US considering use of ‘mother of all bombs’ in its war with Iran: Report

Researchers believe AI could cure cancer patients around the world

Russian woman and Bihar boy's love story goes viral after she reaches India to marry him

Arijit Singh 9-city India stadium tour to start from January: Check venue and ticket prices

Leave India notice to Imran Khan explained: What are OCI rules and why can't foreigners protest in India?

'Don't ever mess with nature!': Trump’s tiger attack post triggers social media backlash as victim's family issues heartbreaking tribute

Ankita Bhandari’s parents detained after overnight India Gate protest; released later: Why are they protesting

US judge blocks Trump administration sanctions on human rights groups supporting Gaza war crimes investigation

Washington calls for 'de-escalation' as Ethiopia-Eritrea tensions fuel war fears

US midterms: Trump rallies behind Husted as Brown mounts challenge in crucial Ohio race

US police foil alleged mass shooting plot targeting Illinois Hindu temple during Navratri; 19-year-old’s manifesto called Indians ‘subhumans’

Group of men cheered and asked 'when’s it my turn?' as woman was assaulted inside bathroom at University of Chicago frat party

‘Rise up, young patriots!’: American singer Mary Millben says US donors funding CJP, backs Modi govt

Nobel Peace Prize winner Navi Pillay calls on US to 'get back to' being defender of human rights

Who is Abu Dhabi royal Mahrah Al Nahyan, found unconscious on London street with toddler after cocaine use

Iranian woman, 23, handed death sentence for ‘blasphemy’ in social media post; appeals for help

'Turn approver, resign, we'll forgive you': Rahul Gandhi claims receiving messages from CEC Gyanesh Kumar

'Leakers should be shot': Trump rages over leak of US military plans to attack Iran, slams media

Australian woman charged for adding snail poison to lover's curry at work

'Girls are uncomfortable': Salman Khan calls out paparazzi for bad angles, speaks on PR on Koffee With Karan

Bangladesh man killed after mob storms hospital, drags him away over blasphemy allegations

‘My president, I mean my husband’: Trump's new press secretary Katie Zacharia's first briefing goes off the rails in 14 minutes

Mars is not for man: Human heart is too weak to survive the trip, study shows

World's 7 most innovative countries in 2026 REVEALED: Did India make the list? | In Pics

Girl 'dead' for 8 hours wakes up at her own funeral, dad insists she wasn't breathing

India-Afghanistan relations: Growing India-Kabul ties to rattle Islamabad?

New OTT releases this week (October 12-18, 2026): Sacrifice, Koffee with Karan S9, Roadies Rebirth- 6 titles coming on Netflix, JioHotstar and more

Actor Imran Khan asked to leave India by the Mumbai Police days after participating in CJP-led protest

India’s naval priorities: Ex-Navy Chief calls for third aircraft carrier, more warships and submarines

Did the US withhold missile warnings? Ukraine questions Washington's 'bad weather' explanation after Russian strikes kill six, cut power to 600,000

'Troubling pattern of threats': Hindu groups issue advisory after man arrested for alleged plot to target Illinois temple

Hidden video recording device found on Australian Navy ship amid claims of secret filming

'White supremacist' terror plot against Illinois Hindu temple foiled by jammed gun: Who is Alexandros Paporakis?

Zelensky feels betrayed by Trump, urges Musk to restore Starlink in Ukraine; Musk responds

Is America trying to ‘destabilise’ India or change its regime? How influence operations became a recurring theme in political rhetoric

Indonesia Wildfires: Thousands deployed to fight massive wildfire 

US midterms 2026: Trump under election watch? Democrats deploy 100 observers across nine states

What do you give a wealthy client who has everything? Well, Wall Street has come up with a brilliant idea. A Bloomberg report shows the solution is a loss-making investment.

That's the idea behind the latest strategy on Wall Street. This is a clever twist on the well-known tax-loss harvesting technique, a contentious aspect of wealth management for many years.

