High-interest rates are creating hurdles for climate regulators and automakers aiming to accelerate the transition to electric vehicles (EVs). This concern was underlined by the termination of the GM-Honda partnership and a warning from LG Energy Solution, a South Korean battery maker.

While electric vehicle sales continue to grow, the pace is not aligning with the expectations of companies that have invested heavily in the EV sector. The anticipation of persistently higher interest rates has led to a reevaluation of plans for 2024.

According to Reuters, Lee Chang-sil, the CFO at LG Energy Solution, expressed concern that EV demand next year could fall short of expectations due to global economic uncertainty. This uncertainty is exacerbated by the high-interest rate environment, which could make it more challenging for people to afford EVs. Car purchases often revolve around the monthly payment, and elevated interest rates can deter potential buyers, as pointed out by Tesla CEO Elon Musk.

The termination of a $5 billion partnership between Honda and General Motors, announced just a year ago, highlights the shifting dynamics in the EV market. GM recently emphasised its focus on meeting near-term EV demand rather than specific volume targets, citing the need to enhance profitability. This change in outlook has affected investor sentiment, with self-driving EV and tech-related exchange-traded funds declining significantly over the past three months.

Despite these challenges, EV sales continue to grow. In the United States, over 300,000 EVs were sold in the third quarter, marking a significant milestone. Europe and China also experienced sales increases of 14.3 per cent and 22 per cent, respectively, in September. China, as the world's largest EV market, continues to drive the global industry forward.

However, the industry is grappling with falling raw material prices, which impact the production of EV batteries. As EV demand slows, raw material prices have softened. For example, lithium prices have decreased by 67 per cent so far this year, and cobalt prices have dropped 20 per cent this year, more than halving since May last year. Car manufacturers, like other industrial firms, hedge against commodity price fluctuations, and the decline in demand has affected the prices of materials used in EV batteries.

Several automakers have expressed caution due to these challenges. Germany's Volkswagen lowered its profit margin outlook for the year, attributing it to negative effects on raw material hedges in the third quarter, some of which are used in EV batteries. U.S. automaker Ford temporarily reduced production at a plant manufacturing its electric F-150 Lightning pickup truck. Japanese motor manufacturer Nidec expects a loss at its key e-axle business, shifting from a previous profit forecast. Even China's CATL, the largest battery maker for EVs, faced challenges with a weaker market share in September and increasing competition.

(With inputs from Reuters)

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High-interest rates are creating hurdles for climate regulators and automakers aiming to accelerate the transition to electric vehicles (EVs). This concern was underlined by the termination of the GM-Honda partnership and a warning from LG Energy Solution, a South Korean battery maker.

High-interest rates are creating hurdles for climate regulators and automakers aiming to accelerate the transition to electric vehicles (EVs). This concern was underlined by the termination of the GM-Honda partnership and a warning from LG Energy Solution, a South Korean battery maker. While electric vehicle sales continue to grow, the pace is not aligning with the expectations of companies that have invested heavily in the EV sector. The anticipation of persistently higher interest rates has led to a reevaluation of plans for 2024. According to Reuters, Lee Chang-sil, the CFO at LG Energy Solution, expressed concern that EV demand next year could fall short of expectations due to global economic uncertainty. This uncertainty is exacerbated by the high-interest rate environment, which could make it more challenging for people to afford EVs. Car purchases often revolve around the monthly payment, and elevated interest rates can deter potential buyers, as pointed out by Tesla CEO Elon Musk. The termination of a $5 billion partnership between Honda and General Motors, announced just a year ago, highlights the shifting dynamics in the EV market. GM recently emphasised its focus on meeting near-term EV demand rather than specific volume targets, citing the need to enhance profitability. This change in outlook has affected investor sentiment, with self-driving EV and tech-related exchange-traded funds declining significantly over the past three months. Despite these challenges, EV sales continue to grow. In the United States, over 300,000 EVs were sold in the third quarter, marking a significant milestone. Europe and China also experienced sales increases of 14.3 per cent and 22 per cent, respectively, in September. China, as the world's largest EV market, continues to drive the global industry forward. However, the industry is grappling with falling raw material prices, which impact the production of EV batteries. As EV demand slows, raw material prices have softened. For example, lithium prices have decreased by 67 per cent so far this year, and cobalt prices have dropped 20 per cent this year, more than halving since May last year. Car manufacturers, like other industrial firms, hedge against commodity price fluctuations, and the decline in demand has affected the prices of materials used in EV batteries. Several automakers have expressed caution due to these challenges. Germany's Volkswagen lowered its profit margin outlook for the year, attributing it to negative effects on raw material hedges in the third quarter, some of which are used in EV batteries. U.S. automaker Ford temporarily reduced production at a plant manufacturing its electric F-150 Lightning pickup truck. Japanese motor manufacturer Nidec expects a loss at its key e-axle business, shifting from a previous profit forecast. Even China's CATL, the largest battery maker for EVs, faced challenges with a weaker market share in September and increasing competition. (With inputs from Reuters) WATCH WION LIVE HERE

Electric vehicle industry faces challenges as demand growth slows: Report

The ongoing conflict between Israel and the Palestinian militant group, Hamas, has led to a significant decline in flight bookings to the West Asia. A Reuters report cited recent data compiled by travel analysis firm ForwardKeys, which revealed that the repercussions of this conflict are being felt far beyond Israel's borders, affecting countries like Egypt, Jordan, and Lebanon.&nbsp;

As the violence escalated, a wave of flight cancellations to Israel ensued, prompting several global carriers to cease operations to the country due to security concerns. This disruption also led to the cancellation of trips to Israel by tour operators and a rapid decline in hotel bookings. However, the instability caused by the conflict has extended its reach, resulting in a substantial decrease in travel across the region.&nbsp;

Ticket purchases for flights to Egypt have seen a stark decline of 26 per cent year-on-year, while travel to Jordan plummeted by 49 per cent, and bookings to Lebanon dropped by a staggering 74 per cent. Reuters quoted Olivier Ponti, Vice President of Insights at ForwardKeys, as saying, "Such a drastic reduction in travel demand is entirely anticipated, given the scale of the conflict and the ongoing humanitarian crisis."&nbsp;

Several major airlines, including Lufthansa, Eurowings, and Swiss Air, have decided to suspend flights to Lebanon in mid-October, further exacerbating the decline in travel to the region.&nbsp;

Popular tourist destinations in the West Asia, such as Petra in Jordan and Egypt's Red Sea resorts, have long attracted visitors. These areas often feature as stops on packaged tours that also include travel to Israel. However, data from ForwardKeys indicates that ticket purchases for future trips to Israel experienced a dramatic 187 per cent drop between October 7 and October 19 when compared to the same period last year.&nbsp;

Shai Weiss, the Chief Executive Officer of Virgin Atlantic Airways, told&nbsp;Bloomberg&nbsp;how the war has deterred travel not only to Israel but also to surrounding areas in the West Asia. He explained, "The major impact has been, of course, that people are not flying into Israel and they're not flying also to the area - into Jordan, into Egypt, into other locations."&nbsp;

Weiss noted that the price of jet fuel has considerably risen since the conflict began, adding to the financial strain on airlines. United Airlines Holdings Inc. also expressed concern over the war's impact, forecasting quarterly profits well below Wall Street's expectations.&nbsp;

In an interview with Bloomberg, Weiss further indicated that the economic recovery in the travel industry lags behind that of the United States, saying, "The situation remains unpredictable."&nbsp;&nbsp;In contrast, Delta Air Lines Inc. CEO Ed Bastian expressed optimism, expecting a "good landing" for the US, suggesting that the recovery timeline varies among different regions.&nbsp;

(With inputs from agencies)&nbsp;

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The ongoing conflict between Israel and the Palestinian militant group, Hamas, has led to a significant decline in flight bookings to the West Asia. A Reuters report cited recent data compiled by travel analysis firm ForwardKeys, which revealed that the repercussions of this conflict are being felt far beyond Israel's borders, affecting countries like Egypt, Jordan, and Lebanon.

