In a move to mitigate potential risks associated with US sanctions on China's chip industry, an increasing number of Chinese semiconductor design companies are exploring partnerships with Malaysian firms for the assembly of high-end chips, particularly graphics processing units (GPUs), Reuters reported.<o:p></o:p>

The sources told Reuters that these collaborations focus solely on the assembly aspect, steering clear of US restrictions, with contracts already finalised in some cases.<o:p></o:p>

The heightened restrictions by Washington to limit China's access to advanced GPUs, crucial for artificial intelligence and military applications, have left smaller Chinese semiconductor design firms struggling to secure adequate advanced packaging services domestically. As a result, some are turning to Malaysia for these critical services.<o:p></o:p>

While US restrictions do not currently apply to advanced chip packaging services, Chinese firms fear potential future curbs on exports to China in this domain. Malaysia, a key player in the semiconductor supply chain, is viewed as an ideal alternative for Chinese chip firms looking to diversify assembly locations outside China.<o:p></o:p>

Unisem, majority-owned by China's Huatian Technology, has reported increased business and inquiries from Chinese clients. The chairman, John Chia, underlined the legitimacy and compliance of Unisem's business dealings.<o:p></o:p>

Chinese chip design firms find Malaysia attractive due to its perceived positive relationship with China, affordability, skilled workforce, and advanced equipment. Chia acknowledged that most of Unisem's customers in Malaysia are from the US.<o:p></o:p>

Despite potential concerns over US reactions, Chia asserted that Unisem's business dealings are fully legitimate and compliant.<o:p></o:p>

Malaysia, currently contributing 13 per cent to the global market for semiconductor packaging, assembly, and testing, aims to increase its share to 15 per cent by 2030. Chinese chip firms, including Xfusion and StarFive, have announced plans to expand in Malaysia, attracted by the country's incentives and established infrastructure.<o:p></o:p>

In a bid to minimise geopolitical risks, other countries such as Vietnam and India are also actively seeking to expand their presence in chip manufacturing services, providing alternative options for clients looking to navigate US-Sino uncertainties.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

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In a move to mitigate potential risks associated with US sanctions on China's chip industry, an increasing number of Chinese semiconductor design companies are exploring partnerships with Malaysian firms for the assembly of high-end chips, particularly graphics processing units (GPUs), Reuters reported.

In a move to mitigate potential risks associated with US sanctions on China's chip industry, an increasing number of Chinese semiconductor design companies are exploring partnerships with Malaysian firms for the assembly of high-end chips, particularly graphics processing units (GPUs), Reuters reported. The sources told Reuters that these collaborations focus solely on the assembly aspect, steering clear of US restrictions, with contracts already finalised in some cases. The heightened restrictions by Washington to limit China's access to advanced GPUs, crucial for artificial intelligence and military applications, have left smaller Chinese semiconductor design firms struggling to secure adequate advanced packaging services domestically. As a result, some are turning to Malaysia for these critical services. While US restrictions do not currently apply to advanced chip packaging services, Chinese firms fear potential future curbs on exports to China in this domain. Malaysia, a key player in the semiconductor supply chain, is viewed as an ideal alternative for Chinese chip firms looking to diversify assembly locations outside China. Unisem, majority-owned by China's Huatian Technology, has reported increased business and inquiries from Chinese clients. The chairman, John Chia, underlined the legitimacy and compliance of Unisem's business dealings. Chinese chip design firms find Malaysia attractive due to its perceived positive relationship with China, affordability, skilled workforce, and advanced equipment. Chia acknowledged that most of Unisem's customers in Malaysia are from the US. Despite potential concerns over US reactions, Chia asserted that Unisem's business dealings are fully legitimate and compliant. Malaysia, currently contributing 13 per cent to the global market for semiconductor packaging, assembly, and testing, aims to increase its share to 15 per cent by 2030. Chinese chip firms, including Xfusion and StarFive, have announced plans to expand in Malaysia, attracted by the country's incentives and established infrastructure. In a bid to minimise geopolitical risks, other countries such as Vietnam and India are also actively seeking to expand their presence in chip manufacturing services, providing alternative options for clients looking to navigate US-Sino uncertainties. (With inputs from Reuters) WATCH WION LIVE HERE

Chinese semiconductor firms turn to Malaysia for high-end chip assembly amid US sanction fears

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.<o:p></o:p>

Chinese semiconductor firms turn to Malaysia for high-end chip assembly amid US sanction fears<o:p></o:p>

To reduce the possible negative effects of US sanctions on China's semiconductor industry, more Chinese semiconductor design companies are looking into joint ventures with Malaysian companies to assemble high-end circuits, specifically graphics processing units (GPUs).<o:p></o:p>

<a href="https://www.wionews.com/business-economy/chinese-semiconductor-firms-turn-to-malaysia-for-high-end-chip-assembly-amid-us-sanction-fears-670708">Read more here </a><o:p></o:p>

Greece approves 2024 budget with optimistic growth projections and investment focus<o:p></o:p>

Greece's 2024 budget was passed with the expectation that strong tourism and more EU investment money will accelerate the country's economy to 2.9 per cent growth from 2.4 per cent this year.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/greece-approves-2024-budget-with-optimistic-growth-projections-and-investment-focus-670746">Read more here</a><o:p></o:p>

China's economic woes deepen as private sector struggles with challenges surrounding unemployment<o:p></o:p>

Amid an ongoing real estate crisis, a privately run aluminium producer in Guangdong, China's manufacturing hub, has thrust the challenges faced by private businesses into the spotlight.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/chinas-economic-woes-deepen-as-private-sector-struggles-with-challenges-surrounding-unemployment-670754">Read more here</a><o:p></o:p>

Business travel emissions plummet as companies embrace sustainable practices<o:p></o:p>

According to a recent survey, nearly half of 217 multinational companies have cut their carbon emissions from business travel by at least 50 per cent between 2019 and 2022.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/business-travel-emissions-plummet-as-companies-embrace-sustainable-practices-670770">Read more here</a><o:p></o:p>

India and Oman strengthen economic ties: CEPA progress and joint vision<o:p></o:p>

Discussions between India and Oman over a Comprehensive Economic Partnership Agreement (CEPA), bilateral investments, and possible bilateral rupee trade have advanced during Sultan Haitham bin Tarik's state visit to the country on Saturday.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/india-and-oman-strengthen-economic-ties-cepa-progress-and-joint-vision-670778">Read more here</a><o:p></o:p>

Nissan partners with top Chinese university, plans global export of locally developed EVs<o:p></o:p>

Nissan Motor on Sunday announced that the company would globally export electric vehicles (EVs) developed in China, as part of a deal with the country's prestigious Tsinghua University.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/nissan-partners-with-top-chinese-university-plans-global-export-of-locally-developed-evs-670806">Read more here</a><o:p></o:p>

Hong Kong luxury retailers adapt as Chinese tourist spending declines<o:p></o:p>

As the city adapts to a decline in Chinese tourists and a change in consumer preferences, Hong Kong's luxury retail industry is changing.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/hong-kong-luxury-retailers-adapt-as-chinese-tourist-spending-declines-670813">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. Chinese semiconductor firms turn to Malaysia for high-end chip assembly amid US sanction fears To reduce the possible negative effects of US sanctions on China's semiconductor industry, more Chinese semiconductor design companies are looking into joint ventures with Malaysian companies to assemble high-end circuits, specifically graphics processing units (GPUs).

