Austria is making a diplomatic move to have Raiffeisen Bank International, the largest Western bank in Russia, removed from a Ukrainian blacklist in exchange for endorsing new European Union sanctions against Russia, Reuters reported.<o:p></o:p>

The manoeuvre highlights Austria's economic connections with Russia, the bank's determination to sustain its lucrative business in the country, and a diminishing Western effort to isolate Moscow.<o:p></o:p>

Austria and Raiffeisen are pushing for the bank's removal from a Ukrainian list termed "international sponsors of war," which aims to publicly shame companies engaged in business with Russia, implicating support for the war effort through activities like tax payments. Despite Austria's public support for Ukraine, several officials express reluctance to sever decades-old ties with Russia, believing in the possibility of restoring relations.<o:p></o:p>

In October, Austria's Foreign Minister, Alexander Schallenberg, openly criticised the blacklist as arbitrary during a European ministers' meeting in Kyiv, as reported by a person briefed on the discussions. Raiffeisen remains the sole Austrian company on the contentious list. Austrian officials have conveyed their concerns about the list in Brussels, raising the issue at meetings with EU officials and diplomats in recent weeks.<o:p></o:p>

Bank representatives have engaged with Ukraine's National Agency of Corruption Prevention, responsible for the list, to explore avenues for Raiffeisen's removal. While some companies, like Hungary's OTP Bank, have been successfully delisted due to government intervention, this move has displeased Austrian officials and Raiffeisen.<o:p></o:p>

A Raiffeisen spokesperson expressed dissatisfaction, stating, "We find it unfair that we are on the list." The Austrian chancellery acknowledged the presentation of legal documents related to EU sanctions but refrained from providing further comments.<o:p></o:p>

Raiffeisen's presence in Russia underscores the deep economic ties between Austria and Russia, facilitated by Russian gas pipelines and financial connections. Austria's lobbying efforts, echoing Hungary's actions, risk undermining Europe's unity on the Ukrainian issue.<o:p></o:p>

While the Ukrainian blacklist lacks legal standing, its symbolic importance adds pressure on Raiffeisen to withdraw from Russia. The bank has expressed willingness to exit Russia, but concrete actions are yet to materialise. Raiffeisen had planned to spin off its Russian business, facing international regulatory pressure. Despite internal divisions within Raiffeisen's management and among the controlling Landesbanks, key Austrian officials are staunchly supporting the bank, integral to the country's economy.<o:p></o:p>

Raiffeisen, with approximately 2,600 corporate customers, 4 million local account holders, and 10,000 staff in Russia, has become a litmus test for Western resolve to sever ties with Russia. Russian authorities have signalled a desire for Raiffeisen to stay, citing its role in facilitating international payments.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Austria is making a diplomatic move to have Raiffeisen Bank International, the largest Western bank in Russia, removed from a Ukrainian blacklist in exchange for endorsing new European Union sanctions against Russia, Reuters reported.

Austria is making a diplomatic move to have Raiffeisen Bank International, the largest Western bank in Russia, removed from a Ukrainian blacklist in exchange for endorsing new European Union sanctions against Russia, Reuters reported. The manoeuvre highlights Austria's economic connections with Russia, the bank's determination to sustain its lucrative business in the country, and a diminishing Western effort to isolate Moscow. Austria and Raiffeisen are pushing for the bank's removal from a Ukrainian list termed "international sponsors of war," which aims to publicly shame companies engaged in business with Russia, implicating support for the war effort through activities like tax payments. Despite Austria's public support for Ukraine, several officials express reluctance to sever decades-old ties with Russia, believing in the possibility of restoring relations. In October, Austria's Foreign Minister, Alexander Schallenberg, openly criticised the blacklist as arbitrary during a European ministers' meeting in Kyiv, as reported by a person briefed on the discussions. Raiffeisen remains the sole Austrian company on the contentious list. Austrian officials have conveyed their concerns about the list in Brussels, raising the issue at meetings with EU officials and diplomats in recent weeks. Bank representatives have engaged with Ukraine's National Agency of Corruption Prevention, responsible for the list, to explore avenues for Raiffeisen's removal. While some companies, like Hungary's OTP Bank, have been successfully delisted due to government intervention, this move has displeased Austrian officials and Raiffeisen. A Raiffeisen spokesperson expressed dissatisfaction, stating, "We find it unfair that we are on the list." The Austrian chancellery acknowledged the presentation of legal documents related to EU sanctions but refrained from providing further comments. Raiffeisen's presence in Russia underscores the deep economic ties between Austria and Russia, facilitated by Russian gas pipelines and financial connections. Austria's lobbying efforts, echoing Hungary's actions, risk undermining Europe's unity on the Ukrainian issue. While the Ukrainian blacklist lacks legal standing, its symbolic importance adds pressure on Raiffeisen to withdraw from Russia. The bank has expressed willingness to exit Russia, but concrete actions are yet to materialise. Raiffeisen had planned to spin off its Russian business, facing international regulatory pressure. Despite internal divisions within Raiffeisen's management and among the controlling Landesbanks, key Austrian officials are staunchly supporting the bank, integral to the country's economy. Raiffeisen, with approximately 2,600 corporate customers, 4 million local account holders, and 10,000 staff in Russia, has become a litmus test for Western resolve to sever ties with Russia. Russian authorities have signalled a desire for Raiffeisen to stay, citing its role in facilitating international payments. (With inputs from Reuters) WATCH WION LIVE HERE

Austria challenges Ukrainian blacklist to safeguard business ties with Russia

In a bid to secure ample supplies of sugar amid concerns of a potential fall in production due to below-normal rainfall in key growing states, India is contemplating measures to discourage the diversion of sugar for ethanol production, according to government and trade sources cited by Reuters.&nbsp;

The move aims to boost sugar output and may involve urging mills not to use sugar cane juice and B-heavy molasses (contains less sugar and does not spontaneously crystallise) for ethanol production. The decision comes as a response to the demand-supply situation, with the government intending to prioritise sugar production in the current marketing year, which commenced on November 1. The potential shift is seen as a setback for an industry that has made significant investments in increasing ethanol production capacity over the last five years.&nbsp;

Government sources, speaking on condition of anonymity, indicated that the authorities could specifically allow mills to produce ethanol only from C-heavy molasses, a cane by-product with minimal sugar content. &nbsp;

This decision aligns with the government's focus on addressing the challenges posed by patchy rains in Maharashtra and Karnataka, key sugar cane-growing states, raising concerns about the potential decline in sugar output for the 2023-24 marketing year. The Indian Sugar Mills Association has already projected an 8 per cent drop in sugar production, estimating it at 33.7 million metric tons. &nbsp;

Ethanol procurement guidelines for the ongoing marketing year are expected to be finalised soon, with oil marketing companies likely to honour contracts already awarded. The government's decision to prioritise sugar production is seen as a short-term setback by industry insiders, who hope for a shift in focus back to ethanol once sugar cane supplies improve.&nbsp;

India's fuel retailers, who blend ethanol with gasoline, have been paying higher prices for ethanol produced from sugar cane juice and B-heavy molasses. The potential restriction on using these sources for ethanol production could impact the economics of the industry.&nbsp;

Local sugar prices have already surged to their highest levels in nearly 14 years.&nbsp;

(With inputs from Reuters)&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

In a bid to secure ample supplies of sugar amid concerns of a potential fall in production due to below-normal rainfall in key growing states, India is contemplating measures to discourage the diversion of sugar for ethanol production, according to government and trade sources cited by Reuters.

