US-listed bitcoin exchange-traded funds (ETFs) experienced a robust start, with a staggering $4.6 billion worth of shares traded on the first day, as reported by LSEG data.<o:p></o:p>

The launch of eleven spot bitcoin ETFs, including offerings from major players like BlackRock, Grayscale, and ARK, marked a pivotal moment for the cryptocurrency industry. <o:p></o:p>

According to Reuters, Grayscale, BlackRock, and Fidelity emerged as key players dominating the trading volumes.<o:p></o:p>

While the initial trading volumes have been strong, industry experts emphasise the long-term perspective, acknowledging that this is a "longer race than just a single day's trading," as noted by Todd Rosenbluth, a strategist at VettaFi. <o:p></o:p>

The green light from the US Securities and Exchange Commission (SEC) came after a decade-long struggle with the crypto industry. <o:p></o:p>

Despite the regulatory approval, SEC Chair Gary Gensler cautioned that this move did not constitute an endorsement of bitcoin.<o:p></o:p>

The regulatory approval of bitcoin ETFs triggered a surge in competition among issuers, leading to the slashing of fees to gain an edge in market share. <o:p></o:p>

Fees for the new ETFs range from 0.2 per cent to 1.5 per cent, with several firms waiving fees entirely for an initial period or specific asset thresholds. <o:p></o:p>

Grayscale, already a major player in the crypto space, received approval to convert its existing bitcoin trust into an ETF, instantly creating the world's largest bitcoin ETF with over $28 billion in assets under management.<o:p></o:p>

Despite the optimism surrounding the approval, not all traditional financial institutions are quick to embrace cryptocurrencies. <o:p></o:p>

Vanguard, the largest provider of mutual funds, expressed no plans to make the new spot bitcoin ETFs available on its platform to brokerage clients. The scepticism extends beyond individual investors, with Sharmin Mossavar-Rahmani, CIO of Wealth Management at Goldman Sachs, stating that cryptocurrencies have no place in an investment portfolio. <o:p></o:p>

While crypto-related stocks initially climbed, they ended the day lower, indicating lingering wariness within the broader investment community.<o:p></o:p>

The debut of bitcoin ETFs significantly impacted the cryptocurrency market, with the price of bitcoin reaching its highest level since December 2021. <o:p></o:p>

Bitcoin was up 0.77 per cent at $46,303, while the second-largest cryptocurrency, ether, increased by 2.79 per cent to $2597.95. <o:p></o:p>

The approval of these ETFs is expected to pave the way for more innovative crypto investment products, including spot ether products.<o:p></o:p>

Grayscale CEO Michael Sonnenshein outlined plans for a covered call ETF, providing investors with options to generate income from its spot bitcoin product.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

US-listed bitcoin exchange-traded funds (ETFs) experienced a robust start, with a staggering $4.6 billion worth of shares traded on the first day, as reported by LSEG data.

US-listed bitcoin exchange-traded funds (ETFs) experienced a robust start, with a staggering $4.6 billion worth of shares traded on the first day, as reported by LSEG data. The launch of eleven spot bitcoin ETFs, including offerings from major players like BlackRock, Grayscale, and ARK, marked a pivotal moment for the cryptocurrency industry. According to Reuters, Grayscale, BlackRock, and Fidelity emerged as key players dominating the trading volumes. While the initial trading volumes have been strong, industry experts emphasise the long-term perspective, acknowledging that this is a "longer race than just a single day's trading," as noted by Todd Rosenbluth, a strategist at VettaFi. The green light from the US Securities and Exchange Commission (SEC) came after a decade-long struggle with the crypto industry. Despite the regulatory approval, SEC Chair Gary Gensler cautioned that this move did not constitute an endorsement of bitcoin. The regulatory approval of bitcoin ETFs triggered a surge in competition among issuers, leading to the slashing of fees to gain an edge in market share. Fees for the new ETFs range from 0.2 per cent to 1.5 per cent, with several firms waiving fees entirely for an initial period or specific asset thresholds. Grayscale, already a major player in the crypto space, received approval to convert its existing bitcoin trust into an ETF, instantly creating the world's largest bitcoin ETF with over $28 billion in assets under management. Despite the optimism surrounding the approval, not all traditional financial institutions are quick to embrace cryptocurrencies. Vanguard, the largest provider of mutual funds, expressed no plans to make the new spot bitcoin ETFs available on its platform to brokerage clients. The scepticism extends beyond individual investors, with Sharmin Mossavar-Rahmani, CIO of Wealth Management at Goldman Sachs, stating that cryptocurrencies have no place in an investment portfolio. While crypto-related stocks initially climbed, they ended the day lower, indicating lingering wariness within the broader investment community. The debut of bitcoin ETFs significantly impacted the cryptocurrency market, with the price of bitcoin reaching its highest level since December 2021. Bitcoin was up 0.77 per cent at $46,303, while the second-largest cryptocurrency, ether, increased by 2.79 per cent to $2597.95. The approval of these ETFs is expected to pave the way for more innovative crypto investment products, including spot ether products. Grayscale CEO Michael Sonnenshein outlined plans for a covered call ETF, providing investors with options to generate income from its spot bitcoin product. (With inputs from Reuters)

Bitcoin ETFs make a splash on debut, trading at $4.6 billion on the first day

Official data from Beijing revealed that trade between China and Russia reached a historic high in 2023, exceeding $240 billion, AFP reported.<o:p></o:p>

This surge in bilateral trade surpassed the goal of $200 billion set by the two nations during their meetings last year. The figures marked a remarkable 26.3 per cent year-on-year increase, emphasising the strengthening economic ties between China and Russia, particularly in the aftermath of Moscow's invasion of Ukraine in 2022. <o:p></o:p>

In contrast, trade between the United States and China experienced a decline for the first time since 2019, with commerce valued at $664 billion in 2023, down 11.6 per cent from the previous year.<o:p></o:p>

China's neutral stance on the Ukraine war, where it has refrained from criticising Moscow's invasion, has drawn criticism from Western countries. Despite geopolitical tensions, China-Russia trade has flourished, reaching new heights in 2023. <o:p></o:p>

"The complexity, severity, and uncertainty of the external environment are on the rise, and we need to overcome the difficulties and make more efforts to further promote the growth of foreign trade," AFP quoted Wang Lingjun, vice minister of the General Administration of Customs as saying. <o:p></o:p>

The data also revealed a decline in China's exports and imports, with exports falling by 4.6 per cent and imports down by 5.5 per cent over the year. <o:p></o:p>

This marks the first retreat in exports since 2016. Meanwhile, on the domestic economic front, China faced deflation for the third consecutive month in December. The consumer price index (CPI) fell by 0.3 per cent year-on-year, indicating a persistent decline in prices since September. <o:p></o:p>

The prolonged period of deflation poses challenges for the broader economy as consumers tend to delay purchases, potentially leading to reduced production, hiring freezes, and layoffs. In contrast, inflation in the United States stood at 3.4 per cent in December.<o:p></o:p>

The economic landscape in China is further underscored by gloomy figures, with producer prices sinking by 2.7 per cent, marking the 15th consecutive month of declines. <o:p></o:p>

The producer price index (PPI), a key indicator reflecting the cost of goods leaving factories, provides insights into the economic health of the nation. <o:p></o:p>

The PPI's 3 per cent fall in November highlights the ongoing challenges faced by Chinese industries. <o:p></o:p>

(With inputs from AFP)<o:p></o:p>

Official data from Beijing revealed that trade between China and Russia reached a historic high in 2023, exceeding $240 billion, AFP reported. This surge in bilateral trade surpassed the goal of $200 billion set by the two nations during their meetings last year.