The ongoing conflict between Israel and the Palestinian militant group, Hamas, has led to a significant decline in flight bookings to the West Asia. A Reuters report cited recent data compiled by travel analysis firm ForwardKeys, which revealed that the repercussions of this conflict are being felt far beyond Israel's borders, affecting countries like Egypt, Jordan, and Lebanon. As the violence escalated, a wave of flight cancellations to Israel ensued, prompting several global carriers to cease operations to the country due to security concerns. This disruption also led to the cancellation of trips to Israel by tour operators and a rapid decline in hotel bookings. However, the instability caused by the conflict has extended its reach, resulting in a substantial decrease in travel across the region. Ticket purchases for flights to Egypt have seen a stark decline of 26 per cent year-on-year, while travel to Jordan plummeted by 49 per cent, and bookings to Lebanon dropped by a staggering 74 per cent. Reuters quoted Olivier Ponti, Vice President of Insights at ForwardKeys, as saying, "Such a drastic reduction in travel demand is entirely anticipated, given the scale of the conflict and the ongoing humanitarian crisis." Several major airlines, including Lufthansa, Eurowings, and Swiss Air, have decided to suspend flights to Lebanon in mid-October, further exacerbating the decline in travel to the region. Popular tourist destinations in the West Asia, such as Petra in Jordan and Egypt's Red Sea resorts, have long attracted visitors. These areas often feature as stops on packaged tours that also include travel to Israel. However, data from ForwardKeys indicates that ticket purchases for future trips to Israel experienced a dramatic 187 per cent drop between October 7 and October 19 when compared to the same period last year. Shai Weiss, the Chief Executive Officer of Virgin Atlantic Airways, told Bloomberg how the war has deterred travel not only to Israel but also to surrounding areas in the West Asia. He explained, "The major impact has been, of course, that people are not flying into Israel and they're not flying also to the area - into Jordan, into Egypt, into other locations." Weiss noted that the price of jet fuel has considerably risen since the conflict began, adding to the financial strain on airlines. United Airlines Holdings Inc. also expressed concern over the war's impact, forecasting quarterly profits well below Wall Street's expectations. In an interview with Bloomberg, Weiss further indicated that the economic recovery in the travel industry lags behind that of the United States, saying, "The situation remains unpredictable." In contrast, Delta Air Lines Inc. CEO Ed Bastian expressed optimism, expecting a "good landing" for the US, suggesting that the recovery timeline varies among different regions. (With inputs from agencies) WATCH WION LIVE HERE

Regional travel dips as Israel-Hamas conflict impacts West Asia: Report  

In the Indian food market, there is one name that has not only endured but also thrived - Haldiram's. It all began in the modest town of Bikaner, Rajasthan, back in 1919. From these humble origins, Haldiram's has evolved into an internationally renowned brand, altering the perception of traditional Indian snacks and sweets. &nbsp;

Presently, Haldiram's is a brand that spans the globe, celebrating Indian flavours and culture. As Haldiram's charts a new path towards further expansion and a possible IPO. In this edition, we take a dive into the incredible business odyssey that brought them here. &nbsp;

Humble beginnings&nbsp;

The Haldiram's story commences in the city of Bikaner, Rajasthan, in 1919. A young boy named Ganga Bishan Agarwal, popularly known as Haldiram, found himself immersed in his father's Bhujia business. Bikaner had its own familiarity with Bhujia, a savoury snack crafted from chickpea flour or besan. But even in his youth, Haldiram displayed a spark of creativity that set him apart. He envisioned a unique twist to the traditional Bhujia, crafting a thinner version using moth flour instead of besan.&nbsp;

His experiment within his father's unassuming shop proved to be an instant hit. The distinct flavour and texture of his Bhujia resonated deeply with the people of Bikaner. This single innovation laid the foundation for what we know today as Haldiram's.&nbsp;

Haldiram later had three sons, Moolchand, Satyanarayan, and Rameshwarlal. These three sons, along with their sister Saraswati Devi, would be the ones to carry on the family legacy. &nbsp;

Growth and diversification&nbsp;

Haldiram's was not content with staying local. In the 1950s, Ganga Bishan Agarwal, accompanied by his sons Satyanarayan and Rameshwarlal, embarked on a journey that led them to the bustling city of Kolkata. It was there that they created the renowned brand "Haldiram Bhujiawala." Shiv Kishan, the eldest grandson of Haldiram, joined them in this venture.&nbsp;

While the younger sons managed the original Bikaner shop, the business in Kolkata experienced meteoric growth. They expanded beyond the traditional Bhujia, venturing into uncharted territories in the snack industry. This marked a pivotal chapter in Haldiram's journey - a phase of growth and diversification.&nbsp;

The period from the 1960s to the 1990s was marked by this rapid growth and transformation. Ganga Bishan Agarwal eventually returned to Bikaner, passing on the reins to his sons, Rameshwarlal and Satyanarayan. However, Satyanarayan chose to embark on his own entrepreneurial journey, creating "Haldiram &amp; Sons." While his efforts were commendable, he could not replicate the unprecedented success of his father.&nbsp;

Simultaneously, Rameshwarlal made a significant decision - he severed ties with his brother Moolchand. This move resulted in the separation of the Kolkata and Bikaner businesses, each charting its own unique path.&nbsp;

Family dynamics and business succession&nbsp;

The 1980s marked another significant milestone when Shiv Kishan Agarwal and his sister Saraswati ventured into Maharashtra, particularly Nagpur. There, they achieved remarkable success and expanded the reach of the brand.&nbsp;

Meanwhile, in 1984, Manoharlal and Madhusudan, Moolchand's youngest sons, travelled to New Delhi, the capital city of India, and established their business there. Their move catapulted the brand to national and international recognition, paving the way for Haldiram's to become a global phenomenon.&nbsp;

The Agarwal family's journey was marked by complex dynamics and competition, culminating in the separation of the businesses into independent entities. The businesses now operate as distinct entities, each with its unique identity. The Delhi unit, under Manoharlal and Madhusudan Agarwal, emerged as the revenue leader, generating close to 5,000 crore rupees ($600 million). The Nagpur entity, under Shiv Kishan Agarwal, followed closely with 4,000 crore rupees ($480 million), while Bikaner, led by Shiv Ratan Agarwal, amassed around 1,600 crore rupees ($192 million).&nbsp;

With the recent IPO of Bikaji, the three brothers are looking to merge their businesses and embark on their own initial public offering within the next year and a half. &nbsp;

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In the Indian food market, there is one name that has not only endured but also thrived - Haldiram's. It all began in the modest town of Bikaner, Rajasthan, back in 1919.

