Foreign investors are set to channel significant capital into Taiwan stocks in November, creating a record-setting inflow of $8.2 billion on a net basis, Bloomberg reported on Thursday.<o:p></o:p>

This surge being the largest monthly inflow since at least 2000, is attributed to growing optimism surrounding technology shares, fuelled by the belief that the Federal Reserve has concluded its interest-rate hikes.<o:p></o:p>

The Taiwan Stock Exchange (TWSE) Index has surged by an impressive 8.6 per cent in November, positioning itself as one of the top-performing indices in the Asia Pacific region. This rally aligns with a global trend as investors re-evaluate tech valuations amid expectations of a peak in borrowing costs.<o:p></o:p>

Bloomberg cited Caroline Yu Maurer, Head of China and Specialised Asia Strategies at HSBC Asset Management, who emphasised the close correlation between Taiwan's market and the U.S. cycle, particularly the AI-related cycle. She noted that Taiwan's leading stocks do not exhibit extreme valuations, providing an attractive proposition for investors. Maurer remarked that Taiwan “is very much geared toward the US cycle, essentially the AI-related cycle. (The leading stocks) are not really extreme on valuations, they’re not as expensive."<o:p></o:p>

As the tech-heavy market in Taiwan experiences this financial influx, its neighbour, South Korea, also attracted substantial inflows amounting to $3.1 billion. In contrast, Indian equities, while increasingly becoming a structural bet for many foreigners, saw relatively lower popularity, gathering $614 million in inflows. <o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

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Foreign investors are set to channel significant capital into Taiwan stocks in November, creating a record-setting inflow of $8.2 billion on a net basis, Bloomberg reported on Thursday.

Foreign investors are set to channel significant capital into Taiwan stocks in November, creating a record-setting inflow of $8.2 billion on a net basis, Bloomberg reported on Thursday. This surge being the largest monthly inflow since at least 2000, is attributed to growing optimism surrounding technology shares, fuelled by the belief that the Federal Reserve has concluded its interest-rate hikes. The Taiwan Stock Exchange (TWSE) Index has surged by an impressive 8.6 per cent in November, positioning itself as one of the top-performing indices in the Asia Pacific region. This rally aligns with a global trend as investors re-evaluate tech valuations amid expectations of a peak in borrowing costs. Bloomberg cited Caroline Yu Maurer, Head of China and Specialised Asia Strategies at HSBC Asset Management, who emphasised the close correlation between Taiwan's market and the U.S. cycle, particularly the AI-related cycle. She noted that Taiwan's leading stocks do not exhibit extreme valuations, providing an attractive proposition for investors. Maurer remarked that Taiwan “is very much geared toward the US cycle, essentially the AI-related cycle. (The leading stocks) are not really extreme on valuations, they’re not as expensive." As the tech-heavy market in Taiwan experiences this financial influx, its neighbour, South Korea, also attracted substantial inflows amounting to $3.1 billion. In contrast, Indian equities, while increasingly becoming a structural bet for many foreigners, saw relatively lower popularity, gathering $614 million in inflows. (With inputs from Bloomberg) WATCH WION LIVE HERE

Taiwan stocks ride high with record inflows as tech optimism surges

In a move indicative of China's growing scrutiny on financial institutions, China International Capital Corp. (CICC), one of the country's largest investment banks, has issued internal directives prohibiting its analysts from making bearish calls on the economy or markets. <o:p></o:p>

The memo, obtained by Bloomberg News,&nbsp;warns analysts against revealing compensation and restricts the wearing of luxury brands. This clampdown comes in the wake of Beijing's efforts to align the financial industry with President Xi Jinping's "common prosperity" initiative and curtail ostentatious behaviour among bankers.<o:p></o:p>

Analysts at CICC are now under strict guidelines to exercise caution when sharing views with clients outside China, with an emphasis on reducing national security and political risks. The bank has urged analysts to conduct due diligence on experts invited to conferences and deal pitches. <o:p></o:p>

This move reflects a broader trend, with at least two other major investment banks in China providing verbal guidance to analysts, discouraging negative comments on the domestic economy or discussions about compensation. The atmosphere has made it challenging for financial conference organisers to secure speakers willing to share candid views on the Chinese economy.<o:p></o:p>

CICC's internal memo goes beyond market analysis, encompassing conduct guidelines for various aspects, including client engagement, social media use, and expense reimbursement. Amid slumping profits and a leadership reshuffle, CICC has implemented cost-cutting measures. <o:p></o:p>

The document strictly controls business-related expenses, including analysts being discouraged from taking taxis home after road shows and ordering drinks at business banquets. Earlier this year, the bank reduced senior bankers' compensation by over 40 per cent and scaled back travel perks.<o:p></o:p>

As China's parliament signals the possibility of further profit declines in the financial industry and regulators press banks to support the stressed property sector, the challenges for bankers in China may intensify. A coalition of 19 Chinese brokerages, including JPMorgan Chase &amp; Co. and Morgan Stanley's local ventures, recently pledged to combat corruption in their investment-bank businesses. <o:p></o:p>

President Xi's ongoing anti-graft campaign has already resulted in the removal of over 100 senior financial executives and officials this year alone. While China aims to restore investor confidence in its economy and markets, its historic crackdown on information deemed harmful is likely to persist.<o:p></o:p>

The memo reveals additional restrictions imposed on CICC analysts, emphasising discretion in social media commentary, avoidance of politically sensitive content, and active participation in party-building activities. Analysts are instructed to refrain from making comments inconsistent with government policies, sharing unpublished views on social media platforms like WeChat, and to ensure that family members abide by basic moral standards. Furthermore, analysts are cautioned against using their full per diem allowance on meals when working overtime.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

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In a move indicative of China's growing scrutiny on financial institutions, China International Capital Corp. (CICC), one of the country's largest investment banks, has issued internal directives prohibiting its analysts from making bearish calls on the economy or markets.