Official data from Beijing revealed that trade between China and Russia reached a historic high in 2023, exceeding $240 billion, AFP reported. This surge in bilateral trade surpassed the goal of $200 billion set by the two nations during their meetings last year. The figures marked a remarkable 26.3 per cent year-on-year increase, emphasising the strengthening economic ties between China and Russia, particularly in the aftermath of Moscow's invasion of Ukraine in 2022. In contrast, trade between the United States and China experienced a decline for the first time since 2019, with commerce valued at $664 billion in 2023, down 11.6 per cent from the previous year. China's neutral stance on the Ukraine war, where it has refrained from criticising Moscow's invasion, has drawn criticism from Western countries. Despite geopolitical tensions, China-Russia trade has flourished, reaching new heights in 2023. "The complexity, severity, and uncertainty of the external environment are on the rise, and we need to overcome the difficulties and make more efforts to further promote the growth of foreign trade," AFP quoted Wang Lingjun, vice minister of the General Administration of Customs as saying. The data also revealed a decline in China's exports and imports, with exports falling by 4.6 per cent and imports down by 5.5 per cent over the year. This marks the first retreat in exports since 2016. Meanwhile, on the domestic economic front, China faced deflation for the third consecutive month in December. The consumer price index (CPI) fell by 0.3 per cent year-on-year, indicating a persistent decline in prices since September. The prolonged period of deflation poses challenges for the broader economy as consumers tend to delay purchases, potentially leading to reduced production, hiring freezes, and layoffs. In contrast, inflation in the United States stood at 3.4 per cent in December. The economic landscape in China is further underscored by gloomy figures, with producer prices sinking by 2.7 per cent, marking the 15th consecutive month of declines. The producer price index (PPI), a key indicator reflecting the cost of goods leaving factories, provides insights into the economic health of the nation. The PPI's 3 per cent fall in November highlights the ongoing challenges faced by Chinese industries. (With inputs from AFP)

China-Russia trade hits record high in 2023 amid decline in US commerce

Argentina is grappling with a severe economic crisis as the annual inflation rate surged past 211 per cent in December, reaching levels not witnessed since the early 1990s, according to official data. <o:p></o:p>

President Javier Milei, a newly-elected libertarian leader, has implemented stringent austerity measures to curb hyperinflation. <o:p></o:p>

The country experienced a monthly inflation rate of 25.5 per cent, slightly below predictions, following a significant devaluation of the peso currency after Milei assumed office on December 10. <o:p></o:p>

This move aimed to address the deep-rooted economic challenges that have plagued Argentina for years.<o:p></o:p>

"We've had to eliminate things that made life a little brighter," Reuters quoted retiree Susana Barrio, 79, who highlighted the personal toll of surging inflation. <o:p></o:p>

The escalating prices have forced some, like Barrio, to forgo traditional social gatherings, such as inviting friends for asado (roast meat) barbecues, a customary part of Argentine social life. <o:p></o:p>

The economic strain is palpable among the population, leading to adjustments in daily life as citizens grapple with the economic fallout. <o:p></o:p>

The inflation surge has propelled Argentina beyond regional peer Venezuela, long considered an inflation outlier in Latin America.<o:p></o:p>

President Javier Milei, an unconventional political figure who gained power on a wave of voter dissatisfaction with the economic situation, is championing austerity measures to tackle inflation, reduce fiscal deficits, and replenish government coffers. <o:p></o:p>

However, Milei acknowledges the complexity of the situation, cautioning that improvements may take time, and the economic landscape could worsen before witnessing any positive changes. <o:p></o:p>

The impact of hyperinflation is reverberating through Argentine society, with a significant portion of the population already grappling with poverty. <o:p></o:p>

Reuters cited another retiree - Graciela Bravo, 65, who highlighted the rising cost of essentials, noting, "Nothing is cheap." <o:p></o:p>

She shared her meticulous approach to shopping, counting potatoes to manage costs. <o:p></o:p>

Others, like 49-year-old lawyer Alejandro Grossi, express weariness at the persistent rise in prices, describing adaptation as a necessity.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Argentina is grappling with a severe economic crisis as the annual inflation rate surged past 211 per cent in December, reaching levels not witnessed since the early 1990s, according to official data.

Argentina is grappling with a severe economic crisis as the annual inflation rate surged past 211 per cent in December, reaching levels not witnessed since the early 1990s, according to official data. President Javier Milei, a newly-elected libertarian leader, has implemented stringent austerity measures to curb hyperinflation. The country experienced a monthly inflation rate of 25.5 per cent, slightly below predictions, following a significant devaluation of the peso currency after Milei assumed office on December 10. This move aimed to address the deep-rooted economic challenges that have plagued Argentina for years. "We've had to eliminate things that made life a little brighter," Reuters quoted retiree Susana Barrio, 79, who highlighted the personal toll of surging inflation. The escalating prices have forced some, like Barrio, to forgo traditional social gatherings, such as inviting friends for asado (roast meat) barbecues, a customary part of Argentine social life. The economic strain is palpable among the population, leading to adjustments in daily life as citizens grapple with the economic fallout. The inflation surge has propelled Argentina beyond regional peer Venezuela, long considered an inflation outlier in Latin America. President Javier Milei, an unconventional political figure who gained power on a wave of voter dissatisfaction with the economic situation, is championing austerity measures to tackle inflation, reduce fiscal deficits, and replenish government coffers. However, Milei acknowledges the complexity of the situation, cautioning that improvements may take time, and the economic landscape could worsen before witnessing any positive changes. The impact of hyperinflation is reverberating through Argentine society, with a significant portion of the population already grappling with poverty. Reuters cited another retiree - Graciela Bravo, 65, who highlighted the rising cost of essentials, noting, "Nothing is cheap." She shared her meticulous approach to shopping, counting potatoes to manage costs. Others, like 49-year-old lawyer Alejandro Grossi, express weariness at the persistent rise in prices, describing adaptation as a necessity. (With inputs from Reuters)

Argentina faces economic crisis as inflation soars over 200pc under President Javier Milei

London Mayor Sadiq Khan has asserted that Britain's departure from the European Union has inflicted a significant economic toll, reducing the country's economy by 6 per cent so far - equating to an annual cost of £140 billion ($178 billion). <o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

The mayor, a vocal critic of Brexit from the Labour Party, referred to a report commissioned from economic consultants Cambridge Econometrics. <o:p></o:p>

The report estimates that the economic impact could deepen to a 10 per cent reduction by 2035, signalling a substantial setback for the UK economy.<o:p></o:p>

Reuters cited a released statement, wherein Mayor Khan expressed his concern about the economic consequences of the chosen Brexit path, stating, "It's now obvious that Brexit isn't working. The hard-line version of Brexit we've ended up with is dragging our economy down and pushing up the cost of living." <o:p></o:p>

The Labour Party, led by Keir Starmer, holds a considerable lead over Prime Minister Rishi Sunak's Conservatives ahead of an anticipated election later this year. <o:p></o:p>

However, the party has been cautious in detailing its plans for strengthening ties with the EU.<o:p></o:p>

Cambridge Econometrics, the economic consultancy behind the report, estimates the costs of Brexit to be higher than some recent analyses. <o:p></o:p>

Contrasting with the National Institute of Economic and Social Research (NIESR), which estimated a 2-3 per cent reduction in the size of the economy in November, Cambridge Econometrics suggests a 6 per cent decrease. <o:p></o:p>

The impact is expected to intensify, reaching 5 per cent-6 per cent by 2035. <o:p></o:p>

The bank of England policymaker, Jonathan Haskel, had privately estimated that Brexit could lower GDP by 1.3 per cent by the end of 2022, equivalent to £1,000 per household annually.<o:p></o:p>

The repercussions of Brexit, complicated by the onset of the COVID-19 pandemic shortly after the UK formally left the EU in January 2020, continue to shape economic trends.<o:p></o:p>

The economic consultancy further forecasts that Brexit will lower annual economic growth by 0.4 percentage points between now and 2035, result in a reduction of 3 million jobs, and lead to a one-third decrease in investment. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

London Mayor Sadiq Khan has asserted that Britain's departure from the European Union has inflicted a significant economic toll, reducing the country's economy by 6 per cent so far - equating to an annual cost of £140 billion ($178 billion).

