In a closed-door meeting with 50 top leaders, Byju Raveendran, the founder of edtech giant Byju’s, compared the company's current challenges to a "war on multiple fronts," expressing confidence that they would emerge victorious, according to media reports.&nbsp;

Amid a liquidity crisis and efforts to raise funds, Raveendran acknowledged the difficulties and apologised for the limited engagement with the team. He mentioned that he regretted not providing sufficient capital. He assured leaders that Byju’s would rebound in a few months, outlining plans to address key issues such as term loan challenges, Enforcement Directorate notices, asset sales, and liquidity positions.&nbsp;

Raveendran updated leaders on active negotiations with lenders, highlighting that the term loan challenges should be resolved post the sale of Epic, a subsidiary in the US. With three bids received for Epic, the company anticipates tapping into significant funds from the transaction, helping alleviate the liquidity crunch. &nbsp;

Regarding the Enforcement Directorate (ED) notice, Raveendran clarified that it pertains to procedural deficiencies under FEMA, emphasising that most issues have already been addressed. He also addressed challenges related to FY23 statutory audits and litigation surrounding loans raised against Aakash Educational Services Ltd, assuring resolution and a promising admissions season for Aakash.&nbsp;

A Moneycontrol report cited CEO Arjun Mohan, who shared Byju’s plan to enhance productivity through the incorporation of Artificial Intelligence across business aspects. Describing the approach as Byju's 3.0, Mohan emphasised selling the right products to the right people without maximising sales aggressively.&nbsp;

The company aims to better monetise existing assets, offer diverse options across price points, and enhance product ranges for potential customers. Byju’s has concurrently reduced the employee notice period to 15-30 days, a move aligned with ongoing efforts to address various challenges.&nbsp;

Byju's, India's most-valued startup, has faced a series of challenges, including accounting irregularities, ED notices, mass layoffs, and term loan issues. The company, confident in weathering the liquidity crisis without external help, is focused on raising funds through asset sales and strategic divestments. Despite setbacks, Raveendran has been actively investing to keep the company afloat, and Byju’s is in discussions to divest assets like Great Learning and Epic.&nbsp;

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In a closed-door meeting with 50 top leaders, Byju Raveendran, the founder of edtech giant Byju’s, compared the company's current challenges to a "war on multiple fronts," expressing confidence that they would emerge victorious, according to media reports.

In a closed-door meeting with 50 top leaders, Byju Raveendran, the founder of edtech giant Byju’s, compared the company's current challenges to a "war on multiple fronts," expressing confidence that they would emerge victorious, according to media reports. Amid a liquidity crisis and efforts to raise funds, Raveendran acknowledged the difficulties and apologised for the limited engagement with the team. He mentioned that he regretted not providing sufficient capital. He assured leaders that Byju’s would rebound in a few months, outlining plans to address key issues such as term loan challenges, Enforcement Directorate notices, asset sales, and liquidity positions. Raveendran updated leaders on active negotiations with lenders, highlighting that the term loan challenges should be resolved post the sale of Epic, a subsidiary in the US. With three bids received for Epic, the company anticipates tapping into significant funds from the transaction, helping alleviate the liquidity crunch. Regarding the Enforcement Directorate (ED) notice, Raveendran clarified that it pertains to procedural deficiencies under FEMA, emphasising that most issues have already been addressed. He also addressed challenges related to FY23 statutory audits and litigation surrounding loans raised against Aakash Educational Services Ltd, assuring resolution and a promising admissions season for Aakash. A Moneycontrol report cited CEO Arjun Mohan, who shared Byju’s plan to enhance productivity through the incorporation of Artificial Intelligence across business aspects. Describing the approach as Byju's 3.0, Mohan emphasised selling the right products to the right people without maximising sales aggressively. The company aims to better monetise existing assets, offer diverse options across price points, and enhance product ranges for potential customers. Byju’s has concurrently reduced the employee notice period to 15-30 days, a move aligned with ongoing efforts to address various challenges. Byju's, India's most-valued startup, has faced a series of challenges, including accounting irregularities, ED notices, mass layoffs, and term loan issues. The company, confident in weathering the liquidity crisis without external help, is focused on raising funds through asset sales and strategic divestments. Despite setbacks, Raveendran has been actively investing to keep the company afloat, and Byju’s is in discussions to divest assets like Great Learning and Epic. WATCH WION LIVE HERE

Byju's founder rallying leadership amidst challenges, confident of victory in ongoing crisis 

India's stock market surpassed the $4 trillion market value for the first time on Tuesday, marking a significant accomplishment for the world's fifth-largest equity market, narrowing the gap with Hong Kong, which has experienced a notable decline. &nbsp;

According to Bloomberg, the market capitalisation of companies listed on India's exchanges has surged by $1 trillion in less than three years, positioning the South Asian market as one of the top performers regionally and globally. India's key stock benchmarks, already at all-time highs, have recorded a remarkable rise of more than 13 per cent this year, indicating unprecedented gains for the eighth consecutive year. In contrast, Hong Kong's equity measure has fallen by 17 per cent, with the market's total value dropping to less than $4.7 trillion.&nbsp;

Bloomberg cited Ashish Gupta, the &nbsp;Chief Investment Officer at Axis Mutual Fund, who highlighted the positive market response to India's transition from a consumption-oriented economy to one led by both consumption and investment. India's economic strength, coupled with political stability, has positioned it as the world's fastest-growing major economy. &nbsp;

The nation's efforts to boost global investment in its capital markets and industrial production have garnered substantial foreign investor interest. In 2021 alone, foreign investors have injected over $15 billion into India's stocks on a net basis, while domestic funds have contributed more than $20 billion. The institutional support, along with increased retail trading during the pandemic, has played a pivotal role in India's stock market surge.&nbsp;

(With inputs from Bloomberg)&nbsp;

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India's stock market surpassed the $4 trillion market value for the first time on Tuesday, marking a significant accomplishment for the world's fifth-largest equity market, narrowing the gap with Hong Kong, which has experienced a notable decline.

India's stock market surpassed the $4 trillion market value for the first time on Tuesday, marking a significant accomplishment for the world's fifth-largest equity market, narrowing the gap with Hong Kong, which has experienced a notable decline. According to Bloomberg, the market capitalisation of companies listed on India's exchanges has surged by $1 trillion in less than three years, positioning the South Asian market as one of the top performers regionally and globally. India's key stock benchmarks, already at all-time highs, have recorded a remarkable rise of more than 13 per cent this year, indicating unprecedented gains for the eighth consecutive year. In contrast, Hong Kong's equity measure has fallen by 17 per cent, with the market's total value dropping to less than $4.7 trillion. Bloomberg cited Ashish Gupta, the Chief Investment Officer at Axis Mutual Fund, who highlighted the positive market response to India's transition from a consumption-oriented economy to one led by both consumption and investment. India's economic strength, coupled with political stability, has positioned it as the world's fastest-growing major economy. The nation's efforts to boost global investment in its capital markets and industrial production have garnered substantial foreign investor interest. In 2021 alone, foreign investors have injected over $15 billion into India's stocks on a net basis, while domestic funds have contributed more than $20 billion. The institutional support, along with increased retail trading during the pandemic, has played a pivotal role in India's stock market surge. (With inputs from Bloomberg) WATCH WION LIVE HERE

India's stock market hits $4 trillion milestone, gains surpass Hong Kong 

The Net Zero Tracker, an independent data consortium, released a report on Monday, which states that majority of national net zero targets, covering 88 per cent of global greenhouse gas (GHG) emissions, lack crucial plans for the phase-out of fossil fuels.

