China's major state-owned banks have actively participated in the currency market, buying the yuan and accelerating its rebound against a weakening US dollar, according to undisclosed sources cited by Reuters on Tuesday. &nbsp;

Traditionally involved in selling dollars to prevent the yuan's decline, the state banks' unexpected yuan-buying this week has contributed to a 2 per cent gain, placing the currency at approximately 7.13 to the dollar, its highest in nearly four months. Observers suggest the move aims to hasten the yuan's appreciation and encourage exporters to convert more foreign exchange receipts into yuan.&nbsp;

Market analysts speculate that the state banks employed their usual combination of swaps and spot market activity. They were observed exchanging yuan for dollars in the onshore swap market and subsequently selling those dollars in the spot currency market. &nbsp;

The action coincided with a broader weakening of the US dollar, with the dollar index falling over 3 per cent in November due to diminishing US yields amid signs of a peak in Federal Reserve monetary tightening. Despite the recent gains, the Chinese currency is still down over 3 per cent against the dollar this year.&nbsp;

State banks' dollar-selling activities momentarily pushed the onshore spot yuan to 7.1296 per dollar, surpassing its daily official guidance for the first time in four months. The People's Bank of China (PBOC) has been consistently lowering the dollar-yuan daily fixing rate this week, setting it at a three-and-a-half month low of 7.1406 per dollar on Tuesday. &nbsp;

Analysts speculate that these actions might be in preparation for a potential policy rate cut, taking advantage of a favourable external environment to strengthen the Chinese yuan (CNY).&nbsp;

Reuters quoted Kiyong Seong, the lead Asia macro strategist at Societe Generale, who expressed astonishment at the continuous lowering of the fixing rate, suggesting it could be indicative of preparations for a policy rate cut.

While recent economic data revealed&nbsp;an uneven recovery in China, with positive surprises in industrial output and retail sales, concerns persist about the potential impact of further monetary easing on the Chinese currency. &nbsp;

The People's Bank of China has been injecting cash through medium-term lending facility loans but has kept the rate unchanged, prompting analysts to anticipate more policy easing in the future.&nbsp;

Zhi Xiaojia, chief China economist at Credit Agricole, acknowledged potential volatilities unless there are significant downside moves in the dollar or positive sentiment events.

She remains relatively constructive on the yuan's outlook into the end of the year and 2024, emphasising the wide yield gap and expectations of further policy easing, including potential rate and reserve requirement ratio cuts by the People's Bank of China.&nbsp;

(With inputs from Reuters)&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

China's major state-owned banks have actively participated in the currency market, buying the yuan and accelerating its rebound against a weakening US dollar, according to undisclosed sources cited by Reuters on Tuesday.

China's major state-owned banks have actively participated in the currency market, buying the yuan and accelerating its rebound against a weakening US dollar, according to undisclosed sources cited by Reuters on Tuesday. Traditionally involved in selling dollars to prevent the yuan's decline, the state banks' unexpected yuan-buying this week has contributed to a 2 per cent gain, placing the currency at approximately 7.13 to the dollar, its highest in nearly four months. Observers suggest the move aims to hasten the yuan's appreciation and encourage exporters to convert more foreign exchange receipts into yuan. Market analysts speculate that the state banks employed their usual combination of swaps and spot market activity. They were observed exchanging yuan for dollars in the onshore swap market and subsequently selling those dollars in the spot currency market. The action coincided with a broader weakening of the US dollar, with the dollar index falling over 3 per cent in November due to diminishing US yields amid signs of a peak in Federal Reserve monetary tightening. Despite the recent gains, the Chinese currency is still down over 3 per cent against the dollar this year. State banks' dollar-selling activities momentarily pushed the onshore spot yuan to 7.1296 per dollar, surpassing its daily official guidance for the first time in four months. The People's Bank of China (PBOC) has been consistently lowering the dollar-yuan daily fixing rate this week, setting it at a three-and-a-half month low of 7.1406 per dollar on Tuesday. Analysts speculate that these actions might be in preparation for a potential policy rate cut, taking advantage of a favourable external environment to strengthen the Chinese yuan (CNY). Reuters quoted Kiyong Seong, the lead Asia macro strategist at Societe Generale, who expressed astonishment at the continuous lowering of the fixing rate, suggesting it could be indicative of preparations for a policy rate cut. While recent economic data revealed an uneven recovery in China, with positive surprises in industrial output and retail sales, concerns persist about the potential impact of further monetary easing on the Chinese currency. The People's Bank of China has been injecting cash through medium-term lending facility loans but has kept the rate unchanged, prompting analysts to anticipate more policy easing in the future. Zhi Xiaojia, chief China economist at Credit Agricole, acknowledged potential volatilities unless there are significant downside moves in the dollar or positive sentiment events. She remains relatively constructive on the yuan's outlook into the end of the year and 2024, emphasising the wide yield gap and expectations of further policy easing, including potential rate and reserve requirement ratio cuts by the People's Bank of China. (With inputs from Reuters) WATCH WION LIVE HERE

China's state banks drive yuan rally amidst dollar weakness: Report

OpenAI and Microsoft are confronting a new legal challenge as they are being sued over allegations of misusing nonfiction authors' work to train artificial intelligence models, including OpenAI's popular chatbot ChatGPT. &nbsp;

According to Reuters, Hollywood Reporter editor Julian Sancton, leading the proposed class action filed in Manhattan federal court, claims that OpenAI copied tens of thousands of nonfiction books without permission to instruct its large language models in responding to human text prompts. &nbsp;

This lawsuit is part of a series of legal actions brought by copyright owners, including notable authors like John Grisham and George R.R. Martin, against tech companies, with OpenAI and others refuting the allegations.&nbsp;

Sancton's complaint stands out as the first author lawsuit against OpenAI to also name Microsoft as a defendant. Microsoft, a significant investor in OpenAI, has integrated the startup's AI systems into its products. &nbsp;

The lawsuit has brought out the tension between the value of OpenAI's AI platform and the alleged unauthorised use of copyrighted works, as highlighted by Sancton's attorney, Justin Nelson, who stated, "While OpenAI and Microsoft refuse to pay nonfiction authors, their AI platform is worth a fortune. The basis of OpenAI is nothing less than the rampant theft of copyrighted works."&nbsp;

The lawsuit details that OpenAI used nonfiction books, including Sancton's "Madhouse at the End of the Earth: The Belgica's Journey into the Dark Antarctic Night," for training its GPT large language models. It also claims that Microsoft played a significant role in the training and development of these models, making the company liable for copyright infringement.&nbsp;

Amid the legal battle, Sancton seeks unspecified monetary damages and a court order to prevent further alleged infringement.&nbsp;

(With inputs from Reuters)&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

OpenAI and Microsoft are confronting a new legal challenge as they are being sued over allegations of misusing nonfiction authors' work to train artificial intelligence models, including OpenAI's popular chatbot ChatGPT.

