India's bid to host the 2036 Olympics marks a significant shift in its sports landscape. The country, with its large population and booming economy, aims to showcase its global prowess through this endeavor. Prime Minister Narendra Modi's commitment to leaving "no stone unturned" reflects a national aspiration for a prominent role in the international sports arena.

The recent successes of Indian athletes at the Tokyo Olympics, Birmingham Commonwealth Games, and Asian Games in Hangzhou have boosted confidence in India's ability to compete at the highest level. The government, under Modi's leadership, has implemented strategic initiatives like the "Khelo India" program and the "Target Olympic Podium Scheme" to foster talent and improve sports infrastructure, signaling a comprehensive approach to sports development.

However, challenges persist, as highlighted by the setbacks during the 2010 Commonwealth Games in Delhi. Infrastructure deficiencies and organizational issues raised doubts about India's readiness to host major sporting events. The choice of Ahmedabad as a potential host city for the 2036 Olympics has raised concerns about its capacity and preparedness.

While Ahmedabad has ambitious plans and has broken ground on facilities, questions about the city's ability to accommodate the expected influx of visitors and sustain the upgraded infrastructure post-Olympics remain. The need for substantial growth in hotel capacity and long-term planning for facility utilization poses logistical challenges.

India's dominance in cricket, often viewed as a hurdle for other sports, could be mitigated by the inclusion of cricket in the 2028 Los Angeles Olympics, offering a chance for the sport to share the spotlight. This aligns with Modi's vision of using sports as a tool for national integration and showcasing India's capabilities on a global stage.

In conclusion, India's bid to host the 2036 Olympics signifies a bold step towards establishing itself as a sports powerhouse. While challenges exist, the government's commitment to sports development and the nation's recent sporting achievements provide a strong foundation. Hosting the Olympics could potentially elevate India's global standing, attract investments, and foster a culture of sports beyond cricket.

India's bid to host the 2036 Olympics marks a significant shift in its sports landscape. The country, with its large population and booming economy, aims to showcase its global prowess through this endeavor.

India's bid to host the 2036 Olympics marks a significant shift in its sports landscape. The country, with its large population and booming economy, aims to showcase its global prowess through this endeavor. Prime Minister Narendra Modi's commitment to leaving "no stone unturned" reflects a national aspiration for a prominent role in the international sports arena. The recent successes of Indian athletes at the Tokyo Olympics, Birmingham Commonwealth Games, and Asian Games in Hangzhou have boosted confidence in India's ability to compete at the highest level. The government, under Modi's leadership, has implemented strategic initiatives like the "Khelo India" program and the "Target Olympic Podium Scheme" to foster talent and improve sports infrastructure, signaling a comprehensive approach to sports development. However, challenges persist, as highlighted by the setbacks during the 2010 Commonwealth Games in Delhi. Infrastructure deficiencies and organizational issues raised doubts about India's readiness to host major sporting events. The choice of Ahmedabad as a potential host city for the 2036 Olympics has raised concerns about its capacity and preparedness. While Ahmedabad has ambitious plans and has broken ground on facilities, questions about the city's ability to accommodate the expected influx of visitors and sustain the upgraded infrastructure post-Olympics remain. The need for substantial growth in hotel capacity and long-term planning for facility utilization poses logistical challenges. India's dominance in cricket, often viewed as a hurdle for other sports, could be mitigated by the inclusion of cricket in the 2028 Los Angeles Olympics, offering a chance for the sport to share the spotlight. This aligns with Modi's vision of using sports as a tool for national integration and showcasing India's capabilities on a global stage. In conclusion, India's bid to host the 2036 Olympics signifies a bold step towards establishing itself as a sports powerhouse. While challenges exist, the government's commitment to sports development and the nation's recent sporting achievements provide a strong foundation. Hosting the Olympics could potentially elevate India's global standing, attract investments, and foster a culture of sports beyond cricket.

What India's bid for the 2036 Olympics means for its economy

In a turn of events, China has successfully bypassed Western sanctions to solidify its oil ties with Russia, making it the country's primary crude oil supplier in 2023. Chinese customs data reveals that Russia surpassed Saudi Arabia, previously the largest supplier, by shipping a record-breaking 107.02 million metric tons of crude oil to China, equivalent to an impressive 2.14 million barrels per day (bpd).<o:p></o:p>

The shift in allegiance to Russia can be attributed to China's strategic move to purchase substantial quantities of discounted oil, defying Western sanctions imposed in the aftermath of Russia's 2022 invasion of Ukraine. Russian crude oil, facing international reluctance, traded at significant discounts to global benchmarks for a considerable part of the year, boosting China's imports and reshaping its oil landscape.<o:p></o:p>

While Saudi Arabia, a dominant player in China's oil market, experienced a 1.8 per cent decline in imports to 85.96 million tons, Russia's competitively priced crude allowed it to gain market share at the expense of the Middle East giant. The discounted Russian ESPO crude witnessed increasing demand from Chinese and Indian refiners throughout 2023, surpassing the Group of Seven's $60-a-barrel price cap imposed in December 2022.<o:p></o:p>

Despite Western sanctions, Chinese refiners adeptly navigated the situation by employing intermediary traders to manage the shipping and insurance aspects of Russian crude. This strategic move allowed China to uphold its oil requirements while avoiding direct violations of the imposed sanctions.<o:p></o:p>

Furthermore, the rising demand for discounted oil prompted changes in the pricing dynamics. December deliveries of ESPO crude were priced at a discount ranging from 50 cents to 20 cents per barrel to the ICE Brent benchmark. This shift in pricing reflected the increased options available for shipping and insurance that circumvented the Western sanctions.<o:p></o:p>

In contrast, Saudi Arabia responded to these market dynamics by raising prices for its signature Arab Light crude from July onwards. The decision aimed to maintain revenue but led some refiners to explore alternatives, given the availability of more cost-effective cargoes.<o:p></o:p>

To stabilise prices, both Saudi Arabia and Russia, two of the world's top three oil producers, announced output and export cuts. While Saudi Arabia extended output cuts of 1 million bpd for the current quarter, Russia declared an increase in its export cut to 500,000 bpd from 300,000 bpd, signalling its commitment to market stability.<o:p></o:p>

In the backdrop of these geopolitical shifts, China's overall crude imports for 2023 reached a record high of 563.99 million metric tons, equivalent to a staggering 11.28 million bpd. The surge in imports from the US, despite geopolitical tensions between Beijing and Washington, contributed to this record, with shipments rising by an impressive 81.1 per cent.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In a turn of events, China has successfully bypassed Western sanctions to solidify its oil ties with Russia, making it the country's primary crude oil supplier in 2023.

