The economic growth of Sub-Saharan Africa is poised to slow down this year, largely due to the underperformance of economic powerhouses like South Africa, Nigeria, and Angola, as per the latest report from the World Bank, released on Wednesday.&nbsp;

The report reveals that regional economic growth is expected to decrease to 2.5 per cent in 2023, down from 3.6 per cent recorded last year. However, there is hope, with projections indicating a rebound to 3.7 per cent next year and 4.1 per cent in 2025.&nbsp;

One concerning trend highlighted in the report is the lack of positive per capita growth in the region since 2015. Despite a rapid increase in population, economic activity in African countries has failed to keep pace. The result is a growing gap between population growth and job creation.&nbsp;

According to the World Bank's "Africa's Pulse" report, approximately 12 million Africans join the labour market annually, but the current economic growth patterns only generate around 3 million formal sector jobs. This, in turn, places a significant burden on the region's most vulnerable and impoverished individuals.&nbsp;

Reuters cited Andrew Dabalen, the Chief Economist for Africa at the World Bank, who expressed his concerns, stating, "The region's poorest and most vulnerable people continue to bear the economic brunt of this slowdown, as weak growth translates into slow poverty reduction and poor job growth."&nbsp;

In a worrisome trend, more than half of the region's countries, precisely 28 out of 48, have seen a downward revision in their 2023 growth forecasts compared to the World Bank's April estimates.&nbsp;

South Africa, the most developed economy on the continent, is expected to experience a 0.5 per cent growth this year, primarily due to its ongoing energy crisis. Similarly, top oil producers Nigeria and Angola are projected to witness growth slowdowns, with rates of 2.9 per cent and 1.3 per cent, respectively.&nbsp;

The report also highlights the dire situation in Sudan, where a major internal armed conflict has led to infrastructure destruction and a stagnant economy, resulting in a projected 12 per cent contraction.&nbsp;

Excluding Sudan from the equation, the regional growth would be slightly more promising, at 3.1 per cent.&nbsp;

"The region is projected to contract at an annual average rate per capita of 0.1 per cent over 2015-2025, thus marking a lost decade of growth in the aftermath of the 2014-15 plunge in commodity prices," the report stated.&nbsp;

Additionally, while inflation in sub-Saharan Africa is expected to decrease to 7.3 per cent this year from 9.3 per cent in 2022, it remains above central bank targets in most countries.&nbsp;

Moreover, recent military coups in Niger and Gabon, along with army takeovers in Guinea, Mali, and Burkina Faso, and ongoing armed conflicts in the Democratic Republic of Congo, Ethiopia, Somalia, and Sudan, have introduced additional risks to stability in Africa.&nbsp;

Furthermore, the mounting debt crisis is putting immense strain on the region's resources, with a staggering 31 per cent of regional revenues being consumed by interest and loan payments in 2022.&nbsp;

(With inputs from Reuters)&nbsp;

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The economic growth of Sub-Saharan Africa is poised to slow down this year, largely due to the underperformance of economic powerhouses like South Africa, Nigeria, and Angola, as per the latest report from the World Bank, released on Wednesday.

The economic growth of Sub-Saharan Africa is poised to slow down this year, largely due to the underperformance of economic powerhouses like South Africa, Nigeria, and Angola, as per the latest report from the World Bank, released on Wednesday. The report reveals that regional economic growth is expected to decrease to 2.5 per cent in 2023, down from 3.6 per cent recorded last year. However, there is hope, with projections indicating a rebound to 3.7 per cent next year and 4.1 per cent in 2025. One concerning trend highlighted in the report is the lack of positive per capita growth in the region since 2015. Despite a rapid increase in population, economic activity in African countries has failed to keep pace. The result is a growing gap between population growth and job creation. According to the World Bank's "Africa's Pulse" report, approximately 12 million Africans join the labour market annually, but the current economic growth patterns only generate around 3 million formal sector jobs. This, in turn, places a significant burden on the region's most vulnerable and impoverished individuals. Reuters cited Andrew Dabalen, the Chief Economist for Africa at the World Bank, who expressed his concerns, stating, "The region's poorest and most vulnerable people continue to bear the economic brunt of this slowdown, as weak growth translates into slow poverty reduction and poor job growth." In a worrisome trend, more than half of the region's countries, precisely 28 out of 48, have seen a downward revision in their 2023 growth forecasts compared to the World Bank's April estimates. South Africa, the most developed economy on the continent, is expected to experience a 0.5 per cent growth this year, primarily due to its ongoing energy crisis. Similarly, top oil producers Nigeria and Angola are projected to witness growth slowdowns, with rates of 2.9 per cent and 1.3 per cent, respectively. The report also highlights the dire situation in Sudan, where a major internal armed conflict has led to infrastructure destruction and a stagnant economy, resulting in a projected 12 per cent contraction. Excluding Sudan from the equation, the regional growth would be slightly more promising, at 3.1 per cent. "The region is projected to contract at an annual average rate per capita of 0.1 per cent over 2015-2025, thus marking a lost decade of growth in the aftermath of the 2014-15 plunge in commodity prices," the report stated. Additionally, while inflation in sub-Saharan Africa is expected to decrease to 7.3 per cent this year from 9.3 per cent in 2022, it remains above central bank targets in most countries. Moreover, recent military coups in Niger and Gabon, along with army takeovers in Guinea, Mali, and Burkina Faso, and ongoing armed conflicts in the Democratic Republic of Congo, Ethiopia, Somalia, and Sudan, have introduced additional risks to stability in Africa. Furthermore, the mounting debt crisis is putting immense strain on the region's resources, with a staggering 31 per cent of regional revenues being consumed by interest and loan payments in 2022. (With inputs from Reuters) WATCH WION LIVE HERE

Sub-Saharan Africa faces economic slowdown as key players falter, World Bank warns 

U.S. Treasury Secretary Janet Yellen has expressed concerns about the United States' excessive reliance on China for vital supply chains, particularly in the clean energy sector, emphasizing the need to diversify sourcing.&nbsp;

Speaking at a Fortune CEO event in Washington, Yellen reiterated her belief that the United States should not sever its economic ties with China but rather explore alternative supply sources.&nbsp;

Yellen noted her prior reservations about endorsing industrial policy but pointed out that the United States had observed other countries building formidable semiconductor industries with substantial government support for too long.&nbsp;

Highlighting the importance of a robust domestic semiconductor sector for national security, she emphasised the role of last year's Chips and Science Act in reversing the decline in this critical industry.&nbsp;

Yellen warned against the misconception that abandoning semiconductor manufacturing entirely would be a wise strategy for the United States. &nbsp;

"We're fooling ourselves if we think that abandoning, for all practical purposes, semiconductor manufacturing, is a smart strategy for the United States," Reuters quoted her as saying.&nbsp;

(With inputs from Reuters) &nbsp;

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U.S. Treasury Secretary Janet Yellen has expressed concerns about the United States' excessive reliance on China for vital supply chains, particularly in the clean energy sector, emphasizing the need to diversify sourcing.