London Mayor Sadiq Khan has asserted that Britain's departure from the European Union has inflicted a significant economic toll, reducing the country's economy by 6 per cent so far - equating to an annual cost of £140 billion ($178 billion). This is based on a Reuters report. The mayor, a vocal critic of Brexit from the Labour Party, referred to a report commissioned from economic consultants Cambridge Econometrics. The report estimates that the economic impact could deepen to a 10 per cent reduction by 2035, signalling a substantial setback for the UK economy. Reuters cited a released statement, wherein Mayor Khan expressed his concern about the economic consequences of the chosen Brexit path, stating, "It's now obvious that Brexit isn't working. The hard-line version of Brexit we've ended up with is dragging our economy down and pushing up the cost of living." The Labour Party, led by Keir Starmer, holds a considerable lead over Prime Minister Rishi Sunak's Conservatives ahead of an anticipated election later this year. However, the party has been cautious in detailing its plans for strengthening ties with the EU. Cambridge Econometrics, the economic consultancy behind the report, estimates the costs of Brexit to be higher than some recent analyses. Contrasting with the National Institute of Economic and Social Research (NIESR), which estimated a 2-3 per cent reduction in the size of the economy in November, Cambridge Econometrics suggests a 6 per cent decrease. The impact is expected to intensify, reaching 5 per cent-6 per cent by 2035. The bank of England policymaker, Jonathan Haskel, had privately estimated that Brexit could lower GDP by 1.3 per cent by the end of 2022, equivalent to £1,000 per household annually. The repercussions of Brexit, complicated by the onset of the COVID-19 pandemic shortly after the UK formally left the EU in January 2020, continue to shape economic trends. The economic consultancy further forecasts that Brexit will lower annual economic growth by 0.4 percentage points between now and 2035, result in a reduction of 3 million jobs, and lead to a one-third decrease in investment. (With inputs from Reuters)

London Mayor Sadiq Khan claims Brexit's cost to UK exceeds $178 billion

With the intention of upgrading the existing Boeing 737 Next Generation (NG) aircraft and competing with rival manufacturer Airbus with its A320 New engine option (A320neo) planes, Boeing introduced the 737 MAX series in May 2017.

At that time, Chief Test Pilot Craig Bomben addressed journalists at the Boeing Field, expressing his astonishment at the minimal noise experienced upon re-entering the cabin during the test flight.&nbsp;

According to an article by the Puget Sound Business Journal, “amazing”, “flawless” and “brilliant”, were words that people used when talking about the 737 MAX’s silent engines during its first test flight.&nbsp;

“We’re quite confident in the demand continuing to be there, given the economies this airplane is going to provide,” Puget Sound Business Journal quoted Keith Leverkhuhn, the 737 MAX program manager as saying. &nbsp;

He further emphasised that the aircraft was expected to continue the strong sales run of the previous NG version of the 737. &nbsp;

However, the cheer surrounding the newly launched aircraft died down soon. &nbsp;

The timeline &nbsp;

On October 29, 2018, a Boeing 737 MAX operated by Lion Air crashed off the coast of Indonesia, into the Java Sea – killing all 189 passengers on board.&nbsp;

This incident followed a fatal crash of another 737 MAX, operated by Ethiopian Airlines. This occurred on March 10, 2019, just five months after the previous incident. All the 157 passengers on the plane died.&nbsp;

737 MAX planes were then grounded by aviation regulators across the globe. &nbsp;

Investigations later revealed that the accidents were related to a recently introduced semi-autopilot software malfunction, compelling the aircraft to descend uncontrollably despite the pilot's efforts to rectify the flight path.&nbsp;

It was only in November 2020 that the Federal Aviation Administration (FAA) gave Boeing the green signal to have its 737 MAX planes return to service. &nbsp;

The FAA mandated specific system, maintenance, and training prerequisites, along with the implementation of design alterations on each aircraft, prior to issuing the airworthiness certificate.&nbsp;

Flash forward to January 5, 2024, an Alaska Airlines flight suffered an accident when a door plug on a 737 MAX 9 aircraft blew out, depressurising the cabin. The aircraft however, returned to Portland International Airport safely after declaring an emergency. &nbsp;

Following this, Alaska and United Airlines reported loose parts in their Boeing 7373 MAX planes’ door panels, ultimately leading to the grounding of the 737 MAX 9 planes.&nbsp;

The cost of tragedy and cracks in the development before 2020&nbsp;

A total of 346 people on board the two flights were killed in the two crashes involving in Lion Air and the Ethiopian Airlines. Additionally, Boeing’s best-selling jets were grounded for 20 months, at a cost exceeding $21 billion.&nbsp;

The tragedy painted a grim picture of how persistent cost-cutting and a flawed regulatory process can jeopardise lives.&nbsp;

Boeing faced intense pressure to keep up with Airbus and maintain profitability which led to prioritising cost-cutting over safety in the 737 MAX developments.&nbsp;

One main issue was the Manoeuvring Characteristics Augmentation System (MCAS),&nbsp;a new software intended to prevent stalls.&nbsp;However,&nbsp;it malfunctioned in both the Lion Air and Ethiopian Airlines crashes,&nbsp;causing the planes to nosedive.&nbsp;

Boeing sought to minimise training requirements for pilots transitioning to the MAX,&nbsp;potentially compromising their ability to handle an MCAS malfunction. Cost-cutting also led to reduced staffing in crucial areas like flight crew operations,&nbsp;potentially affecting the quality of design and safety checks.&nbsp;

According to former Boeing employees,&nbsp;FAA inspectors,&nbsp;and internal documents revealed, a culture of pressure and corner-cutting was ever present within the company. Engineers faced layoffs and performance evaluations heavily focused on cost reduction,&nbsp;discouraging concerns about safety.&nbsp;

Boeing also had a close relationship with the FAA,&nbsp;raising concerns about the independence of the certification process. Internal disagreements over design choices and the adequacy of the electrical system for the 777X (a wide body aircraft) suggest systemic issues beyond the MAX.&nbsp;

The issue at present and its implications ahead&nbsp;

The recent Alaska Airlines recent incident and the subsequent grounding of over 170 Boeing jets have stirred frustration among airlines, highlighting the company’s struggle to manage safety and supply crises.&nbsp;

Alaska Airlines and United Airlines, holding 70 per cent of the MAX 9 fleet, cancelled numerous flights.&nbsp;

Boeing CEO Dave Calhoun acknowledged mistakes and expressed the need to regain customer confidence. This incident intensifies existing industry frustration, with concerns about production delays affecting deliveries and hindering airlines' ability to meet demand. &nbsp;

While Airbus also faces supply challenges, Boeing's repeated setbacks, including the MAX 8 crashes in 2018 and 2019, have strained relationships with airlines.&nbsp;

The incident has sparked calls for diversification by some airlines, with Southwest Airlines reconsidering its reliance on Boeing. &nbsp;

The MAX's troubles, from crashes to ongoing technical issues, have tested airlines' patience, with a senior pilot representative suggesting a need to reduce business risk by exploring alternatives like Airbus.&nbsp;

With the intention of upgrading the existing Boeing 737 Next Generation (NG) aircraft and competing with rival manufacturer Airbus with its A320 New engine option (A320neo) planes, Boeing introduced the 737 MAX series in May 2017.

