In a landmark development, Swedish defence giant Saab has achieved a significant milestone by becoming the first foreign company to secure 100 per cent&nbsp;Foreign Direct Investment (FDI) approval for a defence project in India. According to The Economic Times, Saab has been given the green light to establish a new manufacturing facility in India, which will focus on producing shoulder-fired rockets.

This approval comes at a time when India has been gradually opening up its defence sector to foreign investment.&nbsp;

India allows only up to 74 per cent&nbsp;FDI in the defence sector under the automatic route, with additional clearance available on a case-by-case basis.&nbsp;

The investment rules were relaxed in 2015, but no foreign company could secure permission for 100 per cent&nbsp;FDI in the defence sector until now.

As part of this strategic move, Saab has established a subsidiary, Saab FFV India, which will be responsible for manufacturing the latest generation of the Carl-Gustaf M4 system.&nbsp;

This marks the first time Saab will manufacture the Carl-Gustaf M4 system outside of Sweden. The new facility is expected to be in Haryana, India.

The Carl-Gustaf M4 system, known for its versatility and effectiveness, is a shoulder-fired rocket launcher extensively used by the Indian armed forces. It is also employed by countries such as the United States and various European nations to neutralize fortified enemy positions, armoured vehicles, and personnel.

The significance of this development extends beyond just foreign investment. It showcases India's growing ambition to access modern defence technology through foreign collaborations, ultimately enhancing its defence capabilities.

In a statement, Mats Palmberg, Chairman, and Managing Director of Saab India, expressed his pride, saying, "We are proud to be the first global defense company to be approved by the Indian government for 100 per cent&nbsp;foreign direct investment for our new Carl-Gustaf manufacturing facility in India. This is another step in Saab's commitment to 'Make in India,' and we look forward to continuing our collaboration with our Indian partners and supporting the Indian armed forces with the production of Carl-Gustaf in India."

The move also signals a shift in India's defence industry's attraction to foreign investment.&nbsp;

In the April-September period of the fiscal year 2023, India received a foreign direct investment worth $3.21 million in defence industries. This is a notable increase compared to $2.36 million in 2021-22, indicating that India's defence sector is increasingly seen as a promising destination for foreign investors.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

In a landmark development, Swedish defence giant Saab has achieved a significant milestone by becoming the first foreign company to secure 100 per cent Foreign Direct Investment (FDI) approval for a defence project in India.

In a landmark development, Swedish defence giant Saab has achieved a significant milestone by becoming the first foreign company to secure 100 per cent Foreign Direct Investment (FDI) approval for a defence project in India. According to The Economic Times, Saab has been given the green light to establish a new manufacturing facility in India, which will focus on producing shoulder-fired rockets. This approval comes at a time when India has been gradually opening up its defence sector to foreign investment. India allows only up to 74 per cent FDI in the defence sector under the automatic route, with additional clearance available on a case-by-case basis. The investment rules were relaxed in 2015, but no foreign company could secure permission for 100 per cent FDI in the defence sector until now. As part of this strategic move, Saab has established a subsidiary, Saab FFV India, which will be responsible for manufacturing the latest generation of the Carl-Gustaf M4 system. This marks the first time Saab will manufacture the Carl-Gustaf M4 system outside of Sweden. The new facility is expected to be in Haryana, India. The Carl-Gustaf M4 system, known for its versatility and effectiveness, is a shoulder-fired rocket launcher extensively used by the Indian armed forces. It is also employed by countries such as the United States and various European nations to neutralize fortified enemy positions, armoured vehicles, and personnel. The significance of this development extends beyond just foreign investment. It showcases India's growing ambition to access modern defence technology through foreign collaborations, ultimately enhancing its defence capabilities. In a statement, Mats Palmberg, Chairman, and Managing Director of Saab India, expressed his pride, saying, "We are proud to be the first global defense company to be approved by the Indian government for 100 per cent foreign direct investment for our new Carl-Gustaf manufacturing facility in India. This is another step in Saab's commitment to 'Make in India,' and we look forward to continuing our collaboration with our Indian partners and supporting the Indian armed forces with the production of Carl-Gustaf in India." The move also signals a shift in India's defence industry's attraction to foreign investment. In the April-September period of the fiscal year 2023, India received a foreign direct investment worth $3.21 million in defence industries. This is a notable increase compared to $2.36 million in 2021-22, indicating that India's defence sector is increasingly seen as a promising destination for foreign investors. WATCH WION LIVE HERE

Saab's becomes first foreign defence company to get Indian govt nod for 100pc FDI

An Italian judge has issued an order to seize $835.5 million from the short-term rental giant Airbnb on the grounds of alleged tax evasion. This move comes as prosecutors claim that Airbnb failed to collect a 21 per cent&nbsp;tax on roughly €3.7 billion of rental income, which landlords in Italy are obligated to pay.

Airbnb expressed its surprise and disappointment regarding the Italian public prosecutor's actions. BBC quoted Christopher Nutly, an Airbnb spokesperson, who highlighted that the company's European headquarters have been actively engaged with the Italian tax agency to resolve the matter since June. Nutly also stated, 'We are confident that we have acted in full compliance with the law and intend to exercise our rights with respect to this issue.'

In addition to Airbnb as a corporate entity, three individuals who held managerial positions at Airbnb from 2017 to 2021 are under investigation, as revealed by Milan Tribunal prosecutors.

Notably, in 2022, Airbnb challenged an Italian law that required the company and other short-term rental providers to withhold 21% of rental income from landlords and remit it to tax authorities. Airbnb argued that these requirements violated the European Union's principle of freedom to provide services across its 27 member countries. However, the EU's highest court ultimately ruled in favor of Italy's taxation requirements.

In recent years, Italian authorities have intensified their scrutiny of the tax practices of major companies operating within the country, including Airbnb. Netflix and Meta have also faced tax-related inquiries, according to media reports.

Highlighting their commitment to addressing this issue, Italian politicians have announced plans to crack down on landlords who do not pay taxes on short-term rentals facilitated by platforms like Airbnb. The co-ruling Forza Italia party is spearheading efforts to introduce a national identification code for short-term rentals, which, they estimate, could potentially boost Italy's fiscal revenue by €1 billion.

Bottomline

The Italian legal system's decision to seize $835.5 million from Airbnb raises concerns about the company's tax practices in the country. Airbnb, which has been operating in Italy since 2008, disputes the allegations and insists it has been working diligently to comply with Italian tax laws. The broader implications of this case extend to other major tech companies, as Italian authorities are also investigating Netflix and Meta for similar tax-related issues.

Furthermore, Italian politicians are taking a proactive stance by planning to implement a national identification code for short-term rentals. This move is seen as a potential solution to address tax evasion by landlords and increase the country's fiscal revenue significantly. The outcome of this case will likely set a precedent for how tech companies navigate taxation regulations across the European Union.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

An Italian judge has issued an order to seize $835.5 million from the short-term rental giant Airbnb on the grounds of alleged tax evasion. This move comes as prosecutors claim that Airbnb failed to collect a 21 per cent tax on roughly €3.