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Chinese semiconductor firms turn to Malaysia for high-end chip assembly amid US sanction fears To reduce the possible negative effects of US sanctions on China's semiconductor industry, more Chinese semiconductor design companies are looking into joint ventures with Malaysian companies to assemble high-end circuits, specifically graphics processing units (GPUs). Read more here Greece approves 2024 budget with optimistic growth projections and investment focus Greece's 2024 budget was passed with the expectation that strong tourism and more EU investment money will accelerate the country's economy to 2.9 per cent growth from 2.4 per cent this year. Read more here China's economic woes deepen as private sector struggles with challenges surrounding unemployment Amid an ongoing real estate crisis, a privately run aluminium producer in Guangdong, China's manufacturing hub, has thrust the challenges faced by private businesses into the spotlight. Read more here Business travel emissions plummet as companies embrace sustainable practices According to a recent survey, nearly half of 217 multinational companies have cut their carbon emissions from business travel by at least 50 per cent between 2019 and 2022. Read more here India and Oman strengthen economic ties: CEPA progress and joint vision Discussions between India and Oman over a Comprehensive Economic Partnership Agreement (CEPA), bilateral investments, and possible bilateral rupee trade have advanced during Sultan Haitham bin Tarik's state visit to the country on Saturday. Read more here Nissan partners with top Chinese university, plans global export of locally developed EVs Nissan Motor on Sunday announced that the company would globally export electric vehicles (EVs) developed in China, as part of a deal with the country's prestigious Tsinghua University. Read more here Hong Kong luxury retailers adapt as Chinese tourist spending declines As the city adapts to a decline in Chinese tourists and a change in consumer preferences, Hong Kong's luxury retail industry is changing. Read more here WATCH WION LIVE HERE

WION Business Wrap | Chinese semiconductor firms, Greece’s 2024 budget, Business travel emissions & more

Hong Kong's luxury retail sector is undergoing a transformation as the city adjusts to a decrease in high-spending Chinese tourists and a shift in consumer preferences. Once a global hub for multi-brand department stores and ultra-luxury brands, the city is now facing challenges from competing shopping destinations, changing consumer behaviour, and the rise of online shopping, impacting the demand for luxury goods in the region.<o:p></o:p>

Shift in Visitor Focus: From shopping to experience<o:p></o:p>

Before the pandemic, Hong Kong attracted high-spending mainland Chinese visitors, boosting its luxury retail sector. However, the focus of visitors has now shifted from extravagant shopping sprees to a greater desire for local culture and experience-based tourism, according to Rosanna Tang, an executive director at Cushman &amp; Wakefield. Overnight and same-day visitor shopping spend has significantly decreased, prompting retailers to redirect their focus towards food and beverage outlets.<o:p></o:p>

"The focus of visitors in Hong Kong has shifted from 'shop till you drop' to a greater desire for local culture and experience-based touring ," Reuters quoted Tang as saying.<o:p></o:p>

Impact on Luxury Retailers: Harvey Nichols closes flagship store<o:p></o:p>

British luxury department store Harvey Nichols, a symbol of Hong Kong's luxury retail scene, is at the forefront of these changes. Its owner, Dickson Concepts, recently announced the relinquishment of its lease on the flagship five-level store in the upscale Landmark mall after almost two decades. The company stated, "Chinese tourists coming to Hong Kong are no longer focused on shopping as they used to be before the pandemic."<o:p></o:p>

Luxury retailers, including Valentino, Burberry, and LVMH's Tiffany, have also closed some of their stores in Hong Kong, where retail rents remain the highest in Asia despite a 40 per cent drop since 2019.<o:p></o:p>

Government and Tourism Sector Response: A shift towards nature and leisure attractions<o:p></o:p>

With total retail sales down about 20 per cent from 2018 levels, the government and tourism sector in Hong Kong are making efforts to reduce reliance on luxury spending by Chinese shoppers. Initiatives include promoting nature and leisure attractions, developing large-scale festivals, and green tourism projects in outlying islands. However, the effectiveness of these strategies remains uncertain as the city grapples with the aftermath of anti-government protests in 2019 and strict COVID-19 rules.<o:p></o:p>

Luxury sector's repositioning and future prospects<o:p></o:p>

Despite closures and challenges, Hong Kong has reclaimed its position as the number one location in per-capita spending on luxury goods in 2023, surpassing Switzerland and Singapore, according to Euromonitor International. The city is expected to recover to its pre-COVID personal luxury goods sales levels by mid-2024.<o:p></o:p>

Caroline Reyl, Head of Premium Brands at Pictet Asset Management, anticipates improvement in the luxury sector but acknowledges the competition from China's Hainan island. She mentions, "There was probably some over-distribution in the past," suggesting that major luxury labels saturated Hong Kong with their stores. As some brands reduce exposure to Hong Kong, opportunities emerge for others to fill the void.<o:p></o:p>

Luxury brands such as Louis Vuitton and Chanel remain optimistic about Hong Kong's future prospects. Louis Vuitton recently held a star-studded fashion show in the city, signalling a luxury renaissance. Chanel and other brands have opened new retail spaces, demonstrating confidence in the city's resilience despite current challenges.<o:p></o:p>

While property developer Hong Kong Land reports a return to pre-pandemic levels in tenant sales and footfall in its city centre malls, the closure of Harvey Nichols highlights the changing dynamics in the luxury retail landscape.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

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Hong Kong's luxury retail sector is undergoing a transformation as the city adjusts to a decrease in high-spending Chinese tourists and a shift in consumer preferences.

Hong Kong's luxury retail sector is undergoing a transformation as the city adjusts to a decrease in high-spending Chinese tourists and a shift in consumer preferences. Once a global hub for multi-brand department stores and ultra-luxury brands, the city is now facing challenges from competing shopping destinations, changing consumer behaviour, and the rise of online shopping, impacting the demand for luxury goods in the region. Shift in Visitor Focus: From shopping to experience Before the pandemic, Hong Kong attracted high-spending mainland Chinese visitors, boosting its luxury retail sector. However, the focus of visitors has now shifted from extravagant shopping sprees to a greater desire for local culture and experience-based tourism, according to Rosanna Tang, an executive director at Cushman & Wakefield. Overnight and same-day visitor shopping spend has significantly decreased, prompting retailers to redirect their focus towards food and beverage outlets. "The focus of visitors in Hong Kong has shifted from 'shop till you drop' to a greater desire for local culture and experience-based touring ," Reuters quoted Tang as saying. Impact on Luxury Retailers: Harvey Nichols closes flagship store British luxury department store Harvey Nichols, a symbol of Hong Kong's luxury retail scene, is at the forefront of these changes. Its owner, Dickson Concepts, recently announced the relinquishment of its lease on the flagship five-level store in the upscale Landmark mall after almost two decades. The company stated, "Chinese tourists coming to Hong Kong are no longer focused on shopping as they used to be before the pandemic." Luxury retailers, including Valentino, Burberry, and LVMH's Tiffany, have also closed some of their stores in Hong Kong, where retail rents remain the highest in Asia despite a 40 per cent drop since 2019. Government and Tourism Sector Response: A shift towards nature and leisure attractions With total retail sales down about 20 per cent from 2018 levels, the government and tourism sector in Hong Kong are making efforts to reduce reliance on luxury spending by Chinese shoppers. Initiatives include promoting nature and leisure attractions, developing large-scale festivals, and green tourism projects in outlying islands. However, the effectiveness of these strategies remains uncertain as the city grapples with the aftermath of anti-government protests in 2019 and strict COVID-19 rules. Luxury sector's repositioning and future prospects Despite closures and challenges, Hong Kong has reclaimed its position as the number one location in per-capita spending on luxury goods in 2023, surpassing Switzerland and Singapore, according to Euromonitor International. The city is expected to recover to its pre-COVID personal luxury goods sales levels by mid-2024. Caroline Reyl, Head of Premium Brands at Pictet Asset Management, anticipates improvement in the luxury sector but acknowledges the competition from China's Hainan island. She mentions, "There was probably some over-distribution in the past," suggesting that major luxury labels saturated Hong Kong with their stores. As some brands reduce exposure to Hong Kong, opportunities emerge for others to fill the void. Luxury brands such as Louis Vuitton and Chanel remain optimistic about Hong Kong's future prospects. Louis Vuitton recently held a star-studded fashion show in the city, signalling a luxury renaissance. Chanel and other brands have opened new retail spaces, demonstrating confidence in the city's resilience despite current challenges. While property developer Hong Kong Land reports a return to pre-pandemic levels in tenant sales and footfall in its city centre malls, the closure of Harvey Nichols highlights the changing dynamics in the luxury retail landscape. (With inputs from Reuters) WATCH WION LIVE HERE