With the intention of upgrading the existing Boeing 737 Next Generation (NG) aircraft and competing with rival manufacturer Airbus with its A320 New engine option (A320neo) planes, Boeing introduced the 737 MAX series in May 2017. At that time, Chief Test Pilot Craig Bomben addressed journalists at the Boeing Field, expressing his astonishment at the minimal noise experienced upon re-entering the cabin during the test flight. According to an article by the Puget Sound Business Journal, “amazing”, “flawless” and “brilliant”, were words that people used when talking about the 737 MAX’s silent engines during its first test flight. “We’re quite confident in the demand continuing to be there, given the economies this airplane is going to provide,” Puget Sound Business Journal quoted Keith Leverkhuhn, the 737 MAX program manager as saying. He further emphasised that the aircraft was expected to continue the strong sales run of the previous NG version of the 737. However, the cheer surrounding the newly launched aircraft died down soon. The timeline On October 29, 2018, a Boeing 737 MAX operated by Lion Air crashed off the coast of Indonesia, into the Java Sea – killing all 189 passengers on board. This incident followed a fatal crash of another 737 MAX, operated by Ethiopian Airlines. This occurred on March 10, 2019, just five months after the previous incident. All the 157 passengers on the plane died. 737 MAX planes were then grounded by aviation regulators across the globe. Investigations later revealed that the accidents were related to a recently introduced semi-autopilot software malfunction, compelling the aircraft to descend uncontrollably despite the pilot's efforts to rectify the flight path. It was only in November 2020 that the Federal Aviation Administration (FAA) gave Boeing the green signal to have its 737 MAX planes return to service. The FAA mandated specific system, maintenance, and training prerequisites, along with the implementation of design alterations on each aircraft, prior to issuing the airworthiness certificate. Flash forward to January 5, 2024, an Alaska Airlines flight suffered an accident when a door plug on a 737 MAX 9 aircraft blew out, depressurising the cabin. The aircraft however, returned to Portland International Airport safely after declaring an emergency. Following this, Alaska and United Airlines reported loose parts in their Boeing 7373 MAX planes’ door panels, ultimately leading to the grounding of the 737 MAX 9 planes. The cost of tragedy and cracks in the development before 2020 A total of 346 people on board the two flights were killed in the two crashes involving in Lion Air and the Ethiopian Airlines. Additionally, Boeing’s best-selling jets were grounded for 20 months, at a cost exceeding $21 billion. The tragedy painted a grim picture of how persistent cost-cutting and a flawed regulatory process can jeopardise lives. Boeing faced intense pressure to keep up with Airbus and maintain profitability which led to prioritising cost-cutting over safety in the 737 MAX developments. One main issue was the Manoeuvring Characteristics Augmentation System (MCAS), a new software intended to prevent stalls. However, it malfunctioned in both the Lion Air and Ethiopian Airlines crashes, causing the planes to nosedive. Boeing sought to minimise training requirements for pilots transitioning to the MAX, potentially compromising their ability to handle an MCAS malfunction. Cost-cutting also led to reduced staffing in crucial areas like flight crew operations, potentially affecting the quality of design and safety checks. According to former Boeing employees, FAA inspectors, and internal documents revealed, a culture of pressure and corner-cutting was ever present within the company. Engineers faced layoffs and performance evaluations heavily focused on cost reduction, discouraging concerns about safety. Boeing also had a close relationship with the FAA, raising concerns about the independence of the certification process. Internal disagreements over design choices and the adequacy of the electrical system for the 777X (a wide body aircraft) suggest systemic issues beyond the MAX. The issue at present and its implications ahead The recent Alaska Airlines recent incident and the subsequent grounding of over 170 Boeing jets have stirred frustration among airlines, highlighting the company’s struggle to manage safety and supply crises. Alaska Airlines and United Airlines, holding 70 per cent of the MAX 9 fleet, cancelled numerous flights. Boeing CEO Dave Calhoun acknowledged mistakes and expressed the need to regain customer confidence. This incident intensifies existing industry frustration, with concerns about production delays affecting deliveries and hindering airlines' ability to meet demand. While Airbus also faces supply challenges, Boeing's repeated setbacks, including the MAX 8 crashes in 2018 and 2019, have strained relationships with airlines. The incident has sparked calls for diversification by some airlines, with Southwest Airlines reconsidering its reliance on Boeing. The MAX's troubles, from crashes to ongoing technical issues, have tested airlines' patience, with a senior pilot representative suggesting a need to reduce business risk by exploring alternatives like Airbus.

Flashback Friday: Tracing the turbulent journey of the Boeing 737 MAX aircraft

<o:p></o:p>Amazon.com has revealed plans to lay off several hundred employees in its streaming and studio operations, extending the trend of significant job cuts witnessed across industries over the past two years into 2024. <o:p></o:p>

According to a Reuters report, employment notifications for affected employees at Prime Video and Amazon MGM Studios in the Americas are set for Wednesday, with the majority of other areas receiving notice by the end of the week.<o:p></o:p>

Reuters cited Mike Hopkins, the Senior Vice President of Prime Video and Amazon MGM Studios, who conveyed the company's decision in an internal note, stating, "We've identified opportunities to reduce or discontinue investments in certain areas while increasing our investment and focus on content and product initiatives that deliver the most impact." <o:p></o:p>

This move comes after Amazon's workforce reduction of over 27,000 jobs last year, aligning with a broader wave of tech layoffs in the US following a period of extensive hiring during the pandemic.<o:p></o:p>

Amazon has been actively investing in its media business, including the acquisition of MGM for $8.5 billion and a hefty expenditure of around $465 million on the first season of "The Lord of the Rings: The Rings of Power" on Prime Video in 2022.<o:p></o:p>

However, the company is now making strategic shifts, prioritising content and product initiatives that promise the highest impact. <o:p></o:p>

In addition to the job cuts in the streaming and studio divisions, Amazon is set to introduce changes to its Prime Video offerings. This includes the rollout of advertisements on Prime Video and the introduction of a more expensive, ad-free subscription tier in select markets, mirroring moves made by competitors like Netflix and Walt Disney.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Amazon.com has revealed plans to lay off several hundred employees in its streaming and studio operations, extending the trend of significant job cuts witnessed across industries over the past two years into 2024.

Amazon.com has revealed plans to lay off several hundred employees in its streaming and studio operations, extending the trend of significant job cuts witnessed across industries over the past two years into 2024. According to a Reuters report, employment notifications for affected employees at Prime Video and Amazon MGM Studios in the Americas are set for Wednesday, with the majority of other areas receiving notice by the end of the week. Reuters cited Mike Hopkins, the Senior Vice President of Prime Video and Amazon MGM Studios, who conveyed the company's decision in an internal note, stating, "We've identified opportunities to reduce or discontinue investments in certain areas while increasing our investment and focus on content and product initiatives that deliver the most impact." This move comes after Amazon's workforce reduction of over 27,000 jobs last year, aligning with a broader wave of tech layoffs in the US following a period of extensive hiring during the pandemic. Amazon has been actively investing in its media business, including the acquisition of MGM for $8.5 billion and a hefty expenditure of around $465 million on the first season of "The Lord of the Rings: The Rings of Power" on Prime Video in 2022. However, the company is now making strategic shifts, prioritising content and product initiatives that promise the highest impact. In addition to the job cuts in the streaming and studio divisions, Amazon is set to introduce changes to its Prime Video offerings. This includes the rollout of advertisements on Prime Video and the introduction of a more expensive, ad-free subscription tier in select markets, mirroring moves made by competitors like Netflix and Walt Disney. (With inputs from Reuters) WATCH WION LIVE HERE