Despite the International Energy Agency's (IEA) Net Zero Roadmap urging a cessation of new fossil fuel projects, only 13 per cent of countries with net zero targets have committed to phase-out plans related to coal, oil, or gas.

The report warns that without urgent action, the proliferation of net-zero ambitions without corresponding fossil fuel phase-out commitments could undermine the Paris Agreement's temperature goals.

Natasha Lutz, Co-Data Lead at Net Zero Tracker from University of Oxford, emphasised the importance of commitment at the country level, stating, "A lack of commitment leaves the door open for fossil fuel expansion and is inconsistent with achieving the temperature goals set out by the Paris Agreement."

Professor Thomas Hale from the Blavatnik School of Government, University of Oxford, likened a net-zero plan without clear fossil fuel phase-out measures to a "fad diet that lets you eat as much grease as you like”.

Leaders urged to take urgent action at COP28

The Net Zero Tracker has urged COP28 leaders to work towards ending new exploration by oil and gas-producing countries and companies. &nbsp;

The report highlights a stark contradiction between global net zero targets and the lack of phase-out plans, hindering the transition to clean energy as outlined in the IEA's Net Zero pathway.

Camilla Hyslop, Co-Data Lead at Net Zero Tracker, emphasised the need for timelines to halt “dirty energy”, cautioning that without clear deadlines, the expansion of fossil fuels could continue and risk “environmental collapse”.

Emerging leaders in the fossil-free future

Despite the overall deficiency in country-level phase-out plans, the study identifies a group of companies, cities, states, and regions emerging as leaders in the transition to a fossil-free future. Notably, 56 per cent of publicly listed companies engaged in coal production have committed to a full or partial coal production phase-out, reflecting a positive trend in the industry.

The report suggests that these leaders are crucial in steering the world towards a cleaner energy future. Momentum is particularly evident in plans to phase-out coal exploration, even though only 2 per cent of global coal production is currently covered by a full phase-out pledge.

Global decarbonisation race - Europe leads, North America falls behind

The impact of fossil fuel phase-out plans on the global race to decarbonise is significant. Europe leads the way, with over 27 per cent of companies with net zero targets setting phase-out targets, aligning with the EU Parliament's demand for a fossil fuel non-proliferation treaty. &nbsp;

In contrast, only 9 per cent of North American companies with net zero targets have any fossil fuel phase-out commitments, contradicting the legally binding 2050 net-zero commitments in the United States and Canada.

The Fossil Fuel Non-Proliferation Treaty Initiative emphasises the importance of halting new fossil fuel development and managing an equitable phase-out to complement the Paris Agreement. Colombia recently became the tenth country to join the initiative, backed by global organizations, including the European Parliament and the WHO.

Leading by example - Spain, Ørsted, and Stockholm

The Net Zero Tracker study recommends countries and companies to look at examples of emerging good practice. Spain has enacted laws to phase out fossil fuels by 2043, Ørsted, a once fossil-fuel-reliant energy utility, aims to phase out coal completely by 2024. Stockholm is also leading the way, targeting a fossil-free status by 2040, with a focus on phasing out oil and gas.

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The Net Zero Tracker, an independent data consortium, released a report on Monday, which states that majority of national net zero targets, covering 88 per cent of global greenhouse gas (GHG) emissions, lack crucial plans for the phase-out of fossil fuels.

The Net Zero Tracker, an independent data consortium, released a report on Monday, which states that majority of national net zero targets, covering 88 per cent of global greenhouse gas (GHG) emissions, lack crucial plans for the phase-out of fossil fuels. Despite the International Energy Agency's (IEA) Net Zero Roadmap urging a cessation of new fossil fuel projects, only 13 per cent of countries with net zero targets have committed to phase-out plans related to coal, oil, or gas. The report warns that without urgent action, the proliferation of net-zero ambitions without corresponding fossil fuel phase-out commitments could undermine the Paris Agreement's temperature goals. Natasha Lutz, Co-Data Lead at Net Zero Tracker from University of Oxford, emphasised the importance of commitment at the country level, stating, "A lack of commitment leaves the door open for fossil fuel expansion and is inconsistent with achieving the temperature goals set out by the Paris Agreement." Professor Thomas Hale from the Blavatnik School of Government, University of Oxford, likened a net-zero plan without clear fossil fuel phase-out measures to a "fad diet that lets you eat as much grease as you like”. Leaders urged to take urgent action at COP28 The Net Zero Tracker has urged COP28 leaders to work towards ending new exploration by oil and gas-producing countries and companies. The report highlights a stark contradiction between global net zero targets and the lack of phase-out plans, hindering the transition to clean energy as outlined in the IEA's Net Zero pathway. Camilla Hyslop, Co-Data Lead at Net Zero Tracker, emphasised the need for timelines to halt “dirty energy”, cautioning that without clear deadlines, the expansion of fossil fuels could continue and risk “environmental collapse”. Emerging leaders in the fossil-free future Despite the overall deficiency in country-level phase-out plans, the study identifies a group of companies, cities, states, and regions emerging as leaders in the transition to a fossil-free future. Notably, 56 per cent of publicly listed companies engaged in coal production have committed to a full or partial coal production phase-out, reflecting a positive trend in the industry. The report suggests that these leaders are crucial in steering the world towards a cleaner energy future. Momentum is particularly evident in plans to phase-out coal exploration, even though only 2 per cent of global coal production is currently covered by a full phase-out pledge. Global decarbonisation race - Europe leads, North America falls behind The impact of fossil fuel phase-out plans on the global race to decarbonise is significant. Europe leads the way, with over 27 per cent of companies with net zero targets setting phase-out targets, aligning with the EU Parliament's demand for a fossil fuel non-proliferation treaty. In contrast, only 9 per cent of North American companies with net zero targets have any fossil fuel phase-out commitments, contradicting the legally binding 2050 net-zero commitments in the United States and Canada. The Fossil Fuel Non-Proliferation Treaty Initiative emphasises the importance of halting new fossil fuel development and managing an equitable phase-out to complement the Paris Agreement. Colombia recently became the tenth country to join the initiative, backed by global organizations, including the European Parliament and the WHO. Leading by example - Spain, Ørsted, and Stockholm The Net Zero Tracker study recommends countries and companies to look at examples of emerging good practice. Spain has enacted laws to phase out fossil fuels by 2043, Ørsted, a once fossil-fuel-reliant energy utility, aims to phase out coal completely by 2024. Stockholm is also leading the way, targeting a fossil-free status by 2040, with a focus on phasing out oil and gas. WATCH WION LIVE HERE

Global net zero targets in jeopardy as fossil fuel phase-out plans lag behind

The Open Network for Digital Commerce (ONDC), joined by Google Cloud India, Antler in India, Paytm, Protean and Startup India, on Monday officially launched the 'Build for Bharat' initiative. This nationwide program aims to tackle pressing challenges in digital commerce, fostering innovation and practical solutions across various sectors.