In the Indian food market, there is one name that has not only endured but also thrived - Haldiram's. It all began in the modest town of Bikaner, Rajasthan, back in 1919. From these humble origins, Haldiram's has evolved into an internationally renowned brand, altering the perception of traditional Indian snacks and sweets. Presently, Haldiram's is a brand that spans the globe, celebrating Indian flavours and culture. As Haldiram's charts a new path towards further expansion and a possible IPO. In this edition, we take a dive into the incredible business odyssey that brought them here. Humble beginnings The Haldiram's story commences in the city of Bikaner, Rajasthan, in 1919. A young boy named Ganga Bishan Agarwal, popularly known as Haldiram, found himself immersed in his father's Bhujia business. Bikaner had its own familiarity with Bhujia, a savoury snack crafted from chickpea flour or besan. But even in his youth, Haldiram displayed a spark of creativity that set him apart. He envisioned a unique twist to the traditional Bhujia, crafting a thinner version using moth flour instead of besan. His experiment within his father's unassuming shop proved to be an instant hit. The distinct flavour and texture of his Bhujia resonated deeply with the people of Bikaner. This single innovation laid the foundation for what we know today as Haldiram's. Haldiram later had three sons, Moolchand, Satyanarayan, and Rameshwarlal. These three sons, along with their sister Saraswati Devi, would be the ones to carry on the family legacy. Growth and diversification Haldiram's was not content with staying local. In the 1950s, Ganga Bishan Agarwal, accompanied by his sons Satyanarayan and Rameshwarlal, embarked on a journey that led them to the bustling city of Kolkata. It was there that they created the renowned brand "Haldiram Bhujiawala." Shiv Kishan, the eldest grandson of Haldiram, joined them in this venture. While the younger sons managed the original Bikaner shop, the business in Kolkata experienced meteoric growth. They expanded beyond the traditional Bhujia, venturing into uncharted territories in the snack industry. This marked a pivotal chapter in Haldiram's journey - a phase of growth and diversification. The period from the 1960s to the 1990s was marked by this rapid growth and transformation. Ganga Bishan Agarwal eventually returned to Bikaner, passing on the reins to his sons, Rameshwarlal and Satyanarayan. However, Satyanarayan chose to embark on his own entrepreneurial journey, creating "Haldiram & Sons." While his efforts were commendable, he could not replicate the unprecedented success of his father. Simultaneously, Rameshwarlal made a significant decision - he severed ties with his brother Moolchand. This move resulted in the separation of the Kolkata and Bikaner businesses, each charting its own unique path. Family dynamics and business succession The 1980s marked another significant milestone when Shiv Kishan Agarwal and his sister Saraswati ventured into Maharashtra, particularly Nagpur. There, they achieved remarkable success and expanded the reach of the brand. Meanwhile, in 1984, Manoharlal and Madhusudan, Moolchand's youngest sons, travelled to New Delhi, the capital city of India, and established their business there. Their move catapulted the brand to national and international recognition, paving the way for Haldiram's to become a global phenomenon. The Agarwal family's journey was marked by complex dynamics and competition, culminating in the separation of the businesses into independent entities. The businesses now operate as distinct entities, each with its unique identity. The Delhi unit, under Manoharlal and Madhusudan Agarwal, emerged as the revenue leader, generating close to 5,000 crore rupees ($600 million). The Nagpur entity, under Shiv Kishan Agarwal, followed closely with 4,000 crore rupees ($480 million), while Bikaner, led by Shiv Ratan Agarwal, amassed around 1,600 crore rupees ($192 million). With the recent IPO of Bikaji, the three brothers are looking to merge their businesses and embark on their own initial public offering within the next year and a half. WATCH WION LIVE HERE

Flashback Friday: Tracing the business odyssey of Haldiram's

The United States is witnessing the most substantial economic expansion in nearly two years, fuelled by a resilient job market, increasing wealth, and easing inflation. Gross domestic product (GDP) is anticipated to have surged at an annual rate of 4.5 per cent in the third quarter, more than doubling the pace of the prior period, Bloomberg reported. This news comes as a surprise, particularly due to the Federal Reserve's expectations of a slowing consumer demand.

Bloomberg quoted Elie Maalouf, CEO of InterContinental Hotels Group, as saying, "The US consumer has been surprising most predictions, including the Federal Reserve predictions, which is almost looking for the US consumer to soften, and yet they don't."

For President Joe Biden, this economic boom is welcome news, demonstrating the success of his economic policies. However, it also presents a dilemma for the Federal Reserve. Since March 2022, the central bank has been aggressively raising interest rates to combat inflation while avoiding a recession. While inflation has eased with improvements in global supply chains and a decrease in disruptions due to the war in Ukraine, domestic demand in the US remains strong, defying the Fed's efforts.

Federal Reserve Chair Jerome Powell has indicated that policymakers are likely to maintain interest rates at their current levels during the upcoming meeting. Still, the door is open to future increases if strong growth continues. According to Bloomberg, JPMorgan Chase &amp; Co. chief economist Bruce Kasman remarked, "He may not have a lot of patience if the growth numbers don't cool pretty quickly here."

Powell acknowledges that growth is expected to slow in the fourth quarter and into the next year, with economists projecting GDP to expand at an annual rate of just 0.7 per cent in the current quarter. The challenge is that the economy's resilience has taken many, including the Fed, by surprise.

Consumer spending experienced a significant boost in the third quarter, driven by solid wage gains and receding inflation. The surge in household wealth, stemming from increases in home and equity prices, likely also played a role in boosting consumption. However, some experts consider this surge to be temporary. Bloomberg cited Yelena Shulyatyeva, a senior US economist at BNP Paribas SA, who said that the boost could be temporary.

There are factors that may not repeat in the final quarter of 2023, such as a projected decline in imports and a rise in inventories. Additionally, an upswing in mortgage rates and other headwinds could dampen the economy's performance in the near future. As Mark Zandi, chief economist at Moody's Analytics, pointed out, growth may slow to around 1 per cent this quarter, after a strong performance of 3.8 per cent in the third. A more stable unemployment rate would be favourable for the Federal Reserve.

(Inputs from Bloomberg)

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The United States is witnessing the most substantial economic expansion in nearly two years, fuelled by a resilient job market, increasing wealth, and easing inflation.