The practice of selling losing investments to reduce the tax owed on profits made elsewhere in a portfolio is known as tax-loss harvesting.

Although it's a useful instrument frequently used in equities ownership, it has a significant drawback. An investor doesn't always have a loss-making investment. This can be particularly true in the US stock market, which has tripled in the last decade and continues to set new milestones.

Anyone concerned about growing wealth disparity will likely be alarmed by this slick Wall Street move. Most investors cannot afford tax long-short methods. Like with other tax-loss harvesting tactics, the wealthiest often reap the rewards from such tricks.

Americans do not pay capital gains taxes until they decide to sell an asset. That rule has withstood several challenges in recent months. President Joe Biden has suggested taxing the unrealised earnings of the ultra-wealthy.

While Kamala Harris has previously supported Biden's concept, she has not stated whether she will pursue such legislation.

What do you give a wealthy client who has everything? Well, Wall Street has come up with a brilliant idea. A Bloomberg report shows the solution is a loss-making investment.

What do you give a wealthy client who has everything? Well, Wall Street has come up with a brilliant idea. A Bloomberg report shows the solution is a loss-making investment. That's the idea behind the latest strategy on Wall Street. This is a clever twist on the well-known tax-loss harvesting technique, a contentious aspect of wealth management for many years. The practice of selling losing investments to reduce the tax owed on profits made elsewhere in a portfolio is known as tax-loss harvesting. Although it's a useful instrument frequently used in equities ownership, it has a significant drawback. An investor doesn't always have a loss-making investment. This can be particularly true in the US stock market, which has tripled in the last decade and continues to set new milestones. Anyone concerned about growing wealth disparity will likely be alarmed by this slick Wall Street move. Most investors cannot afford tax long-short methods. Like with other tax-loss harvesting tactics, the wealthiest often reap the rewards from such tricks. Americans do not pay capital gains taxes until they decide to sell an asset. That rule has withstood several challenges in recent months. President Joe Biden has suggested taxing the unrealised earnings of the ultra-wealthy. While Kamala Harris has previously supported Biden's concept, she has not stated whether she will pursue such legislation.

Tax loss harvesting: Money managers' clever new trick to cut taxes for rich clients

A rally in Wall Street stocks faded on Friday, ending a six-week rise in the S&amp;P 500 index. Still, the main takeaway after a week in which bond yields surged to the highest since July, inflation worries resurfaced, and US presidential politics simmered, none of it really bothered risk-asset bulls.

A six-week rally in the S&amp;P 500 that had been the longest since December came to an official end. The index was dragged down by banking stocks despite a surge in tech shares.

A selloff in treasuries sent US 10-year rates to their highest level since July, igniting alarm on Wall Street. Another indication that months of almost record calm are coming to an end is the rise in volatility indices.

And yet, there was little evidence of panic. The Nasdaq 100 closed within 2 per cent of its record peak ahead of a historic week of tech results. A gauge of the "magnificent seven" US megacaps notched its best back-to-back jump since February.&nbsp;

Crypto shares sank after the Wall Street Journal reported that the US is looking into tether for potential anti-money-laundering regulation breaches. Perhaps none of the legal actions taken by US authorities against crypto firms in the last year pose as big of a danger...

To the digital asset market as a possible crackdown on tether holdings. Tether is the issuer of USDT, a token with a market valuation of over $12 billion. The coin is intended to serve as a digital alternative to the US dollar.

It is the most traded token on a daily basis and the third-largest crypto in terms of market value.

A rally in Wall Street stocks faded on Friday, ending a six-week rise in the S&P 500 index. Still, the main takeaway after a week in which bond yields surged to the highest since July, inflation worries resurfaced, and US presidential politics simmered, none of it really bothered risk-asset bulls.