Hong Kong luxury retailers adapt as Chinese tourist spending declines

Nissan Motor on Sunday announced that the company would globally export electric vehicles (EVs) developed in China, as part of a deal with the country's prestigious Tsinghua University. According to Reuters, the collaboration aims to leverage local resources and expedite research and development in the field of electrification.<o:p></o:p>

Masashi Matsuyama, Vice President of Nissan Motor and President of Nissan China, revealed the company's plans during a press conference in Beijing. "We are considering exporting our current internal combustion engine vehicles, as well as the upcoming pure electric and plug-in hybrid cars developed and manufactured in China to overseas markets," Reuters quoted him as saying. <o:p></o:p>

In addition, Matsuyama highlighted the company's aspiration to target markets already tapped by Chinese competitors such as BYD. <o:p></o:p>

As part of a growing trend among foreign automakers, Nissan joins the ranks of Tesla, BMW, and Ford, all seeking to exploit China's lower manufacturing costs by expanding exports of cars produced within the country. This move reflects a broader industry strategy to optimise factory capacity utilisation while maintaining cost efficiency.<o:p></o:p>

Despite accounting for just over a fifth of Nissan's global sales in the first 10 months of the year, a decrease from the previous year's one-third, China remains a crucial market for the Japanese automaker. Intense competition from domestic brands and the rapid shift towards EVs have posed significant challenges for Japanese automakers in the world's largest auto market.<o:p></o:p>

In response to the evolving market dynamics, Nissan has announced the establishment of a joint research centre with Tsinghua University, scheduled to commence operations next year. This centre will focus on comprehensive research and development of EVs, encompassing areas such as charging infrastructure and battery recycling. <o:p></o:p>

Nissan's President and CEO, Makoto Uchida, expressed optimism about the collaboration. "We hope that this collaboration will help us gain a deeper understanding of the Chinese market and develop strategies that better meet the needs of customers in China,” Reuters quoted him.<o:p></o:p>

The forthcoming research centre represents an extension of Nissan's existing collaboration with Tsinghua University, which began in 2016. The previous joint efforts centred on intelligent mobility and autonomous driving technology. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

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Nissan Motor on Sunday announced that the company would globally export electric vehicles (EVs) developed in China, as part of a deal with the country's prestigious Tsinghua University.

Nissan Motor on Sunday announced that the company would globally export electric vehicles (EVs) developed in China, as part of a deal with the country's prestigious Tsinghua University. According to Reuters, the collaboration aims to leverage local resources and expedite research and development in the field of electrification. Masashi Matsuyama, Vice President of Nissan Motor and President of Nissan China, revealed the company's plans during a press conference in Beijing. "We are considering exporting our current internal combustion engine vehicles, as well as the upcoming pure electric and plug-in hybrid cars developed and manufactured in China to overseas markets," Reuters quoted him as saying. In addition, Matsuyama highlighted the company's aspiration to target markets already tapped by Chinese competitors such as BYD. As part of a growing trend among foreign automakers, Nissan joins the ranks of Tesla, BMW, and Ford, all seeking to exploit China's lower manufacturing costs by expanding exports of cars produced within the country. This move reflects a broader industry strategy to optimise factory capacity utilisation while maintaining cost efficiency. Despite accounting for just over a fifth of Nissan's global sales in the first 10 months of the year, a decrease from the previous year's one-third, China remains a crucial market for the Japanese automaker. Intense competition from domestic brands and the rapid shift towards EVs have posed significant challenges for Japanese automakers in the world's largest auto market. In response to the evolving market dynamics, Nissan has announced the establishment of a joint research centre with Tsinghua University, scheduled to commence operations next year. This centre will focus on comprehensive research and development of EVs, encompassing areas such as charging infrastructure and battery recycling. Nissan's President and CEO, Makoto Uchida, expressed optimism about the collaboration. "We hope that this collaboration will help us gain a deeper understanding of the Chinese market and develop strategies that better meet the needs of customers in China,” Reuters quoted him. The forthcoming research centre represents an extension of Nissan's existing collaboration with Tsinghua University, which began in 2016. The previous joint efforts centred on intelligent mobility and autonomous driving technology. (With inputs from Reuters) WATCH WION LIVE HERE

Nissan partners with top Chinese university, plans global export of locally developed EVs

Indian benchmark indexes reached unprecedented levels on Thursday, riding the wave of a global rally fuelled by fresh indications from the U.S. Federal Reserve, Reuters reported.<o:p></o:p>

The NSE Nifty 50 index rose by 1.23 per cent to reach 21,182.70, while the S&amp;P BSE Sensex advanced 1.34 per cent to 70,514.20. This surge marks a historic achievement for the Nifty, which has set a record high in eight out of the ten sessions this month, reflecting a 5.21 per cent gain, nearly matching the 5.52 per cent increase seen throughout the previous month. <o:p></o:p>

The U.S. Federal Reserve's acknowledgement of "real progress" in easing inflation, coupled with expectations of a rate cut in March 2024, has further propelled the Indian markets.<o:p></o:p>

Chair Jerome Powell's statement, acknowledging the risks of delaying rate cuts, has contributed to optimistic sentiments in the Indian market. <o:p></o:p>

Reuters cited Parth Nyati, the founder of online trading platform Tradingo, who attributed the bullish momentum to factors such as "hopes of political stability in 2024, a robust macroeconomic backdrop, the weakening dollar, and U.S. bond yields amid expectations of a 2024 U.S. rate cut". Information technology (IT) stocks, heavily reliant on revenue from the United States, experienced a notable surge of 3.50 per cent, marking their best session in five months.<o:p></o:p>

The financial sector also witnessed gains, with banks and financials each recording a rise of about 1.35 per cent. The realty index rallied by 3.88 per cent, achieving a new record high. This surge is attributed to robust housing sales and a positive demand outlook in the real estate sector. <o:p></o:p>

The small- and mid-cap indexes added 0.85 per cent and 1.31 per cent, respectively, bringing their total gains in 2023 to 52 per cent and 45 per cent, outpacing the Nifty 50's 17 per cent rise. <o:p></o:p>

As mid- and small-cap valuations reach levels last seen in 2018, Harsha Upadhyaya, Chief Investment Officer of Equity at Kotak Mahindra Asset Management, suggests a prudent adjustment of allocations in favour of large-caps.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

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Indian benchmark indexes reached unprecedented levels on Thursday, riding the wave of a global rally fuelled by fresh indications from the U.S. Federal Reserve, Reuters reported.