In a move indicative of China's growing scrutiny on financial institutions, China International Capital Corp. (CICC), one of the country's largest investment banks, has issued internal directives prohibiting its analysts from making bearish calls on the economy or markets. The memo, obtained by Bloomberg News, warns analysts against revealing compensation and restricts the wearing of luxury brands. This clampdown comes in the wake of Beijing's efforts to align the financial industry with President Xi Jinping's "common prosperity" initiative and curtail ostentatious behaviour among bankers. Analysts at CICC are now under strict guidelines to exercise caution when sharing views with clients outside China, with an emphasis on reducing national security and political risks. The bank has urged analysts to conduct due diligence on experts invited to conferences and deal pitches. This move reflects a broader trend, with at least two other major investment banks in China providing verbal guidance to analysts, discouraging negative comments on the domestic economy or discussions about compensation. The atmosphere has made it challenging for financial conference organisers to secure speakers willing to share candid views on the Chinese economy. CICC's internal memo goes beyond market analysis, encompassing conduct guidelines for various aspects, including client engagement, social media use, and expense reimbursement. Amid slumping profits and a leadership reshuffle, CICC has implemented cost-cutting measures. The document strictly controls business-related expenses, including analysts being discouraged from taking taxis home after road shows and ordering drinks at business banquets. Earlier this year, the bank reduced senior bankers' compensation by over 40 per cent and scaled back travel perks. As China's parliament signals the possibility of further profit declines in the financial industry and regulators press banks to support the stressed property sector, the challenges for bankers in China may intensify. A coalition of 19 Chinese brokerages, including JPMorgan Chase & Co. and Morgan Stanley's local ventures, recently pledged to combat corruption in their investment-bank businesses. President Xi's ongoing anti-graft campaign has already resulted in the removal of over 100 senior financial executives and officials this year alone. While China aims to restore investor confidence in its economy and markets, its historic crackdown on information deemed harmful is likely to persist. The memo reveals additional restrictions imposed on CICC analysts, emphasising discretion in social media commentary, avoidance of politically sensitive content, and active participation in party-building activities. Analysts are instructed to refrain from making comments inconsistent with government policies, sharing unpublished views on social media platforms like WeChat, and to ensure that family members abide by basic moral standards. Furthermore, analysts are cautioned against using their full per diem allowance on meals when working overtime. (With inputs from Bloomberg) WATCH WION LIVE HERE

China investment bank enforces strict measures on analysts amid regulatory crackdown

Spanish clothing retailer Mango has reported remarkable double-digit growth in sales during the recent Black Friday and Cyber Monday shopping events. <o:p></o:p>

According to Reuters, the company's global retail director, Cesar de Vicente, shared that Mango experienced record-breaking sales both online and in stores, attributing the success to discounts of up to 50 per cent off. Mango has plans to expand its presence in the U.S., aiming to double the number of stores to 40 by the next year.<o:p></o:p>

&nbsp;De Vicente expressed confidence that Mango's sales will maintain similar levels of growth throughout the remaining holiday shopping season.<o:p></o:p>

"We had record sales in these days of operation, both online and in stores," Cesar de Vicente told Reuters.<o:p></o:p>

Mango's strategy of offering discounts of up to 50 per cent, both globally and online, contributed to its robust performance during Cyber Week. The company is capitalising on its expansion in key markets like the U.S., Italy, and India. <o:p></o:p>

With a focus on in-house design, a strong emphasis on party wear, and plans to increase the number of stores, Mango aims to compete with newer players in the fashion industry. Currently, the company's online sales account for 36 per cent of its total revenues.<o:p></o:p>

As the holiday shopping season progresses, Mango anticipates sustained growth levels, building on the momentum gained during Cyber Week. The company's approach of providing substantial discounts aligns with the broader trend observed by the National Retail Federation in the U.S., expecting retail sales growth of 3 per cent to 4 per cent for the entire November-December holiday shopping period.<o:p></o:p>

Mango's expansion strategy and ability to offer competitive discounts have positioned it favourably in the retail landscape, enabling it to outperform pre-pandemic levels and achieve impressive sales figures in recent years.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

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Spanish clothing retailer Mango has reported remarkable double-digit growth in sales during the recent Black Friday and Cyber Monday shopping events. According to Reuters, the company's global retail director, Cesar de Vicente, shared that Mango experienced record-breaking sales both online and in stores, attributing the success to discounts of up to 50 per cent off.

Spanish clothing retailer Mango has reported remarkable double-digit growth in sales during the recent Black Friday and Cyber Monday shopping events. According to Reuters, the company's global retail director, Cesar de Vicente, shared that Mango experienced record-breaking sales both online and in stores, attributing the success to discounts of up to 50 per cent off. Mango has plans to expand its presence in the U.S., aiming to double the number of stores to 40 by the next year. De Vicente expressed confidence that Mango's sales will maintain similar levels of growth throughout the remaining holiday shopping season. "We had record sales in these days of operation, both online and in stores," Cesar de Vicente told Reuters. Mango's strategy of offering discounts of up to 50 per cent, both globally and online, contributed to its robust performance during Cyber Week. The company is capitalising on its expansion in key markets like the U.S., Italy, and India. With a focus on in-house design, a strong emphasis on party wear, and plans to increase the number of stores, Mango aims to compete with newer players in the fashion industry. Currently, the company's online sales account for 36 per cent of its total revenues. As the holiday shopping season progresses, Mango anticipates sustained growth levels, building on the momentum gained during Cyber Week. The company's approach of providing substantial discounts aligns with the broader trend observed by the National Retail Federation in the U.S., expecting retail sales growth of 3 per cent to 4 per cent for the entire November-December holiday shopping period. Mango's expansion strategy and ability to offer competitive discounts have positioned it favourably in the retail landscape, enabling it to outperform pre-pandemic levels and achieve impressive sales figures in recent years. (With inputs from Reuters) WATCH WION LIVE HERE

Spanish retailer Mango celebrates record sales with double-digit growth during Black Friday & Cyber Monday

Wells Fargo &amp; Co finds itself entangled in legal woes as an employee filed a lawsuit on Thursday, accusing the bank of denying overtime pay to hundreds of its U.S. branch workers. <o:p></o:p>

According to Reuters, the proposed class action, filed in a San Francisco federal court, alleges that Wells Fargo misclassified "senior premier bankers" as exempt from overtime pay, a classification the lawsuit claims is improper under federal and state laws. <o:p></o:p>