OpenAI and Microsoft are confronting a new legal challenge as they are being sued over allegations of misusing nonfiction authors' work to train artificial intelligence models, including OpenAI's popular chatbot ChatGPT. According to Reuters, Hollywood Reporter editor Julian Sancton, leading the proposed class action filed in Manhattan federal court, claims that OpenAI copied tens of thousands of nonfiction books without permission to instruct its large language models in responding to human text prompts. This lawsuit is part of a series of legal actions brought by copyright owners, including notable authors like John Grisham and George R.R. Martin, against tech companies, with OpenAI and others refuting the allegations. Sancton's complaint stands out as the first author lawsuit against OpenAI to also name Microsoft as a defendant. Microsoft, a significant investor in OpenAI, has integrated the startup's AI systems into its products. The lawsuit has brought out the tension between the value of OpenAI's AI platform and the alleged unauthorised use of copyrighted works, as highlighted by Sancton's attorney, Justin Nelson, who stated, "While OpenAI and Microsoft refuse to pay nonfiction authors, their AI platform is worth a fortune. The basis of OpenAI is nothing less than the rampant theft of copyrighted works." The lawsuit details that OpenAI used nonfiction books, including Sancton's "Madhouse at the End of the Earth: The Belgica's Journey into the Dark Antarctic Night," for training its GPT large language models. It also claims that Microsoft played a significant role in the training and development of these models, making the company liable for copyright infringement. Amid the legal battle, Sancton seeks unspecified monetary damages and a court order to prevent further alleged infringement. (With inputs from Reuters) WATCH WION LIVE HERE

OpenAI, Microsoft face lawsuits over unauthorized use of authors' work in AI training 

As major central banks in the US, euro zone, and the UK temporarily pause rate hikes, their counterparts in Europe's northern region face critical decisions.

According to Bloomberg, Sweden's Riksbank, is set to make an announcement on Thursday, regarding raising the rates by a quarter-point to combat inflation, or opt for alternative strategies, creating uncertainty among economists and investors.

Norway's central bank, a pioneer in rate hikes, contemplates further tightening in December amid encouraging signs in inflation and wage growth. The Nordics, particularly sensitive to foreign-exchange pressures, grapple with unique challenges in their pursuit of economic balance.

US economic insights amid holiday week

The US Federal Reserve is set to release minutes from its latest policy meeting on Tuesday, offering insights into its decision to maintain interest rates. As the country observes the Thanksgiving holiday, economic data includes expected reports on existing home sales, weekly jobless claims, and October orders for durable goods. S&amp;P Global's indexes of manufacturing and services activity on Friday will contribute to understanding the nation's economic trajectory. Chair Jerome Powell's indications of a cautious approach to economic and inflation assessments will be scrutinised.

Asia's Economic Landscape: China, Australia, and More

China is anticipated to maintain its loan prime rates on Monday, with expectations of a year-end cut amid uneven economic recovery. The Reserve Bank of Australia will release minutes from its November 7 meeting on Tuesday, offering insights into its decision to resume rate hikes.

Regional highlights include GDP reports from Thailand, Singapore, and Indonesia, with significant policy implications. South Korea's early trade data on Tuesday and Japan's national inflation data on Friday will provide essential glimpses into global demand and potential shifts in monetary policies.

Europe, Middle East, Africa: Fiscal policies and ECB assessment

In Europe, Bank of England Governor Andrew Bailey's testimony on Tuesday will be pivotal as UK inflation eases. Chancellor of the Exchequer Jeremy Hunt's Autumn Statement on Wednesday outlines growth-focused measures, potentially impacting taxation and economic stimulus.

European Commission's budgetary recommendations on Tuesday for EU members, just ahead of the bloc's 3 per cent deficit limit, hold significance. ECB President Christine Lagarde's insights into Germany's hyperinflation history and comments from other policymakers throughout the week contribute to the overall economic outlook.

Latin America's Economic Trends: Elections, contractions, and inflation

Chile's third-quarter economic performance, possibly shifting from contraction to expansion, reflects its reliance on mining, particularly copper. Peru faces a likely third consecutive quarterly output decline due to setbacks in mining and construction.

Argentina's presidential election on Sunday, with contenders Sergio Massa and Javier Milei, holds broader economic implications amid a projected 3 per cent economic shrinkage and over 180 per cent inflation in 2023.

Mexico's economic activity and consumer price trends are closely watched indicators for the region.

(With inputs from Bloomberg)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

As major central banks in the US, euro zone, and the UK temporarily pause rate hikes, their counterparts in Europe's northern region face critical decisions. According to Bloomberg, Sweden's Riksbank, is set to make an announcement on Thursday, regarding raising the rates by a quarter-point to combat inflation, or opt for alternative strategies, creating uncertainty among economists and investors.

As major central banks in the US, euro zone, and the UK temporarily pause rate hikes, their counterparts in Europe's northern region face critical decisions. According to Bloomberg, Sweden's Riksbank, is set to make an announcement on Thursday, regarding raising the rates by a quarter-point to combat inflation, or opt for alternative strategies, creating uncertainty among economists and investors. Norway's central bank, a pioneer in rate hikes, contemplates further tightening in December amid encouraging signs in inflation and wage growth. The Nordics, particularly sensitive to foreign-exchange pressures, grapple with unique challenges in their pursuit of economic balance. US economic insights amid holiday week The US Federal Reserve is set to release minutes from its latest policy meeting on Tuesday, offering insights into its decision to maintain interest rates. As the country observes the Thanksgiving holiday, economic data includes expected reports on existing home sales, weekly jobless claims, and October orders for durable goods. S&P Global's indexes of manufacturing and services activity on Friday will contribute to understanding the nation's economic trajectory. Chair Jerome Powell's indications of a cautious approach to economic and inflation assessments will be scrutinised. Asia's Economic Landscape: China, Australia, and More China is anticipated to maintain its loan prime rates on Monday, with expectations of a year-end cut amid uneven economic recovery. The Reserve Bank of Australia will release minutes from its November 7 meeting on Tuesday, offering insights into its decision to resume rate hikes. Regional highlights include GDP reports from Thailand, Singapore, and Indonesia, with significant policy implications. South Korea's early trade data on Tuesday and Japan's national inflation data on Friday will provide essential glimpses into global demand and potential shifts in monetary policies. Europe, Middle East, Africa: Fiscal policies and ECB assessment In Europe, Bank of England Governor Andrew Bailey's testimony on Tuesday will be pivotal as UK inflation eases. Chancellor of the Exchequer Jeremy Hunt's Autumn Statement on Wednesday outlines growth-focused measures, potentially impacting taxation and economic stimulus. European Commission's budgetary recommendations on Tuesday for EU members, just ahead of the bloc's 3 per cent deficit limit, hold significance. ECB President Christine Lagarde's insights into Germany's hyperinflation history and comments from other policymakers throughout the week contribute to the overall economic outlook. Latin America's Economic Trends: Elections, contractions, and inflation Chile's third-quarter economic performance, possibly shifting from contraction to expansion, reflects its reliance on mining, particularly copper. Peru faces a likely third consecutive quarterly output decline due to setbacks in mining and construction. Argentina's presidential election on Sunday, with contenders Sergio Massa and Javier Milei, holds broader economic implications amid a projected 3 per cent economic shrinkage and over 180 per cent inflation in 2023. Mexico's economic activity and consumer price trends are closely watched indicators for the region. (With inputs from Bloomberg) WATCH WION LIVE HERE