In a turn of events, China has successfully bypassed Western sanctions to solidify its oil ties with Russia, making it the country's primary crude oil supplier in 2023. Chinese customs data reveals that Russia surpassed Saudi Arabia, previously the largest supplier, by shipping a record-breaking 107.02 million metric tons of crude oil to China, equivalent to an impressive 2.14 million barrels per day (bpd). The shift in allegiance to Russia can be attributed to China's strategic move to purchase substantial quantities of discounted oil, defying Western sanctions imposed in the aftermath of Russia's 2022 invasion of Ukraine. Russian crude oil, facing international reluctance, traded at significant discounts to global benchmarks for a considerable part of the year, boosting China's imports and reshaping its oil landscape. While Saudi Arabia, a dominant player in China's oil market, experienced a 1.8 per cent decline in imports to 85.96 million tons, Russia's competitively priced crude allowed it to gain market share at the expense of the Middle East giant. The discounted Russian ESPO crude witnessed increasing demand from Chinese and Indian refiners throughout 2023, surpassing the Group of Seven's $60-a-barrel price cap imposed in December 2022. Despite Western sanctions, Chinese refiners adeptly navigated the situation by employing intermediary traders to manage the shipping and insurance aspects of Russian crude. This strategic move allowed China to uphold its oil requirements while avoiding direct violations of the imposed sanctions. Furthermore, the rising demand for discounted oil prompted changes in the pricing dynamics. December deliveries of ESPO crude were priced at a discount ranging from 50 cents to 20 cents per barrel to the ICE Brent benchmark. This shift in pricing reflected the increased options available for shipping and insurance that circumvented the Western sanctions. In contrast, Saudi Arabia responded to these market dynamics by raising prices for its signature Arab Light crude from July onwards. The decision aimed to maintain revenue but led some refiners to explore alternatives, given the availability of more cost-effective cargoes. To stabilise prices, both Saudi Arabia and Russia, two of the world's top three oil producers, announced output and export cuts. While Saudi Arabia extended output cuts of 1 million bpd for the current quarter, Russia declared an increase in its export cut to 500,000 bpd from 300,000 bpd, signalling its commitment to market stability. In the backdrop of these geopolitical shifts, China's overall crude imports for 2023 reached a record high of 563.99 million metric tons, equivalent to a staggering 11.28 million bpd. The surge in imports from the US, despite geopolitical tensions between Beijing and Washington, contributed to this record, with shipments rising by an impressive 81.1 per cent. (With inputs from Reuters)

China defies sanctions, secures Russia as top oil supplier in 2023

The Taoyuan Union of Pilots voted in favour of a strike at Taiwan's Eva Airways, intensifying a dispute over salaries and working conditions. The standoff raises concerns about potential flight disruptions during the crucial Lunar New Year holidays, which commence on Feb. 8 in Taiwan.

Background

The union contends that Eva Airways has failed to raise salaries adequately and has allegedly recruited foreign pilots to address manpower shortages without adhering to the law. On the other hand, Eva Airways asserts that it has consistently increased salaries and has not violated any recruitment laws.

Negotiations between the union and the airline broke down, prompting the union to initiate a ballot among its members last month. The outcome of the vote authorised the union to proceed with strike action, with the expectation that strikes would occur around the Lunar New Year, though specific dates were not disclosed.

This potential strike would be a major blow to travellers and the wider economy. With the Lunar New Year being a crucial time for family reunions and tourism, the consequences of a pilot strike could be even more significant.

Both sides are facing pressure to avoid such a scenario. The Civil Aviation Administration urged Eva and the union to prioritize passenger rights and communicate well. While emphasizing its willingness to negotiate "until the last moment," the union is adamant about its demands for better pay and working conditions.

Industry impact

Eva Airways, recognized internationally for its distinctive Hello Kitty livery, operates flights across Asia, North America, Europe, and Australia, making it Taiwan's second-largest carrier after China Airlines. This labour dispute follows a significant flight attendants' strike in 2019, during which hundreds of flights were cancelled, marking the longest-ever strike in Taiwan's aviation history.

Despite the current labour dispute, Eva Airways recently finalised an order for 33 Airbus aircraft, signalling continued growth. The deal is estimated to be worth up to $10.1 billion.

Investors reacted negatively to the strike news, with Eva's shares falling 1.8% on Monday. The uncertainty surrounding the situation could further impact the airline's financial performance, especially considering its recent major aircraft order with Airbus.

The Taoyuan Union of Pilots voted in favour of a strike at Taiwan's Eva Airways, intensifying a dispute over salaries and working conditions. The standoff raises concerns about potential flight disruptions during the crucial Lunar New Year holidays, which commence on Feb.

The Taoyuan Union of Pilots voted in favour of a strike at Taiwan's Eva Airways, intensifying a dispute over salaries and working conditions. The standoff raises concerns about potential flight disruptions during the crucial Lunar New Year holidays, which commence on Feb. 8 in Taiwan. Background The union contends that Eva Airways has failed to raise salaries adequately and has allegedly recruited foreign pilots to address manpower shortages without adhering to the law. On the other hand, Eva Airways asserts that it has consistently increased salaries and has not violated any recruitment laws. Negotiations between the union and the airline broke down, prompting the union to initiate a ballot among its members last month. The outcome of the vote authorised the union to proceed with strike action, with the expectation that strikes would occur around the Lunar New Year, though specific dates were not disclosed. This potential strike would be a major blow to travellers and the wider economy. With the Lunar New Year being a crucial time for family reunions and tourism, the consequences of a pilot strike could be even more significant. Both sides are facing pressure to avoid such a scenario. The Civil Aviation Administration urged Eva and the union to prioritize passenger rights and communicate well. While emphasizing its willingness to negotiate "until the last moment," the union is adamant about its demands for better pay and working conditions. Industry impact Eva Airways, recognized internationally for its distinctive Hello Kitty livery, operates flights across Asia, North America, Europe, and Australia, making it Taiwan's second-largest carrier after China Airlines. This labour dispute follows a significant flight attendants' strike in 2019, during which hundreds of flights were cancelled, marking the longest-ever strike in Taiwan's aviation history. Despite the current labour dispute, Eva Airways recently finalised an order for 33 Airbus aircraft, signalling continued growth. The deal is estimated to be worth up to $10.1 billion. Investors reacted negatively to the strike news, with Eva's shares falling 1.8% on Monday. The uncertainty surrounding the situation could further impact the airline's financial performance, especially considering its recent major aircraft order with Airbus.