These bankers, responsible for customer service and generating referrals to financial advisers, often work unpaid overtime due to persistent understaffing in Wells Fargo branches, according to the lawsuit. Sabrina Perez, an advocate for unionising and a Wells Fargo employee in Albuquerque, New Mexico, initiated the lawsuit.<o:p></o:p>

Michael Scimone, a lawyer representing Sabrina Perez, criticised Wells Fargo's classification practices. "Companies like Wells Fargo should know better than to withhold overtime pay from workers like Ms. Perez," Reuters quoted him as saying. <o:p></o:p>

The lawsuit seeks unspecified damages, penalties, and legal costs, and Perez's legal team suggests that the proposed class could encompass hundreds of senior premier bankers across the U.S. Wells Fargo, currently facing an unprecedented campaign to unionise its workforce, has not yet responded to the allegations. <o:p></o:p>

This legal challenge adds to the bank's recent struggles and controversies, including the push for union elections in Albuquerque and Alaska, marking the first such efforts within Wells Fargo in decades.<o:p></o:p>

The lawsuit sheds light on the broader issue of overtime pay and worker rights at Wells Fargo, where understaffing has allegedly led to senior premier bankers working unpaid overtime hours. The legal action coincides with the recent move by workers in Albuquerque, spearheaded by Sabrina Perez, to file a petition for a union election—a rare occurrence for Wells Fargo and a significant development in the broader context of unionisation within the U.S. financial industry. <o:p></o:p>

The campaign for unionisation aims to address workers' concerns and negotiate better working conditions. While Wells Fargo emphasises recent investments in employee support, including improvements to pay and benefits, the mounting legal and unionisation challenges indicate ongoing tensions between the bank and its workforce.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

<o:p>&nbsp;</o:p>

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Wells Fargo & Co finds itself entangled in legal woes as an employee filed a lawsuit on Thursday, accusing the bank of denying overtime pay to hundreds of its U.

Wells Fargo & Co finds itself entangled in legal woes as an employee filed a lawsuit on Thursday, accusing the bank of denying overtime pay to hundreds of its U.S. branch workers. According to Reuters, the proposed class action, filed in a San Francisco federal court, alleges that Wells Fargo misclassified "senior premier bankers" as exempt from overtime pay, a classification the lawsuit claims is improper under federal and state laws. These bankers, responsible for customer service and generating referrals to financial advisers, often work unpaid overtime due to persistent understaffing in Wells Fargo branches, according to the lawsuit. Sabrina Perez, an advocate for unionising and a Wells Fargo employee in Albuquerque, New Mexico, initiated the lawsuit. Michael Scimone, a lawyer representing Sabrina Perez, criticised Wells Fargo's classification practices. "Companies like Wells Fargo should know better than to withhold overtime pay from workers like Ms. Perez," Reuters quoted him as saying. The lawsuit seeks unspecified damages, penalties, and legal costs, and Perez's legal team suggests that the proposed class could encompass hundreds of senior premier bankers across the U.S. Wells Fargo, currently facing an unprecedented campaign to unionise its workforce, has not yet responded to the allegations. This legal challenge adds to the bank's recent struggles and controversies, including the push for union elections in Albuquerque and Alaska, marking the first such efforts within Wells Fargo in decades. The lawsuit sheds light on the broader issue of overtime pay and worker rights at Wells Fargo, where understaffing has allegedly led to senior premier bankers working unpaid overtime hours. The legal action coincides with the recent move by workers in Albuquerque, spearheaded by Sabrina Perez, to file a petition for a union election—a rare occurrence for Wells Fargo and a significant development in the broader context of unionisation within the U.S. financial industry. The campaign for unionisation aims to address workers' concerns and negotiate better working conditions. While Wells Fargo emphasises recent investments in employee support, including improvements to pay and benefits, the mounting legal and unionisation challenges indicate ongoing tensions between the bank and its workforce. (With inputs from Reuters) WATCH WION LIVE HERE

Wells Fargo faces lawsuit over alleged overtime violations amid unionisation push

India's economy outpaced analysts' predictions, registering robust growth of 7.6 per cent in the three months to September compared to a year ago, according to government data released on Thursday. <o:p></o:p>

The figure surpassed all estimates in a Bloomberg survey of economists and exceeded the Reserve Bank of India's projection of 6.5 per cent. Despite challenges like surging inflation and multiple interest rate hikes by the RBI, India retains its position as the fastest-growing major economy globally. <o:p></o:p>

The growth is attributed to factors such as strong manufacturing performance, increased consumption, and the Indian government's heightened spending ahead of upcoming elections.<o:p></o:p>

Bloomberg cited Madhavi Arora, an economist with Emkay Financial Services, who highlighted the factors driving India's buoyant growth, emphasising robust corporate profits, a strong fiscal impulse, and front-loaded government spending in a pre-election year. <o:p></o:p>

Prime Minister Narendra Modi's administration is actively investing in infrastructure and offering subsidies to attract companies to set up production in India. These initiatives, coupled with healthy consumption patterns, contribute to gains in private sector investments. Gross fixed capital formation, a proxy for investment, surged by 11.04 per cent compared to 7.95 per cent in the previous quarter.<o:p></o:p>

While the services sector, constituting over half of India's GDP, expanded at a slower pace due to moderating global demand for financial services, the manufacturing sector's significant growth played a pivotal role in overall economic expansion. Agriculture, however, experienced a slowdown attributed to below-normal rains, resulting in a weaker summer crop harvest.<o:p></o:p>

India faced its weakest monsoon rains in five years, leading to government interventions such as extending curbs on the export of farm commodities like sugar, rice, and wheat. The GDP figures, representing a sharp upside surprise, received positive reactions from economists, with Upasna Bhardwaj, an economist with Kotak Mahindra Bank Ltd., noting the broader economic pickup across most non-agricultural sectors.<o:p></o:p>

As India experiences this robust economic growth, the challenge remains for the Reserve Bank of India (RBI), which aims to bring down inflation to its 4 per cent target on a durable basis. The strong demand poses a dilemma for the central bank, which has maintained interest rates unchanged for four policy meetings.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

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India's economy outpaced analysts' predictions, registering robust growth of 7.6 per cent in the three months to September compared to a year ago, according to government data released on Thursday.