U.S. Treasury Secretary Janet Yellen has expressed concerns about the United States' excessive reliance on China for vital supply chains, particularly in the clean energy sector, emphasizing the need to diversify sourcing. Speaking at a Fortune CEO event in Washington, Yellen reiterated her belief that the United States should not sever its economic ties with China but rather explore alternative supply sources. Yellen noted her prior reservations about endorsing industrial policy but pointed out that the United States had observed other countries building formidable semiconductor industries with substantial government support for too long. Highlighting the importance of a robust domestic semiconductor sector for national security, she emphasised the role of last year's Chips and Science Act in reversing the decline in this critical industry. Yellen warned against the misconception that abandoning semiconductor manufacturing entirely would be a wise strategy for the United States. "We're fooling ourselves if we think that abandoning, for all practical purposes, semiconductor manufacturing, is a smart strategy for the United States," Reuters quoted her as saying. (With inputs from Reuters) WATCH WION LIVE HERE

US treasury secretary calls to diversify supply chains amid dependency on China 

In his most substantial stock sale in two years, Apple's Chief Executive Officer, Tim Cook, has realised $41.5 million after taxes, as indicated in a U.S. securities filing.&nbsp;

Cook's recent transaction involved the sale of 511,000 shares, initially valued at approximately $87.8 million before factoring in tax deductions. This follows a significant stock sale in August 2021 that raked in $355 million for Cook.&nbsp;

The filing reveals that even after this sale, Tim Cook still retains ownership of around 3.3 million shares, with a total value of approximately $565 million.&nbsp;

While Apple's shares once soared to a record high of $198.23 in July, they have since experienced a 13 per cent decline. Investors have expressed concerns over the slower-than-expected recovery in smartphone demand.&nbsp;

Notably, Apple introduced its latest iPhone 15 lineup just last month, without increasing prices. This strategic move was seen by industry experts as a response to a global decline in smartphone sales.&nbsp;

Prior to the stock market's opening, shares of the Cupertino-based tech giant were down by 0.6 per cent.&nbsp;

In response to these market dynamics, analysts at KeyBanc downgraded Apple's stock rating from "overweight" to "sector-weight" on Wednesday. Their apprehensions primarily stem from worries that sales growth in the United States, Apple's largest geographical market, is poised to decelerate further in the fourth quarter. The brokerage highlighted the fact that escalating inflation was discouraging fewer American smartphone users from upgrading their devices.&nbsp;

A report from research firm Canalys projected a substantial 12 per cent decline in North American smartphone shipments for 2023, adding to the concerns surrounding Apple's performance in the region.&nbsp;

(With inputs from Reuters)&nbsp;

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In his most substantial stock sale in two years, Apple's Chief Executive Officer, Tim Cook, has realised $41.5 million after taxes, as indicated in a U.S. securities filing.

In his most substantial stock sale in two years, Apple's Chief Executive Officer, Tim Cook, has realised $41.5 million after taxes, as indicated in a U.S. securities filing. Cook's recent transaction involved the sale of 511,000 shares, initially valued at approximately $87.8 million before factoring in tax deductions. This follows a significant stock sale in August 2021 that raked in $355 million for Cook. The filing reveals that even after this sale, Tim Cook still retains ownership of around 3.3 million shares, with a total value of approximately $565 million. While Apple's shares once soared to a record high of $198.23 in July, they have since experienced a 13 per cent decline. Investors have expressed concerns over the slower-than-expected recovery in smartphone demand. Notably, Apple introduced its latest iPhone 15 lineup just last month, without increasing prices. This strategic move was seen by industry experts as a response to a global decline in smartphone sales. Prior to the stock market's opening, shares of the Cupertino-based tech giant were down by 0.6 per cent. In response to these market dynamics, analysts at KeyBanc downgraded Apple's stock rating from "overweight" to "sector-weight" on Wednesday. Their apprehensions primarily stem from worries that sales growth in the United States, Apple's largest geographical market, is poised to decelerate further in the fourth quarter. The brokerage highlighted the fact that escalating inflation was discouraging fewer American smartphone users from upgrading their devices. A report from research firm Canalys projected a substantial 12 per cent decline in North American smartphone shipments for 2023, adding to the concerns surrounding Apple's performance in the region. (With inputs from Reuters) WATCH WION LIVE HERE

Apple CEO Tim Cook nets $41 million in largest stock sale in two years 

In a significant legal development, a New Jersey appeals court has invalidated a $223.8 million verdict against Johnson &amp; Johnson (J&amp;J) that had been given to four plaintiffs alleging cancer due to asbestos exposure in the company's talc powder products. &nbsp;

The Superior Court of New Jersey, Appellate Division determined that the lower court judge had made a mistake in permitting certain scientific expert testimony presented by the plaintiffs during the trial.&nbsp;

According to a Reuters report, Erik Haas, J&amp;J Worldwide Vice President of Litigation, welcomed the decision and criticised the scientific evidence presented by the plaintiffs' experts, stating, "The decision resoundingly rejects ... the 'junk science' advanced by purported 'experts' paid by the mass tort asbestos bar." He reiterated the company's stance that their talc products are safe and asbestos-free.&nbsp;

The initial jury verdict had mandated J&amp;J to pay $37.2 million in compensatory damages and a staggering $750 million in punitive damages. However, this sum was automatically reduced to $186.5 million in accordance with state law.&nbsp;

In overturning the verdict and ordering a new trial, a three-judge panel from the appeals court noted that the trial court had not adequately fulfilled its "gatekeeping role" in evaluating whether the plaintiffs' experts grounded their testimony in solid scientific principles. The panel found that three of the experts had failed to sufficiently explain the basis of their opinions linking cancer to asbestos exposure in talc products.&nbsp;

Of note, J&amp;J is involved in a separate lawsuit against one of these experts, Jacqueline Moline, regarding a 2019 study she co-authored. However, this particular study was not a focal point of the recent court decision.&nbsp;

Reuters cited Jacqueline Moline, who testified in favour of plaintiffs in over 200 talc cancer cases, has argued that the lawsuit against her is an attempt to intimidate scientific experts and discourage them from testifying against J&amp;J.&nbsp;

Johnson &amp; Johnson faces a staggering number of lawsuits, with over 38,000 claims alleging that their talc products, including Johnson's baby powder, may contain asbestos and have led to various cancers, including ovarian cancer and mesothelioma, a cancer type linked to asbestos exposure. The outcomes of these lawsuits have varied, with some major victories for plaintiffs, including a $2.1 billion judgment awarded to 22 women with ovarian cancer.&nbsp;

While J&amp;J has experienced reversals in some cases, such as a $117 million verdict in the same New Jersey appeals court and a $120 million verdict in New York, their most recent legal win may have significant implications as they continue to face talc-related litigation.&nbsp;

This development follows J&amp;J's unsuccessful attempts to move tens of thousands of talc-related claims into bankruptcy court, where they sought to resolve them through an $8.9 billion proposed settlement. The company is currently appealing the ruling that denied this move.&nbsp;

The resumption of trials after a pause during the bankruptcy petition is expected to impact the trajectory of talc-related litigation. J&amp;J has disclosed that the cost of talc-related verdicts, settlements, and legal fees has reached approximately $4.5 billion. Due to mounting lawsuits and concerns, the company made the decision to cease the sale of talc-based baby powder in favour of cornstarch-based alternatives.&nbsp;

(With inputs from Reuters)&nbsp;

In a significant legal development, a New Jersey appeals court has invalidated a $223.8 million verdict against Johnson & Johnson (J&J) that had been given to four plaintiffs alleging cancer due to asbestos exposure in the company's talc powder products.

