In the quest for a sustainable future, the World Economic Forum's ‘Net-Zero Industry Tracker’ 2023 Edition released on Tuesday, sheds light on the developments and challenges in emission-intensive industrial sectors worldwide. With a keen focus on key players in production, energy, and transport, this report unveils a comprehensive analysis of the industries responsible for over 40 per cent of global greenhouse gas emissions.&nbsp;

The Global Landscape: A critical 40 per cent &nbsp;

Process- and energy-related emissions from sectors such as steel, cement, aluminium, oil and gas, aviation, shipping, and trucking collectively contribute to more than 40 per cent of global greenhouse gas emissions, surpassing those of any individual country. Transparency in their progress becomes imperative for timely interventions and ensuring we remain on course for net-zero emissions by 2050.&nbsp;

Pathways to Net-Zero: A blend of solutions&nbsp;

The journey to net-zero varies across sectors, but a common thread emerges — a combination of electrification (clean power), clean hydrogen, and fossil fuels abated by carbon capture utilisation and storage (CCUS) form the bedrock of industrial decarbonisation. However, a robust enabling environment is crucial, supported by a standardised conceptual framework, to meet sector-specific decarbonisation objectives.&nbsp;

Five Key Takeaways from the 2023 Tracker&nbsp;

1. Technology: Gradual growth demands rapid acceleration&nbsp;

Low-emission technologies are making strides, with promising early signs in sectors like aluminium and trucking. However, a significant acceleration is needed to support commercial deployment by 2030. Prioritising material circularity, recycling, and transition fuels can bridge the gap until technologies become more widely available.&nbsp;

2. Infrastructure: Balancing financing needs and investments&nbsp;

Financing requirements for low-emission technologies are substantial, overshadowed by larger infrastructure investments. Clean hydrogen, CCUS, and electrification dominate, emphasising the need for shared infrastructure hubs to accelerate decarbonisation, especially in remote locations.&nbsp;

3. Demand: Navigating the green premium&nbsp;

Standardised definitions for low-emission products gain consensus, signalling early market demand across sectors. Challenges like reporting standards, supply chain instability, and transparency gaps persist, with business-to-business (B2B) green premiums largely untested at scale.&nbsp;

4. Policy: A shifting landscape demands global alignment&nbsp;

Evolution in policy landscapes, driven by industrial initiatives in select countries, bolsters investment. However, the risk of concentrating industrial activity in developed nations necessitates multilateral cooperation. Global alignment on emissions reduction requirements and policies tailored to individual country needs are imperative.&nbsp;

5. Capital: A call for investment in sustainable solutions&nbsp;

Sectors need approximately $11 trillion in additional investments for clean energy adoption and legacy asset retrofitting. Strong business cases are lacking, emphasising the need for market-stabilising policies and companies embedding decarbonisation into their strategies to attract capital.&nbsp;

Charting the course to net-zero&nbsp;

Achieving net-zero emissions requires a multi-faceted approach across production, energy, and transport sectors. The 2023 tracker report recognises progress but underscores the need for collaborative efforts, aligning demand, policy incentives, capital, and infrastructure expansion. As industries navigate this net-zero frontier, innovative collaborations and leveraging enabling levers can pave the way for a greener, more resilient, and prosperous future. The report acknowledges the challenges but emphasises the global industrial community's positive trajectory towards a sustainable tomorrow.&nbsp;

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In the quest for a sustainable future, the World Economic Forum's ‘Net-Zero Industry Tracker’ 2023 Edition released on Tuesday, sheds light on the developments and challenges in emission-intensive industrial sectors worldwide.

In the quest for a sustainable future, the World Economic Forum's ‘Net-Zero Industry Tracker’ 2023 Edition released on Tuesday, sheds light on the developments and challenges in emission-intensive industrial sectors worldwide. With a keen focus on key players in production, energy, and transport, this report unveils a comprehensive analysis of the industries responsible for over 40 per cent of global greenhouse gas emissions. The Global Landscape: A critical 40 per cent Process- and energy-related emissions from sectors such as steel, cement, aluminium, oil and gas, aviation, shipping, and trucking collectively contribute to more than 40 per cent of global greenhouse gas emissions, surpassing those of any individual country. Transparency in their progress becomes imperative for timely interventions and ensuring we remain on course for net-zero emissions by 2050. Pathways to Net-Zero: A blend of solutions The journey to net-zero varies across sectors, but a common thread emerges — a combination of electrification (clean power), clean hydrogen, and fossil fuels abated by carbon capture utilisation and storage (CCUS) form the bedrock of industrial decarbonisation. However, a robust enabling environment is crucial, supported by a standardised conceptual framework, to meet sector-specific decarbonisation objectives. Five Key Takeaways from the 2023 Tracker 1. Technology: Gradual growth demands rapid acceleration Low-emission technologies are making strides, with promising early signs in sectors like aluminium and trucking. However, a significant acceleration is needed to support commercial deployment by 2030. Prioritising material circularity, recycling, and transition fuels can bridge the gap until technologies become more widely available. 2. Infrastructure: Balancing financing needs and investments Financing requirements for low-emission technologies are substantial, overshadowed by larger infrastructure investments. Clean hydrogen, CCUS, and electrification dominate, emphasising the need for shared infrastructure hubs to accelerate decarbonisation, especially in remote locations. 3. Demand: Navigating the green premium Standardised definitions for low-emission products gain consensus, signalling early market demand across sectors. Challenges like reporting standards, supply chain instability, and transparency gaps persist, with business-to-business (B2B) green premiums largely untested at scale. 4. Policy: A shifting landscape demands global alignment Evolution in policy landscapes, driven by industrial initiatives in select countries, bolsters investment. However, the risk of concentrating industrial activity in developed nations necessitates multilateral cooperation. Global alignment on emissions reduction requirements and policies tailored to individual country needs are imperative. 5. Capital: A call for investment in sustainable solutions Sectors need approximately $11 trillion in additional investments for clean energy adoption and legacy asset retrofitting. Strong business cases are lacking, emphasising the need for market-stabilising policies and companies embedding decarbonisation into their strategies to attract capital. Charting the course to net-zero Achieving net-zero emissions requires a multi-faceted approach across production, energy, and transport sectors. The 2023 tracker report recognises progress but underscores the need for collaborative efforts, aligning demand, policy incentives, capital, and infrastructure expansion. As industries navigate this net-zero frontier, innovative collaborations and leveraging enabling levers can pave the way for a greener, more resilient, and prosperous future. The report acknowledges the challenges but emphasises the global industrial community's positive trajectory towards a sustainable tomorrow. WATCH WION LIVE HERE

Navigating the Net-Zero frontier: Insights from the World Economic Forum's industry tracker 2023

Pakistan's surging stock market rally received a significant boost as foreign investors return, contributing to a 50 per cent surge in the benchmark KSE-100 Index since late June. <o:p></o:p>

The nation's stock market is now the world's second-best performer in this period, following Argentina. Foreign traders, encouraged by signs of stability, have injected $26.3 million into Pakistani stocks in November, marking the highest monthly total in over four years, as per exchange data compiled by Bloomberg.<o:p></o:p>