A rally in Wall Street stocks faded on Friday, ending a six-week rise in the S&P 500 index. Still, the main takeaway after a week in which bond yields surged to the highest since July, inflation worries resurfaced, and US presidential politics simmered, none of it really bothered risk-asset bulls. A six-week rally in the S&P 500 that had been the longest since December came to an official end. The index was dragged down by banking stocks despite a surge in tech shares. A selloff in treasuries sent US 10-year rates to their highest level since July, igniting alarm on Wall Street. Another indication that months of almost record calm are coming to an end is the rise in volatility indices. And yet, there was little evidence of panic. The Nasdaq 100 closed within 2 per cent of its record peak ahead of a historic week of tech results. A gauge of the "magnificent seven" US megacaps notched its best back-to-back jump since February. Crypto shares sank after the Wall Street Journal reported that the US is looking into tether for potential anti-money-laundering regulation breaches. Perhaps none of the legal actions taken by US authorities against crypto firms in the last year pose as big of a danger... To the digital asset market as a possible crackdown on tether holdings. Tether is the issuer of USDT, a token with a market valuation of over $12 billion. The coin is intended to serve as a digital alternative to the US dollar. It is the most traded token on a daily basis and the third-largest crypto in terms of market value.

Wall Street bulls end week unrattled after fast run-up in yields

The latest SBI Economic Research report sheds light on the shifting income landscape in India.

Millionaires’ Club expands

In a testament to India’s growing economic affluence, the number of millionaires have risen to 220,000 by Assessment year (AY) 2024 from 44,000 in AY 2014. That’s a fivefold increase in a decade.&nbsp;

According to the 2024 Hurun India Rich list, the country now boasts of 334 billionaires, a sharp rise from 75 a year before.&nbsp;

The number of Income Tax Returns (ITRs) filed also rose to 86 million in 2023 from 73 million in 2022. The report attributes progressive tax policies and simplified processes as the catalyst for this expanding tax base.

Income disparity shrinks

This growing tax base coincides with a drastic drop in income disparity, especially for earners up to Rs 5 lakh per annum. Lower-income groups have also registered strong growth rates through the decade.&nbsp;

The report highlights a trend towards more decentralised wealth creation in the country.&nbsp;

Meanwhile, the report has argued for a speedier review of the Income Tax Act. In order for the amended Act to be passed within the allotted 75 days, the report suggested that it be offered as a money bill. In addition to streamlining and simplifying the taxing procedure, this will promote inclusivity and economic progress.

Demographic trends

While UP, Bihar, AP, Punjab, and Rajasthan are gaining share in the incremental growth, states like Maharashtra, Delhi, Gujarat, and Karnataka, the traditional leaders in the income tax base, are approaching saturation. Maharashtra, Uttar Pradesh, Gujarat, Rajasthan and Tamil Nadu constitute 48 per cent of the total returns filed in AY24. Female taxpayers have also risen to 15 per cent of all taxpayers.&nbsp;

The latest SBI Economic Research report sheds light on the shifting income landscape in India. Millionaires’ Club expands In a testament to India’s growing economic affluence, the number of millionaires have risen to 220,000 by Assessment year (AY) 2024 from 44,000 in AY 2014.

The latest SBI Economic Research report sheds light on the shifting income landscape in India. Millionaires’ Club expands In a testament to India’s growing economic affluence, the number of millionaires have risen to 220,000 by Assessment year (AY) 2024 from 44,000 in AY 2014. That’s a fivefold increase in a decade. According to the 2024 Hurun India Rich list, the country now boasts of 334 billionaires, a sharp rise from 75 a year before. The number of Income Tax Returns (ITRs) filed also rose to 86 million in 2023 from 73 million in 2022. The report attributes progressive tax policies and simplified processes as the catalyst for this expanding tax base. Income disparity shrinks This growing tax base coincides with a drastic drop in income disparity, especially for earners up to Rs 5 lakh per annum. Lower-income groups have also registered strong growth rates through the decade. The report highlights a trend towards more decentralised wealth creation in the country. Meanwhile, the report has argued for a speedier review of the Income Tax Act. In order for the amended Act to be passed within the allotted 75 days, the report suggested that it be offered as a money bill. In addition to streamlining and simplifying the taxing procedure, this will promote inclusivity and economic progress. Demographic trends While UP, Bihar, AP, Punjab, and Rajasthan are gaining share in the incremental growth, states like Maharashtra, Delhi, Gujarat, and Karnataka, the traditional leaders in the income tax base, are approaching saturation. Maharashtra, Uttar Pradesh, Gujarat, Rajasthan and Tamil Nadu constitute 48 per cent of the total returns filed in AY24. Female taxpayers have also risen to 15 per cent of all taxpayers.

