<o:p></o:p>WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;<o:p></o:p>

Iran's Covert Cash Trail: Lloyds and Santander implicated in global sanctions-evasion scandal<o:p></o:p>

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>

<a href="https://www.wionews.com/business-economy/irans-covert-cash-trail-lloyds-santander-implicated-in-global-sanctions-evasion-scandal-687029">Read more here</a> <o:p></o:p>

Paytm's Peril: CEO Vijay Sharma battles regulatory storm as valuation plummets<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."<o:p></o:p>

<a href="https://www.wionews.com/business-economy/paytms-peril-ceo-vijay-sharma-battles-regulatory-storm-as-valuation-plummets-687066">Read more here</a> <o:p></o:p>

Turkey's new central bank chief vows to maintain tight monetary policy amid inflation concerns<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.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/turkeys-new-central-bank-chief-vows-to-maintain-tight-monetary-policy-amid-inflation-concerns-687074">Read more here</a> <o:p></o:p>

China's exporters on the brink as prolonged deflation threatens survival<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. <o:p></o:p>

<a href="https://www.wionews.com/business-economy/chinas-exporters-on-the-brink-as-prolonged-deflation-threatens-survival-687086">Read more here</a> <o:p></o:p>

Samsung's Lee Jae-yong acquitted in stock and accounting fraud case: Report<o:p></o:p>

Samsung's top executive, Lee Jae-yong, popularly known as Jay Y. Lee, was acquitted by a South Korean court on Monday, with charges of stock price manipulation and accounting fraud.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/samsungs-lee-jae-yong-acquitted-in-stock-and-accounting-fraud-case-report-687108">Read more here</a> <o:p></o:p>

Meta Platforms shatters records with a $196 bn surge in stock market value<o:p></o:p>

In a historic turn of events on Friday, Meta Platforms, the parent company of Facebook, experienced an unprecedented surge, adding a staggering $196 billion in stock market value.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/meta-platforms-shatters-records-with-a-196-bn-surge-in-stock-market-value-687112">Read more here</a>

Canada extends ban on foreign ownership of housing amid housing affordability crisis<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.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/canada-extends-ban-on-foreign-ownership-of-housing-amid-housing-affordability-crisis-687094">Read more here</a> <o:p></o:p>

Jeff Bezos plans to offload 50 mn Amazon shares valued at $8.6 bn by January 2025<o:p></o:p>

Amazon's founder, Jeff Bezos, has revealed plans to sell up to 50 million shares of the e-commerce and cloud services giant by January 31, 2025, as per a company filing on Friday.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/jeff-bezos-plans-to-offload-50-mn-amazon-shares-valued-at-86-bn-by-january-2025-687120">Read more here</a> <o:p></o:p>

Federal Reserve Chair Powell signals prudence in considering rate cuts amid strong economy<o:p></o:p>

Federal Reserve Chair Jerome Powell conveyed a message of caution in deciding when to cut the benchmark interest rate, emphasising the importance of prudence in a Sunday night interview with CBS's "60 Minutes."<o:p></o:p>

<a href="https://www.wionews.com/business-economy/federal-reserve-chair-powell-signals-prudence-in-considering-rate-cuts-amid-strong-economy-687124">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. Iran's Covert Cash Trail: Lloyds and Santander implicated in global sanctions-evasion scandal 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.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Iran's Covert Cash Trail: Lloyds and Santander implicated in global sanctions-evasion scandal 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. Read more here Paytm's Peril: CEO Vijay Sharma battles regulatory storm as valuation plummets 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." Read more here Turkey's new central bank chief vows to maintain tight monetary policy amid inflation concerns 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. Read more here China's exporters on the brink as prolonged deflation threatens survival China's exporters, particularly smaller enterprises, find themselves at a crossroads as prolonged factory deflation takes a toll on profit margins. Read more here Samsung's Lee Jae-yong acquitted in stock and accounting fraud case: Report Samsung's top executive, Lee Jae-yong, popularly known as Jay Y. Lee, was acquitted by a South Korean court on Monday, with charges of stock price manipulation and accounting fraud. Read more here Meta Platforms shatters records with a $196 bn surge in stock market value In a historic turn of events on Friday, Meta Platforms, the parent company of Facebook, experienced an unprecedented surge, adding a staggering $196 billion in stock market value. Read more here Canada extends ban on foreign ownership of housing amid housing affordability crisis 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. Read more here Jeff Bezos plans to offload 50 mn Amazon shares valued at $8.6 bn by January 2025 Amazon's founder, Jeff Bezos, has revealed plans to sell up to 50 million shares of the e-commerce and cloud services giant by January 31, 2025, as per a company filing on Friday. Read more here Federal Reserve Chair Powell signals prudence in considering rate cuts amid strong economy Federal Reserve Chair Jerome Powell conveyed a message of caution in deciding when to cut the benchmark interest rate, emphasising the importance of prudence in a Sunday night interview with CBS's "60 Minutes." Read more here

WION Business Wrap | Iran’s convert cash trail, Paytm’s regulatory storm and more

Federal Reserve Chair Jerome Powell conveyed a message of caution in deciding when to cut the benchmark interest rate, emphasising the importance of prudence in a Sunday night interview with CBS's "60 Minutes." <o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

Powell highlighted the need to give time for the data to confirm a sustainable move toward the Federal Reserve's 2 per cent inflation target.<o:p></o:p>

&nbsp;"The prudent thing to do is...to just give it some time and see that the data confirm that inflation is moving down to 2 per cent in a sustainable way," Reuters quoted him as saying. <o:p></o:p>

Powell emphasised the strength of the current economy, reducing the risk of recession as policymakers await conclusive data to support potential rate cuts.<o:p></o:p>

The interview, conducted on Thursday before a robust January jobs report on Friday, showcased Powell's measured approach amid a thriving US economy. <o:p></o:p>

The January jobs report revealed the addition of 353,000 new positions, robust wage growth, and a stable unemployment rate at 3.7 per cent over the past two years. <o:p></o:p>

Powell refrained from labelling the current situation as a "soft-landing" but acknowledged the unusual circumstances. <o:p></o:p>

He underlined the Federal Reserve's commitment to monitoring risks to both price stability and maximum employment, considering job growth as a factor that could influence the pace of rate cuts.<o:p></o:p>

Powell, addressing the widely watched "60 Minutes," emphasised the Federal Reserve's focus on the real economy and making decisions for the medium and long term. <o:p></o:p>

He expressed the need to strike a balance between the risk of moving too soon or too late in adjusting interest rates. <o:p></o:p>

Powell used the platform to communicate a positive outlook, stating, "We think the economy's in a good place. We think inflation is coming down." <o:p></o:p>

The Federal Reserve Chair reiterated the importance of gaining confidence in the sustainable decline of inflation toward the 2 per cent goal.<o:p></o:p>

In the wide-ranging conversation, Powell reiterated comments made during the press conference after the recent Federal Reserve meeting, where the benchmark interest rate was held steady. <o:p></o:p>

He indicated that the next meeting in March might be too soon for rate cuts to commence. <o:p></o:p>

Powell acknowledged the potential impact of outside shocks, including geopolitical crises globally. <o:p></o:p>

However, he downplayed some economic trouble spots, suggesting that issues like China's real estate problems and slowing growth might have less impact on the US than anticipated.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Federal Reserve Chair Jerome Powell conveyed a message of caution in deciding when to cut the benchmark interest rate, emphasising the importance of prudence in a Sunday night interview with CBS's "60 Minutes.