The rally is fuelled by positive developments, including Pakistan's ability to secure a loan agreement with the International Monetary Fund in July, averting a potential default. With national elections scheduled for February, the country is experiencing a reduction in political and economic uncertainty. <o:p></o:p>

Inflation, a key concern, has also shown signs of cooling, providing the central bank with some flexibility after implementing interest rate hikes over the past two years.<o:p></o:p>

Bloomberg cited Mattias Martinsson, the Chief Information Officer at Tundra Fonder AB, a Stockholm-based frontier market investor, who noted that foreign investors are factoring in diminishing political and economic uncertainty. <o:p></o:p>

"What they see now is that there appears to have come into place a sort of political stability, at the same time as economic indicators are improving and there is a strong likelihood of significant cuts in the policy rate during 2024," Bloomberg quoted him as saying.<o:p></o:p>

While the stock rally continues to attract bullish sentiment, Ali Khalpey, Head of Equity Capital Markets at EFG Hermes in Dubai, highlights Pakistan's attractiveness compared to other emerging markets. He anticipates foreign cash inflow to persist, emphasising that Pakistani stocks like Lucky Cement Ltd., United Bank Ltd., and Habib Bank Ltd. are appealing with their cost-effectiveness, high quality, and attractive dividend yields.<o:p></o:p>

Simultaneously, Pakistan's sovereign dollar bonds are delivering robust returns, among the best in emerging markets this month, approaching 15 per cent total returns. On Wednesday, these bonds outperformed their counterparts in developing nations.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

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Pakistan's surging stock market rally received a significant boost as foreign investors return, contributing to a 50 per cent surge in the benchmark KSE-100 Index since late June.

Pakistan's surging stock market rally received a significant boost as foreign investors return, contributing to a 50 per cent surge in the benchmark KSE-100 Index since late June. The nation's stock market is now the world's second-best performer in this period, following Argentina. Foreign traders, encouraged by signs of stability, have injected $26.3 million into Pakistani stocks in November, marking the highest monthly total in over four years, as per exchange data compiled by Bloomberg. The rally is fuelled by positive developments, including Pakistan's ability to secure a loan agreement with the International Monetary Fund in July, averting a potential default. With national elections scheduled for February, the country is experiencing a reduction in political and economic uncertainty. Inflation, a key concern, has also shown signs of cooling, providing the central bank with some flexibility after implementing interest rate hikes over the past two years. Bloomberg cited Mattias Martinsson, the Chief Information Officer at Tundra Fonder AB, a Stockholm-based frontier market investor, who noted that foreign investors are factoring in diminishing political and economic uncertainty. "What they see now is that there appears to have come into place a sort of political stability, at the same time as economic indicators are improving and there is a strong likelihood of significant cuts in the policy rate during 2024," Bloomberg quoted him as saying. While the stock rally continues to attract bullish sentiment, Ali Khalpey, Head of Equity Capital Markets at EFG Hermes in Dubai, highlights Pakistan's attractiveness compared to other emerging markets. He anticipates foreign cash inflow to persist, emphasising that Pakistani stocks like Lucky Cement Ltd., United Bank Ltd., and Habib Bank Ltd. are appealing with their cost-effectiveness, high quality, and attractive dividend yields. Simultaneously, Pakistan's sovereign dollar bonds are delivering robust returns, among the best in emerging markets this month, approaching 15 per cent total returns. On Wednesday, these bonds outperformed their counterparts in developing nations. (With inputs from Bloomberg) WATCH WION LIVE HERE

Pakistan's stock rally ignited by foreign investors hits four-year high

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.<o:p></o:p>

Navigating the Net-Zero frontier: Insights from the World Economic Forum's industry tracker 2023<o:p></o:p>

Released on Tuesday, the World Economic Forum's "Net-Zero Industry Tracker" 2023 Edition highlights significant players in transportation, energy, and industry along with a thorough analysis of the sectors accountable for more than 40 per cent of the world's greenhouse gas emissions.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/navigating-the-net-zero-frontier-insights-from-the-world-economic-forums-industry-tracker-2023-664521">Read more here</a><a href="https://www.wionews.com/business-economy/navigating-the-net-zero-frontier-insights-from-the-world-economic-forums-industry-tracker-2023-664521"> </a>

Legal kickoff: Ronaldo's role in Binance NFT push sparks investor lawsuit<o:p></o:p>

Cristiano Ronaldo, the well-known football player, is currently facing legal issues resulting from his affiliation with Binance, one of the biggest cryptocurrency exchanges in the world.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/legal-kickoff-ronaldos-role-in-binance-nft-push-sparks-investor-lawsuit-664545">Read more here </a>

AI-Driven Hearing: A symphony of adaptability in noisy environments<o:p></o:p>

Artificial Intelligence (AI) becomes the virtuoso in a world where sound is both a melody and a lifeline, completely changing the audio tech scene.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/ai-driven-hearing-a-symphony-of-adaptability-in-noisy-environments-664549">Read more here </a>

Pakistan's stock rally ignited by f736mnn investors hits four-year high<o:p></o:p>

The return of foreign investors has significantly bolstered Pakistan's stock market rise, leading to a 50 per cent increase in the benchmark KSE-100 Index since late June.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/pakistans-stock-rally-ignited-by-foreign-investors-hits-four-year-high-664525">Read more here</a> 

Dubai Taxi breaks records with $41 bn in orders for $315 mn IPO <o:p></o:p>

With over 150 billion dirhams ($41 billion) in orders, Dubai Taxi Co. achieved a record for investor demand in its $315 million initial public offering (IPO). This is the highest degree of oversubscription for a Dubai IPO to date.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/dubai-taxi-breaks-records-with-41-bn-in-orders-for-315-mn-ipo-664557">Read more here</a>

Uber aims to mend ties with London's black cabs in new initiative<o:p></o:p>

Uber has declared plans to extend its platform to London's famous cabs beginning in early 2024 in an effort to ease tensions that have existed with the city's black taxi drivers for the past ten years. Uber has caused friction with London's black taxi drivers, who are well-known for their strict "Knowledge" exam, as they fear for their jobs.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/uber-aims-to-mend-ties-with-londons-black-cabs-in-new-initiative-664575">Read more here</a>

China's manufacturing sector faces second consecutive month of contraction. Here are the details<o:p></o:p>

A Reuters survey indicates that as November draws to a close, there are signs that China's manufacturing activity is probably going to decline for the second straight month.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/chinas-manufacturing-sector-faces-second-consecutive-month-of-contraction-here-are-the-details-664583">Read more here</a><a href="https://www.wionews.com/business-economy/chinas-manufacturing-sector-faces-second-consecutive-month-of-contraction-here-are-the-details-664583"> </a>

India unveils $141 billion plan to extend free food grains program<o:p></o:p>

According to Information Minister Anurag Thakur, India has extended its free food grains programme for the next five years with a significant allocation of 11.8 trillion rupees ($141.63 billion).

