In a significant development, China Evergrande Group, one of the world's largest real estate developers, has asked a Hong Kong court five-week more weeks to develop a viable solution with its creditors. Facing the future threat of liquidation, the company has announced a revised debt restructuring plan. &nbsp;

The court adjourned the hearing to December 4, the date is now a critical deadline for Evergrande to present an actionable restructuring proposal. Failure to do so could prompt the court to proceed with liquidation. Justice Linda Chan spoke of the requirement for a "concrete" plan, emphasising the potential for the company to face winding up should such a proposal not materialise by the specified date.&nbsp;

Evergrande's dilemma curbs from debt that exceeds $300 billion, leading to its default on offshore debt in late 2021, setting off a ripple effect within China's property sector. The situation worsened when the company's founder, Hui Ka Yan, faced a criminal investigation last month, interfering with a $23 billion offshore debt restructuring plan. &nbsp;

As a result of the inquiry into its flagship property unit, mainland regulators banned Evergrande from issuing new dollar bonds to stabilise its financial standing.&nbsp;

Sources reveal that Evergrande had started discussions with certain bondholders regarding a fresh restructuring proposal over the past fortnight. The revised plan supposedly results in enabling bondholders to convert their bonds into equity and bonds tied to two of its listed subsidiaries, Evergrande Property Services Group and Evergrande New Energy Vehicle Group. Notably, this new proposition no longer includes issuing new notes by China Evergrande.&nbsp;

However, the company's challenges are reflected in its stock performance, with shares plunging by 9.8 per cent on Monday. The vision of a liquidation process reveals Evergrande, which, despite its vast asset base of $240 billion as of June, could impact global markets if it emerges. Neil McDonald, representative of a major bondholder group, conveyed the urgency spoken by the court for a viable restructuring plan that aligns with creditors' interests.

(With inputs from Reuters)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

In a significant development, China Evergrande Group, one of the world's largest real estate developers, has asked a Hong Kong court five-week more weeks to develop a viable solution with its creditors.

In a significant development, China Evergrande Group, one of the world's largest real estate developers, has asked a Hong Kong court five-week more weeks to develop a viable solution with its creditors. Facing the future threat of liquidation, the company has announced a revised debt restructuring plan. The court adjourned the hearing to December 4, the date is now a critical deadline for Evergrande to present an actionable restructuring proposal. Failure to do so could prompt the court to proceed with liquidation. Justice Linda Chan spoke of the requirement for a "concrete" plan, emphasising the potential for the company to face winding up should such a proposal not materialise by the specified date. Evergrande's dilemma curbs from debt that exceeds $300 billion, leading to its default on offshore debt in late 2021, setting off a ripple effect within China's property sector. The situation worsened when the company's founder, Hui Ka Yan, faced a criminal investigation last month, interfering with a $23 billion offshore debt restructuring plan. As a result of the inquiry into its flagship property unit, mainland regulators banned Evergrande from issuing new dollar bonds to stabilise its financial standing. Sources reveal that Evergrande had started discussions with certain bondholders regarding a fresh restructuring proposal over the past fortnight. The revised plan supposedly results in enabling bondholders to convert their bonds into equity and bonds tied to two of its listed subsidiaries, Evergrande Property Services Group and Evergrande New Energy Vehicle Group. Notably, this new proposition no longer includes issuing new notes by China Evergrande. However, the company's challenges are reflected in its stock performance, with shares plunging by 9.8 per cent on Monday. The vision of a liquidation process reveals Evergrande, which, despite its vast asset base of $240 billion as of June, could impact global markets if it emerges. Neil McDonald, representative of a major bondholder group, conveyed the urgency spoken by the court for a viable restructuring plan that aligns with creditors' interests. (With inputs from Reuters) WATCH WION LIVE HERE

Evergrande gets a reprieve from court hearing as it seeks revised debt plan 

Trade ministers from the Group of Seven (G-7)&nbsp;have come together to criticise the exploitation of commercial vulnerabilities by certain nations to further their policy objectives, Bloomberg reported.&nbsp;

In a joint statement issued after their two-day gathering in Osaka, Japan, the G-7 pledged to collaborate with developing nations to ensure the resilience of supply chains for crucial items like critical minerals, semiconductors, and batteries. &nbsp;

While refraining from naming specific culprits, the group voiced their disapproval of actions that weaponise economic dependencies, emphasising the need for free, fair, and mutually beneficial economic and trade relationships. They also expressed concern over the increasing frequency of economic intimidation and threats, which they believe interfere with the legitimate actions of governments.&nbsp;

While the statement didn't explicitly single out any countries employing these tactics, China is widely perceived as a target.&nbsp;

China has, in recent years, used tariffs, import bans, and restrictions against nations like Australia and Lithuania in efforts to influence policies it opposes or express dissatisfaction with foreign governments' actions.&nbsp;

The G-7's outreach session also included non-member nations, such as India, Indonesia, Australia, Chile, and Kenya, emphasising the importance of keeping supply chains secure and inclusive.&nbsp;

The COVID-19 pandemic exposed vulnerabilities in supply chains for critical items like semiconductors and medical devices, leading to concerns about overreliance on specific nations for these essential commodities. Geopolitical tensions in various regions have driven governments to employ trade barriers, sanctions, and subsidies to advance their security and diplomatic objectives. As developing nations often face pressure to align with either democratic powers or the camp led by China and Russia, the G-7's outreach to non-members reflects the evolving dynamics in global trade.&nbsp;

The G-7 nations pledged to promote fair competition by discouraging protectionism and market-distorting measures, noting their concern over export control measures on critical minerals.&nbsp;

This indirect criticism is likely aimed at China, which recently imposed export restrictions on elements essential for high-tech goods like semiconductors and electric vehicle batteries. The group called for an immediate end to measures that unnecessarily restrict trade, alluding to Chinese and Russian bans on Japanese seafood imports following the release of treated wastewater from the Fukushima nuclear power plant.&nbsp;

While the G-7 issued appeals for unity and joint action, there were indications of the challenges in achieving consensus, even among developed nations. The European Union's chief trade negotiator, Valdis Dombrovskis, pointed to additional demands from the United States as the reason for the failure to reach an agreement on crucial minerals. The EU and Australia are currently engaged in critical free trade talks in Osaka, with both sides warning that a failure to reach a deal now could result in substantial delays in any potential pact. &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>

Trade ministers from the Group of Seven (G-7) have come together to criticise the exploitation of commercial vulnerabilities by certain nations to further their policy objectives, Bloomberg reported.

