In a bid to address uncertainties surrounding the tracing of diamond origins, India has urged the Group of Seven (G7) nations to delay the impending ban on Russian diamonds, Reuters reported.&nbsp;

The G7's ban on Russian diamonds is set to commence on January 1, with phased-in restrictions on indirect imports beginning around March 1. However, India, home to 90 per cent of the world's diamond cutting and polishing industry, contends that the lack of clarity in tracing rules necessitates a postponement. &nbsp;

The proposed ban is part of broader G7 measures aimed at restricting Moscow's revenues supporting its invasion of Ukraine.&nbsp;

Sources reveal that India, a crucial player in the diamond industry, has sought more clarity in its discussions with G7 leaders. The timeline set by G7, initiating restrictions on indirect imports from Russia in three to four months, is deemed impractical by Indian authorities due to unclear rules on gem origin tracing. &nbsp;

Russia stands as the largest global producer of rough diamonds by volume, and the proposed restrictions aim to curtail revenues that fund its activities in Ukraine.&nbsp;

India has expressed reservations about G7's new "traceability-based verification and certification" system, which could necessitate the sharing of sensitive data about Indian businesses. &nbsp;

While India acknowledges the potential impact on its diamond sector, particularly in the western state of Gujarat, where the industry is concentrated, officials expect minimal disruption as they predominantly process smaller Russian diamonds. &nbsp;

However, concerns persist about the broader implications for the diamond supply chain, given the challenges the industry already faces due to weakened demand. During the first seven months of the current fiscal year, polished diamond exports from India declined by 29 per cent to $10 billion.&nbsp;

"The timeline to start restrictions on indirect imports from Russia in three-four months is impractical, as the rules on how the origin for a gem will be traced are not clear," Reuters cited one of the sources. &nbsp;

The federal trade ministry, involved in discussions with G7, has not provided an official comment on the matter. &nbsp;

(With inputs from Reuters)&nbsp;

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In a bid to address uncertainties surrounding the tracing of diamond origins, India has urged the Group of Seven (G7) nations to delay the impending ban on Russian diamonds, Reuters reported.

In a bid to address uncertainties surrounding the tracing of diamond origins, India has urged the Group of Seven (G7) nations to delay the impending ban on Russian diamonds, Reuters reported. The G7's ban on Russian diamonds is set to commence on January 1, with phased-in restrictions on indirect imports beginning around March 1. However, India, home to 90 per cent of the world's diamond cutting and polishing industry, contends that the lack of clarity in tracing rules necessitates a postponement. The proposed ban is part of broader G7 measures aimed at restricting Moscow's revenues supporting its invasion of Ukraine. Sources reveal that India, a crucial player in the diamond industry, has sought more clarity in its discussions with G7 leaders. The timeline set by G7, initiating restrictions on indirect imports from Russia in three to four months, is deemed impractical by Indian authorities due to unclear rules on gem origin tracing. Russia stands as the largest global producer of rough diamonds by volume, and the proposed restrictions aim to curtail revenues that fund its activities in Ukraine. India has expressed reservations about G7's new "traceability-based verification and certification" system, which could necessitate the sharing of sensitive data about Indian businesses. While India acknowledges the potential impact on its diamond sector, particularly in the western state of Gujarat, where the industry is concentrated, officials expect minimal disruption as they predominantly process smaller Russian diamonds. However, concerns persist about the broader implications for the diamond supply chain, given the challenges the industry already faces due to weakened demand. During the first seven months of the current fiscal year, polished diamond exports from India declined by 29 per cent to $10 billion. "The timeline to start restrictions on indirect imports from Russia in three-four months is impractical, as the rules on how the origin for a gem will be traced are not clear," Reuters cited one of the sources. The federal trade ministry, involved in discussions with G7, has not provided an official comment on the matter. (With inputs from Reuters) WATCH WION LIVE HERE

India urges to G7 for delay Russian diamond ban, seeks clarity on tracing rules

The recent ban on onion exports by India, the world's largest onion exporter, has created a ripple effect across Asia, causing a surge in prices and forcing countries to seek alternative sources. &nbsp;

Implemented on December 8 due to a significant domestic price hike, the ban has impacted traditional buyers such as Bangladesh, Malaysia, Nepal, and the United Arab Emirates. As India grapples with soaring onion prices, Asian consumers are facing the challenge of higher costs and limited alternatives.&nbsp;

For Asian consumers, especially in countries like Bangladesh, where onions are a culinary staple, the sudden spike in prices is proving difficult to cope with. &nbsp;

Reuters cited Mousumi Akhtar, a Dhaka resident who expressed the impact, stating, "Onions are needed for almost everything we cook. This sudden price hike is tough to swallow. I've had to cut back on how much I buy." &nbsp;

The dependence on Indian onions for various regional dishes, from Malaysian belacan shrimp paste to Nepali chicken chillies, has led to a serious setback as India's ban disrupts the supply chain.&nbsp;

Traders estimate that India contributes over half of all onion imports by Asian countries, emphasising its pivotal role in meeting the demand for this essential ingredient. The ban, has prompted importing nations like Bangladesh to explore alternative sources such as China, Egypt, and Turkey to overcome shortages. Bangladesh, anticipating general elections, has even initiated the sale of subsidised onions to mitigate the impact of the 50 per cent surge in prices caused by India's ban.&nbsp;

Nepal, heavily reliant on onion imports, faces a particularly challenging situation. Tirtharaj Chiluwal from Nepal's commerce ministry highlighted the scarcity. "Since the ban by India, we have monitored the supply situation at different places. There are no onions on sale," Reuters quoted him as saying.&nbsp;

Nepal is considering imports from China and may seek an exception from India to resume exports, according to ministry spokesperson Gajendra Kumar Thakur.&nbsp;

The ban has prompted importing nations to turn to more expensive alternatives from China, Iran, Pakistan, and Turkey, leading to a hike in prices. &nbsp;

Ajit Shah, an Indian exporter, emphasised the significance of India's role in maintaining its global market position. He suggested that India, with an abundant domestic supply, should reconsider the ban to stabilise prices. &nbsp;

However, the likelihood of lifting the ban before next year's general elections appears slim, given the Indian government's priority to curb food prices.&nbsp;

(With inputs from Reuters)&nbsp;

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The recent ban on onion exports by India, the world's largest onion exporter, has created a ripple effect across Asia, causing a surge in prices and forcing countries to seek alternative sources.

