The pace of India's consumer price inflation is anticipated to have eased to a four-month low of 4.80 per cent in October, nearing the Reserve Bank of India's 4 per cent medium-term target, a Reuters poll revealed on Thursday. &nbsp;

The poll, conducted from November 6-9 with 53 economists, suggested a slowdown from the 5.02 per cent rate recorded in September. Volatile food prices, constituting about half of the consumer price index (CPI) basket, are expected to have moderated after a spike in July and August. &nbsp;

However, despite this overall moderation, onion prices, a staple in Indian cooking, continue to rise sharply, adding a layer of complexity to the inflation dynamics.&nbsp;

"I'm expecting a further slide in inflation in October, thanks primarily to a continued moderation in food inflation. Underlying our forecast is a fall in food and beverage inflation to below 6 per cent," Reuters quoted Miguel Chanco, Chief Emerging Asia Economist at Pantheon Macroeconomics as saying. &nbsp;

Chanco further noted, "Beyond October, I wouldn't be surprised if there is some stickiness in the headline rate, particularly if the ongoing increase in onion prices persists. But stickiness is very different from a surge, and I don't expect any breach of the target range in the foreseeable future."&nbsp;

While the slowing pace of price increases may offer some relief to the Reserve Bank of India (RBI), achieving its mandate to anchor inflation to the 4 per cent mid-point target remains a distant prospect. The central bank is anticipated to maintain its key policy rate at 6.50 per cent at least until the end of June 2024, followed by a 25 basis points cut in the subsequent quarter, as indicated by a separate Reuters survey. &nbsp;

The projection suggests that headline inflation may not return to the RBI's mid-point target until at least the second half of 2025.&nbsp;

"Inflation is expected to have a choppy ride in the months ahead... Passage of base effects and a sharper rise in selected vegetable prices are likely to take the headline back above 5 per cent this quarter and keep in that territory into 1Q24," Reuters cited Radhika Rao, a Senior Economist at DBS Bank.&nbsp;

She emphasised the cautious stance of the central bank on the inflation outlook, suggesting a likelihood of an extended pause before considering any change in policy direction.&nbsp;

(With inputs from Reuters)

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The pace of India's consumer price inflation is anticipated to have eased to a four-month low of 4.80 per cent in October, nearing the Reserve Bank of India's 4 per cent medium-term target, a Reuters poll revealed on Thursday.

The pace of India's consumer price inflation is anticipated to have eased to a four-month low of 4.80 per cent in October, nearing the Reserve Bank of India's 4 per cent medium-term target, a Reuters poll revealed on Thursday. The poll, conducted from November 6-9 with 53 economists, suggested a slowdown from the 5.02 per cent rate recorded in September. Volatile food prices, constituting about half of the consumer price index (CPI) basket, are expected to have moderated after a spike in July and August. However, despite this overall moderation, onion prices, a staple in Indian cooking, continue to rise sharply, adding a layer of complexity to the inflation dynamics. "I'm expecting a further slide in inflation in October, thanks primarily to a continued moderation in food inflation. Underlying our forecast is a fall in food and beverage inflation to below 6 per cent," Reuters quoted Miguel Chanco, Chief Emerging Asia Economist at Pantheon Macroeconomics as saying. Chanco further noted, "Beyond October, I wouldn't be surprised if there is some stickiness in the headline rate, particularly if the ongoing increase in onion prices persists. But stickiness is very different from a surge, and I don't expect any breach of the target range in the foreseeable future." While the slowing pace of price increases may offer some relief to the Reserve Bank of India (RBI), achieving its mandate to anchor inflation to the 4 per cent mid-point target remains a distant prospect. The central bank is anticipated to maintain its key policy rate at 6.50 per cent at least until the end of June 2024, followed by a 25 basis points cut in the subsequent quarter, as indicated by a separate Reuters survey. The projection suggests that headline inflation may not return to the RBI's mid-point target until at least the second half of 2025. "Inflation is expected to have a choppy ride in the months ahead... Passage of base effects and a sharper rise in selected vegetable prices are likely to take the headline back above 5 per cent this quarter and keep in that territory into 1Q24," Reuters cited Radhika Rao, a Senior Economist at DBS Bank. She emphasised the cautious stance of the central bank on the inflation outlook, suggesting a likelihood of an extended pause before considering any change in policy direction. (With inputs from Reuters) WATCH WION LIVE HERE

India inflation likely to ease to four-month low in October, says Reuters poll 

Apple encountered a potential setback as an adviser to the European Union's highest court contended that an EU tribunal made a mistake in its ruling, favouring Apple over a 13-billion-euro ($14 billion) tax order, Reuters reported on Thursday. &nbsp;

The tax case, a part of EU antitrust chief Margrethe Vestager's vigorous campaign against perceived unfair state aid between multinationals and EU nations, centres on Apple's alleged benefit from two decades of Irish tax rulings, artificially diminishing its tax obligations. According to the European Commission's 2016 decision, Apple's tax burden plummeted to as low as 0.005 per cent in 2014.&nbsp;

Advocate General Giovanni Pitruzzella at the EU Court of Justice (CJEU) challenges the General Court's 2020 decision that upheld Apple's appeal. Pitruzzella argues that the General Court made legal errors and failed "to assess correctly the substance and consequences of certain methodological errors that, according to the Commission decision, vitiated the tax rulings." &nbsp;

Recommending a reconsideration, he proposes setting aside the General Court ruling and referring the case back for a fresh evaluation. The CJEU is expected to make a final ruling in the upcoming months, following the usual practice of adopting about four in five such recommendations.&nbsp;

Despite both Apple and Dublin appealing the tax order, Apple had to transfer the entire amount to an escrow account in Ireland. The Irish government reiterates its position, stating that it provided no state aid to Apple. &nbsp;

Michael McGrath, an Irish official, maintained that Pitruzzella's opinion doesn't form part of the CJEU judgment but is considered in the final ruling. "It has always been, and remains, Ireland's position that the correct amount of Irish tax was paid, and that Ireland provided no state aid to Apple,” Reuters quoted McGrath as saying.&nbsp;

Reacting to the recent developments, an Apple spokesperson expresses gratitude to the court for its consideration, emphasising the General Court's previous ruling that Apple received "no selective advantage and no state aid." &nbsp;

Margrethe Vestager, recognised for the tax crackdown, has experienced a mixed record in court, achieving victories against companies like Stellantis while facing setbacks in cases involving Amazon and Starbucks. &nbsp;

Vestager is currently engaged in investigations into the tax arrangements of Inter IKEA, Nike, and Huhtamaki. &nbsp;

(With inputs from Reuters)&nbsp;

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Apple encountered a potential setback as an adviser to the European Union's highest court contended that an EU tribunal made a mistake in its ruling, favouring Apple over a 13-billion-euro ($14 billion) tax order, Reuters reported on Thursday.