Amazon Initiates Restructuring: Job Cuts in Prime Video and Studios

In a move to shield local manufacturers from the impact of cheap imports, India has initiated a five-year anti-dumping duty on three Chinese products - wheel loaders, gypsum tiles, and industrial laser machinery. <o:p></o:p>

The decision stems from the recommendations of the Directorate General of Trade Remedies (DGTR), an investigative arm of the commerce ministry. <o:p></o:p>

The DGTR found evidence in separate probes that these Chinese products were being exported to India below their normal value, causing material injury to the domestic industry.<o:p></o:p>

The Central Board of Indirect Taxes and Customs (CBIC) issued notifications last month detailing the imposition of anti-dumping duties on gypsum board/tiles, industrial laser machines, and wheel loaders. <o:p></o:p>

These duties will be applicable for five years unless revoked, superseded, or amended, according to the notifications. The move extends to gypsum tiles manufactured by some companies in Oman as well.<o:p></o:p>

In response to this development, a government official stated, "The domestic industry has suffered material injury due to the dumping of these products." <o:p></o:p>

The imposition of anti-dumping duties is a measure to ensure fair trade and provide a level playing field for the domestic industry. <o:p></o:p>

The move comes as part of India's commitment to the World Trade Organisation (WTO) regime, where countries initiate anti-dumping probes to assess the impact of below-cost imports on their domestic industries.<o:p></o:p>

India and China, both members of the WTO, have a complex trade relationship. <o:p></o:p>

According to recent trade data, India's exports to China in 2022-23 amounted to USD 15.3 billion, while imports stood significantly higher at USD 98.5 billion, resulting in a trade deficit of USD 83.2 billion.<o:p></o:p>

While the DGTR recommends the imposition of anti-dumping duties, the finance ministry is responsible for their implementation.<o:p></o:p>

This latest action follows the previous imposition of such duties on toughened glass for home appliances and specific types of flax yarn from China.<o:p></o:p>

(With inputs from PTI)<o:p></o:p>

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In a move to shield local manufacturers from the impact of cheap imports, India has initiated a five-year anti-dumping duty on three Chinese products - wheel loaders, gypsum tiles, and industrial laser machinery.

In a move to shield local manufacturers from the impact of cheap imports, India has initiated a five-year anti-dumping duty on three Chinese products - wheel loaders, gypsum tiles, and industrial laser machinery. The decision stems from the recommendations of the Directorate General of Trade Remedies (DGTR), an investigative arm of the commerce ministry. The DGTR found evidence in separate probes that these Chinese products were being exported to India below their normal value, causing material injury to the domestic industry. The Central Board of Indirect Taxes and Customs (CBIC) issued notifications last month detailing the imposition of anti-dumping duties on gypsum board/tiles, industrial laser machines, and wheel loaders. These duties will be applicable for five years unless revoked, superseded, or amended, according to the notifications. The move extends to gypsum tiles manufactured by some companies in Oman as well. In response to this development, a government official stated, "The domestic industry has suffered material injury due to the dumping of these products." The imposition of anti-dumping duties is a measure to ensure fair trade and provide a level playing field for the domestic industry. The move comes as part of India's commitment to the World Trade Organisation (WTO) regime, where countries initiate anti-dumping probes to assess the impact of below-cost imports on their domestic industries. India and China, both members of the WTO, have a complex trade relationship. According to recent trade data, India's exports to China in 2022-23 amounted to USD 15.3 billion, while imports stood significantly higher at USD 98.5 billion, resulting in a trade deficit of USD 83.2 billion. While the DGTR recommends the imposition of anti-dumping duties, the finance ministry is responsible for their implementation. This latest action follows the previous imposition of such duties on toughened glass for home appliances and specific types of flax yarn from China. (With inputs from PTI) WATCH WION LIVE HERE

India imposes five-year anti-dumping duty on Chinese products: Report

The US stock exchange Nasdaq has engaged in discussions with Indian authorities regarding the potential inclusion of local Indian companies in overseas listings, Reuters reported.<o:p></o:p>

Edward Knight, Nasdaq's Executive Vice Chairman, revealed that talks held in October with Indian Finance Minister Nirmala Sitharaman and SEBI Chairperson Madhabi Puri Buch focused on the possibility of permitting Indian companies to directly list on foreign stock exchanges. <o:p></o:p>

Knight emphasised that this move could provide Indian firms, especially in the technology sector, broader access to global capital.<o:p></o:p>

"Those companies that have interest in reaching out to global investors, particularly companies in the technology area, those companies should be allowed to do so," Reuters quoted Knight as saying.<o:p></o:p>

Nasdaq sees potential beyond Gujarat International Finance Tec-City (GIFT) and advocates for foreign bourses not being excluded from the policymaking process.<o:p></o:p>

While the GIFT City project, initiated in Gujarat in 2011, aspires to become a significant international financial hub, regulatory uncertainties persist. <o:p></o:p>

Current regulations do not permit Indian companies to directly list shares on GIFT's International Financial Services Centre (IFSC). <o:p></o:p>

In October, India's corporate affairs ministry made legislative amendments that could open the door for Indian businesses to list overseas directly. <o:p></o:p>

However, specific details are yet to be disclosed, and sources suggest that initial approval may be granted for listings on the IFSC, with direct listings on foreign exchanges coming at a later stage.<o:p></o:p>

Nasdaq's Knight expressed optimism, stating, "We are hopeful that when they (rules) are finally promulgated, it will facilitate the listing of companies not only here in GIFT city but also in other jurisdictions." <o:p></o:p>

He also highlighted the potential for facilitating foreign direct investment in India by making it easier for Indian companies to initially list outside the country.<o:p></o:p>

Despite India's robust startup ecosystem, ranking as the world's third-largest, investors, including Tiger Global, Sequoia Capital, and Lightspeed, have advocated for streamlined regulations to enable companies to list overseas. <o:p></o:p>

The move is seen as providing an alternative option for entrepreneurs and venture capitalists, allowing better access to capital. <o:p></o:p>

Nasdaq's future plans include launching an exchange-traded fund (ETF) named QQQ on IFSC, tracking the NASDAQ 100 Index, representing the top 100 Nasdaq companies.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

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The US stock exchange Nasdaq has engaged in discussions with Indian authorities regarding the potential inclusion of local Indian companies in overseas listings, Reuters reported.

The US stock exchange Nasdaq has engaged in discussions with Indian authorities regarding the potential inclusion of local Indian companies in overseas listings, Reuters reported. Edward Knight, Nasdaq's Executive Vice Chairman, revealed that talks held in October with Indian Finance Minister Nirmala Sitharaman and SEBI Chairperson Madhabi Puri Buch focused on the possibility of permitting Indian companies to directly list on foreign stock exchanges. Knight emphasised that this move could provide Indian firms, especially in the technology sector, broader access to global capital. "Those companies that have interest in reaching out to global investors, particularly companies in the technology area, those companies should be allowed to do so," Reuters quoted Knight as saying. Nasdaq sees potential beyond Gujarat International Finance Tec-City (GIFT) and advocates for foreign bourses not being excluded from the policymaking process. While the GIFT City project, initiated in Gujarat in 2011, aspires to become a significant international financial hub, regulatory uncertainties persist. Current regulations do not permit Indian companies to directly list shares on GIFT's International Financial Services Centre (IFSC). In October, India's corporate affairs ministry made legislative amendments that could open the door for Indian businesses to list overseas directly. However, specific details are yet to be disclosed, and sources suggest that initial approval may be granted for listings on the IFSC, with direct listings on foreign exchanges coming at a later stage. Nasdaq's Knight expressed optimism, stating, "We are hopeful that when they (rules) are finally promulgated, it will facilitate the listing of companies not only here in GIFT city but also in other jurisdictions." He also highlighted the potential for facilitating foreign direct investment in India by making it easier for Indian companies to initially list outside the country. Despite India's robust startup ecosystem, ranking as the world's third-largest, investors, including Tiger Global, Sequoia Capital, and Lightspeed, have advocated for streamlined regulations to enable companies to list overseas. The move is seen as providing an alternative option for entrepreneurs and venture capitalists, allowing better access to capital. Nasdaq's future plans include launching an exchange-traded fund (ETF) named QQQ on IFSC, tracking the NASDAQ 100 Index, representing the top 100 Nasdaq companies. (With inputs from Reuters) WATCH WION LIVE HERE