The recent ban on onion exports by India, the world's largest onion exporter, has created a ripple effect across Asia, causing a surge in prices and forcing countries to seek alternative sources. Implemented on December 8 due to a significant domestic price hike, the ban has impacted traditional buyers such as Bangladesh, Malaysia, Nepal, and the United Arab Emirates. As India grapples with soaring onion prices, Asian consumers are facing the challenge of higher costs and limited alternatives. For Asian consumers, especially in countries like Bangladesh, where onions are a culinary staple, the sudden spike in prices is proving difficult to cope with. Reuters cited Mousumi Akhtar, a Dhaka resident who expressed the impact, stating, "Onions are needed for almost everything we cook. This sudden price hike is tough to swallow. I've had to cut back on how much I buy." The dependence on Indian onions for various regional dishes, from Malaysian belacan shrimp paste to Nepali chicken chillies, has led to a serious setback as India's ban disrupts the supply chain. Traders estimate that India contributes over half of all onion imports by Asian countries, emphasising its pivotal role in meeting the demand for this essential ingredient. The ban, has prompted importing nations like Bangladesh to explore alternative sources such as China, Egypt, and Turkey to overcome shortages. Bangladesh, anticipating general elections, has even initiated the sale of subsidised onions to mitigate the impact of the 50 per cent surge in prices caused by India's ban. Nepal, heavily reliant on onion imports, faces a particularly challenging situation. Tirtharaj Chiluwal from Nepal's commerce ministry highlighted the scarcity. "Since the ban by India, we have monitored the supply situation at different places. There are no onions on sale," Reuters quoted him as saying. Nepal is considering imports from China and may seek an exception from India to resume exports, according to ministry spokesperson Gajendra Kumar Thakur. The ban has prompted importing nations to turn to more expensive alternatives from China, Iran, Pakistan, and Turkey, leading to a hike in prices. Ajit Shah, an Indian exporter, emphasised the significance of India's role in maintaining its global market position. He suggested that India, with an abundant domestic supply, should reconsider the ban to stabilise prices. However, the likelihood of lifting the ban before next year's general elections appears slim, given the Indian government's priority to curb food prices. (With inputs from Reuters) WATCH WION LIVE HERE

India's onion export ban sends shockwaves across Asia. Here's why

WION's Business Desk brings you this daily round-up of global stories from the world of business and economy.<o:p></o:p>

India's onion export ban sends shockwaves across Asia. Here's why<o:p></o:p>

The recent ban on onion exports by India, the world's largest onion exporter, has created a ripple effect across Asia, causing a surge in prices and forcing countries to seek alternative sources.&nbsp;<o:p></o:p>

<a href="https://www.wionews.com/business-economy/indias-onion-export-ban-sends-shockwaves-across-asia-heres-why-671976">Read more here</a><o:p></o:p>

India urges to G7 for delay Russian diamond ban, seeks clarity on tracing rules<o:p></o:p>

In a bid to address uncertainties surrounding the tracing of diamond origins, India has urged the Group of Seven (G7) nations to delay the impending ban on Russian diamonds.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/india-urges-to-g7-for-delay-russian-diamond-ban-seeks-clarity-on-tracing-rules-671978">Read more here</a><o:p></o:p>

Protests erupt in Buenos Aires against Milei's economic overhaul<o:p></o:p>

In a display of public discontent, thousands took to the streets of Buenos Aires to voice their opposition to President Javier Milei's economic shock measures.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/protests-erupt-in-buenos-aires-against-mileis-economic-overhaul-672016">Read more here</a><o:p></o:p>

UK Supreme Court rules against AI as patent 'Inventor' in landmark case<o:p></o:p>

The UK Supreme Court has ruled against the notion that artificial intelligence (AI) can be recognised as an inventor for patent rights.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/uk-supreme-court-rules-against-ai-as-patent-inventor-in-landmark-case-672020">Read more here</a><o:p></o:p>

IMF sounds alarm on India's rising debt, warns of exceeding 100pc of GDP<o:p></o:p>

The International Monetary Fund (IMF) has issued a cautionary note, warning that India's general government debt could surpass 100 per cent of the gross domestic product (GDP) in the medium term.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/imf-sounds-alarm-on-indias-rising-debt-warns-of-exceeding-100pc-of-gdp-672040">Read more here</a><o:p></o:p>

Toyota initiates global recall of 1.12 million vehicles over airbag concerns<o:p></o:p>

Toyota Motor has announced a comprehensive recall due to a potential airbag issue linked to a sensor short circuit which in turn is set of affect 1.12 million vehicles worldwide. <o:p></o:p>

<a href="https://www.wionews.com/business-economy/toyota-initiates-global-recall-of-112-million-vehicles-over-airbag-concerns-672057">Read more here</a><o:p></o:p>

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WION's Business Desk brings you this daily round-up of global stories from the world of business and economy. India's onion export ban sends shockwaves across Asia.