Indian benchmark indexes reached unprecedented levels on Thursday, riding the wave of a global rally fuelled by fresh indications from the U.S. Federal Reserve, Reuters reported. The NSE Nifty 50 index rose by 1.23 per cent to reach 21,182.70, while the S&P BSE Sensex advanced 1.34 per cent to 70,514.20. This surge marks a historic achievement for the Nifty, which has set a record high in eight out of the ten sessions this month, reflecting a 5.21 per cent gain, nearly matching the 5.52 per cent increase seen throughout the previous month. The U.S. Federal Reserve's acknowledgement of "real progress" in easing inflation, coupled with expectations of a rate cut in March 2024, has further propelled the Indian markets. Chair Jerome Powell's statement, acknowledging the risks of delaying rate cuts, has contributed to optimistic sentiments in the Indian market. Reuters cited Parth Nyati, the founder of online trading platform Tradingo, who attributed the bullish momentum to factors such as "hopes of political stability in 2024, a robust macroeconomic backdrop, the weakening dollar, and U.S. bond yields amid expectations of a 2024 U.S. rate cut". Information technology (IT) stocks, heavily reliant on revenue from the United States, experienced a notable surge of 3.50 per cent, marking their best session in five months. The financial sector also witnessed gains, with banks and financials each recording a rise of about 1.35 per cent. The realty index rallied by 3.88 per cent, achieving a new record high. This surge is attributed to robust housing sales and a positive demand outlook in the real estate sector. The small- and mid-cap indexes added 0.85 per cent and 1.31 per cent, respectively, bringing their total gains in 2023 to 52 per cent and 45 per cent, outpacing the Nifty 50's 17 per cent rise. As mid- and small-cap valuations reach levels last seen in 2018, Harsha Upadhyaya, Chief Investment Officer of Equity at Kotak Mahindra Asset Management, suggests a prudent adjustment of allocations in favour of large-caps. (With inputs from Reuters) WATCH WION LIVE HERE

Indian markets surge to record highs as Federal Reserve boosts rate cut expectations

A recent U.N. study reveals that the economic repercussions of the Israel-Hamas conflict in Gaza are poised to hit neighbouring Arab economies hard. The economic cost for Lebanon, Egypt, and Jordan is projected to soar to $10 billion this year, potentially pushing more than 230,000 people into poverty, according to the United Nations Development Programme. <o:p></o:p>

The conflict exacerbates existing fiscal pressures, sluggish growth, and high unemployment in the three Arab countries, deterring much-needed investment and impacting consumption and trade. Lebanon, already grappling with a deep economic crisis, faces further challenges.<o:p></o:p>

The study, commissioned by the United Nations Development Programme, indicates that the economic toll on the three Arab states, in terms of loss of GDP, could reach $10.3 billion or 2.3 per cent. The situation could worsen if the conflict persists, potentially doubling the economic impact over the next six months. <o:p></o:p>

Reuters cited Abdallah Al Dardari, U.N. assistant secretary-general and UNDP's Director of the Regional Bureau for Arab States, who underscored the severity of the situation, stating, "This is a massive impact. The crisis was a bomb in an already fragile regional situation... It soured sentiment with fear of what could happen and where things are going."<o:p></o:p>

The Israel-Hamas conflict, initiated by Israel's campaign to dismantle the Hamas militant group controlling Gaza, has inflicted unprecedented destruction. Israeli forces besieged the enclave, leading to extensive damage and a tragic loss of life. <o:p></o:p>

According to Palestinian health authorities, more than 18,000 people are confirmed killed, and many more are feared lost in the rubble. The mass displacement of almost 80 per cent of Gaza's population within a short period surpasses the scale of the decade-old Syrian conflict, marking a dire humanitarian crisis. <o:p></o:p>

"To lose 45-50 per cent of all housing in one month of fighting ... We have never seen anything like this ... the relationship between destruction level and time, it's unique," Reuters quoted Abdallah Al Dardari as saying.<o:p></o:p>

Al Dardari, who led the study, compared the pace of destruction in Gaza to the Syrian conflict, noting that it took Syria five years of fighting to reach a destruction level comparable to what Gaza experienced in just one month. <o:p></o:p>

Despite the ongoing conflict, Dardari's team is already engaging with development funds and multilateral financial institutions to outline post-war reconstruction scenarios for Gaza. He emphasised that this effort has commenced, indicating proactive steps toward recovery.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

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A recent U.N. study reveals that the economic repercussions of the Israel-Hamas conflict in Gaza are poised to hit neighbouring Arab economies hard. The economic cost for Lebanon, Egypt, and Jordan is projected to soar to $10 billion this year, potentially pushing more than 230,000 people into poverty, according to the United Nations Development Programme.

A recent U.N. study reveals that the economic repercussions of the Israel-Hamas conflict in Gaza are poised to hit neighbouring Arab economies hard. The economic cost for Lebanon, Egypt, and Jordan is projected to soar to $10 billion this year, potentially pushing more than 230,000 people into poverty, according to the United Nations Development Programme. The conflict exacerbates existing fiscal pressures, sluggish growth, and high unemployment in the three Arab countries, deterring much-needed investment and impacting consumption and trade. Lebanon, already grappling with a deep economic crisis, faces further challenges. The study, commissioned by the United Nations Development Programme, indicates that the economic toll on the three Arab states, in terms of loss of GDP, could reach $10.3 billion or 2.3 per cent. The situation could worsen if the conflict persists, potentially doubling the economic impact over the next six months. Reuters cited Abdallah Al Dardari, U.N. assistant secretary-general and UNDP's Director of the Regional Bureau for Arab States, who underscored the severity of the situation, stating, "This is a massive impact. The crisis was a bomb in an already fragile regional situation... It soured sentiment with fear of what could happen and where things are going." The Israel-Hamas conflict, initiated by Israel's campaign to dismantle the Hamas militant group controlling Gaza, has inflicted unprecedented destruction. Israeli forces besieged the enclave, leading to extensive damage and a tragic loss of life. According to Palestinian health authorities, more than 18,000 people are confirmed killed, and many more are feared lost in the rubble. The mass displacement of almost 80 per cent of Gaza's population within a short period surpasses the scale of the decade-old Syrian conflict, marking a dire humanitarian crisis. "To lose 45-50 per cent of all housing in one month of fighting ... We have never seen anything like this ... the relationship between destruction level and time, it's unique," Reuters quoted Abdallah Al Dardari as saying. Al Dardari, who led the study, compared the pace of destruction in Gaza to the Syrian conflict, noting that it took Syria five years of fighting to reach a destruction level comparable to what Gaza experienced in just one month. Despite the ongoing conflict, Dardari's team is already engaging with development funds and multilateral financial institutions to outline post-war reconstruction scenarios for Gaza. He emphasised that this effort has commenced, indicating proactive steps toward recovery. (With inputs from Reuters) WATCH WION LIVE HERE

Israel-Hamas conflict takes toll on neighbouring economies, UN study warns of $10 bn impact

Google's parent company, Alphabet Inc. has witnessed a staggering surge in market value, gaining an impressive $87 billion in just one day. <o:p></o:p>