Trade ministers from the Group of Seven (G-7) have come together to criticise the exploitation of commercial vulnerabilities by certain nations to further their policy objectives, Bloomberg reported. In a joint statement issued after their two-day gathering in Osaka, Japan, the G-7 pledged to collaborate with developing nations to ensure the resilience of supply chains for crucial items like critical minerals, semiconductors, and batteries. While refraining from naming specific culprits, the group voiced their disapproval of actions that weaponise economic dependencies, emphasising the need for free, fair, and mutually beneficial economic and trade relationships. They also expressed concern over the increasing frequency of economic intimidation and threats, which they believe interfere with the legitimate actions of governments. While the statement didn't explicitly single out any countries employing these tactics, China is widely perceived as a target. China has, in recent years, used tariffs, import bans, and restrictions against nations like Australia and Lithuania in efforts to influence policies it opposes or express dissatisfaction with foreign governments' actions. The G-7's outreach session also included non-member nations, such as India, Indonesia, Australia, Chile, and Kenya, emphasising the importance of keeping supply chains secure and inclusive. The COVID-19 pandemic exposed vulnerabilities in supply chains for critical items like semiconductors and medical devices, leading to concerns about overreliance on specific nations for these essential commodities. Geopolitical tensions in various regions have driven governments to employ trade barriers, sanctions, and subsidies to advance their security and diplomatic objectives. As developing nations often face pressure to align with either democratic powers or the camp led by China and Russia, the G-7's outreach to non-members reflects the evolving dynamics in global trade. The G-7 nations pledged to promote fair competition by discouraging protectionism and market-distorting measures, noting their concern over export control measures on critical minerals. This indirect criticism is likely aimed at China, which recently imposed export restrictions on elements essential for high-tech goods like semiconductors and electric vehicle batteries. The group called for an immediate end to measures that unnecessarily restrict trade, alluding to Chinese and Russian bans on Japanese seafood imports following the release of treated wastewater from the Fukushima nuclear power plant. While the G-7 issued appeals for unity and joint action, there were indications of the challenges in achieving consensus, even among developed nations. The European Union's chief trade negotiator, Valdis Dombrovskis, pointed to additional demands from the United States as the reason for the failure to reach an agreement on crucial minerals. The EU and Australia are currently engaged in critical free trade talks in Osaka, with both sides warning that a failure to reach a deal now could result in substantial delays in any potential pact. (With inputs from Bloomberg) WATCH WION LIVE HERE

G-7 trade chiefs condemn weaponisation of economic dependencies: Report  

Australia has withdrawn from trade talks with the European Union (EU) on a free trade agreement for the second time in three months. &nbsp;

Australia's Trade Minister Don Farrell, who met with European representatives during a Group of Seven meeting in Osaka, expressed his frustration on the matter. "We've not been able to make progress." While expressing hope for future success, Bloomberg quoted him as saying, “Negotiations will continue, and I'm hopeful that one day we will sign a deal that benefits both Australia and our European friends."

The negotiations between Australia and the EU have been ongoing for over five years, with broad consensus achieved in most areas. However, the stumbling block has been related to agricultural issues.

&nbsp;Australia has been pushing for increased access to the European market for products such as beef, mutton, and sugar, while Brussels has been advocating for the elimination of certain geographic locators on products like Prosecco and feta.

The European Commission expressed its regret over the lack of progress, mentioning that the Australian side had reintroduced agricultural offers that did not reflect recent negotiations.&nbsp;

The recent talks in Osaka were considered a last chance for both parties to reach an agreement in the near future. The failure to strike a deal now may result in significant delays, with the possibility of months or even years before an agreement can be reached. Although cautious optimism existed, neither Canberra nor Brussels was entirely convinced that a deal could be struck. &nbsp;

The EU Trade Commissioner Valdis Dombrovskis had previously stated that the deal was "within reach", along with some remaining hurdles to overcome.&nbsp;

For both Australia and the EU, reaching an agreement is of utmost importance.&nbsp;

The centre-left Labour government in Australia is in need of a political win following the failure of a national referendum it supported, which aimed to establish an Indigenous advisory body. The government has faced criticism for not giving enough attention to economic matters, and a free trade deal with Europe could help counter this narrative. &nbsp;

On the other hand, the administration of European Commission President Ursula Von Der Leyen is eager to secure a trade victory after a previous unsuccessful attempt to remove steel and aluminium tariffs imposed by former President Donald Trump's administration in the United States. Additionally, the EU is facing challenges in concluding an agreement with the Mercosur bloc, which includes countries like Brazil, Argentina, Paraguay, and Uruguay.&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>

Australia has withdrawn from trade talks with the European Union (EU) on a free trade agreement for the second time in three months. Australia's Trade Minister Don Farrell, who met with European representatives during a Group of Seven meeting in Osaka, expressed his frustration on the matter.

Australia has withdrawn from trade talks with the European Union (EU) on a free trade agreement for the second time in three months. Australia's Trade Minister Don Farrell, who met with European representatives during a Group of Seven meeting in Osaka, expressed his frustration on the matter. "We've not been able to make progress." While expressing hope for future success, Bloomberg quoted him as saying, “Negotiations will continue, and I'm hopeful that one day we will sign a deal that benefits both Australia and our European friends." The negotiations between Australia and the EU have been ongoing for over five years, with broad consensus achieved in most areas. However, the stumbling block has been related to agricultural issues. Australia has been pushing for increased access to the European market for products such as beef, mutton, and sugar, while Brussels has been advocating for the elimination of certain geographic locators on products like Prosecco and feta. The European Commission expressed its regret over the lack of progress, mentioning that the Australian side had reintroduced agricultural offers that did not reflect recent negotiations. The recent talks in Osaka were considered a last chance for both parties to reach an agreement in the near future. The failure to strike a deal now may result in significant delays, with the possibility of months or even years before an agreement can be reached. Although cautious optimism existed, neither Canberra nor Brussels was entirely convinced that a deal could be struck. The EU Trade Commissioner Valdis Dombrovskis had previously stated that the deal was "within reach", along with some remaining hurdles to overcome. For both Australia and the EU, reaching an agreement is of utmost importance. The centre-left Labour government in Australia is in need of a political win following the failure of a national referendum it supported, which aimed to establish an Indigenous advisory body. The government has faced criticism for not giving enough attention to economic matters, and a free trade deal with Europe could help counter this narrative. On the other hand, the administration of European Commission President Ursula Von Der Leyen is eager to secure a trade victory after a previous unsuccessful attempt to remove steel and aluminium tariffs imposed by former President Donald Trump's administration in the United States. Additionally, the EU is facing challenges in concluding an agreement with the Mercosur bloc, which includes countries like Brazil, Argentina, Paraguay, and Uruguay. (With inputs from Bloomberg) WATCH WION LIVE HERE

Australia halts trade negotiations with EU. Here's why 

In a sign of resilience, the U.S. economy grew by nearly 5 per cent in the July-September quarter, defying earlier warnings of a looming recession.