WION's Business Desk brings you this daily round-up of global stories from the world of business and economy. India's onion export ban sends shockwaves across Asia. Here's why The recent ban on onion exports by India, the world's largest onion exporter, has created a ripple effect across Asia, causing a surge in prices and forcing countries to seek alternative sources. Read more here India urges to G7 for delay Russian diamond ban, seeks clarity on tracing rules In a bid to address uncertainties surrounding the tracing of diamond origins, India has urged the Group of Seven (G7) nations to delay the impending ban on Russian diamonds. Read more here Protests erupt in Buenos Aires against Milei's economic overhaul In a display of public discontent, thousands took to the streets of Buenos Aires to voice their opposition to President Javier Milei's economic shock measures. Read more here UK Supreme Court rules against AI as patent 'Inventor' in landmark case The UK Supreme Court has ruled against the notion that artificial intelligence (AI) can be recognised as an inventor for patent rights. Read more here IMF sounds alarm on India's rising debt, warns of exceeding 100pc of GDP The International Monetary Fund (IMF) has issued a cautionary note, warning that India's general government debt could surpass 100 per cent of the gross domestic product (GDP) in the medium term. Read more here Toyota initiates global recall of 1.12 million vehicles over airbag concerns Toyota Motor has announced a comprehensive recall due to a potential airbag issue linked to a sensor short circuit which in turn is set of affect 1.12 million vehicles worldwide. Read more here WATCH WION LIVE HERE

WION Business Wrap | India’s onion ban, Russian diamond ban, Protests in Buenos Aires & more

Toyota Motor has announced a comprehensive recall due to a potential airbag issue linked to a sensor short circuit which in turn is set of affect 1.12 million vehicles worldwide. &nbsp;

According to Reuters, the recall spans model years 2020 through 2022, encompassing various popular models such as Avalon, Camry, Corolla, RAV4, Lexus ES250, ES300H, ES350, RX350 Highlander, and Sienna Hybrid vehicles. The flaw, centred around the Occupant Classification System (OCS) sensors, poses a risk of airbags failing to deploy as intended, particularly if a small adult or child occupies the front seat. The recall includes one million vehicles in the US.&nbsp;

The specific concern revolves around the OCS sensors, crucial components that ensure airbags refrain from deploying when a small adult or child is detected in the front seat. The global recall aims to address the potential malfunction by having dealers inspect and replace the sensors if necessary. Toyota plans to commence notifying affected vehicle owners in February 2023, facilitating a swift response to rectify the identified issue.&nbsp;

This is not the first time Toyota has encountered airbag-related issues. In July 2022, the automaker issued a recall affecting 3,500 RAV4 vehicles in the US. The recall was prompted by concerns about potential interference between internal components that could lead to the OCS sensor incorrectly detecting the occupant. While frontal airbags have proven instrumental in saving over 50,000 lives in the US over the past 30 years, safety authorities emphasise the critical importance of addressing specific concerns to prevent injuries, especially to children and small adults.&nbsp;

The development of the new OCS sensors is rooted in the recognition that older airbags deployed uniformly for all occupants, potentially causing injuries and, in rare cases, fatalities. The National Highway Traffic Safety Administration (NHTSA) acknowledged that past airbag deployment methods posed risks to children, small adults, and unbelted passengers who were in close proximity to the airbag at the moment of deployment. The introduction of enhanced sensors seeks to mitigate such risks and further enhance the overall safety of Toyota vehicles.&nbsp;

(With inputs from Reuters)&nbsp;

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Toyota Motor has announced a comprehensive recall due to a potential airbag issue linked to a sensor short circuit which in turn is set of affect 1.12 million vehicles worldwide.

Toyota Motor has announced a comprehensive recall due to a potential airbag issue linked to a sensor short circuit which in turn is set of affect 1.12 million vehicles worldwide. According to Reuters, the recall spans model years 2020 through 2022, encompassing various popular models such as Avalon, Camry, Corolla, RAV4, Lexus ES250, ES300H, ES350, RX350 Highlander, and Sienna Hybrid vehicles. The flaw, centred around the Occupant Classification System (OCS) sensors, poses a risk of airbags failing to deploy as intended, particularly if a small adult or child occupies the front seat. The recall includes one million vehicles in the US. The specific concern revolves around the OCS sensors, crucial components that ensure airbags refrain from deploying when a small adult or child is detected in the front seat. The global recall aims to address the potential malfunction by having dealers inspect and replace the sensors if necessary. Toyota plans to commence notifying affected vehicle owners in February 2023, facilitating a swift response to rectify the identified issue. This is not the first time Toyota has encountered airbag-related issues. In July 2022, the automaker issued a recall affecting 3,500 RAV4 vehicles in the US. The recall was prompted by concerns about potential interference between internal components that could lead to the OCS sensor incorrectly detecting the occupant. While frontal airbags have proven instrumental in saving over 50,000 lives in the US over the past 30 years, safety authorities emphasise the critical importance of addressing specific concerns to prevent injuries, especially to children and small adults. The development of the new OCS sensors is rooted in the recognition that older airbags deployed uniformly for all occupants, potentially causing injuries and, in rare cases, fatalities. The National Highway Traffic Safety Administration (NHTSA) acknowledged that past airbag deployment methods posed risks to children, small adults, and unbelted passengers who were in close proximity to the airbag at the moment of deployment. The introduction of enhanced sensors seeks to mitigate such risks and further enhance the overall safety of Toyota vehicles. (With inputs from Reuters) WATCH WION LIVE HERE

Toyota initiates global recall of 1.12 million vehicles over airbag concerns 

Toshiba has bid farewell to the Tokyo exchange after 74 years, marking the end of an era marred by a decade of turmoil and scandal that tarnished one of Japan's major brands. &nbsp;

The conglomerate is now set to transition into private ownership through a $14 billion takeover led by a consortium of investors, including private equity firm Japan Industrial Partners (JIP), financial services firm Orix, utility Chubu Electric Power, and chipmaker Rohm, Reuters reported.&nbsp;

The delisting comes after prolonged battles with overseas activist investors, bringing Toshiba's diverse portfolio, encompassing batteries, chips, and nuclear and defence equipment, under the control of domestic hands. &nbsp;

In a statement, Toshiba expressed its anticipation of a "new future with a new shareholder" and sought continuous understanding and support from stakeholders.&nbsp;

While the exact trajectory under its new owners remains uncertain, Chief Executive Taro Shimada, retained after the buyout, is expected to steer Toshiba toward high-margin digital services. The shift in ownership prevented an earlier plan involving a state-backed fund, and industry insiders suggest that potential divestitures may be considered to enhance Toshiba's strategic positioning.&nbsp;