This surge followed a compelling demonstration of Alphabet's Gemini large language model, a breakthrough in artificial intelligence (AI) that has drawn comparisons to OpenAI's ChatGPT. The demonstration underscored the pivotal role of a robust AI strategy in boosting investor confidence and shaping the future of technology.<o:p></o:p>

While Alphabet revels in its newfound market gains, it faces the challenge of translating its AI prowess into tangible sales growth, as reported by Bloomberg. <o:p></o:p>

Gene Munster, Managing Partner at Deepwater Asset Management, emphasised the integral role of AI in Alphabet's business model, particularly in enhancing Google's functionality and safeguarding its core search business.<o:p></o:p>

Throughout the year, Alphabet encountered hurdles, with concerns of lagging behind Microsoft Corp in the AI race. Microsoft's active integration of OpenAI's ChatGPT into its products, notably contributing to Azure's growth, posed a formidable competition. <o:p></o:p>

In contrast, Google Cloud's results appeared less stellar. However, Alphabet aims to regain its competitive edge with the recent introduction of Gemini Pro for businesses, enabling the development of applications using the advanced AI model. This strategic move has instilled confidence among investors, recognising Alphabet's substantial long-term investments and extensive data resources in AI.<o:p></o:p>

Acknowledging that Microsoft may experience slightly faster revenue growth in the coming years, Alphabet's stock trades at lower earnings, indicating untapped growth potential. <o:p></o:p>

Chris Mack, a global equity portfolio manager, observed that Microsoft's current advantage lies in superior communication and product execution. Nevertheless, Alphabet's strategic emphasis on AI, particularly with the launch of Gemini, signals a determined effort to secure and strengthen its position in the fiercely competitive technology sector.<o:p></o:p>

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Google's parent company, Alphabet Inc. has witnessed a staggering surge in market value, gaining an impressive $87 billion in just one day. This surge followed a compelling demonstration of Alphabet's Gemini large language model, a breakthrough in artificial intelligence (AI) that has drawn comparisons to OpenAI's ChatGPT.

Google's parent company, Alphabet Inc. has witnessed a staggering surge in market value, gaining an impressive $87 billion in just one day. This surge followed a compelling demonstration of Alphabet's Gemini large language model, a breakthrough in artificial intelligence (AI) that has drawn comparisons to OpenAI's ChatGPT. The demonstration underscored the pivotal role of a robust AI strategy in boosting investor confidence and shaping the future of technology. While Alphabet revels in its newfound market gains, it faces the challenge of translating its AI prowess into tangible sales growth, as reported by Bloomberg. Gene Munster, Managing Partner at Deepwater Asset Management, emphasised the integral role of AI in Alphabet's business model, particularly in enhancing Google's functionality and safeguarding its core search business. Throughout the year, Alphabet encountered hurdles, with concerns of lagging behind Microsoft Corp in the AI race. Microsoft's active integration of OpenAI's ChatGPT into its products, notably contributing to Azure's growth, posed a formidable competition. In contrast, Google Cloud's results appeared less stellar. However, Alphabet aims to regain its competitive edge with the recent introduction of Gemini Pro for businesses, enabling the development of applications using the advanced AI model. This strategic move has instilled confidence among investors, recognising Alphabet's substantial long-term investments and extensive data resources in AI. Acknowledging that Microsoft may experience slightly faster revenue growth in the coming years, Alphabet's stock trades at lower earnings, indicating untapped growth potential. Chris Mack, a global equity portfolio manager, observed that Microsoft's current advantage lies in superior communication and product execution. Nevertheless, Alphabet's strategic emphasis on AI, particularly with the launch of Gemini, signals a determined effort to secure and strengthen its position in the fiercely competitive technology sector. WATCH WION LIVE HERE

Alphabet's Gemini AI sparks market surge, paving the way for Google's technological leap

In a move to propel itself into the forefront of high-tech industries, Ukraine has announced its ambitious Win 2030 plan, outlining intentions to establish a domestic chipmaking industry and bolster artificial intelligence (AI) capabilities. <o:p></o:p>

According to Reuters, the plan was proposed amid a 21-month conflict with Russia, by Digital Transformation Minister Mykhailo Fedorov and Deputy Valeria Ionan.<o:p></o:p>

At a presentation in central Kyiv attended by Prime Minister Denys Shmyhal, the significance of technological advancement for achieving victory was highlighted. Shmyhal emphasised, "Without innovation, I am deeply convinced our victory is possible, but will take much longer."<o:p></o:p>

Fedorov, also a deputy prime minister and an ally of President Volodymyr Zelenskiy, pledged policy changes to foster tech growth. Highlighting regulatory improvements, he cited over 20 amended laws simplifying drone imports and manufacturing. Ukraine has already implemented AI in military operations, using it for kamikaze drones and facial recognition of Russian soldiers.<o:p></o:p>

Deputy Valeria Ionan outlined Ukraine's aspirations to rank among the top 15 countries globally in microelectronics and the top 30 in unmanned vehicles. Expressing confidence, she stated, "Ukraine rather highly assesses its chances to make its contribution to the European Union's ambitious goal to get 20 per cent of the global market share in semiconductors by 2030.”<o:p></o:p>

The most ambitious aspect of the plan involves Ukraine's dream of establishing a chip factory, along with "fabless" enterprises that do not manufacture their own semiconductors. The estimated cost of a facility capable of producing 50,000 chips annually is between $5-10 billion, with an expected start date in 2025 and a three-year timeline to reach manufacturing capacity. Acknowledging the financial challenges, Fedorov admitted that government funds were scarce.<o:p></o:p>

Fedorov, speaking to reporters, revealed that the ministry would provide non-monetary support initially and seek private capital for these ventures. While admitting the necessity of state assistance for a chip factory, he emphasised the need for private initiative while acknowledging that state support would play a crucial role.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

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In a move to propel itself into the forefront of high-tech industries, Ukraine has announced its ambitious Win 2030 plan, outlining intentions to establish a domestic chipmaking industry and bolster artificial intelligence (AI) capabilities.

In a move to propel itself into the forefront of high-tech industries, Ukraine has announced its ambitious Win 2030 plan, outlining intentions to establish a domestic chipmaking industry and bolster artificial intelligence (AI) capabilities. According to Reuters, the plan was proposed amid a 21-month conflict with Russia, by Digital Transformation Minister Mykhailo Fedorov and Deputy Valeria Ionan. At a presentation in central Kyiv attended by Prime Minister Denys Shmyhal, the significance of technological advancement for achieving victory was highlighted. Shmyhal emphasised, "Without innovation, I am deeply convinced our victory is possible, but will take much longer." Fedorov, also a deputy prime minister and an ally of President Volodymyr Zelenskiy, pledged policy changes to foster tech growth. Highlighting regulatory improvements, he cited over 20 amended laws simplifying drone imports and manufacturing. Ukraine has already implemented AI in military operations, using it for kamikaze drones and facial recognition of Russian soldiers. Deputy Valeria Ionan outlined Ukraine's aspirations to rank among the top 15 countries globally in microelectronics and the top 30 in unmanned vehicles. Expressing confidence, she stated, "Ukraine rather highly assesses its chances to make its contribution to the European Union's ambitious goal to get 20 per cent of the global market share in semiconductors by 2030.” The most ambitious aspect of the plan involves Ukraine's dream of establishing a chip factory, along with "fabless" enterprises that do not manufacture their own semiconductors. The estimated cost of a facility capable of producing 50,000 chips annually is between $5-10 billion, with an expected start date in 2025 and a three-year timeline to reach manufacturing capacity. Acknowledging the financial challenges, Fedorov admitted that government funds were scarce. Fedorov, speaking to reporters, revealed that the ministry would provide non-monetary support initially and seek private capital for these ventures. While admitting the necessity of state assistance for a chip factory, he emphasised the need for private initiative while acknowledging that state support would play a crucial role. (With inputs from Reuters) WATCH WION LIVE HERE