<o:p></o:p><a href="https://www.wionews.com/business-economy/india-unveils-141-billion-plan-to-extend-free-food-grains-program-664593">Read more here</a>

Angolan woman billionaire battles $736mn asset freeze, alleges political persecution<o:p></o:p>

In opposition to a note to freeze over £580 million ($736 million) of her assets, Angolan billionaire Isabel dos Santos says she is a victim of the country's "campaign of oppression".<o:p></o:p>

<a href="https://www.wionews.com/business-economy/angolan-woman-billionaire-battles-736m-asset-freeze-alleges-political-persecution-664597">Read more here </a>

Walmart is preferring import from India than China, data shows<o:p></o:p>

Walmart is gradually shifting its import operations from China to India, according to Reuters, which used Import Yeti data. The largest retailer in the world seems to be trying to diversify supplier networks and reduce costs with this move.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/walmart-is-preferring-import-from-india-than-china-data-shows-664438">Read more here</a><a href="https://www.wionews.com/business-economy/walmart-is-preferring-import-from-india-than-china-data-shows-664438"> </a>

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WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Navigating the Net-Zero frontier: Insights from the World Economic Forum's industry tracker 2023 Released on Tuesday, the World Economic Forum's "Net-Zero Industry Tracker" 2023 Edition highlights significant players in transportation, energy, and industry along with a thorough analysis of the sectors accountable for more than 40 per cent of the world's greenhouse gas emissions.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Navigating the Net-Zero frontier: Insights from the World Economic Forum's industry tracker 2023 Released on Tuesday, the World Economic Forum's "Net-Zero Industry Tracker" 2023 Edition highlights significant players in transportation, energy, and industry along with a thorough analysis of the sectors accountable for more than 40 per cent of the world's greenhouse gas emissions. Read more here Legal kickoff: Ronaldo's role in Binance NFT push sparks investor lawsuit Cristiano Ronaldo, the well-known football player, is currently facing legal issues resulting from his affiliation with Binance, one of the biggest cryptocurrency exchanges in the world. Read more here AI-Driven Hearing: A symphony of adaptability in noisy environments Artificial Intelligence (AI) becomes the virtuoso in a world where sound is both a melody and a lifeline, completely changing the audio tech scene. Read more here Pakistan's stock rally ignited by f736mnn investors hits four-year high The return of foreign investors has significantly bolstered Pakistan's stock market rise, leading to a 50 per cent increase in the benchmark KSE-100 Index since late June. Read more here Dubai Taxi breaks records with $41 bn in orders for $315 mn IPO With over 150 billion dirhams ($41 billion) in orders, Dubai Taxi Co. achieved a record for investor demand in its $315 million initial public offering (IPO). This is the highest degree of oversubscription for a Dubai IPO to date. Read more here Uber aims to mend ties with London's black cabs in new initiative Uber has declared plans to extend its platform to London's famous cabs beginning in early 2024 in an effort to ease tensions that have existed with the city's black taxi drivers for the past ten years. Uber has caused friction with London's black taxi drivers, who are well-known for their strict "Knowledge" exam, as they fear for their jobs. Read more here China's manufacturing sector faces second consecutive month of contraction. Here are the details A Reuters survey indicates that as November draws to a close, there are signs that China's manufacturing activity is probably going to decline for the second straight month. Read more here India unveils $141 billion plan to extend free food grains program According to Information Minister Anurag Thakur, India has extended its free food grains programme for the next five years with a significant allocation of 11.8 trillion rupees ($141.63 billion). Read more here Angolan woman billionaire battles $736mn asset freeze, alleges political persecution In opposition to a note to freeze over £580 million ($736 million) of her assets, Angolan billionaire Isabel dos Santos says she is a victim of the country's "campaign of oppression". Read more here Walmart is preferring import from India than China, data shows Walmart is gradually shifting its import operations from China to India, according to Reuters, which used Import Yeti data. The largest retailer in the world seems to be trying to diversify supplier networks and reduce costs with this move. Read more here WATCH WION LIVE HERE

Wion Business Wrap | Navigating the Net-Zero frontier, Ronaldo’s investor lawsuit, AI-driven hearing & more

<o:p></o:p>Angolan billionaire Isabel dos Santos is contesting an application to freeze approximately £580 million ($736 million) of her assets, claiming she is a victim of Angola's "campaign of oppression." <o:p></o:p>

According to Reuters, Dos Santos, Africa's first female billionaire and daughter of former President Jose Eduardo dos Santos, has faced longstanding corruption allegations in Angola. She rejects the charges, asserting that they are part of a protracted political vendetta, resulting in the freezing or seizure of her assets in Angola and Portugal. <o:p></o:p>

The legal battle centres on loans made by Angolan telecoms operator Unitel to Dutch company Unitel International Holdings (UIH) in 2012 and 2013, during dos Santos' tenure as a Unitel director. Dos Santos contends that Unitel is complicit in Angola's unlawful seizure of UIH's assets, leading to the outstanding debt.<o:p></o:p>

Dos Santos accuses Unitel of playing a role in the inability of UIH to repay the loans and frames the case as part of a broader political struggle. Unitel disputes dos Santos' narrative, stating that she is attempting to turn the legal proceedings into "another battle in a PR war against her father's successor", Joao Lourenco. <o:p></o:p>

The ongoing legal confrontation sheds light on dos Santos' wealth accumulation, characterised by Unitel as a "classic tale of kleptocracy (and) corruption". The telecoms company is seeking a global freezing order to prevent dos Santos from moving her assets out of its reach.<o:p></o:p>

In the courtroom, dos Santos' lawyer, Richard Hill, asserts that Unitel's application is part of a "politically motivated campaign by the Angolan state”. He challenges the legitimacy of the Angolan freezing order, alleging that it was obtained with "fabricated evidence, which included a forged copy of her passport featuring the signature of Bruce Lee." <o:p></o:p>

The legal proceedings are unfolding amid broader geopolitical dynamics, with dos Santos framing herself as a victim of political persecution. The hearing of Unitel's freezing order application is set to conclude on Thursday, and a ruling is expected at a later date, bringing further clarity to this high-stakes legal battle. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

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Angolan billionaire Isabel dos Santos is contesting an application to freeze approximately £580 million ($736 million) of her assets, claiming she is a victim of Angola's "campaign of oppression.