Toshiba's challenges, as noted by Damian Thong, head of Japan research at Macquarie Capital Securities, stemmed from a mix of strategic missteps and unfortunate circumstances. As the company undergoes this transformation, the hope is that its assets and human talent, through divestitures, find new avenues to unleash their full potential.&nbsp;

With four JIP executives, alongside representatives from Orix, Chubu Electric, and Sumitomo Mitsui Financial Group, joining the board, Toshiba's transition under new management is already underway. Strategic collaborations, such as the $2.7 billion investment with Rohm in manufacturing facilities for power chips, signify the company's proactive approach in reshaping its future.&nbsp;

As Toshiba navigates its path forward, there is a critical need to exit lower-margin businesses and strengthen commercial strategies for advanced technologies. &nbsp;

(With inputs from Reuters)&nbsp;

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Toshiba has bid farewell to the Tokyo exchange after 74 years, marking the end of an era marred by a decade of turmoil and scandal that tarnished one of Japan's major brands.

Toshiba has bid farewell to the Tokyo exchange after 74 years, marking the end of an era marred by a decade of turmoil and scandal that tarnished one of Japan's major brands. The conglomerate is now set to transition into private ownership through a $14 billion takeover led by a consortium of investors, including private equity firm Japan Industrial Partners (JIP), financial services firm Orix, utility Chubu Electric Power, and chipmaker Rohm, Reuters reported. The delisting comes after prolonged battles with overseas activist investors, bringing Toshiba's diverse portfolio, encompassing batteries, chips, and nuclear and defence equipment, under the control of domestic hands. In a statement, Toshiba expressed its anticipation of a "new future with a new shareholder" and sought continuous understanding and support from stakeholders. While the exact trajectory under its new owners remains uncertain, Chief Executive Taro Shimada, retained after the buyout, is expected to steer Toshiba toward high-margin digital services. The shift in ownership prevented an earlier plan involving a state-backed fund, and industry insiders suggest that potential divestitures may be considered to enhance Toshiba's strategic positioning. Toshiba's challenges, as noted by Damian Thong, head of Japan research at Macquarie Capital Securities, stemmed from a mix of strategic missteps and unfortunate circumstances. As the company undergoes this transformation, the hope is that its assets and human talent, through divestitures, find new avenues to unleash their full potential. With four JIP executives, alongside representatives from Orix, Chubu Electric, and Sumitomo Mitsui Financial Group, joining the board, Toshiba's transition under new management is already underway. Strategic collaborations, such as the $2.7 billion investment with Rohm in manufacturing facilities for power chips, signify the company's proactive approach in reshaping its future. As Toshiba navigates its path forward, there is a critical need to exit lower-margin businesses and strengthen commercial strategies for advanced technologies. (With inputs from Reuters) WATCH WION LIVE HERE

After delisting, Toshiba navigates an uncertain future with new owners

In a strategic move responding to geopolitical changes, South Korea's Hyundai Motor is set to sell its Russian plant for a nominal 7,000 roubles ($77.67), becoming the latest global automaker to divest from Russian assets since the outbreak of the war in Ukraine. &nbsp;

According to Reuters, the sale, detailed in a regulatory filing, involves a significant financial setback, with Hyundai Motor anticipating a 287 billion won ($219.19 million) loss on the St. Petersburg plant, where operations were halted in March 2022.&nbsp;

Hyundai Motor aims to finalise the deal with Russia's Art-Finance, incorporating a buyback option into the transaction, and expects to complete the process by December 28. While the company is set to receive a total of 10,000 roubles for the sale of all its Russian assets, the move aligns with a broader trend among major automakers opting for nominal fees and buyback options, potentially leaving the door open for future returns.&nbsp;

Approval from Russia's government commission on foreign asset sales, known for requiring at least a 50 per cent discount on such deals, has been granted. Russian Industry and Trade Minister Denis Manturov, cited by the RIA news agency, stated that "Hyundai and Art-Finance are clarifying the parameters of the deal, including the buyback option.”&nbsp;

Before the war in Ukraine, Hyundai and its affiliate Kia Corp were among the top three selling brands in Russia. However, with the global exodus of players and the influx of Chinese brands taking their place, Hyundai Motor's decision to sell aligns with the industry trend.&nbsp;

Art-Finance, the acquiring entity, is linked to Andrei Pavlovich, who previously acquired Volkswagen's Russian assets, according to AGR Automotive. The Auto dealer group Avilon, which supported Art-Finance in the Volkswagen deal, clarifies that it is not connected to Art-Finance and AGR Automotive.&nbsp;

(With inputs from Reuters)&nbsp;

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In a strategic move responding to geopolitical changes, South Korea's Hyundai Motor is set to sell its Russian plant for a nominal 7,000 roubles ($77.67), becoming the latest global automaker to divest from Russian assets since the outbreak of the war in Ukraine.

In a strategic move responding to geopolitical changes, South Korea's Hyundai Motor is set to sell its Russian plant for a nominal 7,000 roubles ($77.67), becoming the latest global automaker to divest from Russian assets since the outbreak of the war in Ukraine. According to Reuters, the sale, detailed in a regulatory filing, involves a significant financial setback, with Hyundai Motor anticipating a 287 billion won ($219.19 million) loss on the St. Petersburg plant, where operations were halted in March 2022. Hyundai Motor aims to finalise the deal with Russia's Art-Finance, incorporating a buyback option into the transaction, and expects to complete the process by December 28. While the company is set to receive a total of 10,000 roubles for the sale of all its Russian assets, the move aligns with a broader trend among major automakers opting for nominal fees and buyback options, potentially leaving the door open for future returns. Approval from Russia's government commission on foreign asset sales, known for requiring at least a 50 per cent discount on such deals, has been granted. Russian Industry and Trade Minister Denis Manturov, cited by the RIA news agency, stated that "Hyundai and Art-Finance are clarifying the parameters of the deal, including the buyback option.” Before the war in Ukraine, Hyundai and its affiliate Kia Corp were among the top three selling brands in Russia. However, with the global exodus of players and the influx of Chinese brands taking their place, Hyundai Motor's decision to sell aligns with the industry trend. Art-Finance, the acquiring entity, is linked to Andrei Pavlovich, who previously acquired Volkswagen's Russian assets, according to AGR Automotive. The Auto dealer group Avilon, which supported Art-Finance in the Volkswagen deal, clarifies that it is not connected to Art-Finance and AGR Automotive. (With inputs from Reuters) WATCH WION LIVE HERE