Federal Reserve Chair Jerome Powell conveyed a message of caution in deciding when to cut the benchmark interest rate, emphasising the importance of prudence in a Sunday night interview with CBS's "60 Minutes." This is based on a Reuters report. Powell highlighted the need to give time for the data to confirm a sustainable move toward the Federal Reserve's 2 per cent inflation target. "The prudent thing to do is...to just give it some time and see that the data confirm that inflation is moving down to 2 per cent in a sustainable way," Reuters quoted him as saying. Powell emphasised the strength of the current economy, reducing the risk of recession as policymakers await conclusive data to support potential rate cuts. The interview, conducted on Thursday before a robust January jobs report on Friday, showcased Powell's measured approach amid a thriving US economy. The January jobs report revealed the addition of 353,000 new positions, robust wage growth, and a stable unemployment rate at 3.7 per cent over the past two years. Powell refrained from labelling the current situation as a "soft-landing" but acknowledged the unusual circumstances. He underlined the Federal Reserve's commitment to monitoring risks to both price stability and maximum employment, considering job growth as a factor that could influence the pace of rate cuts. Powell, addressing the widely watched "60 Minutes," emphasised the Federal Reserve's focus on the real economy and making decisions for the medium and long term. He expressed the need to strike a balance between the risk of moving too soon or too late in adjusting interest rates. Powell used the platform to communicate a positive outlook, stating, "We think the economy's in a good place. We think inflation is coming down." The Federal Reserve Chair reiterated the importance of gaining confidence in the sustainable decline of inflation toward the 2 per cent goal. In the wide-ranging conversation, Powell reiterated comments made during the press conference after the recent Federal Reserve meeting, where the benchmark interest rate was held steady. He indicated that the next meeting in March might be too soon for rate cuts to commence. Powell acknowledged the potential impact of outside shocks, including geopolitical crises globally. However, he downplayed some economic trouble spots, suggesting that issues like China's real estate problems and slowing growth might have less impact on the US than anticipated. (With inputs from Reuters)

Federal Reserve Chair Powell signals prudence in considering rate cuts amid strong economy

Amazon's founder, Jeff Bezos, has revealed plans to sell up to 50 million shares of the e-commerce and cloud services giant by January 31, 2025, as per a company filing on Friday.

<o:p>This is based on a Reuters report.</o:p>

The value of these securities stands at a staggering $8.6 billion at the current share price of $171.8. <o:p></o:p>

This strategic move, adopted on November 8 last year, is contingent upon specific conditions outlined in the company's latest annual report.<o:p></o:p>

&nbsp;Bezos, who stepped down as Amazon's CEO in 2021, is currently the world's third-richest person with a net worth of $185 billion.<o:p></o:p>

The sale announcement comes on the heels of Amazon's impressive performance in the holiday quarter, leading to an almost 8 per cent surge in Amazon shares. <o:p></o:p>

The e-commerce giant reported sales that exceeded expectations, and its cloud business showcased early gains from AI-powered features.<o:p></o:p>

In 2024, Amazon shares experienced an extraordinary surge of over 80 per cent, outpacing the benchmark S&amp;P 500 index. <o:p></o:p>

While the sale plan is set to unfold over the next year, it is important to note that Bezos founded Amazon in 1994 as a humble bookseller. <o:p></o:p>

Over the years, he has played a pivotal role in transforming the company into an e-commerce and technology behemoth. <o:p></o:p>

Bezos's decision to step down as CEO in 2021 marked a significant transition, with him assuming the role of executive chairman. <o:p></o:p>

This move allowed for a shift in leadership while ensuring Bezos's continued involvement in shaping Amazon's strategic direction.<o:p></o:p>

As Bezos charts a course to sell a substantial portion of his Amazon shares, he remains a central figure in the global business landscape.<o:p></o:p>

Currently ranked as the world's third-richest person, Bezos's net worth stands at an impressive $185 billion, according to the Bloomberg Billionaires Index. <o:p></o:p>

The sale of shares, valued at $8.6 billion, signifies a strategic financial move by Bezos and adds a new dimension to his evolving role within the Amazon ecosystem.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Amazon's founder, Jeff Bezos, has revealed plans to sell up to 50 million shares of the e-commerce and cloud services giant by January 31, 2025, as per a company filing on Friday.

Amazon's founder, Jeff Bezos, has revealed plans to sell up to 50 million shares of the e-commerce and cloud services giant by January 31, 2025, as per a company filing on Friday. This is based on a Reuters report. The value of these securities stands at a staggering $8.6 billion at the current share price of $171.8. This strategic move, adopted on November 8 last year, is contingent upon specific conditions outlined in the company's latest annual report. Bezos, who stepped down as Amazon's CEO in 2021, is currently the world's third-richest person with a net worth of $185 billion. The sale announcement comes on the heels of Amazon's impressive performance in the holiday quarter, leading to an almost 8 per cent surge in Amazon shares. The e-commerce giant reported sales that exceeded expectations, and its cloud business showcased early gains from AI-powered features. In 2024, Amazon shares experienced an extraordinary surge of over 80 per cent, outpacing the benchmark S&P 500 index. While the sale plan is set to unfold over the next year, it is important to note that Bezos founded Amazon in 1994 as a humble bookseller. Over the years, he has played a pivotal role in transforming the company into an e-commerce and technology behemoth. Bezos's decision to step down as CEO in 2021 marked a significant transition, with him assuming the role of executive chairman. This move allowed for a shift in leadership while ensuring Bezos's continued involvement in shaping Amazon's strategic direction. As Bezos charts a course to sell a substantial portion of his Amazon shares, he remains a central figure in the global business landscape. Currently ranked as the world's third-richest person, Bezos's net worth stands at an impressive $185 billion, according to the Bloomberg Billionaires Index. The sale of shares, valued at $8.6 billion, signifies a strategic financial move by Bezos and adds a new dimension to his evolving role within the Amazon ecosystem. (With inputs from Reuters)

Jeff Bezos plans to offload 50 mn Amazon shares valued at $8.6 bn by January 2025

In a historic turn of events on Friday, Meta Platforms, the parent company of Facebook, experienced an unprecedented surge, adding a staggering $196 billion in stock market value. <o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

This remarkable one-day gain stands as the largest ever recorded by any company in the history of Wall Street. <o:p></o:p>