In a bid to secure ample supplies of sugar amid concerns of a potential fall in production due to below-normal rainfall in key growing states, India is contemplating measures to discourage the diversion of sugar for ethanol production, according to government and trade sources cited by Reuters. The move aims to boost sugar output and may involve urging mills not to use sugar cane juice and B-heavy molasses (contains less sugar and does not spontaneously crystallise) for ethanol production. The decision comes as a response to the demand-supply situation, with the government intending to prioritise sugar production in the current marketing year, which commenced on November 1. The potential shift is seen as a setback for an industry that has made significant investments in increasing ethanol production capacity over the last five years. Government sources, speaking on condition of anonymity, indicated that the authorities could specifically allow mills to produce ethanol only from C-heavy molasses, a cane by-product with minimal sugar content. This decision aligns with the government's focus on addressing the challenges posed by patchy rains in Maharashtra and Karnataka, key sugar cane-growing states, raising concerns about the potential decline in sugar output for the 2023-24 marketing year. The Indian Sugar Mills Association has already projected an 8 per cent drop in sugar production, estimating it at 33.7 million metric tons. Ethanol procurement guidelines for the ongoing marketing year are expected to be finalised soon, with oil marketing companies likely to honour contracts already awarded. The government's decision to prioritise sugar production is seen as a short-term setback by industry insiders, who hope for a shift in focus back to ethanol once sugar cane supplies improve. India's fuel retailers, who blend ethanol with gasoline, have been paying higher prices for ethanol produced from sugar cane juice and B-heavy molasses. The potential restriction on using these sources for ethanol production could impact the economics of the industry. Local sugar prices have already surged to their highest levels in nearly 14 years. (With inputs from Reuters) WATCH WION LIVE HERE

India shifts focus from ethanol to sugar production amid supply concerns 

Tata Power witnessed its shares hitting a record high for the second consecutive session, reaching an all-time high of Rs 322.30 ($3.87) on Thursday. &nbsp;

According to a Business Today report, this surge, amid a mild correction in the broader market, marked a notable uptrend for Tata Power. The company's stock has been on an upward trajectory, gaining 45.47 per cent in the last six months and an astonishing 50 per cent in the current year. &nbsp;

This momentum led to a record market capitalisation Rs 1.01 lakh crore (approximately $11 billion), reflecting investor confidence in Tata Power's strategic moves.

Analyst insights and projections

Business Today quoted Mandar Bhojane, Equity Research Analyst at Choice Broking, as saying that Tata Power's all-time high level of Rs 322 indicates a robust bullish momentum in the stock.

Supporting the sentiment, Aditya Gaggar, Director of Progressive Shares, added that the year-long consolidation may come to an end.

Strategic recalibration and market cap milestone

The 11 per cent surge in Tata Power’s shares comes close on heels of JM Financial upgrading Tata Power's stock to a 'buy' rating from 'hold’. &nbsp;

JM Financial has also increased the price target on the stock by 40 per cent to Rs 350 ($4.20), envisioning a potential rally of 24 per cent over the next 12 months.

It further highlighted the key elements of Tata Power's strategic plan: capitalising on group captive renewables, divesting from low-value businesses, entering the brownfield hydro storage sector, and extending the transmission business beyond distribution.

Positive resolutions and technical outlook

JM Financial projects a 15 per cent Compound Annual Growth Rate (CAGR) for revenue, a 23 per cent growth in EBITDA, and a 32 per cent increase in net profit from FY 2023 to 2026.

Tata Power's consistent acquisition of new orders, including the Bikaner-Neemrana transmission project, positions it for further growth. Moneycontrol quoted Jigar S Patel of Anand Rathi Shares &amp; Stock Brokers as saying that technical analysis supports the bullish momentum.

He explained that since March 2023, Tata Power stock has been making higher highs and higher lows, indicating a strong bull trend.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Tata Power witnessed its shares hitting a record high for the second consecutive session, reaching an all-time high of Rs 322.30 ($3.87) on Thursday. According to a Business Today report, this surge, amid a mild correction in the broader market, marked a notable uptrend for Tata Power.

Tata Power witnessed its shares hitting a record high for the second consecutive session, reaching an all-time high of Rs 322.30 ($3.87) on Thursday. According to a Business Today report, this surge, amid a mild correction in the broader market, marked a notable uptrend for Tata Power. The company's stock has been on an upward trajectory, gaining 45.47 per cent in the last six months and an astonishing 50 per cent in the current year. This momentum led to a record market capitalisation Rs 1.01 lakh crore (approximately $11 billion), reflecting investor confidence in Tata Power's strategic moves. Analyst insights and projections Business Today quoted Mandar Bhojane, Equity Research Analyst at Choice Broking, as saying that Tata Power's all-time high level of Rs 322 indicates a robust bullish momentum in the stock. Supporting the sentiment, Aditya Gaggar, Director of Progressive Shares, added that the year-long consolidation may come to an end. Strategic recalibration and market cap milestone The 11 per cent surge in Tata Power’s shares comes close on heels of JM Financial upgrading Tata Power's stock to a 'buy' rating from 'hold’. JM Financial has also increased the price target on the stock by 40 per cent to Rs 350 ($4.20), envisioning a potential rally of 24 per cent over the next 12 months. It further highlighted the key elements of Tata Power's strategic plan: capitalising on group captive renewables, divesting from low-value businesses, entering the brownfield hydro storage sector, and extending the transmission business beyond distribution. Positive resolutions and technical outlook JM Financial projects a 15 per cent Compound Annual Growth Rate (CAGR) for revenue, a 23 per cent growth in EBITDA, and a 32 per cent increase in net profit from FY 2023 to 2026. Tata Power's consistent acquisition of new orders, including the Bikaner-Neemrana transmission project, positions it for further growth. Moneycontrol quoted Jigar S Patel of Anand Rathi Shares & Stock Brokers as saying that technical analysis supports the bullish momentum. He explained that since March 2023, Tata Power stock has been making higher highs and higher lows, indicating a strong bull trend. WATCH WION LIVE HERE

Tata Power shares surges to new heights, crossing $11 billion market cap

Paytm’s share price showed signs of recovery on Thursday, though it remained the worst performer in the BSE500 pack.

Amid this recovery, some brokerages adjusted target prices after Paytm's revelation during an analyst meet that it would be scaling down monthly disbursements in its small-ticket 'postpaid' segment. &nbsp;

A Business Today report cited Shivaji Thapliyal, Head of Research at Yes Securities, who expressed scepticism about Paytm's transformation narrative, stating, "The key question to ask is what proportion of its overall customer base Paytm would ultimately be able to convert into loan customers in the long run."