Lunar New Year flights in jeopardy as Eva Air pilots vote for strike

The world's top hedge funds delivered a resounding comeback in 2023, generating $67 billion for investors – three times their haul in 2022. This windfall marks a sharp turnaround from the market turbulence of the previous year. According to data released by LCH Investments and cited by Reuters, activist TCI Fund Management emerged as the leader, setting an impressive pace for the industry.

Bridgewater Associates, founded by billionaire Ray Dalio, and Caxton were the only two firms among the top 20 whose funds posted losses. However, it is essential to highlight that the ranking excludes some of Bridgewater's funds, like All Weather, which follows broader market moves and showed a robust 10.6% gain in 2023. Overall, the top 20 hedge funds achieved an average return of 10.5%, significantly outperforming the industry's 6.4% average.

Citadel, Millennium Management, and D. E. Shaw emerged as the top three hedge funds by lifetime gains. Despite representing only 4.6% of the industry's assets under management, these three firms generated 38.3% of the entire industry's returns over the past three years. Multi-strategy hedge funds are known for using leverage to enhance returns. Their ability to attract top talent, supported by a fee structure covering most operational costs, has been a key factor in their success.

In a noteworthy comeback, William Ackman's Pershing Square, an activist fund, re-entered the rankings for the first time since 2015, securing the 20th position for 2023. The fund generated $18.8 billion for investors since 2004, delivering a remarkable 26.7% return in the past year, surpassing broader stock market gains.

Market rebound and resilience

The strong performance in 2023 marked a significant rebound for the hedge fund industry after a challenging 2022. During the previous year, market turbulence ignited by the war in Ukraine and Federal Reserve interest rate hikes led to losses for at least eight of the top 20 hedge funds.

Still, the question remains: can this momentum be sustained? The ever-evolving economic landscape, with potential challenges like inflation and geopolitical tensions, will undoubtedly test the mettle of even the most successful hedge funds.

The world's top hedge funds delivered a resounding comeback in 2023, generating $67 billion for investors – three times their haul in 2022. This windfall marks a sharp turnaround from the market turbulence of the previous year.

The world's top hedge funds delivered a resounding comeback in 2023, generating $67 billion for investors – three times their haul in 2022. This windfall marks a sharp turnaround from the market turbulence of the previous year. According to data released by LCH Investments and cited by Reuters, activist TCI Fund Management emerged as the leader, setting an impressive pace for the industry. Bridgewater Associates, founded by billionaire Ray Dalio, and Caxton were the only two firms among the top 20 whose funds posted losses. However, it is essential to highlight that the ranking excludes some of Bridgewater's funds, like All Weather, which follows broader market moves and showed a robust 10.6% gain in 2023. Overall, the top 20 hedge funds achieved an average return of 10.5%, significantly outperforming the industry's 6.4% average. Citadel, Millennium Management, and D. E. Shaw emerged as the top three hedge funds by lifetime gains. Despite representing only 4.6% of the industry's assets under management, these three firms generated 38.3% of the entire industry's returns over the past three years. Multi-strategy hedge funds are known for using leverage to enhance returns. Their ability to attract top talent, supported by a fee structure covering most operational costs, has been a key factor in their success. In a noteworthy comeback, William Ackman's Pershing Square, an activist fund, re-entered the rankings for the first time since 2015, securing the 20th position for 2023. The fund generated $18.8 billion for investors since 2004, delivering a remarkable 26.7% return in the past year, surpassing broader stock market gains. Market rebound and resilience The strong performance in 2023 marked a significant rebound for the hedge fund industry after a challenging 2022. During the previous year, market turbulence ignited by the war in Ukraine and Federal Reserve interest rate hikes led to losses for at least eight of the top 20 hedge funds. Still, the question remains: can this momentum be sustained? The ever-evolving economic landscape, with potential challenges like inflation and geopolitical tensions, will undoubtedly test the mettle of even the most successful hedge funds.

Global hedge funds reap record profits in 2023, outpacing a turbulent market

Asian markets rallied on Monday, with Japan taking the lead, propelled by the tech sector's enthusiasm for artificial intelligence (AI). The Nikkei surged to a fresh 34-year peak, up 8.3 per cent in January, fuelled by strong performances in chip stocks following Taiwan Semiconductor Manufacturing's optimistic profit outlook. <o:p></o:p>

Chipmakers, including Nvidia and Advanced Micro Devices, reaped the benefits of the AI-driven rally. As investors brace for a week packed with central bank meetings, economic data releases, and corporate earnings, attention turns to results from Intel, IBM, Tesla, Netflix, Lockheed Martin, and others. The S&amp;P 500 and Nasdaq futures in the US showed marginal gains after reaching record highs last week. (Source: Reuters)<o:p></o:p>

Amid the broader Asian rally, MSCI's broadest index of Asia-Pacific shares outside Japan rose by 0.3 per cent, rebounding from last week's downturn influenced by weakness in China's markets. China experienced a five-year low, sparking speculation about state funds supporting stocks. Despite concerns about China's economic stability, Beijing appears hesitant to implement aggressive stimulus measures. 

The Bank of Japan, meeting on Tuesday, is expected to maintain super-easy monetary policies, supported by a second consecutive month of slowing consumer prices. Analysts anticipate the central bank's cautious stance, awaiting the outcomes of the spring wage rounds before considering any tightening measures.<o:p></o:p>

On the global stage, the European Central Bank (ECB) is set to meet on Thursday, expected to maintain its current stance amid recent hawkish commentary from top officials. While a March rate cut seems logical, the ECB's recent resistance makes a June cut more probable. Futures indicate a 76 per cent chance of a first cut in May, with 40 basis points of easing priced in by June. <o:p></o:p>

Central banks in Canada and Norway are also scheduled to meet this week, with no anticipated changes to interest rates. In the United States, market expectations for a March cut from the Federal Reserve have decreased to 49 per cent, influenced by recent hawkish rhetoric. Attention now turns to US economic growth and core inflation data, which could shape the prospects for early easing.<o:p></o:p>

Global financial markets witnessed a notable shift last week, with 10-year Treasury yields rising nearly 20 basis points to 4.13 per cent. This strengthened the dollar, reaching a five-week high against a basket of currencies. The dollar stood at 148.13 yen, having gained 2.2 per cent last week. <o:p></o:p>

The euro held steady at $1.0893. Gold, a non-yielding asset, lost appeal at $2,028 an ounce in the face of rising yields. In the oil market, concerns about global demand offset tensions in the Middle East. Brent crude dipped to $78.33 a barrel, while US crude for January eased to $73.16 per barrel, reflecting ongoing uncertainties in the energy market.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Asian markets rallied on Monday, with Japan taking the lead, propelled by the tech sector's enthusiasm for artificial intelligence (AI). The Nikkei surged to a fresh 34-year peak, up 8.