An Italian judge has issued an order to seize $835.5 million from the short-term rental giant Airbnb on the grounds of alleged tax evasion. This move comes as prosecutors claim that Airbnb failed to collect a 21 per cent tax on roughly €3.7 billion of rental income, which landlords in Italy are obligated to pay. Airbnb expressed its surprise and disappointment regarding the Italian public prosecutor's actions. BBC quoted Christopher Nutly, an Airbnb spokesperson, who highlighted that the company's European headquarters have been actively engaged with the Italian tax agency to resolve the matter since June. Nutly also stated, 'We are confident that we have acted in full compliance with the law and intend to exercise our rights with respect to this issue.' In addition to Airbnb as a corporate entity, three individuals who held managerial positions at Airbnb from 2017 to 2021 are under investigation, as revealed by Milan Tribunal prosecutors. Notably, in 2022, Airbnb challenged an Italian law that required the company and other short-term rental providers to withhold 21% of rental income from landlords and remit it to tax authorities. Airbnb argued that these requirements violated the European Union's principle of freedom to provide services across its 27 member countries. However, the EU's highest court ultimately ruled in favor of Italy's taxation requirements. In recent years, Italian authorities have intensified their scrutiny of the tax practices of major companies operating within the country, including Airbnb. Netflix and Meta have also faced tax-related inquiries, according to media reports. Highlighting their commitment to addressing this issue, Italian politicians have announced plans to crack down on landlords who do not pay taxes on short-term rentals facilitated by platforms like Airbnb. The co-ruling Forza Italia party is spearheading efforts to introduce a national identification code for short-term rentals, which, they estimate, could potentially boost Italy's fiscal revenue by €1 billion. Bottomline The Italian legal system's decision to seize $835.5 million from Airbnb raises concerns about the company's tax practices in the country. Airbnb, which has been operating in Italy since 2008, disputes the allegations and insists it has been working diligently to comply with Italian tax laws. The broader implications of this case extend to other major tech companies, as Italian authorities are also investigating Netflix and Meta for similar tax-related issues. Furthermore, Italian politicians are taking a proactive stance by planning to implement a national identification code for short-term rentals. This move is seen as a potential solution to address tax evasion by landlords and increase the country's fiscal revenue significantly. The outcome of this case will likely set a precedent for how tech companies navigate taxation regulations across the European Union. WATCH WION LIVE HERE

Airbnb's Italian Job: Seizure of $835.5 million sparks tax evasion storm

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

WeWork, once a pinnacle of tech innovation, files for bankruptcy as challenges mount&nbsp;

WeWork, the office-sharing start-up backed by SoftBank Group, which once held the title of the most valuable U.S. start-up, filed for bankruptcy protection, a Reuters report said on Monday. The company's rise and fall has had a profound impact on the global office sector, as it grappled with mounting challenges, including the impact of remote work on its business.&nbsp;

<a href="https://www.wionews.com/business-economy/wework-once-a-pinnacle-of-tech-innovation-files-for-bankruptcy-as-challenges-mount-655956">Read more here</a>

Mexican 'nearshoring' fosters optimism in business landscape&nbsp;

In Mexico, businesses, especially those in the real estate and construction sectors, are embracing the concept of "nearshoring" to drive profits and stimulate economic growth, primarily in industrial zones near the U.S. border. The Mexican government anticipates that nearshoring, characterised by moving manufacturing capacity closer to the U.S. market instead of Asia, could contribute up to 1.2 percentage points to the nation's economic growth, which is projected to reach 3.5 per cent this year.&nbsp;

<a href="https://www.wionews.com/business-economy/mexican-nearshoring-fosters-optimism-in-business-landscape-655964">Read more here</a>

Tesla plans to launch affordable 25,000-euro car in Germany: Media reports

Tesla, the electric vehicle pioneer, is reportedly gearing up to produce a more affordable electric car with a price tag of 25,000 euros (approximately $26,838) at its factory located near Berlin, a Reuters report said, citing an anonymous source familiar with the matter. The development signals a significant move for Tesla as it aims to promote wider adoption of its electric vehicles.&nbsp;

<a href="https://www.wionews.com/business-economy/tesla-plans-to-launch-affordable-25000-euro-car-in-germany-source-says-655965">Read more here</a>

Carbon Copies: Corporations racing to net zero, but few cross the finish line

A report by Net Zero Tracker reveals specific challenges faced by corporations. Only a fraction of companies extend their net-zero targets to encompass Scope 3 emissions, which are linked to a company's value chain. Furthermore, a limited number of firms have set quality thresholds for the use of carbon offsets in their sustainability strategies.

<a href="https://www.wionews.com/business-economy/carbon-copies-corporations-racing-to-net-zero-but-few-cross-the-finish-line-655975">Read more here</a>

Airbnb's Italian Job: Seizure of $835.5 million sparks tax evasion storm

An Italian judge has issued an order to seize $835.5 million from the short-term rental giant Airbnb on the grounds of alleged tax evasion. This move comes as prosecutors claim that Airbnb failed to collect a 21 per cent tax on roughly €3.7 billion of rental income, which landlords in Italy are obligated to pay.

<a href="here https://www.wionews.com/business-economy/airbnbs-italian-job-seizure-of-8355-million-sparks-tax-evasion-storm-655991">Read more here</a>

Byju's in advanced talks to sell EPIC to Joffre Capital for $400 million&nbsp;

Indian ed-tech company Byju's is reportedly in the final stages of discussions to sell its US-based children's digital reading platform, Epic! Creations, to private equity fund Joffre Capital for approximately $400 million. The move is seen as an effort to secure financial support and alleviate the company's ongoing financial challenges, according to Bloomberg sources.&nbsp;

<a href="https://www.wionews.com/business-economy/byjus-in-advanced-talks-to-sell-epic-to-joffre-capital-for-400-million-656004">Read more here</a>

IMF economists highlight Singapore's strong preference for remote work

A recent article by two economists in the Monetary Authority of Singapore's biannual report have highlighted the growing preference for remote work among Singapore's workforce. Analysis by International Monetary Fund (IMF) economists Shujaat Khan and Margaux MacDonald showed that over 70 per cent of Singaporean workers prefer remote work.&nbsp;

<a href="https://www.wionews.com/business-economy/imf-economists-highlight-singapores-strong-preference-for-remote-work-in-recent-analysis-656018">Read more here</a>

Citigroup considers significant job cuts in major restructuring: Report&nbsp;

Citigroup is reportedly contemplating substantial job reductions of at least 10 per cent in several of its major business segments as part of a comprehensive reorganisation effort led by CEO Jane Fraser, a CNBC report said citing sources. The internal initiative, known as "Project Bora Bora", is aimed at providing CEO Jane Fraser with more direct control as she endeavours to simplify Citigroup and enhance its stock performance.&nbsp;

<a href="https://www.wionews.com/business-economy/citigroup-considers-significant-job-cuts-in-major-restructuring-report-656007 ">Read more here</a>

Saab's becomes first foreign defence company to get government nod for 100pc FDI

In a landmark development, Swedish defence giant Saab has achieved a significant milestone by becoming the first foreign company to secure 100 per cent Foreign Direct Investment (FDI) approval for a defence project in India. According to The Economic Times, Saab has been given the green light to establish a new manufacturing facility in India, which will focus on producing shoulder-fired rockets.

<a href="https://www.wionews.com/business-economy/saabs-becomes-first-foreign-defence-company-to-get-government-nod-for-100pc-fdi-656050">Read more here</a>

Shocker ahead of Christmas: British consumer spending growth slows

Recent data from Barclays reveals a worrying trend in the spending habits of consumers in the United Kingdom. The data shows that there has been a slowdown in the growth of consumer spending, which is now at its lowest level in over a year.

