Nigeria is gearing up for an "immediate" influx of multi-billion-dollar investments from Saudi Arabia following the signing of a landmark agreement.

Bloomberg reported that the agreement creates a corporate council that opens the door for Saudi Arabia to finance a number of Nigerian industries, including technology, telecommunications, energy, oil and gas, and agriculture.

Abubakar Atiku Bagudu, Nigeria's Minister of Budget and Economic Planning, told Bloomberg, "We expect to see significant investment flow immediately" after a productive business round-table between Saudi and Nigerian officials.

The reestablishment of the Nigeria-Saudi Arabia Business Council, initially proposed in 2019 by Crown Prince Mohammed bin Salman bin Abdulaziz, signals a new chapter in economic cooperation between the two nations.

Bagudu said that Saudi Arabia wants to make a successful investment, which might cost several billion dollars in Nigeria by means of this council, similar to how it did in India, Indonesia, and Pakistan.

Although precise numbers were not revealed, Bagudu emphasised undertakings from businesses such as the Saudi Agricultural and Livestock Investment Co., who are looking to sign agreements in Nigeria before the year ends. The Saudi counterpart and executives from Salic met with the Nigerian Minister of Agriculture to reinforce collaborations.

Last week marked a milestone in Nigeria-Saudi Arabia relations, with the two nations sealing various investment and cooperation deals. Notably, Saudi Arabia pledged to invest in the overhaul of Nigeria's oil refineries and provide financial support for the government's foreign-exchange reforms.

The momentum continues as Saudi Arabia is set to unveil detailed investment plans within a week, with officials planning to close several deals during their visit to Nigeria by the end of December. The agreement to take action was reaffirmed at the business roundtable by Saudi Arabia's Minister of Trade and Investment, Kahlid El-Falih. "We are coming for implementation, it’s an action visit. It will be to sign and begin delivery on all agreements,” Bloomberg quoted him as saying.

(With inputs from Bloomberg)

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Nigeria is gearing up for an "immediate" influx of multi-billion-dollar investments from Saudi Arabia following the signing of a landmark agreement. Bloomberg reported that the agreement creates a corporate council that opens the door for Saudi Arabia to finance a number of Nigerian industries, including technology, telecommunications, energy, oil and gas, and agriculture.

Nigeria is gearing up for an "immediate" influx of multi-billion-dollar investments from Saudi Arabia following the signing of a landmark agreement. Bloomberg reported that the agreement creates a corporate council that opens the door for Saudi Arabia to finance a number of Nigerian industries, including technology, telecommunications, energy, oil and gas, and agriculture. Abubakar Atiku Bagudu, Nigeria's Minister of Budget and Economic Planning, told Bloomberg, "We expect to see significant investment flow immediately" after a productive business round-table between Saudi and Nigerian officials. The reestablishment of the Nigeria-Saudi Arabia Business Council, initially proposed in 2019 by Crown Prince Mohammed bin Salman bin Abdulaziz, signals a new chapter in economic cooperation between the two nations. Bagudu said that Saudi Arabia wants to make a successful investment, which might cost several billion dollars in Nigeria by means of this council, similar to how it did in India, Indonesia, and Pakistan. Although precise numbers were not revealed, Bagudu emphasised undertakings from businesses such as the Saudi Agricultural and Livestock Investment Co., who are looking to sign agreements in Nigeria before the year ends. The Saudi counterpart and executives from Salic met with the Nigerian Minister of Agriculture to reinforce collaborations. Last week marked a milestone in Nigeria-Saudi Arabia relations, with the two nations sealing various investment and cooperation deals. Notably, Saudi Arabia pledged to invest in the overhaul of Nigeria's oil refineries and provide financial support for the government's foreign-exchange reforms. The momentum continues as Saudi Arabia is set to unveil detailed investment plans within a week, with officials planning to close several deals during their visit to Nigeria by the end of December. The agreement to take action was reaffirmed at the business roundtable by Saudi Arabia's Minister of Trade and Investment, Kahlid El-Falih. "We are coming for implementation, it’s an action visit. It will be to sign and begin delivery on all agreements,” Bloomberg quoted him as saying. (With inputs from Bloomberg) WATCH WION LIVE HERE

Saudi Windfall: Nigeria anticipates billions in immediate investments

Hybe Corp., South Korea's premier music label, is expanding its global footprint by entering the Latin music market. The company, which is behind the sensational K-pop group BTS, announced on Monday that it has acquired the music label of Exile Content, a Spanish-language media company, Reuters reported. The acquisition includes Exile Music, which marks a significant step for Hybe into the Latin American music scene. &nbsp;

Hybe is also in the process of establishing a dedicated unit for artist management and talent discovery in the region. This move has the potential to bring the K-pop business methodology to the Latin genre in the long run.&nbsp;Hybe's representative has opted not to disclose the financial specifics of their recent acquisition, a move widely praised as groundbreaking.&nbsp;

Hybe is targeting the growing Latin music market, which is estimated to be worth around $1.3 billion. The company reported a year-on-year growth of 26.4 per cent in 2022, significantly higher than the global music market's 9 per cent growth.&nbsp;

It is noteworthy that Hybe, a Korean entertainment company, has launched a new initiative at a time when its most popular K-pop group, BTS, is on a temporary hiatus due to mandatory military service obligations in South Korea. Despite BTS's absence, industry analysts report a general increase in the sales of K-Pop artists in 2023 compared to the previous year. &nbsp;

This significant growth is attributed to the expanding international fan base, with more K-pop bands gaining recognition on a global scale.&nbsp;

This acquisition will mark the company's expansion into the Latin American market, which is known for its rich musical heritage. The establishment of a dedicated unit for artist management and talent discovery is aimed at leveraging Hybe's experience and success in the competitive world of K-Pop. &nbsp;

While the company is considering introducing the K-Pop business methodology, characterised by rigorous and lengthy artist training and development, to the Latin music genre, it remains to be seen how this approach will align with the unique characteristics of Latin music.&nbsp;

After the recent acquisition, analysts predict a potential synergy between the K-pop formula and the Latin music scene. Hybe's foray into Latin America marks a substantial strategic move with the capacity to reshape the dynamics of the global music industry and promote cultural interchange. As the company enters the Latin market, it will encounter both opportunities and challenges, and observers will be keen to see if it can duplicate the remarkable success it attained with BTS in the Latin music sphere.&nbsp;

(With inputs from Reuters)&nbsp;

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Hybe Corp., South Korea's premier music label, is expanding its global footprint by entering the Latin music market. The company, which is behind the sensational K-pop group BTS, announced on Monday that it has acquired the music label of Exile Content, a Spanish-language media company, Reuters reported.