NASDAQ explores overseas listings for Indian companies, awaits regulatory clarity

The Delhi High Court, led by Justice Yashwant Varma on Tuesday, overturned a previous ruling that revoked PepsiCo India's patent registration for a specific potato variety used in chip production.<o:p></o:p>

This is based on a PTI report.<o:p></o:p>

The division bench, which included Justice Dharmesh Sharma, allowed PepsiCo's appeal against the earlier decision and reinstated its renewal application, directing that the matter be decided by law and dismissing the cross-appeal by farm rights activist Kavitha Kuruganti.<o:p></o:p>

This decision follows a legal battle that saw the court setting aside the revocation order issued by the Authority under the Protection of Plant Varieties and Farmers' Rights Act.<o:p></o:p>

The court, in its ruling, stated, "The appeal of PepsiCo, LPA 590/2023 is allowed. The impugned judgment and order dated 5 July 2023 shall consequently stand set aside to the extent indicated above." <o:p></o:p>

Additionally, the bench set aside the revocation order issued by the Authority on December 3, 2021, along with the letter issued on February 11, 2022, rejecting the renewal application.<o:p></o:p>

The renewal application made by PepsiCo will now be reconsidered by the Registrar in accordance with the court's findings.<o:p></o:p>

The initial revocation by a single judge was grounded on various reasons, including allegations that PepsiCo provided incorrect information regarding the date of the first commercial sale and failed to present necessary documentation during the registration process. <o:p></o:p>

However, the division bench disagreed, emphasising that the power of revocation should only be exercised when a certificate of registration contradicts the law's protection or when an ineligible plant variety is granted registration.<o:p></o:p>

The court explicitly stated, "We find ourselves unable to uphold the view taken by the learned Single Judge insofar as it holds against PepsiCo and about an incorrect mentioning of the date of first sale as well as the conclusions ultimately rendered in the context of the eligibility of PepsiCo to apply for registration and non-submission of relevant documentation."<o:p></o:p>

Farm rights activist Kavitha Kuruganti argued that the revocation proceedings were necessary to protect farmers' legitimate entitlements, especially in response to PepsiCo suing farmers in Gujarat for intellectual property rights infringement. <o:p></o:p>

However, the court disagreed, noting that Kuruganti failed to prove that these legal actions were aggravating or part of predatory tactics against farmers. <o:p></o:p>

The court found no tangible evidence supporting the allegations and emphasised that the revocation conclusions were not based on the merits underlying the suits filed by PepsiCo.<o:p></o:p>

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The Delhi High Court, led by Justice Yashwant Varma on Tuesday, overturned a previous ruling that revoked PepsiCo India's patent registration for a specific potato variety used in chip production.

The Delhi High Court, led by Justice Yashwant Varma on Tuesday, overturned a previous ruling that revoked PepsiCo India's patent registration for a specific potato variety used in chip production. This is based on a PTI report. The division bench, which included Justice Dharmesh Sharma, allowed PepsiCo's appeal against the earlier decision and reinstated its renewal application, directing that the matter be decided by law and dismissing the cross-appeal by farm rights activist Kavitha Kuruganti. This decision follows a legal battle that saw the court setting aside the revocation order issued by the Authority under the Protection of Plant Varieties and Farmers' Rights Act. The court, in its ruling, stated, "The appeal of PepsiCo, LPA 590/2023 is allowed. The impugned judgment and order dated 5 July 2023 shall consequently stand set aside to the extent indicated above." Additionally, the bench set aside the revocation order issued by the Authority on December 3, 2021, along with the letter issued on February 11, 2022, rejecting the renewal application. The renewal application made by PepsiCo will now be reconsidered by the Registrar in accordance with the court's findings. The initial revocation by a single judge was grounded on various reasons, including allegations that PepsiCo provided incorrect information regarding the date of the first commercial sale and failed to present necessary documentation during the registration process. However, the division bench disagreed, emphasising that the power of revocation should only be exercised when a certificate of registration contradicts the law's protection or when an ineligible plant variety is granted registration. The court explicitly stated, "We find ourselves unable to uphold the view taken by the learned Single Judge insofar as it holds against PepsiCo and about an incorrect mentioning of the date of first sale as well as the conclusions ultimately rendered in the context of the eligibility of PepsiCo to apply for registration and non-submission of relevant documentation." Farm rights activist Kavitha Kuruganti argued that the revocation proceedings were necessary to protect farmers' legitimate entitlements, especially in response to PepsiCo suing farmers in Gujarat for intellectual property rights infringement. However, the court disagreed, noting that Kuruganti failed to prove that these legal actions were aggravating or part of predatory tactics against farmers. The court found no tangible evidence supporting the allegations and emphasised that the revocation conclusions were not based on the merits underlying the suits filed by PepsiCo. WATCH WION LIVE HERE

Delhi High Court restores PepsiCo's potato patent amid legal battle

The US Securities and Exchange Commission (SEC) has given the green light to the first US-listed exchange-traded funds (ETFs) tracking Bitcoin.<o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

The decision marks a watershed moment for the world's largest cryptocurrency and the broader crypto industry. The SEC approved 11 applications, including those from BlackRock, Ark Investments/21Shares, Fidelity, Invesco, and VanEck, despite warnings about potential risks from some officials and investor advocates. <o:p></o:p>

The move is set to kick off a fierce competition for market share among these prominent financial institutions.<o:p></o:p>

Institutionalisation of Bitcoin as an Asset Class<o:p></o:p>

The approval of Bitcoin ETFs by the SEC is considered a game-changer for Bitcoin, offering investors exposure to the cryptocurrency without direct ownership. <o:p></o:p>

Reuters cited Andrew Bond, the managing director at Rosenblatt Securities, who said, "It's a huge positive for the institutionalization of bitcoin as an asset class." <o:p></o:p>

Analysts from Standard Chartered predict that the ETFs could attract between $50 billion to $100 billion this year alone, providing a significant boost to the crypto industry, which has faced various scandals in the past. <o:p></o:p>

The market capitalisation of Bitcoin stood at over $913 billion as of Wednesday.<o:p></o:p>

Market Dynamics: Fees, Liquidity, and Competition<o:p></o:p>

As the ETFs are set to begin trading, the battle for market inflows will be heavily influenced by fees and liquidity, according to analysts. <o:p></o:p>

Some issuers, including BlackRock and Ark/21Shares, have already adjusted their proposed fees, ranging from 0.2 per cent to 1.5 per cent, with some firms waiving fees entirely for a certain period. <o:p></o:p>

The success of these ETFs will depend on their ability to attract short-term speculators looking to navigate the products efficiently. <o:p></o:p>

Companies are gearing up for intense marketing efforts, expecting a flurry of online advertising to promote Bitcoin as a viable investment.<o:p></o:p>

Unprecedented Approvals Amid Social Media Controversy<o:p></o:p>

The SEC's approval comes on the heels of a social media controversy, where an unauthorised person posted a fake announcement on the SEC's account, claiming approval of the Bitcoin ETFs. <o:p></o:p>