Apple encountered a potential setback as an adviser to the European Union's highest court contended that an EU tribunal made a mistake in its ruling, favouring Apple over a 13-billion-euro ($14 billion) tax order, Reuters reported on Thursday. The tax case, a part of EU antitrust chief Margrethe Vestager's vigorous campaign against perceived unfair state aid between multinationals and EU nations, centres on Apple's alleged benefit from two decades of Irish tax rulings, artificially diminishing its tax obligations. According to the European Commission's 2016 decision, Apple's tax burden plummeted to as low as 0.005 per cent in 2014. Advocate General Giovanni Pitruzzella at the EU Court of Justice (CJEU) challenges the General Court's 2020 decision that upheld Apple's appeal. Pitruzzella argues that the General Court made legal errors and failed "to assess correctly the substance and consequences of certain methodological errors that, according to the Commission decision, vitiated the tax rulings." Recommending a reconsideration, he proposes setting aside the General Court ruling and referring the case back for a fresh evaluation. The CJEU is expected to make a final ruling in the upcoming months, following the usual practice of adopting about four in five such recommendations. Despite both Apple and Dublin appealing the tax order, Apple had to transfer the entire amount to an escrow account in Ireland. The Irish government reiterates its position, stating that it provided no state aid to Apple. Michael McGrath, an Irish official, maintained that Pitruzzella's opinion doesn't form part of the CJEU judgment but is considered in the final ruling. "It has always been, and remains, Ireland's position that the correct amount of Irish tax was paid, and that Ireland provided no state aid to Apple,” Reuters quoted McGrath as saying. Reacting to the recent developments, an Apple spokesperson expresses gratitude to the court for its consideration, emphasising the General Court's previous ruling that Apple received "no selective advantage and no state aid." Margrethe Vestager, recognised for the tax crackdown, has experienced a mixed record in court, achieving victories against companies like Stellantis while facing setbacks in cases involving Amazon and Starbucks. Vestager is currently engaged in investigations into the tax arrangements of Inter IKEA, Nike, and Huhtamaki. (With inputs from Reuters) WATCH WION LIVE HERE

Apple faces potential hurdle in EU tax battle, court adviser questions $14 bn ruling

SoftBank Group reported a $5.2 billion quarterly loss on Thursday, marking its fourth consecutive quarter in the red. According to Reuters, the Japanese conglomerate, led by founder Masayoshi Son, grappled with the aftermath of the WeWork tragedy, once considered one of its most promising investments. &nbsp;

WeWork, the office-sharing start-up that once boasted a valuation of $47 billion, filed for U.S. bankruptcy protection on Monday, underscoring the challenges inherent in SoftBank's strategy of placing substantial bets on often precarious start-ups.&nbsp;

The financial results revealed a stark contrast from the previous year, with SoftBank reporting a net loss of 789 billion yen ($5.2 billion) for the three months ending in September. This downturn followed a 3.0 trillion profit a year earlier, when the company sold a significant portion of its stake in Chinese e-commerce giant Alibaba. &nbsp;

Notably, SoftBank recorded losses amounting to 234.4 billion yen in the first half of the year, directly linked to its exposure to WeWork's financial troubles.&nbsp;

Reuters cited Chief Financial Officer Yoshimitsu Goto, who expressed regret over WeWork's bankruptcy, labelling it a "great shame" at a briefing. Goto acknowledged the necessity for SoftBank to analyse and learn from the WeWork situation to enhance its future investment decisions. &nbsp;

However, he maintained a degree of optimism, stating that he believed SoftBank had "hit the bottom" and was on a path towards profitability. Goto identified chip designer Arm, which went public during the quarter, as the potential catalyst for SoftBank's recovery, recording a capital surplus of $4.65 billion from the listing's proceeds.&nbsp;

After a defensive posture in recent times, SoftBank signalled a shift back to a more active investing role, particularly focusing on artificial intelligence. Goto outlined the company's intention to engage in more proactive investment activities, indicating a strategic pivot in response to the challenges faced in the wake of WeWork's downfall.&nbsp;

(With inputs from Reuters)&nbsp;

WATCH WION LIVE HERE

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SoftBank Group reported a $5.2 billion quarterly loss on Thursday, marking its fourth consecutive quarter in the red. According to Reuters, the Japanese conglomerate, led by founder Masayoshi Son, grappled with the aftermath of the WeWork tragedy, once considered one of its most promising investments.

SoftBank Group reported a $5.2 billion quarterly loss on Thursday, marking its fourth consecutive quarter in the red. According to Reuters, the Japanese conglomerate, led by founder Masayoshi Son, grappled with the aftermath of the WeWork tragedy, once considered one of its most promising investments. WeWork, the office-sharing start-up that once boasted a valuation of $47 billion, filed for U.S. bankruptcy protection on Monday, underscoring the challenges inherent in SoftBank's strategy of placing substantial bets on often precarious start-ups. The financial results revealed a stark contrast from the previous year, with SoftBank reporting a net loss of 789 billion yen ($5.2 billion) for the three months ending in September. This downturn followed a 3.0 trillion profit a year earlier, when the company sold a significant portion of its stake in Chinese e-commerce giant Alibaba. Notably, SoftBank recorded losses amounting to 234.4 billion yen in the first half of the year, directly linked to its exposure to WeWork's financial troubles. Reuters cited Chief Financial Officer Yoshimitsu Goto, who expressed regret over WeWork's bankruptcy, labelling it a "great shame" at a briefing. Goto acknowledged the necessity for SoftBank to analyse and learn from the WeWork situation to enhance its future investment decisions. However, he maintained a degree of optimism, stating that he believed SoftBank had "hit the bottom" and was on a path towards profitability. Goto identified chip designer Arm, which went public during the quarter, as the potential catalyst for SoftBank's recovery, recording a capital surplus of $4.65 billion from the listing's proceeds. After a defensive posture in recent times, SoftBank signalled a shift back to a more active investing role, particularly focusing on artificial intelligence. Goto outlined the company's intention to engage in more proactive investment activities, indicating a strategic pivot in response to the challenges faced in the wake of WeWork's downfall. (With inputs from Reuters) WATCH WION LIVE HERE