Asian markets rallied on Monday, with Japan taking the lead, propelled by the tech sector's enthusiasm for artificial intelligence (AI). The Nikkei surged to a fresh 34-year peak, up 8.3 per cent in January, fuelled by strong performances in chip stocks following Taiwan Semiconductor Manufacturing's optimistic profit outlook. Chipmakers, including Nvidia and Advanced Micro Devices, reaped the benefits of the AI-driven rally. As investors brace for a week packed with central bank meetings, economic data releases, and corporate earnings, attention turns to results from Intel, IBM, Tesla, Netflix, Lockheed Martin, and others. The S&P 500 and Nasdaq futures in the US showed marginal gains after reaching record highs last week. (Source: Reuters) Amid the broader Asian rally, MSCI's broadest index of Asia-Pacific shares outside Japan rose by 0.3 per cent, rebounding from last week's downturn influenced by weakness in China's markets. China experienced a five-year low, sparking speculation about state funds supporting stocks. Despite concerns about China's economic stability, Beijing appears hesitant to implement aggressive stimulus measures. The Bank of Japan, meeting on Tuesday, is expected to maintain super-easy monetary policies, supported by a second consecutive month of slowing consumer prices. Analysts anticipate the central bank's cautious stance, awaiting the outcomes of the spring wage rounds before considering any tightening measures. On the global stage, the European Central Bank (ECB) is set to meet on Thursday, expected to maintain its current stance amid recent hawkish commentary from top officials. While a March rate cut seems logical, the ECB's recent resistance makes a June cut more probable. Futures indicate a 76 per cent chance of a first cut in May, with 40 basis points of easing priced in by June. Central banks in Canada and Norway are also scheduled to meet this week, with no anticipated changes to interest rates. In the United States, market expectations for a March cut from the Federal Reserve have decreased to 49 per cent, influenced by recent hawkish rhetoric. Attention now turns to US economic growth and core inflation data, which could shape the prospects for early easing. Global financial markets witnessed a notable shift last week, with 10-year Treasury yields rising nearly 20 basis points to 4.13 per cent. This strengthened the dollar, reaching a five-week high against a basket of currencies. The dollar stood at 148.13 yen, having gained 2.2 per cent last week. The euro held steady at $1.0893. Gold, a non-yielding asset, lost appeal at $2,028 an ounce in the face of rising yields. In the oil market, concerns about global demand offset tensions in the Middle East. Brent crude dipped to $78.33 a barrel, while US crude for January eased to $73.16 per barrel, reflecting ongoing uncertainties in the energy market. (With inputs from Reuters)

Japan leads Asian stocks amid AI surge; global markets await Central Bank decisions

The U.S. housing market continued its downward spiral in December, with sales of existing homes falling for the 12th straight month compared to the year before, a CNBC report states. However, industry experts are offering signs of hope for a spring rebound as mortgage rates ease and inventory creeps up.

According to a CNBC report, sales dropped 1 per cent from November to a seasonally adjusted annualized rate of 3.78 million units, marking the lowest level since August 2010. Compared to December 2022, the decline was even steeper at 6.2 per cent, bringing the year-end tally to a dismal 4.09 million units – the worst since 1995.

Regionally, the picture was mixed, with sales remaining flat in the Northeast and falling in the Midwest and South. However, a surprising 7.8 per cent jump in the West offered a glimmer of hope. Lawrence Yun, chief economist at the National Association of Realtors (NAR), attributed the overall decline to higher mortgage rates that peaked around 8 per cent in October before dipping into the 7 per cent range in November. Today, rates sit at a more palatable 6.89 per cent.

"The latest month's sales look to be the bottom before inevitably turning higher in the new year," Yun predicted in a press release. "Mortgage rates are meaningfully lower compared to just two months ago, and more inventory is expected to appear on the market in upcoming months."

While Yun's optimism seems justified, existing inventory remains tight, falling 11.5 per cent from November but still up 4.2 per cent year-over-year. The December count of 1 million homes for sale translates to a 3.2-month supply at the current sales pace – a far cry from the six-month buffer considered balanced between buyers and sellers.

Despite the inventory crunch, home prices continued their upward climb. The median price in December hit $382,600, a 4.4 per cent increase from December 2022 and the sixth consecutive month of year-over-year gains. The full-year median price of $389,800 also set a new record.

Homes spent an average of 29 days on the market in December, compared to 25 in November. Additionally, the share of all-cash sales rose from 27 per cent to 29 per cent. Notably, individual investors, who typically drive a significant portion of cash purchases, reduced their activity, buying 16 per cent of homes compared to 18 per cent the prior month.

This pullback from investors could spell good news for first-time buyers, who have been disproportionately priced out of the market. Their share of December sales dropped to 29 per cent, down from 31 per cent a year ago and significantly lower than the historical average of 40 per cent.

A recent Realtor.com study suggests this trend may continue, offering hope for first-time buyers in 2024. Danielle Hale, chief economist at Realtor.com, tells CNBC, "With rents continuing to ease and more multi-family homes entering the market for rent, investors may continue to tread more cautiously in the housing market. This would mean one less source of competition for potential first-time home buyers who are approaching the 2024 market with optimism despite the challenge of trying to buy a home at a below-median price point, one that investors also often target."

The U.S. housing market continued its downward spiral in December, with sales of existing homes falling for the 12th straight month compared to the year before, a CNBC report states.