The fastest growth pace in almost two years was underpinned by a combination of factors, including higher wages, steady consumer spending, and businesses restocking inventory to meet soaring demand.&nbsp;&nbsp;

Investment in residential sector staged a remarkable rebound after nine consecutive quarters of contraction. While government spending increased during this period, business investment saw a dip for the first time in two years. This reduction was attributed to a decline in spending on equipment, including computers.&nbsp;

Moreover, there was a considerable decrease in underlying inflation last quarter, fostering expectations that the economy is poised for a "soft-landing."&nbsp;

Wage growth, while slightly decelerating, continued to outpace inflation, resulting in increased purchasing power for households. However, the rise in personal taxes partially offset these wage gains, causing disposable income for households to decline by 1.0 per cent. Consequently, consumers had to dip into their savings, leading to a drop in the savings rate from 5.2 per cent in the second quarter to 3.8 per cent. &nbsp;

Despite the current economic strength, potential challenges lurk on the horizon. The resumption of student loan repayments, the lagged effects of recent interest rate hikes, and the United Auto Workers strikes could potentially cast a shadow over growth prospects in the fourth quarter.&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>

In a sign of resilience, the U.S. economy grew by nearly 5 per cent in the July-September quarter, defying earlier warnings of a looming recession. The fastest growth pace in almost two years was underpinned by a combination of factors, including higher wages, steady consumer spending, and businesses restocking inventory to meet soaring demand.

In a sign of resilience, the U.S. economy grew by nearly 5 per cent in the July-September quarter, defying earlier warnings of a looming recession. The fastest growth pace in almost two years was underpinned by a combination of factors, including higher wages, steady consumer spending, and businesses restocking inventory to meet soaring demand. Investment in residential sector staged a remarkable rebound after nine consecutive quarters of contraction. While government spending increased during this period, business investment saw a dip for the first time in two years. This reduction was attributed to a decline in spending on equipment, including computers. Moreover, there was a considerable decrease in underlying inflation last quarter, fostering expectations that the economy is poised for a "soft-landing." Wage growth, while slightly decelerating, continued to outpace inflation, resulting in increased purchasing power for households. However, the rise in personal taxes partially offset these wage gains, causing disposable income for households to decline by 1.0 per cent. Consequently, consumers had to dip into their savings, leading to a drop in the savings rate from 5.2 per cent in the second quarter to 3.8 per cent. Despite the current economic strength, potential challenges lurk on the horizon. The resumption of student loan repayments, the lagged effects of recent interest rate hikes, and the United Auto Workers strikes could potentially cast a shadow over growth prospects in the fourth quarter. (With inputs from Reuters) WATCH WION LIVE HERE

US economy delivers strong Q3 growth despite looming challenges: Report  

India's prominent blue-chip stocks faced a decline for the sixth consecutive session, as escalating selling pressure, coupled with heightened U.S. Treasury yields and apprehensions regarding the Middle East conflict, weighed on market sentiment. &nbsp;

According to a Reuters report, the NSE (National Stock Exchange) Nifty 50 index settled 1.39 per cent lower at 18,857.25, marking its first close below the 19,000 mark since June 28. The S&amp;P BSE (Bombay Stock Exchange) Sensex experienced a 1.41 per cent drop, concluding at 63,148.15. Over the past six sessions, these benchmarks have collectively lost nearly 5 per cent of their value, driving the Nifty into oversold territory for the first time in 16 months.&nbsp;

Only four of the Nifty 50 stocks managed to advance. The entire spectrum of 13 major sectoral indexes recorded losses, with high-weightage sectors like banks and IT shedding 1.29 per cent and 1 per cent respectively. A significant portion of the IT sector's decline was attributed to Tech Mahindra, which experienced a substantial 2.34 per cent fall following its largest profit decline in over 16 years. Adani Enterprises also lost 2.38 per cent amid reports that India's accounting regulator had initiated an investigation into one of the Adani group's auditors.&nbsp;

The small-cap and mid-cap segments, which had been outperforming their larger counterparts in recent times, were not immune to the market turmoil. These segments experienced losses of 0.34 per cent and 1.16 per cent respectively. The regional impact was evident, with the MSCI Asia ex-Japan index shedding 1.25 per cent. India's volatility index rose by 3.69 per cent to reach 11.73 at the close, marking its highest level in over three weeks.&nbsp;

Avinash Gorakshakar, the Head of Research at Profitmart Securities, told Reuters, "Domestic equities have been under pressure over the past two weeks because of worries that if the (West Asia) conflict continued for a long time, it would have adverse repercussions for the global economy and markets." He further added that "elevated U.S. treasury yields could trigger an extended period of foreign outflows."&nbsp;

The downward trajectory extended to individual stock performances. Asian Paints and McDonald's franchisee Westlife Foodworld dropped by 3.28 per cent and 1.81 per cent respectively after failing to meet profit estimates for the second quarter. However, private lender Axis Bank managed to gain 1.74 per cent following a positive outcome in the September quarter, driven by strong loan growth.&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>

India's prominent blue-chip stocks faced a decline for the sixth consecutive session, as escalating selling pressure, coupled with heightened U.S. Treasury yields and apprehensions regarding the Middle East conflict, weighed on market sentiment.

India's prominent blue-chip stocks faced a decline for the sixth consecutive session, as escalating selling pressure, coupled with heightened U.S. Treasury yields and apprehensions regarding the Middle East conflict, weighed on market sentiment. According to a Reuters report, the NSE (National Stock Exchange) Nifty 50 index settled 1.39 per cent lower at 18,857.25, marking its first close below the 19,000 mark since June 28. The S&P BSE (Bombay Stock Exchange) Sensex experienced a 1.41 per cent drop, concluding at 63,148.15. Over the past six sessions, these benchmarks have collectively lost nearly 5 per cent of their value, driving the Nifty into oversold territory for the first time in 16 months. Only four of the Nifty 50 stocks managed to advance. The entire spectrum of 13 major sectoral indexes recorded losses, with high-weightage sectors like banks and IT shedding 1.29 per cent and 1 per cent respectively. A significant portion of the IT sector's decline was attributed to Tech Mahindra, which experienced a substantial 2.34 per cent fall following its largest profit decline in over 16 years. Adani Enterprises also lost 2.38 per cent amid reports that India's accounting regulator had initiated an investigation into one of the Adani group's auditors. The small-cap and mid-cap segments, which had been outperforming their larger counterparts in recent times, were not immune to the market turmoil. These segments experienced losses of 0.34 per cent and 1.16 per cent respectively. The regional impact was evident, with the MSCI Asia ex-Japan index shedding 1.25 per cent. India's volatility index rose by 3.69 per cent to reach 11.73 at the close, marking its highest level in over three weeks. Avinash Gorakshakar, the Head of Research at Profitmart Securities, told Reuters, "Domestic equities have been under pressure over the past two weeks because of worries that if the (West Asia) conflict continued for a long time, it would have adverse repercussions for the global economy and markets." He further added that "elevated U.S. treasury yields could trigger an extended period of foreign outflows." The downward trajectory extended to individual stock performances. Asian Paints and McDonald's franchisee Westlife Foodworld dropped by 3.28 per cent and 1.81 per cent respectively after failing to meet profit estimates for the second quarter. However, private lender Axis Bank managed to gain 1.74 per cent following a positive outcome in the September quarter, driven by strong loan growth. (With inputs from Reuters) WATCH WION LIVE HERE