SoftBank faces $5.2 billion quarterly loss amid WeWork woes

Sony Corporation faced a 29 per cent dip in operating profit during the July-September quarter, reporting 263 billion yen ($1.74 billion), Reuters reported on Tuesday.

The downturn was attributed to weaker performances in its image sensor and financial divisions, with the chips division specifically noting a 37 per cent decline in profit due to elevated expenses and decreased sales of image sensors, commonly used in smartphones.&nbsp;

In response, Sony President Hiroki Totoki told Reuters, "The North American market shows a significant year-on-year decline, and at this point, there's no change to our view that a recovery in the market will take place from next fiscal year." &nbsp;

Despite these setbacks, Sony maintained its sales target of 25 million PlayStation 5 (PS5) consoles for the current financial year, expressing confidence in a boost from the upcoming release of a slimmer version of the device. &nbsp;

Totoki admitted, "It's not something we can attain very easily." The conglomerate had sold 4.9 million PS5 units in the second quarter, totalling 8.2 million units for the fiscal year.&nbsp;

In an unexpected development, Jim Ryan, the gaming chief at Sony, announced his departure in March, coinciding with developer Bungie cutting staff amidst widespread industry layoffs. &nbsp;

The release of "Marvel's Spider-Man 2" on October 20 provided some optimism for Sony, with five million units of the game sold by the end of the month. However, rival Nintendo continues to dominate the gaming scene, achieving success despite not pursuing the cutting-edge graphics pursued by Sony and Xbox maker Microsoft.&nbsp;

Despite the challenges in the gaming sector, Sony's movie division unveiled plans to co-finance and distribute a live-action adaptation of Nintendo's iconic "Zelda" franchise. Analysts are speculating on the potential for further collaboration between the two Japanese entertainment giants, citing Sony's strong distribution network and publishing track record as strategic assets for Nintendo.&nbsp;

Sony shares closed down 0.8 per cent on Thursday ahead of the earnings report, marking a 32 per cent increase for the year. The company maintained its full-year operating profit view at 1.17 trillion yen but raised its sales and net income forecasts by 2 per cent each.&nbsp;

(With inputs from Reuters)&nbsp;

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Sony Corporation faced a 29 per cent dip in operating profit during the July-September quarter, reporting 263 billion yen ($1.74 billion), Reuters reported on Tuesday.

Sony Corporation faced a 29 per cent dip in operating profit during the July-September quarter, reporting 263 billion yen ($1.74 billion), Reuters reported on Tuesday. The downturn was attributed to weaker performances in its image sensor and financial divisions, with the chips division specifically noting a 37 per cent decline in profit due to elevated expenses and decreased sales of image sensors, commonly used in smartphones. In response, Sony President Hiroki Totoki told Reuters, "The North American market shows a significant year-on-year decline, and at this point, there's no change to our view that a recovery in the market will take place from next fiscal year." Despite these setbacks, Sony maintained its sales target of 25 million PlayStation 5 (PS5) consoles for the current financial year, expressing confidence in a boost from the upcoming release of a slimmer version of the device. Totoki admitted, "It's not something we can attain very easily." The conglomerate had sold 4.9 million PS5 units in the second quarter, totalling 8.2 million units for the fiscal year. In an unexpected development, Jim Ryan, the gaming chief at Sony, announced his departure in March, coinciding with developer Bungie cutting staff amidst widespread industry layoffs. The release of "Marvel's Spider-Man 2" on October 20 provided some optimism for Sony, with five million units of the game sold by the end of the month. However, rival Nintendo continues to dominate the gaming scene, achieving success despite not pursuing the cutting-edge graphics pursued by Sony and Xbox maker Microsoft. Despite the challenges in the gaming sector, Sony's movie division unveiled plans to co-finance and distribute a live-action adaptation of Nintendo's iconic "Zelda" franchise. Analysts are speculating on the potential for further collaboration between the two Japanese entertainment giants, citing Sony's strong distribution network and publishing track record as strategic assets for Nintendo. Sony shares closed down 0.8 per cent on Thursday ahead of the earnings report, marking a 32 per cent increase for the year. The company maintained its full-year operating profit view at 1.17 trillion yen but raised its sales and net income forecasts by 2 per cent each. (With inputs from Reuters) WATCH WION LIVE HERE

Sony's profits slide 29pc amid chip slump

Indian ed-tech startup, Byju’s, faced a setback as lenders successfully claimed a default on a $1.2 billion loan, enabling them to assume control of a unit of the education-technology giant. &nbsp;

According to a Bloomberg report, the lenders, including Redwood Investments LLC and Silver Point Capital LP, exercised their contractual rights to replace a relative of Byju’s founder, Byju Raveendran, on the board of Byju’s Alpha. Delaware Chancery Court Judge Morgan Zurn ruled in favour of the lenders, rejecting Byju’s complaint that Timothy Pohl, the lenders’ nominee, was improperly authorised to take control. Judge Zurn stated that Pohl's appointment was a consequence of the defaults.&nbsp;

Amid the company's financial distress following the waning of the pandemic-driven surge in online learning, lenders pressed for the repayment of the $1.2 billion loan. Byju’s had been actively managing the loan issue and seeking to sell assets when government investigators conducted searches at the company's offices earlier this year. &nbsp;

The lender dispute also led some investors to devalue their stakes in one of the world's largest ed-tech firms. The lenders clarified that their intention was not to take over the entire ed-tech company but rather to protect their rights through Byju’s Alpha, which served as a holding company, as stated by Brock Czeschin, a lawyer for Red Tree and Silver Lake, in a May court hearing.&nbsp;