Strategic shift and profitability concerns

Thapliyal raised concerns about the impact on profitability as Paytm shifts focus from a payments-centric model to a loan distribution-focused approach. He questioned the viability of this shift, emphasising the need to understand the long-term customer conversion strategy. Thapliyal disclosed that Yes Securities had a "Sell" rating on Paytm at the time of its IPO and maintains a less-than-bullish 'ADD' rating on the stock currently.

Denying speculations and growth projections

Contrary to recent speculations, Motilal Oswal clarified that Paytm is not losing lending partners. The company affirmed its association with seven NBFC partners for loan distribution, with plans to integrate one large bank and two large NBFCs by Q4FY24 and Q1FY25. Motilal Oswal suggested a target of Rs 1,025 ($12.30) on the stock and trimmed disbursement estimates for FY24/FY25, anticipating a calibrated approach in the post-paid segment. The brokerage valued Paytm at 20 times FY28E EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation), factoring in a discount rate of 14 per cent to FY25E.

Analyst downgrades and target adjustments

Morgan Stanley maintained an "equal weight" on Paytm with a target of Rs 830 ($9.96), while JPMorgan and Goldman Sachs downgraded the stock to 'neutral'. Jefferies retained a 'Buy' rating but lowered the target to Rs 1,050 ($12.60), and Bernstein reduced its target to Rs 950 ($11.40) from Rs 1,100 ($13.20). &nbsp;

Impact on stock rally and future expectations

JM Financial noted that the rally in Paytm shares was driven by strong loan distribution business revenues and operational efficiencies. However, with an abrupt pullback on this growth lever, the brokerage anticipates a negative reaction in Paytm's stock price until growth trends stabilise. JM Financial revised Paytm's FY24E EBITDA loss and adjusted EBITDA, lowering the target price to Rs 1,120 ($13.44).

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Paytm’s share price showed signs of recovery on Thursday, though it remained the worst performer in the BSE500 pack. Amid this recovery, some brokerages adjusted target prices after Paytm's revelation during an analyst meet that it would be scaling down monthly disbursements in its small-ticket 'postpaid' segment.

Paytm’s share price showed signs of recovery on Thursday, though it remained the worst performer in the BSE500 pack. Amid this recovery, some brokerages adjusted target prices after Paytm's revelation during an analyst meet that it would be scaling down monthly disbursements in its small-ticket 'postpaid' segment. A Business Today report cited Shivaji Thapliyal, Head of Research at Yes Securities, who expressed scepticism about Paytm's transformation narrative, stating, "The key question to ask is what proportion of its overall customer base Paytm would ultimately be able to convert into loan customers in the long run." Strategic shift and profitability concerns Thapliyal raised concerns about the impact on profitability as Paytm shifts focus from a payments-centric model to a loan distribution-focused approach. He questioned the viability of this shift, emphasising the need to understand the long-term customer conversion strategy. Thapliyal disclosed that Yes Securities had a "Sell" rating on Paytm at the time of its IPO and maintains a less-than-bullish 'ADD' rating on the stock currently. Denying speculations and growth projections Contrary to recent speculations, Motilal Oswal clarified that Paytm is not losing lending partners. The company affirmed its association with seven NBFC partners for loan distribution, with plans to integrate one large bank and two large NBFCs by Q4FY24 and Q1FY25. Motilal Oswal suggested a target of Rs 1,025 ($12.30) on the stock and trimmed disbursement estimates for FY24/FY25, anticipating a calibrated approach in the post-paid segment. The brokerage valued Paytm at 20 times FY28E EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation), factoring in a discount rate of 14 per cent to FY25E. Analyst downgrades and target adjustments Morgan Stanley maintained an "equal weight" on Paytm with a target of Rs 830 ($9.96), while JPMorgan and Goldman Sachs downgraded the stock to 'neutral'. Jefferies retained a 'Buy' rating but lowered the target to Rs 1,050 ($12.60), and Bernstein reduced its target to Rs 950 ($11.40) from Rs 1,100 ($13.20). Impact on stock rally and future expectations JM Financial noted that the rally in Paytm shares was driven by strong loan distribution business revenues and operational efficiencies. However, with an abrupt pullback on this growth lever, the brokerage anticipates a negative reaction in Paytm's stock price until growth trends stabilise. JM Financial revised Paytm's FY24E EBITDA loss and adjusted EBITDA, lowering the target price to Rs 1,120 ($13.44). WATCH WION LIVE HERE

Paytm share price faces scrutiny amid strategic shifts & analyst concerns

Alphabet recorded a 5.3 per cent surge in its shares on Thursday as Wall Street celebrated the debut of Google's Gemini AI, marking a significant leap in the tech giant's quest to regain dominance in the artificial intelligence sector, Reuters reported.

Gemini is poised to close the gap with Microsoft-backed OpenAI, according to analysts. Alphabet's renewed focus on AI innovation comes after it temporarily lost ground to OpenAI's ChatGPT last year, allowing Microsoft to seize the initiative in deploying AI-powered software to businesses.

The Gemini AI model has garnered attention for its potential to outpace OpenAI's latest offering. Alphabet emphasised Gemini's speed and its capability to process various media formats, including video, audio, and text.

&nbsp;J.P. Morgan analysts noted that the launch of Gemini addresses investor concerns about the high costs associated with running generative AI models, showcasing Google's commitment to innovation in the AI landscape. The company's market value surged by over $80 billion, signalling a positive market response to Gemini's capabilities.

In response to Gemini's release, Google's parent company intends to alleviate concerns raised by OpenAI users who have expressed dissatisfaction with recent updates affecting the quality of GPT model output. Macquarie analysts see the potential for Gemini to surpass the capabilities of GPT-4, providing Google with a competitive edge and attracting users and developers. &nbsp;

Additionally, some of Gemini's technology has been integrated into Alphabet's Bard chatbot, with plans to unveil the most advanced Gemini version through Bard early next year.

A six-minute video showcasing Gemini's capabilities highlighted its proficiency in recognising sleight-of-hand magic tricks and assisting users in creating art by suggesting ideas based on materials and colours. This demonstration highlights Gemini's versatility in handling diverse tasks, from entertainment to creative work. &nbsp;

Despite Alphabet's leadership in AI research, Microsoft has maintained a lead in the race for AI-driven cloud revenue. Google Cloud's growth slowed in the September quarter, prompting Alphabet to refocus its efforts on reclaiming market share. Microsoft's strategy of targeting established businesses contrasts with Google's approach of engaging startups, which have limited spending capacity in an uncertain economic environment. Both companies have experienced significant stock rallies this year, driven by the broader surge in big technology stocks fuelled by AI advancements.

Reuters cited Ken Mahoney, the CEO of Mahoney Asset Management in New Jersey, who acknowledged that some criticism might label Google as late to the AI party. However, he emphasised that Google's commitment to getting it right and seizing its opportunity in the AI space, positions Gemini as a crucial driver for the company's growth.

(With inputs from Reuters)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Alphabet recorded a 5.3 per cent surge in its shares on Thursday as Wall Street celebrated the debut of Google's Gemini AI, marking a significant leap in the tech giant's quest to regain dominance in the artificial intelligence sector, Reuters reported.