India's blue-chip stocks slide to near four-month lows amid global economic concerns 

Recent financial reports from tech giants Alphabet, Meta, and Snap are painting an optimistic picture for the advertising industry, suggesting that the widespread adoption of artificial intelligence is luring marketers to digital platforms, even in uncertain economic times. All three companies exceeded quarterly revenue expectations, showcasing robust performance in their advertising businesses.&nbsp;

"AI is helping advertisers find as many people as possible and their ideal audience for the lowest possible price," Reuters quoted Philipp Schindler, Chief Business Officer at Google as saying. Google, a subsidiary of Alphabet, has been actively investing in AI, notably with tools like Performance Max, which employs artificial intelligence to determine how marketing budgets should be distributed across Google's advertising network. &nbsp;

Schindler also highlighted the strength of the retail sector during the July-September period, emphasising the company's preparations for a prolonged holiday season to offer consumers attractive deals cantered on price and convenience. Alphabet reported a remarkable 9.5 per cent increase in ad revenue for the third quarter, surpassing Wall Street estimates, with a 12 per cent growth in its YouTube ads business.&nbsp;

Meta, the parent company of Facebook and Instagram, reported a substantial 31 per cent increase in ad views compared to the previous year. To capitalise on this momentum, Meta has announced plans to make substantial investments in AI in the coming year. Despite a 6 per cent decrease in the average price per ad, this decline's pace was the slowest in seven quarters.&nbsp;

Meta's efforts in AI-powered marketing planning and ad measurement features have been vital in fuelling its growth, particularly in response to privacy changes led by Apple, which constrained the use of personal data for ad targeting. The company is now introducing AI tools to generate various ad campaign variations swiftly, setting it apart from smaller competitors like Snap.&nbsp;

Snap, the company behind Snapchat, has seen significant returns on its investment in ad-targeting tools with technology. Their average revenue per user increased during the third quarter, indicating the success of their ad strategies.&nbsp;

These results reaffirm the ongoing rebound of the advertising market, particularly driven by retail companies' ad spending. Industry analysts believe that Google and Meta stand as the primary beneficiaries of this resurgence.&nbsp;

"We expect the larger platforms like Meta and Google to lead the wallet share growth at least initially in this ad spend recovery," Reuters quoted analysts at Evercore ISI. The widespread reach of these tech giants attracts a steady stream of advertisers, making them more resilient to geopolitical uncertainty and economic volatility.&nbsp;

However, Meta's Chief Financial Officer, Susan Li, noted that the company had detected some "softness" in ad spending at the beginning of the fourth quarter, possibly linked to the Israel-Gaza conflict.&nbsp;

Despite this, recent forecasts from media research and investment firm Magna remain optimistic. Magna raised its forecast for ad spending growth in the&nbsp;U.S.&nbsp;to 5.2 per cent for 2023, up from the previous estimate of 4.2 per cent, with expectations of a 9.6 per cent rise in digital ad sales during the same period.&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>

Recent financial reports from tech giants Alphabet, Meta, and Snap are painting an optimistic picture for the advertising industry, suggesting that the widespread adoption of artificial intelligence is luring marketers to digital platforms, even in uncertain economic times.

Recent financial reports from tech giants Alphabet, Meta, and Snap are painting an optimistic picture for the advertising industry, suggesting that the widespread adoption of artificial intelligence is luring marketers to digital platforms, even in uncertain economic times. All three companies exceeded quarterly revenue expectations, showcasing robust performance in their advertising businesses. "AI is helping advertisers find as many people as possible and their ideal audience for the lowest possible price," Reuters quoted Philipp Schindler, Chief Business Officer at Google as saying. Google, a subsidiary of Alphabet, has been actively investing in AI, notably with tools like Performance Max, which employs artificial intelligence to determine how marketing budgets should be distributed across Google's advertising network. Schindler also highlighted the strength of the retail sector during the July-September period, emphasising the company's preparations for a prolonged holiday season to offer consumers attractive deals cantered on price and convenience. Alphabet reported a remarkable 9.5 per cent increase in ad revenue for the third quarter, surpassing Wall Street estimates, with a 12 per cent growth in its YouTube ads business. Meta, the parent company of Facebook and Instagram, reported a substantial 31 per cent increase in ad views compared to the previous year. To capitalise on this momentum, Meta has announced plans to make substantial investments in AI in the coming year. Despite a 6 per cent decrease in the average price per ad, this decline's pace was the slowest in seven quarters. Meta's efforts in AI-powered marketing planning and ad measurement features have been vital in fuelling its growth, particularly in response to privacy changes led by Apple, which constrained the use of personal data for ad targeting. The company is now introducing AI tools to generate various ad campaign variations swiftly, setting it apart from smaller competitors like Snap. Snap, the company behind Snapchat, has seen significant returns on its investment in ad-targeting tools with technology. Their average revenue per user increased during the third quarter, indicating the success of their ad strategies. These results reaffirm the ongoing rebound of the advertising market, particularly driven by retail companies' ad spending. Industry analysts believe that Google and Meta stand as the primary beneficiaries of this resurgence. "We expect the larger platforms like Meta and Google to lead the wallet share growth at least initially in this ad spend recovery," Reuters quoted analysts at Evercore ISI. The widespread reach of these tech giants attracts a steady stream of advertisers, making them more resilient to geopolitical uncertainty and economic volatility. However, Meta's Chief Financial Officer, Susan Li, noted that the company had detected some "softness" in ad spending at the beginning of the fourth quarter, possibly linked to the Israel-Gaza conflict. Despite this, recent forecasts from media research and investment firm Magna remain optimistic. Magna raised its forecast for ad spending growth in the U.S. to 5.2 per cent for 2023, up from the previous estimate of 4.2 per cent, with expectations of a 9.6 per cent rise in digital ad sales during the same period. (With inputs from Reuters) WATCH WION LIVE HERE