Meta's stock, listed as META.O, skyrocketed by 20.3 per cent, marking its most significant one-day percentage increase in a year and the third-largest since its debut in 2012. <o:p></o:p>

The company's stock market value has now reached $1.22 trillion, solidifying its position among the tech industry's heavyweights.<o:p></o:p>

Days before Facebook's 20th anniversary, Meta declared its first-ever dividend and announced a $50 billion share repurchase authorisation. <o:p></o:p>

This strategic move contributed to the surge, as investors responded positively to the company's commitment to shareholder value. <o:p></o:p>

Reuters cited investment analyst Dan Coatsworth from AJ Bell, who said, "Paying a dividend suggests the company wants to reboot its reputation and be taken more seriously. But ultimately the amount being paid is only a token gesture."<o:p></o:p>

Meta's increase in market capitalisation surpassed the previous record set by Amazon in 2022. Amazon saw a surge of $190 billion in market value after a stellar quarterly report. <o:p></o:p>

This surge comes after Meta experienced a historic loss of over $200 billion, the largest in US stock market history, just a day before, following a bleak forecast. <o:p></o:p>

Meta's recent decision to provide dividends signals a considerable payout for its CEO, Mark Zuckerberg, potentially amounting to about $175 million every quarter.<o:p></o:p>

The surge in Meta's stock is not merely a reflection of financial manoeuvres but also an endorsement of the company's performance. <o:p></o:p>

The world's largest social media platform reported strong ad sales and a rebound in user growth during its fourth-quarter results, leading to a 25 per cent increase in revenue. <o:p></o:p>

Meta's efficient cost management, including a significant workforce reduction of over 21,000 jobs since late 2022, contributed to tripling its net income to an impressive $14.02 billion. <o:p></o:p>

Jasmine Enberg, a principal analyst at Insider Intelligence, told Reuters, "The 'Year of Efficiency' has paid off, with both headcount and costs dropping, and Meta exceeding our expectations for full-year 2023 ad revenue."<o:p></o:p>

Despite Meta's dividend being relatively small compared to other companies, it could attract a broader range of investors, particularly those focused on dividends. <o:p></o:p>

Brian Jacobsen, Chief Economist at Annex Wealth Management, highlighted the potential impact, stating, "This can start attracting investors who really do look for dividends and more steady income."<o:p></o:p>

Meta's foray into dividend distribution could make its stock more appealing to investors, especially in the realm of Exchange Traded Funds (ETFs). <o:p></o:p>

ETFs focused on US dividend payers currently hold assets exceeding $400 billion, representing just over 5 per cent of the entire domestic ETF universe. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In a historic turn of events on Friday, Meta Platforms, the parent company of Facebook, experienced an unprecedented surge, adding a staggering $196 billion in stock market value.

In a historic turn of events on Friday, Meta Platforms, the parent company of Facebook, experienced an unprecedented surge, adding a staggering $196 billion in stock market value. This is based on a Reuters report. This remarkable one-day gain stands as the largest ever recorded by any company in the history of Wall Street. Meta's stock, listed as META.O, skyrocketed by 20.3 per cent, marking its most significant one-day percentage increase in a year and the third-largest since its debut in 2012. The company's stock market value has now reached $1.22 trillion, solidifying its position among the tech industry's heavyweights. Days before Facebook's 20th anniversary, Meta declared its first-ever dividend and announced a $50 billion share repurchase authorisation. This strategic move contributed to the surge, as investors responded positively to the company's commitment to shareholder value. Reuters cited investment analyst Dan Coatsworth from AJ Bell, who said, "Paying a dividend suggests the company wants to reboot its reputation and be taken more seriously. But ultimately the amount being paid is only a token gesture." Meta's increase in market capitalisation surpassed the previous record set by Amazon in 2022. Amazon saw a surge of $190 billion in market value after a stellar quarterly report. This surge comes after Meta experienced a historic loss of over $200 billion, the largest in US stock market history, just a day before, following a bleak forecast. Meta's recent decision to provide dividends signals a considerable payout for its CEO, Mark Zuckerberg, potentially amounting to about $175 million every quarter. The surge in Meta's stock is not merely a reflection of financial manoeuvres but also an endorsement of the company's performance. The world's largest social media platform reported strong ad sales and a rebound in user growth during its fourth-quarter results, leading to a 25 per cent increase in revenue. Meta's efficient cost management, including a significant workforce reduction of over 21,000 jobs since late 2022, contributed to tripling its net income to an impressive $14.02 billion. Jasmine Enberg, a principal analyst at Insider Intelligence, told Reuters, "The 'Year of Efficiency' has paid off, with both headcount and costs dropping, and Meta exceeding our expectations for full-year 2023 ad revenue." Despite Meta's dividend being relatively small compared to other companies, it could attract a broader range of investors, particularly those focused on dividends. Brian Jacobsen, Chief Economist at Annex Wealth Management, highlighted the potential impact, stating, "This can start attracting investors who really do look for dividends and more steady income." Meta's foray into dividend distribution could make its stock more appealing to investors, especially in the realm of Exchange Traded Funds (ETFs). ETFs focused on US dividend payers currently hold assets exceeding $400 billion, representing just over 5 per cent of the entire domestic ETF universe. (With inputs from Reuters)

Meta Platforms shatters records with a $196 bn surge in stock market value

<o:p></o:p>Samsung's top executive, Lee Jae-yong, popularly known as Jay Y. Lee, was acquitted by a South Korean court on Monday, with charges of stock price manipulation and accounting fraud. <o:p></o:p>

According to a New York Times report, the court's decision adds a new twist to the billionaire's legal saga linked to a merger that solidified his control over Samsung, the nation's largest conglomerate.<o:p></o:p>

Prosecutors had sought a five-year prison sentence and a fine of 500 million won, but Lee, who denies any wrongdoing, emerged victorious. <o:p></o:p>

Samsung Electronics, the group's electronics arm, represents about one-sixth of South Korea's exports, underscoring the significance of Lee's role.<o:p></o:p>

Lee's legal troubles began in the wake of massive protests in Seoul leading to the 2016 impeachment of former President Park Geun-hye, who faced charges related to bribes from Samsung and other chaebols. <o:p></o:p>

Lee was arrested in 2017, accused of bribing President Park and her confidante to gain government support for a 2015 merger. <o:p></o:p>

The merger was seen as a crucial step in Lee's bid to transfer control of Samsung from his father, Lee Kun-hee. <o:p></o:p>

A New York-based hedge fund, Elliott Management, opposed the merger, but the National Pension Service, a major shareholder, voted in favour, allegedly due to Lee's bribes. The legal journey involved multiple sentences, retrials, and a complex web of charges.<o:p></o:p>

In 2017, a Seoul district court sentenced Lee to five years in prison for offering bribes. <o:p></o:p>

However, the sentence was reduced, and he was released in 2018. The Supreme Court ordered a retrial in 2019. <o:p></o:p>

