India is presently taking steps towards environmental sustainability by introducing carbon emission reduction targets for four pivotal industries,&nbsp;government sources told Reuters on Tuesday.&nbsp;&nbsp;&nbsp;&nbsp;

Reuters cited two anonymous government sources, who revealed that petrochemicals, iron and steel, cement, and pulp and paper industries will have carbon emission intensity benchmarks and reduction goals spanning three years. These targets align with India's commitment to the United Nations for greenhouse gas reduction, forming a crucial component of its climate change strategy.&nbsp;

Government insiders have disclosed to Reuters that these four sectors will help India enter the carbon trading market in April 2025. This initiative empowers companies to buy and sell carbon credits, helping them meet their emission reduction targets.&nbsp;

Reuters quoted the senior government official as saying, "The mandates will be applicable from 2024-25, and the (carbon) trade will start in 2025-26."&nbsp;

India's climate commitments are robust, aiming to reduce greenhouse emissions relative to gross domestic product (GDP) by 45 per cent compared to 2005 levels by 2030. Furthermore, the nation has set an ambitious goal of achieving net-zero emissions by 2070. These emission reduction mandates represent a significant step toward realising these climate ambitions.&nbsp;

Companies exceeding their emission reduction targets will earn carbon credits, which can be traded to companies falling short of their emission reduction objectives. This market-driven approach encourages environmental responsibility and sustainability.&nbsp;

The framework for trading carbon credits is being established following a legislation passed by the Indian Parliament in December of the previous year. Rules and targets for these industries are expected to be announced before December.&nbsp;

Presently, India has already implemented a market for trading certificates, rewarding entities in 13 sectors for surpassing energy savings targets. This prior experience provides a solid foundation for the upcoming carbon trading initiative.&nbsp;

(With inputs from Reuters)&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

India is presently taking steps towards environmental sustainability by introducing carbon emission reduction targets for four pivotal industries, government sources told Reuters on Tuesday.

India is presently taking steps towards environmental sustainability by introducing carbon emission reduction targets for four pivotal industries, government sources told Reuters on Tuesday. Reuters cited two anonymous government sources, who revealed that petrochemicals, iron and steel, cement, and pulp and paper industries will have carbon emission intensity benchmarks and reduction goals spanning three years. These targets align with India's commitment to the United Nations for greenhouse gas reduction, forming a crucial component of its climate change strategy. Government insiders have disclosed to Reuters that these four sectors will help India enter the carbon trading market in April 2025. This initiative empowers companies to buy and sell carbon credits, helping them meet their emission reduction targets. Reuters quoted the senior government official as saying, "The mandates will be applicable from 2024-25, and the (carbon) trade will start in 2025-26." India's climate commitments are robust, aiming to reduce greenhouse emissions relative to gross domestic product (GDP) by 45 per cent compared to 2005 levels by 2030. Furthermore, the nation has set an ambitious goal of achieving net-zero emissions by 2070. These emission reduction mandates represent a significant step toward realising these climate ambitions. Companies exceeding their emission reduction targets will earn carbon credits, which can be traded to companies falling short of their emission reduction objectives. This market-driven approach encourages environmental responsibility and sustainability. The framework for trading carbon credits is being established following a legislation passed by the Indian Parliament in December of the previous year. Rules and targets for these industries are expected to be announced before December. Presently, India has already implemented a market for trading certificates, rewarding entities in 13 sectors for surpassing energy savings targets. This prior experience provides a solid foundation for the upcoming carbon trading initiative. (With inputs from Reuters) WATCH WION LIVE HERE

Indian government to enforce emission reduction targets for key industries: Report

In a move toward combating climate change, the UK government's development finance institution, British International Investment (BII), has set its sights on a $1 billion investment in Indian clean energy projects by 2026. This ambitious initiative is fuelled by India's burgeoning renewable energy capacity, with BII's CEO, Nick O'Donohoe, emphasising the pivotal role that India will play in achieving the 2030 climate goals agreed upon by both India and the UK. &nbsp;

Reuters quoted O'Donohoe as saying, "We are evaluating exciting businesses in sectors such as bio-fuels, circular economy ... as part of the vision for the 2030 roadmap agreed between India and the UK."&nbsp;

This substantial commitment follows BII's remarkable investment of over $300 million in climate finance within India last year. These investments spanned sectors ranging from renewable energy and electric mobility to sustainable agriculture. As of now, BII's portfolio in India is valued at an impressive $2.2 billion, spread across more than 290 businesses. It's worth noting that in 2022, BII pledged to invest up to $250 million in Mahindra and Mahindra Ltd's new electric vehicle unit, underlining its faith in the Indian market.&nbsp;

According to Reuters, O'Donohoe expressed his enthusiasm for investing in India, speaking of buoyant stock markets and stable political environment as significant factors in BII's decision-making. While he didn't delve into specific returns on Indian investments, he did affirm that India was experiencing a "good phase" compared to some African nations where challenges like high debt, inflation, and weakening currencies have impacted returns.&nbsp;

BII aims to support emerging entrepreneurs and companies struggling to secure funding for their emission-cutting projects. &nbsp;

According to a report by The Economic Times, O'Donohoe highlighted India’s and UK’s focus on green hydrogen, recognising its role in the transition to a net-zero future. "It'sclear that hydrogen will be a critical part of the (transition to) net zero... That's why development finance has an important role to play," The Economic Times quoted him as saying. &nbsp;

The report said that, in addition to green hydrogen, BII is exploring opportunities in sectors such as biofuels, the circular economy, micro-enterprises lending, agriculture, and agritech.&nbsp;

Nick O'Donohoe also weighed in on the reform of multilateral development banks (MDBs), a crucial topic endorsed by the Delhi Declaration of the G20 leaders. He anticipates progress in this area at the upcoming World Bank meeting in Marrakesh. O'Donohoe emphasised the potential for MDBs to leverage their balance sheets more aggressively for climate finance, a crucial step in meeting the financing needs outlined in the Delhi Declaration.&nbsp;

(With inputs from Reuters)&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

In a move toward combating climate change, the UK government's development finance institution, British International Investment (BII), has set its sights on a $1 billion investment in Indian clean energy projects by 2026.