Hybe Corp., South Korea's premier music label, is expanding its global footprint by entering the Latin music market. The company, which is behind the sensational K-pop group BTS, announced on Monday that it has acquired the music label of Exile Content, a Spanish-language media company, Reuters reported. The acquisition includes Exile Music, which marks a significant step for Hybe into the Latin American music scene. Hybe is also in the process of establishing a dedicated unit for artist management and talent discovery in the region. This move has the potential to bring the K-pop business methodology to the Latin genre in the long run. Hybe's representative has opted not to disclose the financial specifics of their recent acquisition, a move widely praised as groundbreaking. Hybe is targeting the growing Latin music market, which is estimated to be worth around $1.3 billion. The company reported a year-on-year growth of 26.4 per cent in 2022, significantly higher than the global music market's 9 per cent growth. It is noteworthy that Hybe, a Korean entertainment company, has launched a new initiative at a time when its most popular K-pop group, BTS, is on a temporary hiatus due to mandatory military service obligations in South Korea. Despite BTS's absence, industry analysts report a general increase in the sales of K-Pop artists in 2023 compared to the previous year. This significant growth is attributed to the expanding international fan base, with more K-pop bands gaining recognition on a global scale. This acquisition will mark the company's expansion into the Latin American market, which is known for its rich musical heritage. The establishment of a dedicated unit for artist management and talent discovery is aimed at leveraging Hybe's experience and success in the competitive world of K-Pop. While the company is considering introducing the K-Pop business methodology, characterised by rigorous and lengthy artist training and development, to the Latin music genre, it remains to be seen how this approach will align with the unique characteristics of Latin music. After the recent acquisition, analysts predict a potential synergy between the K-pop formula and the Latin music scene. Hybe's foray into Latin America marks a substantial strategic move with the capacity to reshape the dynamics of the global music industry and promote cultural interchange. As the company enters the Latin market, it will encounter both opportunities and challenges, and observers will be keen to see if it can duplicate the remarkable success it attained with BTS in the Latin music sphere. (With inputs from Reuters) WATCH WION LIVE HERE

BTS's parent company acquires Exile Content, expands into Latin music market

Continental AG, one of Europe's prominent auto-parts manufacturers, is considering a significant restructuring move that could result in the elimination of 5,500 jobs, equivalent to 3 per cent of its global workforce.

An official announcement about these possible job layoffs might be made as soon as Monday, according to a Bloomberg report. Media sources&nbsp;suggest&nbsp;that the restructuring plan could affect approximately 1,000 jobs across 30 locations in Germany.

While specifics regarding the job cuts are yet to be officially disclosed, it is anticipated that production and development divisions might be spared, at least temporarily. German publication Manager Magazine notes that managers within the company were briefed on the proposed cuts on Friday, and a comprehensive communication plan involving staff is expected to be initiated on Monday.

Marc Siedler, a Continental representative,&nbsp;emphasised the company's dedication to raising the automotive division's level of competitiveness. He told&nbsp;Bloomberg that the plan encompasses potential changes in administrative structures to facilitate faster and more agile decisions in the future and to alleviate the cost side.

As Continental evaluates potential measures to enhance its operational efficiency,&nbsp;Siedler&nbsp;underlined that concrete decisions would be communicated to employees first before being shared with the public.

The company's proactive approach to address challenges in the automotive industry reflects a broader industry trend, where manufacturers are strategically adapting to dynamic market conditions and seeking ways to maintain competitiveness.

(With inputs from Bloomberg)

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Continental AG, one of Europe's prominent auto-parts manufacturers, is considering a significant restructuring move that could result in the elimination of 5,500 jobs, equivalent to 3 per cent of its global workforce.

Continental AG, one of Europe's prominent auto-parts manufacturers, is considering a significant restructuring move that could result in the elimination of 5,500 jobs, equivalent to 3 per cent of its global workforce. An official announcement about these possible job layoffs might be made as soon as Monday, according to a Bloomberg report. Media sources suggest that the restructuring plan could affect approximately 1,000 jobs across 30 locations in Germany. While specifics regarding the job cuts are yet to be officially disclosed, it is anticipated that production and development divisions might be spared, at least temporarily. German publication Manager Magazine notes that managers within the company were briefed on the proposed cuts on Friday, and a comprehensive communication plan involving staff is expected to be initiated on Monday. Marc Siedler, a Continental representative, emphasised the company's dedication to raising the automotive division's level of competitiveness. He told Bloomberg that the plan encompasses potential changes in administrative structures to facilitate faster and more agile decisions in the future and to alleviate the cost side. As Continental evaluates potential measures to enhance its operational efficiency, Siedler underlined that concrete decisions would be communicated to employees first before being shared with the public. The company's proactive approach to address challenges in the automotive industry reflects a broader industry trend, where manufacturers are strategically adapting to dynamic market conditions and seeking ways to maintain competitiveness. (With inputs from Bloomberg) WATCH WION LIVE HERE

Continental AG mulls major overhaul: Contemplating 5,500 job cuts in restructuring move

Sri Lanka's government has unveiled its ambitious 2024 budget, aiming for a lower-than-anticipated deficit while projecting a significant surge in revenues crucial for sustaining its International Monetary Fund (IMF) bailout program, Reuters reported on Monday.

The fiscal deficit target for 2024 is set at 2.85 trillion Sri Lankan rupees ($8.73 billion), representing 9.1 per cent of GDP, higher than the revised 8.5 per cent in the current year but below the IMF-backed 12 per cent target. &nbsp;

According to Reuters, President Ranil Wickremesinghe, also the finance minister, underscored the budget's role in laying the foundation for Sri Lanka's recovery. He stated that the budget aims to establish the groundwork for Sri Lanka's recovery and emphasised that the nation cannot persist as a community reliant on external support.

The government's projections include total tax revenue of 4.1 trillion rupees for 2024, a substantial increase from the current year's 2.85 trillion rupees. The Goods and Services Tax receipts contribute significantly to this surge. &nbsp;

The budget outlines a record expenditure of 6.98 trillion rupees in 2024, a 33 per cent increase from 2023, with a focus on doubling capital expenditure and allocating 450 billion rupees for bank recapitalisation. &nbsp;

"The budget deficit is lower than anticipated, but if we add the allocation for bank recapitalisation, the deficit increases,” Reuters quoted Dimantha Mathew, Head of Research at First Capital Research as saying.

Sri Lanka's economy faced a severe setback in 2022, contracting by 7.8 per cent, leading to a default on foreign debt and the worst financial crisis since Independence in 1948. President Wickremesinghe, addressing the parliament, revealed that the island nation plans to allocate 3 trillion rupees for repaying international sovereign bonds in 2024. This is dependant on the finalisation of ongoing debt restructuring talks with bondholders. To accommodate this, Wickremesinghe proposed raising Sri Lanka's debt ceiling by 3.45 trillion rupees to 7.35 trillion rupees.

The central bank anticipates a growth rate of 3.3 per cent in 2024, coinciding with presidential elections. In alignment with IMF requirements, the government aims for a primary account deficit of 0.6 per cent of GDP, marginally smaller than the 0.7 per cent projected for 2023. &nbsp;

The IMF stipulates that the nation must achieve a primary surplus of 2.3 per cent by 2025 and reduce its debt-to-GDP ratio to 95 per cent by 2032. As of end-December, the debt-to-GDP ratio stood at 113.8 per cent.