The company had previously dismissed the lenders' default claims as baseless. A spokesperson for the lender group expressed satisfaction with the Delaware Chancery Court's acknowledgement of Byju’s repeated loan defaults. The lenders asserted that they reserve all rights available to them.&nbsp;

The loan terms permitted lenders to take control of pledged Byju’s Alpha shares if a default triggered this right, as outlined in Judge Zurn's November 2 ruling. Following a failure to secure the Indian government’s backing as a loan guarantor, lenders filed a notice of default in March. &nbsp;

Timothy Pohl, appointed as the sole director of Byju’s Alpha, assumed the role of CEO after removing all company officers. The legal dispute over the loan was initiated by Glas Trust Co., the trustee for the lenders, which appointed Pohl to oversee Byju’s Alpha on behalf of the creditors.&nbsp;

Byju’s raised concerns about Pohl's compensation, asserting that he, as the former lawyer, was receiving excessive fees. However, Judge Zurn rejected this argument, stating that Pohl's $75,000-per-month pay was authorized by a "status-quo" order entered in the case to safeguard Byju’s Alpha. &nbsp;

(With inputs from Bloomberg)&nbsp;

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Indian ed-tech startup, Byju’s, faced a setback as lenders successfully claimed a default on a $1.2 billion loan, enabling them to assume control of a unit of the education-technology giant.

Indian ed-tech startup, Byju’s, faced a setback as lenders successfully claimed a default on a $1.2 billion loan, enabling them to assume control of a unit of the education-technology giant. According to a Bloomberg report, the lenders, including Redwood Investments LLC and Silver Point Capital LP, exercised their contractual rights to replace a relative of Byju’s founder, Byju Raveendran, on the board of Byju’s Alpha. Delaware Chancery Court Judge Morgan Zurn ruled in favour of the lenders, rejecting Byju’s complaint that Timothy Pohl, the lenders’ nominee, was improperly authorised to take control. Judge Zurn stated that Pohl's appointment was a consequence of the defaults. Amid the company's financial distress following the waning of the pandemic-driven surge in online learning, lenders pressed for the repayment of the $1.2 billion loan. Byju’s had been actively managing the loan issue and seeking to sell assets when government investigators conducted searches at the company's offices earlier this year. The lender dispute also led some investors to devalue their stakes in one of the world's largest ed-tech firms. The lenders clarified that their intention was not to take over the entire ed-tech company but rather to protect their rights through Byju’s Alpha, which served as a holding company, as stated by Brock Czeschin, a lawyer for Red Tree and Silver Lake, in a May court hearing. The company had previously dismissed the lenders' default claims as baseless. A spokesperson for the lender group expressed satisfaction with the Delaware Chancery Court's acknowledgement of Byju’s repeated loan defaults. The lenders asserted that they reserve all rights available to them. The loan terms permitted lenders to take control of pledged Byju’s Alpha shares if a default triggered this right, as outlined in Judge Zurn's November 2 ruling. Following a failure to secure the Indian government’s backing as a loan guarantor, lenders filed a notice of default in March. Timothy Pohl, appointed as the sole director of Byju’s Alpha, assumed the role of CEO after removing all company officers. The legal dispute over the loan was initiated by Glas Trust Co., the trustee for the lenders, which appointed Pohl to oversee Byju’s Alpha on behalf of the creditors. Byju’s raised concerns about Pohl's compensation, asserting that he, as the former lawyer, was receiving excessive fees. However, Judge Zurn rejected this argument, stating that Pohl's $75,000-per-month pay was authorized by a "status-quo" order entered in the case to safeguard Byju’s Alpha. (With inputs from Bloomberg) WATCH WION LIVE HERE

Byju’s lenders prevail in legal battle over loan default, assert control of unit 

InterGlobe Enterprises, which runs&nbsp;India's leading airline, IndiGo, and US-based Archer Aviation, have announced plans to introduce an all-electric air taxi service in India by 2026, Reuters reported.&nbsp;

The partnership, contingent on regulatory approvals, aims to address the escalating need for efficient transport solutions in India, a country grappling with severe ground travel congestion and urban pollution. Archer Aviation, endorsed by industry giants like Boeing and United Airlines, specialises in electric vertical take-off and landing aircraft, considered the future of urban air mobility.&nbsp;

The proposed 'Midnight' e-aircraft, capable of carrying four passengers and a pilot for up to 100 miles, is slated to begin services in Delhi, Mumbai, and Bengaluru. The companies emphasise that the electric air taxi service will be "cost-competitive" with on-road services. A trip that typically takes 60 to 90 minutes by car in Delhi is estimated to take approximately 7 minutes in an air taxi.&nbsp;

InterGlobe Enterprises, holding a nearly 38 per cent stake in IndiGo-parent InterGlobe Aviation, envisions using the e-aircraft for various purposes beyond passenger transport. Plans include deploying them for cargo, logistics, medical, emergency, and charter services, broadening the scope of their impact on India's transportation landscape.&nbsp;

Archer Aviation recently secured a $142 million deal from the US Air Force in July to supply six Midnight aircraft. In October, the company announced plans to launch an air taxi service in the UAE. Archer Aviation's shares reflected optimism, with a 1.5 per cent increase in U.S. premarket trading on Thursday. &nbsp;

Meanwhile, InterGlobe Aviation experienced a 0.12 per cent increase in its shares ahead of the groundbreaking announcement. As the collaboration progresses, regulatory clearances will play a pivotal role in shaping the future of electric air taxis in India, offering a potential solution to the country's pressing urban mobility challenges.&nbsp;

(With inputs from Reuters)&nbsp;

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InterGlobe Enterprises, which runs India's leading airline, IndiGo, and US-based Archer Aviation, have announced plans to introduce an all-electric air taxi service in India by 2026, Reuters reported.