The U.S. housing market continued its downward spiral in December, with sales of existing homes falling for the 12th straight month compared to the year before, a CNBC report states. However, industry experts are offering signs of hope for a spring rebound as mortgage rates ease and inventory creeps up. According to a CNBC report, sales dropped 1 per cent from November to a seasonally adjusted annualized rate of 3.78 million units, marking the lowest level since August 2010. Compared to December 2022, the decline was even steeper at 6.2 per cent, bringing the year-end tally to a dismal 4.09 million units – the worst since 1995. Regionally, the picture was mixed, with sales remaining flat in the Northeast and falling in the Midwest and South. However, a surprising 7.8 per cent jump in the West offered a glimmer of hope. Lawrence Yun, chief economist at the National Association of Realtors (NAR), attributed the overall decline to higher mortgage rates that peaked around 8 per cent in October before dipping into the 7 per cent range in November. Today, rates sit at a more palatable 6.89 per cent. "The latest month's sales look to be the bottom before inevitably turning higher in the new year," Yun predicted in a press release. "Mortgage rates are meaningfully lower compared to just two months ago, and more inventory is expected to appear on the market in upcoming months." While Yun's optimism seems justified, existing inventory remains tight, falling 11.5 per cent from November but still up 4.2 per cent year-over-year. The December count of 1 million homes for sale translates to a 3.2-month supply at the current sales pace – a far cry from the six-month buffer considered balanced between buyers and sellers. Despite the inventory crunch, home prices continued their upward climb. The median price in December hit $382,600, a 4.4 per cent increase from December 2022 and the sixth consecutive month of year-over-year gains. The full-year median price of $389,800 also set a new record. Homes spent an average of 29 days on the market in December, compared to 25 in November. Additionally, the share of all-cash sales rose from 27 per cent to 29 per cent. Notably, individual investors, who typically drive a significant portion of cash purchases, reduced their activity, buying 16 per cent of homes compared to 18 per cent the prior month. This pullback from investors could spell good news for first-time buyers, who have been disproportionately priced out of the market. Their share of December sales dropped to 29 per cent, down from 31 per cent a year ago and significantly lower than the historical average of 40 per cent. A recent Realtor.com study suggests this trend may continue, offering hope for first-time buyers in 2024. Danielle Hale, chief economist at Realtor.com, tells CNBC, "With rents continuing to ease and more multi-family homes entering the market for rent, investors may continue to tread more cautiously in the housing market. This would mean one less source of competition for potential first-time home buyers who are approaching the 2024 market with optimism despite the challenge of trying to buy a home at a below-median price point, one that investors also often target."

US home sales hit rock bottom in December, but springtime rebound expected

In a decisive move, Macy’s has rebuffed the $5.8 billion proposal from Arkhouse Management and Brigade Capital Management to take the retail giant private. The bid, which aimed to acquire the shares Macy’s doesn’t already own at $21 per share, was rejected on Sunday. <o:p></o:p>

Macy’s cited apprehensions over deal financing and valuation as the primary reasons for turning down the offer, stating, “The Board has determined not to enter into a non-disclosure agreement or provide any due diligence information to Arkhouse and Brigade,” and highlighting “a lack of compelling value” in the proposal. The department store operator expressed particular reservations about Arkhouse and Brigade’s ability to finance the proposed transaction, asserting that the furnished information failed to address these concerns.<o:p></o:p>

Arkhouse Management, specialising in real estate investments, and Brigade Capital Management, a global asset manager, emphasised the potential for an augmented proposal should they be granted access to necessary due diligence. <o:p></o:p>

Despite the rejection, Macy’s acknowledged the significant stake the investor group holds in the company through Arkhouse-managed funds. Jefferies, acting as the financial adviser for the buyout group, issued a highly confident letter supporting their capability to raise the required funds for the transaction.<o:p></o:p>

The bid by Arkhouse and Brigade has brought attention to the undervaluation of Macy’s concerning its real estate. Analysts estimate the company's real estate to be worth between $7.5 billion to $11.6 billion, shedding light on the potential value yet to be unlocked. Macy’s, which owns 316 of its 722 total stores as of January, is currently navigating a challenging landscape. <o:p></o:p>

Last week, the company announced a strategic streamlining initiative, involving the elimination of 2,350 jobs and the closure of five stores. This move is indicative of the broader struggle faced by legacy department stores in competing against younger, online rivals with smaller physical footprints.<o:p></o:p>

Investment bankers and analysts had previously suggested that while a deal for Macy’s with Arkhouse and Brigade might be unlikely, the bid could prompt the company to explore options for unlocking additional value. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In a decisive move, Macy’s has rebuffed the $5.8 billion proposal from Arkhouse Management and Brigade Capital Management to take the retail giant private. The bid, which aimed to acquire the shares Macy’s doesn’t already own at $21 per share, was rejected on Sunday.

In a decisive move, Macy’s has rebuffed the $5.8 billion proposal from Arkhouse Management and Brigade Capital Management to take the retail giant private. The bid, which aimed to acquire the shares Macy’s doesn’t already own at $21 per share, was rejected on Sunday. Macy’s cited apprehensions over deal financing and valuation as the primary reasons for turning down the offer, stating, “The Board has determined not to enter into a non-disclosure agreement or provide any due diligence information to Arkhouse and Brigade,” and highlighting “a lack of compelling value” in the proposal. The department store operator expressed particular reservations about Arkhouse and Brigade’s ability to finance the proposed transaction, asserting that the furnished information failed to address these concerns. Arkhouse Management, specialising in real estate investments, and Brigade Capital Management, a global asset manager, emphasised the potential for an augmented proposal should they be granted access to necessary due diligence. Despite the rejection, Macy’s acknowledged the significant stake the investor group holds in the company through Arkhouse-managed funds. Jefferies, acting as the financial adviser for the buyout group, issued a highly confident letter supporting their capability to raise the required funds for the transaction. The bid by Arkhouse and Brigade has brought attention to the undervaluation of Macy’s concerning its real estate. Analysts estimate the company's real estate to be worth between $7.5 billion to $11.6 billion, shedding light on the potential value yet to be unlocked. Macy’s, which owns 316 of its 722 total stores as of January, is currently navigating a challenging landscape. Last week, the company announced a strategic streamlining initiative, involving the elimination of 2,350 jobs and the closure of five stores. This move is indicative of the broader struggle faced by legacy department stores in competing against younger, online rivals with smaller physical footprints. Investment bankers and analysts had previously suggested that while a deal for Macy’s with Arkhouse and Brigade might be unlikely, the bid could prompt the company to explore options for unlocking additional value. (With inputs from Reuters)

Macy’s rejects $5.8 bn takeover bid from Arkhouse, citing financing & valuation concerns

China has opted to keep its benchmark lending rates steady during the monthly fixing on Monday, signalling limited room for monetary easing in the face of growing pressure on the yuan. Last week, the People's Bank of China (PBOC) surprised markets by maintaining its medium-term lending facility rate, showcasing a cautious stance. <o:p></o:p>