Ukraine unveils ambitious "Win 2030" plan: Aims for chip manufacturing & AI growth

<o:p></o:p>The National Insurance Academy's latest report, based on data released on Thursday, has uncovered a grim reality: a staggering 95 per cent of India's 144 crore population remains uninsured. Despite concerted efforts by the government and insurance regulatory authorities, the report brings out the urgent need for comprehensive reforms to bridge this massive insurance gap.<o:p></o:p>

Irdai Chairman Debasish Panda, unveiling the report, urged the insurance industry to draw inspiration from the successes of initiatives like UPI, the widespread opening of bank accounts, and increased mobile penetration. Panda emphasised the necessity of a compulsory natural calamity insurance scheme for high-risk regions, a recommendation highlighted in the report. <o:p></o:p>

Such measures, he believes, are crucial for achieving the ambitious goal of ensuring insurance coverage for all citizens by the time India celebrates its centenary as a republic.<o:p></o:p>

The report pointed out that 84 per cent of people in low- and middle-income categories, along with 77 per cent residing in coastal regions, tier-2, and tier-3 cities, lack property insurance. With a rising number of natural calamities and climate-related disasters impacting the nation, the need for increased coverage becomes even more pressing.<o:p></o:p>

Furthermore, the report advocates for mandatory crop insurance for farmers who have availed bank loans, with support from microfinance institutions and agri-input suppliers. Presently, the annuity and pension protection gap stands at a high of 93 per cent, presenting a significant area for improvement. There is also an 87 per cent protection gap in life insurance.<o:p></o:p>

Health insurance remains a concern, with 73 per cent of the population lacking coverage. The report calls for collaborative efforts between the government, NGOs, and industry groups to establish micro health insurance schemes with simplified products. <o:p></o:p>

Additionally, pension and annuity coverage fall short, with only 24 per cent enrolled in employee retirement schemes. Notably, low-income and lower-middle-income segments exhibit meagre penetration, standing at 14 per cent and 25 per cent, respectively.<o:p></o:p>

As the digital landscape evolves, the report highlights a rapidly expanding cyber protection gap across sectors. Increased exposure, higher digital usage, and growing connectivity contribute to a 62 per cent customer demand for cyber risk protection. Urgent measures are required to address this emerging challenge.<o:p></o:p>

Established in 1980 in Pune, the National Insurance Academy has become a leading centre for executive training, research, and study on insurance, pensions, and related disciplines.<o:p></o:p>

(With inputs from PTI)<o:p></o:p>

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The National Insurance Academy's latest report, based on data released on Thursday, has uncovered a grim reality: a staggering 95 per cent of India's 144 crore population remains uninsured.

The National Insurance Academy's latest report, based on data released on Thursday, has uncovered a grim reality: a staggering 95 per cent of India's 144 crore population remains uninsured. Despite concerted efforts by the government and insurance regulatory authorities, the report brings out the urgent need for comprehensive reforms to bridge this massive insurance gap. Irdai Chairman Debasish Panda, unveiling the report, urged the insurance industry to draw inspiration from the successes of initiatives like UPI, the widespread opening of bank accounts, and increased mobile penetration. Panda emphasised the necessity of a compulsory natural calamity insurance scheme for high-risk regions, a recommendation highlighted in the report. Such measures, he believes, are crucial for achieving the ambitious goal of ensuring insurance coverage for all citizens by the time India celebrates its centenary as a republic. The report pointed out that 84 per cent of people in low- and middle-income categories, along with 77 per cent residing in coastal regions, tier-2, and tier-3 cities, lack property insurance. With a rising number of natural calamities and climate-related disasters impacting the nation, the need for increased coverage becomes even more pressing. Furthermore, the report advocates for mandatory crop insurance for farmers who have availed bank loans, with support from microfinance institutions and agri-input suppliers. Presently, the annuity and pension protection gap stands at a high of 93 per cent, presenting a significant area for improvement. There is also an 87 per cent protection gap in life insurance. Health insurance remains a concern, with 73 per cent of the population lacking coverage. The report calls for collaborative efforts between the government, NGOs, and industry groups to establish micro health insurance schemes with simplified products. Additionally, pension and annuity coverage fall short, with only 24 per cent enrolled in employee retirement schemes. Notably, low-income and lower-middle-income segments exhibit meagre penetration, standing at 14 per cent and 25 per cent, respectively. As the digital landscape evolves, the report highlights a rapidly expanding cyber protection gap across sectors. Increased exposure, higher digital usage, and growing connectivity contribute to a 62 per cent customer demand for cyber risk protection. Urgent measures are required to address this emerging challenge. Established in 1980 in Pune, the National Insurance Academy has become a leading centre for executive training, research, and study on insurance, pensions, and related disciplines. (With inputs from PTI) WATCH WION LIVE HERE

95pc of the Indian population remains uninsured: National Insurance Academy

<o:p></o:p>WION's Business Desk brings you this daily round up of global stories from the world of business and economy.<o:p></o:p>

95pc of the Indian population remains uninsured: National Insurance Academy<o:p></o:p>

Based on data released on Thursday, the National Insurance Academy's most recent report has revealed a grim fact: 95 per cent of India's 144 crore people do not have health insurance.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/95pc-of-the-indian-population-remains-uninsured-national-insurance-academy-669845">Read more here</a> <o:p></o:p>

Ukraine unveils ambitious "Win 2030" plan: Aims for chip manufacturing &amp; AI growth<o:p></o:p>

Ukraine has unveiled its ambitious Win 2030 plan, which outlines plans to build a domestic chipmaking industry and improve artificial intelligence (AI) skills, in an effort to push itself into the forefront of high-tech businesses.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/ukraine-unveils-ambitious-win-2030-plan-aims-for-chip-manufacturing-ai-growth-669859">Read more here </a><o:p></o:p>

Alphabet's Gemini AI sparks market surge, paving the way for Google's technological leap<o:p></o:p>

Alphabet Inc., the parent company of Google, has seen a tremendous increase in market value, rising by an astounding $87 billion in a single day. The surge came after an impressive display of Alphabet's language model, Gemini, an artificial intelligence (AI) breakthrough that has been compared to ChatGPT by OpenAI.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/alphabets-gemini-ai-sparks-market-surge-paving-the-way-for-googles-technological-leap-669862">Read more here</a><o:p></o:p>

Israel-Hamas conflict takes toll on neighbouring economies, UN study warns of $10 bn impact<o:p></o:p>

According to a new U.N. report, the economic fallout from the Israel-Hamas fighting in Gaza is expected to have a significant impact on the economies of nearby Arab countries.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/israel-hamas-conflict-takes-toll-on-neighbouring-economies-un-study-warns-of-10-bn-impact-669871">Read more here</a><o:p></o:p>

Indian markets surge to record highs as Federal Reserve boosts rate cut expectations<o:p></o:p>

