In a significant move toward bolstering their energy cooperation, India and Saudi Arabia have signed a Memorandum of Understanding (MoU) for the development of a green hydrogen supply chain and electrical interconnections, Mint reported.

The MoU was signed on Sunday in Riyadh, Saudi Arabia, during the MENA Climate Week 2023, marking another milestone in the partnership between the two nations.

According to reports, the agreement aims to establish a comprehensive framework for cooperation encompassing various aspects of the energy sector. The focus areas include electrical interconnection, exchange of electricity during peak demand and emergencies, co-development of projects, co-production of green and clean hydrogen, and the creation of secure, reliable, and resilient supply chains for materials used in green and clean hydrogen production and renewable energy.

With a larger objective of integrating national power networks with other nations, lessening the need for costly&nbsp;renewable energy storage technologies, and improving grid dependability, India is interested in developing electrical connections with Saudi Arabia. This action is crucial as India moves on with the OSOWOG plan, which aims to link nations through a global power grid.

Mint reported that R. K. Singh, India's Union Minister for Power and New &amp; Renewable Energy, emphasised India's dedication to the energy transition during the MENA Climate Week 2023. He mentioned that India, with almost 17 percent of the world's population and as the world's fifth-largest economy, was actively taking substantial measures to decrease the emission intensity of its GDP by 45 percent by 2030 and to attain the Net Zero goal by 2070.

Singh also extended an invitation to MENA countries to join the recently launched Global Biofuels Alliance, fostering international cooperation in sustainable bio fuels. This alliance, launched during the G20 Summit in New Delhi, includes 19 countries and 12 international organisations, with India, Brazil, and the U.S. as founding members.

The MENA Climate Week serves as a platform for discussing climate solutions and energy sustainability ahead of COP28 and is hosted by the government of Saudi Arabia. Singh emphasised the significance of global collaboration in shaping the energy transition narrative and encouraged sustainable behaviours and choices to achieve this transition.

The high-level GST (Global Stocktake of the Paris Agreement) regional dialogue at the MENA Climate Week further provides an opportunity to discuss challenges, solutions, and opportunities for enhancing climate action and support within the MENA context and globally. The GST is essential for periodically assessing the progress toward the Paris Agreement's goals and long-term objectives, with its first session held in Glasgow in 2021 and concluding at the climate change conference in Dubai, UAE.

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 move toward bolstering their energy cooperation, India and Saudi Arabia have signed a Memorandum of Understanding (MoU) for the development of a green hydrogen supply chain and electrical interconnections, Mint reported.

In a significant move toward bolstering their energy cooperation, India and Saudi Arabia have signed a Memorandum of Understanding (MoU) for the development of a green hydrogen supply chain and electrical interconnections, Mint reported. The MoU was signed on Sunday in Riyadh, Saudi Arabia, during the MENA Climate Week 2023, marking another milestone in the partnership between the two nations. According to reports, the agreement aims to establish a comprehensive framework for cooperation encompassing various aspects of the energy sector. The focus areas include electrical interconnection, exchange of electricity during peak demand and emergencies, co-development of projects, co-production of green and clean hydrogen, and the creation of secure, reliable, and resilient supply chains for materials used in green and clean hydrogen production and renewable energy. With a larger objective of integrating national power networks with other nations, lessening the need for costly renewable energy storage technologies, and improving grid dependability, India is interested in developing electrical connections with Saudi Arabia. This action is crucial as India moves on with the OSOWOG plan, which aims to link nations through a global power grid. Mint reported that R. K. Singh, India's Union Minister for Power and New & Renewable Energy, emphasised India's dedication to the energy transition during the MENA Climate Week 2023. He mentioned that India, with almost 17 percent of the world's population and as the world's fifth-largest economy, was actively taking substantial measures to decrease the emission intensity of its GDP by 45 percent by 2030 and to attain the Net Zero goal by 2070. Singh also extended an invitation to MENA countries to join the recently launched Global Biofuels Alliance, fostering international cooperation in sustainable bio fuels. This alliance, launched during the G20 Summit in New Delhi, includes 19 countries and 12 international organisations, with India, Brazil, and the U.S. as founding members. The MENA Climate Week serves as a platform for discussing climate solutions and energy sustainability ahead of COP28 and is hosted by the government of Saudi Arabia. Singh emphasised the significance of global collaboration in shaping the energy transition narrative and encouraged sustainable behaviours and choices to achieve this transition. The high-level GST (Global Stocktake of the Paris Agreement) regional dialogue at the MENA Climate Week further provides an opportunity to discuss challenges, solutions, and opportunities for enhancing climate action and support within the MENA context and globally. The GST is essential for periodically assessing the progress toward the Paris Agreement's goals and long-term objectives, with its first session held in Glasgow in 2021 and concluding at the climate change conference in Dubai, UAE. WATCH WION LIVE HERE

India and Saudi Arabia forge collaboration on green hydrogen and electrical interconnections

With the backdrop of an unexpected attack by Hamas on Israel, global financial markets are facing heightened uncertainty, with concerns over inflation and geopolitical risk taking centre stage. As markets react to the unfolding crisis, analysts weigh in on potential impacts and outcomes, Bloomberg reported.

The ensuing conflict, coupled with a surge in crude oil prices, has sent shockwaves through markets already grappling with rising interest rates and inflation concerns.

As tensions escalated, safe-haven currencies like the yen and the dollar strengthened in the early days of the trading week. Norway's krone also saw gains, benefiting from the surge in oil prices. Meanwhile, US stock futures dipped 0.7 per cent, and Asian markets displayed mixed performance. Notably, Middle Eastern equity markets experienced a significant decline, with Israel's benchmark TA-35 stock index witnessing its largest loss in over three years.

Bond traders now face a critical decision: whether to seek refuge in the safety of the dollar, forsaking higher-yield debt, or to brace for the potential impact of increased inflation. While Treasury futures gained ground at the start of the week, cash Treasuries remained closed due to a US holiday.

Bloomberg quoted Ed Yardeni, President of Yardeni Research Inc. As saying, "Geopolitical crises in the Middle East have usually caused oil prices to rise and stock prices to fall. Much will depend on whether the crisis turns out to be another short-term flare-up or something much bigger like a war between Israel and Iran."

Insights from analysts

The report by Bloomberg also cited multiple analysts. Among them, here’s what three of the analysts had to say:

Gonzalo Lardies, Senior Equities Fund Manager at Andbank, mentioned that the situation would introduce increased uncertainty to the markets. He noted that inflation and growth would recede, with geopolitical risk becoming the focal point. He suggested the possibility of a surge in volatility, and he believed that short-term fixed income could once again become a safe haven, while cyclical sectors would come under the spotlight.

Guillermo Santos, Head of Strategy at iCapital, cautioned that the consequences would not be significantly negative for financial markets as long as the conflict remained limited to Palestinians and Israelis. He expressed concern that any expansion of the conflict to oil-producing countries might result in higher crude oil prices, negative inflationary effects for the West, and declining stock markets, potentially leading to a recession.

Alfonso Benito, Chief Investment Officer at Dunas Capital, offered a more optimistic viewpoint, stating that he did not anticipate the situation to have a substantial impact on markets. He acknowledged the longstanding and distressing nature of the situation but believed that, aside from short-term volatility, it would not exert a major influence.