In a move toward combating climate change, the UK government's development finance institution, British International Investment (BII), has set its sights on a $1 billion investment in Indian clean energy projects by 2026. This ambitious initiative is fuelled by India's burgeoning renewable energy capacity, with BII's CEO, Nick O'Donohoe, emphasising the pivotal role that India will play in achieving the 2030 climate goals agreed upon by both India and the UK. Reuters quoted O'Donohoe as saying, "We are evaluating exciting businesses in sectors such as bio-fuels, circular economy ... as part of the vision for the 2030 roadmap agreed between India and the UK." This substantial commitment follows BII's remarkable investment of over $300 million in climate finance within India last year. These investments spanned sectors ranging from renewable energy and electric mobility to sustainable agriculture. As of now, BII's portfolio in India is valued at an impressive $2.2 billion, spread across more than 290 businesses. It's worth noting that in 2022, BII pledged to invest up to $250 million in Mahindra and Mahindra Ltd's new electric vehicle unit, underlining its faith in the Indian market. According to Reuters, O'Donohoe expressed his enthusiasm for investing in India, speaking of buoyant stock markets and stable political environment as significant factors in BII's decision-making. While he didn't delve into specific returns on Indian investments, he did affirm that India was experiencing a "good phase" compared to some African nations where challenges like high debt, inflation, and weakening currencies have impacted returns. BII aims to support emerging entrepreneurs and companies struggling to secure funding for their emission-cutting projects. According to a report by The Economic Times, O'Donohoe highlighted India’s and UK’s focus on green hydrogen, recognising its role in the transition to a net-zero future. "It'sclear that hydrogen will be a critical part of the (transition to) net zero... That's why development finance has an important role to play," The Economic Times quoted him as saying. The report said that, in addition to green hydrogen, BII is exploring opportunities in sectors such as biofuels, the circular economy, micro-enterprises lending, agriculture, and agritech. Nick O'Donohoe also weighed in on the reform of multilateral development banks (MDBs), a crucial topic endorsed by the Delhi Declaration of the G20 leaders. He anticipates progress in this area at the upcoming World Bank meeting in Marrakesh. O'Donohoe emphasised the potential for MDBs to leverage their balance sheets more aggressively for climate finance, a crucial step in meeting the financing needs outlined in the Delhi Declaration. (With inputs from Reuters) WATCH WION LIVE HERE

British International Investment to invest $1 billion in India's clean energy projects

Saudi Arabia's aviation landscape is buzzing with activity as the nation's largest airline, Saudi Arabian Airlines Corp., commonly known as Saudia, and shareholder Tarabot Air Cargo Services Ltd., aim to raise up to 2.54 billion riyals ($678 million) through the initial public offering (IPO) of SAL Saudi Logistics Services Co., a prominent cargo firm. This development marks the revival of Saudi Arabia's listing market, signalling a renewed investor interest, according to a report by Bloomberg.

As per a statement released on Monday, it was revealed that Saudia and Tarabot are jointly offering 24 million shares, equivalent to a 30 per cent stake, at a price range of 98 to 106 riyals per share, valuing SAL at a potential 8.48 billion riyals.

The bookbuilding phase for institutional investors is set to continue until October 1, while retail investors will have an opportunity to place orders from October 11 to October 13. Presently, Saudia holds a 70 per cent ownership stake in SAL, while Tarabot holds the remaining 30 per cent.

The timing of SAL's IPO coincided with the establishment of Lumi Rental Co., a vehicle rental business, and the hugely profitable $1.2 billion IPO of ADES Holding Co., an oil driller supported by Saudi Arabia's sovereign wealth fund, which generated orders totalling $76.5 billion. This increase in activity in the Saudi Arabian listing market comes after a comparatively quiet first half of the year, which was partly caused by a downturn in the nation's stock market.

The recent rally in crude oil prices and a 10 per cent increase in the Tadawul Index from its March low have contributed to the renewed confidence in the Saudi Arabian listing market. Saudi Arabia's ambitious plans to become a global supply chain hub and develop one of the world's largest airports in Riyadh further fuel investor optimism.

SAL holds a dominant position in Saudi Arabia's cargo handling sector, boasting a market share of approximately 95 per cent. The company specialises in handling cargo, transit, and export shipments. In 2022, SAL reported revenue of 1.22 billion riyals ($325 million) and a net income of 362 million riyals. The company continued its strong performance in the first half of 2023, achieving a 15 per cent year-on-year revenue growth.

HSBC Holdings Plc's Saudi unit has been appointed as the sole financial advisor, bookrunner, global coordinator, lead manager, and underwriter for the IPO, underscoring the significance of this offering in Saudi Arabia's evolving economic landscape.

(With inputs from Bloomberg)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Saudi Arabia's aviation landscape is buzzing with activity as the nation's largest airline, Saudi Arabian Airlines Corp., commonly known as Saudia, and shareholder Tarabot Air Cargo Services Ltd.

Saudi Arabia's aviation landscape is buzzing with activity as the nation's largest airline, Saudi Arabian Airlines Corp., commonly known as Saudia, and shareholder Tarabot Air Cargo Services Ltd., aim to raise up to 2.54 billion riyals ($678 million) through the initial public offering (IPO) of SAL Saudi Logistics Services Co., a prominent cargo firm. This development marks the revival of Saudi Arabia's listing market, signalling a renewed investor interest, according to a report by Bloomberg. As per a statement released on Monday, it was revealed that Saudia and Tarabot are jointly offering 24 million shares, equivalent to a 30 per cent stake, at a price range of 98 to 106 riyals per share, valuing SAL at a potential 8.48 billion riyals. The bookbuilding phase for institutional investors is set to continue until October 1, while retail investors will have an opportunity to place orders from October 11 to October 13. Presently, Saudia holds a 70 per cent ownership stake in SAL, while Tarabot holds the remaining 30 per cent. The timing of SAL's IPO coincided with the establishment of Lumi Rental Co., a vehicle rental business, and the hugely profitable $1.2 billion IPO of ADES Holding Co., an oil driller supported by Saudi Arabia's sovereign wealth fund, which generated orders totalling $76.5 billion. This increase in activity in the Saudi Arabian listing market comes after a comparatively quiet first half of the year, which was partly caused by a downturn in the nation's stock market. The recent rally in crude oil prices and a 10 per cent increase in the Tadawul Index from its March low have contributed to the renewed confidence in the Saudi Arabian listing market. Saudi Arabia's ambitious plans to become a global supply chain hub and develop one of the world's largest airports in Riyadh further fuel investor optimism. SAL holds a dominant position in Saudi Arabia's cargo handling sector, boasting a market share of approximately 95 per cent. The company specialises in handling cargo, transit, and export shipments. In 2022, SAL reported revenue of 1.22 billion riyals ($325 million) and a net income of 362 million riyals. The company continued its strong performance in the first half of 2023, achieving a 15 per cent year-on-year revenue growth. HSBC Holdings Plc's Saudi unit has been appointed as the sole financial advisor, bookrunner, global coordinator, lead manager, and underwriter for the IPO, underscoring the significance of this offering in Saudi Arabia's evolving economic landscape. (With inputs from Bloomberg) WATCH WION LIVE HERE

Saudi Arabia's SAL Cargo Firm targets $678 million in landmark IPO with Saudia Airlines

Thailand's Prime Minister, Srettha Thavisin, announced on Sunday a landmark investment commitment from technology giants Tesla, Google, and Microsoft, potentially injecting a substantial $5 billion into the Thai economy. The Prime Minister gave his statement upon returning from the 78th session of the United Nations General Assembly in New York, where he engaged with top executives from these influential companies to promote investment in Thailand, according to a report by the Bangkok Post.