In a significant legal development, a New Jersey appeals court has invalidated a $223.8 million verdict against Johnson & Johnson (J&J) that had been given to four plaintiffs alleging cancer due to asbestos exposure in the company's talc powder products. The Superior Court of New Jersey, Appellate Division determined that the lower court judge had made a mistake in permitting certain scientific expert testimony presented by the plaintiffs during the trial. According to a Reuters report, Erik Haas, J&J Worldwide Vice President of Litigation, welcomed the decision and criticised the scientific evidence presented by the plaintiffs' experts, stating, "The decision resoundingly rejects ... the 'junk science' advanced by purported 'experts' paid by the mass tort asbestos bar." He reiterated the company's stance that their talc products are safe and asbestos-free. The initial jury verdict had mandated J&J to pay $37.2 million in compensatory damages and a staggering $750 million in punitive damages. However, this sum was automatically reduced to $186.5 million in accordance with state law. In overturning the verdict and ordering a new trial, a three-judge panel from the appeals court noted that the trial court had not adequately fulfilled its "gatekeeping role" in evaluating whether the plaintiffs' experts grounded their testimony in solid scientific principles. The panel found that three of the experts had failed to sufficiently explain the basis of their opinions linking cancer to asbestos exposure in talc products. Of note, J&J is involved in a separate lawsuit against one of these experts, Jacqueline Moline, regarding a 2019 study she co-authored. However, this particular study was not a focal point of the recent court decision. Reuters cited Jacqueline Moline, who testified in favour of plaintiffs in over 200 talc cancer cases, has argued that the lawsuit against her is an attempt to intimidate scientific experts and discourage them from testifying against J&J. Johnson & Johnson faces a staggering number of lawsuits, with over 38,000 claims alleging that their talc products, including Johnson's baby powder, may contain asbestos and have led to various cancers, including ovarian cancer and mesothelioma, a cancer type linked to asbestos exposure. The outcomes of these lawsuits have varied, with some major victories for plaintiffs, including a $2.1 billion judgment awarded to 22 women with ovarian cancer. While J&J has experienced reversals in some cases, such as a $117 million verdict in the same New Jersey appeals court and a $120 million verdict in New York, their most recent legal win may have significant implications as they continue to face talc-related litigation. This development follows J&J's unsuccessful attempts to move tens of thousands of talc-related claims into bankruptcy court, where they sought to resolve them through an $8.9 billion proposed settlement. The company is currently appealing the ruling that denied this move. The resumption of trials after a pause during the bankruptcy petition is expected to impact the trajectory of talc-related litigation. J&J has disclosed that the cost of talc-related verdicts, settlements, and legal fees has reached approximately $4.5 billion. Due to mounting lawsuits and concerns, the company made the decision to cease the sale of talc-based baby powder in favour of cornstarch-based alternatives. (With inputs from Reuters)

US court overturns $223.8 million verdict against J&J in talc cancer case

In a significant legal development, a U.S. judge has ruled that Elon Musk must confront a lawsuit alleging he deceived former Twitter shareholders by failing to promptly disclose his investment in the social media platform. &nbsp;

The lawsuit, which accuses Musk of intentionally waiting 11 days past a U.S. Securities and Exchange Commission (SEC) deadline to reveal his purchase of 5 per cent of Twitter's shares, could have far-reaching implications for the tech billionaire. U.S. District Judge Andrew Carter's decision has cleared the way for shareholders in the proposed class action to pursue their claims.&nbsp;

Judge Carter's ruling also addressed an insider trading allegation against Musk, the world's wealthiest individual, and dismissed it. Lawyers representing Musk have yet to respond to this latest development.&nbsp;

The plaintiffs, led by an Oklahoma firefighters pension fund, contend that Musk benefited substantially by increasing his Twitter stake and quietly discussing his plans with company executives, all before ultimately disclosing his 9.2 per cent stake in April 2022. They argue that Musk's delay in disclosure resulted in them selling Twitter shares at artificially deflated prices.&nbsp;

Musk's legal team has argued that their client's failure to disclose in a timely manner was unintentional, attributing it to his hectic schedule as "one of the busiest people on the planet."&nbsp;

However, Judge Carter expressed&nbsp;scepticism&nbsp;about Musk's claim of being too busy, pointing out that Musk had found time to acquire Twitter shares, meet with company executives, and engage in online discussions about Twitter. The judge also noted that Musk had demonstrated an understanding of the 5 per cent disclosure rule, having testified about it under oath and properly disclosed stakes in his electric car company, Tesla, as well as the former SolarCity, on multiple occasions.&nbsp;

Elon Musk's acquisition of Twitter, which amounted to $44 billion in October 2022, marked a significant move in the tech world. Under SEC regulations, investors are required to disclose the acquisition of 5 per cent or more of a company's shares within 10 days.&nbsp;

When Musk eventually revealed his 9.2 per cent stake in Twitter on April 4, 2022, the social media company's shares experienced a notable surge, rising by 27 per cent from $39.31 to $49.97. This event ultimately valued Twitter at $54.20 per share.&nbsp;

The legal case, titled Oklahoma Firefighters Pension and Retirement System v. Musk et al, is now set to proceed in the U.S. District Court for the Southern District of New York.&nbsp;

(With inputs from Reuters)&nbsp;

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In a significant legal development, a U.S. judge has ruled that Elon Musk must confront a lawsuit alleging he deceived former Twitter shareholders by failing to promptly disclose his investment in the social media platform.

In a significant legal development, a U.S. judge has ruled that Elon Musk must confront a lawsuit alleging he deceived former Twitter shareholders by failing to promptly disclose his investment in the social media platform. The lawsuit, which accuses Musk of intentionally waiting 11 days past a U.S. Securities and Exchange Commission (SEC) deadline to reveal his purchase of 5 per cent of Twitter's shares, could have far-reaching implications for the tech billionaire. U.S. District Judge Andrew Carter's decision has cleared the way for shareholders in the proposed class action to pursue their claims. Judge Carter's ruling also addressed an insider trading allegation against Musk, the world's wealthiest individual, and dismissed it. Lawyers representing Musk have yet to respond to this latest development. The plaintiffs, led by an Oklahoma firefighters pension fund, contend that Musk benefited substantially by increasing his Twitter stake and quietly discussing his plans with company executives, all before ultimately disclosing his 9.2 per cent stake in April 2022. They argue that Musk's delay in disclosure resulted in them selling Twitter shares at artificially deflated prices. Musk's legal team has argued that their client's failure to disclose in a timely manner was unintentional, attributing it to his hectic schedule as "one of the busiest people on the planet." However, Judge Carter expressed scepticism about Musk's claim of being too busy, pointing out that Musk had found time to acquire Twitter shares, meet with company executives, and engage in online discussions about Twitter. The judge also noted that Musk had demonstrated an understanding of the 5 per cent disclosure rule, having testified about it under oath and properly disclosed stakes in his electric car company, Tesla, as well as the former SolarCity, on multiple occasions. Elon Musk's acquisition of Twitter, which amounted to $44 billion in October 2022, marked a significant move in the tech world. Under SEC regulations, investors are required to disclose the acquisition of 5 per cent or more of a company's shares within 10 days. When Musk eventually revealed his 9.2 per cent stake in Twitter on April 4, 2022, the social media company's shares experienced a notable surge, rising by 27 per cent from $39.31 to $49.97. This event ultimately valued Twitter at $54.20 per share. The legal case, titled Oklahoma Firefighters Pension and Retirement System v. Musk et al, is now set to proceed in the U.S. District Court for the Southern District of New York. (With inputs from Reuters) WATCH WION LIVE HERE