<a href="https://www.wionews.com/business-economy/shocker-ahead-of-christmas-british-consumer-spending-growth-slows-656058">Read more here</a>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. WeWork, once a pinnacle of tech innovation, files for bankruptcy as challenges mount WeWork, the office-sharing start-up backed by SoftBank Group, which once held the title of the most valuable U.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. WeWork, once a pinnacle of tech innovation, files for bankruptcy as challenges mount WeWork, the office-sharing start-up backed by SoftBank Group, which once held the title of the most valuable U.S. start-up, filed for bankruptcy protection, a Reuters report said on Monday. The company's rise and fall has had a profound impact on the global office sector, as it grappled with mounting challenges, including the impact of remote work on its business. Read more here Mexican 'nearshoring' fosters optimism in business landscape In Mexico, businesses, especially those in the real estate and construction sectors, are embracing the concept of "nearshoring" to drive profits and stimulate economic growth, primarily in industrial zones near the U.S. border. The Mexican government anticipates that nearshoring, characterised by moving manufacturing capacity closer to the U.S. market instead of Asia, could contribute up to 1.2 percentage points to the nation's economic growth, which is projected to reach 3.5 per cent this year. Read more here Tesla plans to launch affordable 25,000-euro car in Germany: Media reports Tesla, the electric vehicle pioneer, is reportedly gearing up to produce a more affordable electric car with a price tag of 25,000 euros (approximately $26,838) at its factory located near Berlin, a Reuters report said, citing an anonymous source familiar with the matter. The development signals a significant move for Tesla as it aims to promote wider adoption of its electric vehicles. Read more here Carbon Copies: Corporations racing to net zero, but few cross the finish line A report by Net Zero Tracker reveals specific challenges faced by corporations. Only a fraction of companies extend their net-zero targets to encompass Scope 3 emissions, which are linked to a company's value chain. Furthermore, a limited number of firms have set quality thresholds for the use of carbon offsets in their sustainability strategies. Read more here Airbnb's Italian Job: Seizure of $835.5 million sparks tax evasion storm An Italian judge has issued an order to seize $835.5 million from the short-term rental giant Airbnb on the grounds of alleged tax evasion. This move comes as prosecutors claim that Airbnb failed to collect a 21 per cent tax on roughly €3.7 billion of rental income, which landlords in Italy are obligated to pay. Read more here Byju's in advanced talks to sell EPIC to Joffre Capital for $400 million Indian ed-tech company Byju's is reportedly in the final stages of discussions to sell its US-based children's digital reading platform, Epic! Creations, to private equity fund Joffre Capital for approximately $400 million. The move is seen as an effort to secure financial support and alleviate the company's ongoing financial challenges, according to Bloomberg sources. Read more here IMF economists highlight Singapore's strong preference for remote work A recent article by two economists in the Monetary Authority of Singapore's biannual report have highlighted the growing preference for remote work among Singapore's workforce. Analysis by International Monetary Fund (IMF) economists Shujaat Khan and Margaux MacDonald showed that over 70 per cent of Singaporean workers prefer remote work. Read more here Citigroup considers significant job cuts in major restructuring: Report Citigroup is reportedly contemplating substantial job reductions of at least 10 per cent in several of its major business segments as part of a comprehensive reorganisation effort led by CEO Jane Fraser, a CNBC report said citing sources. The internal initiative, known as "Project Bora Bora", is aimed at providing CEO Jane Fraser with more direct control as she endeavours to simplify Citigroup and enhance its stock performance. Read more here Saab's becomes first foreign defence company to get government nod for 100pc FDI In a landmark development, Swedish defence giant Saab has achieved a significant milestone by becoming the first foreign company to secure 100 per cent Foreign Direct Investment (FDI) approval for a defence project in India. According to The Economic Times, Saab has been given the green light to establish a new manufacturing facility in India, which will focus on producing shoulder-fired rockets. Read more here Shocker ahead of Christmas: British consumer spending growth slows Recent data from Barclays reveals a worrying trend in the spending habits of consumers in the United Kingdom. The data shows that there has been a slowdown in the growth of consumer spending, which is now at its lowest level in over a year. Read more here

Wion Business Wrap | WeWork's bankruptcy, Airbnb's troubles & more

Recent data from Barclays reveals a worrying trend in the spending habits of consumers in the United Kingdom. The data shows that there has been a slowdown in the growth of consumer spending, which is now at its lowest level in over a year.

The Barclays report, based on spending through debit and credit cards between September 24 and October 21, shows an increase of only 2.6 per cent compared to the same period in the previous year. This marks the smallest annual surge since September 2022 and represents a significant decline from the 4.2 per cent growth observed in the prior month.

The survey reveals that 37 per cent of households are planning to reduce their Christmas spending due to high day-to-day expenses. On the other hand, only 13 per cent of households plan to increase their expenditure during the holiday season. The survey involved 2,000 households.

Consumer price inflation in the UK rose to a significant 6.7 per cent in September, leading to a decline in the volume of goods and services purchased by British consumers in real terms. As the festive season approaches, concerns about the increasing cost of living appear to have had a significant impact on consumer behaviour.

Esme Harwood, director at Barclays, has observed a change in consumer behaviour in the UK. Britons are now more careful with spending, particularly on non-essential items like clothes and dining out. This shift in focus is due to people saving up for the upcoming holiday season and budgeting for increased winter fuel bills. Additionally, the recent hot weather has impacted spending on indoor leisure experiences.

During the overall pullback in spending, the hospitality sector has been a notable exception. The spending at pubs, bars, and clubs grew by 5.9 per cent, due to the enthusiasm of fans who gathered to watch the Rugby World Cup.

According to a report&nbsp;from the British Retail Consortium (BRC), consumer spending has been subdued. The BRC report indicates that major retailers witnessed a slowdown in spending growth, dropping to a three-month low of 2.5 per cent in October from 2.7 per cent in September. The BRC data covers the period between October 1 and October 28.

It notes the improved demand for autumn and winter outdoor clothing as the weather turned wetter and cooler towards the end of the month. However,&nbsp;non-food spending declined by 1.0 per cent over the same period, highlighting a significant disparity in consumer spending patterns.

Helen Dickinson, CEO of the British Retail Consortium, said that households must delay Christmas spending for Black Friday deals, amid the uncertain economic outlook.&nbsp;

(With inputs from Reuters)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Recent data from Barclays reveals a worrying trend in the spending habits of consumers in the United Kingdom. The data shows that there has been a slowdown in the growth of consumer spending, which is now at its lowest level in over a year.

Recent data from Barclays reveals a worrying trend in the spending habits of consumers in the United Kingdom. The data shows that there has been a slowdown in the growth of consumer spending, which is now at its lowest level in over a year. The Barclays report, based on spending through debit and credit cards between September 24 and October 21, shows an increase of only 2.6 per cent compared to the same period in the previous year. This marks the smallest annual surge since September 2022 and represents a significant decline from the 4.2 per cent growth observed in the prior month. The survey reveals that 37 per cent of households are planning to reduce their Christmas spending due to high day-to-day expenses. On the other hand, only 13 per cent of households plan to increase their expenditure during the holiday season. The survey involved 2,000 households. Consumer price inflation in the UK rose to a significant 6.7 per cent in September, leading to a decline in the volume of goods and services purchased by British consumers in real terms. As the festive season approaches, concerns about the increasing cost of living appear to have had a significant impact on consumer behaviour. Esme Harwood, director at Barclays, has observed a change in consumer behaviour in the UK. Britons are now more careful with spending, particularly on non-essential items like clothes and dining out. This shift in focus is due to people saving up for the upcoming holiday season and budgeting for increased winter fuel bills. Additionally, the recent hot weather has impacted spending on indoor leisure experiences. During the overall pullback in spending, the hospitality sector has been a notable exception. The spending at pubs, bars, and clubs grew by 5.9 per cent, due to the enthusiasm of fans who gathered to watch the Rugby World Cup. According to a report from the British Retail Consortium (BRC), consumer spending has been subdued. The BRC report indicates that major retailers witnessed a slowdown in spending growth, dropping to a three-month low of 2.5 per cent in October from 2.7 per cent in September. The BRC data covers the period between October 1 and October 28. It notes the improved demand for autumn and winter outdoor clothing as the weather turned wetter and cooler towards the end of the month. However, non-food spending declined by 1.0 per cent over the same period, highlighting a significant disparity in consumer spending patterns. Helen Dickinson, CEO of the British Retail Consortium, said that households must delay Christmas spending for Black Friday deals, amid the uncertain economic outlook. (With inputs from Reuters) WATCH WION LIVE HERE

Shocker ahead of Christmas: British consumer spending growth slows

Indian ed-tech&nbsp;company Byju's is reportedly in the final stages of discussions to sell its US-based children's digital reading platform, Epic! Creations, to private equity fund Joffre Capital for approximately $400 million.