InterGlobe Enterprises, which runs India's leading airline, IndiGo, and US-based Archer Aviation, have announced plans to introduce an all-electric air taxi service in India by 2026, Reuters reported. The partnership, contingent on regulatory approvals, aims to address the escalating need for efficient transport solutions in India, a country grappling with severe ground travel congestion and urban pollution. Archer Aviation, endorsed by industry giants like Boeing and United Airlines, specialises in electric vertical take-off and landing aircraft, considered the future of urban air mobility. The proposed 'Midnight' e-aircraft, capable of carrying four passengers and a pilot for up to 100 miles, is slated to begin services in Delhi, Mumbai, and Bengaluru. The companies emphasise that the electric air taxi service will be "cost-competitive" with on-road services. A trip that typically takes 60 to 90 minutes by car in Delhi is estimated to take approximately 7 minutes in an air taxi. InterGlobe Enterprises, holding a nearly 38 per cent stake in IndiGo-parent InterGlobe Aviation, envisions using the e-aircraft for various purposes beyond passenger transport. Plans include deploying them for cargo, logistics, medical, emergency, and charter services, broadening the scope of their impact on India's transportation landscape. Archer Aviation recently secured a $142 million deal from the US Air Force in July to supply six Midnight aircraft. In October, the company announced plans to launch an air taxi service in the UAE. Archer Aviation's shares reflected optimism, with a 1.5 per cent increase in U.S. premarket trading on Thursday. Meanwhile, InterGlobe Aviation experienced a 0.12 per cent increase in its shares ahead of the groundbreaking announcement. As the collaboration progresses, regulatory clearances will play a pivotal role in shaping the future of electric air taxis in India, offering a potential solution to the country's pressing urban mobility challenges. (With inputs from Reuters) WATCH WION LIVE HERE

InterGlobe and Archer to launch electric air taxis in India by 2026 

WeWork, the SoftBank Group-backed office-sharing start-up that was formerly deemed the most valuable start-up in the United States, filed for bankruptcy protection on November 6.&nbsp;

How did a company, that had once commanded a $47 billion valuation, end up grappling with a debt pile and soaring losses?&nbsp;

Let’s find out.&nbsp;

The beginnings &nbsp;

It was during the early 2010s that WeWork emerged as a groundbreaking force in the office space sector, founded by Adam Neumann and his wife Miguel McKelvey. Their approach aimed at providing shared workspaces that was tailored for the evolving needs of freelancers, start-ups, and businesses seeking flexible office solutions. &nbsp;

The business model, built on long-term leases, property renovation, and short-term client leasing, found fertile ground in an era of low-interest rates. WeWork's valuation witnessed an exponential surge from $1 billion in 2014 to$47 billion in 2019, driven by strategic investments, particularly from SoftBank Group.&nbsp;

The meteoric rise&nbsp;

WeWork's meteoric ascent was characterised by a disruptive model—long-term leases on expansive properties, transformed and sublet for short-term clients. The pivotal SoftBank investment in 2017 not only propelled WeWork to unicorn status but set the stage for an eagerly anticipated IPO. &nbsp;

However, the watershed year of 2019 brought unprecedented scrutiny. Concerns surrounding Adam Neumann's leadership style, extravagant spending, and conflicts of interest led to his resignation. The COVID-19 pandemic in 2020 proved to be crucible, testing WeWork's shared-space paradigm and prompting adaptations to a rapidly changing work landscape.&nbsp;

The tipping point&nbsp;

In an ambitious bid to regain investor trust, WeWork executed a SPAC (Special Purpose Acquisition Companies) merger in 2021, strategically focusing on key markets and larger corporate clients. However, the market cap, once soaring at $9 billion, plummeted to under half a billion dollars. &nbsp;

Simultaneously, the disclosure of $11.4 billion in net losses from 2020 to June 30, 2023, painted a stark financial picture. Criticism of WeWork's business practices intensified, with accusations of "renting long and subleasing short," exposing the company to significant risks. The post-pandemic landscape brought about challenges ranging from excess supply and softer demand to heightened competition and macroeconomic volatility.&nbsp;

The bankruptcy bombshell&nbsp;

By November 1, 2023, WeWork faced the stark reality of Chapter 11 bankruptcy, as it laid bare in its comprehensive bankruptcy documents. The downfall of WeWork, encompassing missteps in governance, financial management, and susceptibility to the evolving dynamics of the commercial real estate industry, stands as a cautionary tale for the start-up sector.&nbsp;

WATCH WION LIVE HERE

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WeWork, the SoftBank Group-backed office-sharing start-up that was formerly deemed the most valuable start-up in the United States, filed for bankruptcy protection on November 6.

WeWork, the SoftBank Group-backed office-sharing start-up that was formerly deemed the most valuable start-up in the United States, filed for bankruptcy protection on November 6. How did a company, that had once commanded a $47 billion valuation, end up grappling with a debt pile and soaring losses? Let’s find out. The beginnings It was during the early 2010s that WeWork emerged as a groundbreaking force in the office space sector, founded by Adam Neumann and his wife Miguel McKelvey. Their approach aimed at providing shared workspaces that was tailored for the evolving needs of freelancers, start-ups, and businesses seeking flexible office solutions. The business model, built on long-term leases, property renovation, and short-term client leasing, found fertile ground in an era of low-interest rates. WeWork's valuation witnessed an exponential surge from $1 billion in 2014 to$47 billion in 2019, driven by strategic investments, particularly from SoftBank Group. The meteoric rise WeWork's meteoric ascent was characterised by a disruptive model—long-term leases on expansive properties, transformed and sublet for short-term clients. The pivotal SoftBank investment in 2017 not only propelled WeWork to unicorn status but set the stage for an eagerly anticipated IPO. However, the watershed year of 2019 brought unprecedented scrutiny. Concerns surrounding Adam Neumann's leadership style, extravagant spending, and conflicts of interest led to his resignation. The COVID-19 pandemic in 2020 proved to be crucible, testing WeWork's shared-space paradigm and prompting adaptations to a rapidly changing work landscape. The tipping point In an ambitious bid to regain investor trust, WeWork executed a SPAC (Special Purpose Acquisition Companies) merger in 2021, strategically focusing on key markets and larger corporate clients. However, the market cap, once soaring at $9 billion, plummeted to under half a billion dollars. Simultaneously, the disclosure of $11.4 billion in net losses from 2020 to June 30, 2023, painted a stark financial picture. Criticism of WeWork's business practices intensified, with accusations of "renting long and subleasing short," exposing the company to significant risks. The post-pandemic landscape brought about challenges ranging from excess supply and softer demand to heightened competition and macroeconomic volatility. The bankruptcy bombshell By November 1, 2023, WeWork faced the stark reality of Chapter 11 bankruptcy, as it laid bare in its comprehensive bankruptcy documents. The downfall of WeWork, encompassing missteps in governance, financial management, and susceptibility to the evolving dynamics of the commercial real estate industry, stands as a cautionary tale for the start-up sector. WATCH WION LIVE HERE