Elon Musk to face fraud lawsuit over delayed Twitter stake disclosure 

A recent Gallup poll has unveiled a shift in public sentiment, with Republicans now holding a substantial lead over Democrats in terms of economic trust, Bloomberg reported. &nbsp;

This development marks the first time in 32 years that Republicans have outpaced Democrats on this crucial issue, with 53 per cent of Americans expressing confidence in the GOP's (Grand Old Party’s) ability to strengthen the economy, while 39 per cent favour Democrats. The 14-point lead showcases a dramatic change since 1991, posing challenges for President Joe Biden's re-election campaign, as concerns over inflation and job security persistently dominate public discourse.&nbsp;

The poll's findings serve as a clear indicator of the hurdles facing President Biden in his quest for a second term. Despite a robust job market and steady economic growth, nearly three-fourths of Americans harbour pessimism about the state of the economy.&nbsp;

President Biden's administration has actively sought to reshape public perception regarding its economic stewardship. Under the banner of "Bidenomics," the administration has emphasised efforts to reduce consumer costs. This includes initiatives such as capping insulin prices for seniors, allowing Medicare to negotiate drug prices, and lowering health-care premiums. Despite these efforts, the impact on public sentiment appears limited.&nbsp;

Historically, Republicans held an advantage in the economic arena during the mid-to-late 1980s. However, they fell behind or were closely matched by Democrats starting in the mid-1990s, reaching a low point during the Great Recession in 2007. Gallup's long-term tracking data reveals that Republicans have consistently received higher ratings than Democrats on economic matters for much of the past decade, except for a brief period in 2020 when GOP leaders in Congress resisted passing additional pandemic relief funding.&nbsp;

The poll also highlights a broader trend of negative sentiment toward both major political parties. A majority of respondents, 56 per cent, expressed unfavourable views of the Republican Party, while 58 per cent held an unfavourable view of the Democratic Party.&nbsp;

Conducted between September 1 and 23, 2023, across all 50 states, the Gallup poll surveyed 1,106 adults. The margin of error for the poll stands at plus or minus four percentage points.&nbsp;

(With inputs from Bloomberg)&nbsp;

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A recent Gallup poll has unveiled a shift in public sentiment, with Republicans now holding a substantial lead over Democrats in terms of economic trust, Bloomberg reported.

A recent Gallup poll has unveiled a shift in public sentiment, with Republicans now holding a substantial lead over Democrats in terms of economic trust, Bloomberg reported. This development marks the first time in 32 years that Republicans have outpaced Democrats on this crucial issue, with 53 per cent of Americans expressing confidence in the GOP's (Grand Old Party’s) ability to strengthen the economy, while 39 per cent favour Democrats. The 14-point lead showcases a dramatic change since 1991, posing challenges for President Joe Biden's re-election campaign, as concerns over inflation and job security persistently dominate public discourse. The poll's findings serve as a clear indicator of the hurdles facing President Biden in his quest for a second term. Despite a robust job market and steady economic growth, nearly three-fourths of Americans harbour pessimism about the state of the economy. President Biden's administration has actively sought to reshape public perception regarding its economic stewardship. Under the banner of "Bidenomics," the administration has emphasised efforts to reduce consumer costs. This includes initiatives such as capping insulin prices for seniors, allowing Medicare to negotiate drug prices, and lowering health-care premiums. Despite these efforts, the impact on public sentiment appears limited. Historically, Republicans held an advantage in the economic arena during the mid-to-late 1980s. However, they fell behind or were closely matched by Democrats starting in the mid-1990s, reaching a low point during the Great Recession in 2007. Gallup's long-term tracking data reveals that Republicans have consistently received higher ratings than Democrats on economic matters for much of the past decade, except for a brief period in 2020 when GOP leaders in Congress resisted passing additional pandemic relief funding. The poll also highlights a broader trend of negative sentiment toward both major political parties. A majority of respondents, 56 per cent, expressed unfavourable views of the Republican Party, while 58 per cent held an unfavourable view of the Democratic Party. Conducted between September 1 and 23, 2023, across all 50 states, the Gallup poll surveyed 1,106 adults. The margin of error for the poll stands at plus or minus four percentage points. (With inputs from Bloomberg) WATCH WION LIVE HERE

Republicans surge ahead of Democrats in economic trust: Gallup poll

India is calling for "sensitivity" from oil producers as crude oil prices hover near $90 a barrel. This appeal comes as Indian oil minister Hardeep Singh Puri met with OPEC Secretary General Haitham Al Ghais in Abu Dhabi during an industry conference.

According to a report by Reuters, Puri emphasised the need for oil producers to consider the impact of their policies on oil-consuming countries, especially as the global economy teeters on the brink of recession.

Puri stated on social media platform X, "During the pandemic, when crude oil prices crashed, the world came together to stabilise the prices to make it sustainable for the producers. Now, as the world is at the cusp of economic recession and slowdown, oil producers need to show the same sensitivity towards the consuming countries."

The United States and Western allies have also been urging OPEC+ to increase oil output to alleviate the pressure on energy costs and support the global economy. OPEC+ producers, however, argue that they are acting preemptively to maintain market stability.

Puri later confirmed in an interview with Reuters that he had discussed oil prices with Ghais, saying, "If the petroleum and natural gas minister of one of the largest consuming countries meets the OPEC secretary-general, who has an inside track into the OPEC+, surely we discussed prices."

India, which relies on imports for approximately 85 per cent of its crude oil needs, has been closely monitoring the situation. Puri acknowledged that while India could manage if oil prices rose above $100 per barrel, such a scenario would not be "in anyone's interest." As per a Reuters report, he expressed concern for other developing nations, stating, "I hope it (oil price) doesn't go above $100 ... India will manage ... I would worry about what happens to other parts of the developing world."

In recent months, India has sought alternative sources of oil due to geopolitical tensions. After Western countries imposed sanctions on Russia following its invasion of Ukraine, Indian refiners turned to&nbsp;discounted Russian oil. Puri clarified that India would continue to purchase Russian oil as long as it remained within the Western countries' price cap of $60 a barrel. He also mentioned that if the prices were to exceed the cap, it was clear that they would not proceed with the purchases.&nbsp;

Russian oil exports to India surge in September&nbsp;

Meanwhile, on a different note, Russian oil exports to India experienced a significant rebound in September. Shipments of Russian oil to India surged by 15 per cent from a seven-month low in August, driven by ample supply and attractive price discounts, Bloomberg reported.