(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>

With the backdrop of an unexpected attack by Hamas on Israel, global financial markets are facing heightened uncertainty, with concerns over inflation and geopolitical risk taking centre stage.

With the backdrop of an unexpected attack by Hamas on Israel, global financial markets are facing heightened uncertainty, with concerns over inflation and geopolitical risk taking centre stage. As markets react to the unfolding crisis, analysts weigh in on potential impacts and outcomes, Bloomberg reported. The ensuing conflict, coupled with a surge in crude oil prices, has sent shockwaves through markets already grappling with rising interest rates and inflation concerns. As tensions escalated, safe-haven currencies like the yen and the dollar strengthened in the early days of the trading week. Norway's krone also saw gains, benefiting from the surge in oil prices. Meanwhile, US stock futures dipped 0.7 per cent, and Asian markets displayed mixed performance. Notably, Middle Eastern equity markets experienced a significant decline, with Israel's benchmark TA-35 stock index witnessing its largest loss in over three years. Bond traders now face a critical decision: whether to seek refuge in the safety of the dollar, forsaking higher-yield debt, or to brace for the potential impact of increased inflation. While Treasury futures gained ground at the start of the week, cash Treasuries remained closed due to a US holiday. Bloomberg quoted Ed Yardeni, President of Yardeni Research Inc. As saying, "Geopolitical crises in the Middle East have usually caused oil prices to rise and stock prices to fall. Much will depend on whether the crisis turns out to be another short-term flare-up or something much bigger like a war between Israel and Iran." Insights from analysts The report by Bloomberg also cited multiple analysts. Among them, here’s what three of the analysts had to say: Gonzalo Lardies, Senior Equities Fund Manager at Andbank, mentioned that the situation would introduce increased uncertainty to the markets. He noted that inflation and growth would recede, with geopolitical risk becoming the focal point. He suggested the possibility of a surge in volatility, and he believed that short-term fixed income could once again become a safe haven, while cyclical sectors would come under the spotlight. Guillermo Santos, Head of Strategy at iCapital, cautioned that the consequences would not be significantly negative for financial markets as long as the conflict remained limited to Palestinians and Israelis. He expressed concern that any expansion of the conflict to oil-producing countries might result in higher crude oil prices, negative inflationary effects for the West, and declining stock markets, potentially leading to a recession. Alfonso Benito, Chief Investment Officer at Dunas Capital, offered a more optimistic viewpoint, stating that he did not anticipate the situation to have a substantial impact on markets. He acknowledged the longstanding and distressing nature of the situation but believed that, aside from short-term volatility, it would not exert a major influence. (With inputs from Bloomberg) WATCH WION LIVE HERE

Middle East geopolitical crisis sends global markets into turmoil as oil prices rise

Oil prices witnessed a significant 5 per cent surge following Hamas' surprise attacks on Israel over the weekend, marking one of the most miserable conflicts in decades. According to a report by Bloomberg, the escalation of tensions in West Asia has stirred concerns in global markets and revived a war-risk premium.

West Texas Intermediate (WTI) crude oil traded near $87 a barrel, reflecting the rising anxiety in the energy sector. While immediate oil supply disruption remains low, there are fears that the conflict could evolve into a more extensive proxy war, potentially involving the U.S. and Iran.

As conflict in the region entered its third day, the combined death toll exceeded 1,100, intensifying concerns about the situation's severity. The United States announced its decision to deploy warships to the region, underscoring the escalating nature of the conflict.

While the immediate threat to oil supply remains limited, the conflict carries the risk of spiralling into a more devastating regional crisis, potentially involving Saudi Arabia. Bloomberg cited ANZ Group Holdings Ltd. analysts Brian Martin and Daniel Hynes, who noted, "Key for markets is whether the conflict remains contained or spreads to involve other regions, particularly Saudi Arabia. Initially, it seems markets will assume the situation will remain limited in scope, duration, and oil-price consequences. But higher volatility can be expected."

The turmoil in the West Asia comes at a time when oil markets had already faced challenges. Both WTI and global benchmark Brent futures had witnessed significant declines earlier in the month due to concerns about high interest rates and slowing economic growth, which had cast a shadow on demand prospects. These concerns had overshadowed the bullish sentiment that had driven a sharp rally in the third quarter, driven in part by prolonged crude output cuts led by Saudi Arabia.

The conflict further reduces expectations that Saudi Arabia will cut or eliminate its 1 million-barrels-a-day output curbs, according to Citigroup Inc. analysts Ed Morse and Eric Lee. Additionally, the risk of Israel launching an attack on Iran is growing, further complicating the geopolitical landscape.

The events in West Asia &nbsp;unfold after months of easing tensions between Washington and Tehran, with Iran's crude shipments rebounding to a five-year high with the tacit approval of the United States. In an extreme scenario, Iran could retaliate by targeting the Strait of Hormuz, a critical waterway for the movement of nearly 17 million barrels of crude and condensate each day.

Helima Croft, an analyst at RBC Capital Markets, highlighted the potential implications for U.S. sanctions on Iran, "If Israel comes out and directly implicates Iran, we believe it will likely be difficult for the Biden administration to continue to adopt such a permissive sanctions regime. We anticipate that critics in Congress and elsewhere will contend that the White House is providing Iran with the financial wherewithal to sponsor such malign actors," Bloomberg quoted her as saying.

While the impact on oil's futures curve has been relatively moderate, with WTI's prompt timespread moving into backwardation, signalling supply concerns, there remains uncertainty over how the situation will develop.

As per Bloomberg, Warren Patterson, Head of Commodities Strategy at ING Groep NV, noted, "The lack of movement in WTI timespreads suggests there's little change in supply-demand fundamentals at the moment. Although uncertainty over how the situation evolves is likely to support prices."

(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>

Oil prices witnessed a significant 5 per cent surge following Hamas' surprise attacks on Israel over the weekend, marking one of the most miserable conflicts in decades.