Angolan billionaire Isabel dos Santos is contesting an application to freeze approximately £580 million ($736 million) of her assets, claiming she is a victim of Angola's "campaign of oppression." According to Reuters, Dos Santos, Africa's first female billionaire and daughter of former President Jose Eduardo dos Santos, has faced longstanding corruption allegations in Angola. She rejects the charges, asserting that they are part of a protracted political vendetta, resulting in the freezing or seizure of her assets in Angola and Portugal. The legal battle centres on loans made by Angolan telecoms operator Unitel to Dutch company Unitel International Holdings (UIH) in 2012 and 2013, during dos Santos' tenure as a Unitel director. Dos Santos contends that Unitel is complicit in Angola's unlawful seizure of UIH's assets, leading to the outstanding debt. Dos Santos accuses Unitel of playing a role in the inability of UIH to repay the loans and frames the case as part of a broader political struggle. Unitel disputes dos Santos' narrative, stating that she is attempting to turn the legal proceedings into "another battle in a PR war against her father's successor", Joao Lourenco. The ongoing legal confrontation sheds light on dos Santos' wealth accumulation, characterised by Unitel as a "classic tale of kleptocracy (and) corruption". The telecoms company is seeking a global freezing order to prevent dos Santos from moving her assets out of its reach. In the courtroom, dos Santos' lawyer, Richard Hill, asserts that Unitel's application is part of a "politically motivated campaign by the Angolan state”. He challenges the legitimacy of the Angolan freezing order, alleging that it was obtained with "fabricated evidence, which included a forged copy of her passport featuring the signature of Bruce Lee." The legal proceedings are unfolding amid broader geopolitical dynamics, with dos Santos framing herself as a victim of political persecution. The hearing of Unitel's freezing order application is set to conclude on Thursday, and a ruling is expected at a later date, bringing further clarity to this high-stakes legal battle. (With inputs from Reuters) WATCH WION LIVE HERE

Angolan woman billionaire battles $736mn asset freeze, alleges political persecution

India has announced a substantial allocation of 11.8 trillion rupees ($141.63 billion) to extend its free food grains program for the next five years, according to Information Minister Anurag Thakur. <o:p></o:p>

The program, aimed at ensuring food and nutrition security for 813.5 million people, will address the needs of the poor and vulnerable sections of the population. Prime Minister Narendra Modi's government had previously declared the extension of the welfare scheme, slated to conclude in December, by an additional five years. <o:p></o:p>

The decision, approved in a recent cabinet meeting, underscores the commitment to fortify food security and alleviate financial challenges for the marginalised segments of society.<o:p></o:p>

The ambitious initiative comes just ahead of the upcoming general elections in early 2024.<o:p></o:p>

"Free food grains will strengthen food security and mitigate any financial hardship of the poor and vulnerable sections of the population," stated the government in response to the decision. <o:p></o:p>

Despite the financial commitment, the government remains optimistic about achieving its fiscal deficit target for the current financial year. According to Reuters, Economic Affairs Secretary Ajay Seth expressed confidence in maintaining fiscal discipline while allocating resources to vital social welfare programs.<o:p></o:p>

Ajay Seth, while addressing a separate event, assured that the government is on track to meet its fiscal deficit target of reducing it to 5.9 per cent of gross domestic product (GDP) for the fiscal year ending March 31. <o:p></o:p>

The commitment to fiscal responsibility is part of a broader strategy, with India aiming to further reduce the fiscal deficit to 4.5 per cent of GDP by the fiscal year 2025-26. This disciplined approach to fiscal management demonstrates the government's intent to balance social welfare initiatives with fiscal prudence, an attempt towards ensuring sustainable economic growth. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

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India has announced a substantial allocation of 11.8 trillion rupees ($141.63 billion) to extend its free food grains program for the next five years, according to Information Minister Anurag Thakur.

India has announced a substantial allocation of 11.8 trillion rupees ($141.63 billion) to extend its free food grains program for the next five years, according to Information Minister Anurag Thakur. The program, aimed at ensuring food and nutrition security for 813.5 million people, will address the needs of the poor and vulnerable sections of the population. Prime Minister Narendra Modi's government had previously declared the extension of the welfare scheme, slated to conclude in December, by an additional five years. The decision, approved in a recent cabinet meeting, underscores the commitment to fortify food security and alleviate financial challenges for the marginalised segments of society. The ambitious initiative comes just ahead of the upcoming general elections in early 2024. "Free food grains will strengthen food security and mitigate any financial hardship of the poor and vulnerable sections of the population," stated the government in response to the decision. Despite the financial commitment, the government remains optimistic about achieving its fiscal deficit target for the current financial year. According to Reuters, Economic Affairs Secretary Ajay Seth expressed confidence in maintaining fiscal discipline while allocating resources to vital social welfare programs. Ajay Seth, while addressing a separate event, assured that the government is on track to meet its fiscal deficit target of reducing it to 5.9 per cent of gross domestic product (GDP) for the fiscal year ending March 31. The commitment to fiscal responsibility is part of a broader strategy, with India aiming to further reduce the fiscal deficit to 4.5 per cent of GDP by the fiscal year 2025-26. This disciplined approach to fiscal management demonstrates the government's intent to balance social welfare initiatives with fiscal prudence, an attempt towards ensuring sustainable economic growth. (With inputs from Reuters) WATCH WION LIVE HERE

India unveils $141 billion plan to extend free food grains program

Micron Technology, the leading US producer of computer memory semiconductors, witnessed a stock decline on Monday, marking its sharpest drop in two months. According to a Bloomberg report, the dip follows the company's announcement that it is incurring higher operational expenses than initially projected.

The stock fell by as much as 4.6 per cent in New York, the steepest decline since September 28. However, Micron's shares have surged 55 per cent this year. &nbsp;

Micron adjusted its operating expenses for the fiscal first quarter to $990 million, up from the previous estimate of approximately $900 million. Despite the upward revision in revenue outlook to $4.7 billion from $4.6 billion, investors were anticipating a significant increase. &nbsp;

Wolfe Research analyst Chris Caso explained that the stock decline may be attributed to elevated expectations as a result of increasing pricing trends toward the year-end. Investors have been closely monitoring the semiconductor industry, anticipating that heightened demand for smartphones and personal computers would benefit chipmakers like Micron. &nbsp;

The rebound in semiconductor prices had initially fuelled optimism, but it seems that expectations may have surpassed the current reality. "We believe the stock is down due to rising expectations given increasing pricing trends heading into year-end,” Bloomberg quoted Caso as saying.

Micron's Chief Executive Officer, Sanjay Mehrotra, addressed concerns at the UBS Global Mobility Technology Conference, acknowledging that expenses for the quarter were notably higher than predicted due to increased research and development costs. However, Mehrotra assured investors that these expenses would decrease in the quarter ending in February. &nbsp;

Despite the challenges, Micron remains optimistic about pricing outlook, asserting that a return to profitability is imminent. "We have said that for a while that 2025 we believe will be a record year for the industry. 2024 will be the year of recovery," the company’s statement read.

Micron is scheduled to release its official first-quarter results on December 20.

(With inputs from Bloomberg)

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Micron Technology, the leading US producer of computer memory semiconductors, witnessed a stock decline on Monday, marking its sharpest drop in two months. According to a Bloomberg report, the dip follows the company's announcement that it is incurring higher operational expenses than initially projected.