The move is seen as an effort to secure financial support and alleviate the company's ongoing financial challenges, according to sources cited by Bloomberg.&nbsp;&nbsp;

Byju's has been actively seeking to raise up to $1 billion by divesting two entities: Great Learning and Epic, as part of its broader strategy to streamline its operations and address its outstanding financial obligations. This development aligns with earlier reports by Reuters from September.&nbsp;

The prospective sale of Epic is expected to assist Byju's in raising funds to manage its disputed $1.2 billion term loan, Bloomberg's report indicates. The report also notes that other potential buyers, including Duolingo, a company specialising in the development of mobile learning platforms, have expressed interest in acquiring Epic.&nbsp;

At the time of reporting, Byju's had not provided a response to Reuters' request for comment, while Joffre Capital and Duolingo remained unavailable for immediate contact due to time zone differences with the United States.&nbsp;

The sale process for Epic is being overseen by Moelis and Co, and a final agreement could be reached as soon as this month, as mentioned in the report.&nbsp;

Byju's, with support from investors like General Atlantic, Prosus, and Silver Lake, had achieved a valuation of $22 billion in 2022. However, the company has faced a series of challenges, including the resignation of its auditor and board members, along with the ongoing negotiations related to a $1.2 billion loan repayment over the last several months.&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>

Indian ed-tech company Byju's is reportedly in the final stages of discussions to sell its US-based children's digital reading platform, Epic! Creations, to private equity fund Joffre Capital for approximately $400 million.

Indian ed-tech company Byju's is reportedly in the final stages of discussions to sell its US-based children's digital reading platform, Epic! Creations, to private equity fund Joffre Capital for approximately $400 million. The move is seen as an effort to secure financial support and alleviate the company's ongoing financial challenges, according to sources cited by Bloomberg. Byju's has been actively seeking to raise up to $1 billion by divesting two entities: Great Learning and Epic, as part of its broader strategy to streamline its operations and address its outstanding financial obligations. This development aligns with earlier reports by Reuters from September. The prospective sale of Epic is expected to assist Byju's in raising funds to manage its disputed $1.2 billion term loan, Bloomberg's report indicates. The report also notes that other potential buyers, including Duolingo, a company specialising in the development of mobile learning platforms, have expressed interest in acquiring Epic. At the time of reporting, Byju's had not provided a response to Reuters' request for comment, while Joffre Capital and Duolingo remained unavailable for immediate contact due to time zone differences with the United States. The sale process for Epic is being overseen by Moelis and Co, and a final agreement could be reached as soon as this month, as mentioned in the report. Byju's, with support from investors like General Atlantic, Prosus, and Silver Lake, had achieved a valuation of $22 billion in 2022. However, the company has faced a series of challenges, including the resignation of its auditor and board members, along with the ongoing negotiations related to a $1.2 billion loan repayment over the last several months. (With inputs from Reuters) WATCH WION LIVE HERE

Byju's in advanced talks to sell EPIC to Joffre Capital for $400 million 

A recent article by two economists in the Monetary Authority of Singapore's biannual report have highlighted the growing preference for remote work among Singapore's workforce.

Analysis by International Monetary Fund (IMF) economists Shujaat Khan and Margaux MacDonald showed that over 70 per cent of Singaporean workers prefer remote work. The economists, citing a 2022 report by PwC, revealed that 73 per cent of Singaporean workers favoured a hybrid work model between June 2022 and May 2023. This percentage is significantly higher than the global average of 63 per cent.

The appeal for remote work has remained stable at around 20 per cent of the workforce, which is slightly higher than pre-COVID-19 levels. However, this trend in Singapore is different from the global pattern, where education and gender play a major role. In Singapore, factors like age, perceived productivity, and the sectors in which individuals are employed primarily shape the inclination towards remote work.

Khan and MacDonald noted that in Singapore, younger individuals have a greater desire for remote work. Additionally, those who perceive themselves as being more productive are more inclined towards working from home. It is important to note that remote work prevalence varies across different sectors.

During the pandemic in 2020, around 77 per cent of employed residents in digital sectors such as information and communications as well as financial services worked remotely. This is a stark contrast to only 11 per cent of the food and beverage services sector and 28 per cent in health and social services

The economists highlighted insights provided by the Ministry of Manpower (MOM) about the changing nature of work arrangements in Singapore. The MOM's data revealed that in 2021, over 90 per cent of establishments in Singapore offered at least one flexible work arrangement, significantly higher than the 50 per cent average in the six years before the pandemic. Even though the figure dropped to 71 per cent in 2022, it remained higher than pre-pandemic levels. Furthermore, the MOM's survey in 2022 showed that 34 per cent of employed residents worked from home at least once a month.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

A recent article by two economists in the Monetary Authority of Singapore's biannual report have highlighted the growing preference for remote work among Singapore's workforce.

A recent article by two economists in the Monetary Authority of Singapore's biannual report have highlighted the growing preference for remote work among Singapore's workforce. Analysis by International Monetary Fund (IMF) economists Shujaat Khan and Margaux MacDonald showed that over 70 per cent of Singaporean workers prefer remote work. The economists, citing a 2022 report by PwC, revealed that 73 per cent of Singaporean workers favoured a hybrid work model between June 2022 and May 2023. This percentage is significantly higher than the global average of 63 per cent. The appeal for remote work has remained stable at around 20 per cent of the workforce, which is slightly higher than pre-COVID-19 levels. However, this trend in Singapore is different from the global pattern, where education and gender play a major role. In Singapore, factors like age, perceived productivity, and the sectors in which individuals are employed primarily shape the inclination towards remote work. Khan and MacDonald noted that in Singapore, younger individuals have a greater desire for remote work. Additionally, those who perceive themselves as being more productive are more inclined towards working from home. It is important to note that remote work prevalence varies across different sectors. During the pandemic in 2020, around 77 per cent of employed residents in digital sectors such as information and communications as well as financial services worked remotely. This is a stark contrast to only 11 per cent of the food and beverage services sector and 28 per cent in health and social services The economists highlighted insights provided by the Ministry of Manpower (MOM) about the changing nature of work arrangements in Singapore. The MOM's data revealed that in 2021, over 90 per cent of establishments in Singapore offered at least one flexible work arrangement, significantly higher than the 50 per cent average in the six years before the pandemic. Even though the figure dropped to 71 per cent in 2022, it remained higher than pre-pandemic levels. Furthermore, the MOM's survey in 2022 showed that 34 per cent of employed residents worked from home at least once a month. WATCH WION LIVE HERE

IMF economists highlight Singapore's strong preference for remote work

Saudi Arabia and Russia have confirmed their commitment to maintaining oil supply reductions of over 1 million barrels per day until the end of the year, even as geopolitical tensions in West Asia continue to unsettle global oil markets.

According to a Bloomberg report, leaders of the OPEC+ coalition jointly announced this decision in separate official statements on Sunday. Riyadh has significantly reduced its daily crude production by 1 million barrels, while Moscow is curbing its oil exports by 300,000 barrels. These actions are in addition to previous production cuts implemented with other OPEC+ member nations.

Saudi Arabia intends to review its production levels in the coming month and will consider the options of "extending the cut, deepening the cut, or increasing production," as stated by the Saudi Press Agency.

Russia's Deputy Prime Minister, Alexander Novak, echoed these sentiments in a separate statement.

Recent weeks have seen fluctuations in oil prices due to concerns about the conflict between Israel and Hamas potentially escalating into a larger regional conflict involving major crude producer Iran. On Friday, Brent futures closed just under $85 a barrel in London.

Should a broader conflict ensue, it might prompt both Saudi Arabia and Russia to reassess their planned production cuts. The International Energy Agency has warned about the potential risks posed by high fuel prices to global inflation and the economy. Nevertheless, for now, the Organisation of Petroleum Exporting Countries (OPEC) and its partners remain committed to keeping oil supplies under strict control.

Saudi Arabia, in particular, may be motivated to continue these production cuts as it seeks oil prices as high as $100, according to Bloomberg Economics. Such high prices are essential to fund ambitious projects like Neom, a futuristic city, and the acquisition of prominent athletes for domestic sports franchises. On the other hand, President Vladimir Putin relies on petroleum revenues to finance ongoing efforts related to the situation in Ukraine.