Alphabet, Meta, and Snap lead ad market rebound with AI-powered strategies 

Luxury carmaker, Mercedes-Benz, has revealed concerns about the intense competition in the electric vehicle (EV) market, marked by aggressive price reductions and supply chain disruptions.&nbsp;

As a result, the company is anticipating that its adjusted return on sales for the cars division may fall within the lower range of the 12-14 per cent forecast. This announcement coincided with a decline in third-quarter earnings, which has put pressure on the company's financial outlook.&nbsp;

According to Reuters, Mercedes-Benz's Chief Financial Officer, Harald Wilhelm, mentioned on an analyst call that if margins on EVs continue to underperform compared to earlier projections, they could seek to bolster earnings through their combustion engine portfolio.&nbsp;

He described the current EV market landscape as "brutal," especially due to established players selling battery electric vehicles at prices equivalent to or even below internal combustion engine cars, despite the higher production costs. Reuters quoted Wilhelm as saying, "I can hardly imagine the current status quo is fully sustainable for everybody."&nbsp;

The luxury automaker emphasised its unwavering commitment to its EV targets while acknowledging the necessity of exploring alternative revenue streams.&nbsp;

Although Mercedes-Benz has witnessed discounts on some of its models in Germany during the fourth quarter, the company clarified that this does not represent a fundamental shift in its pricing strategy and its commitment to keeping prices high to prioritise margin growth remains intact.&nbsp;

The reaction to these developments was swift in the financial markets.&nbsp;

Mercedes-Benz shares plummeted by over 6 per cent as of 0733 GMT, reaching their lowest point in nearly a year. They emerged as the biggest losers on the Eurozone blue-chip index, with BMW down 4 per cent and VW (Volkswagen) down more than 2 per cent.&nbsp;

The overall sentiment seems to be reflective of the challenges that the luxury carmaker is currently facing in the EV market.&nbsp;

The struggle in the EV market is not unique to Mercedes-Benz. Carmakers like Ford and Tesla have been implementing significant price reductions throughout the year in various global markets, from the United States to China, in an attempt to boost demand. However, Mercedes-Benz has largely refrained from following this trend, maintaining its commitment to premium pricing.&nbsp;

The company reported a 12.4 per cent adjusted return on sales in its cars division for the third quarter. The group's earnings before interest and taxes (EBIT) fell by 6.8 per cent to 4.8 billion euros ($5.1 billion). Group revenue decreased by 1.4 per cent to 37.2 billion euros.&nbsp;

In terms of sales, Mercedes-Benz reported a 4 per cent drop in the third-quarter, with top-end sales down by 11 per cent. This decrease was attributed in part to model changeovers and a shortage in 48-volt systems supplied by Bosch.&nbsp;

Mercedes-Benz acknowledged that the market environment is currently "subdued". However, Harald Wilhelm expressed optimism, stating that they believe "we are beyond the worst" when it comes to inflation and energy pricing, hinting at potential stabilisation in the broader economic landscape.&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>

Luxury carmaker, Mercedes-Benz, has revealed concerns about the intense competition in the electric vehicle (EV) market, marked by aggressive price reductions and supply chain disruptions.

Luxury carmaker, Mercedes-Benz, has revealed concerns about the intense competition in the electric vehicle (EV) market, marked by aggressive price reductions and supply chain disruptions. As a result, the company is anticipating that its adjusted return on sales for the cars division may fall within the lower range of the 12-14 per cent forecast. This announcement coincided with a decline in third-quarter earnings, which has put pressure on the company's financial outlook. According to Reuters, Mercedes-Benz's Chief Financial Officer, Harald Wilhelm, mentioned on an analyst call that if margins on EVs continue to underperform compared to earlier projections, they could seek to bolster earnings through their combustion engine portfolio. He described the current EV market landscape as "brutal," especially due to established players selling battery electric vehicles at prices equivalent to or even below internal combustion engine cars, despite the higher production costs. Reuters quoted Wilhelm as saying, "I can hardly imagine the current status quo is fully sustainable for everybody." The luxury automaker emphasised its unwavering commitment to its EV targets while acknowledging the necessity of exploring alternative revenue streams. Although Mercedes-Benz has witnessed discounts on some of its models in Germany during the fourth quarter, the company clarified that this does not represent a fundamental shift in its pricing strategy and its commitment to keeping prices high to prioritise margin growth remains intact. The reaction to these developments was swift in the financial markets. Mercedes-Benz shares plummeted by over 6 per cent as of 0733 GMT, reaching their lowest point in nearly a year. They emerged as the biggest losers on the Eurozone blue-chip index, with BMW down 4 per cent and VW (Volkswagen) down more than 2 per cent. The overall sentiment seems to be reflective of the challenges that the luxury carmaker is currently facing in the EV market. The struggle in the EV market is not unique to Mercedes-Benz. Carmakers like Ford and Tesla have been implementing significant price reductions throughout the year in various global markets, from the United States to China, in an attempt to boost demand. However, Mercedes-Benz has largely refrained from following this trend, maintaining its commitment to premium pricing. The company reported a 12.4 per cent adjusted return on sales in its cars division for the third quarter. The group's earnings before interest and taxes (EBIT) fell by 6.8 per cent to 4.8 billion euros ($5.1 billion). Group revenue decreased by 1.4 per cent to 37.2 billion euros. In terms of sales, Mercedes-Benz reported a 4 per cent drop in the third-quarter, with top-end sales down by 11 per cent. This decrease was attributed in part to model changeovers and a shortage in 48-volt systems supplied by Bosch. Mercedes-Benz acknowledged that the market environment is currently "subdued". However, Harald Wilhelm expressed optimism, stating that they believe "we are beyond the worst" when it comes to inflation and energy pricing, hinting at potential stabilisation in the broader economic landscape. (With inputs from Reuters) WATCH WION LIVE HERE

Decoding Mercedes-Benz's grim outlook on global EV market

Brazilian retailers are grappling with a challenging landscape as they contend with mounting debt and increasing competition from online giants like Amazon. A complex combination of factors, including high debt levels for both retailers and consumers, rising yields, and a recent accounting scandal at Americanas SA, has created a challenging environment for the retail sector in Brazil, Bloomberg reported.&nbsp;

The retail industry in Brazil is already exhibiting cracks, with established retailers facing significant hurdles.

Casas Bahia, a well-known retail chain, had to issue equity at a substantial discount to manage its debt load. Similarly, Tok&amp;Stok, a furniture retailer, announced a debt restructuring of around 350 million reais and received a capital addition of 100 million reais after failing to meet some obligations. Other retailers, such as Magazine Luiza and C&amp;A Modas, have seen risk premiums on their local bonds increase.&nbsp;

Bloomberg quoted Thiago Macruz, retail analyst and head of Brazil equity research at Itau BBA SA, as saying, "We're talking about maybe the worst moment for Brazil retail since I started covering the sector a decade ago. It has been super-challenging for retailers, especially those that cater to lower-income customers."&nbsp;

Brazil's central bank has attempted to alleviate some of the pressure on borrowers by reducing interest rates, and further cuts are anticipated. However, it might not provide immediate relief to retailers who are burdened by debt.