Oil prices witnessed a significant 5 per cent surge following Hamas' surprise attacks on Israel over the weekend, marking one of the most miserable conflicts in decades. According to a report by Bloomberg, the escalation of tensions in West Asia has stirred concerns in global markets and revived a war-risk premium. West Texas Intermediate (WTI) crude oil traded near $87 a barrel, reflecting the rising anxiety in the energy sector. While immediate oil supply disruption remains low, there are fears that the conflict could evolve into a more extensive proxy war, potentially involving the U.S. and Iran. As conflict in the region entered its third day, the combined death toll exceeded 1,100, intensifying concerns about the situation's severity. The United States announced its decision to deploy warships to the region, underscoring the escalating nature of the conflict. While the immediate threat to oil supply remains limited, the conflict carries the risk of spiralling into a more devastating regional crisis, potentially involving Saudi Arabia. Bloomberg cited ANZ Group Holdings Ltd. analysts Brian Martin and Daniel Hynes, who noted, "Key for markets is whether the conflict remains contained or spreads to involve other regions, particularly Saudi Arabia. Initially, it seems markets will assume the situation will remain limited in scope, duration, and oil-price consequences. But higher volatility can be expected." The turmoil in the West Asia comes at a time when oil markets had already faced challenges. Both WTI and global benchmark Brent futures had witnessed significant declines earlier in the month due to concerns about high interest rates and slowing economic growth, which had cast a shadow on demand prospects. These concerns had overshadowed the bullish sentiment that had driven a sharp rally in the third quarter, driven in part by prolonged crude output cuts led by Saudi Arabia. The conflict further reduces expectations that Saudi Arabia will cut or eliminate its 1 million-barrels-a-day output curbs, according to Citigroup Inc. analysts Ed Morse and Eric Lee. Additionally, the risk of Israel launching an attack on Iran is growing, further complicating the geopolitical landscape. The events in West Asia unfold after months of easing tensions between Washington and Tehran, with Iran's crude shipments rebounding to a five-year high with the tacit approval of the United States. In an extreme scenario, Iran could retaliate by targeting the Strait of Hormuz, a critical waterway for the movement of nearly 17 million barrels of crude and condensate each day. Helima Croft, an analyst at RBC Capital Markets, highlighted the potential implications for U.S. sanctions on Iran, "If Israel comes out and directly implicates Iran, we believe it will likely be difficult for the Biden administration to continue to adopt such a permissive sanctions regime. We anticipate that critics in Congress and elsewhere will contend that the White House is providing Iran with the financial wherewithal to sponsor such malign actors," Bloomberg quoted her as saying. While the impact on oil's futures curve has been relatively moderate, with WTI's prompt timespread moving into backwardation, signalling supply concerns, there remains uncertainty over how the situation will develop. As per Bloomberg, Warren Patterson, Head of Commodities Strategy at ING Groep NV, noted, "The lack of movement in WTI timespreads suggests there's little change in supply-demand fundamentals at the moment. Although uncertainty over how the situation evolves is likely to support prices." (With inputs from Bloomberg) WATCH WION LIVE HERE

Oil prices surge as West Asia tensions escalate amidst Israel-Hamas conflict

U.S. electric vehicle (EV) giant Tesla faced a 10.9 per cent year-on-year decrease in sales volume for its China-made EVs in September, according to data from the China Passenger Car Association (CPCA) released on Sunday. This decline in sales comes as Chinese rival BYD sees impressive growth in passenger vehicle deliveries, underscoring the competitive landscape in the Chinese EV market.

Tesla sold 74,073 China-made EVs in September, reflecting a notable dip compared to the same month last year. Sales of China-made Model 3 and Model Y cars specifically saw a 12.0 per cent decrease from the previous month.

In contrast, BYD, known for its Dynasty and Ocean series of EVs and petrol-electric hybrid models, experienced a surge in passenger vehicle deliveries, growing by 42.8 per cent to reach 286,903 in September, up from 200,973 in the same month last year.

Both Tesla and its Chinese competitors are now preparing for a potential rebound in consumer sentiment. This optimism is fuelled by more significant discounts and tax incentives for green vehicles, combined with signs of economic stabilisation in China.

Tesla recently missed market estimates for its third-quarter global deliveries due to planned upgrades at its factories, which temporarily halted production. The automaker typically focuses on domestic deliveries at the end of each quarter while shipping more China-made cars for export at the beginning.

In a bid to entice consumers, Tesla unveiled a revamped Model 3 in September, sporting a starting price of 259,900 yuan in China, representing a 12 per cent increase from its previous version. Deliveries are set to commence in the fourth quarter.

Meanwhile, Chinese competitor Xpeng introduced a redesigned G9 SUV with a price tag starting from 263,900 yuan, marking a 15 per cent reduction compared to its previous offering.

Tesla, renowned as the largest exporter of China-made EVs, is currently facing a European Commission probe into subsidies for battery-powered cars from China. This investigation includes other Chinese automakers like Renault.

Despite the recent sales decline, Tesla delivered a record 247,217 China-made vehicles in the second quarter, underscoring its continued significance in the global EV market.

(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>

U.S. electric vehicle (EV) giant Tesla faced a 10.9 per cent year-on-year decrease in sales volume for its China-made EVs in September, according to data from the China Passenger Car Association (CPCA) released on Sunday.

U.S. electric vehicle (EV) giant Tesla faced a 10.9 per cent year-on-year decrease in sales volume for its China-made EVs in September, according to data from the China Passenger Car Association (CPCA) released on Sunday. This decline in sales comes as Chinese rival BYD sees impressive growth in passenger vehicle deliveries, underscoring the competitive landscape in the Chinese EV market. Tesla sold 74,073 China-made EVs in September, reflecting a notable dip compared to the same month last year. Sales of China-made Model 3 and Model Y cars specifically saw a 12.0 per cent decrease from the previous month. In contrast, BYD, known for its Dynasty and Ocean series of EVs and petrol-electric hybrid models, experienced a surge in passenger vehicle deliveries, growing by 42.8 per cent to reach 286,903 in September, up from 200,973 in the same month last year. Both Tesla and its Chinese competitors are now preparing for a potential rebound in consumer sentiment. This optimism is fuelled by more significant discounts and tax incentives for green vehicles, combined with signs of economic stabilisation in China. Tesla recently missed market estimates for its third-quarter global deliveries due to planned upgrades at its factories, which temporarily halted production. The automaker typically focuses on domestic deliveries at the end of each quarter while shipping more China-made cars for export at the beginning. In a bid to entice consumers, Tesla unveiled a revamped Model 3 in September, sporting a starting price of 259,900 yuan in China, representing a 12 per cent increase from its previous version. Deliveries are set to commence in the fourth quarter. Meanwhile, Chinese competitor Xpeng introduced a redesigned G9 SUV with a price tag starting from 263,900 yuan, marking a 15 per cent reduction compared to its previous offering. Tesla, renowned as the largest exporter of China-made EVs, is currently facing a European Commission probe into subsidies for battery-powered cars from China. This investigation includes other Chinese automakers like Renault. Despite the recent sales decline, Tesla delivered a record 247,217 China-made vehicles in the second quarter, underscoring its continued significance in the global EV market. (With inputs from Reuters) WATCH WION LIVE HERE

Tesla's China-made EV sales dip in September; BYD gains ground

In an attempt to maintain stability in global oil markets, six Arab nations - Bahrain, Iraq, Kuwait, Oman, Saudi Arabia, and the United Arab Emirates - have reaffirmed their commitment to "collective and individual voluntary adjustments" to oil production, according to a report from Reuters.

This pledge comes as these oil-producing nations emphasize their support for market stability and cooperative efforts within the OPEC+ framework.

The oil ministers of these six countries convened on the sidelines of the U.N. MENA climate week event held in Riyadh on Sunday. As reported by the Saudi state news agency SPA, they reiterated their readiness to take additional measures when necessary, building on the cohesion of the OPEC+ group, which includes OPEC nations and non-OPEC allies like Russia.

The commitment to voluntary oil production adjustments aligns with the Declaration of Cooperation (DoC) countries' ongoing efforts to bolster market stability. Notably, OPEC+ had previously agreed in June to extend voluntary oil cuts initiated in April, extending them until the end of 2024. In the case of Saudi Arabia and Russia, additional voluntary cuts are set to continue until the end of 2023, subject to monthly reviews.

Last week, during a meeting of the Organisation of the Petroleum Exporting Countries (OPEC) and its allies, there were no changes to the group's oil output policy. Saudi Arabia and Russia reaffirmed their intention to maintain voluntary supply cuts, demonstrating their commitment to supporting the market.