(With inputs from Reuters)

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Sri Lanka's government has unveiled its ambitious 2024 budget, aiming for a lower-than-anticipated deficit while projecting a significant surge in revenues crucial for sustaining its International Monetary Fund (IMF) bailout program, Reuters reported on Monday.

Sri Lanka's government has unveiled its ambitious 2024 budget, aiming for a lower-than-anticipated deficit while projecting a significant surge in revenues crucial for sustaining its International Monetary Fund (IMF) bailout program, Reuters reported on Monday. The fiscal deficit target for 2024 is set at 2.85 trillion Sri Lankan rupees ($8.73 billion), representing 9.1 per cent of GDP, higher than the revised 8.5 per cent in the current year but below the IMF-backed 12 per cent target. According to Reuters, President Ranil Wickremesinghe, also the finance minister, underscored the budget's role in laying the foundation for Sri Lanka's recovery. He stated that the budget aims to establish the groundwork for Sri Lanka's recovery and emphasised that the nation cannot persist as a community reliant on external support. The government's projections include total tax revenue of 4.1 trillion rupees for 2024, a substantial increase from the current year's 2.85 trillion rupees. The Goods and Services Tax receipts contribute significantly to this surge. The budget outlines a record expenditure of 6.98 trillion rupees in 2024, a 33 per cent increase from 2023, with a focus on doubling capital expenditure and allocating 450 billion rupees for bank recapitalisation. "The budget deficit is lower than anticipated, but if we add the allocation for bank recapitalisation, the deficit increases,” Reuters quoted Dimantha Mathew, Head of Research at First Capital Research as saying. Sri Lanka's economy faced a severe setback in 2022, contracting by 7.8 per cent, leading to a default on foreign debt and the worst financial crisis since Independence in 1948. President Wickremesinghe, addressing the parliament, revealed that the island nation plans to allocate 3 trillion rupees for repaying international sovereign bonds in 2024. This is dependant on the finalisation of ongoing debt restructuring talks with bondholders. To accommodate this, Wickremesinghe proposed raising Sri Lanka's debt ceiling by 3.45 trillion rupees to 7.35 trillion rupees. The central bank anticipates a growth rate of 3.3 per cent in 2024, coinciding with presidential elections. In alignment with IMF requirements, the government aims for a primary account deficit of 0.6 per cent of GDP, marginally smaller than the 0.7 per cent projected for 2023. The IMF stipulates that the nation must achieve a primary surplus of 2.3 per cent by 2025 and reduce its debt-to-GDP ratio to 95 per cent by 2032. As of end-December, the debt-to-GDP ratio stood at 113.8 per cent. (With inputs from Reuters) WATCH WION LIVE HERE

Sri Lanka's ambitious 2024 budget targets higher revenues and a controlled deficit

Prithvi Raj Singh Oberoi, fondly known as PRS Oberoi and hailed as the doyen of Indian hospitality, passed away on Tuesday morning at the age of 94, leaving behind a legacy that transformed the landscape of luxury hotels in India and beyond.&nbsp;

Born in 1929, PRS Oberoi was the executive chairman of EIH Limited, the flagship company of The Oberoi Group. His creative direction not only transformed the Indian hotel industry, but it also paved the way for the founding of Oberoi Hotels and Resorts, making the Oberoi name a byword for upscale accommodations.&nbsp;

Renowned for his global contributions, Oberoi received the Padma Vibhushan in 2008 and was honoured with the Lifetime Achievement Award by the International Luxury Travel Market in 2012. &nbsp;

Recognised as the '2010 Corporate Hotelier of the World' by HOTELS magazine, he was hailed as the "founder father of modern luxury hospitality in India."&nbsp;

The Oberoi Group became one of the world's top chains of luxury hotels thanks to PR Singh Oberoi's lasting influence on the luxury travel scene, which was demonstrated by the development of upmarket properties in strategic cities. &nbsp;

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Prithvi Raj Singh Oberoi, fondly known as PRS Oberoi and hailed as the doyen of Indian hospitality, passed away on Tuesday morning at the age of 94, leaving behind a legacy that transformed the landscape of luxury hotels in India and beyond.

Prithvi Raj Singh Oberoi, fondly known as PRS Oberoi and hailed as the doyen of Indian hospitality, passed away on Tuesday morning at the age of 94, leaving behind a legacy that transformed the landscape of luxury hotels in India and beyond. Born in 1929, PRS Oberoi was the executive chairman of EIH Limited, the flagship company of The Oberoi Group. His creative direction not only transformed the Indian hotel industry, but it also paved the way for the founding of Oberoi Hotels and Resorts, making the Oberoi name a byword for upscale accommodations. Renowned for his global contributions, Oberoi received the Padma Vibhushan in 2008 and was honoured with the Lifetime Achievement Award by the International Luxury Travel Market in 2012. Recognised as the '2010 Corporate Hotelier of the World' by HOTELS magazine, he was hailed as the "founder father of modern luxury hospitality in India." The Oberoi Group became one of the world's top chains of luxury hotels thanks to PR Singh Oberoi's lasting influence on the luxury travel scene, which was demonstrated by the development of upmarket properties in strategic cities. WATCH WION LIVE HERE

PRS Oberoi, pioneer of luxury hospitality, passes away at 94 

India's retail inflation experienced a downturn in October, reaching a four-month low and moving closer to the central bank's targeted 4 per cent, a level deemed necessary before considering interest rate reductions, Reuters reported. &nbsp;

The annual retail inflation rate decreased to 4.87 per cent in October, down from 5.02 per cent in the preceding month, aligning with the forecast of 4.80 per cent from a Reuters poll of 53 economists. Factors such as lower core inflation, excluding volatile food and energy prices, and a supportive base effect have contributed to the decline. &nbsp;

Although core inflation statistics are not publicly released by the Indian government, core inflation was projected to be between 4.20 and 4.28 percent, down from 4.5 per cent in September.&nbsp;

The food inflation component, constituting nearly half of the overall consumer price basket, remained relatively stable at 6.61 per cent in October, only slightly changed from an upwardly revised 6.62 per cent in September. October's inflation rate fell below the upper tolerance band of 2-6 per cent set by the Reserve Bank of India (RBI) for the second consecutive month. &nbsp;

Despite the apparent stability in inflation, analysts advocate a cautious approach. Reuters cited RBI Governor Shaktikanta Das, who, in a recent statement, highlighted the risks associated with potential spikes in food prices, considering India's susceptibility to recurrent and overlapping food price shocks.&nbsp;

While the recent data release indicates consistent inflation levels, economists, such as Madan Sabnavis from Bank of Baroda, recommend a cautious approach given the historical volatility in foodgrain prices, particularly driven by factors like an uneven monsoon. &nbsp;