Flashback Friday: WeWork unravelled – From billion-dollar valuation to bankruptcy 

LockBit, a notorious ransomware gang, known for a series of high-profile cyberattacks, has sent shockwaves through the financial world with its recent breach of Industrial &amp; Commercial Bank of China Ltd. (ICBC), Bloomberg reported on Friday.&nbsp;

This disclosure by the world's largest lender by total assets has disrupted Treasury market trades, leading to the rerouting of transactions by brokers and traders. The incident has raised concerns globally, prompting cybersecurity experts to emphasise the urgency for banks to enhance their defence mechanisms.&nbsp;

LockBit has emerged as one of the most prolific ransomware gangs in recent years, conducting cyberattacks globally. The group's activities have been ongoing since at least the beginning of 2020, targeting up to 1,000 victims and extorting over $100 million in ransom demands, according to the US Justice Department. &nbsp;

LockBit operates as a "ransomware as a service" enterprise, where core hackers develop malware, and freelance cybercriminals sign up with LockBit to execute the attacks. The gang receives a commission, typically around 20 per cent of any ransom paid, showcasing a business-like approach to its illicit activities.&nbsp;

The devastating impact of LockBit's attacks extends beyond ICBC, affecting entities across Europe, the US, China, India, Indonesia, and Ukraine, as highlighted by cybersecurity firm Kaspersky. The gang's modus operandi involves using ransomware to infiltrate systems, holding them hostage and demanding payment for their release. Threats to leak compromised data often add pressure on victims to comply with the ransom demands.&nbsp;

Researchers studying LockBit's tactics note that the group regularly updates its malicious software to evade detection by cybersecurity products. LockBit's flexibility is evident in its experimentation with self-spreading malware, such as the LockBit Black strain, making infiltration easier for hackers without extensive technical expertise. The group's geographical base and the number of individuals involved remain unknown, but LockBit has asserted on its website that it refrains from attacking post-Soviet Union countries.&nbsp;

Since the Chinese government has previously prohibited cryptocurrency trading, criminal groups tend to avoid targeting the region as cryptocurrency is the most favoured payment method for hackers. The historical alignment of China with Russia has also made it a less attractive target for those with Russian affiliations. However, LockBit’s recent attack on ICBC challenges this notion.

Cybersecurity experts speculate that if targeting proves to be a mistake, LockBit might assist in the recovery by offering free decryption, a gesture they have made in previous incidents involving incorrect victims.

(With inputs from Bloomberg)&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

LockBit, a notorious ransomware gang, known for a series of high-profile cyberattacks, has sent shockwaves through the financial world with its recent breach of Industrial & Commercial Bank of China Ltd.

LockBit, a notorious ransomware gang, known for a series of high-profile cyberattacks, has sent shockwaves through the financial world with its recent breach of Industrial & Commercial Bank of China Ltd. (ICBC), Bloomberg reported on Friday. This disclosure by the world's largest lender by total assets has disrupted Treasury market trades, leading to the rerouting of transactions by brokers and traders. The incident has raised concerns globally, prompting cybersecurity experts to emphasise the urgency for banks to enhance their defence mechanisms. LockBit has emerged as one of the most prolific ransomware gangs in recent years, conducting cyberattacks globally. The group's activities have been ongoing since at least the beginning of 2020, targeting up to 1,000 victims and extorting over $100 million in ransom demands, according to the US Justice Department. LockBit operates as a "ransomware as a service" enterprise, where core hackers develop malware, and freelance cybercriminals sign up with LockBit to execute the attacks. The gang receives a commission, typically around 20 per cent of any ransom paid, showcasing a business-like approach to its illicit activities. The devastating impact of LockBit's attacks extends beyond ICBC, affecting entities across Europe, the US, China, India, Indonesia, and Ukraine, as highlighted by cybersecurity firm Kaspersky. The gang's modus operandi involves using ransomware to infiltrate systems, holding them hostage and demanding payment for their release. Threats to leak compromised data often add pressure on victims to comply with the ransom demands. Researchers studying LockBit's tactics note that the group regularly updates its malicious software to evade detection by cybersecurity products. LockBit's flexibility is evident in its experimentation with self-spreading malware, such as the LockBit Black strain, making infiltration easier for hackers without extensive technical expertise. The group's geographical base and the number of individuals involved remain unknown, but LockBit has asserted on its website that it refrains from attacking post-Soviet Union countries. Since the Chinese government has previously prohibited cryptocurrency trading, criminal groups tend to avoid targeting the region as cryptocurrency is the most favoured payment method for hackers. The historical alignment of China with Russia has also made it a less attractive target for those with Russian affiliations. However, LockBit’s recent attack on ICBC challenges this notion. Cybersecurity experts speculate that if targeting proves to be a mistake, LockBit might assist in the recovery by offering free decryption, a gesture they have made in previous incidents involving incorrect victims. (With inputs from Bloomberg) WATCH WION LIVE HERE

LockBit ransomware gang strikes ICBC, sends shockwaves through financial markets

Amazon.com has initiated job cuts within its Music division, marking the latest in a series of layoffs affecting over 27,000 employees within the retail giant over the past year.&nbsp;

According to Reuters, the job cuts, which have impacted employees in Latin America, North America, and Europe, were confirmed by an Amazon spokesperson who declined to specify the exact number of employees affected. &nbsp;

The spokesperson emphasised the company's commitment to monitoring organisational needs and prioritising customer-centric goals while assuring continued investment in Amazon Music. The layoffs in the Music division follow recent job cuts in Amazon's Studios, Video, and Music communication staff, highlighting broader adjustments within the company.&nbsp;