According to a report by Mint, at the U.N. MENA climate week event, the importance of the oil and gas industry in facilitating an orderly energy transition was emphasised. UAE Energy Minister Suhail al-Mazrouei highlighted the role of major hydrocarbon producers in ensuring a responsible and reasonably priced energy transition. Saudi Energy Minister Prince Abdulaziz bin Salman echoed this sentiment, underscoring the continuing need for hydrocarbons in the world.

The United Arab Emirates will host the COP28 climate summit, scheduled to be held in Dubai from November 30 to December 12.

(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 an attempt to maintain stability in global oil markets, six Arab nations - Bahrain, Iraq, Kuwait, Oman, Saudi Arabia, and the United Arab Emirates - have reaffirmed their commitment to "collective and individual voluntary adjustments" to oil production, according to a report from Reuters.

In an attempt to maintain stability in global oil markets, six Arab nations - Bahrain, Iraq, Kuwait, Oman, Saudi Arabia, and the United Arab Emirates - have reaffirmed their commitment to "collective and individual voluntary adjustments" to oil production, according to a report from Reuters. This pledge comes as these oil-producing nations emphasize their support for market stability and cooperative efforts within the OPEC+ framework. The oil ministers of these six countries convened on the sidelines of the U.N. MENA climate week event held in Riyadh on Sunday. As reported by the Saudi state news agency SPA, they reiterated their readiness to take additional measures when necessary, building on the cohesion of the OPEC+ group, which includes OPEC nations and non-OPEC allies like Russia. The commitment to voluntary oil production adjustments aligns with the Declaration of Cooperation (DoC) countries' ongoing efforts to bolster market stability. Notably, OPEC+ had previously agreed in June to extend voluntary oil cuts initiated in April, extending them until the end of 2024. In the case of Saudi Arabia and Russia, additional voluntary cuts are set to continue until the end of 2023, subject to monthly reviews. Last week, during a meeting of the Organisation of the Petroleum Exporting Countries (OPEC) and its allies, there were no changes to the group's oil output policy. Saudi Arabia and Russia reaffirmed their intention to maintain voluntary supply cuts, demonstrating their commitment to supporting the market. According to a report by Mint, at the U.N. MENA climate week event, the importance of the oil and gas industry in facilitating an orderly energy transition was emphasised. UAE Energy Minister Suhail al-Mazrouei highlighted the role of major hydrocarbon producers in ensuring a responsible and reasonably priced energy transition. Saudi Energy Minister Prince Abdulaziz bin Salman echoed this sentiment, underscoring the continuing need for hydrocarbons in the world. The United Arab Emirates will host the COP28 climate summit, scheduled to be held in Dubai from November 30 to December 12. (With inputs from Reuters) WATCH WION LIVE HERE

Arab nations commit to voluntary oil production adjustments amidst global energy transition

Harvard University's&nbsp;Professor Claudia Goldin has been honoured with the Nobel Prize in Economics for 2023, as announced by the Royal Swedish Academy of Sciences.

This esteemed recognition, officially known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was awarded to Goldin in acknowledgment of her extensive research contributions to the understanding of women's roles and outcomes in the labor market.

The Royal Swedish Academy of Sciences commended Goldin's groundbreaking work, stating that she has significantly advanced the world's&nbsp;comprehension of women's labour market results.

Goldin becomes the 55th laureate of this prestigious award and only the third woman, after&nbsp;Elinor Ostrom&nbsp;in 2009 and Esther Duflo in 2019, to receive this honour since its establishment in 1969.

According to a Moneycontrol report, the Academy highlighted Goldin's remarkable contributions, emphasising her meticulous examination of historical data and the presentation of new and unexpected insights.

Her research, in the words of the Nobel committee,&nbsp;deepened our insights into the factors influencing women's opportunities in the labour market, particularly the impact of marriage and household responsibilities.

Goldin's studies underscore that change in labour market dynamics occurs gradually, as career choices are influenced by expectations that may evolve over time.

Her research has global relevance, with similar patterns observed in numerous countries, offering valuable insights into labour markets of the past, present, and future.

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>

Harvard University's Professor Claudia Goldin has been honoured with the Nobel Prize in Economics for 2023, as announced by the Royal Swedish Academy of Sciences.

Harvard University's Professor Claudia Goldin has been honoured with the Nobel Prize in Economics for 2023, as announced by the Royal Swedish Academy of Sciences. This esteemed recognition, officially known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was awarded to Goldin in acknowledgment of her extensive research contributions to the understanding of women's roles and outcomes in the labor market. The Royal Swedish Academy of Sciences commended Goldin's groundbreaking work, stating that she has significantly advanced the world's comprehension of women's labour market results. Goldin becomes the 55th laureate of this prestigious award and only the third woman, after Elinor Ostrom in 2009 and Esther Duflo in 2019, to receive this honour since its establishment in 1969. According to a Moneycontrol report, the Academy highlighted Goldin's remarkable contributions, emphasising her meticulous examination of historical data and the presentation of new and unexpected insights. Her research, in the words of the Nobel committee, deepened our insights into the factors influencing women's opportunities in the labour market, particularly the impact of marriage and household responsibilities. Goldin's studies underscore that change in labour market dynamics occurs gradually, as career choices are influenced by expectations that may evolve over time. Her research has global relevance, with similar patterns observed in numerous countries, offering valuable insights into labour markets of the past, present, and future. WATCH WION LIVE HERE

Claudia Goldin awarded Nobel Prize in economics for research on women's labour market impact

The Reserve Bank of India (RBI) Governor Shaktikanta Das announced on Friday that the monetary policy committee (MPC) has opted to maintain the policy repo rate at 6.50 per cent, marking the fourth consecutive time the rate remains unchanged.

In his policy statement, The Indian Express quoted Das as saying, "After a detailed assessment of the evolving macroeconomic and financial developments and the outlook, RBI's Monetary Policy Committee decided unanimously to keep the Policy Repo Rate unchanged at 6.5 per cent."

He emphasised the importance of both macroeconomic stability and inclusive growth, asserting that the combination of policies implemented in recent years, despite facing numerous and unprecedented challenges, had contributed to the achievement of stability in both macroeconomics and finance.

Das noted that India has transitioned from the twin balance sheet stress of a decade ago to a twin balance sheet advantage, with both banks and corporate demonstrating healthier financial positions.

Reacting to the RBI's decision to continue with the rate pause, Adhil Shetty, CEO of Bankbazaar.com, said, "The Reserve Bank of India expectedly kept the policy rates paused in its monetary policy review for October.&nbsp;This is welcome, although inflation is expected to remain elevated for longer than anticipated."

According to Shetty, interest rates and inflation are moving in a positive direction with limited upward risks. Additionally, he noted that the central bank intends to maintain control over growth expectations through various monetary policy tools.

This decision comes as the RBI continues to grapple with keeping retail inflation within the target of 4 per cent. While India's retail inflation eased to 6.83 per cent in August, Das acknowledged that it remains above the upper limit of RBI's tolerance band, highlighting concerns about inflation.

While the RBI governor anticipates a potential easing of retail inflation in September, the decline in kharif sowing poses a potential threat. The RBI has maintained its CPI-based inflation forecast for FY24 at 5.4 per cent.

In terms of GDP, the RBI has retained its forecast, expecting real gross domestic product (GDP) to grow at 6.5 per cent for the fiscal year 2023-24 (FY24).