According to Bloomberg, Saudi Energy Minister Prince Abdulaziz bin Salman previously stated at the Future Investment Initiative conference in Riyadh that the kingdom's oil-market strategy has been effective.

Additionally, signs of weakness in physical oil markets may incentivise Saudi Arabia to maintain its course. Declining profits in the fuel-making sector and rising freight costs for transporting crude across regions have posed challenges. Despite industry expectations, substantial inventory declines have yet to materialise, as observed by Goldman Sachs Group Inc.

Eurasia Group, a consultancy, suggests that Saudi Arabia might be compelled to extend its unilateral 1 million barrel-a-day production cut into 2024 if market conditions continue to deteriorate. The International Energy Agency predicts that a new surplus in supply will emerge early next year as demand growth slows significantly.

The entire OPEC+ coalition, comprised of 23 nations, is scheduled to convene for a ministerial meeting on November 26 to review the policy for 2024.

(With inputs from Bloomberg)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Saudi Arabia and Russia have confirmed their commitment to maintaining oil supply reductions of over 1 million barrels per day until the end of the year, even as geopolitical tensions in West Asia continue to unsettle global oil markets.

Saudi Arabia and Russia have confirmed their commitment to maintaining oil supply reductions of over 1 million barrels per day until the end of the year, even as geopolitical tensions in West Asia continue to unsettle global oil markets. According to a Bloomberg report, leaders of the OPEC+ coalition jointly announced this decision in separate official statements on Sunday. Riyadh has significantly reduced its daily crude production by 1 million barrels, while Moscow is curbing its oil exports by 300,000 barrels. These actions are in addition to previous production cuts implemented with other OPEC+ member nations. Saudi Arabia intends to review its production levels in the coming month and will consider the options of "extending the cut, deepening the cut, or increasing production," as stated by the Saudi Press Agency. Russia's Deputy Prime Minister, Alexander Novak, echoed these sentiments in a separate statement. Recent weeks have seen fluctuations in oil prices due to concerns about the conflict between Israel and Hamas potentially escalating into a larger regional conflict involving major crude producer Iran. On Friday, Brent futures closed just under $85 a barrel in London. Should a broader conflict ensue, it might prompt both Saudi Arabia and Russia to reassess their planned production cuts. The International Energy Agency has warned about the potential risks posed by high fuel prices to global inflation and the economy. Nevertheless, for now, the Organisation of Petroleum Exporting Countries (OPEC) and its partners remain committed to keeping oil supplies under strict control. Saudi Arabia, in particular, may be motivated to continue these production cuts as it seeks oil prices as high as $100, according to Bloomberg Economics. Such high prices are essential to fund ambitious projects like Neom, a futuristic city, and the acquisition of prominent athletes for domestic sports franchises. On the other hand, President Vladimir Putin relies on petroleum revenues to finance ongoing efforts related to the situation in Ukraine. According to Bloomberg, Saudi Energy Minister Prince Abdulaziz bin Salman previously stated at the Future Investment Initiative conference in Riyadh that the kingdom's oil-market strategy has been effective. Additionally, signs of weakness in physical oil markets may incentivise Saudi Arabia to maintain its course. Declining profits in the fuel-making sector and rising freight costs for transporting crude across regions have posed challenges. Despite industry expectations, substantial inventory declines have yet to materialise, as observed by Goldman Sachs Group Inc. Eurasia Group, a consultancy, suggests that Saudi Arabia might be compelled to extend its unilateral 1 million barrel-a-day production cut into 2024 if market conditions continue to deteriorate. The International Energy Agency predicts that a new surplus in supply will emerge early next year as demand growth slows significantly. The entire OPEC+ coalition, comprised of 23 nations, is scheduled to convene for a ministerial meeting on November 26 to review the policy for 2024. (With inputs from Bloomberg) WATCH WION LIVE HERE

Saudi Arabia and Russia hold steady on oil production cuts amid West Asia tensions

Deutsche Lufthansa AG, one of Europe's leading airline groups, has expressed optimism about its financial performance for the current year and beyond as strong travel demand continues to drive their earnings, Bloomberg reported on Thursday.

The company reported that the strong travel demand experienced during the summer season has extended into the slower final months, with leisure travellers increasingly choosing more expensive seats.&nbsp;

According to a statement released on Thursday, Lufthansa expects its adjusted operating profit to exceed €2.6 billion ($2.8 billion) this year, surpassing analyst estimates. Furthermore, the company anticipates achieving its earnings margin target of at least 8 per cent by 2024.&nbsp;

Lufthansa highlighted the strength of Christmas season bookings and the ongoing trend of passengers upgrading to first and business class. While the cargo division's earnings dipped to just €1 million in the quarter due to an economic slowdown, overall ticket yields in its airline businesses remained 25 per cent higher than pre-pandemic levels, which significantly boosted their profit.&nbsp;

Bloomberg quoted Lufthansa's CEO, Carsten Spohr, as saying, "Even though the geopolitical situation remains challenging, our booking outlook gives us reason to be positive - not only for a very good group result this year but also beyond."&nbsp;&nbsp;The company's strong performance is attributed to the sustained high demand for air travel, which has allowed them to recover from the financial impact of the COVID-19 pandemic.&nbsp;

However, concerns are emerging about the future of air travel demand, as households grapple with rising inflation, increased interest rates, and geopolitical tensions, particularly in the Middle East. There have been signs that some travellers are starting to avoid bookings to nearby destinations due to these concerns.&nbsp;

Notably, Lufthansa has achieved an operating margin of 8.5 per cent so far this year, doubling the figure from the same period last year, which sets the company on course to achieve its long-term profitability goals by 2024.&nbsp;

Lufthansa's European competitors, British Airways' parent company IAG SA and Air France-KLM, also reported record third-quarter operating profits recently, driven by high demand for summer travel, particularly between Europe and North America. These airlines, however, expressed concerns about the impact of the ongoing conflict between Hamas and Israel on travel to the Middle East, with indications that some travellers are becoming more cautious.&nbsp;

Despite the positive outlook, Lufthansa is mindful of potential geopolitical and macroeconomic risks. The company has stated its commitment to preserving maximum flexibility to adapt its plans if necessary.&nbsp;

Lufthansa continues to expand, as it recently announced plans to hire an additional 2,000 pilots. Moreover, the company is considering an order of 40 regional aircraft, with a decision pending between the Airbus A220s or Embraer E2s, as well as another 40 Airbus A320neos.&nbsp;

In addition, Lufthansa reiterated its intention to seek approval from the European Commission to acquire a 41 per cent stake in Italy's ITA Airways by early 2024, a process that has faced regulatory scrutiny. The company is also in discussions regarding the potential sale of a stake in its Lufthansa Technik maintenance division and expects to make a decision on whether to proceed by the end of the year.&nbsp;

A technical issue was also revealed by Lufthansa, affecting 64 of its A320neos due to problems with their Pratt and Whitney engines. As a result, around 20 aircraft will be unavailable on any given day in 2024. Pratt, which is owned by RTX Corp., has acknowledged that approximately 3,000 jet engines worldwide require inspections due to potentially flawed components made with contaminated metal powder. This issue is expected to ground hundreds of A320neo aircraft over the next three years, with repair times ranging from 250 to 300 days.&nbsp;

(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>

Deutsche Lufthansa AG, one of Europe's leading airline groups, has expressed optimism about its financial performance for the current year and beyond as strong travel demand continues to drive their earnings, Bloomberg reported on Thursday.