Alphabet recorded a 5.3 per cent surge in its shares on Thursday as Wall Street celebrated the debut of Google's Gemini AI, marking a significant leap in the tech giant's quest to regain dominance in the artificial intelligence sector, Reuters reported. Gemini is poised to close the gap with Microsoft-backed OpenAI, according to analysts. Alphabet's renewed focus on AI innovation comes after it temporarily lost ground to OpenAI's ChatGPT last year, allowing Microsoft to seize the initiative in deploying AI-powered software to businesses. The Gemini AI model has garnered attention for its potential to outpace OpenAI's latest offering. Alphabet emphasised Gemini's speed and its capability to process various media formats, including video, audio, and text. J.P. Morgan analysts noted that the launch of Gemini addresses investor concerns about the high costs associated with running generative AI models, showcasing Google's commitment to innovation in the AI landscape. The company's market value surged by over $80 billion, signalling a positive market response to Gemini's capabilities. In response to Gemini's release, Google's parent company intends to alleviate concerns raised by OpenAI users who have expressed dissatisfaction with recent updates affecting the quality of GPT model output. Macquarie analysts see the potential for Gemini to surpass the capabilities of GPT-4, providing Google with a competitive edge and attracting users and developers. Additionally, some of Gemini's technology has been integrated into Alphabet's Bard chatbot, with plans to unveil the most advanced Gemini version through Bard early next year. A six-minute video showcasing Gemini's capabilities highlighted its proficiency in recognising sleight-of-hand magic tricks and assisting users in creating art by suggesting ideas based on materials and colours. This demonstration highlights Gemini's versatility in handling diverse tasks, from entertainment to creative work. Despite Alphabet's leadership in AI research, Microsoft has maintained a lead in the race for AI-driven cloud revenue. Google Cloud's growth slowed in the September quarter, prompting Alphabet to refocus its efforts on reclaiming market share. Microsoft's strategy of targeting established businesses contrasts with Google's approach of engaging startups, which have limited spending capacity in an uncertain economic environment. Both companies have experienced significant stock rallies this year, driven by the broader surge in big technology stocks fuelled by AI advancements. Reuters cited Ken Mahoney, the CEO of Mahoney Asset Management in New Jersey, who acknowledged that some criticism might label Google as late to the AI party. However, he emphasised that Google's commitment to getting it right and seizing its opportunity in the AI space, positions Gemini as a crucial driver for the company's growth. (With inputs from Reuters) WATCH WION LIVE HERE

Gemini AI boosts Alphabet's stock as Google seeks to regain AI leadership from Microsoft

In a relief for Chinese factories, the country's exports grew by 0.5 per cent in November, marking the first positive growth in six months. According to Reuters, this unexpected uptick suggests that Chinese manufacturers are attracting buyers through discount pricing to overcome the prolonged slump in demand. &nbsp;

Zhiwei Zhang, Chief Economist at Pinpoint Asset Management, notes that the improvement in exports aligns with market expectations, indicating sequential growth in China's exports in recent months. Zhang also highlights positive trends in other Asian countries' export data, offering a glimmer of hope amidst global economic uncertainties.&nbsp;

Challenges and discounted exports&nbsp;

While the export growth is encouraging, challenges persist for Chinese manufacturers. The official purchasing managers' index (PMI) reveals that new export orders have contracted for a ninth consecutive month. &nbsp;

A private sector survey echoes these challenges, indicating the struggles of factory owners to attract overseas buyers for a fifth month. Zichun Huang, China economist at Capital Economics, notes that while export volumes have hit a fresh high, this robustness is supported by exporters reducing prices, a strategy that may not be sustainable in the long run. &nbsp;

Analysts caution that the pressure on Chinese manufacturers shows little sign of easing off completely.&nbsp;

Upbeat global trade indicators&nbsp;

Despite the challenges, global trade indicators present a more optimistic picture. The Baltic Dry Index, a gauge of global trade, reached a three-year high in November, fuelled by increased demand for industrial commodities, particularly from China. &nbsp;

South Korean exports, another indicator of global trade health, rose for a second consecutive month, buoyed by chip exports. Trade with China's major peers, including the United States, Japan, South Korea, and Taiwan, also witnessed positive growth in November. These indicators point to a potential revival in global trade, providing some relief for China's export-oriented economy.

Cautionary Notes and uneven recovery &nbsp;

Despite the positive signals, analysts remain cautious about the sustainability of the export rebound and its impact on domestic demand. Dan Wang, Chief Economist at Hang Seng Bank China, emphasises that while overseas demand appears stronger than expected, domestic demand remains weaker. &nbsp;

The uneven recovery raises concerns about property, unemployment, and weak household and business confidence, threatening a sustained rebound at home. Analysts stress that it is too early to determine the long-term impact of recent policy support measures and whether they will be sufficient to bolster both domestic and overseas demand.&nbsp;

Global economic landscape and future challenges &nbsp;

The International Monetary Fund (IMF) upgraded China's growth forecasts for 2023 and 2024, reflecting some optimism. However, Moody's recent warning of a downgrade to China's A1 credit rating and the cautious response of Chinese markets suggest lingering uncertainties. &nbsp;

The cooling economies of Europe and the United States pose challenges for China's export-led growth strategy. While export demand has improved, concerns remain about the contribution of exports as a growth pillar into the next year. Analysts highlight the need for China to depend on domestic demand as the main driver for growth in 2024, given the evolving global economic landscape.&nbsp;

(With inputs from Reuters)&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

In a relief for Chinese factories, the country's exports grew by 0.5 per cent in November, marking the first positive growth in six months. According to Reuters, this unexpected uptick suggests that Chinese manufacturers are attracting buyers through discount pricing to overcome the prolonged slump in demand.