India's economy outpaced analysts' predictions, registering robust growth of 7.6 per cent in the three months to September compared to a year ago, according to government data released on Thursday. The figure surpassed all estimates in a Bloomberg survey of economists and exceeded the Reserve Bank of India's projection of 6.5 per cent. Despite challenges like surging inflation and multiple interest rate hikes by the RBI, India retains its position as the fastest-growing major economy globally. The growth is attributed to factors such as strong manufacturing performance, increased consumption, and the Indian government's heightened spending ahead of upcoming elections. Bloomberg cited Madhavi Arora, an economist with Emkay Financial Services, who highlighted the factors driving India's buoyant growth, emphasising robust corporate profits, a strong fiscal impulse, and front-loaded government spending in a pre-election year. Prime Minister Narendra Modi's administration is actively investing in infrastructure and offering subsidies to attract companies to set up production in India. These initiatives, coupled with healthy consumption patterns, contribute to gains in private sector investments. Gross fixed capital formation, a proxy for investment, surged by 11.04 per cent compared to 7.95 per cent in the previous quarter. While the services sector, constituting over half of India's GDP, expanded at a slower pace due to moderating global demand for financial services, the manufacturing sector's significant growth played a pivotal role in overall economic expansion. Agriculture, however, experienced a slowdown attributed to below-normal rains, resulting in a weaker summer crop harvest. India faced its weakest monsoon rains in five years, leading to government interventions such as extending curbs on the export of farm commodities like sugar, rice, and wheat. The GDP figures, representing a sharp upside surprise, received positive reactions from economists, with Upasna Bhardwaj, an economist with Kotak Mahindra Bank Ltd., noting the broader economic pickup across most non-agricultural sectors. As India experiences this robust economic growth, the challenge remains for the Reserve Bank of India (RBI), which aims to bring down inflation to its 4 per cent target on a durable basis. The strong demand poses a dilemma for the central bank, which has maintained interest rates unchanged for four policy meetings. (With inputs from Bloomberg) WATCH WION LIVE HERE

India's economic growth surpasses expectations, maintains fastest-growing major economy status

In a landmark development for China's tech landscape, Alibaba Group faces a momentous shift as it is poised to lose its position as the country's most valuable e-commerce firm to the eight-year-old upstart Pinduoduo (PDD Holdings), Bloomberg reported on Thursday. &nbsp;<o:p></o:p>

As Alibaba's market value dipped to about HK$1.46 trillion ($187 billion) in Hong Kong, PDD Holdings closed nearly 2 per cent higher in New York, reaching $188.3 billion. This shift marks a significant departure from the dominance that Jack Ma's Alibaba has held over the Chinese internet industry for over a decade.<o:p></o:p>

Jack Ma, Alibaba's billionaire co-founder, took to an internal forum to acknowledge the rise of PDD and called on Alibaba's vast workforce to "correct course" and regain momentum. <o:p></o:p>

Ma's rare public address underscores the gravity of the situation and the challenges Alibaba faces in the wake of Beijing's 2020 crackdown on the tech sector. Bloomberg cited Vey-Sern Ling, Managing Director at Union Bancaire Privee, who commented on Alibaba's situation, stating, "On hindsight, you can say that Alibaba was resting on its laurels given they had so much of a head start but they didn’t execute or innovate as fast."<o:p></o:p>

Alibaba, once considered China's prime candidate to become a trillion-dollar company, now navigates a tumultuous period. Its stock is trading at its lowest point this year, signalling a stark contrast to its peak in 2020. The company is presently grappling with internal upheavals, including a proposed breakup plan and the reversal of the spinoff and listing of its $11 billion cloud arm. <o:p></o:p>

Meanwhile, PDD has captured investor attention with impressive growth and aggressive global expansion, even as rising marketing costs pressure margins.<o:p></o:p>

This week, PDD reported an 18 per cent surge in its stock following a doubling in revenue, propelled by the success of its hit shopping app, Temu. During the Singles' Day shopping festival, PDD outpaced Alibaba with an estimated 20 per cent growth in transactions compared to its rivals' single-digit rises, according to Goldman Sachs. PDD's strategy, particularly with Temu, mirrors a disruptive force in global e-commerce, challenging Alibaba's more traditional approach to overseas markets.<o:p></o:p>

While PDD's meteoric ascent has been driven by its aggressive promotions and disruptive strategies, Alibaba is not conceding defeat. "One can argue that Alibaba had its chance and didn’t take it, but in recent quarters, Alibaba’s international business has been growing very fast as well so I think they’re stepping up efforts there,” Bloomberg quote Ling as saying. <o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

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In a landmark development for China's tech landscape, Alibaba Group faces a momentous shift as it is poised to lose its position as the country's most valuable e-commerce firm to the eight-year-old upstart Pinduoduo (PDD Holdings), Bloomberg reported on Thursday.

