC's UK division continued to operate from an office in Grosvenor Gardens, Belgravia, using a complex network of front entities in the UK and other countries. The Royal Air Force recently joined US airstrikes against Iranian-backed Houthi rebels in Yemen, further escalating tensions. The UK and US have recently imposed sanctions on what they call a "transnational assassinations network" overseen by Iranian intelligence. PCC has been accused of using UK companies to receive funds from Iranian front entities in China, concealing their ownership through trustee agreements and nominee directors. UK banks linked to Iranian front companies One of the implicated companies, Pisco UK, registered to a house in Surrey, allegedly received a transfer from a Chinese company named Black Tulip through a Santander account. Internal documents reveal Pisco UK's full control by PCC, contradicting its official ownership records. Another front company, Aria Associates, with an account in Lloyds, is officially owned by Mohamed Ali Rejal, the deputy chief executive of PCC UK. Emails show Rejal's involvement in directing funds and concealing PCC's association with the transactions. Banks respond and politicians react Santander stated it was unable to comment on specific client relationships but emphasised its focus on sanctions compliance, indicating that the bank had closed Pisco's account. Lloyds Banking Group also refrained from commenting on individual customers but claimed compliance with sanctions laws. Politicians, including Alicia Kearns and Liam Byrne, expressed concerns about the UK's failure to curb such activities on its soil, calling for stronger actions against IRGC-connected entities. David Asher, a former US state department official, criticised UK banks for continuing business with IRGC-connected entities, deeming it inconsistent with the stated policy towards the Iranian regime. Continued operations and international connections As PCC continued operations in the UK, it entered contracts for equipment procurement with a Turkish company, ASB, later sanctioned by the US for collaborating with senior IRGC officials. Audit reports for PCC UK from 2021 indicate significant trading balances with PCC in Iran, allowing it to persist despite western banks being blocked from conducting business with the company. PCC UK's Belgravia office is also revealed to be the registered address for NIOC International Affairs (London) Ltd, a division of Iran's US-sanctioned national oil company, implicated in financing IRGC and Iranian military activities.

Iran's Covert Cash Trail: Lloyds and Santander implicated in global sanctions-evasion scandal

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