According to Mr. Thavisin, Tesla is eyeing the construction of an electric vehicle (EV) manufacturing facility, while Microsoft and Google are exploring the establishment of data centres within the Kingdom. While he made the statement, he emphasised the importance of these investments in rejuvenating Thailand’s economy.

This investment surge comes at a crucial time for Thailand, whose economy is facing challenges, with growth projected at 2.8 per cent this year, lower than initial estimates, due to limited exports. Prime Minister Thavisin's discussions with Tesla CEO Elon Musk in the U.S. underscore the potential of Thailand's electric vehicle (EV) industry, with the nation actively incentivising EV and battery manufacturers to set up regional production centres. Concurrently, the Thai government is offering tax incentives to boost local EV adoption, aiming to become a regional leader in EVs.

In addition to this, Thavisin expressed his intent to attend the upcoming Asia-Pacific Economic Cooperation (Apec) Leaders' Meeting in San Francisco in November. He plans to collaborate with Thai business leaders to engage with global companies and discuss investment opportunities both in Thailand and the United States.

Thavisin emphasised the importance of financial support for international investors looking to establish branches in Thailand and hinted at potential collaborations with the New York Stock Exchange (NYSE) to list Thai companies in the U.S., marking a significant step forward in international investment relations.

However, the Bangkok Post also reported that some experts, such as Tawisant Lonanurak, a former secretary-general of the Thai Chamber of Commerce's northeastern divsion, urge caution. They believe that major foreign companies will carefully evaluate various factors, including political stability, tax policies, and the rule of law, before committing to investments in Thailand. Lonanurak also underscored the need for Thailand to prioritise negotiating more free trade agreements with its global trading partners to maintain a competitive edge.

(With inputs from Reuters)

Thailand's Prime Minister, Srettha Thavisin, announced on Sunday a landmark investment commitment from technology giants Tesla, Google, and Microsoft, potentially injecting a substantial $5 billion into the Thai economy.

Thailand's Prime Minister, Srettha Thavisin, announced on Sunday a landmark investment commitment from technology giants Tesla, Google, and Microsoft, potentially injecting a substantial $5 billion into the Thai economy. The Prime Minister gave his statement upon returning from the 78th session of the United Nations General Assembly in New York, where he engaged with top executives from these influential companies to promote investment in Thailand, according to a report by the Bangkok Post. According to Mr. Thavisin, Tesla is eyeing the construction of an electric vehicle (EV) manufacturing facility, while Microsoft and Google are exploring the establishment of data centres within the Kingdom. While he made the statement, he emphasised the importance of these investments in rejuvenating Thailand’s economy. This investment surge comes at a crucial time for Thailand, whose economy is facing challenges, with growth projected at 2.8 per cent this year, lower than initial estimates, due to limited exports. Prime Minister Thavisin's discussions with Tesla CEO Elon Musk in the U.S. underscore the potential of Thailand's electric vehicle (EV) industry, with the nation actively incentivising EV and battery manufacturers to set up regional production centres. Concurrently, the Thai government is offering tax incentives to boost local EV adoption, aiming to become a regional leader in EVs. In addition to this, Thavisin expressed his intent to attend the upcoming Asia-Pacific Economic Cooperation (Apec) Leaders' Meeting in San Francisco in November. He plans to collaborate with Thai business leaders to engage with global companies and discuss investment opportunities both in Thailand and the United States. Thavisin emphasised the importance of financial support for international investors looking to establish branches in Thailand and hinted at potential collaborations with the New York Stock Exchange (NYSE) to list Thai companies in the U.S., marking a significant step forward in international investment relations. However, the Bangkok Post also reported that some experts, such as Tawisant Lonanurak, a former secretary-general of the Thai Chamber of Commerce's northeastern divsion, urge caution. They believe that major foreign companies will carefully evaluate various factors, including political stability, tax policies, and the rule of law, before committing to investments in Thailand. Lonanurak also underscored the need for Thailand to prioritise negotiating more free trade agreements with its global trading partners to maintain a competitive edge. (With inputs from Reuters)

Thailand anticipates investments worth $5 billion from tech giants Google, Tesla , Microsoft

In a rare public condemnation&nbsp;of the crisis-hit real estate market in the nation, a former official in China claimed on Saturday that the nation’s 1.4 billion people would not be able to fill all the vacant flats across several residential complexes all over the nation

Since China Evergrande Group, a massive real estate developer, stopped paying its debts in 2021 as a result of restrictions on recent borrowings, the country's once-stable property market has been in free fall.

Even now, established builders like Country Garden Holdings remain dangerously&nbsp;near to going bankrupt, which continues to keep buyers' confidence low.

According to the most recent data from the National Bureau of Statistics (NBS), the aggregate floor area of unsold residences as of the end of August was 648 million square metres (7 billion square feet).

Considering an average home size to measure about 90 square metres, Reuters calculated that to be equivalent to 7.2 million residences.

The majority of empty space, according to experts, is made up of vacant properties that were bought by speculators during the previous market upturn in 2016 and numerous residential projects that have previously been sold but have not yet been finished due to cash flow issues.

Reuters quoted former deputy director, He Keng, who said that when it comes to the number of empty houses, most experts claim there are already enough establishments to house 3 billion people.

In a video published by the government-run China News Service, he had remarked at a symposium in the southern Chinese city of Dongguan, "That estimate might be a bit excessive, but 1.4 billion people probably can't fill them."

The idea that the Chinese economy is "resilient" is in stark contrast to his critical assessment of the economically significant industry in a public forum.

At a recent news conference, a representative from the foreign ministry stated: "All sorts of comments predicting the collapse of China's economy keep surfacing every now and then, but what has collapsed is such rhetoric, not China's economy."

(With inputs from Reuters)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

In a rare public condemnation of the crisis-hit real estate market in the nation, a former official in China claimed on Saturday that the nation’s 1.4 billion people would not be able to fill all the vacant flats across several residential complexes all over the nation Since China Evergrande Group, a massive real estate developer, stopped paying its debts in 2021 as a result of restrictions on recent borrowings, the country's once-stable property market has been in free fall.