Despite the ongoing workforce adjustments, Amazon reported strong third-quarter net income, surpassing analyst estimates and projecting revenue for the crucial fourth quarter in line with expectations. The fourth quarter holds particular significance for Amazon, encompassing the holiday shopping season.&nbsp;

While no mass layoff filings have been made in major employee centres like Washington State, California, or New York, the strategic trimming of roles suggests a focus on efficiency and streamlining operations.&nbsp;

Amazon Music, a player in the competitive music streaming arena alongside Spotify, Pandora, Google, and Apple, had&nbsp;raised its monthly subscription price earlier this year. The service encompasses not only music streaming but also podcasts, adding to its competitive edge in the market. &nbsp;

The ongoing job cuts within the Music division align with Amazon's broader strategy to optimise resources and refine its portfolio in response to evolving market conditions.&nbsp;

(With inputs from Reuters)&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Amazon.com has initiated job cuts within its Music division, marking the latest in a series of layoffs affecting over 27,000 employees within the retail giant over the past year.

Amazon.com has initiated job cuts within its Music division, marking the latest in a series of layoffs affecting over 27,000 employees within the retail giant over the past year. According to Reuters, the job cuts, which have impacted employees in Latin America, North America, and Europe, were confirmed by an Amazon spokesperson who declined to specify the exact number of employees affected. The spokesperson emphasised the company's commitment to monitoring organisational needs and prioritising customer-centric goals while assuring continued investment in Amazon Music. The layoffs in the Music division follow recent job cuts in Amazon's Studios, Video, and Music communication staff, highlighting broader adjustments within the company. Despite the ongoing workforce adjustments, Amazon reported strong third-quarter net income, surpassing analyst estimates and projecting revenue for the crucial fourth quarter in line with expectations. The fourth quarter holds particular significance for Amazon, encompassing the holiday shopping season. While no mass layoff filings have been made in major employee centres like Washington State, California, or New York, the strategic trimming of roles suggests a focus on efficiency and streamlining operations. Amazon Music, a player in the competitive music streaming arena alongside Spotify, Pandora, Google, and Apple, had raised its monthly subscription price earlier this year. The service encompasses not only music streaming but also podcasts, adding to its competitive edge in the market. The ongoing job cuts within the Music division align with Amazon's broader strategy to optimise resources and refine its portfolio in response to evolving market conditions. (With inputs from Reuters) WATCH WION LIVE HERE

Amazon music division faces job cuts. Here are the details

Beyond gaming, Nintendo announced on Wednesday its ambitious plan to develop a live-action film based on the iconic "The Legend of Zelda" franchise. Riding high on the success of its animated "Super Mario Bros" movie earlier this year, the Kyoto-based company aims to capitalise on the growing box-office appeal of video game adaptations. &nbsp;

According to a Reuters report, the company's shares surged by 6 per cent, a testament to investor confidence, following the report of strong Switch console sales and incremental hardware updates in the first half of the financial year.

The production is a collaboration between Nintendo, "Super Mario" creator Shigeru Miyamoto, and veteran movie producer Avi Arad, known for his work on hits like "Spider-Man: Into the Spider-Verse". &nbsp;

While the project has been in the works for years, Nintendo acknowledges that bringing the expansive world of "Zelda" to life will take time. Interestingly, the film will be co-financed by Nintendo and Sony, reflecting a partnership between two gaming giants. &nbsp;

Wes Ball, director of the upcoming "Kingdom of the Planet of the Apes", is set to helm the "Zelda" movie, adding to the anticipation surrounding this major cinematic endeavour.

Despite gaming remaining the linchpin of Nintendo's profits, the company is diversifying its revenue streams, with sales in mobile and intellectual property-related businesses more than doubling to 55 billion yen in the first half of the current financial year. &nbsp;

The development of the "Zelda" movie aligns with a global trend of heightened interest in adaptations of Japanese franchises, exemplified by Netflix's recent launch of the long-running pirate manga series "One Piece". &nbsp;

(With inputs from Reuters)

Beyond gaming, Nintendo announced on Wednesday its ambitious plan to develop a live-action film based on the iconic "The Legend of Zelda" franchise. Riding high on the success of its animated "Super Mario Bros" movie earlier this year, the Kyoto-based company aims to capitalise on the growing box-office appeal of video game adaptations.

Beyond gaming, Nintendo announced on Wednesday its ambitious plan to develop a live-action film based on the iconic "The Legend of Zelda" franchise. Riding high on the success of its animated "Super Mario Bros" movie earlier this year, the Kyoto-based company aims to capitalise on the growing box-office appeal of video game adaptations. According to a Reuters report, the company's shares surged by 6 per cent, a testament to investor confidence, following the report of strong Switch console sales and incremental hardware updates in the first half of the financial year. The production is a collaboration between Nintendo, "Super Mario" creator Shigeru Miyamoto, and veteran movie producer Avi Arad, known for his work on hits like "Spider-Man: Into the Spider-Verse". While the project has been in the works for years, Nintendo acknowledges that bringing the expansive world of "Zelda" to life will take time. Interestingly, the film will be co-financed by Nintendo and Sony, reflecting a partnership between two gaming giants. Wes Ball, director of the upcoming "Kingdom of the Planet of the Apes", is set to helm the "Zelda" movie, adding to the anticipation surrounding this major cinematic endeavour. Despite gaming remaining the linchpin of Nintendo's profits, the company is diversifying its revenue streams, with sales in mobile and intellectual property-related businesses more than doubling to 55 billion yen in the first half of the current financial year. The development of the "Zelda" movie aligns with a global trend of heightened interest in adaptations of Japanese franchises, exemplified by Netflix's recent launch of the long-running pirate manga series "One Piece". (With inputs from Reuters)

Nintendo dives into cinematic realm with 'The Legend of Zelda'

China has once again slipped into deflation in October, drawing attention to the challenges the country faces in stabilising growth through domestic demand. According to a report by Bloomberg, The National Bureau of Statistics reported a 0.2 per cent decline in consumer prices last month, contrary to expectations, following two months of near-zero inflation. &nbsp;