India’s Millionaires’ Club expands: No of taxpayers rise, Income disparity shrinks

Foxconn, Taiwanese electronics giant, has procured equipment worth $31.8 million (about Rs 267 crore) for its India factory as it gears up to start manufacturing of iPhone 16 Pro Series at its Tamil Nadu unit, according to a regulatory filing and industry sources as detailed in a report by the Press Trust of India.

This is the first time Apple's high-end iPhone Pro series will be made in a country other than China, the PTI report detailed further.

Brief history of Foxconn<o:p></o:p>

Hon Hai Precision Industry Co. Ltd., trading as Hon Hai Technology Group in China and Taiwan, and known as Foxconn Technology Group internationally, is a Taiwanese multinational electronics contract manufacturer established in 1974 with headquarters in Tucheng District, New Taipei City, Taiwan.

In 2023, the company's annual revenue reached 6.16 trillion New Taiwan dollars (US$192 billion) and was ranked 20th in the 2023 Fortune Global 500. It is the world's largest contract manufacturer of electronics. While headquartered in Taiwan, the company earns the majority of its revenue from assets in China and is one of the largest employers worldwide. Terry Gou is the company founder and former chairman.

Foxconn manufactures electronic products for major American, Canadian, Chinese, Finnish, and Japanese companies. Notable products manufactured by Foxconn include the BlackBerry,&nbsp; iPad, iPhone, iPod, Kindle, all Nintendo gaming systems since the GameCube, Nintendo DS models, Sega models, Nokia devices, Cisco products, Sony devices (including most PlayStation gaming consoles), Google Pixel devices, Xiaomi devices, every successor to Microsoft's Xbox console, and several CPU sockets, including the TR4 CPU socket on some motherboards. As of 2012, Foxconn factories manufactured an estimated 40 per cent of all consumer electronics sold worldwide.

Details of the Foxconn filing<o:p></o:p>

In a filing, Foxconn said, "Subsidiary Foxconn Hon Hai Technology India Mega Development Private Limited announces obtaining of machinery equipment" with a total transaction amount of "$ 31,804,528.45" from "APPLE OPERATIONS LIMITED".

According to sources, the procurement has been done to add capacity in Foxconn's Tamil Nadu unit for manufacturing iPhone 16 Pro series smartphones.

Apple earlier this month announced that it will begin to roll out its first-ever "made in India" iPhone 16 Pro and iPhone 16 Pro Max series soon. The supply of devices is expected to start late this month or early November.

Foxconn, Taiwanese electronics giant, has procured equipment worth $31.8 million (about Rs 267 crore) for its India factory as it gears up to start manufacturing of iPhone 16 Pro Series at its Tamil Nadu unit, according to a regulatory filing and industry sources as detailed in a report by the Press Trust of India.