With over 200,000 people scheduled to participate in the program, representing a varied mix of startups, enterprises, and educational institutions, the 'Build for Bharat' project is expecting a huge turnout.

This project takes an ecosystem-driven, participatory approach and is implemented in more than 50 cities with the active participation of leaders, specialists, venture capitalists, and incubators.

The 'Build for Bharat' initiative encompasses three key categories. In Category 1, 'NextGen Ventures', the focus is on propelling venture creation on ONDC, offering a pathway for aspiring founders and early-stage teams to raise capital, launch, scale companies, and incubate new businesses. Category 2, 'Scalable Solutions', welcomes participation from organisations and individuals, with a specific focus on addressing friction points faced by Network Participants. In Category 3, 'Foundation Solutions', exclusively designed for college students over 18 years of age, the aim is to identify proof of concept for the friction points faced by NPs.

Winners across these categories are set to receive a range of prizes and collaborations. Category 1 winners in 'NextGen Ventures' stand to gain exclusive opportunities from Antler in India, mentorship from established personas in the industry, and equity-free grants of up to 5 crore rupees ($600,000). Category 2 and 3 winners will receive Cloud credits from Google Cloud India, fostering further innovation in their projects.

What top industry leaders said

Speaking at the launch, Bikram Singh Bedi, the Vice President and Managing Director of Google Cloud India, said that the digital ecosystem in India faces three major issues, namely about onboarding, cataloguing and language. &nbsp;

Bedi noted that small businesses and sellers need to be onboarded onto the ONDC platform, which in turn shall accelerate the business. Problems surrounding cataloguing, according to him need to be addressed by the generation of Artificial Intelligence (AI) tools to enhance the ecosystem through a “seller app” for sellers to list themselves and foster discoverability.

On the issue of language, Bedi said users prefer to use platforms in their regional language and emphasised that platforms should enable users to set their language preferences to facilitate smooth usage.

Suresh Sethi, CEO of Protean eGov Technologies, spoke of the necessity of bringing centralised resources and building a network.

He also highlighted that Tech teams have a lot to build on like “teaching people how to talk to machines”. “A lot of barriers are removed when that happens," he added.&nbsp;

Commenting on leadership in the digital landscape, Dr. Pramod Varma, the Former Chief Architect at Aadhaar &amp; India Stack said, “Governance has to be done with optimism, (bearing in mind) regulators and innovators have different mindsets.”

About ONDC

Founded on December 31, 2021, the Department for Promotion of Industry and Internal Trade (DPIIT) of the Ministry of Commerce and Industry oversees the ONDC as a Section 8 business. Its goal is to democratise and decentralise e-eommerce, giving customers more options and autonomy while guaranteeing accessibility and inclusion for sellers—especially small and local enterprises. "Build for Bharat" is a big step towards transforming digital commerce in India and fits in perfectly with ONDC's mission

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The Open Network for Digital Commerce (ONDC), joined by Google Cloud India, Antler in India, Paytm, Protean and Startup India, on Monday officially launched the 'Build for Bharat' initiative.

The Open Network for Digital Commerce (ONDC), joined by Google Cloud India, Antler in India, Paytm, Protean and Startup India, on Monday officially launched the 'Build for Bharat' initiative. This nationwide program aims to tackle pressing challenges in digital commerce, fostering innovation and practical solutions across various sectors. With over 200,000 people scheduled to participate in the program, representing a varied mix of startups, enterprises, and educational institutions, the 'Build for Bharat' project is expecting a huge turnout. This project takes an ecosystem-driven, participatory approach and is implemented in more than 50 cities with the active participation of leaders, specialists, venture capitalists, and incubators. The 'Build for Bharat' initiative encompasses three key categories. In Category 1, 'NextGen Ventures', the focus is on propelling venture creation on ONDC, offering a pathway for aspiring founders and early-stage teams to raise capital, launch, scale companies, and incubate new businesses. Category 2, 'Scalable Solutions', welcomes participation from organisations and individuals, with a specific focus on addressing friction points faced by Network Participants. In Category 3, 'Foundation Solutions', exclusively designed for college students over 18 years of age, the aim is to identify proof of concept for the friction points faced by NPs. Winners across these categories are set to receive a range of prizes and collaborations. Category 1 winners in 'NextGen Ventures' stand to gain exclusive opportunities from Antler in India, mentorship from established personas in the industry, and equity-free grants of up to 5 crore rupees ($600,000). Category 2 and 3 winners will receive Cloud credits from Google Cloud India, fostering further innovation in their projects. What top industry leaders said Speaking at the launch, Bikram Singh Bedi, the Vice President and Managing Director of Google Cloud India, said that the digital ecosystem in India faces three major issues, namely about onboarding, cataloguing and language. Bedi noted that small businesses and sellers need to be onboarded onto the ONDC platform, which in turn shall accelerate the business. Problems surrounding cataloguing, according to him need to be addressed by the generation of Artificial Intelligence (AI) tools to enhance the ecosystem through a “seller app” for sellers to list themselves and foster discoverability. On the issue of language, Bedi said users prefer to use platforms in their regional language and emphasised that platforms should enable users to set their language preferences to facilitate smooth usage. Suresh Sethi, CEO of Protean eGov Technologies, spoke of the necessity of bringing centralised resources and building a network. He also highlighted that Tech teams have a lot to build on like “teaching people how to talk to machines”. “A lot of barriers are removed when that happens," he added. Commenting on leadership in the digital landscape, Dr. Pramod Varma, the Former Chief Architect at Aadhaar & India Stack said, “Governance has to be done with optimism, (bearing in mind) regulators and innovators have different mindsets.” About ONDC Founded on December 31, 2021, the Department for Promotion of Industry and Internal Trade (DPIIT) of the Ministry of Commerce and Industry oversees the ONDC as a Section 8 business. Its goal is to democratise and decentralise e-eommerce, giving customers more options and autonomy while guaranteeing accessibility and inclusion for sellers—especially small and local enterprises. "Build for Bharat" is a big step towards transforming digital commerce in India and fits in perfectly with ONDC's mission WATCH WION LIVE HERE

ONDC unveils 'Build for Bharat', seeks transformative e-commerce solutions

A recent survey conducted by the German Chamber of Commerce in China reveals that nearly half of German companies operating in China are adopting measures to mitigate risks associated with doing business in the country, largely attributed to escalating geopolitical tensions, Reuters reported. &nbsp;

The survey, which encompassed 566 companies between September 5 and October 6, indicates a significant shift in strategy, with firms actively building supply chains independent of China, relocating some operations, and exploring markets elsewhere in Asia.&nbsp;

According to the survey, 83 per cent of companies identified geopolitical tensions as the primary reason for their risk mitigation measures. Additionally, 45 per cent and 24 per cent attributed their actions to China's economic slowdown and a greater emphasis on self-reliance, respectively. &nbsp;

The survey further highlights the ripple effect of this risk mitigation strategy on other countries in Asia. Approximately 57.5 per cent of surveyed companies expressed their intention to invest more in India, followed by 37.9 per cent in Vietnam, 30.1 per cent in Thailand, 23.3 per cent in Malaysia, and 20.1 per cent in Singapore. &nbsp;

The survey's release comes five months after the German government unveiled a strategy aimed at de-risking the country's economic relationship with China, its largest trade partner. The findings align with earlier reports by Reuters, providing empirical evidence of German firms strategically reducing their dependence on China amid geopolitical concerns. &nbsp;

Western countries are increasingly adopting risk mitigation strategies in response to China's assertive stance in various regions, including its growing influence over Taiwan and the South China Sea.&nbsp;

While German companies are diversifying to reduce risk, the survey also reveals that 54 per cent of the firms surveyed expressed a desire to further invest in China. This figure is slightly up from 51 per cent the previous year, suggesting that a significant portion of German companies remains committed to localising production in China. Economists speculate that such investments may act as a shield against potential repercussions stemming from geopolitical disputes.&nbsp;

(With inputs from Reuters)&nbsp;

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A recent survey conducted by the German Chamber of Commerce in China reveals that nearly half of German companies operating in China are adopting measures to mitigate risks associated with doing business in the country, largely attributed to escalating geopolitical tensions, Reuters reported.