Global central banks navigate rate hike dilemma: Nordic nations take centre stage

An anticipated milestone in the Indo-Pacific Economic Framework (IPEF), a crucial element of the Biden administration's strategy to counter China, hit a roadblock as negotiations on the trade pillar faced opposition, jeopardising the broader initiative.

The IPEF aims to enhance cooperation on supply chains, environmental concerns, and governance issues. However, the lack of progress in concluding enforceable trade rules has raised doubts among allies, reminiscent of challenges faced during the Trans-Pacific Partnership under President Barack Obama.

President Biden and leaders from 13 nations, including a meeting with China's Xi Jinping, signed agreements focusing on communication and cooperation. Still, the contentious trade negotiations have raised concerns among Asia-Pacific allies, fearing a repetition of the Trans-Pacific Partnership's fate. The situation underlines challenges for the Biden administration, especially as China actively expands its trade agreements in the region, potentially influencing US allies' economic preferences.

"Collapse of the IPEF trade pillar would deal a blow to US standing in the region," Bloomberg quoted John Murphy, Senior Vice President for International Policy at the US Chamber of Commerce as saying. The setback echoes the withdrawal from the Trans-Pacific Partnership under President Trump, reflecting poorly on US leadership and undermining efforts to strengthen economic ties in the Indo-Pacific.

The pressure on the Biden administration from Democratic trade sceptics, including Senator Sherrod Brown, reflects domestic political challenges. Brown deems the trade portion of the IPEF unacceptable, emphasising the difficulties faced by the administration in navigating trade agreements that align with its worker-centric trade policy.

President Biden and his trade representative, Katherine Tai, are attempting to downplay differences with other countries, stressing the ongoing commitment to the trade pillar's vision. Tai argues that progress has been made and attributes the lack of a significant announcement to concerns about public communication rather than substantive issues. However, deadlocks over labour and environmental standards, along with a recent shift in the US stance on digital trade, contribute to the impasse.

The stalled negotiations raise concerns about the US's ability to assert itself economically in the Indo-Pacific region. Observers note that while the talks may continue, little progress is expected in the 2024 election year, emphasising the potential impact of the presidential vote on any deal. The uncertainty leaves the door open for China to expand its influence, presenting a challenge to the Biden administration's efforts to counter China's economic sway in the region.

"The trade pillar has been more difficult, and we have not made as much progress as people were hoping," Australia's Trade Minister Don Farrell said. The lack of advancement on trade issues within the IPEF complicates the broader economic diplomacy efforts of the United States in the Asia-Pacific region.

Experts and analysts suggest that failure to move forward on economic and trade matters within the IPEF may make China's trade agreements more appealing to Indo-Pacific countries. China's active participation in initiatives such as the CPTPP and its efforts to upgrade its trade agreements position it as a robust economic partner, potentially undermining US influence.

In countries like Indonesia, where the US competes with China for economic influence, the lack of progress in the IPEF is perceived as a missed opportunity. President Joko Widodo expressed frustration with the US's limited commitment compared to China's willingness to invest in critical areas like electric vehicles and alternative energy projects.

The overall message is that the US's capacity for economic diplomacy is in question. Nigel Cory, a former Australian diplomat, compared US trade and economic policy in the Asia-Pacific to a first-time marathoner starting ambitiously but ending up with challenges.

(With inputs from Bloomberg)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

An anticipated milestone in the Indo-Pacific Economic Framework (IPEF), a crucial element of the Biden administration's strategy to counter China, hit a roadblock as negotiations on the trade pillar faced opposition, jeopardising the broader initiative.

An anticipated milestone in the Indo-Pacific Economic Framework (IPEF), a crucial element of the Biden administration's strategy to counter China, hit a roadblock as negotiations on the trade pillar faced opposition, jeopardising the broader initiative. The IPEF aims to enhance cooperation on supply chains, environmental concerns, and governance issues. However, the lack of progress in concluding enforceable trade rules has raised doubts among allies, reminiscent of challenges faced during the Trans-Pacific Partnership under President Barack Obama. President Biden and leaders from 13 nations, including a meeting with China's Xi Jinping, signed agreements focusing on communication and cooperation. Still, the contentious trade negotiations have raised concerns among Asia-Pacific allies, fearing a repetition of the Trans-Pacific Partnership's fate. The situation underlines challenges for the Biden administration, especially as China actively expands its trade agreements in the region, potentially influencing US allies' economic preferences. "Collapse of the IPEF trade pillar would deal a blow to US standing in the region," Bloomberg quoted John Murphy, Senior Vice President for International Policy at the US Chamber of Commerce as saying. The setback echoes the withdrawal from the Trans-Pacific Partnership under President Trump, reflecting poorly on US leadership and undermining efforts to strengthen economic ties in the Indo-Pacific. The pressure on the Biden administration from Democratic trade sceptics, including Senator Sherrod Brown, reflects domestic political challenges. Brown deems the trade portion of the IPEF unacceptable, emphasising the difficulties faced by the administration in navigating trade agreements that align with its worker-centric trade policy. President Biden and his trade representative, Katherine Tai, are attempting to downplay differences with other countries, stressing the ongoing commitment to the trade pillar's vision. Tai argues that progress has been made and attributes the lack of a significant announcement to concerns about public communication rather than substantive issues. However, deadlocks over labour and environmental standards, along with a recent shift in the US stance on digital trade, contribute to the impasse. The stalled negotiations raise concerns about the US's ability to assert itself economically in the Indo-Pacific region. Observers note that while the talks may continue, little progress is expected in the 2024 election year, emphasising the potential impact of the presidential vote on any deal. The uncertainty leaves the door open for China to expand its influence, presenting a challenge to the Biden administration's efforts to counter China's economic sway in the region. "The trade pillar has been more difficult, and we have not made as much progress as people were hoping," Australia's Trade Minister Don Farrell said. The lack of advancement on trade issues within the IPEF complicates the broader economic diplomacy efforts of the United States in the Asia-Pacific region. Experts and analysts suggest that failure to move forward on economic and trade matters within the IPEF may make China's trade agreements more appealing to Indo-Pacific countries. China's active participation in initiatives such as the CPTPP and its efforts to upgrade its trade agreements position it as a robust economic partner, potentially undermining US influence. In countries like Indonesia, where the US competes with China for economic influence, the lack of progress in the IPEF is perceived as a missed opportunity. President Joko Widodo expressed frustration with the US's limited commitment compared to China's willingness to invest in critical areas like electric vehicles and alternative energy projects. The overall message is that the US's capacity for economic diplomacy is in question. Nigel Cory, a former Australian diplomat, compared US trade and economic policy in the Asia-Pacific to a first-time marathoner starting ambitiously but ending up with challenges. (With inputs from Bloomberg) WATCH WION LIVE HERE