The prices of key commodities like vegetables, milk, and cereals have demonstrated volatility and played a pivotal role in shaping India's inflation trends. &nbsp;

Aditi Nayar, an economist at ICRA, noted that while the uneven monsoon has contributed to the uptick in foodgrain prices in October, the higher prices of specific vegetables, such as onions, may be mitigated by the typical seasonal downtrend in other vegetables, providing some relief.&nbsp;

Predictions for the Consumer Price Index (CPI) inflation in the coming months suggest a climb to 5.6 per cent by December 2023. The inflation rate is anticipated to remain within a range of 4.9-5.6 per cent for the subsequent two quarters, according to Aditi Nayar. &nbsp;

In response to the surge in inflation observed in July, exceeding 7 per cent, India has implemented various measures to curb rising prices, including export bans on rice, wheat, sugar, and tightened restrictions on onion exports.&nbsp;

(With inputs from Reuters)&nbsp;

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India's retail inflation experienced a downturn in October, reaching a four-month low and moving closer to the central bank's targeted 4 per cent, a level deemed necessary before considering interest rate reductions, Reuters reported.

India's retail inflation experienced a downturn in October, reaching a four-month low and moving closer to the central bank's targeted 4 per cent, a level deemed necessary before considering interest rate reductions, Reuters reported. The annual retail inflation rate decreased to 4.87 per cent in October, down from 5.02 per cent in the preceding month, aligning with the forecast of 4.80 per cent from a Reuters poll of 53 economists. Factors such as lower core inflation, excluding volatile food and energy prices, and a supportive base effect have contributed to the decline. Although core inflation statistics are not publicly released by the Indian government, core inflation was projected to be between 4.20 and 4.28 percent, down from 4.5 per cent in September. The food inflation component, constituting nearly half of the overall consumer price basket, remained relatively stable at 6.61 per cent in October, only slightly changed from an upwardly revised 6.62 per cent in September. October's inflation rate fell below the upper tolerance band of 2-6 per cent set by the Reserve Bank of India (RBI) for the second consecutive month. Despite the apparent stability in inflation, analysts advocate a cautious approach. Reuters cited RBI Governor Shaktikanta Das, who, in a recent statement, highlighted the risks associated with potential spikes in food prices, considering India's susceptibility to recurrent and overlapping food price shocks. While the recent data release indicates consistent inflation levels, economists, such as Madan Sabnavis from Bank of Baroda, recommend a cautious approach given the historical volatility in foodgrain prices, particularly driven by factors like an uneven monsoon. The prices of key commodities like vegetables, milk, and cereals have demonstrated volatility and played a pivotal role in shaping India's inflation trends. Aditi Nayar, an economist at ICRA, noted that while the uneven monsoon has contributed to the uptick in foodgrain prices in October, the higher prices of specific vegetables, such as onions, may be mitigated by the typical seasonal downtrend in other vegetables, providing some relief. Predictions for the Consumer Price Index (CPI) inflation in the coming months suggest a climb to 5.6 per cent by December 2023. The inflation rate is anticipated to remain within a range of 4.9-5.6 per cent for the subsequent two quarters, according to Aditi Nayar. In response to the surge in inflation observed in July, exceeding 7 per cent, India has implemented various measures to curb rising prices, including export bans on rice, wheat, sugar, and tightened restrictions on onion exports. (With inputs from Reuters) WATCH WION LIVE HERE

India's retail inflation hits four-month low in October, nearing RBI's target 

The Civil Aviation Administration of China (CAAC) is all set to report a surge in direct passenger flights between China and the United States, marking an upward trend in connectivity. The number of regular direct flights would rise from 48 to 70 per week during the winter and spring season of 2023 and 2024, Reuters reported.

Domestic carriers, including Air China, Eastern Airlines, China Southern Airlines, Hainan Airlines, and Sichuan Airlines, are contributing to this increase, with flights being resumed on popular routes such as Beijing-San Francisco, Shanghai-San Francisco, and Guangzhou-Wuhan-San Francisco.

The month of December is witnessing a noteworthy drop in airfare prices, with tickets from Guangzhou to San Francisco and Guangzhou to Los Angeles now priced at around 4,300 yuan (about $590) and 5,000 yuan (about $686), respectively. More people are expected to consider travelling abroad as a result of this cost reduction.

Industry experts are optimistic about the ripple effect of decreased airfare on the travel landscape. The lower prices are expected to alleviate the financial burden of transportation, making overseas travel more appealing to a broader audience. &nbsp;

In response to this, the number of inbound and outbound air ticket bookings for November and December has exceeded 4.4 million, which is 7.5 times higher than the same period last year.

Beyond the China-US route, international passenger flights, in general, have been on a steady path to recovery throughout the year. The CAAC has granted approval to 116 airlines, involving 65 foreign countries and regions, for a total of 13,004 weekly international passenger flights. &nbsp;

The planned volume for international passenger flights is estimated to reach about 70 per cent of the 2019 levels by the end of the new aviation season on March 30, 2024. Notably, China Eastern Airlines reported a weekly flight count of 1,084, rebounding to 78.6 per cent of the 2019 level. &nbsp;

Reuters cited Shi Mengyao, an employee of China Eastern Airlines, who expressed confidence in the continued recovery, saying, "With the continued recovery in the new season, it is expected that by the end of 2023, the number of international flights handled by our company will rebound to more than 80 per cent of that in 2019."

(With inputs from Reuters)

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The Civil Aviation Administration of China (CAAC) is all set to report a surge in direct passenger flights between China and the United States, marking an upward trend in connectivity.

The Civil Aviation Administration of China (CAAC) is all set to report a surge in direct passenger flights between China and the United States, marking an upward trend in connectivity. The number of regular direct flights would rise from 48 to 70 per week during the winter and spring season of 2023 and 2024, Reuters reported. Domestic carriers, including Air China, Eastern Airlines, China Southern Airlines, Hainan Airlines, and Sichuan Airlines, are contributing to this increase, with flights being resumed on popular routes such as Beijing-San Francisco, Shanghai-San Francisco, and Guangzhou-Wuhan-San Francisco. The month of December is witnessing a noteworthy drop in airfare prices, with tickets from Guangzhou to San Francisco and Guangzhou to Los Angeles now priced at around 4,300 yuan (about $590) and 5,000 yuan (about $686), respectively. More people are expected to consider travelling abroad as a result of this cost reduction. Industry experts are optimistic about the ripple effect of decreased airfare on the travel landscape. The lower prices are expected to alleviate the financial burden of transportation, making overseas travel more appealing to a broader audience. In response to this, the number of inbound and outbound air ticket bookings for November and December has exceeded 4.4 million, which is 7.5 times higher than the same period last year. Beyond the China-US route, international passenger flights, in general, have been on a steady path to recovery throughout the year. The CAAC has granted approval to 116 airlines, involving 65 foreign countries and regions, for a total of 13,004 weekly international passenger flights. The planned volume for international passenger flights is estimated to reach about 70 per cent of the 2019 levels by the end of the new aviation season on March 30, 2024. Notably, China Eastern Airlines reported a weekly flight count of 1,084, rebounding to 78.6 per cent of the 2019 level. Reuters cited Shi Mengyao, an employee of China Eastern Airlines, who expressed confidence in the continued recovery, saying, "With the continued recovery in the new season, it is expected that by the end of 2023, the number of international flights handled by our company will rebound to more than 80 per cent of that in 2019." (With inputs from Reuters) WATCH WION LIVE HERE

China-US direct flights soar as prices plummet, boosts travel prospects

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

Green Drive Accelerates: US and Indonesia forge path to vital EV minerals partnership

Talks about a possible minerals partnership between the US and Indonesia are scheduled for Monday. The talks will centre on promoting the trade of nickel, a crucial component of EV batteries.