Thursday saw Indian benchmark indexes hit unprecedented levels as they followed a global upswing stoked by newexpectations from the Federal Reserve.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/indian-markets-surge-to-record-highs-as-federal-reserve-boosts-rate-cut-expectations-669899">Read more here</a><o:p></o:p>

Austria challenges Ukrainian blacklist to safeguard business ties with Russia<o:p></o:p>

In a diplomatic strategy, Austria is supporting fresh European Union sanctions against Russia in exchange for having Raiffeisen Bank International, the biggest Western bank in Russia, taken off a Ukrainian blacklist.<o:p></o:p>

<a href="https://wionews.com/business-economy/austria-challenges-ukrainian-blacklist-to-safeguard-business-ties-with-russia-669912">Read more here</a><o:p></o:p>

COP28 Breakthrough: World unites to shift from fossil fuels in historic climate accord<o:p></o:p>

196 nations came to a historic agreement at the COP28 climate conference in Dubai to move away from fossil fuels.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/cop28-breakthrough-world-unites-to-shift-from-fossil-fuels-in-historic-climate-accord-669924">Read more here</a><o:p></o:p>

Global oil demand faces sharp slowdown as economic woes bite, IEA warns<o:p></o:p>

Citing economic weakness in key nations, the International Energy Agency (IEA) has warned a major slowdown in the development of the world's oil demand.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/global-oil-demand-faces-sharp-slowdown-as-economic-woes-bite-iea-warns-669940">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. 95pc of the Indian population remains uninsured: National Insurance Academy Based on data released on Thursday, the National Insurance Academy's most recent report has revealed a grim fact: 95 per cent of India's 144 crore people do not have health insurance.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. 95pc of the Indian population remains uninsured: National Insurance Academy Based on data released on Thursday, the National Insurance Academy's most recent report has revealed a grim fact: 95 per cent of India's 144 crore people do not have health insurance. Read more here Ukraine unveils ambitious "Win 2030" plan: Aims for chip manufacturing & AI growth Ukraine has unveiled its ambitious Win 2030 plan, which outlines plans to build a domestic chipmaking industry and improve artificial intelligence (AI) skills, in an effort to push itself into the forefront of high-tech businesses. Read more here Alphabet's Gemini AI sparks market surge, paving the way for Google's technological leap Alphabet Inc., the parent company of Google, has seen a tremendous increase in market value, rising by an astounding $87 billion in a single day. The surge came after an impressive display of Alphabet's language model, Gemini, an artificial intelligence (AI) breakthrough that has been compared to ChatGPT by OpenAI. Read more here Israel-Hamas conflict takes toll on neighbouring economies, UN study warns of $10 bn impact According to a new U.N. report, the economic fallout from the Israel-Hamas fighting in Gaza is expected to have a significant impact on the economies of nearby Arab countries. Read more here Indian markets surge to record highs as Federal Reserve boosts rate cut expectations Thursday saw Indian benchmark indexes hit unprecedented levels as they followed a global upswing stoked by newexpectations from the Federal Reserve. Read more here Austria challenges Ukrainian blacklist to safeguard business ties with Russia In a diplomatic strategy, Austria is supporting fresh European Union sanctions against Russia in exchange for having Raiffeisen Bank International, the biggest Western bank in Russia, taken off a Ukrainian blacklist. Read more here COP28 Breakthrough: World unites to shift from fossil fuels in historic climate accord 196 nations came to a historic agreement at the COP28 climate conference in Dubai to move away from fossil fuels. Read more here Global oil demand faces sharp slowdown as economic woes bite, IEA warns Citing economic weakness in key nations, the International Energy Agency (IEA) has warned a major slowdown in the development of the world's oil demand. Read more here WATCH WION LIVE HERE

WION Business Wrap | Ukraine’s ambitious “Win 2030” plan, Alphabet’s market surge, India’s uninsured & more

The International Energy Agency (IEA) has signalled a significant deceleration in global oil demand growth, citing economic weakness in key nations. Bloomberg cited the monthly report, wherein the IEA slashed estimates for the final quarter of 2023, reducing consumption growth by nearly 400,000 barrels a day. The report suggests a pronounced slowdown in oil demand, attributing it to the ongoing deterioration in the macroeconomic climate globally.<o:p></o:p>

The IEA points to evidence of a diminishing momentum in oil demand growth, stating, “The increasingly apparent loss of oil demand growth momentum reflects the deterioration in the macroeconomic climate”. <o:p></o:p>

The economic downturn is impacting crude prices, which recently hit a five-month low below $73 a barrel in London. The decline, around 23 per cent since late September, is linked to concerns over oversupply and China's economic outlook, coupled with increased oil output from various exporters.<o:p></o:p>

Despite OPEC+ announcing fresh production cutbacks on November 30, aiming to eliminate an anticipated oversupply in the first quarter, the IEA notes that this move will come at a cost for the coalition. It predicts that OPEC+ will witness its market share reduced to the lowest level since its formation seven years ago. The report also highlights the impact on the market dynamics, with a surge in supply from the US, squeezing out traditional Middle Eastern producers like Saudi Arabia.<o:p></o:p>

The IEA underscores the challenge for key producers in defending their market share and maintaining oil prices, especially with the continuous rise in global output and a simultaneous slowdown in demand growth. The report emphasises that the growth in American oil production, exceeding 20 million barrels a day in September, is contributing to the complexity of the situation.<o:p></o:p>

Europe, Russia, and the Middle East are the driving forces behind the IEA's downgrade of fourth-quarter demand estimates. Europe, in particular, is facing a softening demand due to a broad manufacturing and industrial slump, along with headwinds from higher interest rates.<o:p></o:p>

While global oil demand is expected to increase substantially this year by 2.3 million barrels a day, reaching a record average of 101.7 million a day, the IEA anticipates a significant slowdown next year. Growth is projected to decrease by approximately 50 per cent to 1.1 million barrels a day as the post-pandemic consumption rebound subsides, and consumers shift towards more efficient or electric vehicles. The agency suggests that the rise in consumption can likely be met by a corresponding increase in non-OPEC+ supplies.<o:p></o:p>

This anticipated slowdown aligns with the goals agreed upon at the COP28 climate talks in the United Arab Emirates, which concluded with a pledge to transition away from fossil fuels.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

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The International Energy Agency (IEA) has signalled a significant deceleration in global oil demand growth, citing economic weakness in key nations. Bloomberg cited the monthly report, wherein the IEA slashed estimates for the final quarter of 2023, reducing consumption growth by nearly 400,000 barrels a day.