Micron Technology, the leading US producer of computer memory semiconductors, witnessed a stock decline on Monday, marking its sharpest drop in two months. According to a Bloomberg report, the dip follows the company's announcement that it is incurring higher operational expenses than initially projected. The stock fell by as much as 4.6 per cent in New York, the steepest decline since September 28. However, Micron's shares have surged 55 per cent this year. Micron adjusted its operating expenses for the fiscal first quarter to $990 million, up from the previous estimate of approximately $900 million. Despite the upward revision in revenue outlook to $4.7 billion from $4.6 billion, investors were anticipating a significant increase. Wolfe Research analyst Chris Caso explained that the stock decline may be attributed to elevated expectations as a result of increasing pricing trends toward the year-end. Investors have been closely monitoring the semiconductor industry, anticipating that heightened demand for smartphones and personal computers would benefit chipmakers like Micron. The rebound in semiconductor prices had initially fuelled optimism, but it seems that expectations may have surpassed the current reality. "We believe the stock is down due to rising expectations given increasing pricing trends heading into year-end,” Bloomberg quoted Caso as saying. Micron's Chief Executive Officer, Sanjay Mehrotra, addressed concerns at the UBS Global Mobility Technology Conference, acknowledging that expenses for the quarter were notably higher than predicted due to increased research and development costs. However, Mehrotra assured investors that these expenses would decrease in the quarter ending in February. Despite the challenges, Micron remains optimistic about pricing outlook, asserting that a return to profitability is imminent. "We have said that for a while that 2025 we believe will be a record year for the industry. 2024 will be the year of recovery," the company’s statement read. Micron is scheduled to release its official first-quarter results on December 20. (With inputs from Bloomberg) WATCH WION LIVE HERE

US chip maker Micron stock dips despite upbeat earnings forecast

In a heated battle for the best minds in artificial intelligence (AI), Wall Street banks are poaching rival talent, with Goldman Sachs taking a notable hit in the past year. &nbsp;

According to a Bloomberg report, citing data compiled by consultancy Evident, Goldman Sachs witnessed a net outflow of 60 AI professionals to competitors like Morgan Stanley and Citigroup in the 12 months through September. This represents the largest exodus among major rivals. &nbsp;

While this departure is a fraction of Goldman Sachs' global workforce of nearly 46,000, it sheds light on the fierce competition for top AI talent.

Commenting on the data, Alexandra Mousavizadeh, CEO of Evident, emphasised the importance of not just hiring but also nurturing and retaining AI talent.

Evident's analysis covered roles in AI development, model risk, data engineering, and software development, showcasing the intense rivalry for AI expertise. Despite the small proportion of departures among thousands of AI staff in banks, these roles are highly coveted and often command some of the highest salaries. &nbsp;

Last year, median compensation for employees in AI-related roles in the US was $901,000, while their European counterparts earned $676,000, according to a report by Heidrick &amp; Struggles. The data presented by Evident does not encompass banks' hiring of AI talent directly from universities and consultancies.

Goldman Sachs, facing a net loss of 106 AI-focused staffers to rivals, has been actively hiring to attract top AI talent. However, this outflow highlights the intense competition in the field. Other banks, such as Bank of America and Wells Fargo, have also experienced shifts in their AI talent pool. &nbsp;

Bank of America saw a net loss of 55 staffers, while Wells Fargo witnessed the largest net increase with 130 people. While JPMorgan Chase &amp; Co. lost 224 AI-focused staffers, it added 325 over the same period, securing one of the most significant net increases in talent among peers.

AI has become integral to the strategies of major banks, with JPMorgan’s CEO Jamie Dimon stating that he believes AI will enable employers to reduce the workweek to just 3.5 days. The recognition of AI's importance is also evident at Citigroup, which plans to empower its 40,000 coders with the ability to experiment with different AI technologies by the end of the first quarter.

(With inputs from Bloomberg)

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In a heated battle for the best minds in artificial intelligence (AI), Wall Street banks are poaching rival talent, with Goldman Sachs taking a notable hit in the past year.

In a heated battle for the best minds in artificial intelligence (AI), Wall Street banks are poaching rival talent, with Goldman Sachs taking a notable hit in the past year. According to a Bloomberg report, citing data compiled by consultancy Evident, Goldman Sachs witnessed a net outflow of 60 AI professionals to competitors like Morgan Stanley and Citigroup in the 12 months through September. This represents the largest exodus among major rivals. While this departure is a fraction of Goldman Sachs' global workforce of nearly 46,000, it sheds light on the fierce competition for top AI talent. Commenting on the data, Alexandra Mousavizadeh, CEO of Evident, emphasised the importance of not just hiring but also nurturing and retaining AI talent. Evident's analysis covered roles in AI development, model risk, data engineering, and software development, showcasing the intense rivalry for AI expertise. Despite the small proportion of departures among thousands of AI staff in banks, these roles are highly coveted and often command some of the highest salaries. Last year, median compensation for employees in AI-related roles in the US was $901,000, while their European counterparts earned $676,000, according to a report by Heidrick & Struggles. The data presented by Evident does not encompass banks' hiring of AI talent directly from universities and consultancies. Goldman Sachs, facing a net loss of 106 AI-focused staffers to rivals, has been actively hiring to attract top AI talent. However, this outflow highlights the intense competition in the field. Other banks, such as Bank of America and Wells Fargo, have also experienced shifts in their AI talent pool. Bank of America saw a net loss of 55 staffers, while Wells Fargo witnessed the largest net increase with 130 people. While JPMorgan Chase & Co. lost 224 AI-focused staffers, it added 325 over the same period, securing one of the most significant net increases in talent among peers. AI has become integral to the strategies of major banks, with JPMorgan’s CEO Jamie Dimon stating that he believes AI will enable employers to reduce the workweek to just 3.5 days. The recognition of AI's importance is also evident at Citigroup, which plans to empower its 40,000 coders with the ability to experiment with different AI technologies by the end of the first quarter. (With inputs from Bloomberg) WATCH WION LIVE HERE

Wall Street talent war: Banks engage in cutthroat competition for AI experts

JPMorgan analysts anticipate that the 2024 US presidential election, likely featuring President Joe Biden and former President Donald Trump, will elevate the dollar's status, driven by the potential for an intensified trade war. &nbsp;

Emphasising the impact on currencies resulting from potential trade tariffs, JPMorgan's foreign-exchange strategists, Meera Chandan and Patrick Locke, underscored Trump's protectionist stance among Republican nominees as a key factor.

"Renewed tariff risk will be dollar positive," the analysts said. They add that the potential expansion of tariffs to regions beyond China, such as Europe, Mexico, and broader Asia could significantly strengthen the dollar.

Specifically, a universal 10 per cent tariff might result in a 4 per cent to 6 per cent boost in the greenback's trade-weighted value, particularly as an expanding trade war influences pro-cyclical, growth-sensitive currencies.

As the presidential election looms, JPMorgan highlighted the likelihood of a Biden-Trump matchup "if current polling persists". The strategists emphasise that under President Biden, tariffs inherited from the Trump era have largely remained in place.

While fiscal policy played a pivotal role in influencing currency markets during the 2016 and 2020 elections, JPMorgan anticipates diminished significance as the 2024 election progresses. The strategists assert that potential fiscal changes, which were once instrumental in foreign exchange risk, may not have the same capacity to differentiate US growth from that of its peers. &nbsp;

With ongoing geopolitical uncertainties and trade tensions, this month had earlier witnessed the Bloomberg Dollar Spot Index registering its worst week since July, erasing year-to-date gains. The index is presently on track for its worst monthly decline in a year, reflecting a shift that has caught investors off guard.