In a relief for Chinese factories, the country's exports grew by 0.5 per cent in November, marking the first positive growth in six months. According to Reuters, this unexpected uptick suggests that Chinese manufacturers are attracting buyers through discount pricing to overcome the prolonged slump in demand. Zhiwei Zhang, Chief Economist at Pinpoint Asset Management, notes that the improvement in exports aligns with market expectations, indicating sequential growth in China's exports in recent months. Zhang also highlights positive trends in other Asian countries' export data, offering a glimmer of hope amidst global economic uncertainties. Challenges and discounted exports While the export growth is encouraging, challenges persist for Chinese manufacturers. The official purchasing managers' index (PMI) reveals that new export orders have contracted for a ninth consecutive month. A private sector survey echoes these challenges, indicating the struggles of factory owners to attract overseas buyers for a fifth month. Zichun Huang, China economist at Capital Economics, notes that while export volumes have hit a fresh high, this robustness is supported by exporters reducing prices, a strategy that may not be sustainable in the long run. Analysts caution that the pressure on Chinese manufacturers shows little sign of easing off completely. Upbeat global trade indicators Despite the challenges, global trade indicators present a more optimistic picture. The Baltic Dry Index, a gauge of global trade, reached a three-year high in November, fuelled by increased demand for industrial commodities, particularly from China. South Korean exports, another indicator of global trade health, rose for a second consecutive month, buoyed by chip exports. Trade with China's major peers, including the United States, Japan, South Korea, and Taiwan, also witnessed positive growth in November. These indicators point to a potential revival in global trade, providing some relief for China's export-oriented economy. Cautionary Notes and uneven recovery Despite the positive signals, analysts remain cautious about the sustainability of the export rebound and its impact on domestic demand. Dan Wang, Chief Economist at Hang Seng Bank China, emphasises that while overseas demand appears stronger than expected, domestic demand remains weaker. The uneven recovery raises concerns about property, unemployment, and weak household and business confidence, threatening a sustained rebound at home. Analysts stress that it is too early to determine the long-term impact of recent policy support measures and whether they will be sufficient to bolster both domestic and overseas demand. Global economic landscape and future challenges The International Monetary Fund (IMF) upgraded China's growth forecasts for 2023 and 2024, reflecting some optimism. However, Moody's recent warning of a downgrade to China's A1 credit rating and the cautious response of Chinese markets suggest lingering uncertainties. The cooling economies of Europe and the United States pose challenges for China's export-led growth strategy. While export demand has improved, concerns remain about the contribution of exports as a growth pillar into the next year. Analysts highlight the need for China to depend on domestic demand as the main driver for growth in 2024, given the evolving global economic landscape. (With inputs from Reuters) WATCH WION LIVE HERE

China's export rebound in November sparks hope, but challenges remain  

WION's Business Desk brings you this daily round-up of global stories from the world of business and economy.<o:p></o:p>

RBI policy: Reserve Bank of India's hawkish pause keeps households on edge<o:p></o:p>

The central bank of India maintained the 6.5 per&nbsp;cent key repo rate on Friday, but cautioned that there is still cause for concern regarding high food inflation.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/reserve-bank-of-indias-hawkish-pause-keeps-households-on-edge-667508">Read more here</a><o:p></o:p><o:p></o:p>

Gemini AI boosts Alphabet's stock as Google seeks to regain AI leadership from Microsoft<o:p></o:p>

Alphabet saw a 5.3 per cent increase in its stock price on Thursday as Wall Street hailed the release of Google's Gemini AI, a major step forward for the tech giant in its efforts to reclaim its position as the industry leader in artificial intelligence.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/gemini-ai-boosts-alphabets-stock-as-google-seeks-to-regain-ai-leadership-from-microsoft-667458">Read more here</a><o:p></o:p>

Paytm share price faces scrutiny amid strategic shifts &amp; analyst concerns<o:p></o:p>

Paytm’s share price showed signs of recovery on Thursday, though it remained the worst performer in the BSE500 pack.

<a href="https://www.wionews.com/business-economy/paytm-share-price-faces-scrutiny-amid-strategic-shifts-analyst-concerns-667459">Read more here</a><o:p></o:p>

Tata Power shares surges to new heights, crossing $11 billion market cap<o:p></o:p>

For the second session in a row, Tata Power's shares saw an all-time high of Rs 322.30 ($3.87) on Thursday, setting a new record.&nbsp; <o:p></o:p>

<a href="https://www.wionews.com/business-economy/tata-power-shares-surges-to-new-heights-crossing-11-billion-market-cap-667467">Read more here</a><o:p></o:p>

India shifts focus from ethanol to sugar production amid supply concerns<o:p></o:p>

India is considering steps to prevent the diversion of sugar for the production of ethanol in an effort to ensure sufficient supplies of the commodity amid worries about a possible decline in production owing to below-normal rainfall in important growing areas.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/india-shifts-focus-from-ethanol-to-sugar-production-amid-supply-concerns-667476">Read more here</a><o:p></o:p>

Argentina imposes limits on banks’ dollar holdings amid concerns over devaluation<o:p></o:p>

Argentina's central bank has placed limits on commercial lenders' foreign currency holdings in an effort to reduce the hoarding of US dollars and avert a predicted devaluation.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/argentina-imposes-limits-on-banks-dollar-holdings-amid-concerns-over-devaluation-667516">Read more here</a><o:p></o:p>

Russia's $11 bn end run around Western oil sanctions: Shadow fleet and deals unearthed<o:p></o:p>

Greece has unexpectedly become a centre for illicit oil trade, despite Western sanctions on Russia.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/boeing-signals-two-month-delay-to-737-production-ramp-up-report-667522">Read more here</a><o:p></o:p>

Boeing signals two-month delay to 737 production ramp-up: Report<o:p></o:p>

Boeing has announced a two-month delay in its plans to ramp up manufacturing of the 737 narrowbody airliner.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/boeing-signals-two-month-delay-to-737-production-ramp-up-report-667522">Read more here</a><o:p></o:p>

China's export rebound sparks hope, but challenges loom amid global economic uncertainties<o:p></o:p>

There’s good news for Chinese manufacturers as the country's exports increased by 0.5 per cent in November, which was the first increase in six months.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/chinas-export-rebound-sparks-hope-but-challenges-loom-amid-global-economic-uncertainties-667532">Read more here</a><o:p></o:p>

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

WION's Business Desk brings you this daily round-up of global stories from the world of business and economy. RBI policy: Reserve Bank of India's hawkish pause keeps households on edge The central bank of India maintained the 6.

WION's Business Desk brings you this daily round-up of global stories from the world of business and economy. RBI policy: Reserve Bank of India's hawkish pause keeps households on edge The central bank of India maintained the 6.5 per cent key repo rate on Friday, but cautioned that there is still cause for concern regarding high food inflation. Read more here Gemini AI boosts Alphabet's stock as Google seeks to regain AI leadership from Microsoft Alphabet saw a 5.3 per cent increase in its stock price on Thursday as Wall Street hailed the release of Google's Gemini AI, a major step forward for the tech giant in its efforts to reclaim its position as the industry leader in artificial intelligence. Read more here Paytm share price faces scrutiny amid strategic shifts & analyst concerns Paytm’s share price showed signs of recovery on Thursday, though it remained the worst performer in the BSE500 pack. Read more here Tata Power shares surges to new heights, crossing $11 billion market cap For the second session in a row, Tata Power's shares saw an all-time high of Rs 322.30 ($3.87) on Thursday, setting a new record. Read more here India shifts focus from ethanol to sugar production amid supply concerns India is considering steps to prevent the diversion of sugar for the production of ethanol in an effort to ensure sufficient supplies of the commodity amid worries about a possible decline in production owing to below-normal rainfall in important growing areas. Read more here Argentina imposes limits on banks’ dollar holdings amid concerns over devaluation Argentina's central bank has placed limits on commercial lenders' foreign currency holdings in an effort to reduce the hoarding of US dollars and avert a predicted devaluation. Read more here Russia's $11 bn end run around Western oil sanctions: Shadow fleet and deals unearthed Greece has unexpectedly become a centre for illicit oil trade, despite Western sanctions on Russia. Read more here Boeing signals two-month delay to 737 production ramp-up: Report Boeing has announced a two-month delay in its plans to ramp up manufacturing of the 737 narrowbody airliner. Read more here China's export rebound sparks hope, but challenges loom amid global economic uncertainties There’s good news for Chinese manufacturers as the country's exports increased by 0.5 per cent in November, which was the first increase in six months. Read more here WATCH WION LIVE HERE