Foxconn, Taiwanese electronics giant, has procured equipment worth $31.8 million (about Rs 267 crore) for its India factory as it gears up to start manufacturing of iPhone 16 Pro Series at its Tamil Nadu unit, according to a regulatory filing and industry sources as detailed in a report by the Press Trust of India. This is the first time Apple's high-end iPhone Pro series will be made in a country other than China, the PTI report detailed further. Brief history of Foxconn Hon Hai Precision Industry Co. Ltd., trading as Hon Hai Technology Group in China and Taiwan, and known as Foxconn Technology Group internationally, is a Taiwanese multinational electronics contract manufacturer established in 1974 with headquarters in Tucheng District, New Taipei City, Taiwan. In 2023, the company's annual revenue reached 6.16 trillion New Taiwan dollars (US$192 billion) and was ranked 20th in the 2023 Fortune Global 500. It is the world's largest contract manufacturer of electronics. While headquartered in Taiwan, the company earns the majority of its revenue from assets in China and is one of the largest employers worldwide. Terry Gou is the company founder and former chairman. Foxconn manufactures electronic products for major American, Canadian, Chinese, Finnish, and Japanese companies. Notable products manufactured by Foxconn include the BlackBerry, iPad, iPhone, iPod, Kindle, all Nintendo gaming systems since the GameCube, Nintendo DS models, Sega models, Nokia devices, Cisco products, Sony devices (including most PlayStation gaming consoles), Google Pixel devices, Xiaomi devices, every successor to Microsoft's Xbox console, and several CPU sockets, including the TR4 CPU socket on some motherboards. As of 2012, Foxconn factories manufactured an estimated 40 per cent of all consumer electronics sold worldwide. Details of the Foxconn filing In a filing, Foxconn said, "Subsidiary Foxconn Hon Hai Technology India Mega Development Private Limited announces obtaining of machinery equipment" with a total transaction amount of "$ 31,804,528.45" from "APPLE OPERATIONS LIMITED". According to sources, the procurement has been done to add capacity in Foxconn's Tamil Nadu unit for manufacturing iPhone 16 Pro series smartphones. Apple earlier this month announced that it will begin to roll out its first-ever "made in India" iPhone 16 Pro and iPhone 16 Pro Max series soon. The supply of devices is expected to start late this month or early November.

Foxconn invests Rs 267 crore in equipment for iPhone 16 Pro production in India

Finance Minister of India (FM), Nirmala Sitharaman has called for deeper dialogue to help countries meet debt obligations without compromising critical investments at the Global Sovereign Debt Roundtable (GSDR), held on the sidelines of the World Bank and International Monetary Fund (IMF) Annual Meetings 2024 in Washington, DC as detailed in a report by the Business Standard.

She also cautioned against contingency financing instruments stating that they can lead to deferred obligations, which may worsen future debt challenges.

What is GSDR?<o:p></o:p>

The objective of the Global Sovereign Debt Roundtable (GSDR) is to build greater common understanding among key stakeholders involved in debt restructurings, and work together on the current shortcomings in debt restructuring processes, both within and outside the Common Framework, and ways to address them.

Further, the GSDR brings together debtor countries and creditors to foster a greater common understanding among key stakeholders on debt sustainability, debt restructuring challenges, and solutions to address these issues.

Details of the roundtable<o:p></o:p>

The roundtable is co-chaired by the International Monetary Fund (IMF), World Bank, and the Group of Twenty (G20) presidency which is currently held by Brazil and includes official bilateral creditors, private creditors, and borrowing countries. The goal of the meeting is to have elaborate discussions on debt.

While participating in the fourth G20 Finance Ministers and Central Bank Governors meeting, the Finance Minister remarked that the reform agenda for multilateral development banks (MDBs) has progressed under recent presidencies.

“The political momentum from this group is driving MDBs to pursue major reforms,” she stated, appreciating Brazil’s G20 presidency for building on the mandate from the Leaders’ Summit in Delhi.

The FM emphasised that a pathway has been established to enable MDBs to effectively address global challenges and development financing requirements. “India looks forward to engaging with the South African presidency in advancing this agenda,” she added. The same was mentioned by the Finance Ministry, in asocial media platform X, “Under the #G20IndiaPresidency, the Union finance minister said that #MDBs were encouraged to evolve their vision, incentive structures, operational approaches, and financing capacities.”

During the GSDR conversation, the FM also advocated using the roundtable’s informal platform to better understand the perspectives of all parties, address concerns, and provide informed guidance to countries on the risks and benefits of these instruments.