Deutsche Lufthansa AG, one of Europe's leading airline groups, has expressed optimism about its financial performance for the current year and beyond as strong travel demand continues to drive their earnings, Bloomberg reported on Thursday. The company reported that the strong travel demand experienced during the summer season has extended into the slower final months, with leisure travellers increasingly choosing more expensive seats. According to a statement released on Thursday, Lufthansa expects its adjusted operating profit to exceed €2.6 billion ($2.8 billion) this year, surpassing analyst estimates. Furthermore, the company anticipates achieving its earnings margin target of at least 8 per cent by 2024. Lufthansa highlighted the strength of Christmas season bookings and the ongoing trend of passengers upgrading to first and business class. While the cargo division's earnings dipped to just €1 million in the quarter due to an economic slowdown, overall ticket yields in its airline businesses remained 25 per cent higher than pre-pandemic levels, which significantly boosted their profit. Bloomberg quoted Lufthansa's CEO, Carsten Spohr, as saying, "Even though the geopolitical situation remains challenging, our booking outlook gives us reason to be positive - not only for a very good group result this year but also beyond." The company's strong performance is attributed to the sustained high demand for air travel, which has allowed them to recover from the financial impact of the COVID-19 pandemic. However, concerns are emerging about the future of air travel demand, as households grapple with rising inflation, increased interest rates, and geopolitical tensions, particularly in the Middle East. There have been signs that some travellers are starting to avoid bookings to nearby destinations due to these concerns. Notably, Lufthansa has achieved an operating margin of 8.5 per cent so far this year, doubling the figure from the same period last year, which sets the company on course to achieve its long-term profitability goals by 2024. Lufthansa's European competitors, British Airways' parent company IAG SA and Air France-KLM, also reported record third-quarter operating profits recently, driven by high demand for summer travel, particularly between Europe and North America. These airlines, however, expressed concerns about the impact of the ongoing conflict between Hamas and Israel on travel to the Middle East, with indications that some travellers are becoming more cautious. Despite the positive outlook, Lufthansa is mindful of potential geopolitical and macroeconomic risks. The company has stated its commitment to preserving maximum flexibility to adapt its plans if necessary. Lufthansa continues to expand, as it recently announced plans to hire an additional 2,000 pilots. Moreover, the company is considering an order of 40 regional aircraft, with a decision pending between the Airbus A220s or Embraer E2s, as well as another 40 Airbus A320neos. In addition, Lufthansa reiterated its intention to seek approval from the European Commission to acquire a 41 per cent stake in Italy's ITA Airways by early 2024, a process that has faced regulatory scrutiny. The company is also in discussions regarding the potential sale of a stake in its Lufthansa Technik maintenance division and expects to make a decision on whether to proceed by the end of the year. A technical issue was also revealed by Lufthansa, affecting 64 of its A320neos due to problems with their Pratt and Whitney engines. As a result, around 20 aircraft will be unavailable on any given day in 2024. Pratt, which is owned by RTX Corp., has acknowledged that approximately 3,000 jet engines worldwide require inspections due to potentially flawed components made with contaminated metal powder. This issue is expected to ground hundreds of A320neo aircraft over the next three years, with repair times ranging from 250 to 300 days. (With inputs from Bloomberg) WATCH WION LIVE HERE

Lufthansa's Soaring Prospects: Strong travel demand fuels optimism for 2023 and beyond 

Canada's largest stock exchange, the Toronto Stock Exchange (TSX), is grappling with an unprecedented dearth of initial public offerings (IPOs), while the prospects for improvement seems uncertain.&nbsp;

According to a Bloomberg report published on Thursday, only one company has successfully completed an IPO on the TSX this year, marking the first time such an occurrence has transpired since 1993. Lithium Royalty Corp., which raised C$150 million ($108 million) in March, is the sole venture to navigate the challenging IPO landscape in 2023.&nbsp;

Grant Kernaghan, Chief Executive at Citigroup Global Markets Canada, who played a pivotal role in the Lithium Royalty deal. told Bloomberg, "I don't think it's a coincidence that the one deal that got done is a lithium royalty company."&nbsp;

Historically, natural resources stocks have been a cornerstone of strength for the TSX. Kernaghan said that more battery metals companies will likely seek the TSX as a platform to raise capital, given&nbsp;the increasing investor interest in the energy transition.&nbsp;

Nevertheless, Lithium Royalty serves as a cautionary tale for both potential issuers and investors, with disappointing earnings and a dimming outlook for natural resources, especially concerning the sluggish recovery in China. The company's shares faced a challenging debut and have not managed to recover, closing at a 37 per cent decline from their IPO price.&nbsp;

The Canadian stock market, as a whole, confronts challenges, with the benchmark S&amp;P/TSX Composite Index reaching a one-year low in October. Despite the Bank of Canada's recent decision to keep interest rates steady, the swaps market projects a potential quarter-point cut only in the second half of the following year. &nbsp;

Bloomberg quoted Kernaghan as saying, "The problem is that right now, we have a lot of voices saying that interest rates are going to stay where they are." He suggested that unless a company owner is seeking an exit or another compelling reason drives a firm to sell shares, it makes sense to wait.&nbsp;

While Canadian IPOs have been scarce, some firms in the natural resources sector, such as Strathcona Resources Ltd. and Allied Gold Corp., have entered the market through reverse takeovers, where private companies acquire publicly traded entities and assume the stock listing. Additionally, several companies have chosen to go public via special purpose acquisition companies (SPACs) in recent years. Kernaghan noted that the SPAC boom in 2020 and 2021 exhausted the pipeline of companies with IPO potential in the near future.&nbsp;

Kernaghan further expressed a sense of optimism, stating that private equity firms are actively looking to divest their portfolio companies either through initial public offerings (IPOs) or sales. He reasoned by saying that these firms have made substantial investments, and these assets are currently held within their portfolios. Consequently, there is a growing expectation that these firms will become increasingly eager to bring these assets to the market.&nbsp;

John McKenzie, the CEO of TMX Group Ltd,&nbsp;which operates the TSX, also expressed optimism during an earnings call, suggesting that the exchange anticipates increased equity financings in the coming year, with approximately 1,500 prospects in its pipeline.

Notably, the TSX's most prominent upcoming deal is the planned spinoff of BlackBerry Ltd.'s Internet of Things business in 2024, estimated to fetch $1.7 billion. Citi's Kernaghan highlighted the significant expertise in the natural resource sector within Canada, which is expected to support demand for potential issuers.&nbsp;

(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>

Canada's largest stock exchange, the Toronto Stock Exchange (TSX), is grappling with an unprecedented dearth of initial public offerings (IPOs), while the prospects for improvement seems uncertain.

Canada's largest stock exchange, the Toronto Stock Exchange (TSX), is grappling with an unprecedented dearth of initial public offerings (IPOs), while the prospects for improvement seems uncertain. According to a Bloomberg report published on Thursday, only one company has successfully completed an IPO on the TSX this year, marking the first time such an occurrence has transpired since 1993. Lithium Royalty Corp., which raised C$150 million ($108 million) in March, is the sole venture to navigate the challenging IPO landscape in 2023. Grant Kernaghan, Chief Executive at Citigroup Global Markets Canada, who played a pivotal role in the Lithium Royalty deal. told Bloomberg, "I don't think it's a coincidence that the one deal that got done is a lithium royalty company." Historically, natural resources stocks have been a cornerstone of strength for the TSX. Kernaghan said that more battery metals companies will likely seek the TSX as a platform to raise capital, given the increasing investor interest in the energy transition. Nevertheless, Lithium Royalty serves as a cautionary tale for both potential issuers and investors, with disappointing earnings and a dimming outlook for natural resources, especially concerning the sluggish recovery in China. The company's shares faced a challenging debut and have not managed to recover, closing at a 37 per cent decline from their IPO price. The Canadian stock market, as a whole, confronts challenges, with the benchmark S&P/TSX Composite Index reaching a one-year low in October. Despite the Bank of Canada's recent decision to keep interest rates steady, the swaps market projects a potential quarter-point cut only in the second half of the following year. Bloomberg quoted Kernaghan as saying, "The problem is that right now, we have a lot of voices saying that interest rates are going to stay where they are." He suggested that unless a company owner is seeking an exit or another compelling reason drives a firm to sell shares, it makes sense to wait. While Canadian IPOs have been scarce, some firms in the natural resources sector, such as Strathcona Resources Ltd. and Allied Gold Corp., have entered the market through reverse takeovers, where private companies acquire publicly traded entities and assume the stock listing. Additionally, several companies have chosen to go public via special purpose acquisition companies (SPACs) in recent years. Kernaghan noted that the SPAC boom in 2020 and 2021 exhausted the pipeline of companies with IPO potential in the near future. Kernaghan further expressed a sense of optimism, stating that private equity firms are actively looking to divest their portfolio companies either through initial public offerings (IPOs) or sales. He reasoned by saying that these firms have made substantial investments, and these assets are currently held within their portfolios. Consequently, there is a growing expectation that these firms will become increasingly eager to bring these assets to the market. John McKenzie, the CEO of TMX Group Ltd, which operates the TSX, also expressed optimism during an earnings call, suggesting that the exchange anticipates increased equity financings in the coming year, with approximately 1,500 prospects in its pipeline. Notably, the TSX's most prominent upcoming deal is the planned spinoff of BlackBerry Ltd.'s Internet of Things business in 2024, estimated to fetch $1.7 billion. Citi's Kernaghan highlighted the significant expertise in the natural resource sector within Canada, which is expected to support demand for potential issuers. (Inputs from Bloomberg) WATCH WION LIVE HERE