The United States is witnessing the most substantial economic expansion in nearly two years, fuelled by a resilient job market, increasing wealth, and easing inflation. Gross domestic product (GDP) is anticipated to have surged at an annual rate of 4.5 per cent in the third quarter, more than doubling the pace of the prior period, Bloomberg reported. This news comes as a surprise, particularly due to the Federal Reserve's expectations of a slowing consumer demand. Bloomberg quoted Elie Maalouf, CEO of InterContinental Hotels Group, as saying, "The US consumer has been surprising most predictions, including the Federal Reserve predictions, which is almost looking for the US consumer to soften, and yet they don't." For President Joe Biden, this economic boom is welcome news, demonstrating the success of his economic policies. However, it also presents a dilemma for the Federal Reserve. Since March 2022, the central bank has been aggressively raising interest rates to combat inflation while avoiding a recession. While inflation has eased with improvements in global supply chains and a decrease in disruptions due to the war in Ukraine, domestic demand in the US remains strong, defying the Fed's efforts. Federal Reserve Chair Jerome Powell has indicated that policymakers are likely to maintain interest rates at their current levels during the upcoming meeting. Still, the door is open to future increases if strong growth continues. According to Bloomberg, JPMorgan Chase & Co. chief economist Bruce Kasman remarked, "He may not have a lot of patience if the growth numbers don't cool pretty quickly here." Powell acknowledges that growth is expected to slow in the fourth quarter and into the next year, with economists projecting GDP to expand at an annual rate of just 0.7 per cent in the current quarter. The challenge is that the economy's resilience has taken many, including the Fed, by surprise. Consumer spending experienced a significant boost in the third quarter, driven by solid wage gains and receding inflation. The surge in household wealth, stemming from increases in home and equity prices, likely also played a role in boosting consumption. However, some experts consider this surge to be temporary. Bloomberg cited Yelena Shulyatyeva, a senior US economist at BNP Paribas SA, who said that the boost could be temporary. There are factors that may not repeat in the final quarter of 2023, such as a projected decline in imports and a rise in inventories. Additionally, an upswing in mortgage rates and other headwinds could dampen the economy's performance in the near future. As Mark Zandi, chief economist at Moody's Analytics, pointed out, growth may slow to around 1 per cent this quarter, after a strong performance of 3.8 per cent in the third. A more stable unemployment rate would be favourable for the Federal Reserve. (Inputs from Bloomberg) WATCH WION LIVE HERE

Robust US economic growth presents dilemma for Federal Reserve: Report

S&amp;P Global Market Intelligence has forecasted that India, currently the world's fifth-largest economy, is on track to surpass Japan and become the world's third-largest economy with a projected GDP of USD 7.3 trillion by 2030.&nbsp;This optimistic projection is based on India's economic growth in the years 2021 and 2022, which has continued to show strong momentum throughout 2023.&nbsp;

For the fiscal year ending in March 2024, India's GDP is expected to grow between 6.2 per cent and 6.3 per cent, positioning it as the fastest-growing major economy during this fiscal year. Notably,&nbsp;&nbsp;India's economy surged by 7.8 per cent in the April-June quarter. S&amp;P Global Market Intelligence anticipates that this expansion will persist throughout the remainder of 2023 and 2024, underpinned by significant growth in domestic demand.&nbsp;

The accelerated inflow of foreign direct investment (FDI) into India over the past decade aligns with the favourable long-term growth outlook for the Indian economy. India's youthful demographic profile and rapidly rising urban household incomes contribute to this optimistic projection. "India's nominal GDP measured in USD terms is forecast to rise from USD 3.5 trillion in 2022 to USD 7.3 trillion by 2030," S&amp;P Global said in its report. This surge would result in India's GDP surpassing Japan's by 2030, making it the second-largest economy in the Asia-Pacific region.&nbsp;

By 2022, India's GDP had already surpassed that of the UK and France, and by 2030, it is expected to surpass Germany as well. The current global economic landscape is led by the United States, with a GDP of USD 25.5 trillion, making up a quarter of the world's GDP. China follows as the second-largest economy with a GDP of approximately USD 18 trillion. Japan, with a GDP of USD 4.2 trillion, currently holds the third position, followed by Germany with a GDP of USD 4 trillion.&nbsp;

S&amp;P Global underlined key growth drivers that support India's long-term economic outlook. The country's large and rapidly growing middle class plays a significant role in driving consumer spending. Furthermore, India's domestic consumer market, combined with its industrial sector, has attracted a wide range of multinational companies across various sectors, including manufacturing, infrastructure, and services.&nbsp;

The ongoing digital transformation in India is also expected to accelerate e-commerce growth, reshaping the retail consumer market landscape over the next decade. This transformation has drawn leading global multinationals in technology and e-commerce to India. By 2030, it is projected that 1.1 billion Indians will have internet access, more than doubling the estimated 500 million internet users in 2020.&nbsp;

India's surge in FDI inflows, particularly from global technology giants like Google and Facebook, has played a pivotal role in its economic growth. The country's large and rapidly expanding domestic consumer market is a key attraction for these investments. Even during the pandemic years of 2020-2022, India continued to experience strong momentum in FDI inflows, notably from manufacturing firms.

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S&P Global Market Intelligence has forecasted that India, currently the world's fifth-largest economy, is on track to surpass Japan and become the world's third-largest economy with a projected GDP of USD 7.

S&P Global Market Intelligence has forecasted that India, currently the world's fifth-largest economy, is on track to surpass Japan and become the world's third-largest economy with a projected GDP of USD 7.3 trillion by 2030. This optimistic projection is based on India's economic growth in the years 2021 and 2022, which has continued to show strong momentum throughout 2023. For the fiscal year ending in March 2024, India's GDP is expected to grow between 6.2 per cent and 6.3 per cent, positioning it as the fastest-growing major economy during this fiscal year. Notably, India's economy surged by 7.8 per cent in the April-June quarter. S&P Global Market Intelligence anticipates that this expansion will persist throughout the remainder of 2023 and 2024, underpinned by significant growth in domestic demand. The accelerated inflow of foreign direct investment (FDI) into India over the past decade aligns with the favourable long-term growth outlook for the Indian economy. India's youthful demographic profile and rapidly rising urban household incomes contribute to this optimistic projection. "India's nominal GDP measured in USD terms is forecast to rise from USD 3.5 trillion in 2022 to USD 7.3 trillion by 2030," S&P Global said in its report. This surge would result in India's GDP surpassing Japan's by 2030, making it the second-largest economy in the Asia-Pacific region. By 2022, India's GDP had already surpassed that of the UK and France, and by 2030, it is expected to surpass Germany as well. The current global economic landscape is led by the United States, with a GDP of USD 25.5 trillion, making up a quarter of the world's GDP. China follows as the second-largest economy with a GDP of approximately USD 18 trillion. Japan, with a GDP of USD 4.2 trillion, currently holds the third position, followed by Germany with a GDP of USD 4 trillion. S&P Global underlined key growth drivers that support India's long-term economic outlook. The country's large and rapidly growing middle class plays a significant role in driving consumer spending. Furthermore, India's domestic consumer market, combined with its industrial sector, has attracted a wide range of multinational companies across various sectors, including manufacturing, infrastructure, and services. The ongoing digital transformation in India is also expected to accelerate e-commerce growth, reshaping the retail consumer market landscape over the next decade. This transformation has drawn leading global multinationals in technology and e-commerce to India. By 2030, it is projected that 1.1 billion Indians will have internet access, more than doubling the estimated 500 million internet users in 2020. India's surge in FDI inflows, particularly from global technology giants like Google and Facebook, has played a pivotal role in its economic growth. The country's large and rapidly expanding domestic consumer market is a key attraction for these investments. Even during the pandemic years of 2020-2022, India continued to experience strong momentum in FDI inflows, notably from manufacturing firms. WATCH WION LIVE HERE