Hyundai's Strategic Exit: Korean carmaker to sell Russian plant for token amount amid market shifts

Lufthansa on Tuesday inked a deal worth $9 billion, ordering a total of 80 planes from both Boeing and Airbus, with delivery set between 2026 and 2032, marking the German flagship carrier's first purchase of Boeing narrow-body planes in approximately 30 years. &nbsp;

According to Reuters, the agreement comprises 40 Boeing 737 MAX 8 planes and 40 Airbus A220-300s, with options for additional purchases: 60 for the MAX 8, 20 for the A220, and 40 for Airbus A320s.&nbsp;

This deal signifies a major strategic shift for Lufthansa, as it not only marks its reentry into acquiring Boeing narrow-body planes but also represents its first-ever purchase of the 737 MAX model. Lufthansa, historically maintaining an all-Airbus single-aisle fleet since phasing out the 737 in 2016, has predominantly focused on Boeing wide-body aircraft, including the 787 Dreamliners, 777 freighters, and the upcoming 777X mini-jumbo.&nbsp;

Lufthansa CEO Carsten Spohr expressed the significance of the move, stating, "It is a good strategic decision for the Lufthansa Group to order Boeing 737 aircraft again for the first time since 1995," highlighting that the addition of the MAX 8 aligns with the company's commitment to carbon reduction requirements. The deal underscores Lufthansa's pivotal role as Airbus's largest airline customer, with a long-standing relationship that has seen the delivery of its 600th aircraft just months ago.&nbsp;

Boeing shares rose by 1.6 per cent in response to the news, while Airbus saw a 0.6 per cent increase. Lufthansa plans to finance this substantial purchase with net investments of 2.5-3 billion euros ($2.7-3.2 billion) in 2023 and a similar amount in the following year, emphasising that the order's impact on capital expenditure in 2023-2024 would not be significant.&nbsp;

(With inputs from Reuters)&nbsp;

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Lufthansa on Tuesday inked a deal worth $9 billion, ordering a total of 80 planes from both Boeing and Airbus, with delivery set between 2026 and 2032, marking the German flagship carrier's first purchase of Boeing narrow-body planes in approximately 30 years.

Lufthansa on Tuesday inked a deal worth $9 billion, ordering a total of 80 planes from both Boeing and Airbus, with delivery set between 2026 and 2032, marking the German flagship carrier's first purchase of Boeing narrow-body planes in approximately 30 years. According to Reuters, the agreement comprises 40 Boeing 737 MAX 8 planes and 40 Airbus A220-300s, with options for additional purchases: 60 for the MAX 8, 20 for the A220, and 40 for Airbus A320s. This deal signifies a major strategic shift for Lufthansa, as it not only marks its reentry into acquiring Boeing narrow-body planes but also represents its first-ever purchase of the 737 MAX model. Lufthansa, historically maintaining an all-Airbus single-aisle fleet since phasing out the 737 in 2016, has predominantly focused on Boeing wide-body aircraft, including the 787 Dreamliners, 777 freighters, and the upcoming 777X mini-jumbo. Lufthansa CEO Carsten Spohr expressed the significance of the move, stating, "It is a good strategic decision for the Lufthansa Group to order Boeing 737 aircraft again for the first time since 1995," highlighting that the addition of the MAX 8 aligns with the company's commitment to carbon reduction requirements. The deal underscores Lufthansa's pivotal role as Airbus's largest airline customer, with a long-standing relationship that has seen the delivery of its 600th aircraft just months ago. Boeing shares rose by 1.6 per cent in response to the news, while Airbus saw a 0.6 per cent increase. Lufthansa plans to finance this substantial purchase with net investments of 2.5-3 billion euros ($2.7-3.2 billion) in 2023 and a similar amount in the following year, emphasising that the order's impact on capital expenditure in 2023-2024 would not be significant. (With inputs from Reuters) WATCH WION LIVE HERE

Lufthansa's $9 bn aircraft bonanza: German airline orders 80 planes from Boeing and Airbus

In a major legal blow, a Washington state jury has ruled that&nbsp;Monsanto must pay $857 million to seven former students and parent volunteers of the Sky Valley Education Centre in Monroe, Washington. &nbsp;

The plaintiffs claimed that exposure to chemicals known as polychlorinated biphenyls (PCBs) from light fixtures made by Monsanto caused neurological, endocrine system, and other health concerns. &nbsp;

The jury found Monsanto liable for selling unsafe PCBs without adequate warnings, awarding $73 million in compensatory damages and $784 million in punitive damages.&nbsp;

Monsanto, now a part of Bayer, plans to challenge the verdict, calling the award "constitutionally excessive." The company asserts that it will seek to have the decision overturned or the damages reduced. &nbsp;

The U.S. Supreme Court typically recommends capping punitive damages at nine times compensatory damages, citing due process rights.&nbsp;

This verdict is the latest in a series of legal setbacks for Monsanto, which is already facing $870 million in verdicts related to alleged PCB exposure at the Sky Valley centre from other cases. &nbsp;

The company is currently appealing those previous decisions. Monsanto claims that tests conducted on blood, air, and other factors indicate that employees were not exposed to unsafe levels of PCBs at the school.&nbsp;

PCBs were widely used for insulating electrical equipment and in common products until the U.S. government banned them in 1979 due to links to cancer. Monsanto ceased PCB production in 1977.