The International Energy Agency (IEA) has signalled a significant deceleration in global oil demand growth, citing economic weakness in key nations. Bloomberg cited the monthly report, wherein the IEA slashed estimates for the final quarter of 2023, reducing consumption growth by nearly 400,000 barrels a day. The report suggests a pronounced slowdown in oil demand, attributing it to the ongoing deterioration in the macroeconomic climate globally. The IEA points to evidence of a diminishing momentum in oil demand growth, stating, “The increasingly apparent loss of oil demand growth momentum reflects the deterioration in the macroeconomic climate”. The economic downturn is impacting crude prices, which recently hit a five-month low below $73 a barrel in London. The decline, around 23 per cent since late September, is linked to concerns over oversupply and China's economic outlook, coupled with increased oil output from various exporters. Despite OPEC+ announcing fresh production cutbacks on November 30, aiming to eliminate an anticipated oversupply in the first quarter, the IEA notes that this move will come at a cost for the coalition. It predicts that OPEC+ will witness its market share reduced to the lowest level since its formation seven years ago. The report also highlights the impact on the market dynamics, with a surge in supply from the US, squeezing out traditional Middle Eastern producers like Saudi Arabia. The IEA underscores the challenge for key producers in defending their market share and maintaining oil prices, especially with the continuous rise in global output and a simultaneous slowdown in demand growth. The report emphasises that the growth in American oil production, exceeding 20 million barrels a day in September, is contributing to the complexity of the situation. Europe, Russia, and the Middle East are the driving forces behind the IEA's downgrade of fourth-quarter demand estimates. Europe, in particular, is facing a softening demand due to a broad manufacturing and industrial slump, along with headwinds from higher interest rates. While global oil demand is expected to increase substantially this year by 2.3 million barrels a day, reaching a record average of 101.7 million a day, the IEA anticipates a significant slowdown next year. Growth is projected to decrease by approximately 50 per cent to 1.1 million barrels a day as the post-pandemic consumption rebound subsides, and consumers shift towards more efficient or electric vehicles. The agency suggests that the rise in consumption can likely be met by a corresponding increase in non-OPEC+ supplies. This anticipated slowdown aligns with the goals agreed upon at the COP28 climate talks in the United Arab Emirates, which concluded with a pledge to transition away from fossil fuels. (With inputs from Bloomberg) WATCH WION LIVE HERE

Global oil demand faces sharp slowdown as economic woes bite, IEA warns

Representatives from 196 countries reached a groundbreaking accord to transition away from fossil fuels at the COP28 climate summit in Dubai. The summit, held in the heart of Arab oil country, faced overt opposition from OPEC, the powerful oil-producing group. <o:p></o:p>

The UAE presidency of COP28 implemented a strategic approach, deliberately releasing provocative drafts during the two-week summit to push negotiators to disclose their positions and find common ground. The United States and China, leveraging a two-decade-long personal relationship between their climate envoys, played a crucial role in persuading OPEC leaders to endorse the move away from oil, gas, and coal.<o:p></o:p>

At the end of the conference, after moments of near-crisis and extended sessions, negotiators emerged with an accord calling for a global "transition" away from fossil fuels. This marks the first time in history that countries have collectively expressed a desire to end the era of oil. The deal also offers an option for mitigating the climate impact of existing fossil fuels through technologies like carbon capture and sequestration.<o:p></o:p>

U.S. Special Climate Envoy John Kerry hailed the agreement as a triumph for multilateralism, while COP28 President Sultan Al Jaber described it as "historic." Despite concerns from some delegates, such as the Alliance of Small Island States, about loopholes for continued fossil-fuel use, the accord was ultimately accepted.<o:p></o:p>

Ahead of the conference, there were doubts about the UAE's suitability as the host, given its status as a significant oil producer. However, UAE's COP28 President Al Jaber, also heading the UAE's state oil company ADNOC, aimed to avoid a failed conference. Press releases from Al Jaber's office highlighted EU and US-led commitments to triple renewable energy capacity by 2030 and a US-China cooperation agreement in California in November.<o:p></o:p>

OPEC, controlling 80 per cent of the world's oil reserves, had explicitly opposed any agreement targeting the phasing out of fossil fuels. A letter from OPEC to its members on Dec. 6 raised concerns about the summit's potential failure. <o:p></o:p>

Facing entrenched positions, Al Jaber employed a provocative strategy, releasing a draft deal text that outlined a "menu" of options for combating climate change, without mentioning a "phase out." The ensuing outrage allowed negotiators to reveal their true positions.<o:p></o:p>

In a unique move, Al Jaber organised a majlis, where negotiators openly outlined their positions, laying bare the widespread demand to address fossil fuels. The COP28 presidency extended meetings into the early-morning hours, using time pressure to secure the best possible deal. The final draft deal was released a day after the summit's scheduled end.<o:p></o:p>

While the term "phase out" remained a red line due to its political charge, sources revealed that John Kerry and his Chinese counterpart, Xie Zhenhua, considered alternative wording. Their recent climate cooperation agreement, which focused on the accelerated substitution of fossil fuels with renewable energy sources, provided a roadmap for the COP28 accord.<o:p></o:p>

The inclusion of carbon capture in the final agreement seemed to be a concession to OPEC, particularly Saudi Arabia, supporting the accord by leaving countries to decide their pathways to cleaner energy.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

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Representatives from 196 countries reached a groundbreaking accord to transition away from fossil fuels at the COP28 climate summit in Dubai. The summit, held in the heart of Arab oil country, faced overt opposition from OPEC, the powerful oil-producing group.

Representatives from 196 countries reached a groundbreaking accord to transition away from fossil fuels at the COP28 climate summit in Dubai. The summit, held in the heart of Arab oil country, faced overt opposition from OPEC, the powerful oil-producing group. The UAE presidency of COP28 implemented a strategic approach, deliberately releasing provocative drafts during the two-week summit to push negotiators to disclose their positions and find common ground. The United States and China, leveraging a two-decade-long personal relationship between their climate envoys, played a crucial role in persuading OPEC leaders to endorse the move away from oil, gas, and coal. At the end of the conference, after moments of near-crisis and extended sessions, negotiators emerged with an accord calling for a global "transition" away from fossil fuels. This marks the first time in history that countries have collectively expressed a desire to end the era of oil. The deal also offers an option for mitigating the climate impact of existing fossil fuels through technologies like carbon capture and sequestration. U.S. Special Climate Envoy John Kerry hailed the agreement as a triumph for multilateralism, while COP28 President Sultan Al Jaber described it as "historic." Despite concerns from some delegates, such as the Alliance of Small Island States, about loopholes for continued fossil-fuel use, the accord was ultimately accepted. Ahead of the conference, there were doubts about the UAE's suitability as the host, given its status as a significant oil producer. However, UAE's COP28 President Al Jaber, also heading the UAE's state oil company ADNOC, aimed to avoid a failed conference. Press releases from Al Jaber's office highlighted EU and US-led commitments to triple renewable energy capacity by 2030 and a US-China cooperation agreement in California in November. OPEC, controlling 80 per cent of the world's oil reserves, had explicitly opposed any agreement targeting the phasing out of fossil fuels. A letter from OPEC to its members on Dec. 6 raised concerns about the summit's potential failure. Facing entrenched positions, Al Jaber employed a provocative strategy, releasing a draft deal text that outlined a "menu" of options for combating climate change, without mentioning a "phase out." The ensuing outrage allowed negotiators to reveal their true positions. In a unique move, Al Jaber organised a majlis, where negotiators openly outlined their positions, laying bare the widespread demand to address fossil fuels. The COP28 presidency extended meetings into the early-morning hours, using time pressure to secure the best possible deal. The final draft deal was released a day after the summit's scheduled end. While the term "phase out" remained a red line due to its political charge, sources revealed that John Kerry and his Chinese counterpart, Xie Zhenhua, considered alternative wording. Their recent climate cooperation agreement, which focused on the accelerated substitution of fossil fuels with renewable energy sources, provided a roadmap for the COP28 accord. The inclusion of carbon capture in the final agreement seemed to be a concession to OPEC, particularly Saudi Arabia, supporting the accord by leaving countries to decide their pathways to cleaner energy. (With inputs from Reuters) WATCH WION LIVE HERE

COP28 Breakthrough: World unites to shift from fossil fuels in historic climate accord

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Zee News Rajasthan

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Shashwat Sankranti

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