Prithvi Raj Singh Oberoi (PRS Oberoi), the esteemed Chairman Emeritus of the Oberoi Group and a stalwart in the Indian hospitality sector, passed away at the age of 94 this Tuesday. Affectionately known as 'Biki', his legacy has forever transformed the landscape of the Indian hotel and hospitality industry. &nbsp;

Being globally recognised for establishing India’s first five-star hotel, we go back in time and look at Biki Oberoi’s noteworthy journey of becoming one of the most prominent figures in the Indian hospitality sector. &nbsp;

Early life and ambitions &nbsp;&nbsp;

At the age of 10, Biki Oberoi was enrolled in St Paul’s School in Darjeeling, Bengal, in 1939, a time when his father, Mohan Singh, was venturing into the hotel business. &nbsp;

Mohan Singh had purchased his first property, Clarkes Hotel in Shimla, in 1934, as he sought to establish himself as a hotelier. With time, he was able to learn the ropes of hospitality as a clerk at Shimla’s Cecil Hotel (now The Oberoi Cecil). &nbsp;

Recognising his talent, the owner made him a partner in a recently acquired hotel. In 1934, when the British owner decided to sell the hotel, Mohan Singh used his savings and borrowed funds to purchase the property.&nbsp;

By 1938, he expanded his holdings by acquiring the Grand Hotel (now The Oberoi Grand) in Calcutta. &nbsp;

In a noteworthy move in 1943, Mohan Singh purchased the Associated Hotels of India (AHI), the owner of Shimla’s Cecil Hotel where he had initially worked as a clerk. &nbsp;

Meanwhile, Biki Oberoi's journey was just beginning. He completed school in 1946 and, in 1949, decided to work in hotels in France and Switzerland and gather practical experience. Although valuable, he noted that he already had a solid foundation in the hotel industry, having spent his entire life in hotels until 1973, growing up with a deep&nbsp;understanding of the business.&nbsp;

The Genesis of Oberoi Hotels &nbsp;&nbsp;

In 1955, he returned to the family business and assumed responsibility for the four hotels in Pakistan acquired through the AHI deal. However, the 1965 war resulted in the Pakistani government taking control of those hotels. &nbsp;

Despite the setback, the subsequent growth of the business helped alleviate the impact of this loss. Collaborating with his father and elder brother, Tilak ‘Tikki’ Raj Singh Oberoi, Biki focused on expanding the group both within India and internationally.&nbsp;

During the 1970s and 1980s, Biki Oberoi gained a reputation for his meticulous attention to detail and commitment to comfort. Known for carrying his own towels and bringing chefs to cities where the Oberoi Group did not own hotels, Oberoi's extensive travel had given him a keen understanding of world-class hotels. &nbsp;

Recognising that their existing properties fell short of global standards due to their age, Oberoi took several steps to address this challenge. In 1988, he inaugurated a new hotel in Chennai, constructed by local businessman Lakshminarayan Ganesh, who later became a director in EIH. Although the property was a five-star hotel and not a luxury establishment, Oberoi seized the opportunity to introduce a new brand—Trident.&nbsp;

Understanding that his father's desire to be among the world's best hotels could only be fulfilled by opening a grand property, Oberoi found the perfect opportunity in the mid-1990s. Acquiring 28 acres on the outskirts of Jaipur, he oversaw the construction of The Oberoi Rajvilas. Within a year of its debut in 1998, the hotel gained recognition as one of the world's finest. Oberoi continued this success with other iconic properties in Agra, Udaipur, and Ranthambore.&nbsp;

Oberoi’s philosophy&nbsp;

A Forbes India report mentions Kapil Chopra, an ex-president of The Oberoi Group, who had a crucial conversation with Oberoi to understand his role. During the briefing, Oberoi received a distressing call from the general manager of The Oberoi, Mauritius, reporting a fire that was destroying the property.&nbsp;

In the midst of the crisis, Oberoi instructed the Mauritius general manager to ensure the safety of guests and employees and to provide updates every half an hour. After hanging up, he turned to Chopra and imparted valuable advice, saying, "Kapil, there are three things that you should remember as a general manager. Your first priority should be guests, second should be employees, and once the first two are taken care of, you will be sure of a profitable operation."&nbsp;

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Prithvi Raj Singh Oberoi (PRS Oberoi), the esteemed Chairman Emeritus of the Oberoi Group and a stalwart in the Indian hospitality sector, passed away at the age of 94 this Tuesday.

Prithvi Raj Singh Oberoi (PRS Oberoi), the esteemed Chairman Emeritus of the Oberoi Group and a stalwart in the Indian hospitality sector, passed away at the age of 94 this Tuesday. Affectionately known as 'Biki', his legacy has forever transformed the landscape of the Indian hotel and hospitality industry. Being globally recognised for establishing India’s first five-star hotel, we go back in time and look at Biki Oberoi’s noteworthy journey of becoming one of the most prominent figures in the Indian hospitality sector. Early life and ambitions At the age of 10, Biki Oberoi was enrolled in St Paul’s School in Darjeeling, Bengal, in 1939, a time when his father, Mohan Singh, was venturing into the hotel business. Mohan Singh had purchased his first property, Clarkes Hotel in Shimla, in 1934, as he sought to establish himself as a hotelier. With time, he was able to learn the ropes of hospitality as a clerk at Shimla’s Cecil Hotel (now The Oberoi Cecil). Recognising his talent, the owner made him a partner in a recently acquired hotel. In 1934, when the British owner decided to sell the hotel, Mohan Singh used his savings and borrowed funds to purchase the property. By 1938, he expanded his holdings by acquiring the Grand Hotel (now The Oberoi Grand) in Calcutta. In a noteworthy move in 1943, Mohan Singh purchased the Associated Hotels of India (AHI), the owner of Shimla’s Cecil Hotel where he had initially worked as a clerk. Meanwhile, Biki Oberoi's journey was just beginning. He completed school in 1946 and, in 1949, decided to work in hotels in France and Switzerland and gather practical experience. Although valuable, he noted that he already had a solid foundation in the hotel industry, having spent his entire life in hotels until 1973, growing up with a deep understanding of the business. The Genesis of Oberoi Hotels In 1955, he returned to the family business and assumed responsibility for the four hotels in Pakistan acquired through the AHI deal. However, the 1965 war resulted in the Pakistani government taking control of those hotels. Despite the setback, the subsequent growth of the business helped alleviate the impact of this loss. Collaborating with his father and elder brother, Tilak ‘Tikki’ Raj Singh Oberoi, Biki focused on expanding the group both within India and internationally. During the 1970s and 1980s, Biki Oberoi gained a reputation for his meticulous attention to detail and commitment to comfort. Known for carrying his own towels and bringing chefs to cities where the Oberoi Group did not own hotels, Oberoi's extensive travel had given him a keen understanding of world-class hotels. Recognising that their existing properties fell short of global standards due to their age, Oberoi took several steps to address this challenge. In 1988, he inaugurated a new hotel in Chennai, constructed by local businessman Lakshminarayan Ganesh, who later became a director in EIH. Although the property was a five-star hotel and not a luxury establishment, Oberoi seized the opportunity to introduce a new brand—Trident. Understanding that his father's desire to be among the world's best hotels could only be fulfilled by opening a grand property, Oberoi found the perfect opportunity in the mid-1990s. Acquiring 28 acres on the outskirts of Jaipur, he oversaw the construction of The Oberoi Rajvilas. Within a year of its debut in 1998, the hotel gained recognition as one of the world's finest. Oberoi continued this success with other iconic properties in Agra, Udaipur, and Ranthambore. Oberoi’s philosophy A Forbes India report mentions Kapil Chopra, an ex-president of The Oberoi Group, who had a crucial conversation with Oberoi to understand his role. During the briefing, Oberoi received a distressing call from the general manager of The Oberoi, Mauritius, reporting a fire that was destroying the property. In the midst of the crisis, Oberoi instructed the Mauritius general manager to ensure the safety of guests and employees and to provide updates every half an hour. After hanging up, he turned to Chopra and imparted valuable advice, saying, "Kapil, there are three things that you should remember as a general manager. Your first priority should be guests, second should be employees, and once the first two are taken care of, you will be sure of a profitable operation." WATCH WION LIVE HERE