Toronto Stock Exchange grapples with unprecedented IPO drought. Here's why

Amazon.com is facing allegations of using unlawful strategies to enhance its profits, including the implementation of an algorithm that inflated prices paid by U.S. households by over $1 billion, according to the U.S. Federal Trade Commission (FTC). &nbsp;

The FTC lawsuit, initially filed in September, revealed additional details in a less-redacted version made public on Thursday. This new version outlined Amazon's use of a "secret algorithm internally code-named 'Project Nessie' to identify specific products for which it predicts other online stores will follow Amazon's price increases."&nbsp;

Amazon, boasting a vast online superstore with over 1 billion items, has been accused of utilising Project Nessie to extract over a billion dollars directly from American consumers. Amazon's spokesperson&nbsp;Tim Doyle&nbsp;refuted the FTC's characterisation of the pricing tool, emphasising that the company ceased using it several years ago. Doyle explained that Nessie aimed to prevent price matching from causing unsustainably low prices and insisted the tool was employed to maintain fair pricing practices.&nbsp;

The FTC's complaint outlined how Amazon initiated testing of the pricing algorithm in 2010 to gauge whether competitors tracked its prices. Subsequently, Amazon would raise prices for products that were expected to be monitored by rival online retailers. When these competitors matched or increased their prices, Amazon would allegedly persist in selling the product at an inflated price, resulting in an excess profit of $1 billion. &nbsp;

The FTC further claimed that Amazon paused the algorithm during its Prime Day and holiday shopping events to mitigate scrutiny. However, the lawsuit alleged that Amazon reactivated Project Nessie once public attention shifted elsewhere.&nbsp;

The FTC's complaint also detailed Amazon's requirement for sellers under the Prime feature to use its logistics and delivery services, even when more cost-effective alternatives were available. The FTC contended that Amazon enforced this practice, even if sellers preferred to utilise other services that could also cater to customers from different platforms. The fees for Amazon's fulfilment services, charged to sellers, increased from 27 per cent in 2014 to 39.5 per cent in 2018, according to the FTC.&nbsp;

In addition to the allegations regarding pricing and seller practices, the complaint raised questions about Amazon's treatment of other major online stores, such as Walmart.com. The complaint noted that Amazon doesn't permit significant online retailers like Walmart.com to sell on its platform. &nbsp;

In response to the different treatment of Walmart.com compared to smaller sellers, Amazon CEO Jeff Bezos cited the scale and competitive landscape as reasons for this differentiation. The complaint also mentioned that Amazon had allegedly discouraged Walmart from offering discounts to online shoppers who picked up their purchases from Walmart stores, although the details of this section remained heavily rewritten.&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 is facing allegations of using unlawful strategies to enhance its profits, including the implementation of an algorithm that inflated prices paid by U.

Amazon.com is facing allegations of using unlawful strategies to enhance its profits, including the implementation of an algorithm that inflated prices paid by U.S. households by over $1 billion, according to the U.S. Federal Trade Commission (FTC). The FTC lawsuit, initially filed in September, revealed additional details in a less-redacted version made public on Thursday. This new version outlined Amazon's use of a "secret algorithm internally code-named 'Project Nessie' to identify specific products for which it predicts other online stores will follow Amazon's price increases." Amazon, boasting a vast online superstore with over 1 billion items, has been accused of utilising Project Nessie to extract over a billion dollars directly from American consumers. Amazon's spokesperson Tim Doyle refuted the FTC's characterisation of the pricing tool, emphasising that the company ceased using it several years ago. Doyle explained that Nessie aimed to prevent price matching from causing unsustainably low prices and insisted the tool was employed to maintain fair pricing practices. The FTC's complaint outlined how Amazon initiated testing of the pricing algorithm in 2010 to gauge whether competitors tracked its prices. Subsequently, Amazon would raise prices for products that were expected to be monitored by rival online retailers. When these competitors matched or increased their prices, Amazon would allegedly persist in selling the product at an inflated price, resulting in an excess profit of $1 billion. The FTC further claimed that Amazon paused the algorithm during its Prime Day and holiday shopping events to mitigate scrutiny. However, the lawsuit alleged that Amazon reactivated Project Nessie once public attention shifted elsewhere. The FTC's complaint also detailed Amazon's requirement for sellers under the Prime feature to use its logistics and delivery services, even when more cost-effective alternatives were available. The FTC contended that Amazon enforced this practice, even if sellers preferred to utilise other services that could also cater to customers from different platforms. The fees for Amazon's fulfilment services, charged to sellers, increased from 27 per cent in 2014 to 39.5 per cent in 2018, according to the FTC. In addition to the allegations regarding pricing and seller practices, the complaint raised questions about Amazon's treatment of other major online stores, such as Walmart.com. The complaint noted that Amazon doesn't permit significant online retailers like Walmart.com to sell on its platform. In response to the different treatment of Walmart.com compared to smaller sellers, Amazon CEO Jeff Bezos cited the scale and competitive landscape as reasons for this differentiation. The complaint also mentioned that Amazon had allegedly discouraged Walmart from offering discounts to online shoppers who picked up their purchases from Walmart stores, although the details of this section remained heavily rewritten. (With inputs from Reuters) WATCH WION LIVE HERE

Amazon accused of illegally boosting profits through secret algorithm

Starbucks is setting its sights on expansion and cost savings as the renowned coffee chain aims to solidify its position in the global market. During the company's "Reinvention Update and Holiday Launch" conference on Friday, Starbucks CEO Laxman Narasimhan announced an ambitious plan to increase the brand's global store count to 55,000 by the year 2030.&nbsp;

Starbucks intends to pursue an aggressive growth strategy by enhancing the efficiency of its cafes and strengthening its digital business and rewards program. The company is geared toward accelerating renovations in existing stores while simultaneously opening new locations catering to on-the-go customers, featuring formats like double-sided drive-thrus. Furthermore, Starbucks is determined to double its current base of 75 million rewards members over the next five years, with plans to collaborate with partners in the finance and hospitality sectors.&nbsp;

According to a media report, Narasimhan emphasised that the cornerstone of this strategy will be a heightened focus on efficiency, as Starbucks aims to achieve over $3 billion in cost savings. A significant portion of these savings is anticipated to be derived from improvements in the supply chain. Additionally, Starbucks has plans to elevate barista compensation through the provision of more hours and increased wages.&nbsp;

In the past, Starbucks had unveiled a comprehensive plan to revamp its cafes, aimed at helping baristas manage increased workloads in light of the significant shift toward online ordering and heightened personalisation. BNN Bloomberg cited Starbuck’s Chief Financial Officer Rachel Ruggeri, who revealed that the company is committed to investing $1 billion in fiscal year 2024, primarily to boost wages, upgrade equipment, and enhance digital and supply chain operations. &nbsp;

(With inputs from agencies)&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>

Starbucks is setting its sights on expansion and cost savings as the renowned coffee chain aims to solidify its position in the global market. During the company's "Reinvention Update and Holiday Launch" conference on Friday, Starbucks CEO Laxman Narasimhan announced an ambitious plan to increase the brand's global store count to 55,000 by the year 2030.