Indo-Pacific trade pillar stumbles, US faces setback in countering China

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

Nvidia's High-Stakes Dance: AI triumphs amidst China conundrum

The leading manufacturer of AI chips, Nvidia, is expected to release&nbsp;strong revenue projections on Tuesday based on the popularity of its AI-enabled products. Eyes are focused on the possible effects of the United States' increasing&nbsp;limitations on the sale of its premium chips to China, which has raised serious concerns among investors.&nbsp;

<a href="https://www.wionews.com/business-economy/nvidias-high-stakes-dance-ai-triumphs-amidst-china-conundrum-660974">Read more here</a>

Toronto's Housing Desperation: Half-a-Bed for C$ 900 a month amid soaring prices

Desperation in Toronto's housing market is evident with sky-high&nbsp;prices people are ready to pay to rent a half-bed. A half-bed was being offered for 900 Canadian dollars a month, according to the shocking Facebook post that has since been now removed.

<a href="https://www.wionews.com/business-economy/torontos-housing-desperation-half-a-bed-for-c-900-a-month-amid-soaring-prices-660985">Read more here</a>

French diplomat heads to China amid EV tensions. Here are the details

France's top diplomat, Catherine Colonna, is scheduled to travel to China this week in an attempt to repair relations damaged by an anti-subsidy inquiry into Chinese electric cars (EVs).

<a href="https://www.wionews.com/business-economy/french-diplomat-heads-to-china-amid-ev-tensions-here-are-the-details-661011">Read more here</a>

Microsoft's Valuation Soars as OpenAI Turmoil Unfurls: CEO and key staff join forces

Amid the upheaval surrounding OpenAI, Microsoft has taken&nbsp;advantage of the situation and hired key staff, including the company's ex-CEO: Sam Altman, increasing Microsoft's valuation.

<a href="https://www.wionews.com/business-economy/microsofts-valuation-soars-as-openai-turmoil-unfurls-ceo-and-key-staff-join-forces-661032">Read more here</a>

Wall Street awaits $100 bn crypto boom with Bitcoin ETFs: Report

Wall Street is anticipating the impending launch of Bitcoin exchange-traded funds (ETFs), which is expected to mark the official launch of cryptocurrency. Industry insiders are focusing on a potential $100 billion market as a result of the anticipated approval from the US Securities and Exchange Commission (SEC) for these ETFs,&nbsp;igniting a new hype cycle.

<a href="https://www.wionews.com/business-economy/wall-street-awaits-100-bn-crypto-boom-with-bitcoin-etfs-report-661050">Read more here</a>

Japan's wage boom paves the way for BOJ exit, boosts inflation battle

The Bank of Japan (BOJ) may decide to reduce its monetary stimulus programme, which has been implemented&nbsp;for the past ten years, as the country prepares for a second year of large salary increases.

<a href="https://www.wionews.com/business-economy/japans-wage-boom-paves-the-way-for-boj-exit-boosts-inflation-battle-661062">Read more here</a> 

Investor Uproar at OpenAI: Legal battle looms after CEO Sam Altman fired

After CEO Sam Altman was abruptly fired, investors at OpenAI, consider&nbsp;suing the board of directors. Anxious over possible losses, these investors are working with solicitors to assess their alternatives.

<a href="https://www.wionews.com/business-economy/investor-uproar-at-openai-legal-battle-looms-after-ceo-sam-altman-fired-661069">Read more here</a> 

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Nvidia's High-Stakes Dance: AI triumphs amidst China conundrum The leading manufacturer of AI chips, Nvidia, is expected to release strong revenue projections on Tuesday based on the popularity of its AI-enabled products.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Nvidia's High-Stakes Dance: AI triumphs amidst China conundrum The leading manufacturer of AI chips, Nvidia, is expected to release strong revenue projections on Tuesday based on the popularity of its AI-enabled products. Eyes are focused on the possible effects of the United States' increasing limitations on the sale of its premium chips to China, which has raised serious concerns among investors. Read more here Toronto's Housing Desperation: Half-a-Bed for C$ 900 a month amid soaring prices Desperation in Toronto's housing market is evident with sky-high prices people are ready to pay to rent a half-bed. A half-bed was being offered for 900 Canadian dollars a month, according to the shocking Facebook post that has since been now removed. Read more here French diplomat heads to China amid EV tensions. Here are the details France's top diplomat, Catherine Colonna, is scheduled to travel to China this week in an attempt to repair relations damaged by an anti-subsidy inquiry into Chinese electric cars (EVs). Read more here Microsoft's Valuation Soars as OpenAI Turmoil Unfurls: CEO and key staff join forces Amid the upheaval surrounding OpenAI, Microsoft has taken advantage of the situation and hired key staff, including the company's ex-CEO: Sam Altman, increasing Microsoft's valuation. Read more here Wall Street awaits $100 bn crypto boom with Bitcoin ETFs: Report Wall Street is anticipating the impending launch of Bitcoin exchange-traded funds (ETFs), which is expected to mark the official launch of cryptocurrency. Industry insiders are focusing on a potential $100 billion market as a result of the anticipated approval from the US Securities and Exchange Commission (SEC) for these ETFs, igniting a new hype cycle. Read more here Japan's wage boom paves the way for BOJ exit, boosts inflation battle The Bank of Japan (BOJ) may decide to reduce its monetary stimulus programme, which has been implemented for the past ten years, as the country prepares for a second year of large salary increases. Read more here Investor Uproar at OpenAI: Legal battle looms after CEO Sam Altman fired After CEO Sam Altman was abruptly fired, investors at OpenAI, consider suing the board of directors. Anxious over possible losses, these investors are working with solicitors to assess their alternatives. Read more here WATCH WION LIVE HERE

Wion Business Wrap | Nvidia's AI chip revenue, Toronto's housing desperation & more

In a bid to curb the state deficit, France is contemplating the sale of real estate and reducing government spending on office space, according to statements by Budget Minister Thomas Cazenave on Sunday.