Flashback Friday: Unveiling the legacy and influence of PRS Oberoi  

Chinese e-commerce giant Alibaba Group has abandoned plans for the spinoff of its extensive cloud computing business, dealing a significant setback to the company's recent overhaul strategy aimed at streamlining operations and revitalising its position as a market leader. &nbsp;

According to Bloomberg, the decision revealed alongside the quarterly earnings report underscores the challenges Alibaba faces stemming from global restrictions on the export of advanced computing chips, particularly impacting its Cloud Intelligence Group. &nbsp;

Alibaba reported quarterly sales of 224.79 billion yuan ($31 billion) and a net income of 27.7 billion yuan. Despite efforts to rebound from the effects of Covid and a regulatory crackdown, Alibaba's sub-standard Singles' Day campaign raised concerns about its ability to regain market share from competitors and appeal to consumers and corporate users. &nbsp;

Alibaba cited the recent escalation of U.S. restrictions on advanced computing chips' export as a key factor influencing the decision to call off the Cloud Intelligence Group spinoff. The company expressed concerns about the uncertain prospects for the cloud business under these conditions and doubts that a full spin-off would enhance shareholder value. &nbsp;

Instead, Alibaba aims to concentrate on devising a sustainable growth model for its cloud division amid the fluid circumstances. The decision is part of Alibaba's broader effort to navigate challenges posed by the pandemic and a regulatory environment that has targeted tech giants. The company faces fierce competition, particularly in the aftermath of a underwhelming Singles' Day performance, where smaller, more innovative rivals gained traction.&nbsp;

As Alibaba grapples with obstacles to its cloud spinoff, the company is undertaking aggressive measures to revitalise its core consumer business. With its e-commerce platforms, Taobao and Tmall, Alibaba is adopting strategies such as content creation to fend off competition from emerging social media platforms. &nbsp;

Artificial intelligence-powered tools for merchants and significant workforce reductions in past quarters are part of Alibaba's efforts to reduce expenses and enhance its competitiveness. These endeavours are pivotal for Alibaba as it attempts to rejuvenate its consumer business amid the ongoing corporate overhaul that involves splitting the company into six main units, intending to go public eventually. The changes, led by former CEO Daniel Zhang's successors, Joseph Tsai and Eddie Wu, aim to position Alibaba in the forefront of the Chinese digital economy. &nbsp;

Alibaba's pivot toward AI emerges as a key element in its strategy to overcome challenges and foster growth. The company is making substantial investments in artificial intelligence, with its cloud unit hosting half of China's generative AI firms and serving about 80 per cent of the country's technology companies, according to Joseph Tsai. Alibaba's endeavors in AI include the release of its large language model, Tongyi Qianwen, and investments in promising startups like Zhipu AI and Baichuan.&nbsp;

(With inputs from Bloomberg)&nbsp;

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Chinese e-commerce giant Alibaba Group has abandoned plans for the spinoff of its extensive cloud computing business, dealing a significant setback to the company's recent overhaul strategy aimed at streamlining operations and revitalising its position as a market leader.

Chinese e-commerce giant Alibaba Group has abandoned plans for the spinoff of its extensive cloud computing business, dealing a significant setback to the company's recent overhaul strategy aimed at streamlining operations and revitalising its position as a market leader. According to Bloomberg, the decision revealed alongside the quarterly earnings report underscores the challenges Alibaba faces stemming from global restrictions on the export of advanced computing chips, particularly impacting its Cloud Intelligence Group. Alibaba reported quarterly sales of 224.79 billion yuan ($31 billion) and a net income of 27.7 billion yuan. Despite efforts to rebound from the effects of Covid and a regulatory crackdown, Alibaba's sub-standard Singles' Day campaign raised concerns about its ability to regain market share from competitors and appeal to consumers and corporate users. Alibaba cited the recent escalation of U.S. restrictions on advanced computing chips' export as a key factor influencing the decision to call off the Cloud Intelligence Group spinoff. The company expressed concerns about the uncertain prospects for the cloud business under these conditions and doubts that a full spin-off would enhance shareholder value. Instead, Alibaba aims to concentrate on devising a sustainable growth model for its cloud division amid the fluid circumstances. The decision is part of Alibaba's broader effort to navigate challenges posed by the pandemic and a regulatory environment that has targeted tech giants. The company faces fierce competition, particularly in the aftermath of a underwhelming Singles' Day performance, where smaller, more innovative rivals gained traction. As Alibaba grapples with obstacles to its cloud spinoff, the company is undertaking aggressive measures to revitalise its core consumer business. With its e-commerce platforms, Taobao and Tmall, Alibaba is adopting strategies such as content creation to fend off competition from emerging social media platforms. Artificial intelligence-powered tools for merchants and significant workforce reductions in past quarters are part of Alibaba's efforts to reduce expenses and enhance its competitiveness. These endeavours are pivotal for Alibaba as it attempts to rejuvenate its consumer business amid the ongoing corporate overhaul that involves splitting the company into six main units, intending to go public eventually. The changes, led by former CEO Daniel Zhang's successors, Joseph Tsai and Eddie Wu, aim to position Alibaba in the forefront of the Chinese digital economy. Alibaba's pivot toward AI emerges as a key element in its strategy to overcome challenges and foster growth. The company is making substantial investments in artificial intelligence, with its cloud unit hosting half of China's generative AI firms and serving about 80 per cent of the country's technology companies, according to Joseph Tsai. Alibaba's endeavors in AI include the release of its large language model, Tongyi Qianwen, and investments in promising startups like Zhipu AI and Baichuan. (With inputs from Bloomberg) WATCH WION LIVE HERE

Alibaba cancels cloud computing spinoff amid US-China chip war 

The Reserve Bank of India (RBI), in its November bulletin released on Thursday, cautioned that while there has been a welcome relief in retail inflation over the past two months, India is "not out of the woods yet".&nbsp;

The report&nbsp;called the&nbsp;readings of around 5 per cent and 4.9 per cent in September and October, respectively,&nbsp;a relief from the higher average inflation rates recorded earlier in the year. However, it emphasised the need for continued vigilance, acknowledging that there still are challenges ahead despite the recent positive developments.