WION Business Wrap | RBI policy unchanged, Paytm shares prices face scrutiny & more

Boeing is adjusting its plans to increase production of its popular 737 narrow body jetliner, signalling a two-month delay, Reuters reported on Thursday. &nbsp;

The U.S. plane maker now expects to produce 42 of its 737s per month starting in February 2024, marking a shift from the initial target at the end of 2023. This adjustment comes as Boeing and its European rival Airbus face challenges in meeting soaring customer demand due to supply chain bottlenecks and production disruptions. &nbsp;

While Boeing declined to comment specifically on the new master schedule, the company reaffirmed&nbsp;its commitment to increasing production to 50 airplanes per month in the 2025-26 timeframe.&nbsp;

The updated schedule also affects subsequent rate increases, pushing Boeing's plan for 47.2 jets a month from June to August 2024, and the target to increase 737 productions to 52.5 jets a month moved from December 2024 to February 2025. &nbsp;

Boeing now anticipates achieving its pre-pandemic goal of 57.7 aircraft per month in October 2025, reflecting a three-month delay from the original target of July 2025.

Despite the adjustments, the company expressed&nbsp;its confidence in meeting production goals and satisfying customer demand. According to Deutsche Bank, a move to 42 jets a month in February will be perceived as "good news" by investors.&nbsp;

Boeing's CEO, Dave Calhoun, previously emphasised the company's intention to increase production levels, stating that Boeing is capitalised to manufacture 60 737s a month. However, the recent adjustments underscore the challenges posed by supply chain complexities. &nbsp;

Calhoun acknowledges the importance of ensuring planned rate increases can navigate through the supply chain effectively. The 737 master schedule, a crucial component of the global supply chain, provides insights into the industry's confidence and drumbeat, even though it may evolve due to various factors.&nbsp;

This development follows a supplier error discovered in August, which prompted Boeing to conduct time-consuming inspections of some of the 737 MAXs on its production line, contributing to the slowdown. &nbsp;

Despite the challenges, Boeing is set to ramp&nbsp;up production, having previously announced an increase from 31 to 38 jets per month in July.&nbsp;

(With inputs from Reuters)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Boeing is adjusting its plans to increase production of its popular 737 narrow body jetliner, signalling a two-month delay, Reuters reported on Thursday. The U.S.

Boeing is adjusting its plans to increase production of its popular 737 narrow body jetliner, signalling a two-month delay, Reuters reported on Thursday. The U.S. plane maker now expects to produce 42 of its 737s per month starting in February 2024, marking a shift from the initial target at the end of 2023. This adjustment comes as Boeing and its European rival Airbus face challenges in meeting soaring customer demand due to supply chain bottlenecks and production disruptions. While Boeing declined to comment specifically on the new master schedule, the company reaffirmed its commitment to increasing production to 50 airplanes per month in the 2025-26 timeframe. The updated schedule also affects subsequent rate increases, pushing Boeing's plan for 47.2 jets a month from June to August 2024, and the target to increase 737 productions to 52.5 jets a month moved from December 2024 to February 2025. Boeing now anticipates achieving its pre-pandemic goal of 57.7 aircraft per month in October 2025, reflecting a three-month delay from the original target of July 2025. Despite the adjustments, the company expressed its confidence in meeting production goals and satisfying customer demand. According to Deutsche Bank, a move to 42 jets a month in February will be perceived as "good news" by investors. Boeing's CEO, Dave Calhoun, previously emphasised the company's intention to increase production levels, stating that Boeing is capitalised to manufacture 60 737s a month. However, the recent adjustments underscore the challenges posed by supply chain complexities. Calhoun acknowledges the importance of ensuring planned rate increases can navigate through the supply chain effectively. The 737 master schedule, a crucial component of the global supply chain, provides insights into the industry's confidence and drumbeat, even though it may evolve due to various factors. This development follows a supplier error discovered in August, which prompted Boeing to conduct time-consuming inspections of some of the 737 MAXs on its production line, contributing to the slowdown. Despite the challenges, Boeing is set to ramp up production, having previously announced an increase from 31 to 38 jets per month in July. (With inputs from Reuters) WATCH WION LIVE HERE

Boeing signals two-month delay to 737 production ramp-up: Report  

In a move to curb US dollar hoarding and counter an anticipated devaluation, Argentina's central bank has imposed restrictions on the foreign currency holdings of commercial lenders, Bloomberg reported.&nbsp;

The decree, published on Thursday, dictates that banks may not hold more than the lowest recorded amount between October 12 and December 6. The measure, effective immediately and valid until the year-end, aims to compel banks to unwind their existing dollar portfolios, thereby increasing the supply in the official exchange market. &nbsp;

This move is seen as a proactive step to support the peso as investors brace for a potential 27 per cent drop in the currency's value on Monday, with expectations of a 44 per cent devaluation under the incoming President, Javier Milei.&nbsp;

Bloomberg sources suggest that the new regulation forces banks to liquidate their current dollar holdings, potentially offering the central bank a much-needed boost. The measure aligns with Milei's commitment to address the currency issue, signalling a departure from the current administration's policies. &nbsp;

The Central Bank's spokespersons clarified that the objective is to prevent banks from increasing their dollar holdings on the eve of Milei's inauguration. Despite the silence from Milei's team, the move underscores the urgency felt within the government to stabilise the economy and manage the impending devaluation.&nbsp;

Milei's team has hinted at maintaining currency controls temporarily while&nbsp;seemingly deferring&nbsp;plans to scrap the peso altogether. The incoming administration faces the challenge of sustaining the peso's value amid economic uncertainties. &nbsp;

Market analysts suggest that the current exchange rate is unsustainable, emphasising the need for decisive measures to avert a deeper economic crisis.&nbsp;

(With inputs from Bloomberg)&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

In a move to curb US dollar hoarding and counter an anticipated devaluation, Argentina's central bank has imposed restrictions on the foreign currency holdings of commercial lenders, Bloomberg reported.