&nbsp;These shipments amounted to 1.78 million barrels a day last month. Experts suggest that this trend is likely to continue, as Russia's ban on diesel exports will lead domestic refiners to reduce production, freeing up more crude for overseas markets. India predominantly purchases the Urals grade of Russian crude, which is delivered at a discount of around $4 per barrel compared to Brent, making it a more appealing option than term supplies from the Middle East.

Bloomberg cited Viktor Katona, the lead crude analyst at Kpler, who highlighted that there is "plentiful room" for Russian oil imports to increase further, especially with the potential for even greater discounts in the future as the availability of Russian crude grows. In contrast, imports from Iraq, India's second-largest supplier, rose by 9.4 per cent in September, while cargoes from Saudi Arabia, the third-largest supplier, fell by 41 per cent.

(With inputs from agencies)&nbsp;

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India is calling for "sensitivity" from oil producers as crude oil prices hover near $90 a barrel. This appeal comes as Indian oil minister Hardeep Singh Puri met with OPEC Secretary General Haitham Al Ghais in Abu Dhabi during an industry conference.

India is calling for "sensitivity" from oil producers as crude oil prices hover near $90 a barrel. This appeal comes as Indian oil minister Hardeep Singh Puri met with OPEC Secretary General Haitham Al Ghais in Abu Dhabi during an industry conference. According to a report by Reuters, Puri emphasised the need for oil producers to consider the impact of their policies on oil-consuming countries, especially as the global economy teeters on the brink of recession. Puri stated on social media platform X, "During the pandemic, when crude oil prices crashed, the world came together to stabilise the prices to make it sustainable for the producers. Now, as the world is at the cusp of economic recession and slowdown, oil producers need to show the same sensitivity towards the consuming countries." The United States and Western allies have also been urging OPEC+ to increase oil output to alleviate the pressure on energy costs and support the global economy. OPEC+ producers, however, argue that they are acting preemptively to maintain market stability. Puri later confirmed in an interview with Reuters that he had discussed oil prices with Ghais, saying, "If the petroleum and natural gas minister of one of the largest consuming countries meets the OPEC secretary-general, who has an inside track into the OPEC+, surely we discussed prices." India, which relies on imports for approximately 85 per cent of its crude oil needs, has been closely monitoring the situation. Puri acknowledged that while India could manage if oil prices rose above $100 per barrel, such a scenario would not be "in anyone's interest." As per a Reuters report, he expressed concern for other developing nations, stating, "I hope it (oil price) doesn't go above $100 ... India will manage ... I would worry about what happens to other parts of the developing world." In recent months, India has sought alternative sources of oil due to geopolitical tensions. After Western countries imposed sanctions on Russia following its invasion of Ukraine, Indian refiners turned to discounted Russian oil. Puri clarified that India would continue to purchase Russian oil as long as it remained within the Western countries' price cap of $60 a barrel. He also mentioned that if the prices were to exceed the cap, it was clear that they would not proceed with the purchases. Russian oil exports to India surge in September Meanwhile, on a different note, Russian oil exports to India experienced a significant rebound in September. Shipments of Russian oil to India surged by 15 per cent from a seven-month low in August, driven by ample supply and attractive price discounts, Bloomberg reported. These shipments amounted to 1.78 million barrels a day last month. Experts suggest that this trend is likely to continue, as Russia's ban on diesel exports will lead domestic refiners to reduce production, freeing up more crude for overseas markets. India predominantly purchases the Urals grade of Russian crude, which is delivered at a discount of around $4 per barrel compared to Brent, making it a more appealing option than term supplies from the Middle East. Bloomberg cited Viktor Katona, the lead crude analyst at Kpler, who highlighted that there is "plentiful room" for Russian oil imports to increase further, especially with the potential for even greater discounts in the future as the availability of Russian crude grows. In contrast, imports from Iraq, India's second-largest supplier, rose by 9.4 per cent in September, while cargoes from Saudi Arabia, the third-largest supplier, fell by 41 per cent. (With inputs from agencies) WATCH WION LIVE HERE

India urges oil producers for 'sensitivity' as prices near $90: Report  

India's manufacturing sector witnessed a mild slowdown in September, registering a five-month low, according to the S&amp;P Global India Manufacturing Purchasing Managers' Index (PMI), which slipped from 58.6 in August to 57.5.&nbsp;

A PMI reading of 50 signifies no change in activity levels. The Hindu report indicated that this shift was attributed to a softer increase in new orders, affecting production growth. Despite this moderation, both demand and output demonstrated significant improvements, leading to robust business confidence and a positive production outlook.&nbsp;

The Hindu quoted Pollyanna De Lima, the economics associate director at S&amp;P Global Market Intelligence, as saying, "Upbeat forecasts continued to drive job creation efforts and initiatives to replenish input stocks. Together, these indices point towards a favourable trajectory for the Indian manufacturing industry." &nbsp;

However, De Lima also warned about the notable increase in output charges, which, despite decreasing cost pressures, may hinder future sales prospects.&nbsp;

According to a report by The Economic Times, she also said that the slowdown in manufacturing activity was driven by a softer increase in new orders, which tempered production growth.&nbsp;

Nevertheless, the manufacturing industry in India remains robust, with substantial growth in new orders and production in September. This surge in activity can be attributed to strong demand, both domestically and internationally. Notably, international demand has been expanding for the 18th consecutive month, reflecting a positive trend.&nbsp;

The encouraging demand dynamics have fostered a highly positive outlook among businesses. This optimism has translated into a notable boost in hiring, with the employment index reaching its highest level since November. Although employment growth remains moderate, the index has consistently stayed above 50 for six consecutive months, indicating continued expansion.&nbsp;

Despite the buoyant demand, input costs saw only a mild increase in September, marking the weakest pace in over three years. Participants noted lower prices for commodities such as aluminium and oil. However, strong demand has prompted companies to raise their selling prices. The output charges index has risen, primarily driven by higher labour costs, surpassing its long-run average. This surge in output charges has raised concerns about potential inflationary pressures.&nbsp;

Considering these developments, the trajectory of India's manufacturing sector in the coming months will be closely watched. The ability to balance rising output charges and strong demand while navigating inflation concerns will be pivotal in sustaining the industry's growth.&nbsp;

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India's manufacturing sector witnessed a mild slowdown in September, registering a five-month low, according to the S&P Global India Manufacturing Purchasing Managers' Index (PMI), which slipped from 58.