A recent survey conducted by the German Chamber of Commerce in China reveals that nearly half of German companies operating in China are adopting measures to mitigate risks associated with doing business in the country, largely attributed to escalating geopolitical tensions, Reuters reported. The survey, which encompassed 566 companies between September 5 and October 6, indicates a significant shift in strategy, with firms actively building supply chains independent of China, relocating some operations, and exploring markets elsewhere in Asia. According to the survey, 83 per cent of companies identified geopolitical tensions as the primary reason for their risk mitigation measures. Additionally, 45 per cent and 24 per cent attributed their actions to China's economic slowdown and a greater emphasis on self-reliance, respectively. The survey further highlights the ripple effect of this risk mitigation strategy on other countries in Asia. Approximately 57.5 per cent of surveyed companies expressed their intention to invest more in India, followed by 37.9 per cent in Vietnam, 30.1 per cent in Thailand, 23.3 per cent in Malaysia, and 20.1 per cent in Singapore. The survey's release comes five months after the German government unveiled a strategy aimed at de-risking the country's economic relationship with China, its largest trade partner. The findings align with earlier reports by Reuters, providing empirical evidence of German firms strategically reducing their dependence on China amid geopolitical concerns. Western countries are increasingly adopting risk mitigation strategies in response to China's assertive stance in various regions, including its growing influence over Taiwan and the South China Sea. While German companies are diversifying to reduce risk, the survey also reveals that 54 per cent of the firms surveyed expressed a desire to further invest in China. This figure is slightly up from 51 per cent the previous year, suggesting that a significant portion of German companies remains committed to localising production in China. Economists speculate that such investments may act as a shield against potential repercussions stemming from geopolitical disputes. (With inputs from Reuters) WATCH WION LIVE HERE

German companies seek diversification to mitigate risks amid China's geopolitical tensions 

China's foreign ministry announced on Tuesday that its newly implemented visa-free travel policy has successfully boosted tourism, streamlining the process for visitors from several European countries and Malaysia. &nbsp;

During a press briefing, Foreign Ministry spokesperson Wang Wenbin highlighted the positive impact of the policy, stating, "Going forward, the Ministry of Foreign Affairs will continue to adjust visa policies to create more favourable conditions and further facilitate cross-border travel."

The visa-free policy, which came into effect on December 1, covers countries such as France, Germany, Italy, the Netherlands, Spain, and Malaysia.

According to immigration data cited by the ministry, nearly 7,000 travellers, out of nearly 18,000 travellers, who entered China in the first three days of December belonged to these countries. &nbsp;

Wang emphasised the convenience it offers, making travel easier for tourists. The daily average tourist numbers from the covered countries witnessed a 39 per cent increase in the initial three days of December compared to the last day of November.

Germany's ambassador to China expressed hope that these measures would be extended to all European Union members.

Revisiting the visa-free travel policy

China’s visa-free trade policy, announced in late November is an attempt to spur post-pandemic tourism. &nbsp;

The second-largest economy has temporarily waived off the requirement for visas for residents of France, Germany, Italy, the Netherlands, Spain, and Malaysia to enter the second-largest economy in the world.

Citizens of certain nations who enter China for business, tourism, visiting family and friends, or transiting for fewer than 15 days will not require a visa if they enter between December 1 and November 30 next year.

After three years of strict COVID-19 regulations that essentially closed its borders, China is trying to revitalise its tourism sector, including the resumption of foreign flight routes.

(With inputs from Reuters)

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China's foreign ministry announced on Tuesday that its newly implemented visa-free travel policy has successfully boosted tourism, streamlining the process for visitors from several European countries and Malaysia.

China's foreign ministry announced on Tuesday that its newly implemented visa-free travel policy has successfully boosted tourism, streamlining the process for visitors from several European countries and Malaysia. During a press briefing, Foreign Ministry spokesperson Wang Wenbin highlighted the positive impact of the policy, stating, "Going forward, the Ministry of Foreign Affairs will continue to adjust visa policies to create more favourable conditions and further facilitate cross-border travel." The visa-free policy, which came into effect on December 1, covers countries such as France, Germany, Italy, the Netherlands, Spain, and Malaysia. According to immigration data cited by the ministry, nearly 7,000 travellers, out of nearly 18,000 travellers, who entered China in the first three days of December belonged to these countries. Wang emphasised the convenience it offers, making travel easier for tourists. The daily average tourist numbers from the covered countries witnessed a 39 per cent increase in the initial three days of December compared to the last day of November. Germany's ambassador to China expressed hope that these measures would be extended to all European Union members. Revisiting the visa-free travel policy China’s visa-free trade policy, announced in late November is an attempt to spur post-pandemic tourism. The second-largest economy has temporarily waived off the requirement for visas for residents of France, Germany, Italy, the Netherlands, Spain, and Malaysia to enter the second-largest economy in the world. Citizens of certain nations who enter China for business, tourism, visiting family and friends, or transiting for fewer than 15 days will not require a visa if they enter between December 1 and November 30 next year. After three years of strict COVID-19 regulations that essentially closed its borders, China is trying to revitalise its tourism sector, including the resumption of foreign flight routes. (With inputs from Reuters) WATCH WION LIVE HERE

China's visa-free initiative sparks surge in tourism: Report

Leading digital payments platform, Paytm, is set to onboard 10 million merchants on the government-backed Open Network for Digital Commerce (ONDC) platform by the end of 2025. Vijay Shekhar Sharma, CEO and founder of One97 Communications, the parent company of Paytm, revealed this ambitious plan during an ONDC event on Monday, emphasising the company's commitment to assisting small merchants and businesses in becoming integral parts of the mainstream economy.<o:p></o:p>

According to a PTI report, Sharma highlighted Paytm's focus on small merchants within its ecosystem and its mission to facilitate their inclusion in the mainstream economy through digital payments. He stated, "Paytm's ecosystem is built around small merchants, and the mission that we are on is to help small merchants and small businesses become part of the mainstream economy. We plan to bring 10 million merchants on ONDC before 2025 ends."<o:p></o:p>

The Open Network for Digital Commerce (ONDC), a government-backed platform open to all e-commerce stakeholders, including digital payment firms, has gained significant traction. Notable players such as Paytm, PhonePe's Pincode, and hyperlocal e-commerce firm magicpin are already part of this platform, making it a crucial space for digital commerce growth.<o:p></o:p>