In a rare public condemnation of the crisis-hit real estate market in the nation, a former official in China claimed on Saturday that the nation’s 1.4 billion people would not be able to fill all the vacant flats across several residential complexes all over the nation Since China Evergrande Group, a massive real estate developer, stopped paying its debts in 2021 as a result of restrictions on recent borrowings, the country's once-stable property market has been in free fall. Even now, established builders like Country Garden Holdings remain dangerously near to going bankrupt, which continues to keep buyers' confidence low. According to the most recent data from the National Bureau of Statistics (NBS), the aggregate floor area of unsold residences as of the end of August was 648 million square metres (7 billion square feet). Considering an average home size to measure about 90 square metres, Reuters calculated that to be equivalent to 7.2 million residences. The majority of empty space, according to experts, is made up of vacant properties that were bought by speculators during the previous market upturn in 2016 and numerous residential projects that have previously been sold but have not yet been finished due to cash flow issues. Reuters quoted former deputy director, He Keng, who said that when it comes to the number of empty houses, most experts claim there are already enough establishments to house 3 billion people. In a video published by the government-run China News Service, he had remarked at a symposium in the southern Chinese city of Dongguan, "That estimate might be a bit excessive, but 1.4 billion people probably can't fill them." The idea that the Chinese economy is "resilient" is in stark contrast to his critical assessment of the economically significant industry in a public forum. At a recent news conference, a representative from the foreign ministry stated: "All sorts of comments predicting the collapse of China's economy keep surfacing every now and then, but what has collapsed is such rhetoric, not China's economy." (With inputs from Reuters) WATCH WION LIVE HERE

China’s empty houses can’t be entirely occupied despite its 1.4 billion population

The Bank of Japan's (BOJ) monetary policy may change as a result of Japanese consumer inflation exceeding expectations. The national core consumer price index (CPI), excluding unstable fresh food prices, increased 3.1 per cent in August, matching the rate from the previous month and above the prediction of 3 per cent, according to statistics from the Statistics Bureau cited by the financial news website Investing.com.

The national CPI inflation grew by 3.2 per cent in August when fresh food costs were taken into account, which indicated a small decline from July's 3.3 per cent increase. The monthly growth rate also dropped, going from 0.5 per cent in July to 0.3 per cent in August.

An important core measurement, which excludes the cost of fuel and fresh food, was nevertheless strong in August at 4.3 per cent, a 40-year high. Consumer spending on food and other items continued to outweigh government subsidies for fuel and power, maintaining this inflationary tendency. This core figure, which the BOJ constantly monitors in order to assess Japan's underlying inflation, has been steadily increasing this year despite a drop in the overall inflation.

Since the BOJ's 2 per cent annual objective for headline CPI inflation has not been met for 17 months straight, there have been debates about possible modifications to the current policy of ultra-low interest rates. Indicating a change, BOJ Governor Kazuo Ueda cited significant support over seven years as well as indications of stable wage growth and inflation. Ueda's remarks have increased discussions about the possibility of discontinuing negative interest rates, even if the bank is anticipated to keep its neutral position.

As a result of a recent rise in oil prices, Japan's inflation rate has risen sharply, displaying trends similar to other developing economies. Prime Minister Fumio Kishida is under political pressure due to rising inflation and other economic difficulties, since his popularity has declined ever since he took to office in October 2021. In reaction to price hikes, Kishida promised a "drastic" economic package while keeping key economic team members.

Due to differences in local and American interest rates, the yen is losing value and is currently trading at 10-month lows against the dollar. This has caused Japan's inflation. Japanese consumers now pay more for imports, particularly food and energy, as a result of the yen's weakening.

Analysts forecast that the BOJ would keep its current straightforward monetary policy after its policy meeting. Now the focus is on Governor Ueda's long-term goals for the central bank. Following his assertion that there might be enough information available by year's end to decide whether to continue the programme, several BOJ observers have revised their projections for increased rates, with half now calling for an increase in the first half of 2024.

The Japanese economy is still weak, according to Tom Kenny, a senior international economist at ANZ Research, who was quoted in a Moneycontrol report. He suggested that current monetary policies may need to be maintained because the demand might not be able to support persistent price pressures. Despite rumours, many analysts are sceptical to forecast that the BOJ's negative rate policy will stop immediately by year's end.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

The Bank of Japan's (BOJ) monetary policy may change as a result of Japanese consumer inflation exceeding expectations. The national core consumer price index (CPI), excluding unstable fresh food prices, increased 3.

The Bank of Japan's (BOJ) monetary policy may change as a result of Japanese consumer inflation exceeding expectations. The national core consumer price index (CPI), excluding unstable fresh food prices, increased 3.1 per cent in August, matching the rate from the previous month and above the prediction of 3 per cent, according to statistics from the Statistics Bureau cited by the financial news website Investing.com. The national CPI inflation grew by 3.2 per cent in August when fresh food costs were taken into account, which indicated a small decline from July's 3.3 per cent increase. The monthly growth rate also dropped, going from 0.5 per cent in July to 0.3 per cent in August. An important core measurement, which excludes the cost of fuel and fresh food, was nevertheless strong in August at 4.3 per cent, a 40-year high. Consumer spending on food and other items continued to outweigh government subsidies for fuel and power, maintaining this inflationary tendency. This core figure, which the BOJ constantly monitors in order to assess Japan's underlying inflation, has been steadily increasing this year despite a drop in the overall inflation. Since the BOJ's 2 per cent annual objective for headline CPI inflation has not been met for 17 months straight, there have been debates about possible modifications to the current policy of ultra-low interest rates. Indicating a change, BOJ Governor Kazuo Ueda cited significant support over seven years as well as indications of stable wage growth and inflation. Ueda's remarks have increased discussions about the possibility of discontinuing negative interest rates, even if the bank is anticipated to keep its neutral position. As a result of a recent rise in oil prices, Japan's inflation rate has risen sharply, displaying trends similar to other developing economies. Prime Minister Fumio Kishida is under political pressure due to rising inflation and other economic difficulties, since his popularity has declined ever since he took to office in October 2021. In reaction to price hikes, Kishida promised a "drastic" economic package while keeping key economic team members. Due to differences in local and American interest rates, the yen is losing value and is currently trading at 10-month lows against the dollar. This has caused Japan's inflation. Japanese consumers now pay more for imports, particularly food and energy, as a result of the yen's weakening. Analysts forecast that the BOJ would keep its current straightforward monetary policy after its policy meeting. Now the focus is on Governor Ueda's long-term goals for the central bank. Following his assertion that there might be enough information available by year's end to decide whether to continue the programme, several BOJ observers have revised their projections for increased rates, with half now calling for an increase in the first half of 2024. The Japanese economy is still weak, according to Tom Kenny, a senior international economist at ANZ Research, who was quoted in a Moneycontrol report. He suggested that current monetary policies may need to be maintained because the demand might not be able to support persistent price pressures. Despite rumours, many analysts are sceptical to forecast that the BOJ's negative rate policy will stop immediately by year's end. WATCH WION LIVE HERE

Japanese consumer inflation surpasses expectations, fuelling speculation on BOJ's next move

As Elon Musk pursues his goal of entering the Indian market, Tesla has developed plans to produce and market battery storage systems in India and has submitted a pitch to officials looking for incentives to create a facility, according to two sources familiar with the development who spoke to Reuters.