India's annual retail inflation eased to a four-month low of 4.87 per cent in October, a positive trend that the RBI acknowledged but noted that it remained above the central bank's 4 per cent target. The RBI expects inflation to average 5.4 per cent in the fiscal year 2023-24.

The discussion&nbsp;highlighted high-frequency food price data, indicating further increases in cereal and pulse prices, while edible oil prices continued to decline. The central bank remains watchful of these factors as they contribute to overall inflationary pressures.

Despite the inflation challenges, the RBI report 'State of the Economy' appointed to several robust economic fundamentals. India's growth, it noted, continues to rely on strong domestic demand, providing a buffer against external shocks. The country's external sector is considered viable, supported by a modest current account deficit, resilient capital flows, a stable currency, and healthy foreign exchange reserves.

The economic growth trajectory of India has shown positive momentum, with the central bank noting that the change in gross domestic product is expected to be sequentially higher in October-December due to "ebullient" festival demand. Investment demand also appears to be resilient, supported by the government's infrastructure spending, an uptick in private capital expenditure, and advancements in digitalisation.

In terms of monetary policy, the RBI highlighted the calibrated normalisation of surplus liquidity and robust credit growth during the current tightening phase. However, the transmission of rates is still not complete. The bulletin mentioned that while the transmission to term deposits has been robust, savings deposit rates have exhibited "rigidity," indicating a need for further adjustments in certain segments of the financial market to enhance the effectiveness of monetary policy measures.

(With inputs from Reuters)

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The Reserve Bank of India (RBI), in its November bulletin released on Thursday, cautioned that while there has been a welcome relief in retail inflation over the past two months, India is "not out of the woods yet".

The Reserve Bank of India (RBI), in its November bulletin released on Thursday, cautioned that while there has been a welcome relief in retail inflation over the past two months, India is "not out of the woods yet". The report called the readings of around 5 per cent and 4.9 per cent in September and October, respectively, a relief from the higher average inflation rates recorded earlier in the year. However, it emphasised the need for continued vigilance, acknowledging that there still are challenges ahead despite the recent positive developments. India's annual retail inflation eased to a four-month low of 4.87 per cent in October, a positive trend that the RBI acknowledged but noted that it remained above the central bank's 4 per cent target. The RBI expects inflation to average 5.4 per cent in the fiscal year 2023-24. The discussion highlighted high-frequency food price data, indicating further increases in cereal and pulse prices, while edible oil prices continued to decline. The central bank remains watchful of these factors as they contribute to overall inflationary pressures. Despite the inflation challenges, the RBI report 'State of the Economy' appointed to several robust economic fundamentals. India's growth, it noted, continues to rely on strong domestic demand, providing a buffer against external shocks. The country's external sector is considered viable, supported by a modest current account deficit, resilient capital flows, a stable currency, and healthy foreign exchange reserves. The economic growth trajectory of India has shown positive momentum, with the central bank noting that the change in gross domestic product is expected to be sequentially higher in October-December due to "ebullient" festival demand. Investment demand also appears to be resilient, supported by the government's infrastructure spending, an uptick in private capital expenditure, and advancements in digitalisation. In terms of monetary policy, the RBI highlighted the calibrated normalisation of surplus liquidity and robust credit growth during the current tightening phase. However, the transmission of rates is still not complete. The bulletin mentioned that while the transmission to term deposits has been robust, savings deposit rates have exhibited "rigidity," indicating a need for further adjustments in certain segments of the financial market to enhance the effectiveness of monetary policy measures. (With inputs from Reuters) WATCH WION LIVE HERE

RBI bulletin highlights inflation challenge despite boost in consumption

India reported an all-time high merchandise trade deficit for October, reaching $31.46 billion, surpassing economists' predictions of $20.50 billion. The deficit was attributed in part to a substantial surge in gold imports during the festive season, a trend that significantly impacted the trade balance. &nbsp;

According to Reuters, government data revealed that while merchandise exports amounted to $33.57 billion, imports skyrocketed to $65.03 billion, reflecting a notable increase compared to the figures from the same period last year. The festive demand, particularly during Diwali, India's festival of lights, contributed to the surge in imports.&nbsp;

Trade ministry officials emphasised the notable spike in gold imports, which surged by 95 per cent year-on-year, reaching $7.23 billion in October alone. &nbsp;

Merchandise exports for the April-October period totalled $244.89 billion, while imports for the same duration reached $391.96 billion. The data indicated a broader trade scenario for India, reflecting the cumulative trade performance over the past seven months. &nbsp;

In October, there were $28.70 billion in services exported and $14.32 billion in services imported. September saw $14.91 billion in imports and $29.37 billion in services exports.&nbsp;

(With inputs from Reuters)&nbsp;

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India reported an all-time high merchandise trade deficit for October, reaching $31.46 billion, surpassing economists' predictions of $20.50 billion. The deficit was attributed in part to a substantial surge in gold imports during the festive season, a trend that significantly impacted the trade balance.

India reported an all-time high merchandise trade deficit for October, reaching $31.46 billion, surpassing economists' predictions of $20.50 billion. The deficit was attributed in part to a substantial surge in gold imports during the festive season, a trend that significantly impacted the trade balance. According to Reuters, government data revealed that while merchandise exports amounted to $33.57 billion, imports skyrocketed to $65.03 billion, reflecting a notable increase compared to the figures from the same period last year. The festive demand, particularly during Diwali, India's festival of lights, contributed to the surge in imports. Trade ministry officials emphasised the notable spike in gold imports, which surged by 95 per cent year-on-year, reaching $7.23 billion in October alone. Merchandise exports for the April-October period totalled $244.89 billion, while imports for the same duration reached $391.96 billion. The data indicated a broader trade scenario for India, reflecting the cumulative trade performance over the past seven months. In October, there were $28.70 billion in services exported and $14.32 billion in services imported. September saw $14.91 billion in imports and $29.37 billion in services exports. (With inputs from Reuters) WATCH WION LIVE HERE

India faces unprecedented trade deficit in October, driven by soaring gold imports 

Tech mogul Elon Musk dismissed recent speculations about SpaceX contemplating an initial public offering (IPO) for its satellite internet division, Starlink, by 2024. Responding to a Bloomberg News report shared on social media, Musk labelled the information as "false." The report had suggested that SpaceX was in discussions to spin off Starlink by transferring its assets to a wholly owned unit. &nbsp;

Musk has consistently expressed his intention to take Starlink public when the company achieves a stable and predictable trajectory in revenue growth and cash flow. Despite ongoing rumours, Musk clarified that the proposed IPO timeline was inaccurate. &nbsp;

SpaceX, valued at approximately $150 billion, stands as a pioneering force in space exploration, becoming the first private company to successfully send humans into orbit. The company's groundbreaking achievements, particularly in the development of reusable rockets, have set new industry standards and posed challenges for competitors like Jeff Bezos' Blue Origin. &nbsp;

Starlink, a vital component of SpaceX's portfolio, has emerged as the world's largest satellite operator, contributing significantly to the company's overall value. &nbsp;

While the IPO plans for Starlink might not materialise as early as 2024, analysts like Justus Parmar, Founder and CEO of venture capital firm Fortuna Investments, anticipate that Musk may consider taking Starlink public in 2025 or 2026. Parmar emphasised that Musk is likely waiting for a level of stability and predictability in Starlink's revenue before making such a strategic move. &nbsp;

The potential IPO, when executed, is anticipated to have a profound impact on the space industry, acting as a catalyst for various space-related endeavours. Musk has previously indicated that Starlink achieved cash-flow breakeven earlier this month, showcasing the financial viability of the satellite internet venture. &nbsp;

(With inputs from Reuters)&nbsp;

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Tech mogul Elon Musk dismissed recent speculations about SpaceX contemplating an initial public offering (IPO) for its satellite internet division, Starlink, by 2024.