According to Reuters, Cazenave emphasised the potential for savings in office space, suggesting a 25 per cent reduction in administrative space and possible real estate sales. He highlighted the excess ratio of office space per civil servant compared to private industry standards.

This move aligns with the evolving work landscape post-COVID-19, with increased remote work. Additionally, Finance Minister Bruno Le Maire acknowledged the need for courageous choices, especially in reviewing unemployment benefits for seniors, to achieve the ambitious target of reducing the unemployment rate to 5 per cent by 2027.

Reuters cited Finance Minister Bruno Le Maire, who spoke on the necessity of revisiting social policies to achieve the government's goal of lowering the unemployment rate to 5 per cent by 2027. Le Maire specifically pointed to the need for bold decisions regarding schemes related to seniors' unemployment benefits.

This statement follows the government's efforts in reducing the unemployment rate from 9 per cent to 7 per cent. The proposed changes aim to address structural issues and ensure sustained economic recovery.

In response to Prime Minister Elisabeth Borne's discussions on Thursday, Budget Minister Thomas Cazenave confirmed that the government is pursuing an additional 12 billion euros in spending cuts for the 2025 budget. The overall objective is to trim spending by 16 billion euros for the 2024 budget and an additional 12 billion euros for the 2025 budget.

Cazenave emphasised the government's commitment to reducing deficits, targeting 4.4 per cent of GDP in 2024 and further lowering it to 3.7 per cent in 2025.

(With inputs from Reuters)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

In a bid to curb the state deficit, France is contemplating the sale of real estate and reducing government spending on office space, according to statements by Budget Minister Thomas Cazenave on Sunday.

In a bid to curb the state deficit, France is contemplating the sale of real estate and reducing government spending on office space, according to statements by Budget Minister Thomas Cazenave on Sunday. According to Reuters, Cazenave emphasised the potential for savings in office space, suggesting a 25 per cent reduction in administrative space and possible real estate sales. He highlighted the excess ratio of office space per civil servant compared to private industry standards. This move aligns with the evolving work landscape post-COVID-19, with increased remote work. Additionally, Finance Minister Bruno Le Maire acknowledged the need for courageous choices, especially in reviewing unemployment benefits for seniors, to achieve the ambitious target of reducing the unemployment rate to 5 per cent by 2027. Reuters cited Finance Minister Bruno Le Maire, who spoke on the necessity of revisiting social policies to achieve the government's goal of lowering the unemployment rate to 5 per cent by 2027. Le Maire specifically pointed to the need for bold decisions regarding schemes related to seniors' unemployment benefits. This statement follows the government's efforts in reducing the unemployment rate from 9 per cent to 7 per cent. The proposed changes aim to address structural issues and ensure sustained economic recovery. In response to Prime Minister Elisabeth Borne's discussions on Thursday, Budget Minister Thomas Cazenave confirmed that the government is pursuing an additional 12 billion euros in spending cuts for the 2025 budget. The overall objective is to trim spending by 16 billion euros for the 2024 budget and an additional 12 billion euros for the 2025 budget. Cazenave emphasised the government's commitment to reducing deficits, targeting 4.4 per cent of GDP in 2024 and further lowering it to 3.7 per cent in 2025. (With inputs from Reuters) WATCH WION LIVE HERE

France mulls real estate sales and senior unemployment benefit to tackle budget deficit

A planned share sale by OpenAI, valuing the startup at around $86 billion, is now in jeopardy following the unexpected firing of CEO Sam Altman and the departure of several top executives, as reported by The Information on Saturday.

The tender offer, led by Thrive Capital, had reached its final stages and was anticipated to conclude next month. The sudden management shakeup has cast doubt on the completion of the sale, raising concerns among stakeholders.

The upheaval at OpenAI unfolded after the board ousted CEO Sam Altman on Friday, triggering a chain of executive departures, including OpenAI president and co-founder Greg Brockman, who gave up his role as chairman. The abrupt changes reportedly caught many employees off guard, learning about the developments through an internal message and the company's public blog.

OpenAI, known for its ChatGPT language model, gained prominence in the field of generative AI with substantial backing from Microsoft. The non-profit organisation, despite its ties with Microsoft, does not have a board seat from the tech giant.

The firing of Altman and the subsequent executive departures have created uncertainty not only within the company but also regarding the completion of the share sale that could have valued OpenAI at $86 billion.

(With inputs from Reuters)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

A planned share sale by OpenAI, valuing the startup at around $86 billion, is now in jeopardy following the unexpected firing of CEO Sam Altman and the departure of several top executives, as reported by The Information on Saturday.

A planned share sale by OpenAI, valuing the startup at around $86 billion, is now in jeopardy following the unexpected firing of CEO Sam Altman and the departure of several top executives, as reported by The Information on Saturday. The tender offer, led by Thrive Capital, had reached its final stages and was anticipated to conclude next month. The sudden management shakeup has cast doubt on the completion of the sale, raising concerns among stakeholders. The upheaval at OpenAI unfolded after the board ousted CEO Sam Altman on Friday, triggering a chain of executive departures, including OpenAI president and co-founder Greg Brockman, who gave up his role as chairman. The abrupt changes reportedly caught many employees off guard, learning about the developments through an internal message and the company's public blog. OpenAI, known for its ChatGPT language model, gained prominence in the field of generative AI with substantial backing from Microsoft. The non-profit organisation, despite its ties with Microsoft, does not have a board seat from the tech giant. The firing of Altman and the subsequent executive departures have created uncertainty not only within the company but also regarding the completion of the share sale that could have valued OpenAI at $86 billion. (With inputs from Reuters) WATCH WION LIVE HERE

OpenAI's $86 bn valuation in limbo after the firing of CEO Sam Altman

A recent Meta GWI Beauty Report for 2023 has uncovered the dominance of Instagram Reels in shaping beauty purchases in India.

It was revealed that over 80 per cent consumers prefer buying beauty products online, with Meta’s Facebook and Instagram leading beauty product searches. 47 per cent of consumers discovered beauty products through Reels, resulting in one in three beauty consumers making purchases directly through Instagram Reels.

The report surveyed over 2,000 consumers aged 6-64 across 74 cities in June, and brought out the transformation in consumer behaviour in the beauty and personal care categories. The influence of online marketplaces, coupled with the emergence of new brands has fuelled the demand for beauty products, especially during the COVID-19 pandemic.