In a move to curb US dollar hoarding and counter an anticipated devaluation, Argentina's central bank has imposed restrictions on the foreign currency holdings of commercial lenders, Bloomberg reported. The decree, published on Thursday, dictates that banks may not hold more than the lowest recorded amount between October 12 and December 6. The measure, effective immediately and valid until the year-end, aims to compel banks to unwind their existing dollar portfolios, thereby increasing the supply in the official exchange market. This move is seen as a proactive step to support the peso as investors brace for a potential 27 per cent drop in the currency's value on Monday, with expectations of a 44 per cent devaluation under the incoming President, Javier Milei. Bloomberg sources suggest that the new regulation forces banks to liquidate their current dollar holdings, potentially offering the central bank a much-needed boost. The measure aligns with Milei's commitment to address the currency issue, signalling a departure from the current administration's policies. The Central Bank's spokespersons clarified that the objective is to prevent banks from increasing their dollar holdings on the eve of Milei's inauguration. Despite the silence from Milei's team, the move underscores the urgency felt within the government to stabilise the economy and manage the impending devaluation. Milei's team has hinted at maintaining currency controls temporarily while seemingly deferring plans to scrap the peso altogether. The incoming administration faces the challenge of sustaining the peso's value amid economic uncertainties. Market analysts suggest that the current exchange rate is unsustainable, emphasising the need for decisive measures to avert a deeper economic crisis. (With inputs from Bloomberg) WATCH WION LIVE HERE

Argentina imposes limits on banks’ dollar holdings amid concerns over devaluation 

In a shocking revelation, Greece emerges as an unexpected hub for covert oil trading activities, defying Western sanctions against Russia.&nbsp;

According to Bloomberg, two aging oil tankers, the Turba and Simba, were recently caught on camera engaging in suspicious ship-to-ship fuel transfers off the Greek coast, these vessels, sailing under a flag deemed "very high risk", are part of a vast shadow fleet responsible for handling approximately 45 per cent of Russia's oil shipments this year. &nbsp;

The Greek-owned vessels, operating under the $60 per barrel price cap imposed by sanctions, handled more of Moscow's oil than those of any other individual country except Russia itself.&nbsp;

Sanctions intended to constrain, but profits escalate &nbsp;

The Western sanctions, designed to cut funding for Russia's military assault on Ukraine, included a $60 per barrel price cap for seaborne Russian oil. However, rather than achieving its intended goal, the sanctions have inadvertently created a lucrative business for elusive traders and shipping companies.&nbsp;

Bloomberg quoted&nbsp;Eddie Fishman, a senior research scholar at Columbia University’s Centre on Global Energy Policy, as saying that without concerted action, these substandard alternatives to Western services will become a structural feature of the world oil trade. &nbsp;

The unexpected consequence of reshaping the financial architecture of oil and maritime trade raises concerns about environmental risks and the funds potentially flowing back into Kremlin coffers to finance the Ukraine conflict.&nbsp;

Greek diplomacy and regulatory powerlessness &nbsp;

Despite tentative Western efforts to thwart Russia's workarounds, Greece, the world's single largest oil tanker-owning nation, remains a crucial outlier. Greek-owned vessels have carried 20 per cent of all Russia's oil shipments in 2023, primarily due to diplomatic efforts that watered down measures restricting shippers' ability to trade with Russia.&nbsp;

While Spain successfully stamped out similar activities earlier this year, Greece claims powerlessness to prevent clandestine shipping off its coast, as these activities occur in international waters.&nbsp;

Shadow fleet entrenched and growing &nbsp;

The International Maritime Organisation (IMO) has expressed&nbsp;"grave concern" over the shadow fleet's illegal activities, calling for a global clampdown to prevent environmental disasters. The shadow fleet, responsible for moving about 45 per cent of Russia's oil this year, is becoming increasingly entrenched, as per Lars Barstad, CEO of Frontline Limited’s management arm. &nbsp;

The fear is that regulators' inability to act against these covert operations could make them a permanent feature of the global oil trade.&nbsp;

Shadowy traders and obscure affiliations&nbsp;

The sanctions' unintended consequences have seen a shift from dominant forces like Vitol Group, Glencore Plc, and Trafigura Group to an army of smaller, difficult-to-trace organisations with unclear affiliations. Entities like Bellatrix Energy and Nord Axis Ltd., previously unknown, have emerged and now handle a significant portion of Russian oil shipments. &nbsp;

The lack of transparency has raised concerns about the environmental and financial risks associated with these obscure traders and their involvement in the oil trade.&nbsp;

US and allies' response and the unanswered question &nbsp;

Amid increasing concerns, the US Treasury has sanctioned oil tankers and expressed a desire to push up costs for Russia. President Joe Biden's energy security adviser, Amos Hochstein, said&nbsp;that the US Treasury and others are taking measures to ensure Moscow's profits from the oil trade fall. &nbsp;

However, the ultimate question remains: Do the US and its allies truly want to curtail Russian oil flows, considering the potential impact on global fuel prices in an election year? &nbsp;

The possibility of Moscow employing workarounds, from the shadow fleet to manipulating Western service providers, suggests a complex challenge for policymakers.&nbsp;

(With inputs from Bloomberg)&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

In a shocking revelation, Greece emerges as an unexpected hub for covert oil trading activities, defying Western sanctions against Russia. According to Bloomberg, two aging oil tankers, the Turba and Simba, were recently caught on camera engaging in suspicious ship-to-ship fuel transfers off the Greek coast, these vessels, sailing under a flag deemed "very high risk", are part of a vast shadow fleet responsible for handling approximately 45 per cent of Russia's oil shipments this year.

In a shocking revelation, Greece emerges as an unexpected hub for covert oil trading activities, defying Western sanctions against Russia. According to Bloomberg, two aging oil tankers, the Turba and Simba, were recently caught on camera engaging in suspicious ship-to-ship fuel transfers off the Greek coast, these vessels, sailing under a flag deemed "very high risk", are part of a vast shadow fleet responsible for handling approximately 45 per cent of Russia's oil shipments this year. The Greek-owned vessels, operating under the $60 per barrel price cap imposed by sanctions, handled more of Moscow's oil than those of any other individual country except Russia itself. Sanctions intended to constrain, but profits escalate The Western sanctions, designed to cut funding for Russia's military assault on Ukraine, included a $60 per barrel price cap for seaborne Russian oil. However, rather than achieving its intended goal, the sanctions have inadvertently created a lucrative business for elusive traders and shipping companies. Bloomberg quoted Eddie Fishman, a senior research scholar at Columbia University’s Centre on Global Energy Policy, as saying that without concerted action, these substandard alternatives to Western services will become a structural feature of the world oil trade. The unexpected consequence of reshaping the financial architecture of oil and maritime trade raises concerns about environmental risks and the funds potentially flowing back into Kremlin coffers to finance the Ukraine conflict. Greek diplomacy and regulatory powerlessness Despite tentative Western efforts to thwart Russia's workarounds, Greece, the world's single largest oil tanker-owning nation, remains a crucial outlier. Greek-owned vessels have carried 20 per cent of all Russia's oil shipments in 2023, primarily due to diplomatic efforts that watered down measures restricting shippers' ability to trade with Russia. While Spain successfully stamped out similar activities earlier this year, Greece claims powerlessness to prevent clandestine shipping off its coast, as these activities occur in international waters. Shadow fleet entrenched and growing The International Maritime Organisation (IMO) has expressed "grave concern" over the shadow fleet's illegal activities, calling for a global clampdown to prevent environmental disasters. The shadow fleet, responsible for moving about 45 per cent of Russia's oil this year, is becoming increasingly entrenched, as per Lars Barstad, CEO of Frontline Limited’s management arm. The fear is that regulators' inability to act against these covert operations could make them a permanent feature of the global oil trade. Shadowy traders and obscure affiliations The sanctions' unintended consequences have seen a shift from dominant forces like Vitol Group, Glencore Plc, and Trafigura Group to an army of smaller, difficult-to-trace organisations with unclear affiliations. Entities like Bellatrix Energy and Nord Axis Ltd., previously unknown, have emerged and now handle a significant portion of Russian oil shipments. The lack of transparency has raised concerns about the environmental and financial risks associated with these obscure traders and their involvement in the oil trade. US and allies' response and the unanswered question Amid increasing concerns, the US Treasury has sanctioned oil tankers and expressed a desire to push up costs for Russia. President Joe Biden's energy security adviser, Amos Hochstein, said that the US Treasury and others are taking measures to ensure Moscow's profits from the oil trade fall. However, the ultimate question remains: Do the US and its allies truly want to curtail Russian oil flows, considering the potential impact on global fuel prices in an election year? The possibility of Moscow employing workarounds, from the shadow fleet to manipulating Western service providers, suggests a complex challenge for policymakers. (With inputs from Bloomberg) WATCH WION LIVE HERE