The agency quickly rejected the post and is now collaborating with law enforcement for an investigation. <o:p></o:p>

Despite this incident and a confusing announcement on Wednesday, the crypto industry remains celebratory. Steven McClurg, CIO at Valkyrie, commented on the uniqueness of the situation, stating, "I've never been in a situation where 10 of the same ETF was launched on the same day."<o:p></o:p>

Industry Reactions and Potential Impact on Crypto Products<o:p></o:p>

Industry leaders and experts have shared their perspectives on the approval. <o:p></o:p>

Grayscale CEO Michael Sonnenshein expressed excitement at the prospect of democratising access to Bitcoin. <o:p></o:p>

Douglas Yones, head of exchange-traded products at the NYSE, sees this as a "milestone" for the ETF industry, while Cynthia Lo Bessette from Fidelity believes it provides "increased choice for investors." <o:p></o:p>

Regulatory experts suggest that Bitcoin ETFs could pave the way for other innovative crypto products. <o:p></o:p>

Jim Angel, associate professor at Georgetown's McDonough School of Business, stated, "Once the dam has been breached, it’s going to be really hard for the SEC to continue its ‘just say no to crypto’ approach."<o:p></o:p>

SEC's Unusual Decision and Chairman Gensler's Position<o:p></o:p>

The SEC's approval marks a significant turnaround from its previous stance on Bitcoin ETFs, citing concerns about potential manipulation. <o:p></o:p>

SEC Chair Gary Gensler, a well-known crypto sceptic, joined two Republican commissioners in voting to approve the products, while the agency's two Democratic commissioners voted against. <o:p></o:p>

Gensler emphasised that the approval does not endorse Bitcoin, referring to it as a "speculative, volatile asset" used for criminal activities. <o:p></o:p>

The decision is seen as a response to a federal appeals court ruling last year that criticized the SEC for rejecting Grayscale Investments' ETF application.<o:p></o:p>

Investor Protection and Ongoing Scrutiny<o:p></o:p>

To meet the SEC's investor protection standards, several exchanges had initially proposed partnering with Coinbase to monitor the underlying Bitcoin market. <o:p></o:p>

However, this collaboration was scrapped in favour of an existing arrangement with the Chicago Mercantile Exchange. <o:p></o:p>

The SEC is currently suing Coinbase for allegedly breaching US securities laws, a matter the company denies. <o:p></o:p>

Dennis Kelleher, CEO of investor advocacy think tank Better Markets, criticised the SEC's decision, calling it a "historic mistake" and warning that Bitcoin remains vulnerable to fraudsters.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

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The US Securities and Exchange Commission (SEC) has given the green light to the first US-listed exchange-traded funds (ETFs) tracking Bitcoin. This is based on a Reuters report.

The US Securities and Exchange Commission (SEC) has given the green light to the first US-listed exchange-traded funds (ETFs) tracking Bitcoin. This is based on a Reuters report. The decision marks a watershed moment for the world's largest cryptocurrency and the broader crypto industry. The SEC approved 11 applications, including those from BlackRock, Ark Investments/21Shares, Fidelity, Invesco, and VanEck, despite warnings about potential risks from some officials and investor advocates. The move is set to kick off a fierce competition for market share among these prominent financial institutions. Institutionalisation of Bitcoin as an Asset Class The approval of Bitcoin ETFs by the SEC is considered a game-changer for Bitcoin, offering investors exposure to the cryptocurrency without direct ownership. Reuters cited Andrew Bond, the managing director at Rosenblatt Securities, who said, "It's a huge positive for the institutionalization of bitcoin as an asset class." Analysts from Standard Chartered predict that the ETFs could attract between $50 billion to $100 billion this year alone, providing a significant boost to the crypto industry, which has faced various scandals in the past. The market capitalisation of Bitcoin stood at over $913 billion as of Wednesday. Market Dynamics: Fees, Liquidity, and Competition As the ETFs are set to begin trading, the battle for market inflows will be heavily influenced by fees and liquidity, according to analysts. Some issuers, including BlackRock and Ark/21Shares, have already adjusted their proposed fees, ranging from 0.2 per cent to 1.5 per cent, with some firms waiving fees entirely for a certain period. The success of these ETFs will depend on their ability to attract short-term speculators looking to navigate the products efficiently. Companies are gearing up for intense marketing efforts, expecting a flurry of online advertising to promote Bitcoin as a viable investment. Unprecedented Approvals Amid Social Media Controversy The SEC's approval comes on the heels of a social media controversy, where an unauthorised person posted a fake announcement on the SEC's account, claiming approval of the Bitcoin ETFs. The agency quickly rejected the post and is now collaborating with law enforcement for an investigation. Despite this incident and a confusing announcement on Wednesday, the crypto industry remains celebratory. Steven McClurg, CIO at Valkyrie, commented on the uniqueness of the situation, stating, "I've never been in a situation where 10 of the same ETF was launched on the same day." Industry Reactions and Potential Impact on Crypto Products Industry leaders and experts have shared their perspectives on the approval. Grayscale CEO Michael Sonnenshein expressed excitement at the prospect of democratising access to Bitcoin. Douglas Yones, head of exchange-traded products at the NYSE, sees this as a "milestone" for the ETF industry, while Cynthia Lo Bessette from Fidelity believes it provides "increased choice for investors." Regulatory experts suggest that Bitcoin ETFs could pave the way for other innovative crypto products. Jim Angel, associate professor at Georgetown's McDonough School of Business, stated, "Once the dam has been breached, it’s going to be really hard for the SEC to continue its ‘just say no to crypto’ approach." SEC's Unusual Decision and Chairman Gensler's Position The SEC's approval marks a significant turnaround from its previous stance on Bitcoin ETFs, citing concerns about potential manipulation. SEC Chair Gary Gensler, a well-known crypto sceptic, joined two Republican commissioners in voting to approve the products, while the agency's two Democratic commissioners voted against. Gensler emphasised that the approval does not endorse Bitcoin, referring to it as a "speculative, volatile asset" used for criminal activities. The decision is seen as a response to a federal appeals court ruling last year that criticized the SEC for rejecting Grayscale Investments' ETF application. Investor Protection and Ongoing Scrutiny To meet the SEC's investor protection standards, several exchanges had initially proposed partnering with Coinbase to monitor the underlying Bitcoin market. However, this collaboration was scrapped in favour of an existing arrangement with the Chicago Mercantile Exchange. The SEC is currently suing Coinbase for allegedly breaching US securities laws, a matter the company denies. Dennis Kelleher, CEO of investor advocacy think tank Better Markets, criticised the SEC's decision, calling it a "historic mistake" and warning that Bitcoin remains vulnerable to fraudsters. (With inputs from Reuters) WATCH WION LIVE HERE

US SEC approves Bitcoin ETFs, paving the way for Crypto market revolution

Google has decided to streamline its workforce, announcing layoffs across its Voice Assistant, hardware, and engineering teams on Wednesday, in a bid to optimise operations and prioritise key areas. <o:p></o:p>

According to Reuters, this latest round of job cuts comes on the heels of previous workforce reductions and the departure of Fitbit co-founders James Park and Eric Friedman.<o:p></o:p>

Hundreds of employees in the Google Assistant unit, responsible for the voice-activated technology behind products like Google Home and smartphones, are facing the axe. <o:p></o:p>

Similarly, in the hardware team that manages Pixel phones, Nest smart home devices, and Fitbit wearables, a few hundred roles are being eliminated, primarily from the augmented reality (AR) division. <o:p></o:p>