For weeks, officials at Tesla have been in direct conversations with Prime Minister Narendra Modi about establishing a new electric vehicle (EV) manufacturing facility in India to produce cars costing roughly $24,000. However, there have been no reports of its renewable energy drive so far.

These moves, according to a report by Mint, occurred just a few days after Union Minister Piyush Goyal announced that the business intended to purchase components worth $1.7 to $1.9 billion from India. The representative claimed&nbsp;that Tesla already purchased $1 billion worth of equipment from Indian suppliers last year.

According to the anonymous sources in correspondence with Reuters , during recent discussions in New Delhi, Tesla recommended assisting the nation's battery storage capacities with its "Powerwall" system, which can store energy from solar panels or the grid for usage at night or during power cuts.

One of the sources added that although Tesla requested a variety of incentives to establish a battery storage factory, Indian officials made it clear that they would not be granted. However, they emphasised that by providing subsidies to consumers who buy their products, the government may assist the corporation in developing a fair economic model.

The first source informed Reuters that, it is uncertain whether the idea will be implemented, even though both Tesla and the Indian government continue to remain invested in it.

The second source told Reuters that, the Powerwall offer was a part of the American company's intentions for a more extensive presence in India, with ideas beyond EVs, and that Tesla was eager to look for both residential and industrial consumers for its battery storage systems.

(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>

As Elon Musk pursues his goal of entering the Indian market, Tesla has developed plans to produce and market battery storage systems in India and has submitted a pitch to officials looking for incentives to create a facility, according to two sources familiar with the development who spoke to Reuters.

As Elon Musk pursues his goal of entering the Indian market, Tesla has developed plans to produce and market battery storage systems in India and has submitted a pitch to officials looking for incentives to create a facility, according to two sources familiar with the development who spoke to Reuters. For weeks, officials at Tesla have been in direct conversations with Prime Minister Narendra Modi about establishing a new electric vehicle (EV) manufacturing facility in India to produce cars costing roughly $24,000. However, there have been no reports of its renewable energy drive so far. These moves, according to a report by Mint, occurred just a few days after Union Minister Piyush Goyal announced that the business intended to purchase components worth $1.7 to $1.9 billion from India. The representative claimed that Tesla already purchased $1 billion worth of equipment from Indian suppliers last year. According to the anonymous sources in correspondence with Reuters , during recent discussions in New Delhi, Tesla recommended assisting the nation's battery storage capacities with its "Powerwall" system, which can store energy from solar panels or the grid for usage at night or during power cuts. One of the sources added that although Tesla requested a variety of incentives to establish a battery storage factory, Indian officials made it clear that they would not be granted. However, they emphasised that by providing subsidies to consumers who buy their products, the government may assist the corporation in developing a fair economic model. The first source informed Reuters that, it is uncertain whether the idea will be implemented, even though both Tesla and the Indian government continue to remain invested in it. The second source told Reuters that, the Powerwall offer was a part of the American company's intentions for a more extensive presence in India, with ideas beyond EVs, and that Tesla was eager to look for both residential and industrial consumers for its battery storage systems. (With inputs from Reuters) WATCH WION LIVE HERE

Tesla looks to set up a battery storage facility in India

In a highly anticipated move that could potentially bring in billions of dollars in foreign investment, JPMorgan Chase &amp; Co. will include Indian government bonds in its benchmark emerging-market index, according to a report by Bloomberg.

The securities will be included in the JPMorgan Government Bond Index-Emerging Markets by the index provider as of June 28, 2024. According to a statement released on Thursday, India would only count up to 10 per cent of the index.

Index inclusion comes after "the Indian government's introduction of the FAR programme in 2020 and substantive market reforms for aiding foreign portfolio investments," according to a team led by Gloria Kim, the company's global head of index research as cited by Bloomberg. India's inclusion in the index was supported, according to the survey of nearly 75 per cent of the benchmark investors.

The inclusion of India in a significant global index will increase access for international investors to the largest economy in the world with the fastest rate of growth and some of the greatest rates of return. HSBC Holdings Plc. Claims that as much as $30 billion inflows might result from the inclusion.

India's potential inclusion in global benchmarks has been anticipated more and more recently as index providers seek to branch out on the index constituents. Indexes had fallen following the Russia-Ukraine war, while China's deteriorating economic problems have dulled the country's national debt.

India is now the final important upcoming market in the world to not have joined other nations like China on the global debt indexes.

The Indian government has mostly refused to modify its tax laws in a way that would facilitate the inclusion of the securities in international indexes. Another significant market in development, South Korea, agreed to let Euroclear Bank SA open a collection account, allowing for easier access for foreigners.

However, JPMorgan reported in March that support for including India's high-yielding, index-eligible government bonds had increased to 60 per cent in its survey, up from 50 per cent the year before.

According to data from Clearing Corp. of India, foreign investors increased their holdings of these bonds to roughly $12 billion from $7.4 billion at the end of 2022 while awaiting news on inclusion.

Another significant index provider, FTSE Russell, has maintained India's bonds under analysis for admission in its emerging market index in its most recent assessment this month and is currently meeting to discuss whether to include India in international bond indexes.

(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>

In a highly anticipated move that could potentially bring in billions of dollars in foreign investment, JPMorgan Chase & Co. will include Indian government bonds in its benchmark emerging-market index, according to a report by Bloomberg.

