Riot Games, a subsidiary of Tencent Holdings and renowned for titles like "League of Legends," disclosed its plans to lay off approximately 11 per cent of its global workforce, amounting to 530 employees.<o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

The decision, revealed in a blog post that included a letter from CEO Dylan Jadeja to employees, highlighted the impact on teams outside of core development. The move comes as digital games publishers, grappling with challenges in audience expansion amid high inflation, explore strategies to streamline operations. <o:p></o:p>

Riot's decision follows a trend in the industry, with Electronic Arts Inc. having implemented a 6 per cent staff reduction and downsizing office space in early 2022.<o:p></o:p>

In the letter to employees, Jadeja acknowledged the need for a more focused approach, stating, "Today, we're a company without a sharp enough focus, and simply put, we have too many things underway. Some of the significant investments we've made aren't paying off the way we expected them to. Our costs have grown to the point where they're unsustainable." <o:p></o:p>

The layoffs are seen as a strategic move to enable Riot to concentrate on its core portfolio of live games, including "League of Legends," "Valorant," "Teamfight Tactics," and "Wild Rift".<o:p></o:p>

Riot's decision includes discontinuing new game development under "Riot Forge" and making adjustments in the "Legends of Runeterra" game, affecting both staff and features. The restructuring aims to optimise the company's resources and prioritise its most successful and popular gaming titles. <o:p></o:p>

Tencent, which acquired a majority stake in Riot Games in 2011, maintains a strategic interest in the U.S. gaming market, holding stakes in Riot Games as well as fellow video game developer Epic Games.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Riot Games, a subsidiary of Tencent Holdings and renowned for titles like "League of Legends," disclosed its plans to lay off approximately 11 per cent of its global workforce, amounting to 530 employees.

Riot Games, a subsidiary of Tencent Holdings and renowned for titles like "League of Legends," disclosed its plans to lay off approximately 11 per cent of its global workforce, amounting to 530 employees. This is based on a Reuters report. The decision, revealed in a blog post that included a letter from CEO Dylan Jadeja to employees, highlighted the impact on teams outside of core development. The move comes as digital games publishers, grappling with challenges in audience expansion amid high inflation, explore strategies to streamline operations. Riot's decision follows a trend in the industry, with Electronic Arts Inc. having implemented a 6 per cent staff reduction and downsizing office space in early 2022. In the letter to employees, Jadeja acknowledged the need for a more focused approach, stating, "Today, we're a company without a sharp enough focus, and simply put, we have too many things underway. Some of the significant investments we've made aren't paying off the way we expected them to. Our costs have grown to the point where they're unsustainable." The layoffs are seen as a strategic move to enable Riot to concentrate on its core portfolio of live games, including "League of Legends," "Valorant," "Teamfight Tactics," and "Wild Rift". Riot's decision includes discontinuing new game development under "Riot Forge" and making adjustments in the "Legends of Runeterra" game, affecting both staff and features. The restructuring aims to optimise the company's resources and prioritise its most successful and popular gaming titles. Tencent, which acquired a majority stake in Riot Games in 2011, maintains a strategic interest in the U.S. gaming market, holding stakes in Riot Games as well as fellow video game developer Epic Games. (With inputs from Reuters)

Tencent's Riot Games announces significant workforce reductions

In a stride towards bolstering India's electric vehicle (EV) landscape, JSW Group has announced an investment of 400 billion rupees ($4.81 billion) in EV manufacturing projects in the coastal state of Odisha. <o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

The conglomerate's ambitious move signals a determined challenge to both domestic and international players in the burgeoning Indian EV market, which accounted for approximately 2 per cent of total car sales last year. Leading the charge was Tata Motors, although the government is fervently eyeing a formidable 30 per cent share by 2023.<o:p></o:p>

JSW Group's colossal investment will unfold in three phases, according to a statement released on Monday. In the initial two phases, a whopping 250 billion rupees will be injected into the establishment of an EV battery manufacturing plant and an EV components plant. The third phase will witness an additional infusion of 150 billion rupees to set up a cutting-edge EV components manufacturing complex. <o:p></o:p>

The conglomerate's strategic partnership with China's SAIC Motor, formed in November, intensifies its commitment to green mobility and the development of a robust electric vehicle ecosystem in India. This collaboration reflects the broader trend of international cooperation to accelerate advancements in EV technology and infrastructure.<o:p></o:p>

Despite these ambitious strides, India is still at a crossroads regarding the potential reduction of import taxes on EVs. A top government official informed Reuters that a decision is pending under a proposed policy for carmakers committing to local manufacturing. <o:p></o:p>

The outcome could potentially pave the way for the entry of global giant Tesla into the Indian market, disrupting the status quo. However, stakeholders like Tata, Mahindra &amp; Mahindra, and South Korea's Hyundai Motor have urged New Delhi to maintain the current policy, discouraging any reduction in taxes on hybrids.<o:p></o:p>

JSW Group's monumental investment marks a significant chapter in India's transition towards sustainable and eco-friendly transportation.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In a stride towards bolstering India's electric vehicle (EV) landscape, JSW Group has announced an investment of 400 billion rupees ($4.81 billion) in EV manufacturing projects in the coastal state of Odisha.