Vijay Shekhar Sharma emphasised the potential of ONDC by revealing that Paytm has witnessed nearly 11.8 million customers redirected to its product from the platform. Discussing the significance of onboarding additional merchants to ONDC, he stated that the presence of a substantial number of merchants would attract customers actively seeking their services. <o:p></o:p>

To ensure this, he said that resolving issues surrounding trust and discovery, further noting that there is a considerable customer base eager to engage in online shopping once these challenges are addressed.<o:p></o:p>

T Koshy, the Managing Director and CEO of ONDC, provided a glimpse into the recent performance of the platform, signalling a positive initiation. According to him, there were approximately 1,200 transactions in January, while the current month has witnessed a remarkable surge with nearly 5 million transactions. <o:p></o:p>

Notably, transactions are occurring in 600 cities, indicating a widespread adoption. Koshy expressed optimism, describing this as the inception of a significant surge over the next 1-2 years. He articulated the platform's ambitious goal to increase the current transaction volume saying, “We aim to add one more zero to the current level of transactions in a year."<o:p></o:p>

(With inputs from PTI)<o:p></o:p>

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Leading digital payments platform, Paytm, is set to onboard 10 million merchants on the government-backed Open Network for Digital Commerce (ONDC) platform by the end of 2025.

Leading digital payments platform, Paytm, is set to onboard 10 million merchants on the government-backed Open Network for Digital Commerce (ONDC) platform by the end of 2025. Vijay Shekhar Sharma, CEO and founder of One97 Communications, the parent company of Paytm, revealed this ambitious plan during an ONDC event on Monday, emphasising the company's commitment to assisting small merchants and businesses in becoming integral parts of the mainstream economy. According to a PTI report, Sharma highlighted Paytm's focus on small merchants within its ecosystem and its mission to facilitate their inclusion in the mainstream economy through digital payments. He stated, "Paytm's ecosystem is built around small merchants, and the mission that we are on is to help small merchants and small businesses become part of the mainstream economy. We plan to bring 10 million merchants on ONDC before 2025 ends." The Open Network for Digital Commerce (ONDC), a government-backed platform open to all e-commerce stakeholders, including digital payment firms, has gained significant traction. Notable players such as Paytm, PhonePe's Pincode, and hyperlocal e-commerce firm magicpin are already part of this platform, making it a crucial space for digital commerce growth. Vijay Shekhar Sharma emphasised the potential of ONDC by revealing that Paytm has witnessed nearly 11.8 million customers redirected to its product from the platform. Discussing the significance of onboarding additional merchants to ONDC, he stated that the presence of a substantial number of merchants would attract customers actively seeking their services. To ensure this, he said that resolving issues surrounding trust and discovery, further noting that there is a considerable customer base eager to engage in online shopping once these challenges are addressed. T Koshy, the Managing Director and CEO of ONDC, provided a glimpse into the recent performance of the platform, signalling a positive initiation. According to him, there were approximately 1,200 transactions in January, while the current month has witnessed a remarkable surge with nearly 5 million transactions. Notably, transactions are occurring in 600 cities, indicating a widespread adoption. Koshy expressed optimism, describing this as the inception of a significant surge over the next 1-2 years. He articulated the platform's ambitious goal to increase the current transaction volume saying, “We aim to add one more zero to the current level of transactions in a year." (With inputs from PTI) WATCH WION LIVE HERE

Paytm pledges to enlist 10 million merchants on government-backed ONDC platform by 2025

In a notable economic development, Tokyo, Japan's capital, witnessed a slowdown in core consumer inflation in November, marking a shift in cost-push pressures within the country's economy. According to Reuters, the Tokyo core consumer price index (CPI), a crucial metric influencing nationwide trends, rose by 2.3 per cent year-on-year, slightly below the market's anticipated 2.4 per cent. <o:p></o:p>

This deceleration, compared to a 2.7 per cent increase in October, was influenced by moderating price hikes for food and a decrease in fuel costs. Government subsidies played a role in pushing down fuel expenses, contributing to the rate matching a low seen in July of the previous year.<o:p></o:p>

BOJ to analyse data for policy implications<o:p></o:p>

The Bank of Japan (BOJ) will scrutinise these figures as part of its considerations during a two-day policy meeting set to conclude on December 19. The Tokyo CPI serves as a leading indicator, offering valuable insights into economic trends and aiding the central bank in formulating its monetary policy. With inflation consistently surpassing the BOJ's 2 per cent target for over a year, market players are anticipating potential adjustments to the bank's massive stimulus, with some speculating on a shift as early as January.<o:p></o:p>

Factors behind the slowdown<o:p></o:p>

The decline in inflation can be attributed to factors such as government subsidies pushing down fuel costs and a moderation in the price increases of food items. The year-on-year rise of 2.3 per cent aligns with a low point observed in July of the preceding year, highlighting a potential shift in the economic landscape.<o:p></o:p>

BOJ's economic outlook<o:p></o:p>

The BOJ remains a pacifist outlier among global central banks, maintaining an ultra-loose policy even as counterparts elsewhere aggressively raised interest rates to combat inflation. The central bank's perspective emphasises the significance of rising wages and service costs as replacements for cost-push inflation. <o:p></o:p>

The "core core" index, excluding both fresh food and fuel prices, rose by 3.6 per cent in November from a year earlier, reinforcing the BOJ's belief that increasing wages and service costs will contribute to sustainable inflation meeting the bank's 2 per cent target. The service prices, marking the fastest pace since 1994, rose by 3.0 per cent in November from a year earlier, indicating potential positive shifts in labour costs.<o:p></o:p>

Market expectations and speculations<o:p></o:p>

With inflation consistently exceeding the BOJ's 2 per cent target for an extended period, market players are anticipating potential adjustments to the bank's stimulus measures. There's a growing expectation that the BOJ might phase out its massive stimulus in the coming year, with speculations ranging from a shift as early as January. This anticipation aligns with the global trend of central banks adjusting their policies to address inflationary pressures.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

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In a notable economic development, Tokyo, Japan's capital, witnessed a slowdown in core consumer inflation in November, marking a shift in cost-push pressures within the country's economy.

In a notable economic development, Tokyo, Japan's capital, witnessed a slowdown in core consumer inflation in November, marking a shift in cost-push pressures within the country's economy. According to Reuters, the Tokyo core consumer price index (CPI), a crucial metric influencing nationwide trends, rose by 2.3 per cent year-on-year, slightly below the market's anticipated 2.4 per cent. This deceleration, compared to a 2.7 per cent increase in October, was influenced by moderating price hikes for food and a decrease in fuel costs. Government subsidies played a role in pushing down fuel expenses, contributing to the rate matching a low seen in July of the previous year. BOJ to analyse data for policy implications The Bank of Japan (BOJ) will scrutinise these figures as part of its considerations during a two-day policy meeting set to conclude on December 19. The Tokyo CPI serves as a leading indicator, offering valuable insights into economic trends and aiding the central bank in formulating its monetary policy. With inflation consistently surpassing the BOJ's 2 per cent target for over a year, market players are anticipating potential adjustments to the bank's massive stimulus, with some speculating on a shift as early as January. Factors behind the slowdown The decline in inflation can be attributed to factors such as government subsidies pushing down fuel costs and a moderation in the price increases of food items. The year-on-year rise of 2.3 per cent aligns with a low point observed in July of the preceding year, highlighting a potential shift in the economic landscape. BOJ's economic outlook The BOJ remains a pacifist outlier among global central banks, maintaining an ultra-loose policy even as counterparts elsewhere aggressively raised interest rates to combat inflation. The central bank's perspective emphasises the significance of rising wages and service costs as replacements for cost-push inflation. The "core core" index, excluding both fresh food and fuel prices, rose by 3.6 per cent in November from a year earlier, reinforcing the BOJ's belief that increasing wages and service costs will contribute to sustainable inflation meeting the bank's 2 per cent target. The service prices, marking the fastest pace since 1994, rose by 3.0 per cent in November from a year earlier, indicating potential positive shifts in labour costs. Market expectations and speculations With inflation consistently exceeding the BOJ's 2 per cent target for an extended period, market players are anticipating potential adjustments to the bank's stimulus measures. There's a growing expectation that the BOJ might phase out its massive stimulus in the coming year, with speculations ranging from a shift as early as January. This anticipation aligns with the global trend of central banks adjusting their policies to address inflationary pressures. (With inputs from Reuters) WATCH WION LIVE HERE