Producer prices also extended their decline for the 13th consecutive month, dropping 2.6 per cent, slightly better than the estimated 2.7 per cent decline. The struggle to spur growth through internal consumption is evident, and the recent data challenges the earlier optimism expressed by the People's Bank of China about a rebound in prices after a challenging summer.&nbsp;

China's inflationary woes in 2023 are rooted in both domestic and international factors. A housing slump, weakened consumer confidence, and a significant drop in global commodity prices from the highs of the previous year contribute to the nation's low inflation rate.&nbsp;

Additionally, the subdued demand for Chinese goods on the international stage has led to declining exports. The delicate balance required for a strong economic recovery continues to elude China, posing challenges for policymakers grappling with the complexities of both local and global economic dynamics. &nbsp;

The ongoing struggles in China's consumer price index are particularly pronounced, with deflationary pressures surfacing in July and persisting throughout the year. &nbsp;

While The People's Bank of China had expressed confidence in a rebound, the latest data suggests a more challenging reality. Moreover, the offshore yuan and Chinese 10-year government bond yields remained relatively stable immediately after the release of the deflationary figures.&nbsp;

However, the broader implications of this economic scenario raise concerns about the effectiveness of policy measures in fostering a sustained recovery. &nbsp;

(With inputs from Bloomberg)&nbsp;

WATCH WION LIVE HERE

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China has once again slipped into deflation in October, drawing attention to the challenges the country faces in stabilising growth through domestic demand. According to a report by Bloomberg, The National Bureau of Statistics reported a 0.

China has once again slipped into deflation in October, drawing attention to the challenges the country faces in stabilising growth through domestic demand. According to a report by Bloomberg, The National Bureau of Statistics reported a 0.2 per cent decline in consumer prices last month, contrary to expectations, following two months of near-zero inflation. Producer prices also extended their decline for the 13th consecutive month, dropping 2.6 per cent, slightly better than the estimated 2.7 per cent decline. The struggle to spur growth through internal consumption is evident, and the recent data challenges the earlier optimism expressed by the People's Bank of China about a rebound in prices after a challenging summer. China's inflationary woes in 2023 are rooted in both domestic and international factors. A housing slump, weakened consumer confidence, and a significant drop in global commodity prices from the highs of the previous year contribute to the nation's low inflation rate. Additionally, the subdued demand for Chinese goods on the international stage has led to declining exports. The delicate balance required for a strong economic recovery continues to elude China, posing challenges for policymakers grappling with the complexities of both local and global economic dynamics. The ongoing struggles in China's consumer price index are particularly pronounced, with deflationary pressures surfacing in July and persisting throughout the year. While The People's Bank of China had expressed confidence in a rebound, the latest data suggests a more challenging reality. Moreover, the offshore yuan and Chinese 10-year government bond yields remained relatively stable immediately after the release of the deflationary figures. However, the broader implications of this economic scenario raise concerns about the effectiveness of policy measures in fostering a sustained recovery. (With inputs from Bloomberg) WATCH WION LIVE HERE

China slips into deflation as economic headwinds persist 

German industrial production took a steeper plunge than anticipated in September, according to data released on Tuesday. According to Reuters, the federal statistics office reported a 1.4 per cent decline in production compared to the previous month, defying the predictions of analysts who had expected a mere 0.1 per cent downturn. &nbsp;

The industry-heavy German economy, heavily reliant on production for economic growth, is grappling with the repercussions of a recent decline in incoming orders.&nbsp;

The third quarter of 2023 saw a 2.1 per cent reduction in production when compared to the second quarter, indicating a more sustained period of decline, as highlighted by the statistics office. &nbsp;

Even after a revision of the provisional results, the dip in August was less severe than initially estimated, standing at 0.1 per cent instead of the initially reported 0.2 per cent.&nbsp;

Thomas Gitzel, Chief Economist at VP Bank, emphasised the critical role of industrial production in gauging the health of the German economy. "The industry-heavy German economy is dependent on production in order to achieve reasonable economic growth rates," Reuters quoted him as saying, drawing attention to the overall weakness in industrial production throughout the year.&nbsp;

Carsten Brzeski, Global Head of Macro at ING, expressed concern over the broader implications of the disappointing industrial production data. He suggested that not only could the third-quarter GDP growth be revised downward, but the nation might find itself in a technical recession by the year's end. &nbsp;

According to Reuters, Brzeski noted, "Even though there isn’t any hard data for the fourth quarter yet, recent developments have clearly increased the risk that the German economy will end the year in recession."&nbsp;

(With inputs from Reuters)&nbsp;

WATCH WION LIVE HERE

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German industrial production took a steeper plunge than anticipated in September, according to data released on Tuesday. According to Reuters, the federal statistics office reported a 1.

German industrial production took a steeper plunge than anticipated in September, according to data released on Tuesday. According to Reuters, the federal statistics office reported a 1.4 per cent decline in production compared to the previous month, defying the predictions of analysts who had expected a mere 0.1 per cent downturn. The industry-heavy German economy, heavily reliant on production for economic growth, is grappling with the repercussions of a recent decline in incoming orders. The third quarter of 2023 saw a 2.1 per cent reduction in production when compared to the second quarter, indicating a more sustained period of decline, as highlighted by the statistics office. Even after a revision of the provisional results, the dip in August was less severe than initially estimated, standing at 0.1 per cent instead of the initially reported 0.2 per cent. Thomas Gitzel, Chief Economist at VP Bank, emphasised the critical role of industrial production in gauging the health of the German economy. "The industry-heavy German economy is dependent on production in order to achieve reasonable economic growth rates," Reuters quoted him as saying, drawing attention to the overall weakness in industrial production throughout the year. Carsten Brzeski, Global Head of Macro at ING, expressed concern over the broader implications of the disappointing industrial production data. He suggested that not only could the third-quarter GDP growth be revised downward, but the nation might find itself in a technical recession by the year's end. According to Reuters, Brzeski noted, "Even though there isn’t any hard data for the fourth quarter yet, recent developments have clearly increased the risk that the German economy will end the year in recession." (With inputs from Reuters) WATCH WION LIVE HERE

German industrial production plummets beyond forecasts, signalling economic headwinds ahead 

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