The lawsuits against the company allege that exposure to PCBs at the Sky Valley centre led to various health problems, including cancer and thyroid conditions. Monsanto contends that the school was repeatedly warned since the 1990s about the need to retrofit its light fixtures, assertions that were allegedly ignored.&nbsp;

(With inputs from Reuters)&nbsp;

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In a major legal blow, a Washington state jury has ruled that Monsanto must pay $857 million to seven former students and parent volunteers of the Sky Valley Education Centre in Monroe, Washington.

In a major legal blow, a Washington state jury has ruled that Monsanto must pay $857 million to seven former students and parent volunteers of the Sky Valley Education Centre in Monroe, Washington. The plaintiffs claimed that exposure to chemicals known as polychlorinated biphenyls (PCBs) from light fixtures made by Monsanto caused neurological, endocrine system, and other health concerns. The jury found Monsanto liable for selling unsafe PCBs without adequate warnings, awarding $73 million in compensatory damages and $784 million in punitive damages. Monsanto, now a part of Bayer, plans to challenge the verdict, calling the award "constitutionally excessive." The company asserts that it will seek to have the decision overturned or the damages reduced. The U.S. Supreme Court typically recommends capping punitive damages at nine times compensatory damages, citing due process rights. This verdict is the latest in a series of legal setbacks for Monsanto, which is already facing $870 million in verdicts related to alleged PCB exposure at the Sky Valley centre from other cases. The company is currently appealing those previous decisions. Monsanto claims that tests conducted on blood, air, and other factors indicate that employees were not exposed to unsafe levels of PCBs at the school. PCBs were widely used for insulating electrical equipment and in common products until the U.S. government banned them in 1979 due to links to cancer. Monsanto ceased PCB production in 1977. The lawsuits against the company allege that exposure to PCBs at the Sky Valley centre led to various health problems, including cancer and thyroid conditions. Monsanto contends that the school was repeatedly warned since the 1990s about the need to retrofit its light fixtures, assertions that were allegedly ignored. (With inputs from Reuters) WATCH WION LIVE HERE

Monsanto to pay $857 million in damages in PCB contamination case 

The European Union (EU) and the US have decided to prolong their ceasefire on steel and aluminium imports, averting the looming threat of tariffs impacting transatlantic trade. &nbsp;

According to Bloomberg, the European Commission, the executive arm of the EU, revealed on Tuesday that retaliatory measures, initiated during the Trump era, will be put on hold for 15 months until March 31, 2025, providing a temporary respite in the steel tariff war.&nbsp;

While Brussels succeeded in extending the truce, negotiations failed to secure an improvement in the current tariff-rate quotas (TRQs) set by the US. The extension is anticipated to save EU steel and aluminium exporters around €1.5 billion ($1.6 billion) in annual tariffs. The EU, dissatisfied with the existing quota system, advocated for more flexibility, pushing for modifications such as annual quotas for the European market.&nbsp;

Expressing commitment, the EU asserted that it will continue engaging with the US to protect its legal rights and eliminate US 232 tariffs on EU exports permanently. The reference to Section 232 of US law highlights the authority granted to the president to impose duties on imports for national security reasons.&nbsp;

This development coincides with the ticking clock on the Global Arrangement on Sustainable Steel and Aluminium (GSA), poised to maintain tariff exemptions until after the upcoming US presidential election in November 2024. The GSA agreement holds the promise of a permanent resolution to the trade dispute sparked by Trump-era tariffs, with the EU insisting on lifting all tariff-rate quotas, a demand resisted by the US.&nbsp;

As the EU mulls its options, including a potential case at the World Trade Organisation or re-imposing tariffs, challenges loom large. Concerns among EU member states about escalating trade tensions in the lead-up to the election in 2024 cast a shadow over the prospect of decisive action.&nbsp;

(With inputs from Bloomberg)&nbsp;

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The European Union (EU) and the US have decided to prolong their ceasefire on steel and aluminium imports, averting the looming threat of tariffs impacting transatlantic trade.

The European Union (EU) and the US have decided to prolong their ceasefire on steel and aluminium imports, averting the looming threat of tariffs impacting transatlantic trade. According to Bloomberg, the European Commission, the executive arm of the EU, revealed on Tuesday that retaliatory measures, initiated during the Trump era, will be put on hold for 15 months until March 31, 2025, providing a temporary respite in the steel tariff war. While Brussels succeeded in extending the truce, negotiations failed to secure an improvement in the current tariff-rate quotas (TRQs) set by the US. The extension is anticipated to save EU steel and aluminium exporters around €1.5 billion ($1.6 billion) in annual tariffs. The EU, dissatisfied with the existing quota system, advocated for more flexibility, pushing for modifications such as annual quotas for the European market. Expressing commitment, the EU asserted that it will continue engaging with the US to protect its legal rights and eliminate US 232 tariffs on EU exports permanently. The reference to Section 232 of US law highlights the authority granted to the president to impose duties on imports for national security reasons. This development coincides with the ticking clock on the Global Arrangement on Sustainable Steel and Aluminium (GSA), poised to maintain tariff exemptions until after the upcoming US presidential election in November 2024. The GSA agreement holds the promise of a permanent resolution to the trade dispute sparked by Trump-era tariffs, with the EU insisting on lifting all tariff-rate quotas, a demand resisted by the US. As the EU mulls its options, including a potential case at the World Trade Organisation or re-imposing tariffs, challenges loom large. Concerns among EU member states about escalating trade tensions in the lead-up to the election in 2024 cast a shadow over the prospect of decisive action. (With inputs from Bloomberg) WATCH WION LIVE HERE

EU and US call a truce, postpone steel tariff showdown until after elections

Tesla has informed salaried employees that the company will not be offering merit-based equity awards this year. While no explicit reason was provided for this deviation from the norm, insights from four employees across different departments suggest a widespread impact, Bloomberg reported.&nbsp;