In a landmark development for China's tech landscape, Alibaba Group faces a momentous shift as it is poised to lose its position as the country's most valuable e-commerce firm to the eight-year-old upstart Pinduoduo (PDD Holdings), Bloomberg reported on Thursday. As Alibaba's market value dipped to about HK$1.46 trillion ($187 billion) in Hong Kong, PDD Holdings closed nearly 2 per cent higher in New York, reaching $188.3 billion. This shift marks a significant departure from the dominance that Jack Ma's Alibaba has held over the Chinese internet industry for over a decade. Jack Ma, Alibaba's billionaire co-founder, took to an internal forum to acknowledge the rise of PDD and called on Alibaba's vast workforce to "correct course" and regain momentum. Ma's rare public address underscores the gravity of the situation and the challenges Alibaba faces in the wake of Beijing's 2020 crackdown on the tech sector. Bloomberg cited Vey-Sern Ling, Managing Director at Union Bancaire Privee, who commented on Alibaba's situation, stating, "On hindsight, you can say that Alibaba was resting on its laurels given they had so much of a head start but they didn’t execute or innovate as fast." Alibaba, once considered China's prime candidate to become a trillion-dollar company, now navigates a tumultuous period. Its stock is trading at its lowest point this year, signalling a stark contrast to its peak in 2020. The company is presently grappling with internal upheavals, including a proposed breakup plan and the reversal of the spinoff and listing of its $11 billion cloud arm. Meanwhile, PDD has captured investor attention with impressive growth and aggressive global expansion, even as rising marketing costs pressure margins. This week, PDD reported an 18 per cent surge in its stock following a doubling in revenue, propelled by the success of its hit shopping app, Temu. During the Singles' Day shopping festival, PDD outpaced Alibaba with an estimated 20 per cent growth in transactions compared to its rivals' single-digit rises, according to Goldman Sachs. PDD's strategy, particularly with Temu, mirrors a disruptive force in global e-commerce, challenging Alibaba's more traditional approach to overseas markets. While PDD's meteoric ascent has been driven by its aggressive promotions and disruptive strategies, Alibaba is not conceding defeat. "One can argue that Alibaba had its chance and didn’t take it, but in recent quarters, Alibaba’s international business has been growing very fast as well so I think they’re stepping up efforts there,” Bloomberg quote Ling as saying. (With inputs from Bloomberg) WATCH WION LIVE HERE

Alibaba's reign in China's E-commerce market threatened as PDD surges ahead

The World Economic Forum (WEF) has identified Seoul, Dubai, and Santa Monica as the leading cities in the growing metaverse sector, as per a report by technology intelligence firm ABI Research. <o:p></o:p>

The report anticipates that nearly 700 cities worldwide will embrace metaverse infrastructure by 2030. WEF highlighted the advantages of cities exploring the metaverse, citing potential cost savings in urban infrastructure design and operation. The metaverse also offers a pathway for cities to gain 'political capital' by fostering tech-friendly communities.<o:p></o:p>

In Santa Monica, the metaverse has manifested through FlickPlay, a social media app enabling users to navigate the city virtually. FlickPlay encourages users to explore less-traveled areas, creating economic activity and reducing crime. <o:p></o:p>

In Dubai, the metaverse plays a pivotal role in the city's economic growth campaign, aiming to become one of the world's top cities in terms of GDP. Dubai plans to attract 1,000 firms in blockchain and metaverse sectors and host over 40,000 Web3 professionals in the next seven years. The WEF report noted that over 50 per cent of Dubai consumers are eager to create and monetise metaverse content.<o:p></o:p>

Seoul's metaverse expansion is government-backed, with South Korea committing $180 million to develop a national metaverse ecosystem. Metaverse Seoul, in its initial phase, offers an urban metaverse app for residents to play games, explore attractions, and complete tasks. Seoul's future metaverse plans include connecting local industries with foreign investors and integrating virtual and augmented reality into the city's infrastructure. The WEF report emphasises the Korean government's dedication to fostering metaverse growth.<o:p></o:p>

Despite challenges faced by the metaverse sector, including consecutive losses in Meta's metaverse-dedicated unit, industry leaders like Mark Zuckerberg remain optimistic. 

The global metaverse market, estimated at $65.5 billion in 2022, is expected to reach $82 billion in 2023 and surge to an impressive $936.6 billion by 2030, according to Statista. As cities worldwide invest in metaverse infrastructure, the sector's projected growth aligns with the continued enthusiasm and commitment from influential figures like Zuckerberg.<o:p></o:p>

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The World Economic Forum (WEF) has identified Seoul, Dubai, and Santa Monica as the leading cities in the growing metaverse sector, as per a report by technology intelligence firm ABI Research.

The World Economic Forum (WEF) has identified Seoul, Dubai, and Santa Monica as the leading cities in the growing metaverse sector, as per a report by technology intelligence firm ABI Research. The report anticipates that nearly 700 cities worldwide will embrace metaverse infrastructure by 2030. WEF highlighted the advantages of cities exploring the metaverse, citing potential cost savings in urban infrastructure design and operation. The metaverse also offers a pathway for cities to gain 'political capital' by fostering tech-friendly communities. In Santa Monica, the metaverse has manifested through FlickPlay, a social media app enabling users to navigate the city virtually. FlickPlay encourages users to explore less-traveled areas, creating economic activity and reducing crime. In Dubai, the metaverse plays a pivotal role in the city's economic growth campaign, aiming to become one of the world's top cities in terms of GDP. Dubai plans to attract 1,000 firms in blockchain and metaverse sectors and host over 40,000 Web3 professionals in the next seven years. The WEF report noted that over 50 per cent of Dubai consumers are eager to create and monetise metaverse content. Seoul's metaverse expansion is government-backed, with South Korea committing $180 million to develop a national metaverse ecosystem. Metaverse Seoul, in its initial phase, offers an urban metaverse app for residents to play games, explore attractions, and complete tasks. Seoul's future metaverse plans include connecting local industries with foreign investors and integrating virtual and augmented reality into the city's infrastructure. The WEF report emphasises the Korean government's dedication to fostering metaverse growth. Despite challenges faced by the metaverse sector, including consecutive losses in Meta's metaverse-dedicated unit, industry leaders like Mark Zuckerberg remain optimistic. The global metaverse market, estimated at $65.5 billion in 2022, is expected to reach $82 billion in 2023 and surge to an impressive $936.6 billion by 2030, according to Statista. As cities worldwide invest in metaverse infrastructure, the sector's projected growth aligns with the continued enthusiasm and commitment from influential figures like Zuckerberg. WATCH WION LIVE HERE

Global Metaverse Leaders Emerge: Seoul, Dubai, and Santa Monica spearhead WEF report's list

In response to PC Jeweller's default of more than 3,466 crore rupees ($415 million) that was disclosed in October, the State Bank of India (SBI) has seized custody of two its prime properties in New Delhi.

An SBI official was quoted in a Free Press Journal report as noting that the action was a calculated strategy to get back some of the $140 million (or 1,168.90 crore rupees) that PC Jeweller owes.