<a href="https://www.wionews.com/business-economy/green-drive-accelerates-us-and-indonesia-forge-path-to-vital-ev-minerals-partnership-657978">Read more here</a>

Emirates signals major aircraft deal at Dubai Airshow amid regional tensions: Report

Emirates, the largest user of wide-body aircraft worldwide, is getting ready to place a huge order, which will increase trust in the delayed Boeing 777X deliveries, and set up the Dubai Airshow for a spectacular opening on Monday.

<a href="https://www.wionews.com/business-economy/emirates-signals-major-aircraft-deal-at-dubai-airshow-amid-regional-tensions-report-657988">Read more here</a>

Cost pressures ease as Japan's wholesale inflation takes a dive

For the first time in more than 25 years, wholesale inflation in Japan saw a significant slowdown on Monday, dropping below 1 per cent. This indicates a move away from the cost-push forces that had been raising prices in a number of industries.

<a href="https://www.wionews.com/business-economy/cost-pressures-ease-as-japans-wholesale-inflation-takes-a-dive-657997">Read more here</a>

China's tech loan surge sparks fears of global export onslaught. Here are the details

Concerns emerge about a possible flood of low-cost exports driven by overcapacity, which might be exacerbated by China's strong push to boost its manufacturing sector, especially in high-tech sectors like semiconductors and electric vehicles (EVs). Data from China's central bank show&nbsp;a 38.2 per cent increase in loans to the industrial sector at the end of September.&nbsp;

<a href="https://www.wionews.com/business-economy/chinas-tech-loan-surge-sparks-fears-of-global-export-onslaught-here-are-the-details-658008">Read more here</a>

Diwali Lights Up Indian Stocks: Small caps shine amid optimism

Indian stocks saw a joyful surge during a special late-night trading session honouring the Hindu holiday of lights, Diwali. As per Bloomberg's report on Sunday, the S&amp;P BSE Sensex had a 0.6 per cent increase, culminating in notable advances in major players including HDFC Bank Ltd., Infosys Ltd., and Reliance Industries Ltd. Small-cap equities have performed better this year than their global counterparts, continuing the trend of an upbeat performance.

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Saudi Windfall: Nigeria anticipates billions in immediate investments

After signing of a historic deal, Nigeria is preparing for a "immediate" inflow of multibillion-dollar investments from Saudi Arabia. Saudi Arabia would now be able to finance several Nigerian businesses, including technology, telecommunications, energy, oil and gas, and agriculture, according to the deal that establishes a corporate council.

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BTS's parent company expands into Latin music market with exile content acquisition&nbsp;

The leading record label in South Korea, Hybe Corp., is extending its reach internationally by venturing into the Latin music sector. The company, which is responsible for the phenomenal K-pop group BTS, declared on Monday that it has purchased the music label of the Spanish-language media company Exile Content.

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Continental AG mulls major overhaul: Contemplating 5,500 job cuts in restructuring move

One of Europe's leading auto-parts manufacturers, Continental AG, is contemplating a major restructure that might lead to the loss of 5,500 jobs, or 3 per cent of its global workforce.

<a href="https://www.wionews.com/business-economy/continental-ag-mulls-major-overhaul-contemplating-5500-job-cuts-in-restructuring-move-658034">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. Green Drive Accelerates: US and Indonesia forge path to vital EV minerals partnership Talks about a possible minerals partnership between the US and Indonesia are scheduled for Monday.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Green Drive Accelerates: US and Indonesia forge path to vital EV minerals partnership Talks about a possible minerals partnership between the US and Indonesia are scheduled for Monday. The talks will centre on promoting the trade of nickel, a crucial component of EV batteries. Read more here Emirates signals major aircraft deal at Dubai Airshow amid regional tensions: Report Emirates, the largest user of wide-body aircraft worldwide, is getting ready to place a huge order, which will increase trust in the delayed Boeing 777X deliveries, and set up the Dubai Airshow for a spectacular opening on Monday. Read more here Cost pressures ease as Japan's wholesale inflation takes a dive For the first time in more than 25 years, wholesale inflation in Japan saw a significant slowdown on Monday, dropping below 1 per cent. This indicates a move away from the cost-push forces that had been raising prices in a number of industries. Read more here China's tech loan surge sparks fears of global export onslaught. Here are the details Concerns emerge about a possible flood of low-cost exports driven by overcapacity, which might be exacerbated by China's strong push to boost its manufacturing sector, especially in high-tech sectors like semiconductors and electric vehicles (EVs). Data from China's central bank show a 38.2 per cent increase in loans to the industrial sector at the end of September. Read more here Diwali Lights Up Indian Stocks: Small caps shine amid optimism Indian stocks saw a joyful surge during a special late-night trading session honouring the Hindu holiday of lights, Diwali. As per Bloomberg's report on Sunday, the S&P BSE Sensex had a 0.6 per cent increase, culminating in notable advances in major players including HDFC Bank Ltd., Infosys Ltd., and Reliance Industries Ltd. Small-cap equities have performed better this year than their global counterparts, continuing the trend of an upbeat performance. Read more here Saudi Windfall: Nigeria anticipates billions in immediate investments After signing of a historic deal, Nigeria is preparing for a "immediate" inflow of multibillion-dollar investments from Saudi Arabia. Saudi Arabia would now be able to finance several Nigerian businesses, including technology, telecommunications, energy, oil and gas, and agriculture, according to the deal that establishes a corporate council. Read more here BTS's parent company expands into Latin music market with exile content acquisition The leading record label in South Korea, Hybe Corp., is extending its reach internationally by venturing into the Latin music sector. The company, which is responsible for the phenomenal K-pop group BTS, declared on Monday that it has purchased the music label of the Spanish-language media company Exile Content. Read more here Continental AG mulls major overhaul: Contemplating 5,500 job cuts in restructuring move One of Europe's leading auto-parts manufacturers, Continental AG, is contemplating a major restructure that might lead to the loss of 5,500 jobs, or 3 per cent of its global workforce. Read more here WATCH WION LIVE HERE

Wion Business Wrap | US-Indonesia EV minerals partnership, Emirates’ Dubai Airshow deal & more

China's aggressive push to elevate its manufacturing sector, particularly in high-tech areas such as semiconductors and electric vehicles (EVs), is ringing alarm bells as experts warn of a potential flood of cheap exports, fuelled by overcapacity.