In a stride towards bolstering India's electric vehicle (EV) landscape, JSW Group has announced an investment of 400 billion rupees ($4.81 billion) in EV manufacturing projects in the coastal state of Odisha. This is based on a Reuters report. The conglomerate's ambitious move signals a determined challenge to both domestic and international players in the burgeoning Indian EV market, which accounted for approximately 2 per cent of total car sales last year. Leading the charge was Tata Motors, although the government is fervently eyeing a formidable 30 per cent share by 2023. JSW Group's colossal investment will unfold in three phases, according to a statement released on Monday. In the initial two phases, a whopping 250 billion rupees will be injected into the establishment of an EV battery manufacturing plant and an EV components plant. The third phase will witness an additional infusion of 150 billion rupees to set up a cutting-edge EV components manufacturing complex. The conglomerate's strategic partnership with China's SAIC Motor, formed in November, intensifies its commitment to green mobility and the development of a robust electric vehicle ecosystem in India. This collaboration reflects the broader trend of international cooperation to accelerate advancements in EV technology and infrastructure. Despite these ambitious strides, India is still at a crossroads regarding the potential reduction of import taxes on EVs. A top government official informed Reuters that a decision is pending under a proposed policy for carmakers committing to local manufacturing. The outcome could potentially pave the way for the entry of global giant Tesla into the Indian market, disrupting the status quo. However, stakeholders like Tata, Mahindra & Mahindra, and South Korea's Hyundai Motor have urged New Delhi to maintain the current policy, discouraging any reduction in taxes on hybrids. JSW Group's monumental investment marks a significant chapter in India's transition towards sustainable and eco-friendly transportation. (With inputs from Reuters)

JSW Group unleashes $5 bn investment surge into Eastern India's EV revolution

China's major state-owned banks took decisive action on Monday to shore up the yuan, tightening liquidity in the offshore foreign exchange market and actively selling US dollars onshore as domestic equities experienced a significant downturn.<o:p></o:p>

This is based on a Reuters report. <o:p></o:p>

With the benchmark Shanghai Composite index marking its largest one-day drop since April 2022, falling by 2.7 per cent, the move aimed to prevent the yuan from depreciating too rapidly, signalling a clear policy effort to stabilise the currency amid&nbsp;negative market sentiment on equities.<o:p></o:p>

"It is a clear policy signal to stabilise the yuan and counter the negative market sentiment on equities," Reuters quoted Gary Ng, Senior Economist for Asia Pacific at Natixis as saying. The aggressive support measures come at a time when overseas funds have offloaded around $1.6 billion in Chinese equities this year, reflecting waning investor confidence amid signs of an economic slowdown in the world's second-largest economy.<o:p></o:p>

In response to the market dynamics, offshore yuan tomorrow-next forwards surged to a more than two-month high of 4.25 points, indicating a tightening of liquidity conditions. State-owned banks in the offshore market curtailed lending to their peers, further intensifying liquidity constraints and increasing the cost of shorting the currency.<o:p></o:p>

Concurrently, in a bid to prevent swift declines in the yuan, state banks were actively selling dollars in the onshore spot foreign exchange market, with a focus on defending the 7.2 per dollar level.<o:p></o:p>

The sources, speaking on the condition of anonymity due to market regulations, highlighted the crucial role of state banks, which often act on behalf of China's central bank in the foreign exchange market. While their primary mission is to stabilise the yuan, they may also engage in trading on their own behalf or execute clients' orders. The onshore yuan concluded trading at 7.1963 per dollar, reflecting a nearly 1.4 per cent decline year-to-date, while its offshore counterpart settled at 7.2047.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

China's major state-owned banks took decisive action on Monday to shore up the yuan, tightening liquidity in the offshore foreign exchange market and actively selling US dollars onshore as domestic equities experienced a significant downturn.

China's major state-owned banks took decisive action on Monday to shore up the yuan, tightening liquidity in the offshore foreign exchange market and actively selling US dollars onshore as domestic equities experienced a significant downturn. This is based on a Reuters report. With the benchmark Shanghai Composite index marking its largest one-day drop since April 2022, falling by 2.7 per cent, the move aimed to prevent the yuan from depreciating too rapidly, signalling a clear policy effort to stabilise the currency amid negative market sentiment on equities. "It is a clear policy signal to stabilise the yuan and counter the negative market sentiment on equities," Reuters quoted Gary Ng, Senior Economist for Asia Pacific at Natixis as saying. The aggressive support measures come at a time when overseas funds have offloaded around $1.6 billion in Chinese equities this year, reflecting waning investor confidence amid signs of an economic slowdown in the world's second-largest economy. In response to the market dynamics, offshore yuan tomorrow-next forwards surged to a more than two-month high of 4.25 points, indicating a tightening of liquidity conditions. State-owned banks in the offshore market curtailed lending to their peers, further intensifying liquidity constraints and increasing the cost of shorting the currency. Concurrently, in a bid to prevent swift declines in the yuan, state banks were actively selling dollars in the onshore spot foreign exchange market, with a focus on defending the 7.2 per dollar level. The sources, speaking on the condition of anonymity due to market regulations, highlighted the crucial role of state banks, which often act on behalf of China's central bank in the foreign exchange market. While their primary mission is to stabilise the yuan, they may also engage in trading on their own behalf or execute clients' orders. The onshore yuan concluded trading at 7.1963 per dollar, reflecting a nearly 1.4 per cent decline year-to-date, while its offshore counterpart settled at 7.2047. (With inputs from Reuters)

China's state-owned banks rally to stabilise yuan amid stock market turmoil

<o:p></o:p>

In a resolution to an ongoing dispute, US tech giant Apple has reportedly paid a substantial fine of 1.2 billion roubles ($13.65 million) to Russia's Federal Antimonopoly Service (FAS). <o:p></o:p>

This is based on a Reuters.<o:p></o:p>

The fine was imposed over allegations of Apple's abuse of its dominant market position in relation to in-app payments. The FAS revealed that Apple made the payment on January 19, and the funds have since been transferred to Russia's federal budget.<o:p></o:p>

The fine is a result of a previous ruling where the FAS asserted that Apple's distribution of apps through its iOS operating system provided its own products with a competitive advantage. <o:p></o:p>

Apple, in response, had "respectfully disagreed" with the FAS ruling. The tech giant, which did not provide immediate comments on Monday, has been entangled in antitrust cases, with this fine following a $12.1-million payment in February 2023 over another antitrust dispute related to its dominance in the mobile apps market.<o:p></o:p>

The FAS's move comes against the backdrop of Russia's tense relations with foreign technology companies, particularly regarding concerns over unlawful content and the failure to store user data locally. 

Disputes with tech giants have escalated since Russia dispatched troops to Ukraine in February 2022. In response to the conflict, Apple temporarily halted all product sales in Russia and restricted its Apple Pay service in the country.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In a resolution to an ongoing dispute, US tech giant Apple has reportedly paid a substantial fine of 1.2 billion roubles ($13.65 million) to Russia's Federal Antimonopoly Service (FAS).