Starbucks is setting its sights on expansion and cost savings as the renowned coffee chain aims to solidify its position in the global market. During the company's "Reinvention Update and Holiday Launch" conference on Friday, Starbucks CEO Laxman Narasimhan announced an ambitious plan to increase the brand's global store count to 55,000 by the year 2030. Starbucks intends to pursue an aggressive growth strategy by enhancing the efficiency of its cafes and strengthening its digital business and rewards program. The company is geared toward accelerating renovations in existing stores while simultaneously opening new locations catering to on-the-go customers, featuring formats like double-sided drive-thrus. Furthermore, Starbucks is determined to double its current base of 75 million rewards members over the next five years, with plans to collaborate with partners in the finance and hospitality sectors. According to a media report, Narasimhan emphasised that the cornerstone of this strategy will be a heightened focus on efficiency, as Starbucks aims to achieve over $3 billion in cost savings. A significant portion of these savings is anticipated to be derived from improvements in the supply chain. Additionally, Starbucks has plans to elevate barista compensation through the provision of more hours and increased wages. In the past, Starbucks had unveiled a comprehensive plan to revamp its cafes, aimed at helping baristas manage increased workloads in light of the significant shift toward online ordering and heightened personalisation. BNN Bloomberg cited Starbuck’s Chief Financial Officer Rachel Ruggeri, who revealed that the company is committed to investing $1 billion in fiscal year 2024, primarily to boost wages, upgrade equipment, and enhance digital and supply chain operations. (With inputs from agencies) WATCH WION LIVE HERE

Starbucks unveils ambitious growth plans and cost-saving initiatives. Here are the details  

The Bank of England (BoE) has opted to maintain its historically high interest rates, signalling a steadfast commitment to navigating through a challenging economic landscape. Despite acknowledging the proximity of a potential recession and a forecast of minimal growth in the coming years, the BoE has reiterated its stance of retaining borrowing costs at a robust 5.25 per cent. &nbsp;

This decision by the Monetary Policy Committee (MPC), voting 6-3 in favour of maintaining this rate, aligns with the consensus reached in September following a series of 14 consecutive interest rate hikes.&nbsp;

The BoE's projection underscores the necessity of a prolonged period of restrictive monetary policy to address the pressing issue of inflation. Highlighting the urgency of this approach, the central bank emphasised the need to "squeeze out of the system" inflation levels that rank among the highest in the world's major economies. &nbsp;

Reuters quoted BoE Governor Andrew Bailey, who highlighted the efforts to curtail inflation, stating, "We will be watching closely to see if further increases in interest rates are needed, but even if they are not needed, it is much too early to be thinking about rate cuts."&nbsp;

The central bank's assessment, however, acknowledges ongoing global uncertainties, particularly the conflict in the Middle East, which poses a risk of higher energy prices potentially feeding into inflation. The BoE remains vigilant about the impact of these external factors on the domestic economy. It also highlighted that strong wage growth is a concern, which could sustain price pressures. &nbsp;

The labour market data, though essential for policy decisions, has faced challenges due to low survey response rates. As a result, the BoE expresses "increasing uncertainties" about official labour market statistics. The central bank anticipates that job growth may have been weaker than initially assumed, and the robust wage growth is expected to moderate over time.&nbsp;

Regarding the economic outlook, the BoE's forecasts indicate a lack of growth in the British economy during the July-September period, with a marginal expansion of just 0.1 per cent in the fourth quarter. The central bank's projections extend to anticipate a static economic scenario for 2024, followed by a modest expansion of 0.25 per cent in 2025. Despite these cautious forecasts, the BoE anticipates a return to its 2 per cent inflation target by the end of 2025, albeit with a slight delay of roughly six months in comparison to previous projections.&nbsp;

Market sentiment suggests that the BoE is likely to maintain the current interest rates at least until August of the following year, potentially signalling a shift toward lowering rates. Economists have varying opinions on when the Bank Rate might decrease. While some believe it could happen in the second quarter of 2024 as inflation cools, others predict rates will remain unchanged throughout the entirety of the next year.&nbsp;

A remarkable aspect within the BoE's assessment of the economy is the prediction of a 4.6 per cent inflation rate in the fourth quarter of 2023. This projection aligns with Prime Minister Rishi Sunak's commitment to achieving price growth this year, an essential element of his political pledge in anticipation of an upcoming election in 2024.&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>

The Bank of England (BoE) has opted to maintain its historically high interest rates, signalling a steadfast commitment to navigating through a challenging economic landscape.

The Bank of England (BoE) has opted to maintain its historically high interest rates, signalling a steadfast commitment to navigating through a challenging economic landscape. Despite acknowledging the proximity of a potential recession and a forecast of minimal growth in the coming years, the BoE has reiterated its stance of retaining borrowing costs at a robust 5.25 per cent. This decision by the Monetary Policy Committee (MPC), voting 6-3 in favour of maintaining this rate, aligns with the consensus reached in September following a series of 14 consecutive interest rate hikes. The BoE's projection underscores the necessity of a prolonged period of restrictive monetary policy to address the pressing issue of inflation. Highlighting the urgency of this approach, the central bank emphasised the need to "squeeze out of the system" inflation levels that rank among the highest in the world's major economies. Reuters quoted BoE Governor Andrew Bailey, who highlighted the efforts to curtail inflation, stating, "We will be watching closely to see if further increases in interest rates are needed, but even if they are not needed, it is much too early to be thinking about rate cuts." The central bank's assessment, however, acknowledges ongoing global uncertainties, particularly the conflict in the Middle East, which poses a risk of higher energy prices potentially feeding into inflation. The BoE remains vigilant about the impact of these external factors on the domestic economy. It also highlighted that strong wage growth is a concern, which could sustain price pressures. The labour market data, though essential for policy decisions, has faced challenges due to low survey response rates. As a result, the BoE expresses "increasing uncertainties" about official labour market statistics. The central bank anticipates that job growth may have been weaker than initially assumed, and the robust wage growth is expected to moderate over time. Regarding the economic outlook, the BoE's forecasts indicate a lack of growth in the British economy during the July-September period, with a marginal expansion of just 0.1 per cent in the fourth quarter. The central bank's projections extend to anticipate a static economic scenario for 2024, followed by a modest expansion of 0.25 per cent in 2025. Despite these cautious forecasts, the BoE anticipates a return to its 2 per cent inflation target by the end of 2025, albeit with a slight delay of roughly six months in comparison to previous projections. Market sentiment suggests that the BoE is likely to maintain the current interest rates at least until August of the following year, potentially signalling a shift toward lowering rates. Economists have varying opinions on when the Bank Rate might decrease. While some believe it could happen in the second quarter of 2024 as inflation cools, others predict rates will remain unchanged throughout the entirety of the next year. A remarkable aspect within the BoE's assessment of the economy is the prediction of a 4.6 per cent inflation rate in the fourth quarter of 2023. This projection aligns with Prime Minister Rishi Sunak's commitment to achieving price growth this year, an essential element of his political pledge in anticipation of an upcoming election in 2024. (With inputs from Reuters) WATCH WION LIVE HERE

Bank of England holds firm on 15-year high interest rates amid economic uncertainties 

Author

Zee News Rajasthan

Editor

Shashwat Sankranti

Home

Live Tv

Latest

World

India

Business

Entertainment

Sports

Opinions

Videos

Photos

Gravitas

Lifestyle

Science

Tech

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