In a highly anticipated move that could potentially bring in billions of dollars in foreign investment, JPMorgan Chase & Co. will include Indian government bonds in its benchmark emerging-market index, according to a report by Bloomberg. The securities will be included in the JPMorgan Government Bond Index-Emerging Markets by the index provider as of June 28, 2024. According to a statement released on Thursday, India would only count up to 10 per cent of the index. Index inclusion comes after "the Indian government's introduction of the FAR programme in 2020 and substantive market reforms for aiding foreign portfolio investments," according to a team led by Gloria Kim, the company's global head of index research as cited by Bloomberg. India's inclusion in the index was supported, according to the survey of nearly 75 per cent of the benchmark investors. The inclusion of India in a significant global index will increase access for international investors to the largest economy in the world with the fastest rate of growth and some of the greatest rates of return. HSBC Holdings Plc. Claims that as much as $30 billion inflows might result from the inclusion. India's potential inclusion in global benchmarks has been anticipated more and more recently as index providers seek to branch out on the index constituents. Indexes had fallen following the Russia-Ukraine war, while China's deteriorating economic problems have dulled the country's national debt. India is now the final important upcoming market in the world to not have joined other nations like China on the global debt indexes. The Indian government has mostly refused to modify its tax laws in a way that would facilitate the inclusion of the securities in international indexes. Another significant market in development, South Korea, agreed to let Euroclear Bank SA open a collection account, allowing for easier access for foreigners. However, JPMorgan reported in March that support for including India's high-yielding, index-eligible government bonds had increased to 60 per cent in its survey, up from 50 per cent the year before. According to data from Clearing Corp. of India, foreign investors increased their holdings of these bonds to roughly $12 billion from $7.4 billion at the end of 2022 while awaiting news on inclusion. Another significant index provider, FTSE Russell, has maintained India's bonds under analysis for admission in its emerging market index in its most recent assessment this month and is currently meeting to discuss whether to include India in international bond indexes. (With inputs from Bloomberg) WATCH WION LIVE HERE

India to be included in JPMorgan’s emerging market debt index, opening the door for higher inflows

After the revelation of certain to legal documents, Indian low-cost airline Akasa Air has sued the Directorate General of Civil Aviation (DGCA) of causing it “significant financial and operational hardship” by failing to take action to prevent pilots from quitting suddenly, which in turn interfered with flight schedules.

Recently, more than 40 of Akasa’s of 450 plus pilots left the company without giving their notice, resulting in the cancellation of almost 18 per cent of the 3,500 flights it typically operates each month in August.

Akasa has warned that operations might come to a stop if the pilot exits continue.

&nbsp;While the airline is suing some of the pilots for alleged contractual infractions, some pilot organisations are suing the government of India over the need for pilots to give six to twelve months’ notice. In a lawsuit against the regulator for failing to act in the public interest, Akasa maintains that its contractual duties to pilots are still in effect.

Akasa has strongly alleged that the DGCA was "unwilling to take any action," which caused "significant financial and operational hardship" in addition to "reputational loss" in its 265-page legal file, which was submitted on September 14 and reviewed by Reuters.

Inaction on the part of the DGCA has a "cascading effect on the stability" im the Indian aviation industry, it was highlighted.

A DGCA representative stated that because the issue was in court, the regulator was unable to give any statements. According to a representative for Akasa, the airline and DGCA are still on talks about the situation.

The DGCA is expected to respond to the matter at a session on Friday.

Akasa, India's newest airline, was established in August 2022, but it is not the only one facing difficulties. SpiceJet is struggling because to a cash shortage, and grounded Go Air is in financial trouble.

The market share for Akasa decreased from 5.2 per cent in July to 4.2 per cent in August.

According to court documents, Akasa warned Jyotiraditya Scindia in a letter that the unexpected pilot resignations would "encourage" international airlines to engage in such activities. They also mentioned that the impact of pilot shortages worldwide will soon be felt in the Indian aviation industry.

(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>

After the revelation of certain to legal documents, Indian low-cost airline Akasa Air has sued the Directorate General of Civil Aviation (DGCA) of causing it “significant financial and operational hardship” by failing to take action to prevent pilots from quitting suddenly, which in turn interfered with flight schedules.

After the revelation of certain to legal documents, Indian low-cost airline Akasa Air has sued the Directorate General of Civil Aviation (DGCA) of causing it “significant financial and operational hardship” by failing to take action to prevent pilots from quitting suddenly, which in turn interfered with flight schedules. Recently, more than 40 of Akasa’s of 450 plus pilots left the company without giving their notice, resulting in the cancellation of almost 18 per cent of the 3,500 flights it typically operates each month in August. Akasa has warned that operations might come to a stop if the pilot exits continue. While the airline is suing some of the pilots for alleged contractual infractions, some pilot organisations are suing the government of India over the need for pilots to give six to twelve months’ notice. In a lawsuit against the regulator for failing to act in the public interest, Akasa maintains that its contractual duties to pilots are still in effect. Akasa has strongly alleged that the DGCA was "unwilling to take any action," which caused "significant financial and operational hardship" in addition to "reputational loss" in its 265-page legal file, which was submitted on September 14 and reviewed by Reuters. Inaction on the part of the DGCA has a "cascading effect on the stability" im the Indian aviation industry, it was highlighted. A DGCA representative stated that because the issue was in court, the regulator was unable to give any statements. According to a representative for Akasa, the airline and DGCA are still on talks about the situation. The DGCA is expected to respond to the matter at a session on Friday. Akasa, India's newest airline, was established in August 2022, but it is not the only one facing difficulties. SpiceJet is struggling because to a cash shortage, and grounded Go Air is in financial trouble. The market share for Akasa decreased from 5.2 per cent in July to 4.2 per cent in August. According to court documents, Akasa warned Jyotiraditya Scindia in a letter that the unexpected pilot resignations would "encourage" international airlines to engage in such activities. They also mentioned that the impact of pilot shortages worldwide will soon be felt in the Indian aviation industry. (With inputs from Reuters) WATCH WION LIVE HERE

Indian airline Akasa Air charges the DGCA for “inaction” amid pilot shortages

Indian IT services company Wipro announced on Thursday that Jatin Dalal, who has been with the company for over two decades, has stepped down from his role as Chief Financial Officer (CFO) within an intent of exploring other ventures.

In his place, Aparna Iyer, another experienced Wipro veteran with 20 years of experience, will assume the role of CFO, having most recently served as Senior Vice President and CFO of Wipro's cloud services division.

Iyer is set to take on the responsibilities of CFO starting September 22, while Jatin Dalal will continue in his role until November 30, according to a statement made by Wipro.

Jatin Dalal, who took on the role of CFO in 2015, alongside CEO Thierry Delaporte, navigated Wipro through the challenging years of the pandemic, during which the demand for digital services surged. Wipro, headquartered in Bengaluru, experienced substantial stock growth, with a 57 per cent hike in 2020 and an 85 per cent increase in 2021. Despite this, the company saw a decline in these gains in the past year as demand decreased.

In July, Wipro, along with other major IT companies, expressed concerns about an uncertain business environment as clients reduced spending. The company anticipated that revenue from IT services would remain relatively stable in the current quarter.

Indian IT firms have encountered delays in closing deals, reductions in order volume, and cancellations due to recession concerns in their crucial U.S. and European markets.

Nevertheless, Goldman Sachs recently forecasted a revival in the industry's revenue growth, attributed to constrained demand and the implementation of generative artificial intelligence (AI) technology.