In a resolution to an ongoing dispute, US tech giant Apple has reportedly paid a substantial fine of 1.2 billion roubles ($13.65 million) to Russia's Federal Antimonopoly Service (FAS). This is based on a Reuters. The fine was imposed over allegations of Apple's abuse of its dominant market position in relation to in-app payments. The FAS revealed that Apple made the payment on January 19, and the funds have since been transferred to Russia's federal budget. The fine is a result of a previous ruling where the FAS asserted that Apple's distribution of apps through its iOS operating system provided its own products with a competitive advantage. Apple, in response, had "respectfully disagreed" with the FAS ruling. The tech giant, which did not provide immediate comments on Monday, has been entangled in antitrust cases, with this fine following a $12.1-million payment in February 2023 over another antitrust dispute related to its dominance in the mobile apps market. The FAS's move comes against the backdrop of Russia's tense relations with foreign technology companies, particularly regarding concerns over unlawful content and the failure to store user data locally. Disputes with tech giants have escalated since Russia dispatched troops to Ukraine in February 2022. In response to the conflict, Apple temporarily halted all product sales in Russia and restricted its Apple Pay service in the country. (With inputs from Reuters)

Apple settles Russian antitrust fine of $13.7 million: Report

In a historic achievement, India's stock market has outshone Hong Kong's, claiming the coveted fourth position in the global equity market ranking. <o:p></o:p>

According to Bloomberg data, the combined value of shares listed on Indian exchanges reached a staggering $4.33 trillion, edging past Hong Kong's $4.29 trillion as of the latest market close.<o:p></o:p>

The surge in India's stock market can be attributed to several factors. A rapidly expanding retail investor base and robust corporate earnings have fuelled the boom in Indian equities. With a stable political environment and a consumption-driven economy that remains one of the fastest-growing among major nations, India has positioned itself as an attractive alternative to China. <o:p></o:p>

Bloomberg quoted Ashish Gupta, Chief Investment Officer at Axis Mutual Fund in Mumbai, who affirmed, "India has all the right ingredients in place to set the growth momentum further."<o:p></o:p>

In contrast, Hong Kong has faced a historic slump, grappling with stringent anti-Covid-19 measures, regulatory crackdowns, a property-sector crisis, and geopolitical tensions. This downturn has led to an equities rout, with the total market value of Chinese and Hong Kong stocks plummeting by over $6 trillion since their peaks in 2021. The once-bustling initial public offering scene in Hong Kong has dried up, marking a stark departure from its status as one of the world's busiest venues.<o:p></o:p>

While some strategists anticipate a turnaround for Chinese stocks, India's momentum appears unwavering. UBS Group AG suggests that Chinese stocks may outperform Indian peers in 2024, with battered valuations in the former indicating significant upside potential. In contrast, Bernstein sees the Indian market as expensive and recommends taking profits on Indian stocks. However, the prevailing trend suggests that India currently holds the upper hand.<o:p></o:p>

Pessimism toward China and Hong Kong has deepened in the new year, with the Hang Seng China Enterprises Index already down about 13 per cent. Meanwhile, India's stock benchmarks continue to trade near record-high levels. Foreign investors, once enamoured with the China narrative, are redirecting their funds towards India. <o:p></o:p>

A recent study by the Official Monetary and Financial Institutions Forum reveals that global pension and sovereign wealth managers are increasingly favouring India, reinforcing the clear consensus that India is perceived as the best long-term investment opportunity.<o:p></o:p>

In 2023, overseas funds poured over $21 billion into Indian shares, contributing to the eighth consecutive year of gains for India's benchmark S&amp;P BSE Sensex Index. Goldman Sachs Group Inc. strategists, including Guillaume Jaisson and Peter Oppenheimer, emphasized this sentiment, stating, "There is a clear consensus that India is the best long-term investment opportunity" based on results from the firm's Global Strategy Conference.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

In a historic achievement, India's stock market has outshone Hong Kong's, claiming the coveted fourth position in the global equity market ranking. According to Bloomberg data, the combined value of shares listed on Indian exchanges reached a staggering $4.

In a historic achievement, India's stock market has outshone Hong Kong's, claiming the coveted fourth position in the global equity market ranking. According to Bloomberg data, the combined value of shares listed on Indian exchanges reached a staggering $4.33 trillion, edging past Hong Kong's $4.29 trillion as of the latest market close. The surge in India's stock market can be attributed to several factors. A rapidly expanding retail investor base and robust corporate earnings have fuelled the boom in Indian equities. With a stable political environment and a consumption-driven economy that remains one of the fastest-growing among major nations, India has positioned itself as an attractive alternative to China. Bloomberg quoted Ashish Gupta, Chief Investment Officer at Axis Mutual Fund in Mumbai, who affirmed, "India has all the right ingredients in place to set the growth momentum further." In contrast, Hong Kong has faced a historic slump, grappling with stringent anti-Covid-19 measures, regulatory crackdowns, a property-sector crisis, and geopolitical tensions. This downturn has led to an equities rout, with the total market value of Chinese and Hong Kong stocks plummeting by over $6 trillion since their peaks in 2021. The once-bustling initial public offering scene in Hong Kong has dried up, marking a stark departure from its status as one of the world's busiest venues. While some strategists anticipate a turnaround for Chinese stocks, India's momentum appears unwavering. UBS Group AG suggests that Chinese stocks may outperform Indian peers in 2024, with battered valuations in the former indicating significant upside potential. In contrast, Bernstein sees the Indian market as expensive and recommends taking profits on Indian stocks. However, the prevailing trend suggests that India currently holds the upper hand. Pessimism toward China and Hong Kong has deepened in the new year, with the Hang Seng China Enterprises Index already down about 13 per cent. Meanwhile, India's stock benchmarks continue to trade near record-high levels. Foreign investors, once enamoured with the China narrative, are redirecting their funds towards India. A recent study by the Official Monetary and Financial Institutions Forum reveals that global pension and sovereign wealth managers are increasingly favouring India, reinforcing the clear consensus that India is perceived as the best long-term investment opportunity. In 2023, overseas funds poured over $21 billion into Indian shares, contributing to the eighth consecutive year of gains for India's benchmark S&P BSE Sensex Index. Goldman Sachs Group Inc. strategists, including Guillaume Jaisson and Peter Oppenheimer, emphasized this sentiment, stating, "There is a clear consensus that India is the best long-term investment opportunity" based on results from the firm's Global Strategy Conference. (With inputs from Bloomberg)