The central bank's decision, despite recent economic data revealing uneven recovery and deflationary concerns impacting borrowing costs, underscores its reluctance to exacerbate yuan depreciation. Reuters cited Julian Evans-Pritchard from Capital Economics who noted policymakers' "lingering concerns" about the yuan, predicting a cautious approach with a focus on quantitative easing tools.<o:p></o:p>

The one-year loan prime rate (LPR) remains at 3.45 per cent, while the five-year LPR stands unchanged at 4.20 per cent. In a recent Reuters poll involving 27 market watchers, all but one participant anticipated the status quo for both LPRs. The one-year LPR significantly influences most new and existing loans in China, whereas the five-year rate impacts mortgage pricing. <o:p></o:p>

Despite signs of resilience in the US economy, the yuan faced downward pressure at the beginning of the year, weakening by approximately 1.3 per cent year-to-date. Analysts, including Evans-Pritchard, anticipate the PBOC to resume rate cuts once the yuan stabilizes, projecting a 20 basis point reduction by the end of the second quarter.<o:p></o:p>

Last year, the PBOC reduced the one-year LPR twice by a total of 20 basis points, and the five-year LPR saw a 10 basis point decrease. As the Lunar New Year holidays approach, market observers expect the central bank to increase liquidity injections to meet heightened cash demand from corporations and households. <o:p></o:p>

The week-long holiday begins on February 10 this year. Analysts, as reported by the state-owned China Securities Journal, suggest the PBOC may utilise methods such as reverse repos in open market operations, with the possibility of a reduction in banks' reserve requirement ratio (RRR).<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

China has opted to keep its benchmark lending rates steady during the monthly fixing on Monday, signalling limited room for monetary easing in the face of growing pressure on the yuan.

China has opted to keep its benchmark lending rates steady during the monthly fixing on Monday, signalling limited room for monetary easing in the face of growing pressure on the yuan. Last week, the People's Bank of China (PBOC) surprised markets by maintaining its medium-term lending facility rate, showcasing a cautious stance. The central bank's decision, despite recent economic data revealing uneven recovery and deflationary concerns impacting borrowing costs, underscores its reluctance to exacerbate yuan depreciation. Reuters cited Julian Evans-Pritchard from Capital Economics who noted policymakers' "lingering concerns" about the yuan, predicting a cautious approach with a focus on quantitative easing tools. The one-year loan prime rate (LPR) remains at 3.45 per cent, while the five-year LPR stands unchanged at 4.20 per cent. In a recent Reuters poll involving 27 market watchers, all but one participant anticipated the status quo for both LPRs. The one-year LPR significantly influences most new and existing loans in China, whereas the five-year rate impacts mortgage pricing. Despite signs of resilience in the US economy, the yuan faced downward pressure at the beginning of the year, weakening by approximately 1.3 per cent year-to-date. Analysts, including Evans-Pritchard, anticipate the PBOC to resume rate cuts once the yuan stabilizes, projecting a 20 basis point reduction by the end of the second quarter. Last year, the PBOC reduced the one-year LPR twice by a total of 20 basis points, and the five-year LPR saw a 10 basis point decrease. As the Lunar New Year holidays approach, market observers expect the central bank to increase liquidity injections to meet heightened cash demand from corporations and households. The week-long holiday begins on February 10 this year. Analysts, as reported by the state-owned China Securities Journal, suggest the PBOC may utilise methods such as reverse repos in open market operations, with the possibility of a reduction in banks' reserve requirement ratio (RRR). (With inputs from Reuters)

China maintains stability in benchmark lending rates amid yuan pressure

Singapore-based Terraform Labs, the company behind the infamous TerraUSD stablecoin crash, has filed for Chapter 11 bankruptcy protection in the United States. This move comes two years after the dramatic collapse of TerraUSD and its linked cryptocurrency, Luna, which sent shockwaves through the global crypto market.

From stablecoin dreams to bankruptcy nightmare

TerraUSD was designed to maintain a steady $1 peg, but its algorithmic mechanism failed spectacularly in May 2022, triggering a domino effect that wiped out billions of dollars in investor value. Both TerraUSD and Luna plummeted to near zero, leaving a trail of financial ruin and accusations of mismanagement against Terraform Labs and its co-founder Do Kwon.

Chapter 11: Restructuring or Retreat?

Terraform Labs claims the bankruptcy filing will allow them to "navigate ongoing legal proceedings" while continuing operations. They pledge to fulfill financial obligations to employees and vendors and even expand their Web3 offerings. However, scepticism abounds. Critics see the move as a desperate attempt to shield assets and avoid accountability for the TerraUSD debacle.

Legal shadow looms

Terraform Labs and Kwon face a barrage of legal challenges, including a lawsuit from the US Securities and Exchange Commission (SEC) alleging a $40 billion crypto fraud. The SEC accused them of misleading investors and manipulating the TerraUSD peg. A recent trial postponement, while aimed at extraditing Kwon, adds further uncertainty to the legal landscape.

Crypto market repercussions &amp; the future:

The TerraUSD crash dealt a blow to the cryptocurrency market's reputation and triggered increased regulatory scrutiny. While the market has somewhat recovered, the Terraform Labs bankruptcy serves as a stark reminder of the risks and volatility inherent in cryptocurrencies.

Terraform Labs' Web3 ambitions, despite the bankruptcy, raise questions. Can they rebuild trust and attract users after the TerraUSD fiasco? Can Web3 be truly decentralised and transparent if its key players face bankruptcy and fraud allegations? Only time will tell if Terraform Labs' Web3 plans survive the shadow of their stablecoin nightmare.

Singapore-based Terraform Labs, the company behind the infamous TerraUSD stablecoin crash, has filed for Chapter 11 bankruptcy protection in the United States. This move comes two years after the dramatic collapse of TerraUSD and its linked cryptocurrency, Luna, which sent shockwaves through the global crypto market.