During this period, Lee faced another indictment related to stock price manipulation and accounting fraud in the 2015 merger. <o:p></o:p>

However, a court had refused to issue an arrest warrant, preventing prosecutors from detaining him.<o:p></o:p>

Business analysts differed on the impact of Lee's time in prison on Samsung, with the company maintaining its position as the world's most profitable technology company during his incarceration.<o:p></o:p>

While Lee was granted parole in 2021, along with 800 other prisoners, on a national holiday, the legal challenges continued. <o:p></o:p>

The retrial on bribery charges in 2021 resulted in a two-and-a-half-year prison sentence. His release came with a five-year ban on employment at Samsung. <o:p></o:p>

However, in 2022, President Yoon Suk Yeol granted him a pardon, lifting the employment ban. <o:p></o:p>

Two months later, Samsung Electronics appointed Lee as executive chairman, marking a swift return to a prominent role. <o:p></o:p>

The acquittal now adds a layer of legal reprieve for Lee Jae-yong, allowing him to continue his leadership at Samsung.<span lang="EN-GB" style="font-size:
8.0pt;line-height:115%;font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family:
&quot;Times New Roman&quot;;display:none;mso-hide:all;mso-ansi-language:EN-GB">Top of Form<o:p></o:p>

Samsung's top executive, Lee Jae-yong, popularly known as Jay Y. Lee, was acquitted by a South Korean court on Monday, with charges of stock price manipulation and accounting fraud.

Samsung's top executive, Lee Jae-yong, popularly known as Jay Y. Lee, was acquitted by a South Korean court on Monday, with charges of stock price manipulation and accounting fraud. According to a New York Times report, the court's decision adds a new twist to the billionaire's legal saga linked to a merger that solidified his control over Samsung, the nation's largest conglomerate. Prosecutors had sought a five-year prison sentence and a fine of 500 million won, but Lee, who denies any wrongdoing, emerged victorious. Samsung Electronics, the group's electronics arm, represents about one-sixth of South Korea's exports, underscoring the significance of Lee's role. Lee's legal troubles began in the wake of massive protests in Seoul leading to the 2016 impeachment of former President Park Geun-hye, who faced charges related to bribes from Samsung and other chaebols. Lee was arrested in 2017, accused of bribing President Park and her confidante to gain government support for a 2015 merger. The merger was seen as a crucial step in Lee's bid to transfer control of Samsung from his father, Lee Kun-hee. A New York-based hedge fund, Elliott Management, opposed the merger, but the National Pension Service, a major shareholder, voted in favour, allegedly due to Lee's bribes. The legal journey involved multiple sentences, retrials, and a complex web of charges. In 2017, a Seoul district court sentenced Lee to five years in prison for offering bribes. However, the sentence was reduced, and he was released in 2018. The Supreme Court ordered a retrial in 2019. During this period, Lee faced another indictment related to stock price manipulation and accounting fraud in the 2015 merger. However, a court had refused to issue an arrest warrant, preventing prosecutors from detaining him. Business analysts differed on the impact of Lee's time in prison on Samsung, with the company maintaining its position as the world's most profitable technology company during his incarceration. While Lee was granted parole in 2021, along with 800 other prisoners, on a national holiday, the legal challenges continued. The retrial on bribery charges in 2021 resulted in a two-and-a-half-year prison sentence. His release came with a five-year ban on employment at Samsung. However, in 2022, President Yoon Suk Yeol granted him a pardon, lifting the employment ban. Two months later, Samsung Electronics appointed Lee as executive chairman, marking a swift return to a prominent role. The acquittal now adds a layer of legal reprieve for Lee Jae-yong, allowing him to continue his leadership at Samsung.Top of Form

Samsung's Lee Jae-yong acquitted in stock and accounting fraud case: Report

Tesla CEO Elon Musk faced a significant legal setback this week as he lost his $56 billion pay package in one of the most substantial legal defeats in US history. The case was brought forth by an unexpected adversary, Richard Tornetta, a former heavy metal drummer. <o:p></o:p>

According to Reuters, Tornetta, who held just nine shares of Tesla when he initiated the lawsuit in 2018, emerged victorious on Tuesday when a judge deemed the massive pay deal unfair to him and all fellow Tesla shareholders.<o:p></o:p>

Tornetta's case, which began in 2018 and reached trial in late 2022, represents a noteworthy legal challenge for Musk, who had previously triumphed in various trials related to defamation, breaches of duty to shareholders, and violations of securities laws. <o:p></o:p>

Tornetta's interest in audio gear for car-customising enthusiasts, as showcased on his online presence, contrasts with the typical profile of those pursuing corporate accountability. Notably, he has shared light-hearted videos about his gadget creations and drumming performances with his metal band, "Dawn of Correction."<o:p></o:p>

Delaware, known for corporate case precedents, has seen cases led by investors with minimal shareholdings influencing US corporate law. Eric Talley, a corporate law professor, notes that law firms often collaborate with investors to bring cases on contingency. <o:p></o:p>

Tornetta, benefiting from the case like other Tesla shareholders, saves the company substantial sums that a compliant board might pay to Musk.<o:p></o:p>

Critics argue that cases initiated by individual investors may lead to potentially abusive litigation. A decade ago, Delaware faced challenges from retail investors challenging merger deals, often resulting in settlements that critics deemed meaningless. <o:p></o:p>

However, experts argue that individuals like Tornetta play a vital role in overseeing boardrooms. Large investment firms are considered better equipped for corporate litigation, but they often avoid challenging relationships on Wall Street.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Tesla CEO Elon Musk faced a significant legal setback this week as he lost his $56 billion pay package in one of the most substantial legal defeats in US history.

Tesla CEO Elon Musk faced a significant legal setback this week as he lost his $56 billion pay package in one of the most substantial legal defeats in US history. The case was brought forth by an unexpected adversary, Richard Tornetta, a former heavy metal drummer. According to Reuters, Tornetta, who held just nine shares of Tesla when he initiated the lawsuit in 2018, emerged victorious on Tuesday when a judge deemed the massive pay deal unfair to him and all fellow Tesla shareholders. Tornetta's case, which began in 2018 and reached trial in late 2022, represents a noteworthy legal challenge for Musk, who had previously triumphed in various trials related to defamation, breaches of duty to shareholders, and violations of securities laws. Tornetta's interest in audio gear for car-customising enthusiasts, as showcased on his online presence, contrasts with the typical profile of those pursuing corporate accountability. Notably, he has shared light-hearted videos about his gadget creations and drumming performances with his metal band, "Dawn of Correction." Delaware, known for corporate case precedents, has seen cases led by investors with minimal shareholdings influencing US corporate law. Eric Talley, a corporate law professor, notes that law firms often collaborate with investors to bring cases on contingency. Tornetta, benefiting from the case like other Tesla shareholders, saves the company substantial sums that a compliant board might pay to Musk. Critics argue that cases initiated by individual investors may lead to potentially abusive litigation. A decade ago, Delaware faced challenges from retail investors challenging merger deals, often resulting in settlements that critics deemed meaningless. However, experts argue that individuals like Tornetta play a vital role in overseeing boardrooms. Large investment firms are considered better equipped for corporate litigation, but they often avoid challenging relationships on Wall Street. (With inputs from Reuters)

Elon Musk loses $56 bn pay package in legal battle led by former heavy metal drummer

Aircraft manufacturer Boeing is now contending with a lawsuit from shareholders alleging that the company prioritised profits over safety and provided misleading information about its commitment to ensuring the safety of its aircraft.