A Reuters report, citing lending data from China's central bank, reveals a 38.2 per cent surge in loans to the manufacturing sector by the end of September, raising concerns among trading partners, particularly in Europe.

"There is lower consumption in China right now but you have massive overcapacity that is being pushed out to the world, including in batteries, solar, and chemicals,” Jens Eskelund, President of the European Chamber of Commerce in Beijing, tells Reuters.&nbsp;

China's leaders have strategically directed financing toward high-tech manufacturing, emphasising advanced sectors like EVs and aerospace components. This shift in focus has triggered concerns about a potential clash in trade dynamics between Europe and China.

Eskelund compares the intensifying competition to "two trains that are going to collide". The industrial policy of China, a major topic at the Asia Pacific Economic Cooperation (APEC) forum, is expected to be discussed during the meeting between Chinese President Xi Jinping and U.S. President Joe Biden in San Francisco this week.

Economists caution that this surge in investment differs from past episodes, emphasising the narrower focus on high-tech and advanced manufacturing.

"China has adopted a strategy to shift investment spending from the real estate sector into manufacturing," explains Frederic Neumann, Chief Asia Economist at HSBC.&nbsp;

This strategic move is part of China's broader plan outlined in the 14th five-year plan of 2021. Neumann highlighted a key difference in the present scenario, noting that global markets might struggle to absorb the additional capacity generated by China's focused investment.

Despite signs of excess capacity emerging, Chinese authorities are forging ahead with their plans, increasing loans to green development, advanced manufacturing, and strategic industries. Provincial and municipal governments are aligning with this approach, directing government loans to fuel this surge in the manufacturing sector.

A Reuters review of policy documents reveals&nbsp;a trend where many regions are prioritising high-tech and green development. For instance, Guangdong province has significantly increased lending to both high-tech and advanced manufacturing. Signs of overcapacity are evident, such as China's ability to meet global demand for lithium-ion batteries and its automotive sector's capacity to produce 43 million cars annually, with plants operating at only 54.5 per cent capacity.

In response to the concerns, Lu Zhengwei, Chief Economist at Industrial Bank in Shanghai, sees the race to invest in advanced sectors as beneficial for China's long-term development.

Lu&nbsp;believes that&nbsp;the investment in the new sectors is healthy and would support the long-term development of the sectors.&nbsp;

However, this surge in high-tech production could also exacerbate global trade tensions, especially as countries worldwide are increasingly favouring domestic high-tech industries.

(With inputs from Reuters)

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China's aggressive push to elevate its manufacturing sector, particularly in high-tech areas such as semiconductors and electric vehicles (EVs), is ringing alarm bells as experts warn of a potential flood of cheap exports, fuelled by overcapacity.

China's aggressive push to elevate its manufacturing sector, particularly in high-tech areas such as semiconductors and electric vehicles (EVs), is ringing alarm bells as experts warn of a potential flood of cheap exports, fuelled by overcapacity. A Reuters report, citing lending data from China's central bank, reveals a 38.2 per cent surge in loans to the manufacturing sector by the end of September, raising concerns among trading partners, particularly in Europe. "There is lower consumption in China right now but you have massive overcapacity that is being pushed out to the world, including in batteries, solar, and chemicals,” Jens Eskelund, President of the European Chamber of Commerce in Beijing, tells Reuters. China's leaders have strategically directed financing toward high-tech manufacturing, emphasising advanced sectors like EVs and aerospace components. This shift in focus has triggered concerns about a potential clash in trade dynamics between Europe and China. Eskelund compares the intensifying competition to "two trains that are going to collide". The industrial policy of China, a major topic at the Asia Pacific Economic Cooperation (APEC) forum, is expected to be discussed during the meeting between Chinese President Xi Jinping and U.S. President Joe Biden in San Francisco this week. Economists caution that this surge in investment differs from past episodes, emphasising the narrower focus on high-tech and advanced manufacturing. "China has adopted a strategy to shift investment spending from the real estate sector into manufacturing," explains Frederic Neumann, Chief Asia Economist at HSBC. This strategic move is part of China's broader plan outlined in the 14th five-year plan of 2021. Neumann highlighted a key difference in the present scenario, noting that global markets might struggle to absorb the additional capacity generated by China's focused investment. Despite signs of excess capacity emerging, Chinese authorities are forging ahead with their plans, increasing loans to green development, advanced manufacturing, and strategic industries. Provincial and municipal governments are aligning with this approach, directing government loans to fuel this surge in the manufacturing sector. A Reuters review of policy documents reveals a trend where many regions are prioritising high-tech and green development. For instance, Guangdong province has significantly increased lending to both high-tech and advanced manufacturing. Signs of overcapacity are evident, such as China's ability to meet global demand for lithium-ion batteries and its automotive sector's capacity to produce 43 million cars annually, with plants operating at only 54.5 per cent capacity. In response to the concerns, Lu Zhengwei, Chief Economist at Industrial Bank in Shanghai, sees the race to invest in advanced sectors as beneficial for China's long-term development. Lu believes that the investment in the new sectors is healthy and would support the long-term development of the sectors. However, this surge in high-tech production could also exacerbate global trade tensions, especially as countries worldwide are increasingly favouring domestic high-tech industries. (With inputs from Reuters) WATCH WION LIVE HERE

China's tech loan surge sparks fears of global export onslaught. Here are the details

Foreign businesses are swiftly retracting their investments from China, signalling a paradigm shift in the global economic landscape. The unprecedented $11.8 billion deficit in foreign investment, a stark departure from the country's historical trends, is raising eyebrows and prompting a closer examination of the factors at play.

Factors at play

Several factors contribute to this investment exodus. A cocktail of China's slowing economy, low-interest rates, and an escalating geopolitical tussle with the U.S. are casting shadows of doubt over the country's economic potential. Businesses, facing uncertainties on multiple fronts, are erring on the side of caution, leading to a reassessment of their engagement with the world's second-largest economy.

Geopolitical risks, domestic policy uncertainties, and concerns about slower growth are driving foreign companies to explore alternative markets. Strict pandemic lockdowns under China's 'zero-Covid' policy have disrupted supply chains for multinational corporations, further fueling the decision to diversify investments. While established multinational firms remain in the Chinese market, new investments are under scrutiny, reflecting a shift in the global economic landscape.

Insights and Themes

Beyond the immediate data, deeper insights emerge. The tensions between China and the U.S. have led to fresh export restrictions, impacting the supply chain dynamics for major companies like Apple. Diversification becomes not just a strategy but a necessity, prompting businesses to rethink their dependence on a single market. The story transcends a mere economic shift; it is a reflection of the evolving dynamics in global trade relationships and the delicate dance between economic giants.