India surpasses Hong Kong, securing the fourth spot in global stock markets

As India gears up for its interim budget in an election year, Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) aims to strike a balance between fiscal responsibility and popular measures. According to a recent Reuters poll of 41 economists, the government is expected to target a reduced fiscal deficit of 5.30 per cent of GDP in the 2024-25 fiscal year, down from the current year's 5.90 per cent. Despite increased capital expenditure, an emphasis on infrastructure investment is anticipated, with the government eyeing a fiscal deficit of 4.50 per cent by the end of 2025-26.<o:p></o:p>

In the ongoing fiscal year, capital spending in India has soared over 33 per cent, exceeding $120 billion, and is projected to further rise by 15 per cent in the next fiscal year. The surge in government investment has been a key driver of the country's economic growth. Economists emphasise the need for sustained improvements in India's infrastructure to stimulate private investment. However, there is a consensus that enhancing human capital through increased spending on education should be a top priority for long-term, inclusive growth.<o:p></o:p>

The consensus among economists points to infrastructure investment as the top budget priority (34 respondents), followed by rural development (17) and job creation (16). Despite the need for a focus on education and healthcare, none of the economists cited these areas as the main budget priorities. The emphasis on infrastructure investment aligns with the government's goal to fuel economic expansion and revive the private investment cycle.<o:p></o:p>

Challenges persist in India's growth landscape, with modest aggregate domestic demand and notable absence of private non-infrastructure business capital expenditure. While the wealthy continue to drive demand, the informal sector, especially micro, small, and medium enterprises (MSMEs), grapples with stress, particularly in rural areas. As the budget balances competing priorities, a cautious approach is warranted in addressing growth challenges and supporting sectors facing ongoing struggles.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

As India gears up for its interim budget in an election year, Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) aims to strike a balance between fiscal responsibility and popular measures.

As India gears up for its interim budget in an election year, Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) aims to strike a balance between fiscal responsibility and popular measures. According to a recent Reuters poll of 41 economists, the government is expected to target a reduced fiscal deficit of 5.30 per cent of GDP in the 2024-25 fiscal year, down from the current year's 5.90 per cent. Despite increased capital expenditure, an emphasis on infrastructure investment is anticipated, with the government eyeing a fiscal deficit of 4.50 per cent by the end of 2025-26. In the ongoing fiscal year, capital spending in India has soared over 33 per cent, exceeding $120 billion, and is projected to further rise by 15 per cent in the next fiscal year. The surge in government investment has been a key driver of the country's economic growth. Economists emphasise the need for sustained improvements in India's infrastructure to stimulate private investment. However, there is a consensus that enhancing human capital through increased spending on education should be a top priority for long-term, inclusive growth. The consensus among economists points to infrastructure investment as the top budget priority (34 respondents), followed by rural development (17) and job creation (16). Despite the need for a focus on education and healthcare, none of the economists cited these areas as the main budget priorities. The emphasis on infrastructure investment aligns with the government's goal to fuel economic expansion and revive the private investment cycle. Challenges persist in India's growth landscape, with modest aggregate domestic demand and notable absence of private non-infrastructure business capital expenditure. While the wealthy continue to drive demand, the informal sector, especially micro, small, and medium enterprises (MSMEs), grapples with stress, particularly in rural areas. As the budget balances competing priorities, a cautious approach is warranted in addressing growth challenges and supporting sectors facing ongoing struggles. (With inputs from Reuters)

India's upcoming budget likely to target lower fiscal deficit, says Reuters poll

Saudi Arabia's bold endeavour to transform into an electric vehicle (EV) hub, fuelled by billions in investments, faces formidable challenges. Despite significant financial commitments, hurdles such as infrastructure gaps, talent shortages, and the lack of a robust local industry persist. Reuters reports that the kingdom's ambitious goal to produce 500,000 EVs annually by 2030 encounters scepticism and competition from established global players.

Investments and partnerships

Saudi Crown Prince Mohammed bin Salman's vision to diversify the economy led to a $10 billion investment in Lucid Motors, the creation of the domestic brand Ceer, and the establishment of an EV metals plant. The Public Investment Fund (PIF) aims for substantial EV production, targeting 500,000 units by 2030. However, the kingdom's sole auto factory, operational since September 2023, has only assembled around 800 vehicles.

Historical challenges &amp; current initiatives

Saudi Arabia's past attempts to attract automotive manufacturing faced setbacks. Toyota declined a deal in 2019, citing high labour costs, a lack of local suppliers, and a small market. The current push encounters similar obstacles, with analysts highlighting the need for local industry to supply auto components.

Ceer, a joint venture between PIF and Foxconn, plans to launch a car by 2025, but scepticism persists regarding achieving high production numbers. Hyundai's joint venture with PIF, alongside Lucid and Ceer, aims to create an automotive cluster in Jeddah. However, analysts doubt these efforts will sufficiently attract original equipment manufacturers to localise production.

China's dominance in the EV supply chain and production poses a significant challenge. BYD, surpassing Tesla as the world's largest EV maker, exemplifies China's prowess. The Inflation Reduction Act in the United States could channel significant investment into EV manufacturing, intensifying global competition.

Challenges in localisation &amp; sustainability

Attracting producers of auto components remains a major hurdle due to the lack of a significant local industry. Ceer's plan to source components, including batteries, from Germany's BMW raises questions about achieving true localisation. Lucid's strategy to keep its supply chain in the U.S. might limit the expansion of local manufacturing.

Saudi Arabia, keen to enhance its sustainability credentials, showcased Lucid cars prominently at state conferences. The government committed to purchasing up to 100,000 Lucid vehicles over the next decade. Lucid's tie-up with the PIF is seen as a strategic relationship, emphasising the broader goal of developing the automotive ecosystem in the kingdom.