Decoding Russia's $11 bn end run around Western oil sanctions

El Salvador's Bitcoin investments have proven to be lucrative, riding the wave of the recent cryptocurrency rally, as revealed by Nayib Bukele, the presidential candidate seeking re-election. <o:p></o:p>

Bukele, who recently stepped down from the presidency to focus on his campaign, disclosed that the country's Bitcoin investments have witnessed an upswing of 2.84 per cent, translating to a profit of $3.6 million. <o:p></o:p>

Emphasising a steadfast commitment to a long-term strategy, Bukele affirmed that the government has no plans to divest its Bitcoin holdings.<o:p></o:p>

The surge in Bitcoin's value, which soared above $42,000 on Monday, marked an extension of its impressive rally, boasting a 150 per cent increase in value throughout the year. El Salvador made history in 2021 by becoming the first country worldwide to embrace Bitcoin as legal tender. <o:p></o:p>

Nayib Bukele, a prominent figure in Salvadoran politics, currently leads the polls in the run-up to the February presidential election. His popularity is fuelled by his tough stance on crime, notably highlighted by the detention of tens of thousands of alleged gang members. <o:p></o:p>

If successful in the election, Bukele would secure a second consecutive five-year term, with the inauguration slated for June.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

El Salvador's Bitcoin investments have proven to be lucrative, riding the wave of the recent cryptocurrency rally, as revealed by Nayib Bukele, the presidential candidate seeking re-election.

El Salvador's Bitcoin investments have proven to be lucrative, riding the wave of the recent cryptocurrency rally, as revealed by Nayib Bukele, the presidential candidate seeking re-election. Bukele, who recently stepped down from the presidency to focus on his campaign, disclosed that the country's Bitcoin investments have witnessed an upswing of 2.84 per cent, translating to a profit of $3.6 million. Emphasising a steadfast commitment to a long-term strategy, Bukele affirmed that the government has no plans to divest its Bitcoin holdings. The surge in Bitcoin's value, which soared above $42,000 on Monday, marked an extension of its impressive rally, boasting a 150 per cent increase in value throughout the year. El Salvador made history in 2021 by becoming the first country worldwide to embrace Bitcoin as legal tender. Nayib Bukele, a prominent figure in Salvadoran politics, currently leads the polls in the run-up to the February presidential election. His popularity is fuelled by his tough stance on crime, notably highlighted by the detention of tens of thousands of alleged gang members. If successful in the election, Bukele would secure a second consecutive five-year term, with the inauguration slated for June. (With inputs from Bloomberg) WATCH WION LIVE HERE

El Salvador's Bitcoin investments surge: Bukele confirms profit amid cryptocurrency rally

The Barclay family has successfully regained control of the influential Telegraph newspaper in the UK, following a collaboration with Abu Dhabi-backed RedBird IMI. 

The family managed to repay the 1.2-billion-pound debt to Lloyds Bank, securing the newspaper and the Spectator political magazine.

<o:p></o:p>The&nbsp;successful debt resolution is expected to translate into a higher pay-out for shareholders in February, as Lloyds anticipates writing back more than 500 million pounds on the value of the loans.<o:p></o:p>

While the Barclay family&nbsp;celebrated their successful bid to regain control of the media outlets closely read by the governing Conservative Party, a proposed transfer of the newspaper to RedBird IMI now faces uncertainty. 

RedBird IMI is led by former CNN executive Jeff Zucker and backed by Mansour bin Zayed Al Nahyan, a member of the ruling family of Abu Dhabi.&nbsp;

Under the initial plan, RedBird IMI was poised to swiftly gain control of the assets through a debt-for-equity swap.

The British government intervened last week, officially blocking the move and initiating an investigation into whether any takeover would impede freedom of expression under the new owner. <o:p></o:p>

Reuters cited Culture Secretary Lucy Frazer, who expressed the need for examinations by competition and media regulators, stating, "With the UAE's increasingly influential position...the risk for interference in Britain's national conversation seems self-evident if the acquisition is allowed to go ahead."<o:p></o:p> <o:p></o:p>

The planned auction had attracted interest from potential buyers, including DMGT, Mediahuis, and notable individuals like Paul Marshall and Daniel Kretinsky.&nbsp;

(With inputs from Reuters)<o:p></o:p>

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

The Barclay family has successfully regained control of the influential Telegraph newspaper in the UK, following a collaboration with Abu Dhabi-backed RedBird IMI.

The Barclay family has successfully regained control of the influential Telegraph newspaper in the UK, following a collaboration with Abu Dhabi-backed RedBird IMI. The family managed to repay the 1.2-billion-pound debt to Lloyds Bank, securing the newspaper and the Spectator political magazine. The successful debt resolution is expected to translate into a higher pay-out for shareholders in February, as Lloyds anticipates writing back more than 500 million pounds on the value of the loans. While the Barclay family celebrated their successful bid to regain control of the media outlets closely read by the governing Conservative Party, a proposed transfer of the newspaper to RedBird IMI now faces uncertainty. RedBird IMI is led by former CNN executive Jeff Zucker and backed by Mansour bin Zayed Al Nahyan, a member of the ruling family of Abu Dhabi. Under the initial plan, RedBird IMI was poised to swiftly gain control of the assets through a debt-for-equity swap. The British government intervened last week, officially blocking the move and initiating an investigation into whether any takeover would impede freedom of expression under the new owner. Reuters cited Culture Secretary Lucy Frazer, who expressed the need for examinations by competition and media regulators, stating, "With the UAE's increasingly influential position...the risk for interference in Britain's national conversation seems self-evident if the acquisition is allowed to go ahead." The planned auction had attracted interest from potential buyers, including DMGT, Mediahuis, and notable individuals like Paul Marshall and Daniel Kretinsky. (With inputs from Reuters) WATCH WION LIVE HERE

Barclay family reclaims Telegraph newspaper after suport from Abu Dhabi investor

Author

Zee News Rajasthan

Editor

Shashwat Sankranti

Home

Live Tv

Latest

World

India

Business

Entertainment

Sports

Opinions

Videos

Photos

Gravitas

Lifestyle

Science

Tech

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