India's manufacturing sector witnessed a mild slowdown in September, registering a five-month low, according to the S&P Global India Manufacturing Purchasing Managers' Index (PMI), which slipped from 58.6 in August to 57.5. A PMI reading of 50 signifies no change in activity levels. The Hindu report indicated that this shift was attributed to a softer increase in new orders, affecting production growth. Despite this moderation, both demand and output demonstrated significant improvements, leading to robust business confidence and a positive production outlook. The Hindu quoted Pollyanna De Lima, the economics associate director at S&P Global Market Intelligence, as saying, "Upbeat forecasts continued to drive job creation efforts and initiatives to replenish input stocks. Together, these indices point towards a favourable trajectory for the Indian manufacturing industry." However, De Lima also warned about the notable increase in output charges, which, despite decreasing cost pressures, may hinder future sales prospects. According to a report by The Economic Times, she also said that the slowdown in manufacturing activity was driven by a softer increase in new orders, which tempered production growth. Nevertheless, the manufacturing industry in India remains robust, with substantial growth in new orders and production in September. This surge in activity can be attributed to strong demand, both domestically and internationally. Notably, international demand has been expanding for the 18th consecutive month, reflecting a positive trend. The encouraging demand dynamics have fostered a highly positive outlook among businesses. This optimism has translated into a notable boost in hiring, with the employment index reaching its highest level since November. Although employment growth remains moderate, the index has consistently stayed above 50 for six consecutive months, indicating continued expansion. Despite the buoyant demand, input costs saw only a mild increase in September, marking the weakest pace in over three years. Participants noted lower prices for commodities such as aluminium and oil. However, strong demand has prompted companies to raise their selling prices. The output charges index has risen, primarily driven by higher labour costs, surpassing its long-run average. This surge in output charges has raised concerns about potential inflationary pressures. Considering these developments, the trajectory of India's manufacturing sector in the coming months will be closely watched. The ability to balance rising output charges and strong demand while navigating inflation concerns will be pivotal in sustaining the industry's growth. WATCH WION LIVE HERE

India's manufacturing growth slows to five-month low in September: Report 

Takehiko Nakao, the former Asian Development Bank chief, has raised concerns about the Japanese yen's declining value, suggesting that Japan may need to intervene in the currency market again. Nakao also called for the Bank of Japan (BOJ) to reconsider its ultra-easy monetary policy.

In a recent interaction with Reuters, Nakao spoke about the risks associated with prolonged monetary easing, highlighting the need for a possible policy modification.

Reuters quoted Nakao as saying, "There may be views that the intervention is not imminent as the depreciation has not been so rapid compared to the last time when authorities intervened in September/October. But it's fully possible the authorities will conduct intervention in case the yen weakens further."

In the face of a weakening yen, Japan has spent over 9 trillion yen last year to stabilise the currency. The yen, currently trading around 147.77 against the dollar, has been a cause for concern, as a weaker yen can negatively impact Japan's exports and create economic instability.

Takehiko Nakao, who worked as the top currency official from August 2011 to March 2013, supervised a significant intervention in 2011 to control the yen’s strength in response to the U.S. Federal Reserve's quantitative easing. However, now that the yen is considerably weaker, Japan faces different economic challenges, such as rising import prices and increased living costs.

Nakao's concerns are echoed by investors who view prolonged monetary easing as distorting markets and hurting bank profits. A weaker yen has emerged as a result of Japan's contrast with the global trend of monetary control. Other major central banks, such as the Federal Reserve, have hiked interest rates to fight off inflation while the BOJ continues to undertake potent monetary stimulus measures.

As the BOJ concludes its two-day meeting this week, it is widely expected to maintain its yield curve control (YCC) targets at a negative 0.1 per cent for short-term interest rates and 0 per cent for the 10-year bond yield. However, Nakao, who is in talks with present policymakers, argues for a change in direction.

"In the face of ongoing headline inflation and an excessively weak yen, the BOJ may have no choice but to proceed with monetary policy normalisation, including an exit from negative rate policy and yield curve control, so as not to fall behind the curve," Nakao&nbsp; told Reuters. "Given that JGB yields remain stable and inflation is on the rise, now is the chance to tweak yield curve control."

(With inputs from Reuters)

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Takehiko Nakao, the former Asian Development Bank chief, has raised concerns about the Japanese yen's declining value, suggesting that Japan may need to intervene in the currency market again.

Takehiko Nakao, the former Asian Development Bank chief, has raised concerns about the Japanese yen's declining value, suggesting that Japan may need to intervene in the currency market again. Nakao also called for the Bank of Japan (BOJ) to reconsider its ultra-easy monetary policy. In a recent interaction with Reuters, Nakao spoke about the risks associated with prolonged monetary easing, highlighting the need for a possible policy modification. Reuters quoted Nakao as saying, "There may be views that the intervention is not imminent as the depreciation has not been so rapid compared to the last time when authorities intervened in September/October. But it's fully possible the authorities will conduct intervention in case the yen weakens further." In the face of a weakening yen, Japan has spent over 9 trillion yen last year to stabilise the currency. The yen, currently trading around 147.77 against the dollar, has been a cause for concern, as a weaker yen can negatively impact Japan's exports and create economic instability. Takehiko Nakao, who worked as the top currency official from August 2011 to March 2013, supervised a significant intervention in 2011 to control the yen’s strength in response to the U.S. Federal Reserve's quantitative easing. However, now that the yen is considerably weaker, Japan faces different economic challenges, such as rising import prices and increased living costs. Nakao's concerns are echoed by investors who view prolonged monetary easing as distorting markets and hurting bank profits. A weaker yen has emerged as a result of Japan's contrast with the global trend of monetary control. Other major central banks, such as the Federal Reserve, have hiked interest rates to fight off inflation while the BOJ continues to undertake potent monetary stimulus measures. As the BOJ concludes its two-day meeting this week, it is widely expected to maintain its yield curve control (YCC) targets at a negative 0.1 per cent for short-term interest rates and 0 per cent for the 10-year bond yield. However, Nakao, who is in talks with present policymakers, argues for a change in direction. "In the face of ongoing headline inflation and an excessively weak yen, the BOJ may have no choice but to proceed with monetary policy normalisation, including an exit from negative rate policy and yield curve control, so as not to fall behind the curve," Nakao told Reuters. "Given that JGB yields remain stable and inflation is on the rise, now is the chance to tweak yield curve control." (With inputs from Reuters) WATCH WION LIVE HERE

Japan contemplates yen intervention and policy shift as economic concerns mount

Apple Inc. is set to significantly increase its production capacity in India, with plans to expand its investment in the country to approximately $40 billion over the next four to five years.

Government sources, wishing to remain anonymous, disclosed this ambitious expansion strategy, noting that Apple had already crossed the $7 billion production milestone during the previous fiscal year.

According to the official, Apple's expansion in India is on course to extend beyond its current iPhone manufacturing operations. While iPhones have been manufactured in India, the company intends to begin the production of Airpods in the coming year. However, there are currently no immediate plans to manufacture iPads or laptops within India.

“They don't have any plans to participate in IT hardware PLI. They may come at a later stage but as of now their focus is to scale up existing production levels,” PTI quoted the official as saying.

Apple's commitment to India is evident in its recent product launches. On September 22, 2023, Apple introduced the highly anticipated iPhone 15 series, featuring the iPhone 15, iPhone 15 Plus, iPhone 15 Pro, and iPhone 15 Pro Max, which hit stores in India and various other countries simultaneously. Remarkably, Apple released the India-built iPhone 15 models on the same day they became available worldwide, underscoring India's importance in Apple's global production and distribution network.

Industry insiders cited by Business Today reported that the launch of the iPhone 15 series in India saw a remarkable 100 per cent growth in sales compared to the previous iPhone 14 series launch. Apple posted substantial financial figures for the fiscal year ending on September 25, 2022, with global iPhone sales reaching $191 billion and wearable, home, and accessories segment sales reaching $38.36 billion.

Market research firm Counterpoint Research also noted Apple's dominance in India's top smartphone market segment, which includes phones priced above Rs 45,000 ($541). Apple secured a 59 per cent market share in this category during the first quarter of 2023, confirming India's position as one of Apple's top five markets.