Following the financial setback, PC Jeweller experienced operational interruptions, which caused its fiscal year 2024 second-quarter revenues to drop drastically. The company's Q2 FY24 revenues showed a sharp contrast in performance, falling from&nbsp;836 crore rupees ($100 million) in the same quarter the previous year to a meagre&nbsp;33 crore rupees ($39 million).&nbsp;

SBI is aggressively using the National Company Law Tribunal (NCLT) and the Debt Recovery Appellate Tribunal as legal channels to handle the growing debts. The bank wants to get back a sizable amount of its unpaid debt to PC Jeweller, or 1,267 crore rupees ($152 million).&nbsp;

PC Jeweller has taken strong measures in reaction to the financial crisis, closing seventeen stores total—thirteen of which are owned and three of which are franchises. The 152 crore rupees ($18 million) in reported losses highlight the difficulties the Indian jewellery industry faces in resolving credit and market trust issues. In order to lessen its financial load, PC Jeweller is concurrently negotiating out-of-court settlements with a number of institutions.&nbsp;

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In response to PC Jeweller's default of more than 3,466 crore rupees ($415 million) that was disclosed in October, the State Bank of India (SBI) has seized custody of two its prime properties in New Delhi.

In response to PC Jeweller's default of more than 3,466 crore rupees ($415 million) that was disclosed in October, the State Bank of India (SBI) has seized custody of two its prime properties in New Delhi. An SBI official was quoted in a Free Press Journal report as noting that the action was a calculated strategy to get back some of the $140 million (or 1,168.90 crore rupees) that PC Jeweller owes. Following the financial setback, PC Jeweller experienced operational interruptions, which caused its fiscal year 2024 second-quarter revenues to drop drastically. The company's Q2 FY24 revenues showed a sharp contrast in performance, falling from 836 crore rupees ($100 million) in the same quarter the previous year to a meagre 33 crore rupees ($39 million). SBI is aggressively using the National Company Law Tribunal (NCLT) and the Debt Recovery Appellate Tribunal as legal channels to handle the growing debts. The bank wants to get back a sizable amount of its unpaid debt to PC Jeweller, or 1,267 crore rupees ($152 million). PC Jeweller has taken strong measures in reaction to the financial crisis, closing seventeen stores total—thirteen of which are owned and three of which are franchises. The 152 crore rupees ($18 million) in reported losses highlight the difficulties the Indian jewellery industry faces in resolving credit and market trust issues. In order to lessen its financial load, PC Jeweller is concurrently negotiating out-of-court settlements with a number of institutions. WATCH WION LIVE HERE

SBI seizes PC Jeweller's New Delhi assets as loan default hits $415 million 

As November comes&nbsp;to an end, indications suggest that China's manufacturing activity is likely to contract for the second consecutive month, according to a Reuters poll. The official Purchasing Managers' Index (PMI), expected to improve slightly to 49.7 from last month's unexpected drop to 49.5, remains below the critical 50-point threshold that separates contraction from expansion.

While some economists have observed green shoots in mixed October data, the consensus is that the economy is still grappling for traction, with predictions ranging between 49.0 and 50.2 and the majority anticipating a small contraction between 49.6 and 49.8.

The challenges facing China's economy persist despite a series of policy support measures, including the struggle in the property market, risks associated with local government debt, slow global growth, and geopolitical tensions.

The inability to achieve a robust post-COVID recovery has intensified the call for additional stimulus. Profit growth at China's industrial firms witnessed a slowdown, reverting to low single digits in the last month. Both new export and import orders contracted in October, underlining the headwinds faced by the manufacturing sector.

Analysts warn of a potential stagnation in China akin to Japan later this decade unless policymakers take decisive steps to reorient the economy toward household consumption and market-allocation of resources. While China's central bank governor expressed confidence in the country's healthy and sustainable growth in 2024 and beyond, he emphasised the need for structural reforms to reduce reliance on infrastructure and property for growth.

The government's pursuit of an annual economic growth target of 'around 5 per cent' for next year may necessitate additional stimulus measures, aligning with the goals set for this year.

The official PMI, a crucial economic indicator, is set to be released on Thursday, providing further insights into the state of China's manufacturing sector.

Concurrently, the private Caixin factory survey, scheduled for Friday, is anticipated to show a slight uptick to 49.8 from October's 49.5. The outcome of these reports will likely influence policymakers' decisions as they navigate the complex economic landscape and consider further measures to sustain growth and stability.

(With inputs from Reuters)

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As November comes to an end, indications suggest that China's manufacturing activity is likely to contract for the second consecutive month, according to a Reuters poll.

As November comes to an end, indications suggest that China's manufacturing activity is likely to contract for the second consecutive month, according to a Reuters poll. The official Purchasing Managers' Index (PMI), expected to improve slightly to 49.7 from last month's unexpected drop to 49.5, remains below the critical 50-point threshold that separates contraction from expansion. While some economists have observed green shoots in mixed October data, the consensus is that the economy is still grappling for traction, with predictions ranging between 49.0 and 50.2 and the majority anticipating a small contraction between 49.6 and 49.8. The challenges facing China's economy persist despite a series of policy support measures, including the struggle in the property market, risks associated with local government debt, slow global growth, and geopolitical tensions. The inability to achieve a robust post-COVID recovery has intensified the call for additional stimulus. Profit growth at China's industrial firms witnessed a slowdown, reverting to low single digits in the last month. Both new export and import orders contracted in October, underlining the headwinds faced by the manufacturing sector. Analysts warn of a potential stagnation in China akin to Japan later this decade unless policymakers take decisive steps to reorient the economy toward household consumption and market-allocation of resources. While China's central bank governor expressed confidence in the country's healthy and sustainable growth in 2024 and beyond, he emphasised the need for structural reforms to reduce reliance on infrastructure and property for growth. The government's pursuit of an annual economic growth target of 'around 5 per cent' for next year may necessitate additional stimulus measures, aligning with the goals set for this year. The official PMI, a crucial economic indicator, is set to be released on Thursday, providing further insights into the state of China's manufacturing sector. Concurrently, the private Caixin factory survey, scheduled for Friday, is anticipated to show a slight uptick to 49.8 from October's 49.5. The outcome of these reports will likely influence policymakers' decisions as they navigate the complex economic landscape and consider further measures to sustain growth and stability. (With inputs from Reuters) WATCH WION LIVE HERE

China's manufacturing sector faces second consecutive month of contraction. Here are the details

In a bid to ease a decade-long tension with London's black cab drivers, Uber has announced plans to open its platform to London’s iconic taxis starting in early 2024. London's black cab drivers, known for their stringent "Knowledge" test, have been at odds with Uber, citing concerns about the impact on their livelihoods. 