In response to these changes, CEO Thierry Delaporte commended Aparna Iyer's significant contributions to Wipro's financial transformation in recent years. She played an essential role in shaping the company's financial strategy, investment programs, and transformation initiatives, Delaporte noted.

Wipro's stock has seen a modest increase of just over 9 per cent year-to-date, which lags behind the broader Nifty IT index's 15 per cent rise.

(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>

Indian IT services company Wipro announced on Thursday that Jatin Dalal, who has been with the company for over two decades, has stepped down from his role as Chief Financial Officer (CFO) within an intent of exploring other ventures.

Indian IT services company Wipro announced on Thursday that Jatin Dalal, who has been with the company for over two decades, has stepped down from his role as Chief Financial Officer (CFO) within an intent of exploring other ventures. In his place, Aparna Iyer, another experienced Wipro veteran with 20 years of experience, will assume the role of CFO, having most recently served as Senior Vice President and CFO of Wipro's cloud services division. Iyer is set to take on the responsibilities of CFO starting September 22, while Jatin Dalal will continue in his role until November 30, according to a statement made by Wipro. Jatin Dalal, who took on the role of CFO in 2015, alongside CEO Thierry Delaporte, navigated Wipro through the challenging years of the pandemic, during which the demand for digital services surged. Wipro, headquartered in Bengaluru, experienced substantial stock growth, with a 57 per cent hike in 2020 and an 85 per cent increase in 2021. Despite this, the company saw a decline in these gains in the past year as demand decreased. In July, Wipro, along with other major IT companies, expressed concerns about an uncertain business environment as clients reduced spending. The company anticipated that revenue from IT services would remain relatively stable in the current quarter. Indian IT firms have encountered delays in closing deals, reductions in order volume, and cancellations due to recession concerns in their crucial U.S. and European markets. Nevertheless, Goldman Sachs recently forecasted a revival in the industry's revenue growth, attributed to constrained demand and the implementation of generative artificial intelligence (AI) technology. In response to these changes, CEO Thierry Delaporte commended Aparna Iyer's significant contributions to Wipro's financial transformation in recent years. She played an essential role in shaping the company's financial strategy, investment programs, and transformation initiatives, Delaporte noted. Wipro's stock has seen a modest increase of just over 9 per cent year-to-date, which lags behind the broader Nifty IT index's 15 per cent rise. (With inputs from Reuters) WATCH WION LIVE HERE

Wipro's CFO Jatin Dalal steps down, succeeded by 20-year veteran, Aparna Iyer

The United Kingdom's competition regulators have agreed to clear the final legal hurdle in Microsoft's ambitious $69 billion acquisition of Activision Blizzard Inc., according to a report by Bloomberg. It has taken more than a year and a half to reach this point in the process of concluding the biggest gaming deal in history.

The proposed concessions by Microsoft clear the way for the deal, according to the Competition and Markets Authority (CMA), which made the declaration on Friday. According to the regulator, the revised proposal, which involves the transfer of gaming rights to the French publisher Ubisoft Entertainment SA, will foster healthy competition in the field of cloud gaming for many years to come. By October 6, the CMA wants to hear from the public about this offer.

This development marks a significant turn of events for a deal that had previously faced significant obstacles, including early objections from antitrust regulators, including a veto from the UK earlier this year. Following Microsoft's court triumph over the Federal Trade Commission's opposition to the transaction, it began to make a comeback. The CMA was the final regulatory obstacle after the European Union eventually approved the purchase in May, although with additional minor restrictions.

Bloomberg quoted Colin Raftery, a senior director of mergers at the CMA, who highlighted the transformation of the deal, stating, "This is a new and substantially different deal, which keeps the cloud distribution of these important games in the hands of a strong independent supplier, Ubisoft, rather than under the control of Microsoft."

Although the agreement has taken longer than expected to materialise, it is the cornerstone of a strategy by Xbox CEO Phil Spencer to revive Microsoft's flagging mobile gaming market. Spencer now challenged with implementing this plan in a gaming environment that has changed, with a lesser focus placed on the metaverse, which was once hailed as the acquisition's motivating factor.

Microsoft's stock price was mostly unchanged as of 9:10 a.m. in Germany, while Activision's stock price increased by 1.3 per cent. Ubisoft's stock increased by as much as 3.26 per cent in Paris.

Brad Smith, a Microsoft executive, expressed optimism about the CMA's progress. "We are encouraged by this positive development in the CMA's review process. We presented solutions that we believe fully address the CMA's remaining concerns related to cloud game streaming," Bloomberg quoted him as saying.

Activision's CEO, Bobby Kotick, acknowledged the critical importance of the CMA's preliminary approval, stating in a blog post, "The CMA's preliminary approval of our merger is critical to completing the deal."

The CMA had previously rejected the agreement, citing possible repercussions like increased costs, fewer options, and decreased innovation for UK gamers. According to the regulator, the newly proposed rules prevent Microsoft from limiting access to Activision's essential content to just its own cloud gaming service or from withholding these titles from rivals.

The CEO of the CMA, Sarah Cardell, emphasised that it would have been preferable if Microsoft had presented this restructuring during the initial investigation, highlighting the expenses, ambiguity, and delays that can result from failing to promptly offer a workable and efficient remedy option.

(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>

The United Kingdom's competition regulators have agreed to clear the final legal hurdle in Microsoft's ambitious $69 billion acquisition of Activision Blizzard Inc.