(With inputs from Bloomberg)

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JPMorgan analysts anticipate that the 2024 US presidential election, likely featuring President Joe Biden and former President Donald Trump, will elevate the dollar's status, driven by the potential for an intensified trade war.

JPMorgan analysts anticipate that the 2024 US presidential election, likely featuring President Joe Biden and former President Donald Trump, will elevate the dollar's status, driven by the potential for an intensified trade war. Emphasising the impact on currencies resulting from potential trade tariffs, JPMorgan's foreign-exchange strategists, Meera Chandan and Patrick Locke, underscored Trump's protectionist stance among Republican nominees as a key factor. "Renewed tariff risk will be dollar positive," the analysts said. They add that the potential expansion of tariffs to regions beyond China, such as Europe, Mexico, and broader Asia could significantly strengthen the dollar. Specifically, a universal 10 per cent tariff might result in a 4 per cent to 6 per cent boost in the greenback's trade-weighted value, particularly as an expanding trade war influences pro-cyclical, growth-sensitive currencies. As the presidential election looms, JPMorgan highlighted the likelihood of a Biden-Trump matchup "if current polling persists". The strategists emphasise that under President Biden, tariffs inherited from the Trump era have largely remained in place. While fiscal policy played a pivotal role in influencing currency markets during the 2016 and 2020 elections, JPMorgan anticipates diminished significance as the 2024 election progresses. The strategists assert that potential fiscal changes, which were once instrumental in foreign exchange risk, may not have the same capacity to differentiate US growth from that of its peers. With ongoing geopolitical uncertainties and trade tensions, this month had earlier witnessed the Bloomberg Dollar Spot Index registering its worst week since July, erasing year-to-date gains. The index is presently on track for its worst monthly decline in a year, reflecting a shift that has caught investors off guard. (With inputs from Bloomberg) WATCH WION LIVE HERE

2024 election to propel US dollar amid, predicts JPMorgan. Here's why

Charles Munger, the influential vice chairman of Berkshire Hathaway and long-time confidante of Warren Buffett, died on Tuesday at the age of 99. Munger's journey from working for Buffett's grandfather during the Great Depression to becoming a key figure in Berkshire's success is a remarkable tale of business acumen and enduring partnership.

The formative years

Born on January 1, 1924, Munger's early connection with Buffett's family set the stage for a unique partnership. Despite a significant age gap, their paths crossed in Omaha, Nebraska, where Munger worked part-time at a grocery run by Buffett's grandfather. Later, Munger's trajectory led him to the University of Michigan and eventually Harvard Law School, shaping his diverse skill set.

Meeting of minds

The encounter between Munger and Buffett in 1959 laid the foundation for a partnership that would shape the investment landscape. United by the principles of value investing, inspired by economist Benjamin Graham, they sought well-run companies with undervalued stocks, avoiding the pitfalls of fleeting trends.

The Berkshire era

Munger officially joined forces with Buffett at Berkshire Hathaway in 1975, becoming vice chairman in 1978. Despite political differences and divergent personal interests, their collaboration thrived. Munger's architectural passion and Buffett's financial savvy complemented each other, creating a powerhouse that transformed Berkshire into a multi-billion dollar conglomerate.

Investing wisdom and wit

Known for his blunt one-liners, Munger's commentary on investing, the economy, and human nature resonated globally. From likening bankers to 'heroin addicts' to dismissing Bitcoin as 'rat poison,' Munger's wit was a hallmark of Berkshire's annual meetings. His philosophy emphasised the importance of avoiding stupidity rather than relying solely on brilliance.

Munger's impact extended beyond the business realm. A philanthropist pledging over $100 million to build housing at the University of Michigan, he embraced a rational approach to life instilled by his upbringing. Munger's modest lifestyle, preference for long-term investments, and scepticism towards the latest trends reflected his timeless perspective.

End of an era

Munger's passing leaves a void at Berkshire Hathaway, marking the end of an era in corporate America. Described by Buffett as instrumental to Berkshire's success, Munger's role as a sounding board and critical thinker was unparalleled. While Berkshire has a succession plan in place, Munger's absence is deeply felt by investors and followers worldwide.

As Berkshire navigates the future without Munger, questions arise about the annual shareholder weekend, a renowned event where Munger and Buffett share their wisdom. With Munger's absence, the dynamic may shift, but Berkshire's journey remains intact under Buffett's leadership and the established succession plan.

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Charles Munger, the influential vice chairman of Berkshire Hathaway and long-time confidante of Warren Buffett, died on Tuesday at the age of 99. Munger's journey from working for Buffett's grandfather during the Great Depression to becoming a key figure in Berkshire's success is a remarkable tale of business acumen and enduring partnership.

Charles Munger, the influential vice chairman of Berkshire Hathaway and long-time confidante of Warren Buffett, died on Tuesday at the age of 99. Munger's journey from working for Buffett's grandfather during the Great Depression to becoming a key figure in Berkshire's success is a remarkable tale of business acumen and enduring partnership. The formative years Born on January 1, 1924, Munger's early connection with Buffett's family set the stage for a unique partnership. Despite a significant age gap, their paths crossed in Omaha, Nebraska, where Munger worked part-time at a grocery run by Buffett's grandfather. Later, Munger's trajectory led him to the University of Michigan and eventually Harvard Law School, shaping his diverse skill set. Meeting of minds The encounter between Munger and Buffett in 1959 laid the foundation for a partnership that would shape the investment landscape. United by the principles of value investing, inspired by economist Benjamin Graham, they sought well-run companies with undervalued stocks, avoiding the pitfalls of fleeting trends. The Berkshire era Munger officially joined forces with Buffett at Berkshire Hathaway in 1975, becoming vice chairman in 1978. Despite political differences and divergent personal interests, their collaboration thrived. Munger's architectural passion and Buffett's financial savvy complemented each other, creating a powerhouse that transformed Berkshire into a multi-billion dollar conglomerate. Investing wisdom and wit Known for his blunt one-liners, Munger's commentary on investing, the economy, and human nature resonated globally. From likening bankers to 'heroin addicts' to dismissing Bitcoin as 'rat poison,' Munger's wit was a hallmark of Berkshire's annual meetings. His philosophy emphasised the importance of avoiding stupidity rather than relying solely on brilliance. Munger's impact extended beyond the business realm. A philanthropist pledging over $100 million to build housing at the University of Michigan, he embraced a rational approach to life instilled by his upbringing. Munger's modest lifestyle, preference for long-term investments, and scepticism towards the latest trends reflected his timeless perspective. End of an era Munger's passing leaves a void at Berkshire Hathaway, marking the end of an era in corporate America. Described by Buffett as instrumental to Berkshire's success, Munger's role as a sounding board and critical thinker was unparalleled. While Berkshire has a succession plan in place, Munger's absence is deeply felt by investors and followers worldwide. As Berkshire navigates the future without Munger, questions arise about the annual shareholder weekend, a renowned event where Munger and Buffett share their wisdom. With Munger's absence, the dynamic may shift, but Berkshire's journey remains intact under Buffett's leadership and the established succession plan. WATCH WION LIVE HERE

The Oracle of Pasadena: Charles Munger's impact on investing, business, and beyond

US consumers defied economic headwinds, shelling out a $12.4 billion on Cyber Monday, underscoring the resilience of the retail sector even as pandemic-era savings dwindle and interest rates soar, Bloomberg reported on Tuesday.