Tech mogul Elon Musk dismissed recent speculations about SpaceX contemplating an initial public offering (IPO) for its satellite internet division, Starlink, by 2024. Responding to a Bloomberg News report shared on social media, Musk labelled the information as "false." The report had suggested that SpaceX was in discussions to spin off Starlink by transferring its assets to a wholly owned unit. Musk has consistently expressed his intention to take Starlink public when the company achieves a stable and predictable trajectory in revenue growth and cash flow. Despite ongoing rumours, Musk clarified that the proposed IPO timeline was inaccurate. SpaceX, valued at approximately $150 billion, stands as a pioneering force in space exploration, becoming the first private company to successfully send humans into orbit. The company's groundbreaking achievements, particularly in the development of reusable rockets, have set new industry standards and posed challenges for competitors like Jeff Bezos' Blue Origin. Starlink, a vital component of SpaceX's portfolio, has emerged as the world's largest satellite operator, contributing significantly to the company's overall value. While the IPO plans for Starlink might not materialise as early as 2024, analysts like Justus Parmar, Founder and CEO of venture capital firm Fortuna Investments, anticipate that Musk may consider taking Starlink public in 2025 or 2026. Parmar emphasised that Musk is likely waiting for a level of stability and predictability in Starlink's revenue before making such a strategic move. The potential IPO, when executed, is anticipated to have a profound impact on the space industry, acting as a catalyst for various space-related endeavours. Musk has previously indicated that Starlink achieved cash-flow breakeven earlier this month, showcasing the financial viability of the satellite internet venture. (With inputs from Reuters) WATCH WION LIVE HERE

Elon Musk denies speculations surrounding Starlink’s IPO in 2024

The European Union (EU) has witnessed a substantial decrease of over 5 per cent in greenhouse gas emissions during the second quarter of 2023, according to data from Eurostat released on Wednesday.&nbsp;

According to Reuters, the figures reveal that the EU's emissions from April to June totalled 821 million tonnes of carbon dioxide equivalents, marking a 5.3 per cent decline compared to the same period the previous year.&nbsp;

Among the sectors contributing to this reduction, the electricity and gas supply sector experienced the most significant drop at 22 per cent, with manufacturing identified as the primary contributor to emissions, accounting for 23.5 per cent of the total.&nbsp;

The EU's commitment to combating climate change is evident in its ambitious policies, making it a global leader in this endeavour. The region has set a target to cut net emissions by 55 per cent from 1990 levels by 2030, a crucial step towards achieving net-zero emissions by 2050. Earlier this year, the EU further elevated its renewable energy share goal to 42.5 per cent by 2030, a considerable increase from the previous target of 32 per cent. &nbsp;

The push for renewable energy gained momentum after geopolitical events, particularly the Russian invasion of Ukraine, prompted the EU to reduce its reliance on Russian fossil fuels, turning towards locally produced, low-carbon energy sources like wind and solar power. Despite the commendable progress, challenges persist, with political and industry resistance to green objectives. &nbsp;

The decline in emissions is particularly noteworthy in certain EU member states, with Bulgaria leading the way with a substantial reduction of 23.7 per cent, followed closely by Estonia (-23.1 per cent) and the Netherlands (-10.3 per cent). This encouraging trend indicates that efforts to curb greenhouse gas emissions are making headway in various parts of the EU. &nbsp;

Moreover, Eurostat highlighted that out of the 21 EU members that reported a decrease in year-on-year emissions during the second quarter, ten countries achieved this while simultaneously experiencing economic growth, showcasing the compatibility of environmental conservation and economic development.&nbsp;

(With inputs from Reuters)&nbsp;

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The European Union (EU) has witnessed a substantial decrease of over 5 per cent in greenhouse gas emissions during the second quarter of 2023, according to data from Eurostat released on Wednesday.

The European Union (EU) has witnessed a substantial decrease of over 5 per cent in greenhouse gas emissions during the second quarter of 2023, according to data from Eurostat released on Wednesday. According to Reuters, the figures reveal that the EU's emissions from April to June totalled 821 million tonnes of carbon dioxide equivalents, marking a 5.3 per cent decline compared to the same period the previous year. Among the sectors contributing to this reduction, the electricity and gas supply sector experienced the most significant drop at 22 per cent, with manufacturing identified as the primary contributor to emissions, accounting for 23.5 per cent of the total. The EU's commitment to combating climate change is evident in its ambitious policies, making it a global leader in this endeavour. The region has set a target to cut net emissions by 55 per cent from 1990 levels by 2030, a crucial step towards achieving net-zero emissions by 2050. Earlier this year, the EU further elevated its renewable energy share goal to 42.5 per cent by 2030, a considerable increase from the previous target of 32 per cent. The push for renewable energy gained momentum after geopolitical events, particularly the Russian invasion of Ukraine, prompted the EU to reduce its reliance on Russian fossil fuels, turning towards locally produced, low-carbon energy sources like wind and solar power. Despite the commendable progress, challenges persist, with political and industry resistance to green objectives. The decline in emissions is particularly noteworthy in certain EU member states, with Bulgaria leading the way with a substantial reduction of 23.7 per cent, followed closely by Estonia (-23.1 per cent) and the Netherlands (-10.3 per cent). This encouraging trend indicates that efforts to curb greenhouse gas emissions are making headway in various parts of the EU. Moreover, Eurostat highlighted that out of the 21 EU members that reported a decrease in year-on-year emissions during the second quarter, ten countries achieved this while simultaneously experiencing economic growth, showcasing the compatibility of environmental conservation and economic development. (With inputs from Reuters) WATCH WION LIVE HERE

EU reports significant drop in greenhouse gas emissions during second quarter 

Pakistan has achieved a crucial milestone in its economic recovery journey, securing initial approval from the International Monetary Fund (IMF) for the release of the next loan tranche from a $3 billion bailout program. &nbsp;

According to a Bloomberg report, the announcement came as the Washington-based lender revealed a staff-level agreement, signalling a green light for Pakistan to access a payout of approximately $700 million, contingent on approval from the IMF’s executive board. The funding is deemed essential for Pakistan to avoid defaulting on debt obligations as the government intensifies efforts to rectify economic imbalances, such as adjusting gas prices and combating the illicit dollar trade. &nbsp;

According to Bloomberg, IMF Managing Director Kristalina Georgieva commended Pakistan’s commitment to the program. She mentioned that the authorities, particularly the finance minister, deserved credit for navigating a very challenging period and adhering to the program they had in place.