The United Kingdom's competition regulators have agreed to clear the final legal hurdle in Microsoft's ambitious $69 billion acquisition of Activision Blizzard Inc., according to a report by Bloomberg. It has taken more than a year and a half to reach this point in the process of concluding the biggest gaming deal in history. The proposed concessions by Microsoft clear the way for the deal, according to the Competition and Markets Authority (CMA), which made the declaration on Friday. According to the regulator, the revised proposal, which involves the transfer of gaming rights to the French publisher Ubisoft Entertainment SA, will foster healthy competition in the field of cloud gaming for many years to come. By October 6, the CMA wants to hear from the public about this offer. This development marks a significant turn of events for a deal that had previously faced significant obstacles, including early objections from antitrust regulators, including a veto from the UK earlier this year. Following Microsoft's court triumph over the Federal Trade Commission's opposition to the transaction, it began to make a comeback. The CMA was the final regulatory obstacle after the European Union eventually approved the purchase in May, although with additional minor restrictions. Bloomberg quoted Colin Raftery, a senior director of mergers at the CMA, who highlighted the transformation of the deal, stating, "This is a new and substantially different deal, which keeps the cloud distribution of these important games in the hands of a strong independent supplier, Ubisoft, rather than under the control of Microsoft." Although the agreement has taken longer than expected to materialise, it is the cornerstone of a strategy by Xbox CEO Phil Spencer to revive Microsoft's flagging mobile gaming market. Spencer now challenged with implementing this plan in a gaming environment that has changed, with a lesser focus placed on the metaverse, which was once hailed as the acquisition's motivating factor. Microsoft's stock price was mostly unchanged as of 9:10 a.m. in Germany, while Activision's stock price increased by 1.3 per cent. Ubisoft's stock increased by as much as 3.26 per cent in Paris. Brad Smith, a Microsoft executive, expressed optimism about the CMA's progress. "We are encouraged by this positive development in the CMA's review process. We presented solutions that we believe fully address the CMA's remaining concerns related to cloud game streaming," Bloomberg quoted him as saying. Activision's CEO, Bobby Kotick, acknowledged the critical importance of the CMA's preliminary approval, stating in a blog post, "The CMA's preliminary approval of our merger is critical to completing the deal." The CMA had previously rejected the agreement, citing possible repercussions like increased costs, fewer options, and decreased innovation for UK gamers. According to the regulator, the newly proposed rules prevent Microsoft from limiting access to Activision's essential content to just its own cloud gaming service or from withholding these titles from rivals. The CEO of the CMA, Sarah Cardell, emphasised that it would have been preferable if Microsoft had presented this restructuring during the initial investigation, highlighting the expenses, ambiguity, and delays that can result from failing to promptly offer a workable and efficient remedy option. (With inputs from Bloomberg) WATCH WION LIVE HERE

Activision’s takeover by Microsoft surpasses the final regulatory block in the UK

Nio Inc., a Chinese company that makes electric vehicles (EVs) on Thursday, introduced a high-end smartphones that can be used with its vehicles. The newly launched smartphone has a variety of relevant features, including the ability to tell the car to park itself.

The Nio Phone, the first car-specific phone to be offered by a Chinese company, brings forth an advanced scale of EV technology in the automobile industry, where electric cars already make up more than one-third of vehicle purchases.

The phone can also be used by a Nio driver to unlock the car even when it is off and to instruct the car to drive itself to their location (which is legal in China in constrained locations and at regulated speeds).

Reuters cited William Li, the chief executive, who said that the Nio Phone had more than 30 features tailored specifically for cars and had pioneered new connectivity technologies.

"I believe many of our competitors will learn from our smartphone innovations and I welcome them to do so," he said.

Prices for three variants range from 6,499 to 7,499 yuan ($890 to $1030). Deliveries will begin on September 28 and the phone will initially only be marketed in China.

Despite worries from some investors that Li is taking on too much for the automaker, which has seen its losses increase due to a severe price battle in China, Li has continued with the smartphone project.

As noted by IDC analyst Will Wong, the automaker's main goal in developing the phone is likely to be user data collection rather than trying to make the phone a significant source of revenue.

"Smartphones will be a good platform to collect more data which is crucial in the current tech world and could potentially lead to better user experience and customer stickiness," Reuters quoted him as saying.

The newest fusion of the smartphone and automotive industries is Nio's foray. Meizu, which was acquired by a company run by the founder of Zhejiang Geely Holding, revealed smartphones in March that can connect to Geely's Lynx &amp; Co-branded automobiles but are also promoted to a wider audience of consumers.

Nio, which is ranked No. 9 among Chinese producers of electric and hybrid vehicles, has increased its investment in in-house innovations for vital parts like CPUs and batteries. It has also developed a following among its drivers in China by launching private membership clubs and providing goods like wine under the Nio brand.

Li stated at the occasion that the company employs 11,000 engineers who work on important EV smart technology components such processors, batteries, autonomous driving, and smart manufacturing.

Due to the popularity of its updated ES6 SUV, Nio has shown indications of recovery after experiencing a decline in sales in the first half of the year, with deliveries in August increasing by 81 per cent year over year.

It outperformed China's electric car sales, which had a 20 per cent growth rate in the first eight months, selling 94,350 vehicles, a 32 per cent increase over the same period last year.

(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>

Nio Inc., a Chinese company that makes electric vehicles (EVs) on Thursday, introduced a high-end smartphones that can be used with its vehicles. The newly launched smartphone has a variety of relevant features, including the ability to tell the car to park itself.

Nio Inc., a Chinese company that makes electric vehicles (EVs) on Thursday, introduced a high-end smartphones that can be used with its vehicles. The newly launched smartphone has a variety of relevant features, including the ability to tell the car to park itself. The Nio Phone, the first car-specific phone to be offered by a Chinese company, brings forth an advanced scale of EV technology in the automobile industry, where electric cars already make up more than one-third of vehicle purchases. The phone can also be used by a Nio driver to unlock the car even when it is off and to instruct the car to drive itself to their location (which is legal in China in constrained locations and at regulated speeds). Reuters cited William Li, the chief executive, who said that the Nio Phone had more than 30 features tailored specifically for cars and had pioneered new connectivity technologies. "I believe many of our competitors will learn from our smartphone innovations and I welcome them to do so," he said. Prices for three variants range from 6,499 to 7,499 yuan ($890 to $1030). Deliveries will begin on September 28 and the phone will initially only be marketed in China. Despite worries from some investors that Li is taking on too much for the automaker, which has seen its losses increase due to a severe price battle in China, Li has continued with the smartphone project. As noted by IDC analyst Will Wong, the automaker's main goal in developing the phone is likely to be user data collection rather than trying to make the phone a significant source of revenue. "Smartphones will be a good platform to collect more data which is crucial in the current tech world and could potentially lead to better user experience and customer stickiness," Reuters quoted him as saying. The newest fusion of the smartphone and automotive industries is Nio's foray. Meizu, which was acquired by a company run by the founder of Zhejiang Geely Holding, revealed smartphones in March that can connect to Geely's Lynx & Co-branded automobiles but are also promoted to a wider audience of consumers. Nio, which is ranked No. 9 among Chinese producers of electric and hybrid vehicles, has increased its investment in in-house innovations for vital parts like CPUs and batteries. It has also developed a following among its drivers in China by launching private membership clubs and providing goods like wine under the Nio brand. Li stated at the occasion that the company employs 11,000 engineers who work on important EV smart technology components such processors, batteries, autonomous driving, and smart manufacturing. Due to the popularity of its updated ES6 SUV, Nio has shown indications of recovery after experiencing a decline in sales in the first half of the year, with deliveries in August increasing by 81 per cent year over year. It outperformed China's electric car sales, which had a 20 per cent growth rate in the first eight months, selling 94,350 vehicles, a 32 per cent increase over the same period last year. (With inputs from Reuters) WATCH WION LIVE HERE

China's Nio introduces smartphones designed to work with electric vehicles

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.