The shift towards online purchases is significant, with 68 per cent of beauty buyers now preferring online transactions, marking a 15 per cent increase from pre-pandemic levels.

A Mint report cited Meghna Apparao, Director for Ecommerce and Retail for Meta in India, who emphasised the rapid growth of both beauty and fashion verticals on Meta platforms, including Facebook, Instagram, and WhatsApp. She highlighted the transformative impact of social media on the purchase experience, creating a pressing need for brands and marketers to engage with consumers differently, especially during festive and upcoming wedding seasons. Meta's reach is staggering, with around 3.14 billion people using at least one Meta app daily in September.

Bite-sized content on social media has become a powerful tool in influencing purchasing decisions globally, transforming the retail landscape. Additionally, the study highlights the growing interest in content created by influencers.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

A recent Meta GWI Beauty Report for 2023 has uncovered the dominance of Instagram Reels in shaping beauty purchases in India. It was revealed that over 80 per cent consumers prefer buying beauty products online, with Meta’s Facebook and Instagram leading beauty product searches.

A recent Meta GWI Beauty Report for 2023 has uncovered the dominance of Instagram Reels in shaping beauty purchases in India. It was revealed that over 80 per cent consumers prefer buying beauty products online, with Meta’s Facebook and Instagram leading beauty product searches. 47 per cent of consumers discovered beauty products through Reels, resulting in one in three beauty consumers making purchases directly through Instagram Reels. The report surveyed over 2,000 consumers aged 6-64 across 74 cities in June, and brought out the transformation in consumer behaviour in the beauty and personal care categories. The influence of online marketplaces, coupled with the emergence of new brands has fuelled the demand for beauty products, especially during the COVID-19 pandemic. The shift towards online purchases is significant, with 68 per cent of beauty buyers now preferring online transactions, marking a 15 per cent increase from pre-pandemic levels. A Mint report cited Meghna Apparao, Director for Ecommerce and Retail for Meta in India, who emphasised the rapid growth of both beauty and fashion verticals on Meta platforms, including Facebook, Instagram, and WhatsApp. She highlighted the transformative impact of social media on the purchase experience, creating a pressing need for brands and marketers to engage with consumers differently, especially during festive and upcoming wedding seasons. Meta's reach is staggering, with around 3.14 billion people using at least one Meta app daily in September. Bite-sized content on social media has become a powerful tool in influencing purchasing decisions globally, transforming the retail landscape. Additionally, the study highlights the growing interest in content created by influencers. WATCH WION LIVE HERE

Instagram reels reshape beauty, fashion shopping landscape in India: Meta GWI Beauty Report

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

Instagram reels reshape beauty, fashion shopping landscape in India: Meta GWI Beauty Report

According to a new Meta GWI Beauty Report for 2023, Instagram Reels have a significant influence on Indian consumers' decisions about beauty products. Over 80 per cent&nbsp;of customers prefer to purchase beauty goods online, according to data, with Meta's Facebook and Instagram ranking first for beauty product searches.&nbsp;

<a href="https://www.wionews.com/business-economy/instagram-reels-reshape-beauty-fashion-shopping-landscape-in-india-meta-gwi-beauty-report-660623">Read more here</a>&nbsp;

OpenAI's $86 bn valuation in limbo after the firing of CEO Sam Altman

The unexpected sacking of CEO Sam Altman and the exit of numerous key executives have put OpenAI's planned share sale, which valued the business at over $86 billion, in risk.

<a href="https://www.wionews.com/business-economy/openais-86-bn-valuation-in-limbo-after-the-firing-of-ceo-sam-altman-660630">Read more here&nbsp;</a>

France mulls real estate sales and senior unemployment benefit to tackle budget deficit

France is considering selling real estate and cutting back on government spending on office space in an effort to reduce the country's budget deficit, according to a statement made by Budget Minister Thomas Cazenave.

<a href="https://www.wionews.com/business-economy/france-mulls-real-estate-sales-and-senior-unemployment-benefit-to-tackle-budget-deficit-660658">Read more here</a>&nbsp;

Global Central Banks Navigate Rate Hike Dilemma: Nordic nations take centre stage

Key decision-makers for their counterparts in northern Europe are faced with uncertain times as major central banks in the US, euro zone, and the UK temporarily halt rate hikes.&nbsp;

<a href="https://www.wionews.com/business-economy/global-central-banks-navigate-rate-hike-dilemma-nordic-nations-take-centre-stage-660676">Read more here&nbsp;</a>

Indo-Pacific trade pillar stumbles, US faces setback in countering China

An important component of the Biden administration's effort to confront China, the Indo-Pacific Economic Framework (IPEF), was about to reach a much-anticipated milestone when discussions on the trade pillar encountered resistance, putting the initiative at risk.

<a href="https://www.wionews.com/business-economy/indo-pacific-trade-pillar-stumbles-us-faces-setback-in-countering-china-660684">Read more here&nbsp;</a>

Australia: Optus CEO Kelly Bayer Rosmarin quits after network-wide outage

Following one of Australia's biggest data breaches last year and a significant network-wide outage earlier this month, the CEO of Optus, the country's second-largest telecom provider, announced his resignation on Monday, Nov. 20.

<a href="https://www.wionews.com/business-economy/australia-optus-ceo-kelly-bayer-rosmarin-quits-after-network-wide-outage-660680">Read more here&nbsp;</a>

Amazon's Promotion Dilemma: Return to office or risk career growth

Amazon is putting more pressure on its corporate workers to follow its policy of returning to the workplace, threatening to withhold promotions from those who do not. The requirement that workers show up to work three days a week has caused friction with some of Amazon's 350,000 corporate employees.