Tokyo's Inflation Slows: BOJ faces decisive policy crossroads amid economic shifts

In a recent development, Bitcoin has skyrocketed beyond $41,000, marking its highest point since April 2022. According to a report by the Associated Press, this surge represents a staggering 150 per cent increase in value for the world's largest cryptocurrency in just the first half of the year. <o:p></o:p>

According to FactSet, Bitcoin's journey has been volatile, initially leaping from $5,000 during the pandemic to nearly $68,000 in November 2021, followed by a significant dip due to Federal Reserve rate hikes and the collapse of crypto giant FTX.<o:p></o:p>

2023: A year of recovery<o:p></o:p>

As 2023 began, Bitcoin experienced a setback, with a single unit trading for less than $17,000 after losing more than 75 per cent of its value. However, investor confidence returned as inflation cooled, and the collapse of tech-focused banks led many to explore crypto investments amid an environment of market uncertainty.<o:p></o:p>

Spot ETFs: The driving force<o:p></o:p>

The current rally in Bitcoin prices is attributed to the growing optimism surrounding the potential approval of spot Bitcoin exchange-traded funds (ETFs). This new investment avenue, allowing investors to buy and sell Bitcoin at spot prices rather than futures, is seen as a game-changer. <o:p></o:p>

Analysts suggest that this could democratise crypto investments, making it more accessible to a broader audience while mitigating some of the inherent risks associated with cryptocurrency investments. Recent successes by crypto fund managers have improved the odds of regulatory approval, potentially occurring as early as next month.<o:p></o:p>

Mixed predictions for the future<o:p></o:p>

The Associated Press cited Kaiko research analyst Riyad Carey, who emphasised that while the approval of spot Bitcoin ETFs could attract a larger pool of investors, the impact on future volumes remains uncertain. This development could either significantly boost or potentially undermine Bitcoin's value, adding an element of unpredictability to the current market dynamics.<o:p></o:p>

Binance's setback and continued operation<o:p></o:p>

Amidst Bitcoin's rally, the cryptocurrency market faced disruptions, notably with the U.S. government imposing a $4 billion fine on Binance, the world's largest crypto exchange. Founder Changpeng Zhao pleaded guilty to a felony charge, yet Binance continues to operate, maintaining its market share. Analysts argue that the settlement, while a setback, removed a significant overhang, contributing to Bitcoin's gains in the weeks following the announcement.<o:p></o:p>

Caution amidst excitement<o:p></o:p>

Despite the recent enthusiasm surrounding Bitcoin, experts caution that cryptocurrencies remain a risky venture with unpredictable fluctuations. The collapse of FTX in the previous year left a lasting impact on public confidence, particularly among retail investors. <o:p></o:p>

Edward Moya, a former senior market analyst at Oanda, highlighted that institutional money, such as hedge funds, currently dominates the crypto investing landscape. Additionally, Carey pointed out that liquidity in cryptocurrency markets is yet to fully recover from the FTX collapse, potentially amplifying price fluctuations.<o:p></o:p>

Market snapshot<o:p></o:p>

As of 1:30 p.m. Eastern time on Monday, Bitcoin was valued at $41,709. While Bitcoin steals the spotlight, other cryptocurrencies have seen varied performances. Ethereum stood at $2,223, reflecting an 85 per cent increase since the beginning of 2023. In contrast, Binance Coin and Dash experienced declines of 5.25 per cent and 24.37 per cent, with Monday afternoon prices at around $231 and $32, respectively.<o:p></o:p>

(With inputs from the Associated Press)<o:p></o:p>

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In a recent development, Bitcoin has skyrocketed beyond $41,000, marking its highest point since April 2022. According to a report by the Associated Press, this surge represents a staggering 150 per cent increase in value for the world's largest cryptocurrency in just the first half of the year.

In a recent development, Bitcoin has skyrocketed beyond $41,000, marking its highest point since April 2022. According to a report by the Associated Press, this surge represents a staggering 150 per cent increase in value for the world's largest cryptocurrency in just the first half of the year. According to FactSet, Bitcoin's journey has been volatile, initially leaping from $5,000 during the pandemic to nearly $68,000 in November 2021, followed by a significant dip due to Federal Reserve rate hikes and the collapse of crypto giant FTX. 2023: A year of recovery As 2023 began, Bitcoin experienced a setback, with a single unit trading for less than $17,000 after losing more than 75 per cent of its value. However, investor confidence returned as inflation cooled, and the collapse of tech-focused banks led many to explore crypto investments amid an environment of market uncertainty. Spot ETFs: The driving force The current rally in Bitcoin prices is attributed to the growing optimism surrounding the potential approval of spot Bitcoin exchange-traded funds (ETFs). This new investment avenue, allowing investors to buy and sell Bitcoin at spot prices rather than futures, is seen as a game-changer. Analysts suggest that this could democratise crypto investments, making it more accessible to a broader audience while mitigating some of the inherent risks associated with cryptocurrency investments. Recent successes by crypto fund managers have improved the odds of regulatory approval, potentially occurring as early as next month. Mixed predictions for the future The Associated Press cited Kaiko research analyst Riyad Carey, who emphasised that while the approval of spot Bitcoin ETFs could attract a larger pool of investors, the impact on future volumes remains uncertain. This development could either significantly boost or potentially undermine Bitcoin's value, adding an element of unpredictability to the current market dynamics. Binance's setback and continued operation Amidst Bitcoin's rally, the cryptocurrency market faced disruptions, notably with the U.S. government imposing a $4 billion fine on Binance, the world's largest crypto exchange. Founder Changpeng Zhao pleaded guilty to a felony charge, yet Binance continues to operate, maintaining its market share. Analysts argue that the settlement, while a setback, removed a significant overhang, contributing to Bitcoin's gains in the weeks following the announcement. Caution amidst excitement Despite the recent enthusiasm surrounding Bitcoin, experts caution that cryptocurrencies remain a risky venture with unpredictable fluctuations. The collapse of FTX in the previous year left a lasting impact on public confidence, particularly among retail investors. Edward Moya, a former senior market analyst at Oanda, highlighted that institutional money, such as hedge funds, currently dominates the crypto investing landscape. Additionally, Carey pointed out that liquidity in cryptocurrency markets is yet to fully recover from the FTX collapse, potentially amplifying price fluctuations. Market snapshot As of 1:30 p.m. Eastern time on Monday, Bitcoin was valued at $41,709. While Bitcoin steals the spotlight, other cryptocurrencies have seen varied performances. Ethereum stood at $2,223, reflecting an 85 per cent increase since the beginning of 2023. In contrast, Binance Coin and Dash experienced declines of 5.25 per cent and 24.37 per cent, with Monday afternoon prices at around $231 and $32, respectively. (With inputs from the Associated Press) WATCH WION LIVE HERE