Brazilian retailers had ramped up their debt levels prior to the pandemic, driven by falling interest rates and strong local demand for bonds. Retailers also extended credit to customers, expanding their in-house lending, often taking on the risks associated with defaults. In the near term, this facilitated revenue growth, but it is&nbsp;now raising concerns as customers face mounting debt levels.&nbsp;

Amidst these challenges, retailers are now scaling back on lending to consumers. Bloomberg quoted Alexandre Muller, a credit fund manager at JGP Asset Management, as saying, "Companies realised it's not a good business to deliver revenue growth at the expense of seeing a spike in bad loans. Otherwise, they're putting money in one pocket by stealing from the other."&nbsp;

Despite these pressures, some investors see opportunities in the retail sector, particularly in local notes of companies with tangible assets like Guararapes Confeccoes SA, which owns the fashion retailer Riachuelo. While traditional brick-and-mortar retailers struggle, the e-commerce landscape is also facing intense competition. Recent federal initiatives in Brazil have allowed online retailers to sell products up to $50 with full federal import tax exemption, further intensifying the competition.&nbsp;

While the retail sector continues to face headwinds, some investors believe that the worst may be over, with the potential for macroeconomic improvements and government programs aimed at easing the burden on indebted consumers.

(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>

Brazilian retailers are grappling with a challenging landscape as they contend with mounting debt and increasing competition from online giants like Amazon. A complex combination of factors, including high debt levels for both retailers and consumers, rising yields, and a recent accounting scandal at Americanas SA, has created a challenging environment for the retail sector in Brazil, Bloomberg reported.

Brazilian retailers are grappling with a challenging landscape as they contend with mounting debt and increasing competition from online giants like Amazon. A complex combination of factors, including high debt levels for both retailers and consumers, rising yields, and a recent accounting scandal at Americanas SA, has created a challenging environment for the retail sector in Brazil, Bloomberg reported. The retail industry in Brazil is already exhibiting cracks, with established retailers facing significant hurdles. Casas Bahia, a well-known retail chain, had to issue equity at a substantial discount to manage its debt load. Similarly, Tok&Stok, a furniture retailer, announced a debt restructuring of around 350 million reais and received a capital addition of 100 million reais after failing to meet some obligations. Other retailers, such as Magazine Luiza and C&A Modas, have seen risk premiums on their local bonds increase. Bloomberg quoted Thiago Macruz, retail analyst and head of Brazil equity research at Itau BBA SA, as saying, "We're talking about maybe the worst moment for Brazil retail since I started covering the sector a decade ago. It has been super-challenging for retailers, especially those that cater to lower-income customers." Brazil's central bank has attempted to alleviate some of the pressure on borrowers by reducing interest rates, and further cuts are anticipated. However, it might not provide immediate relief to retailers who are burdened by debt. Brazilian retailers had ramped up their debt levels prior to the pandemic, driven by falling interest rates and strong local demand for bonds. Retailers also extended credit to customers, expanding their in-house lending, often taking on the risks associated with defaults. In the near term, this facilitated revenue growth, but it is now raising concerns as customers face mounting debt levels. Amidst these challenges, retailers are now scaling back on lending to consumers. Bloomberg quoted Alexandre Muller, a credit fund manager at JGP Asset Management, as saying, "Companies realised it's not a good business to deliver revenue growth at the expense of seeing a spike in bad loans. Otherwise, they're putting money in one pocket by stealing from the other." Despite these pressures, some investors see opportunities in the retail sector, particularly in local notes of companies with tangible assets like Guararapes Confeccoes SA, which owns the fashion retailer Riachuelo. While traditional brick-and-mortar retailers struggle, the e-commerce landscape is also facing intense competition. Recent federal initiatives in Brazil have allowed online retailers to sell products up to $50 with full federal import tax exemption, further intensifying the competition. While the retail sector continues to face headwinds, some investors believe that the worst may be over, with the potential for macroeconomic improvements and government programs aimed at easing the burden on indebted consumers. (With inputs from Bloomberg) WATCH WION LIVE HERE

Brazilian retail sector faces challenges amidst rising debt and online competition 

Moody's Corp. is stepping into the world of artificial intelligence, leveraging generative AI technology to expedite the process of analysing extensive data and generating analytical reports.

According to a report by Bloomberg, the ratings agency is introducing large language models from Google Cloud to its employees, with the aim of streamlining the analysis of public documents and the company's internal database, ultimately making the report-writing process more efficient. This initiative is set to empower a broader range of staff members to work on projects that previously necessitated expertise in fields like coding, finance, and accountancy.&nbsp;

Nick Reed, Moody's Chief Product Officer, spoke about the time-saving capabilities of this technology. Bloomberg quoted him as saying, "What could potentially have been a day's long process is now literally five minutes."

He emphasised that there are numerous potential applications for the AI-driven technology, and the company's approach is to introduce it to employees, allowing them to identify areas where workflow improvements can be made.&nbsp;

Recently, PricewaterhouseCoopers LLP announced a collaboration with OpenAI, the owner of ChatGPT, to provide AI-generated advice to clients. Similarly, KPMG revealed a substantial $2 billion investment in Microsoft's generative AI efforts and cloud services.&nbsp;

To ensure transparency and reliability in the reporting process, the AI software will maintain a digital record of the sources from which information is derived. According to Philip Moyer, Vice President of Artificial Intelligence and Business Solutions at Google Cloud, this feature will prevent the technology from "hallucinating," a term used to describe instances where large language models generate answers that appear convincing but are not accurate.&nbsp;

In addition to enhancing their own operations, Moody's will extend the availability of these large language models to other financial institutions. These firms can employ the technology to streamline routine tasks, allowing for faster, data-driven decision-making. For instance, a bank employee could promptly assess whether to onboard a small business client by instructing the large language model to identify key risks in the client's financial disclosures, summarise earnings calls, or identify peers with similar environmental footprints. This process, which previously consumed hours, could now yield results within minutes.&nbsp;

Philip Moyer highlighted the goal of democratising access to critical information, allowing individuals who lack in-depth expertise in specific fields to effectively engage with and utilise this technology for more efficient decision-making.&nbsp;

(With inputs from Boomberg)&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>

Moody's Corp. is stepping into the world of artificial intelligence, leveraging generative AI technology to expedite the process of analysing extensive data and generating analytical reports.