<a href="https://www.wionews.com/business-economy/amazons-promotion-dilemma-return-to-office-or-risk-career-growth-660693">Read more here&nbsp;</a>

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Instagram reels reshape beauty, fashion shopping landscape in India: Meta GWI Beauty Report According to a new Meta GWI Beauty Report for 2023, Instagram Reels have a significant influence on Indian consumers' decisions about beauty products.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Instagram reels reshape beauty, fashion shopping landscape in India: Meta GWI Beauty Report According to a new Meta GWI Beauty Report for 2023, Instagram Reels have a significant influence on Indian consumers' decisions about beauty products. Over 80 per cent of customers prefer to purchase beauty goods online, according to data, with Meta's Facebook and Instagram ranking first for beauty product searches. Read more here OpenAI's $86 bn valuation in limbo after the firing of CEO Sam Altman The unexpected sacking of CEO Sam Altman and the exit of numerous key executives have put OpenAI's planned share sale, which valued the business at over $86 billion, in risk. Read more here France mulls real estate sales and senior unemployment benefit to tackle budget deficit France is considering selling real estate and cutting back on government spending on office space in an effort to reduce the country's budget deficit, according to a statement made by Budget Minister Thomas Cazenave. Read more here Global Central Banks Navigate Rate Hike Dilemma: Nordic nations take centre stage Key decision-makers for their counterparts in northern Europe are faced with uncertain times as major central banks in the US, euro zone, and the UK temporarily halt rate hikes. Read more here Indo-Pacific trade pillar stumbles, US faces setback in countering China An important component of the Biden administration's effort to confront China, the Indo-Pacific Economic Framework (IPEF), was about to reach a much-anticipated milestone when discussions on the trade pillar encountered resistance, putting the initiative at risk. Read more here Australia: Optus CEO Kelly Bayer Rosmarin quits after network-wide outage Following one of Australia's biggest data breaches last year and a significant network-wide outage earlier this month, the CEO of Optus, the country's second-largest telecom provider, announced his resignation on Monday, Nov. 20. Read more here Amazon's Promotion Dilemma: Return to office or risk career growth Amazon is putting more pressure on its corporate workers to follow its policy of returning to the workplace, threatening to withhold promotions from those who do not. The requirement that workers show up to work three days a week has caused friction with some of Amazon's 350,000 corporate employees. Read more here WATCH WION LIVE HERE

Wion Business Wrap | Instagram reels reshape beauty, OpenAI's $86 bn valuation in limbo & more

General Motors' (GM) labour deal with the United Auto Workers (UAW) has been ratified, marking a significant victory for workers, Reuters reported on Thursday. The approval comes after an intense six-week campaign involving coordinated strikes across all three Detroit Three automakers.<o:p></o:p>

While GM workers voted in favour of the deal, attention has now shifted to ongoing voting at Ford and Stellantis, where early margins suggest a favourable outcome for the agreement. This development follows years of stagnant wages and concessions, highlighting a shift in the auto industry's approach to workers' remuneration. <o:p></o:p>

The UAW's GM vote tracking site revealed a 55 per cent to 45 per cent margin in favour of the contract, with nearly 36,000 out of approximately 46,000 UAW-represented GM workers participating. Although seven of GM's 11 assembly plants rejected the deal, significant approvals from key facilities, including Arlington, Texas, Detroit, Fairfax, Kansas, and Lake Orion, Michigan, helped turn the tide in favour of the deal.<o:p></o:p>

The new agreement with GM brings a 25 per cent increase in the base wage until April 2028, along with a cumulative 33 per cent rise in the top wage, reaching over $42 an hour with estimated cost-of-living adjustments.<o:p></o:p>

The agreement, set to run through April 2028, lays the groundwork for similar deals at Ford and Stellantis. Ford workers, with a current approval rate of about 67 per cent, are expected to wrap up voting on Friday, while Stellantis voting is set to conclude next Tuesday, with an approximate 66 per cent approval rate. The industry-wide acceptance of such agreements reflects a broader shift in addressing worker compensation concerns.<o:p></o:p>

Despite the victory, GM shares experienced a 1.1 per cent decline in Thursday trading. The turbulent six-week campaign led to an unprecedented series of coordinated strikes and brought attention to the UAW's focus on boosting workers' wages. The aftermath of the strikes prompted all three Detroit automakers to reach tentative agreements about two weeks ago. <o:p></o:p>

&nbsp;(With inputs from Reuters)<o:p></o:p>

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

General Motors' (GM) labour deal with the United Auto Workers (UAW) has been ratified, marking a significant victory for workers, Reuters reported on Thursday. The approval comes after an intense six-week campaign involving coordinated strikes across all three Detroit Three automakers.

General Motors' (GM) labour deal with the United Auto Workers (UAW) has been ratified, marking a significant victory for workers, Reuters reported on Thursday. The approval comes after an intense six-week campaign involving coordinated strikes across all three Detroit Three automakers. While GM workers voted in favour of the deal, attention has now shifted to ongoing voting at Ford and Stellantis, where early margins suggest a favourable outcome for the agreement. This development follows years of stagnant wages and concessions, highlighting a shift in the auto industry's approach to workers' remuneration. The UAW's GM vote tracking site revealed a 55 per cent to 45 per cent margin in favour of the contract, with nearly 36,000 out of approximately 46,000 UAW-represented GM workers participating. Although seven of GM's 11 assembly plants rejected the deal, significant approvals from key facilities, including Arlington, Texas, Detroit, Fairfax, Kansas, and Lake Orion, Michigan, helped turn the tide in favour of the deal. The new agreement with GM brings a 25 per cent increase in the base wage until April 2028, along with a cumulative 33 per cent rise in the top wage, reaching over $42 an hour with estimated cost-of-living adjustments. The agreement, set to run through April 2028, lays the groundwork for similar deals at Ford and Stellantis. Ford workers, with a current approval rate of about 67 per cent, are expected to wrap up voting on Friday, while Stellantis voting is set to conclude next Tuesday, with an approximate 66 per cent approval rate. The industry-wide acceptance of such agreements reflects a broader shift in addressing worker compensation concerns. Despite the victory, GM shares experienced a 1.1 per cent decline in Thursday trading. The turbulent six-week campaign led to an unprecedented series of coordinated strikes and brought attention to the UAW's focus on boosting workers' wages. The aftermath of the strikes prompted all three Detroit automakers to reach tentative agreements about two weeks ago. (With inputs from Reuters) WATCH WION LIVE HERE

General Motors workers ratify labour deal, UAW eyes similar outcomes at Ford and Stellantis

Starbucks employees at hundreds of stores across the United States walked off their jobs on Red Cup Day, which is a key promotional event for the coffee giant. The Workers United, representing over 9,000 Starbucks employees at approximately 360 U.S. stores, announced&nbsp;the walkout on social media on&nbsp;Thursday.

Starbucks maintained that the majority of its stores remained open, while acknowledging strikes at a few dozen locations.