Moreover, interest rates play a crucial role in this narrative. While global counterparts raise rates to combat inflation, China, in an unconventional move, lowers interest rates to support its economy. This, coupled with a depreciating yuan, prompts businesses to redirect their excess cash and earnings overseas, seeking higher investment returns.

As the world anticipates a crucial meeting between Chinese leader Xi Jinping and U.S. President Joe Biden, businesses remain cautiously optimistic. The diplomatic engagement witnessed over the past months hints at a desire to stabilise the relationship between the two economic powerhouses. However, the intricate web of economic uncertainties and geopolitical dynamics continues to cast a shadow on foreign investment in China.

Bottomline

The story of foreign businesses withdrawing from China is not just a statistical blip but a reflection of the intricate dance between economic giants. As the world watches these developments unfold, the outcomes of crucial diplomatic engagements and the economic strategies employed by nations will undoubtedly shape the trajectory of global investments in the post-pandemic era.

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Foreign businesses are swiftly retracting their investments from China, signalling a paradigm shift in the global economic landscape. The unprecedented $11.8 billion deficit in foreign investment, a stark departure from the country's historical trends, is raising eyebrows and prompting a closer examination of the factors at play.

Foreign businesses are swiftly retracting their investments from China, signalling a paradigm shift in the global economic landscape. The unprecedented $11.8 billion deficit in foreign investment, a stark departure from the country's historical trends, is raising eyebrows and prompting a closer examination of the factors at play. Factors at play Several factors contribute to this investment exodus. A cocktail of China's slowing economy, low-interest rates, and an escalating geopolitical tussle with the U.S. are casting shadows of doubt over the country's economic potential. Businesses, facing uncertainties on multiple fronts, are erring on the side of caution, leading to a reassessment of their engagement with the world's second-largest economy. Geopolitical risks, domestic policy uncertainties, and concerns about slower growth are driving foreign companies to explore alternative markets. Strict pandemic lockdowns under China's 'zero-Covid' policy have disrupted supply chains for multinational corporations, further fueling the decision to diversify investments. While established multinational firms remain in the Chinese market, new investments are under scrutiny, reflecting a shift in the global economic landscape. Insights and Themes Beyond the immediate data, deeper insights emerge. The tensions between China and the U.S. have led to fresh export restrictions, impacting the supply chain dynamics for major companies like Apple. Diversification becomes not just a strategy but a necessity, prompting businesses to rethink their dependence on a single market. The story transcends a mere economic shift; it is a reflection of the evolving dynamics in global trade relationships and the delicate dance between economic giants. Moreover, interest rates play a crucial role in this narrative. While global counterparts raise rates to combat inflation, China, in an unconventional move, lowers interest rates to support its economy. This, coupled with a depreciating yuan, prompts businesses to redirect their excess cash and earnings overseas, seeking higher investment returns. As the world anticipates a crucial meeting between Chinese leader Xi Jinping and U.S. President Joe Biden, businesses remain cautiously optimistic. The diplomatic engagement witnessed over the past months hints at a desire to stabilise the relationship between the two economic powerhouses. However, the intricate web of economic uncertainties and geopolitical dynamics continues to cast a shadow on foreign investment in China. Bottomline The story of foreign businesses withdrawing from China is not just a statistical blip but a reflection of the intricate dance between economic giants. As the world watches these developments unfold, the outcomes of crucial diplomatic engagements and the economic strategies employed by nations will undoubtedly shape the trajectory of global investments in the post-pandemic era. WATCH WION LIVE HERE

China sees an investment exodus as global players pivot

The United States and Indonesia are set to engage in discussions on a potential minerals partnership, with a focus on stimulating the trade of nickel, an essential component in electric vehicle (EV) batteries, Reuters reported on Monday.

As per the sources quoted by Reuters, during Monday's meeting between Indonesian President Joko Widodo and U.S. President Joe Biden at the White House, the focus of the talks would be on the next&nbsp;steps that might lead to formal negotiations between the two countries.

"There's a lot of work to do before we are able to formally announce negotiations on a critical minerals partnership," the sources told Reuters.

The Biden administration, cautious about environmental, social, and governance standards in Indonesia, is closely examining the viability of such a deal. The sources revealed plans for further consultations with U.S. lawmakers and labour groups in the coming weeks.

The administration is particularly concerned about ensuring that any potential nickel supply is produced with minimal environmental impact.

Indonesia, which reportedly has the world's largest nickel ore reserves, had proposed discussions in September to initiate a trade deal for critical minerals. The aim was to have exports from Indonesia covered under the U.S. Inflation Reduction Act (IRA). Despite Indonesia's massive nickel reserves, most of its nickel is currently processed into crude metal. The nation is eager to develop an EV supply chain to harness the full potential of its nickel reserves for battery materials.

One of the crucial aspects under discussion is the environmental impact of nickel mining in Indonesia. Acknowledging this, sources close to the administration emphasised that the Biden administration is focused on ensuring that any potential nickel supply adheres to stringent environmental standards.

Indonesia's nickel mining has been linked to heavy deforestation and water pollution, prompting the need for careful consideration of the environmental implications.

Under guidelines issued in March, the U.S. requires a certain amount of critical minerals in EV batteries to be produced or assembled in North America or a free trade partner. This requirement is essential for EVs sold in the United States to be eligible for tax credits.

Indonesia, lacking a free trade agreement with the U.S., complicates matters. The Biden administration is also exploring ways to exclude nickel extracted from Indonesia but processed in China from receiving IRA credits.

The global market value for the nickel industry is estimated at $33.5 billion in 2022, despite an oversupplied market. With the only U.S. nickel mine set to close in a few years and no nickel smelter in the country, achieving Biden's goal for the U.S. to lead in EV manufacturing poses a significant challenge.

To address this, the government has allocated nearly $115 million to Talon Metals, aiming to support a nickel processing plant in North Dakota that will supply Tesla Inc. Talon is currently seeking permits for its proposed Minnesota nickel mine, facing opposition from Indigenous groups.

Many in the U.S. mining sector argue that the Biden administration should prioritise approving domestic projects over seeking international supply.

(With inputs from Reuters)

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The United States and Indonesia are set to engage in discussions on a potential minerals partnership, with a focus on stimulating the trade of nickel, an essential component in electric vehicle (EV) batteries, Reuters reported on Monday.