The 9.6 per cent year-over-year spending surge marked the largest online shopping day in history, according to data from Adobe Inc. The surge in spending was facilitated by strong Black Friday sales and the popularity of buy-now-pay-later options, allowing shoppers to extend their budgets with credit.

Despite uncertainties at the start of the 2023 holiday shopping season, consumers responded strongly to discounts, propelling Cyber Week — spanning Thanksgiving to Cyber Monday — to generate a total of $38 billion, a 7.8 per cent increase from the previous year. &nbsp;

Black Friday exceeded projections, reaching $9.8 billion, a 7.5 per cent jump from last year. Thanksgiving spending also saw a boost, reaching $5.6 billion, up 5.5 per cent, highlighting the impact of discounts on consumer demand during the holiday season. From November 1 to November 27, online spending reached $109.3 billion, reflecting a 7.3 per cent increase from 2022.

The surge in online spending during Cyber Monday was complemented by a record high in “buy-now-pay-later usage”, contributing $940 million, a 42.5 per cent increase from the previous year. Consumers embraced these credit facilities for more significant purchases, revealing a shifting trend in shopping behaviour. &nbsp;

Bloomberg quoted Vivek Pandya, a lead analyst at Adobe Digital Insights, as saying, "The record online spending across Cyber Week... shows the impact that discounts can have on consumer demand."

Top-selling items during Cyber Monday included Hot Wheels, the Xbox Series X gaming console, televisions, and small kitchen appliances. The insights were derived from Adobe's extensive tracking, monitoring over 1 trillion visits to retail websites and analysing sales of more than 100 million products.

While traditional big sale days like Black Friday and Cyber Monday have seen a decline in exclusivity, they remain crucial for retailers aiming to gauge consumer preferences and strategically offer targeted discounts leading up to Christmas. &nbsp;

(With inputs from Bloomberg)

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US consumers defied economic headwinds, shelling out a $12.4 billion on Cyber Monday, underscoring the resilience of the retail sector even as pandemic-era savings dwindle and interest rates soar, Bloomberg reported on Tuesday.

US consumers defied economic headwinds, shelling out a $12.4 billion on Cyber Monday, underscoring the resilience of the retail sector even as pandemic-era savings dwindle and interest rates soar, Bloomberg reported on Tuesday. The 9.6 per cent year-over-year spending surge marked the largest online shopping day in history, according to data from Adobe Inc. The surge in spending was facilitated by strong Black Friday sales and the popularity of buy-now-pay-later options, allowing shoppers to extend their budgets with credit. Despite uncertainties at the start of the 2023 holiday shopping season, consumers responded strongly to discounts, propelling Cyber Week — spanning Thanksgiving to Cyber Monday — to generate a total of $38 billion, a 7.8 per cent increase from the previous year. Black Friday exceeded projections, reaching $9.8 billion, a 7.5 per cent jump from last year. Thanksgiving spending also saw a boost, reaching $5.6 billion, up 5.5 per cent, highlighting the impact of discounts on consumer demand during the holiday season. From November 1 to November 27, online spending reached $109.3 billion, reflecting a 7.3 per cent increase from 2022. The surge in online spending during Cyber Monday was complemented by a record high in “buy-now-pay-later usage”, contributing $940 million, a 42.5 per cent increase from the previous year. Consumers embraced these credit facilities for more significant purchases, revealing a shifting trend in shopping behaviour. Bloomberg quoted Vivek Pandya, a lead analyst at Adobe Digital Insights, as saying, "The record online spending across Cyber Week... shows the impact that discounts can have on consumer demand." Top-selling items during Cyber Monday included Hot Wheels, the Xbox Series X gaming console, televisions, and small kitchen appliances. The insights were derived from Adobe's extensive tracking, monitoring over 1 trillion visits to retail websites and analysing sales of more than 100 million products. While traditional big sale days like Black Friday and Cyber Monday have seen a decline in exclusivity, they remain crucial for retailers aiming to gauge consumer preferences and strategically offer targeted discounts leading up to Christmas. (With inputs from Bloomberg) WATCH WION LIVE HERE

Record-breaking Cyber Monday: Americans spend $12.4 bn amid economic headwinds

WION's business Desk brings you this daily round up of global stories from the world of business and economy.

The Oracle of Pasadena: Charles Munger's impact on investing, business, and beyond

Warren Buffett's longtime confidant and powerful vice chairman of Berkshire Hathaway, Charles Munger, passed away on Tuesday at the age of 99. Munger's journey began when he worked for Buffett's grandfather during the Great Depression and culminated in his pivotal role in Berkshire's success.

<a href="https://www.wionews.com/business-economy/the-oracle-of-pasadena-charles-mungers-impact-on-investing-business-and-beyond-664149">Read more here&nbsp;</a>

Emerging economies will be the stars of the Asia-Pacific region

In spite of the slowdown in China's economy, Asia-Pacific nations—led by developing economies—remain resilient, according to S&amp;P Global Ratings' most recent economic assessment.

<a href="https://www.wionews.com/business-economy/emerging-economies-will-be-the-stars-of-the-asia-pacific-region-heres-why-664168">Read more here&nbsp;</a>

Record-breaking Cyber Monday: Americans spend $12.4 bn amid economic headwinds

US shoppers spent $12.4 billion on Cyber Monday, despite economic difficulties, demonstrating the retail sector's resiliency as savings from the pandemic era disappear while interest rates rise.

<a href="https://www.wionews.com/business-economy/record-breaking-cyber-monday-americans-spend-124-bn-amid-economic-headwinds-664143">Read more here&nbsp;</a>

2024 election to propel US dollar amid, predicts JPMorgan. Here's why

Analysts at JPMorgan predict that the possibility of a more intense trade war will boost the dollar's standing in the 2024 US presidential race, which is expected to feature President Joe Biden and former President Donald Trump.

<a href="https://www.wionews.com/business-economy/2024-election-to-propel-us-dollar-amid-predicts-jpmorgan-heres-why-664155">Read more here&nbsp;</a>

Wall Street talent war: Banks engage in cutthroat competition for AI experts

Wall Street firms are scooping up rival talent in an intense battle for the brightest minds in artificial intelligence (AI), with Goldman Sachs suffering a significant setback in the last 12 months.

<a href="https://www.wionews.com/business-economy/wall-street-talent-war-banks-engage-in-cutthroat-competition-for-ai-experts-664162">Read more here</a>

US chip maker Micron stock dips despite upbeat earnings forecast

The shares of Micron Technology, the top US manufacturer of semiconductors for computer memory, fell on Monday, marking the company's biggest decrease in the previous two months.