Red Cup Day, an annual event where Starbucks distributes free holiday-themed cups to customers, has traditionally been a major traffic driver for the company. Placer.ai data indicated a 94 per cent surge in U.S. Starbucks store visits on the same day last year compared to the daily average.&nbsp;

Workers United emphasised the need for improved staffing and schedules. The group&nbsp;argued that the event poses significant challenges to staff, leading to long wait times and customer frustration. The union described it as one of the "most infamously hard, understaffed days."&nbsp;

Outside Starbucks' Astor Place outlet at New York University's campus, around a dozen workers picketed, chanting slogans such as "no contract, no coffee." Despite the walkout, the outlet continued to serve customers. &nbsp;

Reuters quoted Mary Boca, a Starbucks employee, as emphasising the need for higher pay and increased staffing. She also revealed that her location does not allow customers to tip, resulting in a financial loss for employees.&nbsp;

Starbucks, facing criticism for alleged understaffing and challenging working conditions, has witnessed labour actions in the past. Last year, employees at over 100 U.S. company-owned Starbucks locations participated in a one-day strike on Red Cup day. &nbsp;

Recently, Starbucks announced a minimum three per cent hourly pay raise for U.S. retail workers from 2024. However, employees found the move inadequate, deeming it "tone-deaf" given the company's robust financial performance, including an 11 per cent increase in fourth-quarter revenue.&nbsp;

(With inputs from Reuters

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Starbucks employees at hundreds of stores across the United States walked off their jobs on Red Cup Day, which is a key promotional event for the coffee giant. The Workers United, representing over 9,000 Starbucks employees at approximately 360 U.

Starbucks employees at hundreds of stores across the United States walked off their jobs on Red Cup Day, which is a key promotional event for the coffee giant. The Workers United, representing over 9,000 Starbucks employees at approximately 360 U.S. stores, announced the walkout on social media on Thursday. Starbucks maintained that the majority of its stores remained open, while acknowledging strikes at a few dozen locations. Red Cup Day, an annual event where Starbucks distributes free holiday-themed cups to customers, has traditionally been a major traffic driver for the company. Placer.ai data indicated a 94 per cent surge in U.S. Starbucks store visits on the same day last year compared to the daily average. Workers United emphasised the need for improved staffing and schedules. The group argued that the event poses significant challenges to staff, leading to long wait times and customer frustration. The union described it as one of the "most infamously hard, understaffed days." Outside Starbucks' Astor Place outlet at New York University's campus, around a dozen workers picketed, chanting slogans such as "no contract, no coffee." Despite the walkout, the outlet continued to serve customers. Reuters quoted Mary Boca, a Starbucks employee, as emphasising the need for higher pay and increased staffing. She also revealed that her location does not allow customers to tip, resulting in a financial loss for employees. Starbucks, facing criticism for alleged understaffing and challenging working conditions, has witnessed labour actions in the past. Last year, employees at over 100 U.S. company-owned Starbucks locations participated in a one-day strike on Red Cup day. Recently, Starbucks announced a minimum three per cent hourly pay raise for U.S. retail workers from 2024. However, employees found the move inadequate, deeming it "tone-deaf" given the company's robust financial performance, including an 11 per cent increase in fourth-quarter revenue. (With inputs from Reuters WATCH WION LIVE HERE

Starbucks employees walkout on Red Cup Day, demand improved conditions 

Indian streaming giant&nbsp;Disney+ Hotstar&nbsp;reached an unprecedented milestone on November 15&nbsp;drawing a staggering 53 million concurrent viewers during the ICC ODI World Cup 2023 semi-final match between India and New Zealand. &nbsp;

According to a report by Moneycontrol, the remarkable feat surpassed the previous record of 44 million concurrent viewers, set just ten days earlier during the India versus South Africa encounter. The surge in viewership can be attributed to the outstanding performance of former Indian captain Virat Kohli, who marked his 50th century during the match.&nbsp;

This latest triumph follows a series of record-breaking achievements by Disney+ Hotstar in the past month. The streaming giant has strategically capitalised on major cricket events, offering free ad-supported streaming of the ICC Men's Cricket World Cup and the recently concluded Asia Cup to mobile users in India. &nbsp;

The move aimed to enhance the platform's reach and engagement, with Sajith Sivanandan, Head of Disney+ Hotstar, expressing the belief that providing broader access to such events would contribute to the overall growth of the streaming ecosystem. The decision was influenced by the successful free streaming of the IPL tournament by rival service JioCinema earlier in the year.&nbsp;

Looking ahead, Disney+ Hotstar continues its ambitious initiatives, declaring that the upcoming tenth season of the Pro Kabaddi League will be available for free streaming to all mobile users across India starting from December 2, 2023. Kabaddi, the second most-watched sport in the country after cricket, holds immense popularity, according to the streaming platform. &nbsp;

Moneycontrol cited Sivanandan, who emphasised the evolving landscape of sports viewing, stating, “The popularity of Pro Kabaddi League spans across age groups, and by making it available to all our audience on Disney+ Hotstar, our aim is to make Kabaddi accessible to all of India and foster a stronger sense of engagement amongst the fans.”

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Indian streaming giant Disney+ Hotstar reached an unprecedented milestone on November 15 drawing a staggering 53 million concurrent viewers during the ICC ODI World Cup 2023 semi-final match between India and New Zealand.

Indian streaming giant Disney+ Hotstar reached an unprecedented milestone on November 15 drawing a staggering 53 million concurrent viewers during the ICC ODI World Cup 2023 semi-final match between India and New Zealand. According to a report by Moneycontrol, the remarkable feat surpassed the previous record of 44 million concurrent viewers, set just ten days earlier during the India versus South Africa encounter. The surge in viewership can be attributed to the outstanding performance of former Indian captain Virat Kohli, who marked his 50th century during the match. This latest triumph follows a series of record-breaking achievements by Disney+ Hotstar in the past month. The streaming giant has strategically capitalised on major cricket events, offering free ad-supported streaming of the ICC Men's Cricket World Cup and the recently concluded Asia Cup to mobile users in India. The move aimed to enhance the platform's reach and engagement, with Sajith Sivanandan, Head of Disney+ Hotstar, expressing the belief that providing broader access to such events would contribute to the overall growth of the streaming ecosystem. The decision was influenced by the successful free streaming of the IPL tournament by rival service JioCinema earlier in the year. Looking ahead, Disney+ Hotstar continues its ambitious initiatives, declaring that the upcoming tenth season of the Pro Kabaddi League will be available for free streaming to all mobile users across India starting from December 2, 2023. Kabaddi, the second most-watched sport in the country after cricket, holds immense popularity, according to the streaming platform. Moneycontrol cited Sivanandan, who emphasised the evolving landscape of sports viewing, stating, “The popularity of Pro Kabaddi League spans across age groups, and by making it available to all our audience on Disney+ Hotstar, our aim is to make Kabaddi accessible to all of India and foster a stronger sense of engagement amongst the fans.” WATCH WION LIVE HERE

Disney+ Hotstar smashes streaming records with 53 mn views during India-New Zealand match 

Author

Zee News Rajasthan

Editor

Shashwat Sankranti

Home

Live Tv

Latest

World

India

Business

Entertainment

Sports

Opinions

Videos

Photos

Gravitas

Lifestyle

Science

Tech

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