The IMF's financial support is viewed as a catalyst for Pakistan's fiscal recovery, generating optimism among investors and resulting in a more than 50 per cent return on its dollar bonds this year. The KSE-100 Index, Pakistan's benchmark equity gauge, has stood out as one of the top performers globally since the IMF deal in July. &nbsp;

The positive market sentiment underscores the potential impact of the IMF program on Pakistan's economic trajectory. Dollar bonds due April 2031 held steady at about 49 cents on the dollar in early Asian trading on Thursday, reflecting the market's measured response to the news. However, the financial landscape remains intricate, with risks looming, including inflationary pressures and dependence on external financing from creditors, particularly countries in the Middle East.&nbsp;

Given the financing risks and the impending election, Goldman Sachs Group Inc. issued a warning in October that the strength of the Pakistani rupee would not last.&nbsp;

While a nascent economic recovery is underway, the IMF team, led by Nathan Porter, has cautioned that Pakistan remains exposed to "significant external risks." The team's endorsement of the staff-level agreement acknowledges the progress made by Pakistan in adhering to the conditions of the IMF program. &nbsp;

(With inputs from Bloomberg)&nbsp;

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Pakistan has achieved a crucial milestone in its economic recovery journey, securing initial approval from the International Monetary Fund (IMF) for the release of the next loan tranche from a $3 billion bailout program.

Pakistan has achieved a crucial milestone in its economic recovery journey, securing initial approval from the International Monetary Fund (IMF) for the release of the next loan tranche from a $3 billion bailout program. According to a Bloomberg report, the announcement came as the Washington-based lender revealed a staff-level agreement, signalling a green light for Pakistan to access a payout of approximately $700 million, contingent on approval from the IMF’s executive board. The funding is deemed essential for Pakistan to avoid defaulting on debt obligations as the government intensifies efforts to rectify economic imbalances, such as adjusting gas prices and combating the illicit dollar trade. According to Bloomberg, IMF Managing Director Kristalina Georgieva commended Pakistan’s commitment to the program. She mentioned that the authorities, particularly the finance minister, deserved credit for navigating a very challenging period and adhering to the program they had in place. The IMF's financial support is viewed as a catalyst for Pakistan's fiscal recovery, generating optimism among investors and resulting in a more than 50 per cent return on its dollar bonds this year. The KSE-100 Index, Pakistan's benchmark equity gauge, has stood out as one of the top performers globally since the IMF deal in July. The positive market sentiment underscores the potential impact of the IMF program on Pakistan's economic trajectory. Dollar bonds due April 2031 held steady at about 49 cents on the dollar in early Asian trading on Thursday, reflecting the market's measured response to the news. However, the financial landscape remains intricate, with risks looming, including inflationary pressures and dependence on external financing from creditors, particularly countries in the Middle East. Given the financing risks and the impending election, Goldman Sachs Group Inc. issued a warning in October that the strength of the Pakistani rupee would not last. While a nascent economic recovery is underway, the IMF team, led by Nathan Porter, has cautioned that Pakistan remains exposed to "significant external risks." The team's endorsement of the staff-level agreement acknowledges the progress made by Pakistan in adhering to the conditions of the IMF program. (With inputs from Bloomberg) WATCH WION LIVE HERE

Pakistan clinches initial IMF approval, eyes $700 million boost for fiscal stability 

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

Pakistan clinches initial IMF approval, eyes $700 million boost for fiscal stability&nbsp;

With the International Monetary Fund's (IMF) preliminary clearance for the disbursement of the next loan tranche from a $3 billion bailout programme, Pakistan has reached a significant turning point in its economic recovery journey.

<a href="https://www.wionews.com/business-economy/pakistan-clinches-initial-imf-approval-eyes-700-million-boost-for-fiscal-stability-659140">Read more here</a>

EU reports significant drop in greenhouse gas emissions during second quarter&nbsp;

According to figures from Eurostat issued on Wednesday, the European Union (EU) saw a significant decline in greenhouse gas emissions during the second quarter of 2023 of more than 5 per cent

<a href="https://www.wionews.com/business-economy/eu-reports-significant-drop-in-greenhouse-gas-emissions-during-second-quarter-659145">Read more here</a>

Elon Musk denies speculations surrounding Starlink’s IPO in 2024

Tech billionaire Elon Musk has refuted reports that SpaceX is considering an IPO for Starlink, its satellite broadband company, by 2024. In response to a claim from Bloomberg News that was circulated on social media, Musk called it "false."

<a href="https://www.wionews.com/business-economy/elon-musk-denies-speculations-surrounding-starlinks-ipo-in-2024-659147">Read more here &nbsp;</a>

India faces unprecedented trade deficit in October, driven by soaring gold imports&nbsp;

India announced that its merchandise trade imbalance for October reached an all-time high of $31.46 billion, exceeding the $20.50 billion forecast by economists. A notable increase in gold imports throughout the holiday season was blamed for part of the shortfall, which had a major effect on the trade balance.

<a href="https://www.wionews.com/business-economy/india-faces-unprecedented-trade-deficit-in-october-driven-by-soaring-gold-imports-659182">Read more here &nbsp;</a>

Cisco lowers annual forecasts as demand slows

The massive technology company Cisco Systems changed its revenue and profit projections for the entire year on Wednesday, indicating a slowdown in the market for its networking equipment. Concerns about the difficulties the company faces were reflected in the approximately 11 per cent decline in the company's shares that followed the statement.

<a href="https://www.wionews.com/business-economy/cisco-lowers-annual-forecasts-as-demand-slows-659199">Read more here&nbsp;</a>

Economic struggles dampen holiday cheer for toy makers&nbsp;

As the holidays draw near, toy manufacturers throughout the world prepare for difficult times as consumers in the US and Europe put necessities over wants, which will affect the predicted spike in sales of seasonal toys.&nbsp;

<a href="https://www.wionews.com/business-economy/economic-struggles-dampen-holiday-cheer-for-toy-makers-659204  ">Read more here</a>

Navigating Complexity: Pentagon's Fiscal Audit reveals varied outcomes amid strategic advances

For Fiscal Year 2023, the Department of Defence (DoD) encountered a challenging environment in the complicated field of financial audits. A disclaimer of opinion was issued following the audit of the Department's consolidated financial statements, which represented a range of results for its several parts.