Despite the absence of merit-based stock grants, employees did receive modest cost-of-living increases and adjustments to their base salaries.&nbsp;

Typically, during annual performance reviews, employees expect both salary adjustments and merit-based stock grants. However, this year, even high-performing individuals were omitted from the merit-based grants, raising questions about whether this marks a one-time deviation or signals a broader shift in Tesla's compensation philosophy. &nbsp;

Tesla’s CEO Elon Musk, known for emphasising the significance of employee stock ownership, has often credited this compensation approach with maintaining competitive pay while preserving cash and fending off unionisation efforts. &nbsp;

Musk's concerns about retaining talented individuals in a competitive job market were voiced at the New York Times DealBook Summit last month, where he discussed the challenge of retaining employees amidst numerous alternative opportunities.&nbsp;

The alteration in compensation comes amid Musk's expressed worries about the global economy. Musk, currently the world's richest person, has been vocal about his concerns regarding high-interest rates and the state of commercial real estate. &nbsp;

On Tesla's recent earnings call, Chief Financial Officer Vaibhav Taneja highlighted the company's focus on cost-cutting in response to the "challenging economic environment". The broader implications of this adjustment in Tesla's compensation strategy remain to be seen.&nbsp;

(With inputs from Bloomberg)&nbsp;

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Tesla has informed salaried employees that the company will not be offering merit-based equity awards this year. While no explicit reason was provided for this deviation from the norm, insights from four employees across different departments suggest a widespread impact, Bloomberg reported.

Tesla has informed salaried employees that the company will not be offering merit-based equity awards this year. While no explicit reason was provided for this deviation from the norm, insights from four employees across different departments suggest a widespread impact, Bloomberg reported. Despite the absence of merit-based stock grants, employees did receive modest cost-of-living increases and adjustments to their base salaries. Typically, during annual performance reviews, employees expect both salary adjustments and merit-based stock grants. However, this year, even high-performing individuals were omitted from the merit-based grants, raising questions about whether this marks a one-time deviation or signals a broader shift in Tesla's compensation philosophy. Tesla’s CEO Elon Musk, known for emphasising the significance of employee stock ownership, has often credited this compensation approach with maintaining competitive pay while preserving cash and fending off unionisation efforts. Musk's concerns about retaining talented individuals in a competitive job market were voiced at the New York Times DealBook Summit last month, where he discussed the challenge of retaining employees amidst numerous alternative opportunities. The alteration in compensation comes amid Musk's expressed worries about the global economy. Musk, currently the world's richest person, has been vocal about his concerns regarding high-interest rates and the state of commercial real estate. On Tesla's recent earnings call, Chief Financial Officer Vaibhav Taneja highlighted the company's focus on cost-cutting in response to the "challenging economic environment". The broader implications of this adjustment in Tesla's compensation strategy remain to be seen. (With inputs from Bloomberg) WATCH WION LIVE HERE

Tesla alters employee compensation strategy, opts out of merit-based stock awards 

In a bid to attract cost-conscious consumers, Chinese retailers are strategically pivoting towards lower-priced goods and services. This shift, while aimed at boosting consumer spending, is raising concerns about the entrenchment of deflationary trends in China's economy.&nbsp;

The move involves widespread price cuts, the proliferation of bargain stores, and the introduction of scaled-down product versions, potentially leading to a damaging cycle of lower profit margins, restrained wage and job growth, and a diminished consumer appetite.&nbsp;

Deflationary Trends and Economic Impact&nbsp;

The aggressive competition for thrifty Chinese consumers is reshaping the retail landscape, drawing parallels with Japan's "lost decades" of stagnation. Falling income growth is contributing to lower consumption, with industries experiencing declining revenue as companies resort to lowering prices to maintain market share. Shanghai-based economist Wang Dan warns of a challenging economic landscape, stating, "It is definitely a price decrease or low inflation environment now."&nbsp;

Examples of Lower-Priced Alternatives&nbsp;

Chinese retailers are responding to consumer cost-cutting by offering lower-priced alternatives. Haidilao, known for premium hotpot service, introduced a lower-priced brand, Hailao Huoguo, offering beef dishes for as low as 28 yuan ($3.92). Spirits maker Moutai unveiled affordable latte and chocolate products infused with its trademark liquor. Walmart's Sam's Club and Alibaba's Freshippo are engaged in a price war, cutting prices on popular items by up to 34 per cent.&nbsp;

Impact on Consumer Behaviour&nbsp;

The pursuit of "value for money" among consumers is reversing the trend of trading up in various product categories. Discounting and the rollout of cheaper products have led to a decline in the average selling price for supplements, dairy, skincare, and cosmetics. Andy Yang, a Beijing student, emphasises the importance of affordability, stating, "For me, the cheaper, the better."&nbsp;

Rise of Discount Stores&nbsp;

The shift towards lower prices has given rise to a new breed of discount stores in China. Lingshi Henmang, a six-year-old snack brand, plans to expand to 10,000 stores in 2025 from 4,000 currently. Bestore, China's biggest snack brand, fought back by cutting prices on 300 products, with Hotmaxx targeting an expansion to 5,000 outlets, specialising in selling soon-to-expire products at lower prices.&nbsp;

While policymakers anticipate inflation, recent data shows consumer prices falling at their fastest pace in three years, deepening factory gate deflation. Despite an expected 5 per cent economic growth this year, the disconnect between growth and consumer experience, coupled with high youth unemployment, raises concerns about the long-term impact of the shift towards lower prices in the Chinese retail sector.&nbsp;

(With inputs from Reuters)&nbsp;

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In a bid to attract cost-conscious consumers, Chinese retailers are strategically pivoting towards lower-priced goods and services. This shift, while aimed at boosting consumer spending, is raising concerns about the entrenchment of deflationary trends in China's economy.