<o:p>This is based on a Reuters report.</o:p>

The legal action follows a mid-air cabin panel blowout incident on an Alaska Airlines 737 MAX 9 that occurred on January 5. Shareholders claim that Boeing, despite the crashes of two MAX planes in 2018 and 2019 that resulted in 346 fatalities, assured investors of its unwavering focus on safety. <o:p></o:p>

The lawsuit contends that Boeing's statements concealed poor quality control on its assembly line, ultimately leading to an inflated stock price.<o:p></o:p>

Boeing's share price experienced a notable decline of 18.9 per cent from January 5 to January 25, 2024, the day after the Federal Aviation Commission (FAA) restricted Boeing from expanding MAX production due to safety concerns. This decline erased more than $28 billion of market value. <o:p></o:p>

The lawsuit, filed in the federal court in Alexandria, Virginia, covers shareholders from October 23, 2019, to January 24, 2024, and is led by Rhode Island General Treasurer James Diossa. Defendants include Boeing's Chief Executive Dave Calhoun, his predecessor Dennis Muilenburg, and Chief Financial Officer Brian West, along with his predecessor Gregory Smith.<o:p></o:p>

James Diossa, the lead plaintiff, highlighted the lawsuit's potential to drive changes in Boeing's practices, emphasising the importance of safeguarding passengers and ensuring their safety in the future. 

The legal action draws attention to the incident on January 5, which prompted the FAA to temporarily ground 171 MAX 9 planes, resulting in numerous flight cancellations for Alaska Air Group and United Airlines. While there were no fatalities in the Alaska Airlines incident, some passengers have initiated lawsuits against Boeing and the carrier.<o:p></o:p>

Boeing, in response to the legal proceedings, has refrained from commenting. The company recently faced uncertainty over its planes, leading to an inability to provide full-year financial targets. <o:p></o:p>

Despite this uncertainty, Boeing reported better-than-expected fourth-quarter results, including a $30 million loss, $22 billion of revenue, and $3.38 billion of cash flow.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Aircraft manufacturer Boeing is now contending with a lawsuit from shareholders alleging that the company prioritised profits over safety and provided misleading information about its commitment to ensuring the safety of its aircraft.

Aircraft manufacturer Boeing is now contending with a lawsuit from shareholders alleging that the company prioritised profits over safety and provided misleading information about its commitment to ensuring the safety of its aircraft. This is based on a Reuters report. The legal action follows a mid-air cabin panel blowout incident on an Alaska Airlines 737 MAX 9 that occurred on January 5. Shareholders claim that Boeing, despite the crashes of two MAX planes in 2018 and 2019 that resulted in 346 fatalities, assured investors of its unwavering focus on safety. The lawsuit contends that Boeing's statements concealed poor quality control on its assembly line, ultimately leading to an inflated stock price. Boeing's share price experienced a notable decline of 18.9 per cent from January 5 to January 25, 2024, the day after the Federal Aviation Commission (FAA) restricted Boeing from expanding MAX production due to safety concerns. This decline erased more than $28 billion of market value. The lawsuit, filed in the federal court in Alexandria, Virginia, covers shareholders from October 23, 2019, to January 24, 2024, and is led by Rhode Island General Treasurer James Diossa. Defendants include Boeing's Chief Executive Dave Calhoun, his predecessor Dennis Muilenburg, and Chief Financial Officer Brian West, along with his predecessor Gregory Smith. James Diossa, the lead plaintiff, highlighted the lawsuit's potential to drive changes in Boeing's practices, emphasising the importance of safeguarding passengers and ensuring their safety in the future. The legal action draws attention to the incident on January 5, which prompted the FAA to temporarily ground 171 MAX 9 planes, resulting in numerous flight cancellations for Alaska Air Group and United Airlines. While there were no fatalities in the Alaska Airlines incident, some passengers have initiated lawsuits against Boeing and the carrier. Boeing, in response to the legal proceedings, has refrained from commenting. The company recently faced uncertainty over its planes, leading to an inability to provide full-year financial targets. Despite this uncertainty, Boeing reported better-than-expected fourth-quarter results, including a $30 million loss, $22 billion of revenue, and $3.38 billion of cash flow. (With inputs from Reuters)

Boeing faces shareholder lawsuit over safety concerns following MAX 9 incident

The European Union's financial watchdogs have turned a watchful eye towards Big Tech's foray into the region's financial services sector. In a joint effort, the EU's banking, insurance, and securities regulators meticulously examined the presence of major tech players, including Google's Alphabet, Amazon, Meta, Alibaba, Tencent, Rakuten, Orange, Vodafone, Tesla, and Apple. <o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

While acknowledging the increasing footprint of Big Tech subsidiaries as direct providers of financial services in Europe, the regulators emphasized that, at present, it doesn't pose an immediate threat to financial stability.<o:p></o:p>

The comprehensive stocktake revealed a growing but still relatively modest influence of Big Tech in areas such as payments, e-money, and even insurance services. The regulators expressed concerns over poor visibility into Big Tech activities, citing unreliable notifications of cross-border activities and challenges in monitoring their financial service offerings.<o:p></o:p>

Despite the identified issues, the watchdogs asserted that there is currently no urgent need for immediate regulatory changes regarding Big Tech's direct involvement in financial services provision.<o:p></o:p>

In a joint statement, the financial watchdogs acknowledged the potential risks associated with any future escalation in Big Tech's financial activities. While refraining from immediate regulatory changes, they pledged to continue reinforcing their monitoring efforts using a newly introduced monitoring "matrix." <o:p></o:p>

This matrix aims to enhance the oversight of Big Tech's relevance in the EU financial services sector, ensuring a proactive approach to potential challenges and risks that may emerge.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The European Union's financial watchdogs have turned a watchful eye towards Big Tech's foray into the region's financial services sector. In a joint effort, the EU's banking, insurance, and securities regulators meticulously examined the presence of major tech players, including Google's Alphabet, Amazon, Meta, Alibaba, Tencent, Rakuten, Orange, Vodafone, Tesla, and Apple.