India poised to become Asia's second-largest economy surpassing Japan by 2030: S&P Global 

An attorney suing Tesla over a fatal accident has told a California state court that that the electric vehicle giant had prior knowledge of a steering malfunction in its Autopilot driver assistant feature. &nbsp;

According to a Reuters report, the internal safety analysis conducted by the company indicated that this issue had been identified about two years earlier.&nbsp;

The litigants in this case are seeking a significant combined jury award of $400 million, excluding punitive damages.&nbsp;

The civil lawsuit revolves around a tragic incident involving Micah Lee's Model 3 in 2019. The lawsuit contends that Tesla's Autopilot system caused Lee's vehicle to suddenly veer off a highway near Los Angeles, hurtling towards a palm tree at a speed of 65 miles per hour. The collision led to a fiery explosion, claiming Lee's life and seriously injuring his two passengers, including a young boy who was disembowelled in the crash. The central claim in the lawsuit is that Autopilot was defective, putting Tesla's safety systems under intense scrutiny.&nbsp;

Jonathan Michaels, the attorney representing the passengers, presented a 2017 internal Tesla safety analysis during the proceedings. This analysis pointed to an "incorrect steering command" as a defect in the Autopilot system, highlighting an "excessive" steering wheel angle. Reuters quoted Michaels in a statement to the jury, asserting, "They predicted this was going to happen. They knew about it. They named it." He also revealed that Tesla had developed a protocol to address this issue, instructing employees to accept no liability or responsibility for the problem.&nbsp;

In response to these allegations, Tesla's attorney, Michael Carey, presented a different perspective. Carey argued that the safety analysis did not explicitly identify a defect. Instead, it was intended to help the company address any potential issues with the vehicle. Subsequently, Tesla engineered a system to prevent Autopilot from executing the turn that led to the fatal crash. He emphasised that this safety system acted as a "brick wall" against the plaintiffs' claims, noting that no other Tesla vehicle had exhibited the same behaviour in similar circumstances.&nbsp;

The legal battle between the plaintiffs and Tesla has further intensified with allegations that Tesla released Autopilot in an experimental stage due to a pressing need to increase market share. Michaels argued that Tesla showed little regard for the potential loss of life in this pursuit. However, Carey countered this claim, insisting that the simplest explanation for the crash was human error. According to Reuters, he urged the jury not to award damages solely based on empathy for the victims' severe injuries, stating, "Empathy is a real thing, we're not saying it's not. But it does not make cars defective."&nbsp;

(With inputs from Reuters)&nbsp;

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An attorney suing Tesla over a fatal accident has told a California state court that that the electric vehicle giant had prior knowledge of a steering malfunction in its Autopilot driver assistant feature.

An attorney suing Tesla over a fatal accident has told a California state court that that the electric vehicle giant had prior knowledge of a steering malfunction in its Autopilot driver assistant feature. According to a Reuters report, the internal safety analysis conducted by the company indicated that this issue had been identified about two years earlier. The litigants in this case are seeking a significant combined jury award of $400 million, excluding punitive damages. The civil lawsuit revolves around a tragic incident involving Micah Lee's Model 3 in 2019. The lawsuit contends that Tesla's Autopilot system caused Lee's vehicle to suddenly veer off a highway near Los Angeles, hurtling towards a palm tree at a speed of 65 miles per hour. The collision led to a fiery explosion, claiming Lee's life and seriously injuring his two passengers, including a young boy who was disembowelled in the crash. The central claim in the lawsuit is that Autopilot was defective, putting Tesla's safety systems under intense scrutiny. Jonathan Michaels, the attorney representing the passengers, presented a 2017 internal Tesla safety analysis during the proceedings. This analysis pointed to an "incorrect steering command" as a defect in the Autopilot system, highlighting an "excessive" steering wheel angle. Reuters quoted Michaels in a statement to the jury, asserting, "They predicted this was going to happen. They knew about it. They named it." He also revealed that Tesla had developed a protocol to address this issue, instructing employees to accept no liability or responsibility for the problem. In response to these allegations, Tesla's attorney, Michael Carey, presented a different perspective. Carey argued that the safety analysis did not explicitly identify a defect. Instead, it was intended to help the company address any potential issues with the vehicle. Subsequently, Tesla engineered a system to prevent Autopilot from executing the turn that led to the fatal crash. He emphasised that this safety system acted as a "brick wall" against the plaintiffs' claims, noting that no other Tesla vehicle had exhibited the same behaviour in similar circumstances. The legal battle between the plaintiffs and Tesla has further intensified with allegations that Tesla released Autopilot in an experimental stage due to a pressing need to increase market share. Michaels argued that Tesla showed little regard for the potential loss of life in this pursuit. However, Carey countered this claim, insisting that the simplest explanation for the crash was human error. According to Reuters, he urged the jury not to award damages solely based on empathy for the victims' severe injuries, stating, "Empathy is a real thing, we're not saying it's not. But it does not make cars defective." (With inputs from Reuters) WATCH WION LIVE HERE

Tesla knew about autopilot steering malfunction before fatal crash, lawyer reveals 

Bitcoin rose nearly 10 per cent on Tuesday, reaching $34,872, its highest value in nearly 18 months. The rally followed mounting speculation about the launch of an exchange-traded bitcoin fund (ETF).&nbsp;

The bullish momentum has not only influenced the wider cryptocurrency market but has also made its presence felt in related stocks.&nbsp;

The market anticipates that the approval of a spot bitcoin ETF by the US Securities and Exchange Commission (SEC) could drive substantial demand.&nbsp;

It is being argued that such an ETF would provide previously hesitant investors with access to cryptocurrencies through the stock market, potentially ushering a new wave of capital into the sector.&nbsp;

At present, Bitcoin, a highly volatile digital asset that has seen its price double this year, is trading at $34,020, marking the highest value since May 2022.&nbsp;

During Asian trading hours, it even briefly exceeded $35,000. The second-largest cryptocurrency, Ether, also experienced gains, rising by 4.50 per cent to reach $1,786.30, its highest value since August.&nbsp;

The impact of Bitcoin's ascent is not limited to the cryptocurrency market. Shares tied to the crypto industry, including major US exchange Coinbase Global and Bitcoin holder MicroStrategy, surged by more than 7 per cent and 12 per cent, respectively.&nbsp;

Reuters quoted Antoni Trenchev, co-founder of digital asset firm Nexo, as saying, "A sense of excitement has erupted in the crypto market and now it’s just a case of waiting to see if and when something concrete emerges from the SEC."&nbsp;

This surge in optimism about a Bitcoin ETF's imminent approval is bolstered by the presence of major US financial firms, including investment giant BlackRock, with pending ETF applications. Reports indicate that BlackRock's iShares ETF has been listed on the website of clearing house DTCC, further fuelling speculation.&nbsp;

Reports this month, including one from Reuters, suggested that the SEC would not contest a court ruling that held the agency of wrongfully rejecting an ETF application from crypto firm Grayscale Investments.&nbsp;

On Monday, the court formalised its decision, sending the application back to the SEC for a re-evaluation.&nbsp;Reuters quoted&nbsp;Geoffrey Kendrick, the head of digital assets research at Standard Chartered, as saying, "The SEC being pressured by the courts increases the probability of an ETF approval."&nbsp;

(With inputs from Reuters)&nbsp;

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Bitcoin rose nearly 10 per cent on Tuesday, reaching $34,872, its highest value in nearly 18 months. The rally followed mounting speculation about the launch of an exchange-traded bitcoin fund (ETF).