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

The Reserve Bank of India (RBI) Governor Shaktikanta Das announced on Friday that the monetary policy committee (MPC) has opted to maintain the policy repo rate at 6.

The Reserve Bank of India (RBI) Governor Shaktikanta Das announced on Friday that the monetary policy committee (MPC) has opted to maintain the policy repo rate at 6.50 per cent, marking the fourth consecutive time the rate remains unchanged. In his policy statement, The Indian Express quoted Das as saying, "After a detailed assessment of the evolving macroeconomic and financial developments and the outlook, RBI's Monetary Policy Committee decided unanimously to keep the Policy Repo Rate unchanged at 6.5 per cent." He emphasised the importance of both macroeconomic stability and inclusive growth, asserting that the combination of policies implemented in recent years, despite facing numerous and unprecedented challenges, had contributed to the achievement of stability in both macroeconomics and finance. Das noted that India has transitioned from the twin balance sheet stress of a decade ago to a twin balance sheet advantage, with both banks and corporate demonstrating healthier financial positions. Reacting to the RBI's decision to continue with the rate pause, Adhil Shetty, CEO of Bankbazaar.com, said, "The Reserve Bank of India expectedly kept the policy rates paused in its monetary policy review for October. This is welcome, although inflation is expected to remain elevated for longer than anticipated." According to Shetty, interest rates and inflation are moving in a positive direction with limited upward risks. Additionally, he noted that the central bank intends to maintain control over growth expectations through various monetary policy tools. This decision comes as the RBI continues to grapple with keeping retail inflation within the target of 4 per cent. While India's retail inflation eased to 6.83 per cent in August, Das acknowledged that it remains above the upper limit of RBI's tolerance band, highlighting concerns about inflation. While the RBI governor anticipates a potential easing of retail inflation in September, the decline in kharif sowing poses a potential threat. The RBI has maintained its CPI-based inflation forecast for FY24 at 5.4 per cent. In terms of GDP, the RBI has retained its forecast, expecting real gross domestic product (GDP) to grow at 6.5 per cent for the fiscal year 2023-24 (FY24). WATCH WION LIVE HERE

RBI holds repo rate steady at 6.5 per cent for the fourth time, inflation remains a concern

Leading Indian tech firms are preparing for a tough year ahead as they look to bounce back in the next financial year after what JPMorgan analysts have referred to as a "washout" year.

The financial giant's analysts anticipate investors to closely examine the upcoming second-quarter results and comments from Indian tech companies for signs of a recovery in deal signings.

However, analysts Ankur Rudra and Bhavik Mehta have expressed their reservations, “We remain negative on the sector as we haven't seen a meaningful uptick in demand in our recent checks. We think the overall setup is not as positive as last quarter," Reuters quoted them as saying.

The Indian tech sector has been grappling with challenges as clients, primarily based in the United States, have reduced tech spending, delayed projects, and even cancelled contracts, citing concerns over slower economic growth and potential long-term interest rate hikes.

"Investors have assumed FY24 is a washout and shifted focus to FY25, hoping for a rebound," Reuters quoted the analysts as saying. They noted that this shift in focus has contributed to the Nifty IT index outperforming the broader Nifty 50 over the past three months.

In the upcoming quarterly earnings reports, the key areas of interest will be deal signings and the distinction between new deals and renewals. This analysis will help assess the potential for growth in fiscal 2025.

However, despite this anticipation, Rudra and Mehta have argued that their recent discussions with industry executives did not reveal "any meaningful optimism of a demand rebound."&nbsp;

"There are green shoots in certain paths, but overall decision-making and deal ramp-ups remain sluggish," both analysts noted.&nbsp;

JPMorgan's outlook for large-cap tech companies in fiscal 2025 suggests high single-digit earnings growth, which is lower than market expectations of double-digit growth. Similarly, mid-cap companies are expected to see low double-digit growth, compared to market expectations of mid-teens growth.

&nbsp;(With inputs from Reuters)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Leading Indian tech firms are preparing for a tough year ahead as they look to bounce back in the next financial year after what JPMorgan analysts have referred to as a "washout" year.

Leading Indian tech firms are preparing for a tough year ahead as they look to bounce back in the next financial year after what JPMorgan analysts have referred to as a "washout" year. The financial giant's analysts anticipate investors to closely examine the upcoming second-quarter results and comments from Indian tech companies for signs of a recovery in deal signings. However, analysts Ankur Rudra and Bhavik Mehta have expressed their reservations, “We remain negative on the sector as we haven't seen a meaningful uptick in demand in our recent checks. We think the overall setup is not as positive as last quarter," Reuters quoted them as saying. The Indian tech sector has been grappling with challenges as clients, primarily based in the United States, have reduced tech spending, delayed projects, and even cancelled contracts, citing concerns over slower economic growth and potential long-term interest rate hikes. "Investors have assumed FY24 is a washout and shifted focus to FY25, hoping for a rebound," Reuters quoted the analysts as saying. They noted that this shift in focus has contributed to the Nifty IT index outperforming the broader Nifty 50 over the past three months. In the upcoming quarterly earnings reports, the key areas of interest will be deal signings and the distinction between new deals and renewals. This analysis will help assess the potential for growth in fiscal 2025. However, despite this anticipation, Rudra and Mehta have argued that their recent discussions with industry executives did not reveal "any meaningful optimism of a demand rebound." "There are green shoots in certain paths, but overall decision-making and deal ramp-ups remain sluggish," both analysts noted. JPMorgan's outlook for large-cap tech companies in fiscal 2025 suggests high single-digit earnings growth, which is lower than market expectations of double-digit growth. Similarly, mid-cap companies are expected to see low double-digit growth, compared to market expectations of mid-teens growth. (With inputs from Reuters) WATCH WION LIVE HERE

Here is JPMorgan's outlook for Indian tech firms

Alphabet subsidiary Google has reached an agreement to revamp its user data practices, marking the end of a German antitrust investigation aimed at curbing the tech giant's data-driven market dominance, the German cartel office announced on Thursday.&nbsp;

The German antitrust watchdog had issued a statement of objections to Google in January, expressing concerns over the company's data processing terms. It argued that users were not provided with sufficient options regarding the extensive processing of their data across Google's various services.&nbsp;

Tech giants like Google rely heavily on selling targeted advertising, a lucrative business model driven by the vast amounts of user data they accumulate. This model has come under regulatory scrutiny worldwide.&nbsp;

The German regulator noted that Google's commitments would empower users with more control over how their data is utilised across the company's platforms. &nbsp;

Reuters cited Andreas Mundt, President of the cartel office, who emphasised the significance of this development, stating, "In the future, users of Google services will have a much better choice as to what happens to their data, how Google can use them and whether their data may be used across services. This not only protects the users' right to determine the use of their data, but also curbs Google's data-driven market power."&nbsp;

Google's commitment extends to over 25 other services, including Gmail, Google News, Assistant, Contacts, and Google TV. However, it does not encompass Google Shopping, Google Play, Google Maps, Google Search, YouTube, Google Android, Google Chrome, and Google's online advertising services. These services fall under the jurisdiction of a new EU legislation known as the Digital Markets Act, which imposes similar obligations.&nbsp;

The German competition authority has intensified its scrutiny of major tech companies since it gained expanded powers, known as Section 19a GWB, in 2021. These powers empower the authority to investigate and prohibit certain practices by companies deemed to possess paramount significance and cross-market influence.&nbsp;

This newfound authority has led to investigations into other tech giants, including Amazon, Meta Platforms, and Apple.&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>

Alphabet subsidiary Google has reached an agreement to revamp its user data practices, marking the end of a German antitrust investigation aimed at curbing the tech giant's data-driven market dominance, the German cartel office announced on Thursday.