<a href="https://www.wionews.com/business-economy/navigating-complexity-pentagons-fiscal-audit-reveals-varied-outcomes-amid-strategic-advances-659210">Read more here</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. Pakistan clinches initial IMF approval, eyes $700 million boost for fiscal stability With the International Monetary Fund's (IMF) preliminary clearance for the disbursement of the next loan tranche from a $3 billion bailout programme, Pakistan has reached a significant turning point in its economic recovery journey.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Pakistan clinches initial IMF approval, eyes $700 million boost for fiscal stability With the International Monetary Fund's (IMF) preliminary clearance for the disbursement of the next loan tranche from a $3 billion bailout programme, Pakistan has reached a significant turning point in its economic recovery journey. Read more here EU reports significant drop in greenhouse gas emissions during second quarter According to figures from Eurostat issued on Wednesday, the European Union (EU) saw a significant decline in greenhouse gas emissions during the second quarter of 2023 of more than 5 per cent Read more here Elon Musk denies speculations surrounding Starlink’s IPO in 2024 Tech billionaire Elon Musk has refuted reports that SpaceX is considering an IPO for Starlink, its satellite broadband company, by 2024. In response to a claim from Bloomberg News that was circulated on social media, Musk called it "false." Read more here India faces unprecedented trade deficit in October, driven by soaring gold imports India announced that its merchandise trade imbalance for October reached an all-time high of $31.46 billion, exceeding the $20.50 billion forecast by economists. A notable increase in gold imports throughout the holiday season was blamed for part of the shortfall, which had a major effect on the trade balance. Read more here Cisco lowers annual forecasts as demand slows The massive technology company Cisco Systems changed its revenue and profit projections for the entire year on Wednesday, indicating a slowdown in the market for its networking equipment. Concerns about the difficulties the company faces were reflected in the approximately 11 per cent decline in the company's shares that followed the statement. Read more here Economic struggles dampen holiday cheer for toy makers As the holidays draw near, toy manufacturers throughout the world prepare for difficult times as consumers in the US and Europe put necessities over wants, which will affect the predicted spike in sales of seasonal toys. Read more here Navigating Complexity: Pentagon's Fiscal Audit reveals varied outcomes amid strategic advances For Fiscal Year 2023, the Department of Defence (DoD) encountered a challenging environment in the complicated field of financial audits. A disclaimer of opinion was issued following the audit of the Department's consolidated financial statements, which represented a range of results for its several parts. Read more here WATCH WION LIVE HERE

Wion Business Wrap | EU's greenhouse gas emissions, Starlink's IPO & more

The European Central Bank (ECB) has exposed a looming cybersecurity crisis within Euro zone banks, shedding light on a surge in financial losses and critical vulnerabilities. ECB's survey paints a concerning picture of the banking sector's preparedness in the face of evolving cyber threats.

The unravelling crisis

The Euro zone is witnessing a financial reckoning as banks grapple with the fallout of tech failures and outsourcing challenges, resulting in millions of euros in losses. The ECB's survey indicates a 360% increase in losses, reaching 148 million euros in 2022. This sharp rise, attributed to the "unavailability or poor quality of outsourced services," underscores a pressing need for a comprehensive reassessment of cybersecurity measures.

Cloud surge &amp; outsourcing struggles

One of the key revelations from the ECB's report is the substantial surge in cloud-related expenses. In 2022, Euro zone banks experienced a 56% spike in cloud expenditures, constituting 3.1% of their total tech-related spending. This surge reflects a paradigm shift in banking as institutions increasingly embrace cloud-based services. Simultaneously, the survey highlights the challenges associated with outsourcing, as tech contractors fall short of delivering promised services, contributing significantly to the escalating losses.

ECB's stark warning &amp; sectoral implications

The ECB's findings go beyond financial losses, raising concerns about the sector's overall cybersecurity posture. The survey identifies fundamental shortcomings in how banks approach cybersecurity, with many failing to adequately identify and address potential risks. While the losses are concentrated in specific institutions, the ECB emphasises that they serve as a warning signal for the entire sector.

Call to action: Immediate measures required

The ECB issued an unequivocal call to action in response to the alarming findings. All banks under its direct supervision are urged to take immediate and concrete steps to align their tech and cybersecurity risk management with supervisory expectations. Banks subjected to inspections have already received specific recommendations, signalling a no-nonsense approach to address the identified shortcomings.

Bottomline

As Euro zone banks navigate this cybersecurity storm, the imperative for immediate action becomes clear. The sector must fortify its defences, addressing the immediate challenges of tech failures and outsourcing woes and undertaking a comprehensive overhaul of cybersecurity strategies. The ECB's survey serves as a wake-up call, demanding a united front against evolving cyber threats for a resilient and secure financial future in the Euro zone.

WATCH WION LIVE HERE

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The European Central Bank (ECB) has exposed a looming cybersecurity crisis within Euro zone banks, shedding light on a surge in financial losses and critical vulnerabilities.

The European Central Bank (ECB) has exposed a looming cybersecurity crisis within Euro zone banks, shedding light on a surge in financial losses and critical vulnerabilities. ECB's survey paints a concerning picture of the banking sector's preparedness in the face of evolving cyber threats. The unravelling crisis The Euro zone is witnessing a financial reckoning as banks grapple with the fallout of tech failures and outsourcing challenges, resulting in millions of euros in losses. The ECB's survey indicates a 360% increase in losses, reaching 148 million euros in 2022. This sharp rise, attributed to the "unavailability or poor quality of outsourced services," underscores a pressing need for a comprehensive reassessment of cybersecurity measures. Cloud surge & outsourcing struggles One of the key revelations from the ECB's report is the substantial surge in cloud-related expenses. In 2022, Euro zone banks experienced a 56% spike in cloud expenditures, constituting 3.1% of their total tech-related spending. This surge reflects a paradigm shift in banking as institutions increasingly embrace cloud-based services. Simultaneously, the survey highlights the challenges associated with outsourcing, as tech contractors fall short of delivering promised services, contributing significantly to the escalating losses. ECB's stark warning & sectoral implications The ECB's findings go beyond financial losses, raising concerns about the sector's overall cybersecurity posture. The survey identifies fundamental shortcomings in how banks approach cybersecurity, with many failing to adequately identify and address potential risks. While the losses are concentrated in specific institutions, the ECB emphasises that they serve as a warning signal for the entire sector. Call to action: Immediate measures required The ECB issued an unequivocal call to action in response to the alarming findings. All banks under its direct supervision are urged to take immediate and concrete steps to align their tech and cybersecurity risk management with supervisory expectations. Banks subjected to inspections have already received specific recommendations, signalling a no-nonsense approach to address the identified shortcomings. Bottomline As Euro zone banks navigate this cybersecurity storm, the imperative for immediate action becomes clear. The sector must fortify its defences, addressing the immediate challenges of tech failures and outsourcing woes and undertaking a comprehensive overhaul of cybersecurity strategies. The ECB's survey serves as a wake-up call, demanding a united front against evolving cyber threats for a resilient and secure financial future in the Euro zone. WATCH WION LIVE HERE

Euro Zone Banks caught in cyber crossfire: ECB survey unveils tech turmoil

As the holiday season approaches, global toy makers brace for challenging times as shoppers in Europe and the United States prioritise essential goods over discretionary items, impacting the anticipated surge in holiday toy sales. Industry experts predict a tough season for retailers as consumers grapple with high inflation and sluggish economic growth, Reuters reported. &nbsp;