Bitcoin rose nearly 10 per cent on Tuesday, reaching $34,872, its highest value in nearly 18 months. The rally followed mounting speculation about the launch of an exchange-traded bitcoin fund (ETF). The bullish momentum has not only influenced the wider cryptocurrency market but has also made its presence felt in related stocks. The market anticipates that the approval of a spot bitcoin ETF by the US Securities and Exchange Commission (SEC) could drive substantial demand. It is being argued that such an ETF would provide previously hesitant investors with access to cryptocurrencies through the stock market, potentially ushering a new wave of capital into the sector. At present, Bitcoin, a highly volatile digital asset that has seen its price double this year, is trading at $34,020, marking the highest value since May 2022. During Asian trading hours, it even briefly exceeded $35,000. The second-largest cryptocurrency, Ether, also experienced gains, rising by 4.50 per cent to reach $1,786.30, its highest value since August. The impact of Bitcoin's ascent is not limited to the cryptocurrency market. Shares tied to the crypto industry, including major US exchange Coinbase Global and Bitcoin holder MicroStrategy, surged by more than 7 per cent and 12 per cent, respectively. Reuters quoted Antoni Trenchev, co-founder of digital asset firm Nexo, as saying, "A sense of excitement has erupted in the crypto market and now it’s just a case of waiting to see if and when something concrete emerges from the SEC." This surge in optimism about a Bitcoin ETF's imminent approval is bolstered by the presence of major US financial firms, including investment giant BlackRock, with pending ETF applications. Reports indicate that BlackRock's iShares ETF has been listed on the website of clearing house DTCC, further fuelling speculation. Reports this month, including one from Reuters, suggested that the SEC would not contest a court ruling that held the agency of wrongfully rejecting an ETF application from crypto firm Grayscale Investments. On Monday, the court formalised its decision, sending the application back to the SEC for a re-evaluation. Reuters quoted Geoffrey Kendrick, the head of digital assets research at Standard Chartered, as saying, "The SEC being pressured by the courts increases the probability of an ETF approval." (With inputs from Reuters) WATCH WION LIVE HERE

Bitcoin reaches near 18-month high amid growing ETF speculation 

The United States has initiated legal proceedings to secure the forfeiture of a $300 million superyacht allegedly controlled by Russian billionaire oligarch Suleiman Kerimov, who is subject to US sanctions.

According to a report by Reuters, the 348-foot (106-metre) Amadea yacht was confiscated by Fijian authorities in May 2022, acting on a US warrant. This move coincided with Washington's efforts to strengthen sanctions enforcement against individuals linked to Russian President Vladimir Putin, as a means to exert pressure on Moscow to end its conflict with Ukraine.

The filing of a complaint in a Manhattan federal court marks the commencement of a potentially protracted legal process. The United States aims to establish ownership of the yacht, which is currently harboured in San Diego, and subsequently auction it. The proceeds from the auction would then be directed toward Ukraine. Suleiman Kerimov, along with his family, holds assets valued at $10.7 billion, as per Forbes magazine.

Kerimov amassed a significant portion of his wealth through his stake in the Russian gold producer, Polyus. He faced US Treasury Department sanctions in 2014 and 2018 in response to Russia's actions in Syria and Ukraine, which prohibited his access to the US financial system. In May 2023, Polyus was also subjected to sanctions, a move the company deemed unjustified.

The US Department of Justice, in its complaint on Monday, alleged that Kerimov acquired the Amadea in 2021, subsequently violating US sanctions by making over $1 million in maintenance payments through US financial institutions. The owners of the yacht will be given the opportunity to contest this claim in a court of law.

In a separate development, attorneys representing Millemarin Investments, a company asserting ownership of the Amadea, stated in a Fijian court that the yacht is owned not by Kerimov, but by former Rosneft chief Eduard Khudainatov, another Russian oligarch not subjected to sanctions. Khudainatov is not mentioned in the complaint filed on Monday.

US prosecutors contend that a transaction conducted on September 14, 2021, which transferred ownership of the Amadea from Millemarin to a newly established entity, Errigan Marine, was orchestrated to create the appearance that Evgeny Kochman, president of the sanctioned yacht brokerage, Imperial Yachts, was the yacht's owner. Prosecutors asserted that Kochman was merely a "straw owner."

As per Reuters, Imperial Yachts, in a statement, expressed its disagreement with the allegations made by the DOJ, emphasising that neither the company nor Kochman had engaged in any unlawful activities.

Khudainatov, on the other hand, initiated a lawsuit against the United States on Monday in a San Diego federal court to secure the release of the yacht. Reuters quoted Adam Ford, his attorney, as saying, "The Amadea was seized upon false premises driven by political motivation."

(With inputs from Reuters)

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The United States has initiated legal proceedings to secure the forfeiture of a $300 million superyacht allegedly controlled by Russian billionaire oligarch Suleiman Kerimov, who is subject to US sanctions.