Bitcoin surges past $41,000: Spot ETF approval and market dynamics drive the rally

WION's Business Desk brings you this daily round-up of global stories from the world of business and economy.<o:p></o:p>

Bitcoin surges past $41,000: Spot ETF approval and market dynamics drive the rally<o:p></o:p>

There has been a significant surge in the price of Bitcoin, surpassing $41,000 and reaching its highest level since April 2022.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/bitcoin-surges-past-41000-spot-etf-approval-and-market-dynamics-drive-the-rally-666249">Read more here</a><o:p></o:p>

Tokyo's Inflation Slows: BOJ faces decisive policy crossroads amid economic shifts<o:p></o:p>

A significant shift in cost-push dynamics inside Japan's economy was evident in November when core consumer inflation in the capital city of Tokyo decreased.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/tokyos-inflation-slows-boj-faces-decisive-policy-crossroads-amid-economic-shifts-666275">Read more here</a><o:p></o:p>

Paytm pledges to enlist 10 million merchants on government-backed ONDC platform by 2025<o:p></o:p>

&nbsp;

Paytm, aims to bring aboard 10 million merchants onto the government-supported Open Network for Digital Commerce (ONDC) platform by the conclusion of 2025.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/paytm-pledges-to-enlist-10-million-merchants-on-government-backed-ondc-platform-by-2025-666292">Read more here</a><o:p></o:p>

El Salvador's Bitcoin investments surge: Bukele confirms profit amid cryptocurrency rally<o:p></o:p>

El Salvador's presidential candidate running for reelection, Nayib Bukele, disclosed that the country has made profitable investments in Bitcoin, capitalising on the current surge in cryptocurrency values.

<a href="https://www.wionews.com/business-economy/el-salvadors-bitcoin-investments-surge-bukele-confirms-profit-amid-cryptocurrency-rally-666310">Read more here</a><o:p></o:p>

Barclay family reclaims Telegraph newspaper after Abu Dhabi aids with debt repayment<o:p></o:p>

The Barclay family has successfully regained control of the influential Telegraph newspaper in the UK, following a collaboration with Abu Dhabi-backed RedBird IMI.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/barclay-family-reclaims-telegraph-newspaper-after-abu-dhabi-aids-with-debt-repayment-666339">Read more here</a><o:p></o:p>

Ancestry website 23andMe confirms recent data breach affected 6.9 million users&nbsp;<o:p></o:p>

Data belonging to almost 6.9 million individuals has been leaked, according to confirmation from the ancestry website 23andMe, following a recent incident.<o:p></o:p>

<a href="https://www.wionews.com/world/ancestry-website-23andme-confirms-recent-data-breach-affected-69-million-users-666347">Read more here </a><o:p></o:p>

Extreme weather halts iPhone production in India: Foxconn and Pegatron grapple with disruptions<o:p></o:p>

Foxconn and Pegatron, major manufacturing companies based in Taiwan, have temporarily suspended the production of Apple iPhones at their facilities near Chennai in southern India. This decision stems from the disruptive effects of heavy rainfall in the region.

<a href="https://www.wionews.com/business-economy/extreme-weather-halts-iphone-production-in-india-foxconn-and-pegatron-grapple-with-disruptions-666357">Read more here</a><o:p></o:p>

Israeli authorities probe suspected insider trading linked to Hamas attack<o:p></o:p>

Israeli officials are investigating claims made by American researchers that suggest some investors may have known that Hamas was planning to strike Israel on October 7.

<a href="https://www.wionews.com/business-economy/israeli-authorities-probe-suspected-insider-trading-linked-to-hamas-attack-666374">Read more here </a><o:p></o:p>

Landmark Stability AI vs Getty Images copyright lawsuit to move ahead to trial<o:p></o:p>

In a significant development, a UK court has decided that the copyright dispute between Getty Images and the prominent artificial intelligence (AI) firm Stability AI can proceed to trial.<o:p></o:p>

<a href="https://www.wionews.com/technology/landmark-stability-ai-vs-getty-images-copyright-lawsuit-to-move-ahead-to-trial-666377">Read more here</a><o:p></o:p>

UK discloses immigration reforms: Stricter visas aim to curb soaring migration<o:p></o:p>

Following increasing pressure to tackle the unprecedented net migration figures, UK Prime Minister Rishi Sunak unveiled a slew of strict policies aimed at reducing the number of migrants entering the country legally.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/uk-discloses-immigration-reforms-stricter-visas-aim-to-curb-soaring-migration-666389">Read more here </a><o:p></o:p>

Intel succeeds in overturning $2.18bn patent verdict, one of the largest in US<o:p></o:p>

A prior decision that had awarded VLSI Technology USD 2.18 billion in a patent infringement dispute against Intel Corp. was reversed by an appeals court in the US on Monday, December 4.

<a href="https://www.wionews.com/technology/intel-succeeds-in-overturning-218bn-patent-verdict-one-of-the-largest-in-us-666197">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. Bitcoin surges past $41,000: Spot ETF approval and market dynamics drive the rally There has been a significant surge in the price of Bitcoin, surpassing $41,000 and reaching its highest level since April 2022.

WION's Business Desk brings you this daily round-up of global stories from the world of business and economy. Bitcoin surges past $41,000: Spot ETF approval and market dynamics drive the rally There has been a significant surge in the price of Bitcoin, surpassing $41,000 and reaching its highest level since April 2022. Read more here Tokyo's Inflation Slows: BOJ faces decisive policy crossroads amid economic shifts A significant shift in cost-push dynamics inside Japan's economy was evident in November when core consumer inflation in the capital city of Tokyo decreased. Read more here Paytm pledges to enlist 10 million merchants on government-backed ONDC platform by 2025 Paytm, aims to bring aboard 10 million merchants onto the government-supported Open Network for Digital Commerce (ONDC) platform by the conclusion of 2025. Read more here El Salvador's Bitcoin investments surge: Bukele confirms profit amid cryptocurrency rally El Salvador's presidential candidate running for reelection, Nayib Bukele, disclosed that the country has made profitable investments in Bitcoin, capitalising on the current surge in cryptocurrency values. Read more here Barclay family reclaims Telegraph newspaper after Abu Dhabi aids with debt repayment The Barclay family has successfully regained control of the influential Telegraph newspaper in the UK, following a collaboration with Abu Dhabi-backed RedBird IMI. Read more here Ancestry website 23andMe confirms recent data breach affected 6.9 million users Data belonging to almost 6.9 million individuals has been leaked, according to confirmation from the ancestry website 23andMe, following a recent incident. Read more here Extreme weather halts iPhone production in India: Foxconn and Pegatron grapple with disruptions Foxconn and Pegatron, major manufacturing companies based in Taiwan, have temporarily suspended the production of Apple iPhones at their facilities near Chennai in southern India. This decision stems from the disruptive effects of heavy rainfall in the region. Read more here Israeli authorities probe suspected insider trading linked to Hamas attack Israeli officials are investigating claims made by American researchers that suggest some investors may have known that Hamas was planning to strike Israel on October 7. Read more here Landmark Stability AI vs Getty Images copyright lawsuit to move ahead to trial In a significant development, a UK court has decided that the copyright dispute between Getty Images and the prominent artificial intelligence (AI) firm Stability AI can proceed to trial. Read more here UK discloses immigration reforms: Stricter visas aim to curb soaring migration Following increasing pressure to tackle the unprecedented net migration figures, UK Prime Minister Rishi Sunak unveiled a slew of strict policies aimed at reducing the number of migrants entering the country legally. Read more here Intel succeeds in overturning $2.18bn patent verdict, one of the largest in US A prior decision that had awarded VLSI Technology USD 2.18 billion in a patent infringement dispute against Intel Corp. was reversed by an appeals court in the US on Monday, December 4. Read more here WATCH WION LIVE HERE