Raw material challenges

To become a centre for EV battery manufacturing, Saudi Arabia needs raw materials, notably lithium. Despite ambitions to produce lithium locally, reserves are yet to be announced. Efforts to extract lithium from saltwater are in the pilot stage, prompting the need for external sourcing.

Despite the hurdles, international industry executives acknowledge Saudi Arabia's financial strength, backed by the PIF. While money can solve challenges, the scale of investment required may surpass initial expectations.

Bottomline

Ambitious investments, partnerships, and sustainability goals mark Saudi Arabia's pursuit of becoming an EV manufacturing hub. However, overcoming historical challenges, intense global competition, and the need for a robust local industry present formidable obstacles. The kingdom's success hinges on effectively navigating these challenges by leveraging its financial prowess.

Saudi Arabia's bold endeavour to transform into an electric vehicle (EV) hub, fuelled by billions in investments, faces formidable challenges. Despite significant financial commitments, hurdles such as infrastructure gaps, talent shortages, and the lack of a robust local industry persist.

Saudi Arabia's bold endeavour to transform into an electric vehicle (EV) hub, fuelled by billions in investments, faces formidable challenges. Despite significant financial commitments, hurdles such as infrastructure gaps, talent shortages, and the lack of a robust local industry persist. Reuters reports that the kingdom's ambitious goal to produce 500,000 EVs annually by 2030 encounters scepticism and competition from established global players. Investments and partnerships Saudi Crown Prince Mohammed bin Salman's vision to diversify the economy led to a $10 billion investment in Lucid Motors, the creation of the domestic brand Ceer, and the establishment of an EV metals plant. The Public Investment Fund (PIF) aims for substantial EV production, targeting 500,000 units by 2030. However, the kingdom's sole auto factory, operational since September 2023, has only assembled around 800 vehicles. Historical challenges & current initiatives Saudi Arabia's past attempts to attract automotive manufacturing faced setbacks. Toyota declined a deal in 2019, citing high labour costs, a lack of local suppliers, and a small market. The current push encounters similar obstacles, with analysts highlighting the need for local industry to supply auto components. Ceer, a joint venture between PIF and Foxconn, plans to launch a car by 2025, but scepticism persists regarding achieving high production numbers. Hyundai's joint venture with PIF, alongside Lucid and Ceer, aims to create an automotive cluster in Jeddah. However, analysts doubt these efforts will sufficiently attract original equipment manufacturers to localise production. China's dominance in the EV supply chain and production poses a significant challenge. BYD, surpassing Tesla as the world's largest EV maker, exemplifies China's prowess. The Inflation Reduction Act in the United States could channel significant investment into EV manufacturing, intensifying global competition. Challenges in localisation & sustainability Attracting producers of auto components remains a major hurdle due to the lack of a significant local industry. Ceer's plan to source components, including batteries, from Germany's BMW raises questions about achieving true localisation. Lucid's strategy to keep its supply chain in the U.S. might limit the expansion of local manufacturing. Saudi Arabia, keen to enhance its sustainability credentials, showcased Lucid cars prominently at state conferences. The government committed to purchasing up to 100,000 Lucid vehicles over the next decade. Lucid's tie-up with the PIF is seen as a strategic relationship, emphasising the broader goal of developing the automotive ecosystem in the kingdom. Raw material challenges To become a centre for EV battery manufacturing, Saudi Arabia needs raw materials, notably lithium. Despite ambitions to produce lithium locally, reserves are yet to be announced. Efforts to extract lithium from saltwater are in the pilot stage, prompting the need for external sourcing. Despite the hurdles, international industry executives acknowledge Saudi Arabia's financial strength, backed by the PIF. While money can solve challenges, the scale of investment required may surpass initial expectations. Bottomline Ambitious investments, partnerships, and sustainability goals mark Saudi Arabia's pursuit of becoming an EV manufacturing hub. However, overcoming historical challenges, intense global competition, and the need for a robust local industry present formidable obstacles. The kingdom's success hinges on effectively navigating these challenges by leveraging its financial prowess.

Saudi Arabia's billion-dollar gamble: Can it transform into an Electric Vehicle powerhouse?

The US Federal Trade Commission (FTC) has taken a decisive step by prohibiting Intuit, the creator of TurboTax, from advertising or marketing its services as "free" when many consumers do not qualify, citing deceptive practices. <o:p></o:p>

In response to the ruling, Intuit announced its intention to appeal, expressing confidence in eventual success. The FTC's final order, following a September administrative ruling, mandates that Intuit cannot advertise any service as free unless it is genuinely free for all consumers or accurately discloses the percentage of eligible users for the free product. The commission characterised Intuit's prior violations as "egregious," accusing the company of running deceptive ads nationwide for at least six years.<o:p></o:p>

"We believe that when the matter ultimately returns to a neutral body, we will prevail," stated Intuit in response to the FTC's decision. The company emphasised that there is no monetary penalty associated with the FTC's order, expecting no significant impact on its business. <o:p></o:p>

Despite the regulatory setback, Intuit shares closed up 1.4 per cent at $630.61 on Monday. The FTC's ruling comes in the wake of Intuit's agreement in May 2022 to pay $141 million in restitution to settle claims from all 50 US states and Washington, D.C. The settlement addressed allegations that Intuit deceptively advertised its online TurboTax products as "free" and misled millions of customers, particularly those with low incomes.<o:p></o:p>

The FTC's ruling requires Intuit to ensure accurate and transparent communication regarding the eligibility of users for free tax preparation services. It was further pointed out that Intuit knowingly ran ads misleading consumers into believing they could file their returns for free, even though a significant portion of taxpayers did not qualify.<o:p></o:p>

Intuit, while maintaining its commitment to free tax preparation, had previously agreed to suspend ads containing slogans like "TurboTax Free is free. Free free free free" as part of the settlement with states in May 2022.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The US Federal Trade Commission (FTC) has taken a decisive step by prohibiting Intuit, the creator of TurboTax, from advertising or marketing its services as "free" when many consumers do not qualify, citing deceptive practices.