The European Union's financial watchdogs have turned a watchful eye towards Big Tech's foray into the region's financial services sector. In a joint effort, the EU's banking, insurance, and securities regulators meticulously examined the presence of major tech players, including Google's Alphabet, Amazon, Meta, Alibaba, Tencent, Rakuten, Orange, Vodafone, Tesla, and Apple. This is based on a Reuters report. While acknowledging the increasing footprint of Big Tech subsidiaries as direct providers of financial services in Europe, the regulators emphasized that, at present, it doesn't pose an immediate threat to financial stability. The comprehensive stocktake revealed a growing but still relatively modest influence of Big Tech in areas such as payments, e-money, and even insurance services. The regulators expressed concerns over poor visibility into Big Tech activities, citing unreliable notifications of cross-border activities and challenges in monitoring their financial service offerings. Despite the identified issues, the watchdogs asserted that there is currently no urgent need for immediate regulatory changes regarding Big Tech's direct involvement in financial services provision. In a joint statement, the financial watchdogs acknowledged the potential risks associated with any future escalation in Big Tech's financial activities. While refraining from immediate regulatory changes, they pledged to continue reinforcing their monitoring efforts using a newly introduced monitoring "matrix." This matrix aims to enhance the oversight of Big Tech's relevance in the EU financial services sector, ensuring a proactive approach to potential challenges and risks that may emerge. (With inputs from Reuters)

EU financial watchdogs intensify scrutiny as big tech ventures into finance

Meta Platforms, the parent company of social media giant Facebook, has made a significant move just days ahead of Facebook's 20th anniversary. According to Reuters, the tech behemoth issued its first-ever dividend and reported impressive financials, surpassing revenue and profit expectations driven by robust holiday ad sales. <o:p></o:p>

Following the announcement, shares of Meta soared over 14 per cent after hours, propelling the company's market valuation up by more than $140 billion. This surge, part of Meta's long recovery, signifies a major milestone for the tech sector.<o:p></o:p>

Meta's dividend declaration, a historic move for a tech giant, comes at 50 cents per share, signalling a departure from the traditional model in the industry. The company also authorised an additional $50 billion in share repurchases. <o:p></o:p>

This makes Meta the first among its generation of internet steamrollers to issue a dividend, breaking new ground in a sector that has long been dominated by a handful of companies. Founded in 2004, Meta has evolved into the world's largest social media company, connecting over 3 billion people and revolutionising digital interactions.<o:p></o:p>

Despite its impressive financial achievements, Meta has not been immune to controversies. Accusations of neglecting user privacy and enabling incitements to violence have plagued the company's growth trajectory. Just a day before the financial results, Meta's CEO Mark Zuckerberg testified before the US Senate regarding child safety online, offering apologies to parents of children who experienced sexual abuses. <o:p></o:p>

In response to the ups and downs, Zuckerberg shared a reflective message on Thursday. "You're never as good as they say when you're up, or as bad as they say when you're down. Just keep building and doing good work over long periods of time,” Reuters quoted him as saying.<o:p></o:p>

The financial results for Meta's fourth quarter demonstrated an impressive performance. Revenue rose by 25 per cent to $40.1 billion, surpassing analyst expectations. Net income surged over 200 per cent to $14 billion, or $5.33 per share, exceeding expectations. <o:p></o:p>

The recovery of Meta's shares over the past year, after a meltdown in 2022, has been attributed to factors like increased investor excitement about artificial intelligence, rebounding user growth, and digital ad sales. The company's strategic austerity measures, involving shedding more than 21,000 employees, have also played a role.<o:p></o:p>

Looking forward, Meta forecasts a first-quarter revenue of $34.5 billion to $37 billion, surpassing Wall Street expectations. The company anticipates total expenses for the full year 2024 to remain unchanged at $94 billion to $99 billion. <o:p></o:p>

Meta's commitment to investments in the metaverse and artificial intelligence remains unwavering. Despite operating losses in its metaverse-oriented Reality Labs unit, the company continues to aggressively invest in augmented and virtual reality. Executives highlight the success of the latest version of Ray-Ban smart glasses, equipped with a built-in AI assistant, signalling potential shifts in consumer preferences.<span lang="EN-GB" style="font-size:8.0pt;line-height:107%;font-family:&quot;Arial&quot;,sans-serif;
mso-fareast-font-family:&quot;Times New Roman&quot;;display:none;mso-hide:all;mso-font-kerning:
0pt;mso-ligatures:none;mso-fareast-language:EN-GB">Bottom of Form<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Meta Platforms, the parent company of social media giant Facebook, has made a significant move just days ahead of Facebook's 20th anniversary. According to Reuters, the tech behemoth issued its first-ever dividend and reported impressive financials, surpassing revenue and profit expectations driven by robust holiday ad sales.

Meta Platforms, the parent company of social media giant Facebook, has made a significant move just days ahead of Facebook's 20th anniversary. According to Reuters, the tech behemoth issued its first-ever dividend and reported impressive financials, surpassing revenue and profit expectations driven by robust holiday ad sales. Following the announcement, shares of Meta soared over 14 per cent after hours, propelling the company's market valuation up by more than $140 billion. This surge, part of Meta's long recovery, signifies a major milestone for the tech sector. Meta's dividend declaration, a historic move for a tech giant, comes at 50 cents per share, signalling a departure from the traditional model in the industry. The company also authorised an additional $50 billion in share repurchases. This makes Meta the first among its generation of internet steamrollers to issue a dividend, breaking new ground in a sector that has long been dominated by a handful of companies. Founded in 2004, Meta has evolved into the world's largest social media company, connecting over 3 billion people and revolutionising digital interactions. Despite its impressive financial achievements, Meta has not been immune to controversies. Accusations of neglecting user privacy and enabling incitements to violence have plagued the company's growth trajectory. Just a day before the financial results, Meta's CEO Mark Zuckerberg testified before the US Senate regarding child safety online, offering apologies to parents of children who experienced sexual abuses. In response to the ups and downs, Zuckerberg shared a reflective message on Thursday. "You're never as good as they say when you're up, or as bad as they say when you're down. Just keep building and doing good work over long periods of time,” Reuters quoted him as saying. The financial results for Meta's fourth quarter demonstrated an impressive performance. Revenue rose by 25 per cent to $40.1 billion, surpassing analyst expectations. Net income surged over 200 per cent to $14 billion, or $5.33 per share, exceeding expectations. The recovery of Meta's shares over the past year, after a meltdown in 2022, has been attributed to factors like increased investor excitement about artificial intelligence, rebounding user growth, and digital ad sales. The company's strategic austerity measures, involving shedding more than 21,000 employees, have also played a role. Looking forward, Meta forecasts a first-quarter revenue of $34.5 billion to $37 billion, surpassing Wall Street expectations. The company anticipates total expenses for the full year 2024 to remain unchanged at $94 billion to $99 billion. Meta's commitment to investments in the metaverse and artificial intelligence remains unwavering. Despite operating losses in its metaverse-oriented Reality Labs unit, the company continues to aggressively invest in augmented and virtual reality. Executives highlight the success of the latest version of Ray-Ban smart glasses, equipped with a built-in AI assistant, signalling potential shifts in consumer preferences.Bottom of Form (With inputs from Reuters)