Apple's exponential growth in India's manufacturing and export landscape was highlighted by it surpassing Samsung as the leading exporter of smartphones from India. In the June quarter, Apple accounted for 49 per cent of the country's total smartphone shipments, compared to Samsung's 45 per cent, according to a report by the Economic Times. This highlights Apple’s rapid expansion and substantial investment in regional production and exports from India.

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Apple Inc. is set to significantly increase its production capacity in India, with plans to expand its investment in the country to approximately $40 billion over the next four to five years.

Apple Inc. is set to significantly increase its production capacity in India, with plans to expand its investment in the country to approximately $40 billion over the next four to five years. Government sources, wishing to remain anonymous, disclosed this ambitious expansion strategy, noting that Apple had already crossed the $7 billion production milestone during the previous fiscal year. According to the official, Apple's expansion in India is on course to extend beyond its current iPhone manufacturing operations. While iPhones have been manufactured in India, the company intends to begin the production of Airpods in the coming year. However, there are currently no immediate plans to manufacture iPads or laptops within India. “They don't have any plans to participate in IT hardware PLI. They may come at a later stage but as of now their focus is to scale up existing production levels,” PTI quoted the official as saying. Apple's commitment to India is evident in its recent product launches. On September 22, 2023, Apple introduced the highly anticipated iPhone 15 series, featuring the iPhone 15, iPhone 15 Plus, iPhone 15 Pro, and iPhone 15 Pro Max, which hit stores in India and various other countries simultaneously. Remarkably, Apple released the India-built iPhone 15 models on the same day they became available worldwide, underscoring India's importance in Apple's global production and distribution network. Industry insiders cited by Business Today reported that the launch of the iPhone 15 series in India saw a remarkable 100 per cent growth in sales compared to the previous iPhone 14 series launch. Apple posted substantial financial figures for the fiscal year ending on September 25, 2022, with global iPhone sales reaching $191 billion and wearable, home, and accessories segment sales reaching $38.36 billion. Market research firm Counterpoint Research also noted Apple's dominance in India's top smartphone market segment, which includes phones priced above Rs 45,000 ($541). Apple secured a 59 per cent market share in this category during the first quarter of 2023, confirming India's position as one of Apple's top five markets. Apple's exponential growth in India's manufacturing and export landscape was highlighted by it surpassing Samsung as the leading exporter of smartphones from India. In the June quarter, Apple accounted for 49 per cent of the country's total smartphone shipments, compared to Samsung's 45 per cent, according to a report by the Economic Times. This highlights Apple’s rapid expansion and substantial investment in regional production and exports from India. WATCH WION LIVE HERE

Apple aims to boost manufacturing and invest $40 billion in India: Report

The Reserve Bank of India (RBI) will likely keep its policy rates unchanged for the fourth consecutive time at the upcoming bi-monthly monetary policy review meeting in early October.

This stance is expected due to persistently high retail inflation and the U.S. Federal Reserve's commitment to a hawkish stance, according to government sources.

The RBI had previously raised the benchmark repo rate to 6.5 per cent on February 8, 2023, and has maintained it at this level since; citing concerns about rigid retail inflation and global factors, including hiked prices for crude oil.

Madan Sabnavis, Chief Economist at Bank of Baroda, said&nbsp;that the RBI would maintain the status quo due to high inflation and tight liquidity.

He noted, "In fact, going by RBI forecast on inflation, it would be above 5 per cent in Q3 too, which will ensure that the status quo prevails for the calendar year for sure and probably Q4 too."

Sabnavis also highlighted uncertainties surrounding the Kharif crop, particularly in pulses, which could lead to price hikes.

Retail inflation based on the Consumer Price Index (CPI) decreased somewhat from 7.44 percent in July to 6.83 percent in August, although it still exceeded the RBI's comfort level of 6 percent. The government has given the RBI a target of keeping inflation at 4 per cent with a 2 per cent margin on each side.

Expecting a further reduction in CPI inflation to 5.3-5.5 per cent in September 2023, Aditi Nayar, Chief Economist at ICRA Limited, said that there are “upside risks to food inflation due to uneven and sub-par monsoons and low reservoir levels affecting Kharif yields and Rabi sowing.”

The Reserve Bank's projections indicate CPI inflation at 5.4 per cent for 2023-24, with Q2 at 6.2 per cent, Q3 at 5.7 per cent, and Q4 at 5.2 per cent, with risks evenly balanced. CPI inflation for Q1, 2024-25 is projected at 5.2 per cent. The RBI primarily considers CPI-based inflation in its monetary policy decisions.

Sanjay Bhutani, Director of the Medical Technology Association of India (MTaI), called for the RBI to contemplate an interest rate reduction to stimulate growth, given the market sentiment of retaining the benchmark interest rate at 6.5 per cent. He also suggested that if a rate reduction is not feasible due to high retail inflation and the Federal Reserve's hawkish stance, the RBI should provide a clear indication of future rate easing, which would benefit sectors like medical technology.

Sandeep Bagla, CEO of Trust Mutual Fund, acknowledged that the interest rate environment has&nbsp;deteriorated since the last MPC policy review in August. With both the U.S. and Indian economies growth and inflation rising to alarming levels, he expects the MPC to maintain the existing repo rates. However, Bagla said that headline inflation is expected to decrease in the next few month.

The Reserve Bank has maintained the repo rate at 6.5 per cent since February, following the earlier increase from 6.25 per cent. In subsequent bi-monthly policy reviews in April, June, and August, the benchmark rate remained the same.

The Monetary Policy Committee (MPC) comprises three external members and three RBI officials, with its next meeting scheduled for October 4-6, 2023.

Governor Das leads the committee. Other RBI officials&nbsp;include&nbsp;Rajiv Ranjan (Executive Director) and Michael Debabrata Patra (Deputy Governor). External members include Shashanka Bhide, Ashima Goyal, and Jayanth R. Varma.

(With inputs from PTI)

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The Reserve Bank of India (RBI) will likely keep its policy rates unchanged for the fourth consecutive time at the upcoming bi-monthly monetary policy review meeting in early October.