The US Federal Trade Commission (FTC) has taken a decisive step by prohibiting Intuit, the creator of TurboTax, from advertising or marketing its services as "free" when many consumers do not qualify, citing deceptive practices. In response to the ruling, Intuit announced its intention to appeal, expressing confidence in eventual success. The FTC's final order, following a September administrative ruling, mandates that Intuit cannot advertise any service as free unless it is genuinely free for all consumers or accurately discloses the percentage of eligible users for the free product. The commission characterised Intuit's prior violations as "egregious," accusing the company of running deceptive ads nationwide for at least six years. "We believe that when the matter ultimately returns to a neutral body, we will prevail," stated Intuit in response to the FTC's decision. The company emphasised that there is no monetary penalty associated with the FTC's order, expecting no significant impact on its business. Despite the regulatory setback, Intuit shares closed up 1.4 per cent at $630.61 on Monday. The FTC's ruling comes in the wake of Intuit's agreement in May 2022 to pay $141 million in restitution to settle claims from all 50 US states and Washington, D.C. The settlement addressed allegations that Intuit deceptively advertised its online TurboTax products as "free" and misled millions of customers, particularly those with low incomes. The FTC's ruling requires Intuit to ensure accurate and transparent communication regarding the eligibility of users for free tax preparation services. It was further pointed out that Intuit knowingly ran ads misleading consumers into believing they could file their returns for free, even though a significant portion of taxpayers did not qualify. Intuit, while maintaining its commitment to free tax preparation, had previously agreed to suspend ads containing slogans like "TurboTax Free is free. Free free free free" as part of the settlement with states in May 2022. (With inputs from Reuters)

FTC prohibits TurboTax maker Intuit from advertising 'free' services

Global fashion giant H&amp;M has swiftly withdrawn an advertisement following mounting complaints that the campaign in question fostered the inappropriate sexualization of underage girls.<o:p></o:p>

Launched in Australia, the ad prominently showcased two girls in gray H&amp;M pinafore dresses, accompanied by the slogan, "Make those heads turn in H&amp;M's Back to School fashion." <o:p></o:p>

Responding to the public outcry, an H&amp;M spokesperson stated on Monday, "We have removed this ad. We are deeply sorry for the offense this has caused, and we are looking into how we present campaigns going forward.”<o:p></o:p>

The controversial ad, seemingly endorsing the idea of making heads turn in a school context, triggered significant backlash, prompting H&amp;M to take immediate corrective action. <o:p></o:p>

The withdrawal of the advertisement comes amid a notable dip in H&amp;M's shares, which hit a two-month low, experiencing a 1.4 per cent decline by 1540 GMT, underperforming compared to its industry peers. <o:p></o:p>

H&amp;M's retraction adds to a growing list of instances where fashion brands have faced backlash due to misjudged advertising campaigns. <o:p></o:p>

In December, Zara faced severe criticism and calls for a boycott after unveiling a campaign featuring statues wrapped in white. <o:p></o:p>

The imagery prompted protests, with many drawing parallels between the visuals and the war in Gaza. <o:p></o:p>

Zara ultimately pulled the campaign in response to the public outcry.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Global fashion giant H&M has swiftly withdrawn an advertisement following mounting complaints that the campaign in question fostered the inappropriate sexualization of underage girls.

Global fashion giant H&M has swiftly withdrawn an advertisement following mounting complaints that the campaign in question fostered the inappropriate sexualization of underage girls. Launched in Australia, the ad prominently showcased two girls in gray H&M pinafore dresses, accompanied by the slogan, "Make those heads turn in H&M's Back to School fashion." Responding to the public outcry, an H&M spokesperson stated on Monday, "We have removed this ad. We are deeply sorry for the offense this has caused, and we are looking into how we present campaigns going forward.” The controversial ad, seemingly endorsing the idea of making heads turn in a school context, triggered significant backlash, prompting H&M to take immediate corrective action. The withdrawal of the advertisement comes amid a notable dip in H&M's shares, which hit a two-month low, experiencing a 1.4 per cent decline by 1540 GMT, underperforming compared to its industry peers. H&M's retraction adds to a growing list of instances where fashion brands have faced backlash due to misjudged advertising campaigns. In December, Zara faced severe criticism and calls for a boycott after unveiling a campaign featuring statues wrapped in white. The imagery prompted protests, with many drawing parallels between the visuals and the war in Gaza. Zara ultimately pulled the campaign in response to the public outcry. (With inputs from Reuters)

H&M Retreats: Ad pulled amid criticism for sexualization of school girls

The ease of buy now, pay later (BNPL) services offered a tempting alternative to credit cards for holiday shopping, but the post-holiday reality is proving harsh for many Americans struggling to repay their festive debts.

Kelly Andersen, a Los Angeles copywriter, exemplifies this predicament. Despite never missing a payment before, she's now buried under $1,700 in BNPL debt from Klarna and PayPal purchases, resorting to selling clothes and shoes to make ends meet. "It's definitely a concern," she confessed to CNBC.

BNPL usage surged 14 per cent over the holidays, contributing $16.6 billion to online spending. However, with inflation and record interest rates squeezing budgets, holiday cheer has given way to financial anxieties for many who relied on BNPL.

While BNPL proponents tout its interest-free nature compared to credit cards, Ted Rossman of Bankrate tells CNBC of overspending temptations: "It can still encourage you to overspend and kind of trick yourself." This concern resonates with Alaina Fingal, a financial coach, who saw a tenfold increase in clients seeking help after overspending with BNPL.

The opacity surrounding BNPL adds to the worry. Unlike credit cards, BNPL debts aren't reported to credit bureaus, making it difficult to gauge delinquency rates. Klarna claims a global default rate below 1 per cent, but independent data is scarce. This lack of transparency fuels concerns about a potential "phantom debt" crisis, as Andersen jokingly compared it to the 2008 housing bubble.

The Consumer Financial Protection Bureau (CFPB) study sheds some light, revealing that BNPL users are twice as likely to be delinquent on other credit products and tend to have lower credit scores. This suggests a potential link between BNPL and broader financial struggles.