<a href="https://www.wionews.com/business-economy/us-chip-maker-micron-stock-dips-despite-upbeat-earnings-forecast-664169">Read more here&nbsp;</a>

Fraudulent pandemic-era loans cost UK $1.8 bn: Report

Post the Covid-19 pandemic, banks that gave small businesses loans that ultimately proved out to be fraudulent received payments totalling $1.8 billion from the UK government.

<a href="https://www.wionews.com/business-economy/fraudulent-pandemic-era-loans-cost-uk-18-bn-report-664205">Read more here&nbsp;</a>

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WION's business Desk brings you this daily round up of global stories from the world of business and economy. The Oracle of Pasadena: Charles Munger's impact on investing, business, and beyond Warren Buffett's longtime confidant and powerful vice chairman of Berkshire Hathaway, Charles Munger, passed away on Tuesday at the age of 99.

WION's business Desk brings you this daily round up of global stories from the world of business and economy. The Oracle of Pasadena: Charles Munger's impact on investing, business, and beyond Warren Buffett's longtime confidant and powerful vice chairman of Berkshire Hathaway, Charles Munger, passed away on Tuesday at the age of 99. Munger's journey began when he worked for Buffett's grandfather during the Great Depression and culminated in his pivotal role in Berkshire's success. Read more here Emerging economies will be the stars of the Asia-Pacific region In spite of the slowdown in China's economy, Asia-Pacific nations—led by developing economies—remain resilient, according to S&P Global Ratings' most recent economic assessment. Read more here Record-breaking Cyber Monday: Americans spend $12.4 bn amid economic headwinds US shoppers spent $12.4 billion on Cyber Monday, despite economic difficulties, demonstrating the retail sector's resiliency as savings from the pandemic era disappear while interest rates rise. Read more here 2024 election to propel US dollar amid, predicts JPMorgan. Here's why Analysts at JPMorgan predict that the possibility of a more intense trade war will boost the dollar's standing in the 2024 US presidential race, which is expected to feature President Joe Biden and former President Donald Trump. Read more here Wall Street talent war: Banks engage in cutthroat competition for AI experts Wall Street firms are scooping up rival talent in an intense battle for the brightest minds in artificial intelligence (AI), with Goldman Sachs suffering a significant setback in the last 12 months. Read more here US chip maker Micron stock dips despite upbeat earnings forecast The shares of Micron Technology, the top US manufacturer of semiconductors for computer memory, fell on Monday, marking the company's biggest decrease in the previous two months. Read more here Fraudulent pandemic-era loans cost UK $1.8 bn: Report Post the Covid-19 pandemic, banks that gave small businesses loans that ultimately proved out to be fraudulent received payments totalling $1.8 billion from the UK government. Read more here WATCH WION LIVE HERE

Wion Business Wrap | Emerging Asia-Pacific economies, Charles Munger's impact on business and more

The UK government has paid $1.8 billion to banks that provided loans to small businesses during the Covid-19 pandemic that later turned fraudulent, Bloomberg reported. This marks a significant increase from the $810 million refunded by the end of 2022. &nbsp;

Banks involved in the state-guaranteed emergency support programs are currently managing a total of £77 billion in loans, raising concerns about the widespread nature of fraudulent activities.

As the financial toll rises, the Opposition is criticising the government for swiftly implementing support programs without adequate consideration for the potential cost to taxpayers.

The Bounce Back Loan Scheme (BBLS) announced during the Covid-19 pandemic is in the eye of the financial storm. As per the government's estimates, 3.75 per cent of loans by value under the scheme have been flagged as suspected fraud. &nbsp;

Barclays, a key player in the program, reported that over 6 per cent of its loans could be fraudulent, a significant increase from 2.3 per cent earlier this year. Starling Bank, having lent £1.6 billion under BBLS, has a similar percentage of its loans under scrutiny for suspected fraud.

"We continue to proactively tackle BBLS fraud, going above and beyond the requirements of the government lending schemes," Bloomberg quoted a Barclays spokesperson as saying.

The bank emphasised its efforts in investigating and recovering funds through "collaboration with liquidators and a litigation funder". In fact, last year, the institution sought the closure of nearly 100 businesses through UK courts in an attempt to recover Covid-19 debts.

While the Bounce Back Loan Scheme faces a surge in suspected fraudulent activities, the Coronavirus Business Interruption Loan Scheme (CBILS), aimed at larger companies, presents a more reassuring picture. With just £50 million of the £25.8 billion program flagged for potential fraud, it stands in stark contrast to the challenges encountered by its smaller-scale counterpart.

In response to the current situation, lawmakers are intensifying calls for a thorough investigation into the lapses that allowed fraudulent loans to reach such staggering proportions. The government, acknowledging the concerns, maintains that most businesses have either repaid or are adhering to the repayment schedules. &nbsp;

However, the $10.79 billion received by banks for defaulted loans has only intensified scrutiny over the hasty deployment of support measures during the pandemic.

(With inputs from Bloomberg)

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The UK government has paid $1.8 billion to banks that provided loans to small businesses during the Covid-19 pandemic that later turned fraudulent, Bloomberg reported.

The UK government has paid $1.8 billion to banks that provided loans to small businesses during the Covid-19 pandemic that later turned fraudulent, Bloomberg reported. This marks a significant increase from the $810 million refunded by the end of 2022. Banks involved in the state-guaranteed emergency support programs are currently managing a total of £77 billion in loans, raising concerns about the widespread nature of fraudulent activities. As the financial toll rises, the Opposition is criticising the government for swiftly implementing support programs without adequate consideration for the potential cost to taxpayers. The Bounce Back Loan Scheme (BBLS) announced during the Covid-19 pandemic is in the eye of the financial storm. As per the government's estimates, 3.75 per cent of loans by value under the scheme have been flagged as suspected fraud. Barclays, a key player in the program, reported that over 6 per cent of its loans could be fraudulent, a significant increase from 2.3 per cent earlier this year. Starling Bank, having lent £1.6 billion under BBLS, has a similar percentage of its loans under scrutiny for suspected fraud. "We continue to proactively tackle BBLS fraud, going above and beyond the requirements of the government lending schemes," Bloomberg quoted a Barclays spokesperson as saying. The bank emphasised its efforts in investigating and recovering funds through "collaboration with liquidators and a litigation funder". In fact, last year, the institution sought the closure of nearly 100 businesses through UK courts in an attempt to recover Covid-19 debts. While the Bounce Back Loan Scheme faces a surge in suspected fraudulent activities, the Coronavirus Business Interruption Loan Scheme (CBILS), aimed at larger companies, presents a more reassuring picture. With just £50 million of the £25.8 billion program flagged for potential fraud, it stands in stark contrast to the challenges encountered by its smaller-scale counterpart. In response to the current situation, lawmakers are intensifying calls for a thorough investigation into the lapses that allowed fraudulent loans to reach such staggering proportions. The government, acknowledging the concerns, maintains that most businesses have either repaid or are adhering to the repayment schedules. However, the $10.79 billion received by banks for defaulted loans has only intensified scrutiny over the hasty deployment of support measures during the pandemic. (With inputs from Bloomberg) WATCH WION LIVE HERE

Fraudulent pandemic-era loans cost UK $1.8 bn: Report

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