Meta Platforms report first dividend while shares soar

Paytm, once hailed as one of India's leading payment platforms, finds itself in a major crisis following the Reserve Bank of India's (RBI’s) directive to halt fresh deposits in its banking unit from March. <o:p></o:p>

The announcement has triggered a significant decline in Paytm's shares, prompting concerns about the firm's future relationships with lending partners. Analysts warn that this could impede Paytm's journey towards net profitability.<o:p></o:p>

Founded in 2010 by Vijay Shekhar Sharma, Paytm initially focused on prepaid mobile and television bill payments. However, it rapidly evolved into a pivotal player in online instant payments through the Unified Payments Interface (UPI), with payments becoming its primary revenue source. The ban on high-denomination notes in 2016 propelled Paytm to fame, as online transactions soared, marking a turning point for the company.<o:p></o:p>

Despite early success, Paytm faced a challenging IPO launch in November 2021, raising questions about its profitability and lofty valuation. The stock currently trades about two-thirds below its listing price. The disappointment led to key investors, including Alibaba and Softbank, divesting their stakes in Paytm amid broader concerns about Chinese ownership in Indian fintech firms. Vijay Shekhar Sharma, once dropped from Forbes' billionaire list, emerged as the largest shareholder in August 2023 by acquiring a chunk of Ant Financial's stake.<o:p></o:p>

Paytm's revenue streams predominantly hinge on its merchant payment business and loan operations. Approximately 60 per cent of its income is derived from merchant payments, with loans contributing around 20 per cent. The company charges merchants a platform fee for utilising Paytm's payment gateway and offers additional subscription-based services. Furthermore, Paytm engages in partnerships with banks and non-bank financial companies to provide loans, taking a cut of the interest. Paytm Payments Bank, a key entity in this endeavour, now faces uncertainties due to the recent regulatory directive.

What has happened so far?

Paytm Payments Bank sought to reassure its customers on January 2, following the RBI's&nbsp;directive to halt new deposits and credit transactions starting from February 29, 2024. In response to the central bank's orders, Paytm communicated with its customers through emails and text messages. The communication, framed as an "important update," explicitly stated that customers' money is secure with the bank.

While acknowledging the RBI's directive that prevents customers from adding money to their wallets after February 29, Paytm assured uninterrupted withdrawal services. The communication emphasised, "There is no restriction on withdrawal of money from your existing balance even after Feb 29, 2024." Additionally, Paytm encouraged customers to seek assistance through the 24x7 help section on the app.

The RBI's decision to bar Paytm Payments Bank from accepting customer deposits from March 1 comes after an audit revealed persistent non-compliances and continued material supervisory concerns. This move follows a previous restriction imposed almost two years ago, preventing the payments bank from onboarding new customers, a restriction that remains in force.

However, Paytm clarified that customers will not be impacted by this directive, as Paytm Payments Bank falls under the parent company, One 97 Communications. Moreover, the communication highlighted that UPI transactions would continue to function seamlessly on the app.

Despite the restriction on loading additional funds from March 1, 2024, the RBI allows customers to extinguish their balances with no restrictions on withdrawals or fund transfers from Paytm Payments Bank accounts.

(With inputs from agencies)<o:p></o:p>

Paytm, once hailed as one of India's leading payment platforms, finds itself in a major crisis following the Reserve Bank of India's (RBI’s) directive to halt fresh deposits in its banking unit from March.

Paytm, once hailed as one of India's leading payment platforms, finds itself in a major crisis following the Reserve Bank of India's (RBI’s) directive to halt fresh deposits in its banking unit from March. The announcement has triggered a significant decline in Paytm's shares, prompting concerns about the firm's future relationships with lending partners. Analysts warn that this could impede Paytm's journey towards net profitability. Founded in 2010 by Vijay Shekhar Sharma, Paytm initially focused on prepaid mobile and television bill payments. However, it rapidly evolved into a pivotal player in online instant payments through the Unified Payments Interface (UPI), with payments becoming its primary revenue source. The ban on high-denomination notes in 2016 propelled Paytm to fame, as online transactions soared, marking a turning point for the company. Despite early success, Paytm faced a challenging IPO launch in November 2021, raising questions about its profitability and lofty valuation. The stock currently trades about two-thirds below its listing price. The disappointment led to key investors, including Alibaba and Softbank, divesting their stakes in Paytm amid broader concerns about Chinese ownership in Indian fintech firms. Vijay Shekhar Sharma, once dropped from Forbes' billionaire list, emerged as the largest shareholder in August 2023 by acquiring a chunk of Ant Financial's stake. Paytm's revenue streams predominantly hinge on its merchant payment business and loan operations. Approximately 60 per cent of its income is derived from merchant payments, with loans contributing around 20 per cent. The company charges merchants a platform fee for utilising Paytm's payment gateway and offers additional subscription-based services. Furthermore, Paytm engages in partnerships with banks and non-bank financial companies to provide loans, taking a cut of the interest. Paytm Payments Bank, a key entity in this endeavour, now faces uncertainties due to the recent regulatory directive. What has happened so far? Paytm Payments Bank sought to reassure its customers on January 2, following the RBI's directive to halt new deposits and credit transactions starting from February 29, 2024. In response to the central bank's orders, Paytm communicated with its customers through emails and text messages. The communication, framed as an "important update," explicitly stated that customers' money is secure with the bank. While acknowledging the RBI's directive that prevents customers from adding money to their wallets after February 29, Paytm assured uninterrupted withdrawal services. The communication emphasised, "There is no restriction on withdrawal of money from your existing balance even after Feb 29, 2024." Additionally, Paytm encouraged customers to seek assistance through the 24x7 help section on the app. The RBI's decision to bar Paytm Payments Bank from accepting customer deposits from March 1 comes after an audit revealed persistent non-compliances and continued material supervisory concerns. This move follows a previous restriction imposed almost two years ago, preventing the payments bank from onboarding new customers, a restriction that remains in force. However, Paytm clarified that customers will not be impacted by this directive, as Paytm Payments Bank falls under the parent company, One 97 Communications. Moreover, the communication highlighted that UPI transactions would continue to function seamlessly on the app. Despite the restriction on loading additional funds from March 1, 2024, the RBI allows customers to extinguish their balances with no restrictions on withdrawals or fund transfers from Paytm Payments Bank accounts. (With inputs from agencies)

Navigating Turbulent Waters: Indian fintech giant Paytm faces unprecedented crisis

A recent report by outplacement firm Challenger, Gray &amp; Christmas reveals that job cut announcements in the United States skyrocketed in January, reaching the highest level in a decade. The data indicates a 136 per cent surge from December, with announced layoffs totalling 82,307. This unsettling spike marks the most substantial monthly increase since March 2023.<o:p></o:p>