According to Reuters, the new service from Uber will allow black cab drivers to register on the app for booked journeys, with an enticing offer of no commission for the first six months. Despite this move, a significant group of black cab drivers, represented by the Licensed Taxi Drivers Association (LTDA), rejected the offer, expressing concerns about associating with Uber's safety record. 

Uber's initiative comes as an attempt to bring London's black cabs into its service, a move already seen in other cities like Paris, New York, and Rome. Uber contends that both passengers and taxi drivers can benefit from collaboration. 

This effort marks a notable shift in relations, especially given the history of disputes, with a peak in 2014 when cab drivers protested against Uber by blocking streets. The current offer, if accepted by a good number of London's black cab drivers, could represent a significant thaw in their relationship, bringing about a new era of collaboration. 

While Uber is extending an olive branch, the LTDA, representing the majority of black cab drivers, remains sceptical, asserting that there is no demand from its members for such a partnership. 

Reuters cited Steve McNamara, the general secretary of LTDA, who expressed the association's disinterest, emphasising a reluctance to tarnish the reputation of London's iconic black cab trade by aligning with Uber and its perceived shortcomings. 

Despite this resistance, one driver, Hameed Hameedi, has already embraced the opportunity, becoming the first London cab driver to join Uber's platform. Hameedi sees this move as a potential "huge advantage" for the trade, emphasising that more passengers shall translate to increased earnings for cabbies. 

(With inputs from Reuters)

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In a bid to ease a decade-long tension with London's black cab drivers, Uber has announced plans to open its platform to London’s iconic taxis starting in early 2024.

In a bid to ease a decade-long tension with London's black cab drivers, Uber has announced plans to open its platform to London’s iconic taxis starting in early 2024. London's black cab drivers, known for their stringent "Knowledge" test, have been at odds with Uber, citing concerns about the impact on their livelihoods. According to Reuters, the new service from Uber will allow black cab drivers to register on the app for booked journeys, with an enticing offer of no commission for the first six months. Despite this move, a significant group of black cab drivers, represented by the Licensed Taxi Drivers Association (LTDA), rejected the offer, expressing concerns about associating with Uber's safety record. Uber's initiative comes as an attempt to bring London's black cabs into its service, a move already seen in other cities like Paris, New York, and Rome. Uber contends that both passengers and taxi drivers can benefit from collaboration. This effort marks a notable shift in relations, especially given the history of disputes, with a peak in 2014 when cab drivers protested against Uber by blocking streets. The current offer, if accepted by a good number of London's black cab drivers, could represent a significant thaw in their relationship, bringing about a new era of collaboration. While Uber is extending an olive branch, the LTDA, representing the majority of black cab drivers, remains sceptical, asserting that there is no demand from its members for such a partnership. Reuters cited Steve McNamara, the general secretary of LTDA, who expressed the association's disinterest, emphasising a reluctance to tarnish the reputation of London's iconic black cab trade by aligning with Uber and its perceived shortcomings. Despite this resistance, one driver, Hameed Hameedi, has already embraced the opportunity, becoming the first London cab driver to join Uber's platform. Hameedi sees this move as a potential "huge advantage" for the trade, emphasising that more passengers shall translate to increased earnings for cabbies. (With inputs from Reuters) WATCH WION LIVE HERE

Uber aims to mend ties with London's black cabs in new initiative

Dubai Taxi Co. has set a record for investor demand in its $315 million initial public offering (IPO), securing over 150 billion dirhams ($41 billion) in orders, marking the highest oversubscription level ever for a Dubai IPO. <o:p></o:p>

According to Bloomberg, the IPO, Dubai's first privatisation in over a year, received overwhelming interest, with the institutional investor tranche nearly 135 times oversubscribed. The government of Dubai sold a 25 per cent stake, amounting to 624.75 million shares, at 1.85 dirhams each, the top end of the marketed range, valuing Dubai Taxi at 4.62 billion dirhams. Trading is set to commence on December 7.<o:p></o:p>

This demand for Dubai Taxi's IPO highlights the stark contrast between the thriving listings market in the Gulf region and the subdued global sentiment, marked by challenges such as high interest rates and market volatility over the past two years. The Gulf region, buoyed by elevated oil prices, robust local investor demand, and government initiatives to list state-owned companies, has become a hotspot for IPOs. <o:p></o:p>

Dubai, in particular, has outperformed, with its benchmark index surging 20 per cent this year, driven by a rise in property-related shares.<o:p></o:p>

The investor demand for Dubai Taxi's IPO contributes to the Gulf's standout performance in listings this year, with approximately $8.4 billion raised through IPOs in the region, accounting for over a third of the total listing volumes in Europe, the Middle East, and Africa.<o:p></o:p>

Dubai's success in raising $8.3 billion through stake sales in state-owned companies in 2022 underscores its commitment to listing state-owned entities, aligning with similar initiatives in Abu Dhabi and Riyadh. Dubai Taxi marks the city's second IPO of 2023, following the successful listing of Al Ansari Financial Services PJSC in March.<o:p></o:p>

Citigroup Inc., Emirates NBD Capital, and Bank of America Corp. are serving as joint global coordinators for the IPO, with Rothschild &amp; Co. acting as an independent financial adviser. <o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

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Dubai Taxi Co. has set a record for investor demand in its $315 million initial public offering (IPO), securing over 150 billion dirhams ($41 billion) in orders, marking the highest oversubscription level ever for a Dubai IPO.