Singapore-based Terraform Labs, the company behind the infamous TerraUSD stablecoin crash, has filed for Chapter 11 bankruptcy protection in the United States. This move comes two years after the dramatic collapse of TerraUSD and its linked cryptocurrency, Luna, which sent shockwaves through the global crypto market. From stablecoin dreams to bankruptcy nightmare TerraUSD was designed to maintain a steady $1 peg, but its algorithmic mechanism failed spectacularly in May 2022, triggering a domino effect that wiped out billions of dollars in investor value. Both TerraUSD and Luna plummeted to near zero, leaving a trail of financial ruin and accusations of mismanagement against Terraform Labs and its co-founder Do Kwon. Chapter 11: Restructuring or Retreat? Terraform Labs claims the bankruptcy filing will allow them to "navigate ongoing legal proceedings" while continuing operations. They pledge to fulfill financial obligations to employees and vendors and even expand their Web3 offerings. However, scepticism abounds. Critics see the move as a desperate attempt to shield assets and avoid accountability for the TerraUSD debacle. Legal shadow looms Terraform Labs and Kwon face a barrage of legal challenges, including a lawsuit from the US Securities and Exchange Commission (SEC) alleging a $40 billion crypto fraud. The SEC accused them of misleading investors and manipulating the TerraUSD peg. A recent trial postponement, while aimed at extraditing Kwon, adds further uncertainty to the legal landscape. Crypto market repercussions & the future: The TerraUSD crash dealt a blow to the cryptocurrency market's reputation and triggered increased regulatory scrutiny. While the market has somewhat recovered, the Terraform Labs bankruptcy serves as a stark reminder of the risks and volatility inherent in cryptocurrencies. Terraform Labs' Web3 ambitions, despite the bankruptcy, raise questions. Can they rebuild trust and attract users after the TerraUSD fiasco? Can Web3 be truly decentralised and transparent if its key players face bankruptcy and fraud allegations? Only time will tell if Terraform Labs' Web3 plans survive the shadow of their stablecoin nightmare.

Terraform Labs files for bankruptcy after stablecoin disaster, eyes Web3 future

In a significant development, Elon Musk's Starlink is on the brink of securing approval to launch space-based broadband services in India, with reports suggesting that the Department of Telecommunications (DoT) may issue a Letter of Intent (LoI) by the end of this month. According to sources, Starlink's recent clarification to the Department for Promotion of Industry &amp; Internal Trade (DPIIT) has paved the way for this imminent approval.<o:p></o:p>

The ET Telecom report quotes an insider stating, "Starlink replied to the Department for Promotion of Industry &amp; Internal Trade, and in the next few days or by the end of this month, the Department of Telecommunications (DoT) may issue a Letter of Intent (LoI) to Starlink." Meanwhile, Moneycontrol, citing its sources, suggests that the DoT could extend this crucial approval to Starlink as early as Wednesday.<o:p></o:p>

Both reports highlight the preparation of an approval letter by telecom secretary Neeraj Mittal and communications secretary Ashwini Vaishnaw, expected to be finalized by next week. However, it is noted that both officials are currently abroad, with Mittal attending the PanIIT 2024 event in Washington DC and Vaishnaw participating in the World Economic Forum in Davos.<o:p></o:p>

Starlink initiated its journey in India by applying for a global mobile personal communication by satellite services (GMPCS) license in November 2022. If granted, this license will position Starlink as the third company in India, following Reliance Jio and OneWeb, to secure such authorisation. The GMPCS license would empower Starlink to provide messaging services, voice services, and broadband to individuals and organisations across India.<o:p></o:p>

However, in addition to government approval, Satcom players, including Starlink, must obtain clearance from the Indian National Space Promotion and Authorisation Centre (IN-SPACe), the designated single-window agency for space activity approvals in India since 2023. The subsequent step involves spectrum allotment by the Department of Telecommunications (DoT).<o:p></o:p>

It's worth noting that Starlink faced criticism from the Telecom Ministry in late 2021 for accepting advance payments from subscribers without holding the necessary license. The Ministry directed Starlink to refund the money to approximately 5,000 pre-ordered customers in India.<o:p></o:p>

In a significant development, Elon Musk's Starlink is on the brink of securing approval to launch space-based broadband services in India, with reports suggesting that the Department of Telecommunications (DoT) may issue a Letter of Intent (LoI) by the end of this month.

In a significant development, Elon Musk's Starlink is on the brink of securing approval to launch space-based broadband services in India, with reports suggesting that the Department of Telecommunications (DoT) may issue a Letter of Intent (LoI) by the end of this month. According to sources, Starlink's recent clarification to the Department for Promotion of Industry & Internal Trade (DPIIT) has paved the way for this imminent approval. The ET Telecom report quotes an insider stating, "Starlink replied to the Department for Promotion of Industry & Internal Trade, and in the next few days or by the end of this month, the Department of Telecommunications (DoT) may issue a Letter of Intent (LoI) to Starlink." Meanwhile, Moneycontrol, citing its sources, suggests that the DoT could extend this crucial approval to Starlink as early as Wednesday. Both reports highlight the preparation of an approval letter by telecom secretary Neeraj Mittal and communications secretary Ashwini Vaishnaw, expected to be finalized by next week. However, it is noted that both officials are currently abroad, with Mittal attending the PanIIT 2024 event in Washington DC and Vaishnaw participating in the World Economic Forum in Davos. Starlink initiated its journey in India by applying for a global mobile personal communication by satellite services (GMPCS) license in November 2022. If granted, this license will position Starlink as the third company in India, following Reliance Jio and OneWeb, to secure such authorisation. The GMPCS license would empower Starlink to provide messaging services, voice services, and broadband to individuals and organisations across India. However, in addition to government approval, Satcom players, including Starlink, must obtain clearance from the Indian National Space Promotion and Authorisation Centre (IN-SPACe), the designated single-window agency for space activity approvals in India since 2023. The subsequent step involves spectrum allotment by the Department of Telecommunications (DoT). It's worth noting that Starlink faced criticism from the Telecom Ministry in late 2021 for accepting advance payments from subscribers without holding the necessary license. The Ministry directed Starlink to refund the money to approximately 5,000 pre-ordered customers in India.