Consumers themselves express mixed feelings about BNPL. While some on social media praised it for enabling gift-giving, others vowed to ditch it after facing overdraft fees and even using rent money for repayments. Hensley Resiere, a loyal Klarna user, acknowledges the potential pitfalls but insists on being the "bigger beast" by managing her payments responsibly.

Branika Pride, a mom of three, used BNPL for holiday gifts like a PlayStation 5 and concert tickets. While appreciative of the service's flexibility, she admits it can encourage overspending and hinder long-term financial goals. "Every year I say I don't want to take it into the New Year," she says with a hint of resignation.

The surge in BNPL use raises concerns about its long-term impact on Americans' financial health. While its convenience and interest-free appeal are undeniable, its potential to exacerbate debt problems and financial instability can't be ignored. As more people embrace BNPL, responsible usage and clear regulations are crucial to prevent holiday cheer from turning into a year-long financial hangover.

The ease of buy now, pay later (BNPL) services offered a tempting alternative to credit cards for holiday shopping, but the post-holiday reality is proving harsh for many Americans struggling to repay their festive debts.

The ease of buy now, pay later (BNPL) services offered a tempting alternative to credit cards for holiday shopping, but the post-holiday reality is proving harsh for many Americans struggling to repay their festive debts. Kelly Andersen, a Los Angeles copywriter, exemplifies this predicament. Despite never missing a payment before, she's now buried under $1,700 in BNPL debt from Klarna and PayPal purchases, resorting to selling clothes and shoes to make ends meet. "It's definitely a concern," she confessed to CNBC. BNPL usage surged 14 per cent over the holidays, contributing $16.6 billion to online spending. However, with inflation and record interest rates squeezing budgets, holiday cheer has given way to financial anxieties for many who relied on BNPL. While BNPL proponents tout its interest-free nature compared to credit cards, Ted Rossman of Bankrate tells CNBC of overspending temptations: "It can still encourage you to overspend and kind of trick yourself." This concern resonates with Alaina Fingal, a financial coach, who saw a tenfold increase in clients seeking help after overspending with BNPL. The opacity surrounding BNPL adds to the worry. Unlike credit cards, BNPL debts aren't reported to credit bureaus, making it difficult to gauge delinquency rates. Klarna claims a global default rate below 1 per cent, but independent data is scarce. This lack of transparency fuels concerns about a potential "phantom debt" crisis, as Andersen jokingly compared it to the 2008 housing bubble. The Consumer Financial Protection Bureau (CFPB) study sheds some light, revealing that BNPL users are twice as likely to be delinquent on other credit products and tend to have lower credit scores. This suggests a potential link between BNPL and broader financial struggles. Consumers themselves express mixed feelings about BNPL. While some on social media praised it for enabling gift-giving, others vowed to ditch it after facing overdraft fees and even using rent money for repayments. Hensley Resiere, a loyal Klarna user, acknowledges the potential pitfalls but insists on being the "bigger beast" by managing her payments responsibly. Branika Pride, a mom of three, used BNPL for holiday gifts like a PlayStation 5 and concert tickets. While appreciative of the service's flexibility, she admits it can encourage overspending and hinder long-term financial goals. "Every year I say I don't want to take it into the New Year," she says with a hint of resignation. The surge in BNPL use raises concerns about its long-term impact on Americans' financial health. While its convenience and interest-free appeal are undeniable, its potential to exacerbate debt problems and financial instability can't be ignored. As more people embrace BNPL, responsible usage and clear regulations are crucial to prevent holiday cheer from turning into a year-long financial hangover.

Holiday Cheer Turns January Hangover for Buy Now, Pay Later Users

In a fascinating turn of events, Lakshadweep has captured the imagination of Indian travelers, witnessing an astonishing 50-fold surge in travel searches. Riding this wave of unprecedented interest, India's digital payments giant, Paytm, has introduced an exclusive 10% discount on flight tickets to this mesmerizing archipelago, signaling a shift in travel preferences.

Prime Minister Narendra Modi's recent visit to Lakshadweep has undeniably played a pivotal role in propelling the island to the top of jetsetters' wishlists. Travel platforms report a substantial uptick in inquiries, with users expressing a keen interest in exploring the pristine beauty of Lakshadweep. The surge in travel searches has prompted Paytm to align its offerings with this emerging trend, presenting an enticing discount for travelers eager to experience the island's charm.

Lakshadweep's skies are getting busier as more Indians opt for domestic travel, a trend that has gained momentum in recent times. With Air India operating flights to Lakshadweep's sole airport in Agatti Island, accessible via Kerala, the island has become a convenient yet exotic destination for those seeking a tropical paradise.

The 'Visit Lakshadweep' campaign has gained significant momentum post-Prime Minister Modi's visit, sparking discussions about the destination's newfound popularity. Travel companies are quick to capitalize on this trend by offering steep discounts, further fueling interest among potential tourists.

As Lakshadweep emerges as an alternative to traditional favorites like the Maldives, the debate intensifies over whether it will become the preferred choice for Indian beachgoers. Celebrities, travel agencies, and even foreign embassies are joining the chorus, endorsing Lakshadweep as the new jetsetter's paradise.

The island's allure, coupled with the surge in domestic travel, paints a promising picture for Lakshadweep's tourism industry. With the 'Visit Lakshadweep' campaign gaining widespread support and Indians taking to the skies more frequently, the archipelago is poised to become the sought-after destination for those seeking sun, sand, and serenity.

In a fascinating turn of events, Lakshadweep has captured the imagination of Indian travelers, witnessing an astonishing 50-fold surge in travel searches. Riding this wave of unprecedented interest, India's digital payments giant, Paytm, has introduced an exclusive 10% discount on flight tickets to this mesmerizing archipelago, signaling a shift in travel preferences.