Dubai Taxi Co. has set a record for investor demand in its $315 million initial public offering (IPO), securing over 150 billion dirhams ($41 billion) in orders, marking the highest oversubscription level ever for a Dubai IPO. According to Bloomberg, the IPO, Dubai's first privatisation in over a year, received overwhelming interest, with the institutional investor tranche nearly 135 times oversubscribed. The government of Dubai sold a 25 per cent stake, amounting to 624.75 million shares, at 1.85 dirhams each, the top end of the marketed range, valuing Dubai Taxi at 4.62 billion dirhams. Trading is set to commence on December 7. This demand for Dubai Taxi's IPO highlights the stark contrast between the thriving listings market in the Gulf region and the subdued global sentiment, marked by challenges such as high interest rates and market volatility over the past two years. The Gulf region, buoyed by elevated oil prices, robust local investor demand, and government initiatives to list state-owned companies, has become a hotspot for IPOs. Dubai, in particular, has outperformed, with its benchmark index surging 20 per cent this year, driven by a rise in property-related shares. The investor demand for Dubai Taxi's IPO contributes to the Gulf's standout performance in listings this year, with approximately $8.4 billion raised through IPOs in the region, accounting for over a third of the total listing volumes in Europe, the Middle East, and Africa. Dubai's success in raising $8.3 billion through stake sales in state-owned companies in 2022 underscores its commitment to listing state-owned entities, aligning with similar initiatives in Abu Dhabi and Riyadh. Dubai Taxi marks the city's second IPO of 2023, following the successful listing of Al Ansari Financial Services PJSC in March. Citigroup Inc., Emirates NBD Capital, and Bank of America Corp. are serving as joint global coordinators for the IPO, with Rothschild & Co. acting as an independent financial adviser. (With inputs from Bloomberg) WATCH WION LIVE HERE

Dubai Taxi breaks records with $41 bn in orders for $315 mn IPO

Cristiano Ronaldo, renowned for his achievements on the football pitch and commanding social media presence, is now grappling with legal challenges stemming from his partnership with Binance, one of the world's largest cryptocurrency exchanges.

The allegations

Plaintiffs Michael Sizemore, Mikey Vongdara, and Gordon Lewis claim in a lawsuit that they suffered losses as a result of Ronaldo's promotion of unregistered securities offered by Binance. The legal filing contends that Ronaldo, with his vast influence and 850 million social media followers, actively sold these securities without adequate disclosure.

The crux of the matter revolves around Ronaldo's multi-year partnership with Binance, initiated in mid-2022. The lawsuit argues that his promotion of the exchange, mainly through the sale of his exclusive NFT collection, led users to engage in transactions involving unregistered securities on the Binance platform.

Ronaldo's role in Binance partnership

Amid the cryptocurrency fervour in 2022, Ronaldo entered into a multi-year agreement with Binance to provide spokesperson and marketing services. This included promoting his NFT collection exclusively on the Binance platform. As alleged in the lawsuit, the success of these NFT sales significantly boosted Binance's visibility, resulting in a 500% increase in searches for the exchange in the week following the initial sale.

Given his investment experience and vast resources, the lawsuit claims that Ronaldo should have been aware of Binance selling unregistered crypto securities. It further highlights the lack of disclosure regarding payments received for endorsing cryptocurrencies, a requirement outlined by the U.S. Securities and Exchange Commission (SEC).

The ripple effect

As the legal battle unfolds, questions arise about Ronaldo's responsibility in promoting financial products and the broader implications for celebrity endorsements in the cryptocurrency market. The interconnected fate of Ronaldo and Binance underscores the increasing scrutiny faced by the industry and the necessity for transparency.

Bottomline

Cristiano Ronaldo's foray into cryptocurrency has taken an unexpected turn as a proposed class-action lawsuit brings attention to the potential ramifications of celebrity endorsements. As legal proceedings advance, the outcome will likely resonate beyond Ronaldo's personal reputation, shaping crypto endorsements' evolving landscape and associated responsibilities.

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Cristiano Ronaldo, renowned for his achievements on the football pitch and commanding social media presence, is now grappling with legal challenges stemming from his partnership with Binance, one of the world's largest cryptocurrency exchanges.

Cristiano Ronaldo, renowned for his achievements on the football pitch and commanding social media presence, is now grappling with legal challenges stemming from his partnership with Binance, one of the world's largest cryptocurrency exchanges. The allegations Plaintiffs Michael Sizemore, Mikey Vongdara, and Gordon Lewis claim in a lawsuit that they suffered losses as a result of Ronaldo's promotion of unregistered securities offered by Binance. The legal filing contends that Ronaldo, with his vast influence and 850 million social media followers, actively sold these securities without adequate disclosure. The crux of the matter revolves around Ronaldo's multi-year partnership with Binance, initiated in mid-2022. The lawsuit argues that his promotion of the exchange, mainly through the sale of his exclusive NFT collection, led users to engage in transactions involving unregistered securities on the Binance platform. Ronaldo's role in Binance partnership Amid the cryptocurrency fervour in 2022, Ronaldo entered into a multi-year agreement with Binance to provide spokesperson and marketing services. This included promoting his NFT collection exclusively on the Binance platform. As alleged in the lawsuit, the success of these NFT sales significantly boosted Binance's visibility, resulting in a 500% increase in searches for the exchange in the week following the initial sale. Given his investment experience and vast resources, the lawsuit claims that Ronaldo should have been aware of Binance selling unregistered crypto securities. It further highlights the lack of disclosure regarding payments received for endorsing cryptocurrencies, a requirement outlined by the U.S. Securities and Exchange Commission (SEC). The ripple effect As the legal battle unfolds, questions arise about Ronaldo's responsibility in promoting financial products and the broader implications for celebrity endorsements in the cryptocurrency market. The interconnected fate of Ronaldo and Binance underscores the increasing scrutiny faced by the industry and the necessity for transparency. Bottomline Cristiano Ronaldo's foray into cryptocurrency has taken an unexpected turn as a proposed class-action lawsuit brings attention to the potential ramifications of celebrity endorsements. As legal proceedings advance, the outcome will likely resonate beyond Ronaldo's personal reputation, shaping crypto endorsements' evolving landscape and associated responsibilities. WATCH WION LIVE HERE

Legal kickoff: Ronaldo's role in Binance NFT push sparks investor lawsuit

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