The United States has initiated legal proceedings to secure the forfeiture of a $300 million superyacht allegedly controlled by Russian billionaire oligarch Suleiman Kerimov, who is subject to US sanctions. According to a report by Reuters, the 348-foot (106-metre) Amadea yacht was confiscated by Fijian authorities in May 2022, acting on a US warrant. This move coincided with Washington's efforts to strengthen sanctions enforcement against individuals linked to Russian President Vladimir Putin, as a means to exert pressure on Moscow to end its conflict with Ukraine. The filing of a complaint in a Manhattan federal court marks the commencement of a potentially protracted legal process. The United States aims to establish ownership of the yacht, which is currently harboured in San Diego, and subsequently auction it. The proceeds from the auction would then be directed toward Ukraine. Suleiman Kerimov, along with his family, holds assets valued at $10.7 billion, as per Forbes magazine. Kerimov amassed a significant portion of his wealth through his stake in the Russian gold producer, Polyus. He faced US Treasury Department sanctions in 2014 and 2018 in response to Russia's actions in Syria and Ukraine, which prohibited his access to the US financial system. In May 2023, Polyus was also subjected to sanctions, a move the company deemed unjustified. The US Department of Justice, in its complaint on Monday, alleged that Kerimov acquired the Amadea in 2021, subsequently violating US sanctions by making over $1 million in maintenance payments through US financial institutions. The owners of the yacht will be given the opportunity to contest this claim in a court of law. In a separate development, attorneys representing Millemarin Investments, a company asserting ownership of the Amadea, stated in a Fijian court that the yacht is owned not by Kerimov, but by former Rosneft chief Eduard Khudainatov, another Russian oligarch not subjected to sanctions. Khudainatov is not mentioned in the complaint filed on Monday. US prosecutors contend that a transaction conducted on September 14, 2021, which transferred ownership of the Amadea from Millemarin to a newly established entity, Errigan Marine, was orchestrated to create the appearance that Evgeny Kochman, president of the sanctioned yacht brokerage, Imperial Yachts, was the yacht's owner. Prosecutors asserted that Kochman was merely a "straw owner." As per Reuters, Imperial Yachts, in a statement, expressed its disagreement with the allegations made by the DOJ, emphasising that neither the company nor Kochman had engaged in any unlawful activities. Khudainatov, on the other hand, initiated a lawsuit against the United States on Monday in a San Diego federal court to secure the release of the yacht. Reuters quoted Adam Ford, his attorney, as saying, "The Amadea was seized upon false premises driven by political motivation." (With inputs from Reuters) WATCH WION LIVE HERE

US pursues forfeiture of Russian oligarch's $300 million superyacht

World Bank president Ajay Banga on Tuesday said that the current conflict between Israel and Hamas has sparked concerns about its possible influence on global economic development.

Speaking at the annual Future Investment Initiative,&nbsp;Banga emphasised, "What just happened recently in Israel and Gaza – at the end of the day you put all this together, I think the impact on economic development is even more serious. I think we're at a very dangerous juncture."

The annual Future Investment Initiative, also known as "Davos in the Desert", saw&nbsp;over 6,000 registered delegates, as well as&nbsp;global banking leaders and the presidents of South Korea, Kenya, and Rwanda in attendance.

Saudi Arabia's goal of a more wealthy and peaceful West Asia stands in sharp contrast to this conflict. The nation had been working towards rebuilding ties with Iran and had entered talks regarding the recognition of Israel before the outbreak of violence.

About the war

According to reports, Hamas operatives entered Israel from the Gaza Strip on October 7, sparking the war. At least 1,400 individuals were killed in this operation, according to Israeli sources, the bulk of whom were civilians who died&nbsp;in gunfire or from burns on the first day of the raid. The 222 hostages, which included the elderly&nbsp;and little children, were taken, according to the Israeli officials. Numerous dual citizens and foreigners are included among the hostages.

According to data from Gaza's Hamas-run health ministry, more than 5,000 Palestinians have died as a result of Israeli bombardments in retaliation for the assault, the bulk of whom were civilians.

(With inputs from AFP)

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World Bank president Ajay Banga on Tuesday said that the current conflict between Israel and Hamas has sparked concerns about its possible influence on global economic development.

World Bank president Ajay Banga on Tuesday said that the current conflict between Israel and Hamas has sparked concerns about its possible influence on global economic development. Speaking at the annual Future Investment Initiative, Banga emphasised, "What just happened recently in Israel and Gaza – at the end of the day you put all this together, I think the impact on economic development is even more serious. I think we're at a very dangerous juncture." The annual Future Investment Initiative, also known as "Davos in the Desert", saw over 6,000 registered delegates, as well as global banking leaders and the presidents of South Korea, Kenya, and Rwanda in attendance. Saudi Arabia's goal of a more wealthy and peaceful West Asia stands in sharp contrast to this conflict. The nation had been working towards rebuilding ties with Iran and had entered talks regarding the recognition of Israel before the outbreak of violence. About the war According to reports, Hamas operatives entered Israel from the Gaza Strip on October 7, sparking the war. At least 1,400 individuals were killed in this operation, according to Israeli sources, the bulk of whom were civilians who died in gunfire or from burns on the first day of the raid. The 222 hostages, which included the elderly and little children, were taken, according to the Israeli officials. Numerous dual citizens and foreigners are included among the hostages. According to data from Gaza's Hamas-run health ministry, more than 5,000 Palestinians have died as a result of Israeli bombardments in retaliation for the assault, the bulk of whom were civilians. (With inputs from AFP) WATCH WION LIVE HERE

World Bank president warns of “serious” economic damage globally amid Israel-Hamas war

Vijay Shekhar Sharma, the founder of Paytm, has taken a significant step into India's burgeoning artificial intelligence (AI) and electric vehicle (EV) sectors.&nbsp;

According to a Bloomberg report, Sharma's&nbsp;VSS Investments Fund&nbsp;is valued at 300 million rupees (approximately $3.6 million) and aims to&nbsp;foster innovation and entrepreneurship in these rapidly evolving domains.

VSS Investments Fund will not only cater to early-stage startups but will also facilitate follow-on investments in Sharma's existing portfolio.&nbsp;

In an official statement, Sharma emphasised the transformative potential of Indian startups in the realm of advanced technology and AI-driven innovations.

A Moneycontrol report quoted him as saying, "The Indian startup ecosystem has some of the brightest entrepreneurs in the world, and we have the potential to become a powerhouse of advanced technology and AI-driven innovations. India's aspiration to be a $10 Trillion Atmanirbhar economy will be defined by the spirit of innovation and entrepreneurship."

Sharma, celebrated for pioneering fintech in India over a decade ago with the inception of Paytm, has been an active investor in various Indian startups. These include Ola Electric, GOQii (a fitness band manufacturer), Treebo Hotels, and more.

(With inputs from Bloomberg)

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Vijay Shekhar Sharma, the founder of Paytm, has taken a significant step into India's burgeoning artificial intelligence (AI) and electric vehicle (EV) sectors. According to a Bloomberg report, Sharma's VSS Investments Fund is valued at 300 million rupees (approximately $3.

Vijay Shekhar Sharma, the founder of Paytm, has taken a significant step into India's burgeoning artificial intelligence (AI) and electric vehicle (EV) sectors. According to a Bloomberg report, Sharma's VSS Investments Fund is valued at 300 million rupees (approximately $3.6 million) and aims to foster innovation and entrepreneurship in these rapidly evolving domains. VSS Investments Fund will not only cater to early-stage startups but will also facilitate follow-on investments in Sharma's existing portfolio. In an official statement, Sharma emphasised the transformative potential of Indian startups in the realm of advanced technology and AI-driven innovations. A Moneycontrol report quoted him as saying, "The Indian startup ecosystem has some of the brightest entrepreneurs in the world, and we have the potential to become a powerhouse of advanced technology and AI-driven innovations. India's aspiration to be a $10 Trillion Atmanirbhar economy will be defined by the spirit of innovation and entrepreneurship." Sharma, celebrated for pioneering fintech in India over a decade ago with the inception of Paytm, has been an active investor in various Indian startups. These include Ola Electric, GOQii (a fitness band manufacturer), Treebo Hotels, and more. (With inputs from Bloomberg) WATCH WION LIVE HERE