The central engineering team is also experiencing job cuts, affecting an undisclosed number of positions.<o:p></o:p>

Google's acquisition of Fitbit in 2021 for $2.1 billion was followed by continued development of its own Pixel Watch, raising questions about potential redundancy within the wearables market.<o:p></o:p>

In a statement, the tech giant acknowledged ongoing organisational changes initiated in the latter half of 2023, aimed at boosting efficiency and aligning resources with top product priorities.<o:p></o:p>

"Some teams are continuing to make these kinds of organisational changes, which include some role eliminations globally," a Google spokesperson told Reuters. <o:p></o:p>

While the exact number of affected employees remains confidential, the extent of the cuts across Assistant, hardware, and engineering underscores a significant restructuring effort.<o:p></o:p>

This workforce reduction comes at a critical juncture for tech giants like Google and Microsoft, both heavily invested in the burgeoning field of generative artificial intelligence (AI) following the success of OpenAI's ChatGPT. <o:p></o:p>

Google itself announced plans last year to integrate generative AI capabilities into its Assistant, enabling it to tackle tasks like trip planning and email management with greater autonomy.<o:p></o:p>

The job cuts mark a continuation of Google's workforce adjustments. In January 2023, Alphabet announced plans to let go of 12,000 employees, representing 6 per cent of its global workforce. As of September 2023, the company employed 182,381 individuals worldwide.<o:p></o:p>

Google has decided to streamline its workforce, announcing layoffs across its Voice Assistant, hardware, and engineering teams on Wednesday, in a bid to optimise operations and prioritise key areas.

Google has decided to streamline its workforce, announcing layoffs across its Voice Assistant, hardware, and engineering teams on Wednesday, in a bid to optimise operations and prioritise key areas. According to Reuters, this latest round of job cuts comes on the heels of previous workforce reductions and the departure of Fitbit co-founders James Park and Eric Friedman. Hundreds of employees in the Google Assistant unit, responsible for the voice-activated technology behind products like Google Home and smartphones, are facing the axe. Similarly, in the hardware team that manages Pixel phones, Nest smart home devices, and Fitbit wearables, a few hundred roles are being eliminated, primarily from the augmented reality (AR) division. The central engineering team is also experiencing job cuts, affecting an undisclosed number of positions. Google's acquisition of Fitbit in 2021 for $2.1 billion was followed by continued development of its own Pixel Watch, raising questions about potential redundancy within the wearables market. In a statement, the tech giant acknowledged ongoing organisational changes initiated in the latter half of 2023, aimed at boosting efficiency and aligning resources with top product priorities. "Some teams are continuing to make these kinds of organisational changes, which include some role eliminations globally," a Google spokesperson told Reuters. While the exact number of affected employees remains confidential, the extent of the cuts across Assistant, hardware, and engineering underscores a significant restructuring effort. This workforce reduction comes at a critical juncture for tech giants like Google and Microsoft, both heavily invested in the burgeoning field of generative artificial intelligence (AI) following the success of OpenAI's ChatGPT. Google itself announced plans last year to integrate generative AI capabilities into its Assistant, enabling it to tackle tasks like trip planning and email management with greater autonomy. The job cuts mark a continuation of Google's workforce adjustments. In January 2023, Alphabet announced plans to let go of 12,000 employees, representing 6 per cent of its global workforce. As of September 2023, the company employed 182,381 individuals worldwide.

Google axes jobs in assistant, hardware, and engineering teams

Silicon Valley giants Apple and Microsoft are locked in a tight race for the title of world's most valuable company, with recent market shifts putting Microsoft within striking distance.<o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

Apple's crown has grown unsteady, weighed down by declining iPhone sales in China and analysts doubts about the impact of its upcoming mixed-reality headset. Its shares have dipped 4 per cent this year, eroding its market capitalisation to $2.866 trillion.<o:p></o:p>

Microsoft, on the other hand, is riding a wave of success, with its stock price up 2 per cent year-to-date and market value hitting $2.837 trillion. This surge is fuelled by the continued strength of its cloud computing business, Azure.<o:p></o:p>

The gap between the two tech titans is narrow, with Apple clinging to a mere $29 billion lead. In December, the gap was even smaller.<o:p></o:p>

Apple's iPhone performance, particularly in China, is a major concern. Jefferies analysts reported a 30 per cent drop in iPhone sales in China during the first week of 2024, raising fears about growing competition from Huawei and other domestic players.<o:p></o:p>

While Apple's upcoming Vision Pro headset launch is its biggest product reveal since the iPhone, analysts at UBS doubt its immediate impact on earnings. They predict its contribution to be "relatively immaterial" in 2024.<o:p></o:p>

This isn't the first time Microsoft has threatened Apple's top spot. Since 2018, they have briefly exchanged positions several times, including in 2021 when COVID-related supply chain issues hit Apple hard.<o:p></o:p>

Both companies currently trade at relatively high valuations compared to their expected earnings. Apple's forward price-to-earnings ratio is at 28, significantly above its historical average of 19. Microsoft fares slightly better at 31, still surpassing its 10-year average of 24.<o:p></o:p>

Apple's recent quarterly report offered a lukewarm outlook for the holiday season, missing Wall Street expectations due to weak demand for iPads and wearables. Analysts still anticipate a meagre 0.7 per cent revenue increase for the December quarter, marking the first year-on-year increase in four quarters. Apple's official results are due on February 1st.<o:p></o:p>

Microsoft, on the other hand, is expected to report a 16 per cent revenue increase to $61.1 billion in the coming weeks, driven by the robust performance of Azure.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Silicon Valley giants Apple and Microsoft are locked in a tight race for the title of world's most valuable company, with recent market shifts putting Microsoft within striking distance.

Silicon Valley giants Apple and Microsoft are locked in a tight race for the title of world's most valuable company, with recent market shifts putting Microsoft within striking distance. This is based on a Reuters report. Apple's crown has grown unsteady, weighed down by declining iPhone sales in China and analysts doubts about the impact of its upcoming mixed-reality headset. Its shares have dipped 4 per cent this year, eroding its market capitalisation to $2.866 trillion. Microsoft, on the other hand, is riding a wave of success, with its stock price up 2 per cent year-to-date and market value hitting $2.837 trillion. This surge is fuelled by the continued strength of its cloud computing business, Azure. The gap between the two tech titans is narrow, with Apple clinging to a mere $29 billion lead. In December, the gap was even smaller. Apple's iPhone performance, particularly in China, is a major concern. Jefferies analysts reported a 30 per cent drop in iPhone sales in China during the first week of 2024, raising fears about growing competition from Huawei and other domestic players. While Apple's upcoming Vision Pro headset launch is its biggest product reveal since the iPhone, analysts at UBS doubt its immediate impact on earnings. They predict its contribution to be "relatively immaterial" in 2024. This isn't the first time Microsoft has threatened Apple's top spot. Since 2018, they have briefly exchanged positions several times, including in 2021 when COVID-related supply chain issues hit Apple hard. Both companies currently trade at relatively high valuations compared to their expected earnings. Apple's forward price-to-earnings ratio is at 28, significantly above its historical average of 19. Microsoft fares slightly better at 31, still surpassing its 10-year average of 24. Apple's recent quarterly report offered a lukewarm outlook for the holiday season, missing Wall Street expectations due to weak demand for iPads and wearables. Analysts still anticipate a meagre 0.7 per cent revenue increase for the December quarter, marking the first year-on-year increase in four quarters. Apple's official results are due on February 1st. Microsoft, on the other hand, is expected to report a 16 per cent revenue increase to $61.1 billion in the coming weeks, driven by the robust performance of Azure. (With inputs from Reuters)

Silicon Valley Showdown: Microsoft nips at Apple's crown as world's most valuable company

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