The United States and Indonesia are set to engage in discussions on a potential minerals partnership, with a focus on stimulating the trade of nickel, an essential component in electric vehicle (EV) batteries, Reuters reported on Monday. As per the sources quoted by Reuters, during Monday's meeting between Indonesian President Joko Widodo and U.S. President Joe Biden at the White House, the focus of the talks would be on the next steps that might lead to formal negotiations between the two countries. "There's a lot of work to do before we are able to formally announce negotiations on a critical minerals partnership," the sources told Reuters. The Biden administration, cautious about environmental, social, and governance standards in Indonesia, is closely examining the viability of such a deal. The sources revealed plans for further consultations with U.S. lawmakers and labour groups in the coming weeks. The administration is particularly concerned about ensuring that any potential nickel supply is produced with minimal environmental impact. Indonesia, which reportedly has the world's largest nickel ore reserves, had proposed discussions in September to initiate a trade deal for critical minerals. The aim was to have exports from Indonesia covered under the U.S. Inflation Reduction Act (IRA). Despite Indonesia's massive nickel reserves, most of its nickel is currently processed into crude metal. The nation is eager to develop an EV supply chain to harness the full potential of its nickel reserves for battery materials. One of the crucial aspects under discussion is the environmental impact of nickel mining in Indonesia. Acknowledging this, sources close to the administration emphasised that the Biden administration is focused on ensuring that any potential nickel supply adheres to stringent environmental standards. Indonesia's nickel mining has been linked to heavy deforestation and water pollution, prompting the need for careful consideration of the environmental implications. Under guidelines issued in March, the U.S. requires a certain amount of critical minerals in EV batteries to be produced or assembled in North America or a free trade partner. This requirement is essential for EVs sold in the United States to be eligible for tax credits. Indonesia, lacking a free trade agreement with the U.S., complicates matters. The Biden administration is also exploring ways to exclude nickel extracted from Indonesia but processed in China from receiving IRA credits. The global market value for the nickel industry is estimated at $33.5 billion in 2022, despite an oversupplied market. With the only U.S. nickel mine set to close in a few years and no nickel smelter in the country, achieving Biden's goal for the U.S. to lead in EV manufacturing poses a significant challenge. To address this, the government has allocated nearly $115 million to Talon Metals, aiming to support a nickel processing plant in North Dakota that will supply Tesla Inc. Talon is currently seeking permits for its proposed Minnesota nickel mine, facing opposition from Indigenous groups. Many in the U.S. mining sector argue that the Biden administration should prioritise approving domestic projects over seeking international supply. (With inputs from Reuters) WATCH WION LIVE HERE

Green Drive Accelerates: US and Indonesia forge path to vital EV minerals partnership

The Dubai Airshow on Monday is poised for a spectacular start as Emirates, the world's largest user of wide-body jets, prepares to make a significant order, boosting confidence in the delayed Boeing 777X.

According to industry sources in talks with Reuters, the airline is set to order several dozen Boeing 777X jets, providing a much-needed lift to the program facing ongoing uncertainties over its schedule, expected in 2025 after a five-year delay.

&nbsp;"Emirates is considering more orders of the upgraded 777X as well as the Airbus A350 and smaller Boeing 787," Reuters cited a source familiar with the matter.

Emirates and its low-cost counterpart flyDubai are expected to make an impact early on in the second-largest aerospace event globally. The aviation giants are gearing up to navigate challenges in the economically critical travel sector amid tensions in the Middle East.

An industry insider said that the risks leaned towards further delays as Boeing assessed the impact of tighter certification rules on other projects. Boeing, however, reassured on Friday that there would be no change to the schedule.

The looming Emirates deal is crucial not only for Boeing but also for the broader aviation industry. Emirates has been a steadfast user of wide-body jets, including Airbus A380 superjumbos and the current-generation Boeing 777s. The airline's consideration of additional orders for the upgraded 777X and other aircraft models reflects a strategic move to maintain its leading position in the global aviation market.

FlyDubai, known for its Boeing 737 MAX narrowbody jets, is also set to make waves at the airshow. The low-cost carrier, competing with the Airbus A320neo, is expected to order more planes in that category this week. While Emirates contemplates orders for the larger aircraft, industry officials estimate that airlines worldwide are in negotiations to purchase around 700-800 new jets, including a significant number of wide-body planes, as they recover from pandemic-induced disruptions.

The Dubai Airshow, unfolding against the backdrop of the Israel-Hamas conflict in Gaza, is expected to witness intensified competition among Gulf carriers. Turkish Airlines, making a bold move, is reportedly in talks to purchase up to 355 Airbus jets. The airline's discussions for as many as 600 planes, split between Airbus and Boeing, could reshape the dynamics of the showcase event.

&nbsp;Analysts have noted that the conflict in Gaza may impact flight bookings, with a 26 per cent slump in bookings to the Middle East reported since October 7, according to travel analysis firm ForwardKeys.

(With inputs from Reuters)

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The Dubai Airshow on Monday is poised for a spectacular start as Emirates, the world's largest user of wide-body jets, prepares to make a significant order, boosting confidence in the delayed Boeing 777X.

The Dubai Airshow on Monday is poised for a spectacular start as Emirates, the world's largest user of wide-body jets, prepares to make a significant order, boosting confidence in the delayed Boeing 777X. According to industry sources in talks with Reuters, the airline is set to order several dozen Boeing 777X jets, providing a much-needed lift to the program facing ongoing uncertainties over its schedule, expected in 2025 after a five-year delay. "Emirates is considering more orders of the upgraded 777X as well as the Airbus A350 and smaller Boeing 787," Reuters cited a source familiar with the matter. Emirates and its low-cost counterpart flyDubai are expected to make an impact early on in the second-largest aerospace event globally. The aviation giants are gearing up to navigate challenges in the economically critical travel sector amid tensions in the Middle East. An industry insider said that the risks leaned towards further delays as Boeing assessed the impact of tighter certification rules on other projects. Boeing, however, reassured on Friday that there would be no change to the schedule. The looming Emirates deal is crucial not only for Boeing but also for the broader aviation industry. Emirates has been a steadfast user of wide-body jets, including Airbus A380 superjumbos and the current-generation Boeing 777s. The airline's consideration of additional orders for the upgraded 777X and other aircraft models reflects a strategic move to maintain its leading position in the global aviation market. FlyDubai, known for its Boeing 737 MAX narrowbody jets, is also set to make waves at the airshow. The low-cost carrier, competing with the Airbus A320neo, is expected to order more planes in that category this week. While Emirates contemplates orders for the larger aircraft, industry officials estimate that airlines worldwide are in negotiations to purchase around 700-800 new jets, including a significant number of wide-body planes, as they recover from pandemic-induced disruptions. The Dubai Airshow, unfolding against the backdrop of the Israel-Hamas conflict in Gaza, is expected to witness intensified competition among Gulf carriers. Turkish Airlines, making a bold move, is reportedly in talks to purchase up to 355 Airbus jets. The airline's discussions for as many as 600 planes, split between Airbus and Boeing, could reshape the dynamics of the showcase event. Analysts have noted that the conflict in Gaza may impact flight bookings, with a 26 per cent slump in bookings to the Middle East reported since October 7, according to travel analysis firm ForwardKeys. (With inputs from Reuters) WATCH WION LIVE HERE

Emirates signals major aircraft deal at Dubai Airshow amid regional tensions: Report

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