Alphabet subsidiary Google has reached an agreement to revamp its user data practices, marking the end of a German antitrust investigation aimed at curbing the tech giant's data-driven market dominance, the German cartel office announced on Thursday. The German antitrust watchdog had issued a statement of objections to Google in January, expressing concerns over the company's data processing terms. It argued that users were not provided with sufficient options regarding the extensive processing of their data across Google's various services. Tech giants like Google rely heavily on selling targeted advertising, a lucrative business model driven by the vast amounts of user data they accumulate. This model has come under regulatory scrutiny worldwide. The German regulator noted that Google's commitments would empower users with more control over how their data is utilised across the company's platforms. Reuters cited Andreas Mundt, President of the cartel office, who emphasised the significance of this development, stating, "In the future, users of Google services will have a much better choice as to what happens to their data, how Google can use them and whether their data may be used across services. This not only protects the users' right to determine the use of their data, but also curbs Google's data-driven market power." Google's commitment extends to over 25 other services, including Gmail, Google News, Assistant, Contacts, and Google TV. However, it does not encompass Google Shopping, Google Play, Google Maps, Google Search, YouTube, Google Android, Google Chrome, and Google's online advertising services. These services fall under the jurisdiction of a new EU legislation known as the Digital Markets Act, which imposes similar obligations. The German competition authority has intensified its scrutiny of major tech companies since it gained expanded powers, known as Section 19a GWB, in 2021. These powers empower the authority to investigate and prohibit certain practices by companies deemed to possess paramount significance and cross-market influence. This newfound authority has led to investigations into other tech giants, including Amazon, Meta Platforms, and Apple. (With inputs from Reuters) WATCH WION LIVE HERE

Google agrees to overhaul user data practices to resolve German antitrust probe 

The Green Climate Fund (GCF), a United Nations initiative aimed at combating climate change, has announced its ambitious plan to revamp its operations under the leadership of its new head, Mafalda Duarte. &nbsp;

Duarte, a Portuguese climate finance expert, is determined to ensure that the GCF reaches communities and individuals who have thus far been underserved by climate finance efforts.&nbsp;

Speaking ahead of a pledging conference in Bonn, Duarte highlighted the need for a broader network of partners. "My premise is if we are to achieve the (climate) goals, we have to mobilize as much action as possible, and therefore we can't rely on a network of a few dozen institutions - we really need to work with a much broader network," Reuters quoted her as saying.&nbsp;

She emphasised the importance of understanding local contexts and communities to deliver impactful projects effectively.&nbsp;

One of Duarte's key proposals involves redirecting GCF resources to support local commercial banks and businesses in regions like Kenya. These entities would provide credit to farmers for clean energy equipment and facilitate the adoption of greener practices, such as solar-powered irrigation. Duarte recounted how climate-resilient agriculture projects funded by the GCF had already improved the lives of women farmers in East Africa.&nbsp;

While Duarte's vision for the GCF is promising, the United Nations estimates that hundreds of billions of dollars are required annually to help developing countries address global warming. Although rich nations pledged $9.3 billion for the 2024-2027 period, some climate justice groups expressed disappointment.&nbsp;

Reuters quoted Erika Lennon from the Centre for International Environmental Law as saying, "The overall amount pledged to the GCF is nowhere near commensurate with the urgency this crisis and climate justice demands."&nbsp;

Duarte remains optimistic, stating that several countries, including the United States, Italy, Sweden, Switzerland, and Australia, are still in the process of allocating funds. She believes these contributions, along with ongoing efforts, will surpass the 2019 pledges, with Australia recommitting to the GCF after a hiatus.&nbsp;

However, the U.S. has encountered challenges in securing congressional approval for international climate finance allocations. While President Joe Biden contributed $1 billion earlier this year, the U.S. still needs to fulfil its $3 billion pledge made by former President Barack Obama.&nbsp;

Aside from mobilising more funds, Duarte intends to simplify the process for developing countries to access GCF resources. Her "50by30" vision aims to efficiently manage $50 billion by 2030 and enhance the fund's impact. Duarte envisions expanding the pool of donors, calling on countries like China and fossil fuel-rich Gulf states to join. New donors, Israel and Mongolia, have already pledged contributions.&nbsp;

The "50by30" vision also prioritises vulnerable communities, private-sector involvement, streamlined project approval processes, and economic system transformation. To cater to the diverse needs of its partners, Duarte plans to adopt a tailored approach. She affirmed, "We have to meet the organisations where they are."&nbsp;

(With inputs from Reuters)&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

The Green Climate Fund (GCF), a United Nations initiative aimed at combating climate change, has announced its ambitious plan to revamp its operations under the leadership of its new head, Mafalda Duarte.

The Green Climate Fund (GCF), a United Nations initiative aimed at combating climate change, has announced its ambitious plan to revamp its operations under the leadership of its new head, Mafalda Duarte. Duarte, a Portuguese climate finance expert, is determined to ensure that the GCF reaches communities and individuals who have thus far been underserved by climate finance efforts. Speaking ahead of a pledging conference in Bonn, Duarte highlighted the need for a broader network of partners. "My premise is if we are to achieve the (climate) goals, we have to mobilize as much action as possible, and therefore we can't rely on a network of a few dozen institutions - we really need to work with a much broader network," Reuters quoted her as saying. She emphasised the importance of understanding local contexts and communities to deliver impactful projects effectively. One of Duarte's key proposals involves redirecting GCF resources to support local commercial banks and businesses in regions like Kenya. These entities would provide credit to farmers for clean energy equipment and facilitate the adoption of greener practices, such as solar-powered irrigation. Duarte recounted how climate-resilient agriculture projects funded by the GCF had already improved the lives of women farmers in East Africa. While Duarte's vision for the GCF is promising, the United Nations estimates that hundreds of billions of dollars are required annually to help developing countries address global warming. Although rich nations pledged $9.3 billion for the 2024-2027 period, some climate justice groups expressed disappointment. Reuters quoted Erika Lennon from the Centre for International Environmental Law as saying, "The overall amount pledged to the GCF is nowhere near commensurate with the urgency this crisis and climate justice demands." Duarte remains optimistic, stating that several countries, including the United States, Italy, Sweden, Switzerland, and Australia, are still in the process of allocating funds. She believes these contributions, along with ongoing efforts, will surpass the 2019 pledges, with Australia recommitting to the GCF after a hiatus. However, the U.S. has encountered challenges in securing congressional approval for international climate finance allocations. While President Joe Biden contributed $1 billion earlier this year, the U.S. still needs to fulfil its $3 billion pledge made by former President Barack Obama. Aside from mobilising more funds, Duarte intends to simplify the process for developing countries to access GCF resources. Her "50by30" vision aims to efficiently manage $50 billion by 2030 and enhance the fund's impact. Duarte envisions expanding the pool of donors, calling on countries like China and fossil fuel-rich Gulf states to join. New donors, Israel and Mongolia, have already pledged contributions. The "50by30" vision also prioritises vulnerable communities, private-sector involvement, streamlined project approval processes, and economic system transformation. To cater to the diverse needs of its partners, Duarte plans to adopt a tailored approach. She affirmed, "We have to meet the organisations where they are." (With inputs from Reuters) WATCH WION LIVE HERE

Green Climate Fund's new head aims to include left-out communities in climate finance 

With multiple theme parks and universes scattered across California, Tokyo, Paris, Hong Kong, Florida and Hong Kong, The Disney Company has come a long way, from being an animator to a creator of live action films to becoming the massive media empire we know today.