Paytm founder launches $3.6 mn fund to boost AI and EV startups: Report

Chip maker Nvidia said that the new restrictions on the United States' ability to sell China its premium artificial intelligence processors went into force on Monday, a week after officials extended the deadline.&nbsp;

Reuters reported that the new export restrictions were set to take effect 30 days after the Biden administration announced plans to prevent nations like China, Iran, and Russia from obtaining cutting-edge artificial intelligence processors made by Nvidia and other companies on October 17.&nbsp;

According to a filing on Tuesday, Nvidia does not anticipate a short-term impact on its earnings from the change. However, the company did not provide an explanation for why the U.S. government expedited the timeline.&nbsp;

After launching its Gaudi 2 chip sales in China in July, Intel announced that it was "reviewing the regulations and assessing the potential impact."&nbsp;

The advanced AI chips A800 and H800 from Nvidia, which were both developed for the Chinese market in order to comply with prior export regulations, will not be exported anymore.&nbsp;

The limits also affect the Nvidia A100, H100, and L40S CPUs.&nbsp;

(With inputs from Reuters)&nbsp;

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Chip maker Nvidia said that the new restrictions on the United States' ability to sell China its premium artificial intelligence processors went into force on Monday, a week after officials extended the deadline.

Chip maker Nvidia said that the new restrictions on the United States' ability to sell China its premium artificial intelligence processors went into force on Monday, a week after officials extended the deadline. Reuters reported that the new export restrictions were set to take effect 30 days after the Biden administration announced plans to prevent nations like China, Iran, and Russia from obtaining cutting-edge artificial intelligence processors made by Nvidia and other companies on October 17. According to a filing on Tuesday, Nvidia does not anticipate a short-term impact on its earnings from the change. However, the company did not provide an explanation for why the U.S. government expedited the timeline. After launching its Gaudi 2 chip sales in China in July, Intel announced that it was "reviewing the regulations and assessing the potential impact." The advanced AI chips A800 and H800 from Nvidia, which were both developed for the Chinese market in order to comply with prior export regulations, will not be exported anymore. The limits also affect the Nvidia A100, H100, and L40S CPUs. (With inputs from Reuters) WATCH WION LIVE HERE

Nvidia claims the US advanced new export restrictions on AI chips: Report

US tech-giant, Microsoft, has revealed its plans to allocate A$5 billion (equivalent to $3.2 billion) towards the expansion of artificial intelligence (AI) and cloud computing capabilities in Australia over a two-year period. This strategic investment encompasses a comprehensive initiative that includes skills development and enhancements in cyber security.

Microsoft's intended expansion will result in a 250 per cent increase in computing capacity within Australia. This augmentation will enable the 13th largest economy globally to cater to the burgeoning demand for cloud computing, which is projected to double between 2022 and 2026 as AI applications become more pervasive.

Brad Smith, Microsoft's Vice Chairman and President, emphasised that this significant spending is a testament to the company's unwavering commitment to contributing to the growth and prosperity of Australia in the AI era.

Apart from the substantial financial commitment, Microsoft has pledged to provide training to 300,000 Australians, equipping them with the skills essential for success in the digital economy. Additionally, the company will expand its cyber threat information-sharing agreement with the Australian Signals Directorate, bolstering the nation's cyber security capabilities.

According to Reuters, Australian Prime Minister Anthony Albanese hailed this initiative, emphasising that it represents a substantial investment in the skills and workforce of the future, asserting the importance of providing Australians with the necessary skills to excel in the rapidly evolving job landscape.

Steven Worrall, Microsoft's Managing Director for Australia, highlighted that this investment will not only enhance the digital economy's security but will also create a foundation for growth and innovation in the era of AI.

While Microsoft's announcement includes a substantial financial commitment of A$5 billion, specific details regarding the allocation of these funds were not provided in the statement. However, the company disclosed its intention to significantly expand its data centre presence in Australia from 20 sites to 29.

A recent joint report co-authored by Microsoft underlined the potential economic impact of generative AI, a form of automation that adapts to new data inputs. It stated that this technology could contribute up to A$115 billion per year to Australia's economy by 2030 if it is rapidly adopted.

Australia, despite its current absence of AI-specific regulations, has initiated public consultations in 2022 regarding AI regulation. This move is in response to the fast automation developments and follows Microsoft-supported OpenAI's introduction of the lifelike language program ChatGPT in 2022. While AI holds promise, concerns about bias, copyright infringement, and privacy breaches have prompted discussions around safeguarding this evolving technology.

(With inputs from Reuters)

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US tech-giant, Microsoft, has revealed its plans to allocate A$5 billion (equivalent to $3.2 billion) towards the expansion of artificial intelligence (AI) and cloud computing capabilities in Australia over a two-year period.

US tech-giant, Microsoft, has revealed its plans to allocate A$5 billion (equivalent to $3.2 billion) towards the expansion of artificial intelligence (AI) and cloud computing capabilities in Australia over a two-year period. This strategic investment encompasses a comprehensive initiative that includes skills development and enhancements in cyber security. Microsoft's intended expansion will result in a 250 per cent increase in computing capacity within Australia. This augmentation will enable the 13th largest economy globally to cater to the burgeoning demand for cloud computing, which is projected to double between 2022 and 2026 as AI applications become more pervasive. Brad Smith, Microsoft's Vice Chairman and President, emphasised that this significant spending is a testament to the company's unwavering commitment to contributing to the growth and prosperity of Australia in the AI era. Apart from the substantial financial commitment, Microsoft has pledged to provide training to 300,000 Australians, equipping them with the skills essential for success in the digital economy. Additionally, the company will expand its cyber threat information-sharing agreement with the Australian Signals Directorate, bolstering the nation's cyber security capabilities. According to Reuters, Australian Prime Minister Anthony Albanese hailed this initiative, emphasising that it represents a substantial investment in the skills and workforce of the future, asserting the importance of providing Australians with the necessary skills to excel in the rapidly evolving job landscape. Steven Worrall, Microsoft's Managing Director for Australia, highlighted that this investment will not only enhance the digital economy's security but will also create a foundation for growth and innovation in the era of AI. While Microsoft's announcement includes a substantial financial commitment of A$5 billion, specific details regarding the allocation of these funds were not provided in the statement. However, the company disclosed its intention to significantly expand its data centre presence in Australia from 20 sites to 29. A recent joint report co-authored by Microsoft underlined the potential economic impact of generative AI, a form of automation that adapts to new data inputs. It stated that this technology could contribute up to A$115 billion per year to Australia's economy by 2030 if it is rapidly adopted. Australia, despite its current absence of AI-specific regulations, has initiated public consultations in 2022 regarding AI regulation. This move is in response to the fast automation developments and follows Microsoft-supported OpenAI's introduction of the lifelike language program ChatGPT in 2022. While AI holds promise, concerns about bias, copyright infringement, and privacy breaches have prompted discussions around safeguarding this evolving technology. (With inputs from Reuters) WATCH WION LIVE HERE

Microsoft announces $3.2 billion investment in Australia's AI and cloud computing infrastructure

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