While on a yearly basis, the report presents a 20 per cent decline in announced job cuts compared to January 2023, the financial and technology sectors witnessed a drastic rise. Employers in the financial industry announced a significant 23,238 job cuts, more than doubling the figures from the previous year. <o:p></o:p>

According to Andrew Challenger, Senior Vice President of Challenger, Gray &amp; Christmas, Inc., the surge is attributed to a combination of factors. <o:p></o:p>

He notes, "It is also an election year, and companies begin to plan for potential policy changes that may impact their industries. However, these layoffs are also driven by broader economic trends and a strategic shift towards increased automation and AI adoption in various sectors, though in most cases, companies point to cost-cutting as the main driver for layoffs."<o:p></o:p>

The report indicates that the financial and technology sectors were the hardest hit, with employers frequently citing "restructuring" and the closure of plants, units, or stores as the primary reasons for layoffs. Notably, the earnings reporting season in January witnessed several prominent companies, including United Parcel Service, unveiling plans to shed jobs.<o:p></o:p>

The technology giants Amazon, Alphabet, and Microsoft also announced job reductions, aligning with a broader trend in the sector. A memo published on January 30 by digital payment heavyweight PayPal Holdings Inc. disclosed a 9 per cent cut in its workforce, with President and CEO Alex Chriss emphasizing the company's priority to "right-size."<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

A recent report by outplacement firm Challenger, Gray & Christmas reveals that job cut announcements in the United States skyrocketed in January, reaching the highest level in a decade.

A recent report by outplacement firm Challenger, Gray & Christmas reveals that job cut announcements in the United States skyrocketed in January, reaching the highest level in a decade. The data indicates a 136 per cent surge from December, with announced layoffs totalling 82,307. This unsettling spike marks the most substantial monthly increase since March 2023. While on a yearly basis, the report presents a 20 per cent decline in announced job cuts compared to January 2023, the financial and technology sectors witnessed a drastic rise. Employers in the financial industry announced a significant 23,238 job cuts, more than doubling the figures from the previous year. According to Andrew Challenger, Senior Vice President of Challenger, Gray & Christmas, Inc., the surge is attributed to a combination of factors. He notes, "It is also an election year, and companies begin to plan for potential policy changes that may impact their industries. However, these layoffs are also driven by broader economic trends and a strategic shift towards increased automation and AI adoption in various sectors, though in most cases, companies point to cost-cutting as the main driver for layoffs." The report indicates that the financial and technology sectors were the hardest hit, with employers frequently citing "restructuring" and the closure of plants, units, or stores as the primary reasons for layoffs. Notably, the earnings reporting season in January witnessed several prominent companies, including United Parcel Service, unveiling plans to shed jobs. The technology giants Amazon, Alphabet, and Microsoft also announced job reductions, aligning with a broader trend in the sector. A memo published on January 30 by digital payment heavyweight PayPal Holdings Inc. disclosed a 9 per cent cut in its workforce, with President and CEO Alex Chriss emphasizing the company's priority to "right-size." (With inputs from Reuters)

US job cuts soar in January, financial and tech sectors hit hard: Report

The International Monetary Fund's (IMF's) Managing Director, Kristalina Georgieva, has cautioned European governments against yielding to demands for increased financial support from protesting farmers across the continent. <o:p></o:p>

Amid weeks of disruptive yet predominantly peaceful demonstrations by farmers from Germany, France, Italy, Belgium, and Greece, Georgieva emphasised the potential consequences if governments succumb to the pressure. <o:p></o:p>

In a press briefing at the IMF's Washington offices, Georgieva acknowledged the challenges faced by farmers but warned against compromising the economic strength of nations due to populist sentiments.<o:p></o:p>

AFP quoted Georgieva, who directly addressed the farmers' protests.<o:p></o:p>

"You see the farmers protesting. On the human level, I understand they face more hardship, and it is not easy to do the job they do,” she said. <o:p></o:p>

However, she stressed the importance of governments not allowing such sentiments to corner them into actions detrimental to the overall economic stability. Georgieva emphasised the possibility of regret if governments yield to the pressure and compromise their ability to take necessary measures for the strength of their economies.<o:p></o:p>

Thousands of European farmers converged in Brussels for protests during a meeting between French President Emmanuel Macron and European Commission Chief Ursula von der Leyen. <o:p></o:p>

The demonstrations aimed to secure concessions from European leaders ahead of upcoming elections. Post-summit, Macron announced that France had successfully advocated for "stricter rules" on cereal and poultry imports, including those from Ukraine. <o:p></o:p>

In a comprehensive briefing covering various topics, Georgieva highlighted the challenges associated with providing financial support, cautioning that while it's easy to offer support, retracting it poses significant difficulties. <o:p></o:p>

<span lang="EN-GB" style="font-size:12.0pt;line-height:107%;font-family:&quot;Calibri&quot;,sans-serif;
mso-ascii-theme-font:minor-latin;mso-fareast-font-family:Calibri;mso-fareast-theme-font:
minor-latin;mso-hansi-theme-font:minor-latin;mso-bidi-font-family:&quot;Times New Roman&quot;;
mso-bidi-theme-font:minor-bidi;mso-ansi-language:EN-GB;mso-fareast-language:
EN-GB;mso-bidi-language:AR-SA">(With inputs from AFP)

The International Monetary Fund's (IMF's) Managing Director, Kristalina Georgieva, has cautioned European governments against yielding to demands for increased financial support from protesting farmers across the continent.

The International Monetary Fund's (IMF's) Managing Director, Kristalina Georgieva, has cautioned European governments against yielding to demands for increased financial support from protesting farmers across the continent. Amid weeks of disruptive yet predominantly peaceful demonstrations by farmers from Germany, France, Italy, Belgium, and Greece, Georgieva emphasised the potential consequences if governments succumb to the pressure. In a press briefing at the IMF's Washington offices, Georgieva acknowledged the challenges faced by farmers but warned against compromising the economic strength of nations due to populist sentiments. AFP quoted Georgieva, who directly addressed the farmers' protests. "You see the farmers protesting. On the human level, I understand they face more hardship, and it is not easy to do the job they do,” she said. However, she stressed the importance of governments not allowing such sentiments to corner them into actions detrimental to the overall economic stability. Georgieva emphasised the possibility of regret if governments yield to the pressure and compromise their ability to take necessary measures for the strength of their economies. Thousands of European farmers converged in Brussels for protests during a meeting between French President Emmanuel Macron and European Commission Chief Ursula von der Leyen. The demonstrations aimed to secure concessions from European leaders ahead of upcoming elections. Post-summit, Macron announced that France had successfully advocated for "stricter rules" on cereal and poultry imports, including those from Ukraine. In a comprehensive briefing covering various topics, Georgieva highlighted the challenges associated with providing financial support, cautioning that while it's easy to offer support, retracting it poses significant difficulties. (With inputs from AFP)

IMF Chief urges caution as European farmers protest: Report

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