Elon Musk's Starlink nears approval for space broadband services in India

In a recent disclosure by the Special Inspector General for Afghanistan Reconstruction (SIGAR), it has been unveiled that Afghanistan has been the recipient of substantial financial aid, with an average of $80 million arriving every 10 to 14 days over the past three months. This revelation comes amid a shrinking Afghan economy, as reported by TOLOnews. <o:p></o:p>

SIGAR's report emphasises that these funds are transported in various shipments and stored in private banks under the United Nations' accounts, aiming to benefit the Afghan people.<o:p></o:p>

According to the United Nations Development Programme (UNDP), a staggering 69 percent of Afghans currently lack access to sufficient resources for their basic necessities. The economic downturn in Afghanistan is further highlighted by a 27 percent contraction since 2020. <o:p></o:p>

This has left seven out of ten Afghans struggling to meet essential needs such as food, healthcare, and employment. The humanitarian situation has significantly deteriorated since the Taliban's resurgence in August 2021, exacerbated by the Ukraine crisis, leading to a surge in food prices and rendering crucial items unaffordable for the average citizen.<o:p></o:p>

In response to the aid influx, the Taliban asserts that the funds delivered through the UN are allocated to crucial sectors like education, health, and development projects. TOLOnews reports that Zabihullah Mujahid, the Taliban's spokesperson, clarified, "The aid given by the countries is implemented through international institutions in Kabul; this money is available to them, and the Islamic Emirate does not benefit from this money." <o:p></o:p>

However, some economic analysts argue that the international community's financial support could play a pivotal role in stabilising Afghanistan's fiscal situation and fostering economic growth.<o:p></o:p>

Despite the claims of constructive utilisation, Afghanistan continues to grapple with persistent human rights violations, particularly against women and minorities. The post-government collapse landscape has witnessed a decline in sectarian conflicts, yet serious concerns persist, reflecting a complex socio-political scenario. <o:p></o:p>

In a recent disclosure by the Special Inspector General for Afghanistan Reconstruction (SIGAR), it has been unveiled that Afghanistan has been the recipient of substantial financial aid, with an average of $80 million arriving every 10 to 14 days over the past three months.

In a recent disclosure by the Special Inspector General for Afghanistan Reconstruction (SIGAR), it has been unveiled that Afghanistan has been the recipient of substantial financial aid, with an average of $80 million arriving every 10 to 14 days over the past three months. This revelation comes amid a shrinking Afghan economy, as reported by TOLOnews. SIGAR's report emphasises that these funds are transported in various shipments and stored in private banks under the United Nations' accounts, aiming to benefit the Afghan people. According to the United Nations Development Programme (UNDP), a staggering 69 percent of Afghans currently lack access to sufficient resources for their basic necessities. The economic downturn in Afghanistan is further highlighted by a 27 percent contraction since 2020. This has left seven out of ten Afghans struggling to meet essential needs such as food, healthcare, and employment. The humanitarian situation has significantly deteriorated since the Taliban's resurgence in August 2021, exacerbated by the Ukraine crisis, leading to a surge in food prices and rendering crucial items unaffordable for the average citizen. In response to the aid influx, the Taliban asserts that the funds delivered through the UN are allocated to crucial sectors like education, health, and development projects. TOLOnews reports that Zabihullah Mujahid, the Taliban's spokesperson, clarified, "The aid given by the countries is implemented through international institutions in Kabul; this money is available to them, and the Islamic Emirate does not benefit from this money." However, some economic analysts argue that the international community's financial support could play a pivotal role in stabilising Afghanistan's fiscal situation and fostering economic growth. Despite the claims of constructive utilisation, Afghanistan continues to grapple with persistent human rights violations, particularly against women and minorities. The post-government collapse landscape has witnessed a decline in sectarian conflicts, yet serious concerns persist, reflecting a complex socio-political scenario.

Afghanistan receives $80 million bi-weekly amid economic decline: UN Report

Amazon's ambitious $1.4 billion deal to acquire iRobot, the robot vacuum manufacturer, is facing a potential veto from European Union (EU) antitrust regulators. Sources reveal that the European Commission, concerned about potential market competition restrictions in the robot vacuum sector, warned against the deal. 

Amazon, however, chose not to provide remedies to address these concerns, leading to increased scepticism from regulators. The decision on the deal is expected by February 14, with indications pointing toward a blockage of the acquisition.<o:p></o:p>

The European Commission's primary apprehension lies in the possibility of Amazon using its dominance on the online marketplace to suppress iRobot's competitors, particularly in key European markets such as France, Germany, Italy, and Spain. The concerns revolve around potential anti-competitive practices that could emerge, impacting the broader landscape of robot vacuum cleaners. Both the European Commission and Amazon have refrained from commenting on the ongoing developments.<o:p></o:p>

Notably, Amazon's defiance of the European Commission's warnings and its reluctance to provide remedies have fuelled speculations about the deal's viability. The regulator is scheduled to make a decision in mid-February, with mounting indications that it will block the acquisition. 

One source suggests that the recently enacted EU tech rules, known as the Digital Markets Act, could potentially address concerns arising from the deal. However, given the untested nature of this legislation and the prolonged enforcement process, regulators are leaning towards an outright rejection of the Amazon-iRobot merger.<o:p></o:p>

In response to the uncertain fate of the deal, iRobot shares experienced a significant downturn, plummeting by 30 per cent in late trade. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Amazon's ambitious $1.4 billion deal to acquire iRobot, the robot vacuum manufacturer, is facing a potential veto from European Union (EU) antitrust regulators. Sources reveal that the European Commission, concerned about potential market competition restrictions in the robot vacuum sector, warned against the deal.

Amazon's ambitious $1.4 billion deal to acquire iRobot, the robot vacuum manufacturer, is facing a potential veto from European Union (EU) antitrust regulators. Sources reveal that the European Commission, concerned about potential market competition restrictions in the robot vacuum sector, warned against the deal. Amazon, however, chose not to provide remedies to address these concerns, leading to increased scepticism from regulators. The decision on the deal is expected by February 14, with indications pointing toward a blockage of the acquisition. The European Commission's primary apprehension lies in the possibility of Amazon using its dominance on the online marketplace to suppress iRobot's competitors, particularly in key European markets such as France, Germany, Italy, and Spain. The concerns revolve around potential anti-competitive practices that could emerge, impacting the broader landscape of robot vacuum cleaners. Both the European Commission and Amazon have refrained from commenting on the ongoing developments. Notably, Amazon's defiance of the European Commission's warnings and its reluctance to provide remedies have fuelled speculations about the deal's viability. The regulator is scheduled to make a decision in mid-February, with mounting indications that it will block the acquisition. One source suggests that the recently enacted EU tech rules, known as the Digital Markets Act, could potentially address concerns arising from the deal. However, given the untested nature of this legislation and the prolonged enforcement process, regulators are leaning towards an outright rejection of the Amazon-iRobot merger. In response to the uncertain fate of the deal, iRobot shares experienced a significant downturn, plummeting by 30 per cent in late trade. (With inputs from Reuters)

EU Antitrust regulators set to block Amazon's $1.4 bn iRobot deal

Author

Zee News Rajasthan

Editor

Shashwat Sankranti

Home

Live Tv

Latest

World

India

Business

Entertainment

Sports

Opinions

Videos

Photos

Gravitas

Lifestyle

Science

Tech

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