In this story, we explore how Disney evolved from the early struggles of Walt Disney, to the birth of Mickey Mouse, to its growth during tough times, all the way towards where the company stands at present.

Walt Disney’s early dreams&nbsp;

Disney came to life after Walt Disney’s return from World War I, when he embarked on a quest to establish himself as an artist, eventually finding himself at Pesmen-Rubin Commercial Art Studio. It was there that he crossed paths with Ubbe Iwwerks, a talented animator who played a pivotal role in Disney's journey.

Their initial attempt at running their own studio ended in failure, but this setback did not deter them. Undaunted, they pursued their creative ambitions, leading to the creation of "Laugh-O-Grams," a series of comedic shorts. Financial challenges persisted, and the venture collapsed in 1923, prompting Walt's departure for Hollywood. It was this move that pushed Disney towards starting the company we know so well today.

The birth of Mickey Mouse&nbsp;

In the late 1920s, Walt Disney came up with the iconic cartoon - Mickey Mouse. The character's origins remain a subject of debate, with speculation ranging from a wastepaper basket in Kansas to Iwwerks flipping through animal photos for inspiration. Regardless of its origin, Mickey Mouse marked a turning point in Disney's history.

Walt understood the potential of this character not just as a creative icon but also as a strategic business asset. Mickey Mouse became the face of Disney, a symbol of hope and innovation. With the release of 'Steamboat Willie', a film that not only entertained but also showcased groundbreaking sound and animation synchronisation, Disney demonstrated its commitment to staying at the forefront of technological advancement while building a brand that would capture the hearts of millions.

The golden age of animation: Weathering the great depression &nbsp;

Disney's journey through the Great Depression was marked by creative milestones that set it apart from competitors. Despite the financial turmoil of the era, Disney released the world's first colour cartoons and, in 1937, the first animated feature-length film, 'Snow White and The Seven Dwarfs'. These accomplishments, though remarkable, came at a steep cost.

During this period, Disney was comprised of four separate companies, which eventually merged into Walt Disney Productions in 1938. While the company faced financial struggles, it understood the importance of innovation and diversification to secure its future. In 1940, Walt Disney Productions issued preferred stock, raising approximately $3.875 million, a strategic move that helped stabilize the company.

Expansion into film and media&nbsp;

Disney's ambition stretched beyond animation, leading to strategic diversification. While Disney's commitment to creativity was not always financially rewarding, with films like 'Bambi', 'Fantasia', and 'Cinderella' proving costly to produce, Walt Disney had a vision that went beyond traditional animation.

To fund his dream of creating the "ultimate amusement park", Walt engaged in complex financial manoeuvres. He set up a private company holding the merchandising rights to his name, later repurchasing it for $46.2 million in shares. Moreover, he struck a deal with ABC to create a TV series that would invest in Disneyland. This ingenious move secured the funding needed for his grand vision and laid the groundwork for Disney's expansion into new realms of entertainment.

The start of Disneyland&nbsp;

The culmination of Walt Disney's vision led to the opening of Disneyland in 1955. To fund this monumental project, Walt utilised his life insurance policy as collateral for a loan. Furthermore, he established another private company that owned the merchandising rights to his name, later reacquiring it for $46.2 million in shares.

Disney's partnership with ABC further facilitated the realisation of Disneyland, as they created a TV series that became a cultural phenomenon. Over five years, gross income grew from $27 million to $70 million. Disneyland's success marked a pivotal moment in Disney's history, demonstrating the power of imagination, strategic partnerships, and visionary leadership.

From Disneyland to Disney World&nbsp;

Following the launch of Disneyland, Disney continued its expansion to set up Disney world in Florida. Overcoming immense financial challenges, they gradually purchased Disneyland and solidified their status as a major entertainment player. Tragically, the passing of Walt Disney in 1966 marked the end of an era. However, his legacy lived on under the leadership of his brother Roy.

The journey continued as Disney faced ups and downs, with its stock price rising only nominally after being listed in 1957. It was not until the 1980s that the company's brand assets, including its film catalogue and theme parks, began to be fully realised. The 1980s and 1990s saw remarkable growth, making Disney the largest entertainment empire globally. The strategic vision laid by Walt and Roy Disney became a foundation for Disney's enduring success as a business conglomerate.

As Disney continues to thrive in the modern era, it stands as an example of how dreams and creativity can be successfully intertwined with judicious business strategies. The company lived up to Disney’s vision proving his own words to be true, "If you can dream it, you can do it."

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>

With multiple theme parks and universes scattered across California, Tokyo, Paris, Hong Kong, Florida and Hong Kong, The Disney Company has come a long way, from being an animator to a creator of live action films to becoming the massive media empire we know today.