In a bid to attract cost-conscious consumers, Chinese retailers are strategically pivoting towards lower-priced goods and services. This shift, while aimed at boosting consumer spending, is raising concerns about the entrenchment of deflationary trends in China's economy. The move involves widespread price cuts, the proliferation of bargain stores, and the introduction of scaled-down product versions, potentially leading to a damaging cycle of lower profit margins, restrained wage and job growth, and a diminished consumer appetite. Deflationary Trends and Economic Impact The aggressive competition for thrifty Chinese consumers is reshaping the retail landscape, drawing parallels with Japan's "lost decades" of stagnation. Falling income growth is contributing to lower consumption, with industries experiencing declining revenue as companies resort to lowering prices to maintain market share. Shanghai-based economist Wang Dan warns of a challenging economic landscape, stating, "It is definitely a price decrease or low inflation environment now." Examples of Lower-Priced Alternatives Chinese retailers are responding to consumer cost-cutting by offering lower-priced alternatives. Haidilao, known for premium hotpot service, introduced a lower-priced brand, Hailao Huoguo, offering beef dishes for as low as 28 yuan ($3.92). Spirits maker Moutai unveiled affordable latte and chocolate products infused with its trademark liquor. Walmart's Sam's Club and Alibaba's Freshippo are engaged in a price war, cutting prices on popular items by up to 34 per cent. Impact on Consumer Behaviour The pursuit of "value for money" among consumers is reversing the trend of trading up in various product categories. Discounting and the rollout of cheaper products have led to a decline in the average selling price for supplements, dairy, skincare, and cosmetics. Andy Yang, a Beijing student, emphasises the importance of affordability, stating, "For me, the cheaper, the better." Rise of Discount Stores The shift towards lower prices has given rise to a new breed of discount stores in China. Lingshi Henmang, a six-year-old snack brand, plans to expand to 10,000 stores in 2025 from 4,000 currently. Bestore, China's biggest snack brand, fought back by cutting prices on 300 products, with Hotmaxx targeting an expansion to 5,000 outlets, specialising in selling soon-to-expire products at lower prices. While policymakers anticipate inflation, recent data shows consumer prices falling at their fastest pace in three years, deepening factory gate deflation. Despite an expected 5 per cent economic growth this year, the disconnect between growth and consumer experience, coupled with high youth unemployment, raises concerns about the long-term impact of the shift towards lower prices in the Chinese retail sector. (With inputs from Reuters) WATCH WION LIVE HERE

Chinese retailers' shift to lower prices raises concerns of deepening deflation 

India is poised to be the top recipient of remittances globally in 2023, with an anticipated surge of over 11 per cent, reaching $125 billion, according to the World Bank's latest Migration and Development Brief reported by Moneycontrol. <o:p></o:p>

This growth solidifies India's position ahead of countries like Mexico ($67 billion) and China ($50 billion). The report underscored the importance of remittances to India's economy, helping offset the impact of declining foreign direct investment and higher trade deficits.<o:p></o:p>

The World Bank highlighted a global growth of approximately 3.8 per cent in remittances to low- and middle-income countries (LMICs) in 2023, totalling $669 billion. Resilient labour markets in advanced economies and Gulf Cooperation Council (GCC) countries contribute to migrants' ability to send money home.<o:p></o:p>

However, the World Bank expressed concern about the risk of a decline in real income for migrants in 2024, given the backdrop of global inflation and low growth prospects.<o:p></o:p>

Remittances to South Asia, estimated to grow by 7.2 per cent in 2023, reaching $189 billion, are primarily driven by remittances to India. The US remains the largest source of remittances globally, with Saudi Arabia ranking second. Factors contributing to India's robust remittance growth include declining inflation and strong labour markets in high-income source countries, particularly the US, UK, and Singapore.<o:p></o:p>

The regional breakdown reveals varied trends, with remittances growing for Latin America and the Caribbean (8 per cent), East Asia and the Pacific (3 per cent), and Sub-Saharan Africa (1.9 per cent). However, flows to the Middle East and North Africa experienced a 5.3 per cent decline for the second consecutive year, primarily attributed to a sharp drop in flows to Egypt. Remittances to Europe and Central Asia also saw a dip of 1.4 per cent after substantial gains in 2022.<o:p></o:p>

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India is poised to be the top recipient of remittances globally in 2023, with an anticipated surge of over 11 per cent, reaching $125 billion, according to the World Bank's latest Migration and Development Brief reported by Moneycontrol.

India is poised to be the top recipient of remittances globally in 2023, with an anticipated surge of over 11 per cent, reaching $125 billion, according to the World Bank's latest Migration and Development Brief reported by Moneycontrol. This growth solidifies India's position ahead of countries like Mexico ($67 billion) and China ($50 billion). The report underscored the importance of remittances to India's economy, helping offset the impact of declining foreign direct investment and higher trade deficits. The World Bank highlighted a global growth of approximately 3.8 per cent in remittances to low- and middle-income countries (LMICs) in 2023, totalling $669 billion. Resilient labour markets in advanced economies and Gulf Cooperation Council (GCC) countries contribute to migrants' ability to send money home. However, the World Bank expressed concern about the risk of a decline in real income for migrants in 2024, given the backdrop of global inflation and low growth prospects. Remittances to South Asia, estimated to grow by 7.2 per cent in 2023, reaching $189 billion, are primarily driven by remittances to India. The US remains the largest source of remittances globally, with Saudi Arabia ranking second. Factors contributing to India's robust remittance growth include declining inflation and strong labour markets in high-income source countries, particularly the US, UK, and Singapore. The regional breakdown reveals varied trends, with remittances growing for Latin America and the Caribbean (8 per cent), East Asia and the Pacific (3 per cent), and Sub-Saharan Africa (1.9 per cent). However, flows to the Middle East and North Africa experienced a 5.3 per cent decline for the second consecutive year, primarily attributed to a sharp drop in flows to Egypt. Remittances to Europe and Central Asia also saw a dip of 1.4 per cent after substantial gains in 2022. WATCH WION LIVE HERE

India leads global remittance surge with projected 23pc increase to $125 bn in 2023

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