Loo Wee Teck from Euromonitor International notes that favourites like Barbie dolls and Hot Wheels cars remain on children's wish lists, but affordability concerns loom large.&nbsp;

Despite perennial favourites remaining at the top of wish lists, many parents face financial constraints this year, impacting traditional holiday spending.&nbsp;

Reuters cited Isaac Larian, CEO of MGA Entertainment, the maker of Bratz dolls, who spoke about the shift in priorities. "The most important thing for people this holiday is to have food on the table for their families," he said. &nbsp;&nbsp;

Reports indicate a significant rise in toy prices compared to the previous year, leading to concerns about decreased affordability. For instance, the Hot Wheels Scorpion play set, priced at 35 pounds in 2020, has surged to about 60 pounds on Amazon.co.uk this year.&nbsp;

Major toymakers, including Hasbro and Mattel, have already issued warnings about weakened industry sales, reflecting the broader economic challenges. Executives at MGA Entertainment anticipate a 10-12 per cent decline in holiday sales compared to the previous year, underscoring the severity of the economic impact on consumer spending. Nic Aldridge from Bandai anticipates more price cuts as retailers aim to clear surplus inventory, indicating a trend of deep discounting during the holiday season.&nbsp;

Global sales projections for action figures, such as Transformers and Spiderman, indicate a potential 2 per cent decline this year, according to Euromonitor forecasts. Recognising lower demand, retailers have cautiously ordered less product this year, potentially leading to quicker sell-outs of popular items. &nbsp;

Black Friday sales will serve as an early indicator of consumer behaviour, with industry leaders closely monitoring the market's response to offers and discounts. Mattel's president, Steve Totzke, acknowledged the challenging market conditions and the importance of gaining market share throughout the holiday season.&nbsp;

While the toy market has experienced a decline throughout the year, there is anticipation for a late surge in demand. Frédérique Tutt, Global Toys Advisor at Circana, suggests that despite a 7 per cent year-on-year decline in toy sales for the first nine months of the year, shoppers may turn out in the three weeks before Christmas.&nbsp;

Categories like games and puzzles, plush toys, building sets, and vehicles have shown better performance. Jerry Storch, CEO of consultancy Storch Advisors and former CEO of Toys-R-Us, told Reuters that fewer toys are being sold this year compared to the previous year. Yet he remains cautiously optimistic about a good holiday season for major players like Mattel.&nbsp;

Logo’s plans&nbsp;

Meanwhile, Lego, the famous toymaker is set to invest over $200 million towards expanding its plant situated in the northern Mexican state Nuevo Leon. Reuters cited a state government spokesperson on Tuesday, who said that the final figure will reach $205 million. Operations are anticipated to start in May 2025.

(With inputs from Reuters)&nbsp;

WATCH WION LIVE HERE

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As the holiday season approaches, global toy makers brace for challenging times as shoppers in Europe and the United States prioritise essential goods over discretionary items, impacting the anticipated surge in holiday toy sales.

As the holiday season approaches, global toy makers brace for challenging times as shoppers in Europe and the United States prioritise essential goods over discretionary items, impacting the anticipated surge in holiday toy sales. Industry experts predict a tough season for retailers as consumers grapple with high inflation and sluggish economic growth, Reuters reported. Loo Wee Teck from Euromonitor International notes that favourites like Barbie dolls and Hot Wheels cars remain on children's wish lists, but affordability concerns loom large. Despite perennial favourites remaining at the top of wish lists, many parents face financial constraints this year, impacting traditional holiday spending. Reuters cited Isaac Larian, CEO of MGA Entertainment, the maker of Bratz dolls, who spoke about the shift in priorities. "The most important thing for people this holiday is to have food on the table for their families," he said. Reports indicate a significant rise in toy prices compared to the previous year, leading to concerns about decreased affordability. For instance, the Hot Wheels Scorpion play set, priced at 35 pounds in 2020, has surged to about 60 pounds on Amazon.co.uk this year. Major toymakers, including Hasbro and Mattel, have already issued warnings about weakened industry sales, reflecting the broader economic challenges. Executives at MGA Entertainment anticipate a 10-12 per cent decline in holiday sales compared to the previous year, underscoring the severity of the economic impact on consumer spending. Nic Aldridge from Bandai anticipates more price cuts as retailers aim to clear surplus inventory, indicating a trend of deep discounting during the holiday season. Global sales projections for action figures, such as Transformers and Spiderman, indicate a potential 2 per cent decline this year, according to Euromonitor forecasts. Recognising lower demand, retailers have cautiously ordered less product this year, potentially leading to quicker sell-outs of popular items. Black Friday sales will serve as an early indicator of consumer behaviour, with industry leaders closely monitoring the market's response to offers and discounts. Mattel's president, Steve Totzke, acknowledged the challenging market conditions and the importance of gaining market share throughout the holiday season. While the toy market has experienced a decline throughout the year, there is anticipation for a late surge in demand. Frédérique Tutt, Global Toys Advisor at Circana, suggests that despite a 7 per cent year-on-year decline in toy sales for the first nine months of the year, shoppers may turn out in the three weeks before Christmas. Categories like games and puzzles, plush toys, building sets, and vehicles have shown better performance. Jerry Storch, CEO of consultancy Storch Advisors and former CEO of Toys-R-Us, told Reuters that fewer toys are being sold this year compared to the previous year. Yet he remains cautiously optimistic about a good holiday season for major players like Mattel. Logo’s plans Meanwhile, Lego, the famous toymaker is set to invest over $200 million towards expanding its plant situated in the northern Mexican state Nuevo Leon. Reuters cited a state government spokesperson on Tuesday, who said that the final figure will reach $205 million. Operations are anticipated to start in May 2025. (With inputs from Reuters) WATCH WION LIVE HERE

Economic struggles dampen holiday cheer for toy makers 

Cisco Systems, a technology giant, has revised its full-year revenue and profit forecasts on Wednesday, signalling a slowdown in demand for its networking equipment. The company's shares experienced an approximate 11 per cent drop after the announcement, reflecting concerns about the challenges it faces, Reuters reported. &nbsp;

Cisco attributes the slowdown to a decrease in new product orders in the first quarter, indicating that customers are presently focused on implementing existing products in their environments. CFO Scott Herren expressed optimism about a return to order growth in the second half of the year, emphasising the company's commitment to navigating macro challenges and supply chain constraints. &nbsp;

Cisco's strategic shift into software offerings, particularly in cybersecurity, comes amid a broader effort to diversify its business. The company, acknowledging the post-pandemic slowdown in demand and ongoing supply chain issues, has aimed to capitalise on the growing demand for artificial intelligence. &nbsp;

In September, Cisco announced a $28 billion deal to acquire cybersecurity firm Splunk. This move reflects the company's commitment to adapting to evolving market dynamics and aligning its portfolio with emerging trends in the technology landscape. The acquisition aims to enhance Cisco's capabilities in the cybersecurity space, a sector gaining prominence in the wake of increasing digital threats. &nbsp;

While Cisco faces headwinds, its current challenges stand in contrast to the performance of rivals Juniper Networks and Arista Networks, both of which reported positive results last month, fuelled by strong enterprise spending. Cisco's second-quarter revenue expectations, ranging between $12.6 billion and $12.8 billion, fell short of analysts' estimates of $14.19 billion. &nbsp;

The company's results highlight the competitive landscape and the varying trajectories within the technology sector. Cisco acknowledges macro challenges but notes that many supply chain constraints are now resolved, with shipment lead times and backlog returning to normal levels. &nbsp;

Considering the revised forecasts, Cisco's full-year outlook has been adjusted, with revenue expected between $53.8 billion and $55.0 billion, and adjusted per-share earnings in the range of $3.87 to $3.93. This is a significant shift from the previous guidance, which anticipated annual revenue of $57.0 billion to $58.2 billion, and adjusted per-share earnings of $4.01 to $4.08.&nbsp;

(With inputs from Reuters)&nbsp;

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Cisco Systems, a technology giant, has revised its full-year revenue and profit forecasts on Wednesday, signalling a slowdown in demand for its networking equipment.