WION Business Wrap | Bitcoin surges past $41,000, Paytm pledges to enlist 10 mn merchants & more

Dismissing speculations, Finance Secretary TV Somanathan on Thursday, announced that the Indian government has no immediate plans to establish the eighth Pay Commission for the 5.4 million central government employees and pensioners. <o:p></o:p>

"There is nothing in the offing regarding setting up the 8th Pay Commission. It's not due at present," NDTV quoted Somanathan as saying.<o:p></o:p>

Previously, political parties, especially in the run-up to elections, have strategically employed the announcement of Pay Commissions to gain support from central government employees and armed forces personnel. <o:p></o:p>

The 7th Pay Commission was instituted by the Congress-led UPA government months before state and general elections. However, the BJP has opted for a different approach, focusing on reviewing the controversial new pension scheme affecting state and central government employees.<o:p></o:p>

Under the existing scheme, employees contribute 10 per cent of their basic salary, while the government contributes 14 per cent, sparking political debates.<o:p></o:p>

According to NDTV, Finance Secretary Somanathan, who leads the committee assigned with the review, mentioned that they had concluded consultations with all relevant parties and added that their report would be submitted shortly. The proposed changes aim to ensure that employees receive a minimum of 40 to 45 per cent of their last salary.

As the&nbsp;elections inch&nbsp;closer, political pressure is mounting on the Finance Ministry to announce the 8th Pay Commission, irrespective of the upcoming state poll results. <o:p></o:p>

These results, expected on Sunday, are viewed as a prelude to the 2024 national election, where Prime Minister Narendra Modi seeks a third consecutive term.<o:p></o:p>

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Dismissing speculations, Finance Secretary TV Somanathan on Thursday, announced that the Indian government has no immediate plans to establish the eighth Pay Commission for the 5.

Dismissing speculations, Finance Secretary TV Somanathan on Thursday, announced that the Indian government has no immediate plans to establish the eighth Pay Commission for the 5.4 million central government employees and pensioners. "There is nothing in the offing regarding setting up the 8th Pay Commission. It's not due at present," NDTV quoted Somanathan as saying. Previously, political parties, especially in the run-up to elections, have strategically employed the announcement of Pay Commissions to gain support from central government employees and armed forces personnel. The 7th Pay Commission was instituted by the Congress-led UPA government months before state and general elections. However, the BJP has opted for a different approach, focusing on reviewing the controversial new pension scheme affecting state and central government employees. Under the existing scheme, employees contribute 10 per cent of their basic salary, while the government contributes 14 per cent, sparking political debates. According to NDTV, Finance Secretary Somanathan, who leads the committee assigned with the review, mentioned that they had concluded consultations with all relevant parties and added that their report would be submitted shortly. The proposed changes aim to ensure that employees receive a minimum of 40 to 45 per cent of their last salary. As the elections inch closer, political pressure is mounting on the Finance Ministry to announce the 8th Pay Commission, irrespective of the upcoming state poll results. These results, expected on Sunday, are viewed as a prelude to the 2024 national election, where Prime Minister Narendra Modi seeks a third consecutive term. WATCH WION LIVE HERE

Indian government dispels talks of 8th pay commission before upcoming elections

In a reflection of the ongoing economic challenges, Germany has witnessed a rise in unemployment numbers in November, aligning with analysts' expectations, according to figures released by the Federal Labour Office. <o:p></o:p>

Reuters reported that the seasonally adjusted data revealed an increase of 22,000 people out of work, bringing the total to 2.702 million. 

Andrea Nahles, chairwoman of the Federal Employment Agency, commented on the impact of the economic downturn on the German labour market, stating, "The economic downturn continues to leave its mark on the German labour market."<o:p></o:p>

The seasonally adjusted jobless rate in Germany edged up from 5.8 per cent in October to 5.9 per cent in November. This uptick in unemployment coincides with a decline in job openings, with 733,000 positions available—a decrease of 90,000 compared to the previous year. 

According to Reuters, Nahles emphasised the modest growth in employment and noted a simultaneous decrease in labour demand. "Employment is only growing slightly and labour demand is still declining," she said.<o:p></o:p>

The Ifo employment barometer revealed a dip in the willingness of German companies to hire new staff in November. <o:p></o:p>

Klaus Wohlrabe, head of surveys at Ifo, commented on the cautious approach of businesses, saying, "With a solid foundation for recovery still not in sight, companies are putting off hiring new staff." 

This sentiment aligns with the broader trend of companies hesitating to expand their workforce amid economic uncertainties, contributing to the challenges faced by the German job market.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

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In a reflection of the ongoing economic challenges, Germany has witnessed a rise in unemployment numbers in November, aligning with analysts' expectations, according to figures released by the Federal Labour Office.

In a reflection of the ongoing economic challenges, Germany has witnessed a rise in unemployment numbers in November, aligning with analysts' expectations, according to figures released by the Federal Labour Office. Reuters reported that the seasonally adjusted data revealed an increase of 22,000 people out of work, bringing the total to 2.702 million. Andrea Nahles, chairwoman of the Federal Employment Agency, commented on the impact of the economic downturn on the German labour market, stating, "The economic downturn continues to leave its mark on the German labour market." The seasonally adjusted jobless rate in Germany edged up from 5.8 per cent in October to 5.9 per cent in November. This uptick in unemployment coincides with a decline in job openings, with 733,000 positions available—a decrease of 90,000 compared to the previous year. According to Reuters, Nahles emphasised the modest growth in employment and noted a simultaneous decrease in labour demand. "Employment is only growing slightly and labour demand is still declining," she said. The Ifo employment barometer revealed a dip in the willingness of German companies to hire new staff in November. Klaus Wohlrabe, head of surveys at Ifo, commented on the cautious approach of businesses, saying, "With a solid foundation for recovery still not in sight, companies are putting off hiring new staff." This sentiment aligns with the broader trend of companies hesitating to expand their workforce amid economic uncertainties, contributing to the challenges faced by the German job market. (With inputs from Reuters) WATCH WION LIVE HERE

German unemployment inches upward in November amid economic strain

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