Moody's Corp. is stepping into the world of artificial intelligence, leveraging generative AI technology to expedite the process of analysing extensive data and generating analytical reports. According to a report by Bloomberg, the ratings agency is introducing large language models from Google Cloud to its employees, with the aim of streamlining the analysis of public documents and the company's internal database, ultimately making the report-writing process more efficient. This initiative is set to empower a broader range of staff members to work on projects that previously necessitated expertise in fields like coding, finance, and accountancy. Nick Reed, Moody's Chief Product Officer, spoke about the time-saving capabilities of this technology. Bloomberg quoted him as saying, "What could potentially have been a day's long process is now literally five minutes." He emphasised that there are numerous potential applications for the AI-driven technology, and the company's approach is to introduce it to employees, allowing them to identify areas where workflow improvements can be made. Recently, PricewaterhouseCoopers LLP announced a collaboration with OpenAI, the owner of ChatGPT, to provide AI-generated advice to clients. Similarly, KPMG revealed a substantial $2 billion investment in Microsoft's generative AI efforts and cloud services. To ensure transparency and reliability in the reporting process, the AI software will maintain a digital record of the sources from which information is derived. According to Philip Moyer, Vice President of Artificial Intelligence and Business Solutions at Google Cloud, this feature will prevent the technology from "hallucinating," a term used to describe instances where large language models generate answers that appear convincing but are not accurate. In addition to enhancing their own operations, Moody's will extend the availability of these large language models to other financial institutions. These firms can employ the technology to streamline routine tasks, allowing for faster, data-driven decision-making. For instance, a bank employee could promptly assess whether to onboard a small business client by instructing the large language model to identify key risks in the client's financial disclosures, summarise earnings calls, or identify peers with similar environmental footprints. This process, which previously consumed hours, could now yield results within minutes. Philip Moyer highlighted the goal of democratising access to critical information, allowing individuals who lack in-depth expertise in specific fields to effectively engage with and utilise this technology for more efficient decision-making. (With inputs from Boomberg) WATCH WION LIVE HERE

Moody’s to utilise AI to accelerate analytical report writing

In September, sales of new single-family homes in the United States reached a 19-month high, driven by falling median house prices.

According to Reuters, the annual median house price experienced its most significant drop since 2009, largely due to incentives offered by builders to attract buyers. However, rising mortgage rates, which are approaching 8 per cent, could potentially curtail the demand, despite a chronic shortage of previously owned houses that is driving buyers towards new construction. The bulk of homes sold in September fell within the price range of $150,000 to $499,999, as reported by the US Commerce Department.

Bill Adams, Chief Economist at Comerica Bank, told Reuters that builders are using interest rate buy down incentives and reducing floor plan sizes to enhance affordability for prospective buyers. This approach has created distinct dynamics in various segments of the housing market.

The surge in new home sales in September marked a 12.3 per cent increase to a seasonally adjusted annual rate of 759,000 units, the highest level since February 2022. August's sales figures were revised up to 676,000 units, a slight improvement from the previously reported 675,000 units. The unexpected sales growth defied economists' forecasts, which had predicted a rate of 680,000 units.

New home sales represent a leading indicator for the housing market as they are counted at the signing of a contract. These figures revealed a 33.9 per cent year-on-year acceleration in September.

The new construction market is benefiting from the shortage of existing homes, with builders striving to maintain the momentum. Notably, the National Association of Home Builders reported a 10-month high in builders reducing home prices in October, with an average price discount of 6 per cent. These tactics are making homeownership more achievable and stimulating activity in the market.

While the median new house price experienced a notable 12.3 per cent drop from the previous year, the largest percentage decline since February 2009, this has not deterred buyers. The majority of transactions occurred in the $150,000 to $499,999 price range. There was also an increase in sales within the $500,000 to $749,000 price bracket.

However, the rise in mortgage rates poses a potential threat to future sales. With the 30-year fixed-rate mortgage reaching 7.9 per cent, the highest level since September 2000, the Mortgage Bankers Association reported a drop in mortgage applications to levels last seen in 1995. Mortgage rates have risen alongside the 10-year U.S. Treasury yield, which is hovering just below 5 per cent, a result of concerns that the Federal Reserve may keep interest rates higher for a more extended period due to the robust economy. Since March 2022, the central bank has raised its benchmark overnight interest rate by 525 basis points, reaching a range of 5.25 per cent to 5.50 per cent.

As of the end of September, there were 435,000 new homes on the market, up from 432,000 in August. It would take 6.9 months, as opposed to 7.7 months in August, to sell all the houses on the market at the sales pace in September.

Economists anticipate that the housing market may have stabilised in the third quarter, thanks to strong homebuilding and new home sales, with residential investment likely rebounding after nine consecutive quarters of contraction.

(With inputs from Reuters)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

In September, sales of new single-family homes in the United States reached a 19-month high, driven by falling median house prices. According to Reuters, the annual median house price experienced its most significant drop since 2009, largely due to incentives offered by builders to attract buyers.

In September, sales of new single-family homes in the United States reached a 19-month high, driven by falling median house prices. According to Reuters, the annual median house price experienced its most significant drop since 2009, largely due to incentives offered by builders to attract buyers. However, rising mortgage rates, which are approaching 8 per cent, could potentially curtail the demand, despite a chronic shortage of previously owned houses that is driving buyers towards new construction. The bulk of homes sold in September fell within the price range of $150,000 to $499,999, as reported by the US Commerce Department. Bill Adams, Chief Economist at Comerica Bank, told Reuters that builders are using interest rate buy down incentives and reducing floor plan sizes to enhance affordability for prospective buyers. This approach has created distinct dynamics in various segments of the housing market. The surge in new home sales in September marked a 12.3 per cent increase to a seasonally adjusted annual rate of 759,000 units, the highest level since February 2022. August's sales figures were revised up to 676,000 units, a slight improvement from the previously reported 675,000 units. The unexpected sales growth defied economists' forecasts, which had predicted a rate of 680,000 units. New home sales represent a leading indicator for the housing market as they are counted at the signing of a contract. These figures revealed a 33.9 per cent year-on-year acceleration in September. The new construction market is benefiting from the shortage of existing homes, with builders striving to maintain the momentum. Notably, the National Association of Home Builders reported a 10-month high in builders reducing home prices in October, with an average price discount of 6 per cent. These tactics are making homeownership more achievable and stimulating activity in the market. While the median new house price experienced a notable 12.3 per cent drop from the previous year, the largest percentage decline since February 2009, this has not deterred buyers. The majority of transactions occurred in the $150,000 to $499,999 price range. There was also an increase in sales within the $500,000 to $749,000 price bracket. However, the rise in mortgage rates poses a potential threat to future sales. With the 30-year fixed-rate mortgage reaching 7.9 per cent, the highest level since September 2000, the Mortgage Bankers Association reported a drop in mortgage applications to levels last seen in 1995. Mortgage rates have risen alongside the 10-year U.S. Treasury yield, which is hovering just below 5 per cent, a result of concerns that the Federal Reserve may keep interest rates higher for a more extended period due to the robust economy. Since March 2022, the central bank has raised its benchmark overnight interest rate by 525 basis points, reaching a range of 5.25 per cent to 5.50 per cent. As of the end of September, there were 435,000 new homes on the market, up from 432,000 in August. It would take 6.9 months, as opposed to 7.7 months in August, to sell all the houses on the market at the sales pace in September. Economists anticipate that the housing market may have stabilised in the third quarter, thanks to strong homebuilding and new home sales, with residential investment likely rebounding after nine consecutive quarters of contraction. (With inputs from Reuters) WATCH WION LIVE HERE