In a fascinating turn of events, Lakshadweep has captured the imagination of Indian travelers, witnessing an astonishing 50-fold surge in travel searches. Riding this wave of unprecedented interest, India's digital payments giant, Paytm, has introduced an exclusive 10% discount on flight tickets to this mesmerizing archipelago, signaling a shift in travel preferences. Prime Minister Narendra Modi's recent visit to Lakshadweep has undeniably played a pivotal role in propelling the island to the top of jetsetters' wishlists. Travel platforms report a substantial uptick in inquiries, with users expressing a keen interest in exploring the pristine beauty of Lakshadweep. The surge in travel searches has prompted Paytm to align its offerings with this emerging trend, presenting an enticing discount for travelers eager to experience the island's charm. Lakshadweep's skies are getting busier as more Indians opt for domestic travel, a trend that has gained momentum in recent times. With Air India operating flights to Lakshadweep's sole airport in Agatti Island, accessible via Kerala, the island has become a convenient yet exotic destination for those seeking a tropical paradise. The 'Visit Lakshadweep' campaign has gained significant momentum post-Prime Minister Modi's visit, sparking discussions about the destination's newfound popularity. Travel companies are quick to capitalize on this trend by offering steep discounts, further fueling interest among potential tourists. As Lakshadweep emerges as an alternative to traditional favorites like the Maldives, the debate intensifies over whether it will become the preferred choice for Indian beachgoers. Celebrities, travel agencies, and even foreign embassies are joining the chorus, endorsing Lakshadweep as the new jetsetter's paradise. The island's allure, coupled with the surge in domestic travel, paints a promising picture for Lakshadweep's tourism industry. With the 'Visit Lakshadweep' campaign gaining widespread support and Indians taking to the skies more frequently, the archipelago is poised to become the sought-after destination for those seeking sun, sand, and serenity.

Lakshadweep Tops Indian Beachgoers' Wishlists

The World Tourism Organization (WTO) reports a promising rebound for the global tourism industry, projecting international tourism levels to surpass pre-pandemic figures by 2024. In 2023, 1.3 million tourists ventured to foreign destinations, marking 88% of pre-pandemic levels and a 44% increase from 2022. West Asia leads the recovery, exceeding pre-pandemic levels by 22%, while Europe, the most visited region, reached 94% of 2019 levels, propelled by U.S. tourists and robust intra-regional demand.

The recovery is attributed to pent-up demand, enhanced air connectivity, and a robust resurgence in Asian markets, positioning Asia as a key contributor to the sector's full recovery by the end of 2024. Asia and the Pacific reached 65% of pre-pandemic levels in 2023, with South Asia leading at 87% recovery of 2019 levels. The United Nations World Tourism Organization Secretary-General, Zurab Pololikashvili, emphasizes the resilience of tourism and its significant impact on economies, jobs, growth, and community opportunities.

This positive outlook is bolstered by preliminary estimates indicating a substantial economic impact, with tourism receipts hitting $1.4 trillion in 2023—93% of the $1.5 trillion earned in 2019. The recovery is expected to surpass 2019 levels by 2%, reflecting the industry's robust comeback.

The COVID-19 pandemic severely disrupted the tourism sector, leading to a sharp decline in global travel. However, factors such as increased air connectivity, pent-up demand, and a stronger recovery in Asian markets contribute to the industry's resurgence. The Madrid-based agency highlights significant room for recovery across Asia, anticipating that the reopening of source markets and destinations will drive global recovery.

From a consumer perspective, this resurgence offers a range of opportunities. With more destinations reopening and increased air capacity, travelers can explore diverse cultures and attractions. Additionally, the acceleration of China's outbound and inbound tourism in 2024, facilitated by improved visa processes and enhanced air capacity, presents exciting prospects for global travelers.

As the tourism industry inches closer to pre-pandemic levels, countries heavily reliant on tourism can anticipate economic revitalization, job creation, and increased growth, signaling a positive turn for both the industry and eager travelers worldwide.

The World Tourism Organization (WTO) reports a promising rebound for the global tourism industry, projecting international tourism levels to surpass pre-pandemic figures by 2024.

The World Tourism Organization (WTO) reports a promising rebound for the global tourism industry, projecting international tourism levels to surpass pre-pandemic figures by 2024. In 2023, 1.3 million tourists ventured to foreign destinations, marking 88% of pre-pandemic levels and a 44% increase from 2022. West Asia leads the recovery, exceeding pre-pandemic levels by 22%, while Europe, the most visited region, reached 94% of 2019 levels, propelled by U.S. tourists and robust intra-regional demand. The recovery is attributed to pent-up demand, enhanced air connectivity, and a robust resurgence in Asian markets, positioning Asia as a key contributor to the sector's full recovery by the end of 2024. Asia and the Pacific reached 65% of pre-pandemic levels in 2023, with South Asia leading at 87% recovery of 2019 levels. The United Nations World Tourism Organization Secretary-General, Zurab Pololikashvili, emphasizes the resilience of tourism and its significant impact on economies, jobs, growth, and community opportunities. This positive outlook is bolstered by preliminary estimates indicating a substantial economic impact, with tourism receipts hitting $1.4 trillion in 2023—93% of the $1.5 trillion earned in 2019. The recovery is expected to surpass 2019 levels by 2%, reflecting the industry's robust comeback. The COVID-19 pandemic severely disrupted the tourism sector, leading to a sharp decline in global travel. However, factors such as increased air connectivity, pent-up demand, and a stronger recovery in Asian markets contribute to the industry's resurgence. The Madrid-based agency highlights significant room for recovery across Asia, anticipating that the reopening of source markets and destinations will drive global recovery. From a consumer perspective, this resurgence offers a range of opportunities. With more destinations reopening and increased air capacity, travelers can explore diverse cultures and attractions. Additionally, the acceleration of China's outbound and inbound tourism in 2024, facilitated by improved visa processes and enhanced air capacity, presents exciting prospects for global travelers. As the tourism industry inches closer to pre-pandemic levels, countries heavily reliant on tourism can anticipate economic revitalization, job creation, and increased growth, signaling a positive turn for both the industry and eager travelers worldwide.

Global Travel Industry To Surpass Pre-Pandemic Levels in 2024

Author

Zee News Rajasthan

Editor

Shashwat Sankranti

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