With multiple theme parks and universes scattered across California, Tokyo, Paris, Hong Kong, Florida and Hong Kong, The Disney Company has come a long way, from being an animator to a creator of live action films to becoming the massive media empire we know today. In this story, we explore how Disney evolved from the early struggles of Walt Disney, to the birth of Mickey Mouse, to its growth during tough times, all the way towards where the company stands at present. Walt Disney’s early dreams Disney came to life after Walt Disney’s return from World War I, when he embarked on a quest to establish himself as an artist, eventually finding himself at Pesmen-Rubin Commercial Art Studio. It was there that he crossed paths with Ubbe Iwwerks, a talented animator who played a pivotal role in Disney's journey. Their initial attempt at running their own studio ended in failure, but this setback did not deter them. Undaunted, they pursued their creative ambitions, leading to the creation of "Laugh-O-Grams," a series of comedic shorts. Financial challenges persisted, and the venture collapsed in 1923, prompting Walt's departure for Hollywood. It was this move that pushed Disney towards starting the company we know so well today. The birth of Mickey Mouse In the late 1920s, Walt Disney came up with the iconic cartoon - Mickey Mouse. The character's origins remain a subject of debate, with speculation ranging from a wastepaper basket in Kansas to Iwwerks flipping through animal photos for inspiration. Regardless of its origin, Mickey Mouse marked a turning point in Disney's history. Walt understood the potential of this character not just as a creative icon but also as a strategic business asset. Mickey Mouse became the face of Disney, a symbol of hope and innovation. With the release of 'Steamboat Willie', a film that not only entertained but also showcased groundbreaking sound and animation synchronisation, Disney demonstrated its commitment to staying at the forefront of technological advancement while building a brand that would capture the hearts of millions. The golden age of animation: Weathering the great depression Disney's journey through the Great Depression was marked by creative milestones that set it apart from competitors. Despite the financial turmoil of the era, Disney released the world's first colour cartoons and, in 1937, the first animated feature-length film, 'Snow White and The Seven Dwarfs'. These accomplishments, though remarkable, came at a steep cost. During this period, Disney was comprised of four separate companies, which eventually merged into Walt Disney Productions in 1938. While the company faced financial struggles, it understood the importance of innovation and diversification to secure its future. In 1940, Walt Disney Productions issued preferred stock, raising approximately $3.875 million, a strategic move that helped stabilize the company. Expansion into film and media Disney's ambition stretched beyond animation, leading to strategic diversification. While Disney's commitment to creativity was not always financially rewarding, with films like 'Bambi', 'Fantasia', and 'Cinderella' proving costly to produce, Walt Disney had a vision that went beyond traditional animation. To fund his dream of creating the "ultimate amusement park", Walt engaged in complex financial manoeuvres. He set up a private company holding the merchandising rights to his name, later repurchasing it for $46.2 million in shares. Moreover, he struck a deal with ABC to create a TV series that would invest in Disneyland. This ingenious move secured the funding needed for his grand vision and laid the groundwork for Disney's expansion into new realms of entertainment. The start of Disneyland The culmination of Walt Disney's vision led to the opening of Disneyland in 1955. To fund this monumental project, Walt utilised his life insurance policy as collateral for a loan. Furthermore, he established another private company that owned the merchandising rights to his name, later reacquiring it for $46.2 million in shares. Disney's partnership with ABC further facilitated the realisation of Disneyland, as they created a TV series that became a cultural phenomenon. Over five years, gross income grew from $27 million to $70 million. Disneyland's success marked a pivotal moment in Disney's history, demonstrating the power of imagination, strategic partnerships, and visionary leadership. From Disneyland to Disney World Following the launch of Disneyland, Disney continued its expansion to set up Disney world in Florida. Overcoming immense financial challenges, they gradually purchased Disneyland and solidified their status as a major entertainment player. Tragically, the passing of Walt Disney in 1966 marked the end of an era. However, his legacy lived on under the leadership of his brother Roy. The journey continued as Disney faced ups and downs, with its stock price rising only nominally after being listed in 1957. It was not until the 1980s that the company's brand assets, including its film catalogue and theme parks, began to be fully realised. The 1980s and 1990s saw remarkable growth, making Disney the largest entertainment empire globally. The strategic vision laid by Walt and Roy Disney became a foundation for Disney's enduring success as a business conglomerate. As Disney continues to thrive in the modern era, it stands as an example of how dreams and creativity can be successfully intertwined with judicious business strategies. The company lived up to Disney’s vision proving his own words to be true, "If you can dream it, you can do it." WATCH WION LIVE HERE

Flashback Friday: the story of Disney – from Mickey Mouse to the Magic Kingdom 

Scandinavian Airlines (SAS) witnessed a staggering 95 per cent drop in its shares as it unveiled a comprehensive financial restructuring plan aimed at averting bankruptcy. &nbsp;

The restructuring plan introduces new prominent investors while erasing the stakes held by over 250,000 shareholders. This drastic measure follows SAS's filing for bankruptcy protection in the United States in 2022, resulting from years of grappling with high operational costs, coupled with reduced customer demand amid the COVID-19 pandemic, The Economic Times reported.&nbsp;

SAS disclosed that U.S. investment firm Castlelake and Air France-KLM will emerge as major shareholders alongside the Danish state, leading to the delisting of the airline's stock from the Stockholm, Copenhagen, and Oslo exchanges. Air France-KLM, in particular, aims to integrate SAS flights into its own airlines operating from its Amsterdam and Paris hubs, thereby bolstering its Nordic presence. &nbsp;

The restructuring will see Castlelake holding a stake of approximately 32 per cent, Air France-KLM owning around 20 per cent, Danish investor Lind Invest acquiring 8.6 per cent, and the Danish state retaining about 26 per cent. The remaining equity is anticipated to be distributed among creditors. As a result, SAS shares plummeted by 83 per cent, trading at 0.05 Swedish crowns ($0.0045).&nbsp;

This move necessitates the cancellation, redemption, and delisting of all SAS's common shares and listed commercial hybrid bonds, scheduled to occur in the second quarter of 2024.&nbsp;

Sydbank analyst Jacob Pedersen suggested that the residual value of SAS shares may be due to potential legal challenges or investor optimism. He emphasised that SAS management had previously acknowledged the risk of shares becoming worthless, which has now materialised. The Economic Times quoted Pedersen as saying, "If you can't find someone even more opportunistic and risk-averse than yourself to sell it to, you will ultimately end up with a loss.”&nbsp;

CNBC reported that SAS's decision to exit the Star Alliance, of which it is a founding member, and join the Sky Team Alliance, aligned with Air France-KLM, could have significant implications for the airline industry, particularly in terms of the power dynamics between the two alliances.&nbsp;

According to Pedersen, this shift in alliances strengthens Sky Team, particularly in the Nordic region, potentially prompting some Star Alliance airlines to reconsider their strategies or presence due to the loss of SAS as an alliance partner. &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>

Scandinavian Airlines (SAS) witnessed a staggering 95 per cent drop in its shares as it unveiled a comprehensive financial restructuring plan aimed at averting bankruptcy.

Scandinavian Airlines (SAS) witnessed a staggering 95 per cent drop in its shares as it unveiled a comprehensive financial restructuring plan aimed at averting bankruptcy. The restructuring plan introduces new prominent investors while erasing the stakes held by over 250,000 shareholders. This drastic measure follows SAS's filing for bankruptcy protection in the United States in 2022, resulting from years of grappling with high operational costs, coupled with reduced customer demand amid the COVID-19 pandemic, The Economic Times reported. SAS disclosed that U.S. investment firm Castlelake and Air France-KLM will emerge as major shareholders alongside the Danish state, leading to the delisting of the airline's stock from the Stockholm, Copenhagen, and Oslo exchanges. Air France-KLM, in particular, aims to integrate SAS flights into its own airlines operating from its Amsterdam and Paris hubs, thereby bolstering its Nordic presence. The restructuring will see Castlelake holding a stake of approximately 32 per cent, Air France-KLM owning around 20 per cent, Danish investor Lind Invest acquiring 8.6 per cent, and the Danish state retaining about 26 per cent. The remaining equity is anticipated to be distributed among creditors. As a result, SAS shares plummeted by 83 per cent, trading at 0.05 Swedish crowns ($0.0045). This move necessitates the cancellation, redemption, and delisting of all SAS's common shares and listed commercial hybrid bonds, scheduled to occur in the second quarter of 2024. Sydbank analyst Jacob Pedersen suggested that the residual value of SAS shares may be due to potential legal challenges or investor optimism. He emphasised that SAS management had previously acknowledged the risk of shares becoming worthless, which has now materialised. The Economic Times quoted Pedersen as saying, "If you can't find someone even more opportunistic and risk-averse than yourself to sell it to, you will ultimately end up with a loss.” CNBC reported that SAS's decision to exit the Star Alliance, of which it is a founding member, and join the Sky Team Alliance, aligned with Air France-KLM, could have significant implications for the airline industry, particularly in terms of the power dynamics between the two alliances. According to Pedersen, this shift in alliances strengthens Sky Team, particularly in the Nordic region, potentially prompting some Star Alliance airlines to reconsider their strategies or presence due to the loss of SAS as an alliance partner. WATCH WION LIVE HERE

European carrier SAS’s shares plummet by 95 pc in wake of major restructuring 

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.