US new home sales surge to 19-month high amid falling prices and rising mortgage rates

Israel's credit outlook has been downgraded to negative by S&amp;P Global Ratings, a decision attributed to the ongoing conflict with Hamas.

According to a report by Bloomberg, S&amp;P's credit assessment affirmed Israel's rating at AA-, the fourth-highest level, but expressed concerns that the war could potentially have a broader and more significant impact on Israel's economy than initially expected.

This move follows similar actions by Moody's Investors Service and Fitch Ratings, which placed Israel's debt rating under review for a downgrade and its credit score on negative watch, respectively. Both agencies called the ongoing conflict a reason for concern.

Bloomberg quoted S&amp;P's analysts, Maxim Rybnikov and Karen Vartapetov, as stating, "The Israel-Hamas war could spread more widely or affect Israel's credit metrics more negatively than we expect." The agency's current assumption is that the conflict will remain primarily centered in Gaza and last no more than three to six months.

S&amp;P&nbsp;now anticipates a 5 per cent economic contraction in the fourth quarter, up from their previous projection three months ago. This contraction is attributed to security-related disruptions and reduced business activity. Moreover, the mobilisation of reservists, the suspension of foreign tourism, and a broader loss of economic confidence are expected to weigh on growth in the final months of 2023.

(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>

Israel's credit outlook has been downgraded to negative by S&P Global Ratings, a decision attributed to the ongoing conflict with Hamas. According to a report by Bloomberg, S&P's credit assessment affirmed Israel's rating at AA-, the fourth-highest level, but expressed concerns that the war could potentially have a broader and more significant impact on Israel's economy than initially expected.

Israel's credit outlook has been downgraded to negative by S&P Global Ratings, a decision attributed to the ongoing conflict with Hamas. According to a report by Bloomberg, S&P's credit assessment affirmed Israel's rating at AA-, the fourth-highest level, but expressed concerns that the war could potentially have a broader and more significant impact on Israel's economy than initially expected. This move follows similar actions by Moody's Investors Service and Fitch Ratings, which placed Israel's debt rating under review for a downgrade and its credit score on negative watch, respectively. Both agencies called the ongoing conflict a reason for concern. Bloomberg quoted S&P's analysts, Maxim Rybnikov and Karen Vartapetov, as stating, "The Israel-Hamas war could spread more widely or affect Israel's credit metrics more negatively than we expect." The agency's current assumption is that the conflict will remain primarily centered in Gaza and last no more than three to six months. S&P now anticipates a 5 per cent economic contraction in the fourth quarter, up from their previous projection three months ago. This contraction is attributed to security-related disruptions and reduced business activity. Moreover, the mobilisation of reservists, the suspension of foreign tourism, and a broader loss of economic confidence are expected to weigh on growth in the final months of 2023. (With inputs from Bloomberg) WATCH WION LIVE HERE

Israel-Hamas war: S&P downgrades Israel's credit outlook to negative

Consumer Reports, a non-profit consumer group, has raised concerns about the levels of lead and cadmium found in a significant portion of chocolate products tested recently.

According to Consumer Reports, 16 out of the 48 chocolate products from various manufacturers that were examined contained potentially harmful levels of these heavy metals, which are detrimental to health when consumed in excessive amounts.

The products, subjected to testing spanned seven categories, including dark chocolate bars, milk chocolate bars, cocoa powder, chocolate chips, mixes for brownies, chocolate cake, and hot chocolate. The identified products with high metal content included a dark chocolate bar and hot chocolate mix from Walmart, cocoa powder, semi-sweet chocolate chips, and hot chocolate mixes. Only milk chocolate bars, with lower cocoa solids, were found not to contain excessive levels of lead or cadmium.

Consumer Reports has highlighted the potential health risks associated with long-term exposure to these heavy metals, including nervous system problems, immune system suppression, and kidney damage, with particular concern for pregnant women and young children. While the U.S. Food and Drug Administration considers chocolate a "minor source of exposure" to lead and cadmium on a global scale, it emphasises that manufacturers and processors must ensure the safety of their products.

Consumer Reports emphasised that more than 75,000 consumers previously signed a petition urging Hershey to reduce heavy metals in its chocolate, and they have renewed this petition.

(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>

Consumer Reports, a non-profit consumer group, has raised concerns about the levels of lead and cadmium found in a significant portion of chocolate products tested recently.

Consumer Reports, a non-profit consumer group, has raised concerns about the levels of lead and cadmium found in a significant portion of chocolate products tested recently. According to Consumer Reports, 16 out of the 48 chocolate products from various manufacturers that were examined contained potentially harmful levels of these heavy metals, which are detrimental to health when consumed in excessive amounts. The products, subjected to testing spanned seven categories, including dark chocolate bars, milk chocolate bars, cocoa powder, chocolate chips, mixes for brownies, chocolate cake, and hot chocolate. The identified products with high metal content included a dark chocolate bar and hot chocolate mix from Walmart, cocoa powder, semi-sweet chocolate chips, and hot chocolate mixes. Only milk chocolate bars, with lower cocoa solids, were found not to contain excessive levels of lead or cadmium. Consumer Reports has highlighted the potential health risks associated with long-term exposure to these heavy metals, including nervous system problems, immune system suppression, and kidney damage, with particular concern for pregnant women and young children. While the U.S. Food and Drug Administration considers chocolate a "minor source of exposure" to lead and cadmium on a global scale, it emphasises that manufacturers and processors must ensure the safety of their products. Consumer Reports emphasised that more than 75,000 consumers previously signed a petition urging Hershey to reduce heavy metals in its chocolate, and they have renewed this petition. (With inputs from Reuters) WATCH WION LIVE HERE

Consumer Reports identifies high lead and cadmium levels in chocolate: Report

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.