The Reserve Bank of India (RBI) will likely keep its policy rates unchanged for the fourth consecutive time at the upcoming bi-monthly monetary policy review meeting in early October. This stance is expected due to persistently high retail inflation and the U.S. Federal Reserve's commitment to a hawkish stance, according to government sources. The RBI had previously raised the benchmark repo rate to 6.5 per cent on February 8, 2023, and has maintained it at this level since; citing concerns about rigid retail inflation and global factors, including hiked prices for crude oil. Madan Sabnavis, Chief Economist at Bank of Baroda, said that the RBI would maintain the status quo due to high inflation and tight liquidity. He noted, "In fact, going by RBI forecast on inflation, it would be above 5 per cent in Q3 too, which will ensure that the status quo prevails for the calendar year for sure and probably Q4 too." Sabnavis also highlighted uncertainties surrounding the Kharif crop, particularly in pulses, which could lead to price hikes. Retail inflation based on the Consumer Price Index (CPI) decreased somewhat from 7.44 percent in July to 6.83 percent in August, although it still exceeded the RBI's comfort level of 6 percent. The government has given the RBI a target of keeping inflation at 4 per cent with a 2 per cent margin on each side. Expecting a further reduction in CPI inflation to 5.3-5.5 per cent in September 2023, Aditi Nayar, Chief Economist at ICRA Limited, said that there are “upside risks to food inflation due to uneven and sub-par monsoons and low reservoir levels affecting Kharif yields and Rabi sowing.” The Reserve Bank's projections indicate CPI inflation at 5.4 per cent for 2023-24, with Q2 at 6.2 per cent, Q3 at 5.7 per cent, and Q4 at 5.2 per cent, with risks evenly balanced. CPI inflation for Q1, 2024-25 is projected at 5.2 per cent. The RBI primarily considers CPI-based inflation in its monetary policy decisions. Sanjay Bhutani, Director of the Medical Technology Association of India (MTaI), called for the RBI to contemplate an interest rate reduction to stimulate growth, given the market sentiment of retaining the benchmark interest rate at 6.5 per cent. He also suggested that if a rate reduction is not feasible due to high retail inflation and the Federal Reserve's hawkish stance, the RBI should provide a clear indication of future rate easing, which would benefit sectors like medical technology. Sandeep Bagla, CEO of Trust Mutual Fund, acknowledged that the interest rate environment has deteriorated since the last MPC policy review in August. With both the U.S. and Indian economies growth and inflation rising to alarming levels, he expects the MPC to maintain the existing repo rates. However, Bagla said that headline inflation is expected to decrease in the next few month. The Reserve Bank has maintained the repo rate at 6.5 per cent since February, following the earlier increase from 6.25 per cent. In subsequent bi-monthly policy reviews in April, June, and August, the benchmark rate remained the same. The Monetary Policy Committee (MPC) comprises three external members and three RBI officials, with its next meeting scheduled for October 4-6, 2023. Governor Das leads the committee. Other RBI officials include Rajiv Ranjan (Executive Director) and Michael Debabrata Patra (Deputy Governor). External members include Shashanka Bhide, Ashima Goyal, and Jayanth R. Varma. (With inputs from PTI) WATCH WION LIVE HERE

RBI expected to maintain interest rates amid high inflation & global factors: Report

As India commits its ambitious climate goals, a report by Climate Risk Horizons (CRH) has revealed that the country's banks are alarmingly ill-equipped to address climate change risks. While India pledged to achieve net-zero emissions by 2070 at the Glasgow Climate Meet, its banking sector has been slow to incorporate climate risks into their policies.

The report, which assessed 34 top banks on various parameters related to climate risk management, found that most of them lack policies addressing fossil fuel use, emissions limits, and climate scenario analysis. CRH's survey highlighted that public sector banks are particularly vulnerable to large capital shortfalls due to adverse climate shocks.

CRH’s report noted, "Extreme weather events in 2022 claimed 3,026 lives and affected crop areas. Preparedness for climate risks means that they have to be measured and managed. And this is exactly where Indian banks are lagging."

India faced another year of climate-related disasters in 2023, with flooding and landslides in Uttarakhand and Himachal Pradesh resulting in significant loss of life and property. The financial toll is estimated to be substantial, highlighting the urgent need for banks to address climate risks.

The report also emphasized the importance of joining international climate initiative associations, such as the Partnership for Carbon Accounting Financials (PCAF) and the Task Force on Climate-Related Financial Disclosures (TCFD). These associations provide expertise and guidance on climate accounting and reporting.

GHG accounting, a critical aspect of addressing climate risks, involves measuring greenhouse gas emissions, including carbon dioxide (CO₂), methane (CH₄), and nitrous oxide (N₂O). It's crucial for financial institutions to measure and report their Scope 1 (direct emissions) and Scope 2 (indirect emissions) emissions. However, Scope 3 emissions, which encompass emissions from a company's value chain, remain challenging to measure but are vital for financial institutions to track.

According to CRH's data, only 10 out of the 34 banks have begun disclosing Scope 1 and 2 emissions, with 8 of them also starting to disclose some Scope 3 emissions. Notably, none of the banks have calculated the impact of different climate scenarios on their portfolios. Furthermore, only 10 banks have disclosed the amount of green finance disbursed, and none have set comprehensive net-zero targets covering all three scope emissions.

CRH has urged Indian banks to take concrete steps towards aligning with India's climate goals. This includes increased lending for the country's energy transition targets, transparent disclosure of climate-related figures, and ensuring that fossil fuel-dependent industries they finance develop science-based transition plans. As the world grapples with the consequences of climate change, India's banking sector faces mounting pressure to play a pivotal role in combating climate risks.

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As India commits its ambitious climate goals, a report by Climate Risk Horizons (CRH) has revealed that the country's banks are alarmingly ill-equipped to address climate change risks.

As India commits its ambitious climate goals, a report by Climate Risk Horizons (CRH) has revealed that the country's banks are alarmingly ill-equipped to address climate change risks. While India pledged to achieve net-zero emissions by 2070 at the Glasgow Climate Meet, its banking sector has been slow to incorporate climate risks into their policies. The report, which assessed 34 top banks on various parameters related to climate risk management, found that most of them lack policies addressing fossil fuel use, emissions limits, and climate scenario analysis. CRH's survey highlighted that public sector banks are particularly vulnerable to large capital shortfalls due to adverse climate shocks. CRH’s report noted, "Extreme weather events in 2022 claimed 3,026 lives and affected crop areas. Preparedness for climate risks means that they have to be measured and managed. And this is exactly where Indian banks are lagging." India faced another year of climate-related disasters in 2023, with flooding and landslides in Uttarakhand and Himachal Pradesh resulting in significant loss of life and property. The financial toll is estimated to be substantial, highlighting the urgent need for banks to address climate risks. The report also emphasized the importance of joining international climate initiative associations, such as the Partnership for Carbon Accounting Financials (PCAF) and the Task Force on Climate-Related Financial Disclosures (TCFD). These associations provide expertise and guidance on climate accounting and reporting. GHG accounting, a critical aspect of addressing climate risks, involves measuring greenhouse gas emissions, including carbon dioxide (CO₂), methane (CH₄), and nitrous oxide (N₂O). It's crucial for financial institutions to measure and report their Scope 1 (direct emissions) and Scope 2 (indirect emissions) emissions. However, Scope 3 emissions, which encompass emissions from a company's value chain, remain challenging to measure but are vital for financial institutions to track. According to CRH's data, only 10 out of the 34 banks have begun disclosing Scope 1 and 2 emissions, with 8 of them also starting to disclose some Scope 3 emissions. Notably, none of the banks have calculated the impact of different climate scenarios on their portfolios. Furthermore, only 10 banks have disclosed the amount of green finance disbursed, and none have set comprehensive net-zero targets covering all three scope emissions. CRH has urged Indian banks to take concrete steps towards aligning with India's climate goals. This includes increased lending for the country's energy transition targets, transparent disclosure of climate-related figures, and ensuring that fossil fuel-dependent industries they finance develop science-based transition plans. As the world grapples with the consequences of climate change, India's banking sector faces mounting pressure to play a pivotal role in combating climate risks. WATCH WION LIVE HERE

Indian banks grapple with climate crisis amid ambitious climate goals: Report

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