Cisco Systems, a technology giant, has revised its full-year revenue and profit forecasts on Wednesday, signalling a slowdown in demand for its networking equipment. The company's shares experienced an approximate 11 per cent drop after the announcement, reflecting concerns about the challenges it faces, Reuters reported. Cisco attributes the slowdown to a decrease in new product orders in the first quarter, indicating that customers are presently focused on implementing existing products in their environments. CFO Scott Herren expressed optimism about a return to order growth in the second half of the year, emphasising the company's commitment to navigating macro challenges and supply chain constraints. Cisco's strategic shift into software offerings, particularly in cybersecurity, comes amid a broader effort to diversify its business. The company, acknowledging the post-pandemic slowdown in demand and ongoing supply chain issues, has aimed to capitalise on the growing demand for artificial intelligence. In September, Cisco announced a $28 billion deal to acquire cybersecurity firm Splunk. This move reflects the company's commitment to adapting to evolving market dynamics and aligning its portfolio with emerging trends in the technology landscape. The acquisition aims to enhance Cisco's capabilities in the cybersecurity space, a sector gaining prominence in the wake of increasing digital threats. While Cisco faces headwinds, its current challenges stand in contrast to the performance of rivals Juniper Networks and Arista Networks, both of which reported positive results last month, fuelled by strong enterprise spending. Cisco's second-quarter revenue expectations, ranging between $12.6 billion and $12.8 billion, fell short of analysts' estimates of $14.19 billion. The company's results highlight the competitive landscape and the varying trajectories within the technology sector. Cisco acknowledges macro challenges but notes that many supply chain constraints are now resolved, with shipment lead times and backlog returning to normal levels. Considering the revised forecasts, Cisco's full-year outlook has been adjusted, with revenue expected between $53.8 billion and $55.0 billion, and adjusted per-share earnings in the range of $3.87 to $3.93. This is a significant shift from the previous guidance, which anticipated annual revenue of $57.0 billion to $58.2 billion, and adjusted per-share earnings of $4.01 to $4.08. (With inputs from Reuters) WATCH WION LIVE HERE

Cisco lowers annual forecasts as demand slows

Nvidia Corp., the world's most valuable chipmaker, is on the verge of completing a 10-day winning streak, marking its longest run of advances since the record-setting performance in December 2016. The Santa Clara-based company has seen a remarkable climb of approximately 20 per cent during this streak, translating to a staggering addition of about $200 billion in market value, according to data compiled by Bloomberg. &nbsp;

This surge occurs amid intense competition as rivals strive to devise alternatives to challenge Nvidia's stronghold in artificial intelligence (AI).&nbsp;

Nvidia's shares have experienced an exceptional rally, surging over 230 per cent this year, solidifying its position as the best-performing component on both the Nasdaq 100 and S&amp;P 500 indexes. The AI-driven frenzy has significantly contributed to this stellar performance, with the latest surge coinciding with a broader rebound in technology stocks. The resurgence in the tech sector is fuelled by optimistic sentiments surrounding the Federal Reserve's indications that interest rates may have reached their peak.&nbsp;

Highlighting Nvidia's commitment to innovation, the company announced the release of its updated chip, the H200, designed to incorporate high-bandwidth memory, known as HBM3e. This enhancement aims to enhance the chip's capacity to handle substantial datasets crucial for AI development and implementation. Blomberg cited Analyst Chris Caso from Wolfe Research, who notes, "NVDA has not refreshed prior datacentre GPUs in the past," emphasising that this update signifies Nvidia's acceleration in response to the growth and performance demands of the AI market.&nbsp;

Bloomberg Intelligence analyst Kunjan Sobhani underscored the significance of Nvidia's swift product-launch pace with the H200 in mid-2024. Sobhani noted that this strategy is poised to "help defend its turf," positioning the new AI processor with high-bandwidth memory as a potential market leader. &nbsp;

Despite facing challenges last month due to new US rules restricting the sale of cutting-edge chips to China, Nvidia has shown resilience and is scheduled to report earnings on November 21.&nbsp;

(With inputs from Bloomberg)&nbsp;

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Nvidia Corp., the world's most valuable chipmaker, is on the verge of completing a 10-day winning streak, marking its longest run of advances since the record-setting performance in December 2016.

Nvidia Corp., the world's most valuable chipmaker, is on the verge of completing a 10-day winning streak, marking its longest run of advances since the record-setting performance in December 2016. The Santa Clara-based company has seen a remarkable climb of approximately 20 per cent during this streak, translating to a staggering addition of about $200 billion in market value, according to data compiled by Bloomberg. This surge occurs amid intense competition as rivals strive to devise alternatives to challenge Nvidia's stronghold in artificial intelligence (AI). Nvidia's shares have experienced an exceptional rally, surging over 230 per cent this year, solidifying its position as the best-performing component on both the Nasdaq 100 and S&P 500 indexes. The AI-driven frenzy has significantly contributed to this stellar performance, with the latest surge coinciding with a broader rebound in technology stocks. The resurgence in the tech sector is fuelled by optimistic sentiments surrounding the Federal Reserve's indications that interest rates may have reached their peak. Highlighting Nvidia's commitment to innovation, the company announced the release of its updated chip, the H200, designed to incorporate high-bandwidth memory, known as HBM3e. This enhancement aims to enhance the chip's capacity to handle substantial datasets crucial for AI development and implementation. Blomberg cited Analyst Chris Caso from Wolfe Research, who notes, "NVDA has not refreshed prior datacentre GPUs in the past," emphasising that this update signifies Nvidia's acceleration in response to the growth and performance demands of the AI market. Bloomberg Intelligence analyst Kunjan Sobhani underscored the significance of Nvidia's swift product-launch pace with the H200 in mid-2024. Sobhani noted that this strategy is poised to "help defend its turf," positioning the new AI processor with high-bandwidth memory as a potential market leader. Despite facing challenges last month due to new US rules restricting the sale of cutting-edge chips to China, Nvidia has shown resilience and is scheduled to report earnings on November 21. (With inputs from Bloomberg) WATCH WION LIVE HERE

Nvidia's Spectacular Surge: $200bn added in 10-day winning streak matching 2016 record 

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