She stressed the need for improving timeliness, transparency, and predictability while ensuring comparability of treatment among creditors. Sitharaman also highlighted the necessity of prioritising coordinated efforts to secure low-cost, long-term financing and targeted technical assistance to strengthen fiscal capacity and build resilience in vulnerable countries.

Chairing a roundtable discussion on disaster-resilient infrastructure, she underlined the threat of climate-induced risks to infrastructure and the critical services it supports, warning that such risks could undercut development gains.

Sitharaman said that India has achieved resilient economic growth over the years by investing not only in hard infrastructure but also in building institutional capacity through the establishment of national and state-level disaster management agencies.

Extending assistance to the Global South on shared challenges, she said, “Under the G20 India presidency, a disaster risk reduction working group was created to increase commitment to disaster and climate-resilient infrastructure and to prioritise stronger national financial frameworks for disaster risk reduction.”

<o:p>&nbsp;</o:p>

Finance Minister of India (FM), Nirmala Sitharaman has called for deeper dialogue to help countries meet debt obligations without compromising critical investments at the Global Sovereign Debt Roundtable (GSDR), held on the sidelines of the World Bank and International Monetary Fund (IMF) Annual Meetings 2024 in Washington, DC as detailed in a report by the Business Standard.

Finance Minister of India (FM), Nirmala Sitharaman has called for deeper dialogue to help countries meet debt obligations without compromising critical investments at the Global Sovereign Debt Roundtable (GSDR), held on the sidelines of the World Bank and International Monetary Fund (IMF) Annual Meetings 2024 in Washington, DC as detailed in a report by the Business Standard. She also cautioned against contingency financing instruments stating that they can lead to deferred obligations, which may worsen future debt challenges. What is GSDR? The objective of the Global Sovereign Debt Roundtable (GSDR) is to build greater common understanding among key stakeholders involved in debt restructurings, and work together on the current shortcomings in debt restructuring processes, both within and outside the Common Framework, and ways to address them. Further, the GSDR brings together debtor countries and creditors to foster a greater common understanding among key stakeholders on debt sustainability, debt restructuring challenges, and solutions to address these issues. Details of the roundtable The roundtable is co-chaired by the International Monetary Fund (IMF), World Bank, and the Group of Twenty (G20) presidency which is currently held by Brazil and includes official bilateral creditors, private creditors, and borrowing countries. The goal of the meeting is to have elaborate discussions on debt. While participating in the fourth G20 Finance Ministers and Central Bank Governors meeting, the Finance Minister remarked that the reform agenda for multilateral development banks (MDBs) has progressed under recent presidencies. “The political momentum from this group is driving MDBs to pursue major reforms,” she stated, appreciating Brazil’s G20 presidency for building on the mandate from the Leaders’ Summit in Delhi. The FM emphasised that a pathway has been established to enable MDBs to effectively address global challenges and development financing requirements. “India looks forward to engaging with the South African presidency in advancing this agenda,” she added. The same was mentioned by the Finance Ministry, in asocial media platform X, “Under the #G20IndiaPresidency, the Union finance minister said that #MDBs were encouraged to evolve their vision, incentive structures, operational approaches, and financing capacities.” During the GSDR conversation, the FM also advocated using the roundtable’s informal platform to better understand the perspectives of all parties, address concerns, and provide informed guidance to countries on the risks and benefits of these instruments. She stressed the need for improving timeliness, transparency, and predictability while ensuring comparability of treatment among creditors. Sitharaman also highlighted the necessity of prioritising coordinated efforts to secure low-cost, long-term financing and targeted technical assistance to strengthen fiscal capacity and build resilience in vulnerable countries. Chairing a roundtable discussion on disaster-resilient infrastructure, she underlined the threat of climate-induced risks to infrastructure and the critical services it supports, warning that such risks could undercut development gains. Sitharaman said that India has achieved resilient economic growth over the years by investing not only in hard infrastructure but also in building institutional capacity through the establishment of national and state-level disaster management agencies. Extending assistance to the Global South on shared challenges, she said, “Under the G20 India presidency, a disaster risk reduction working group was created to increase commitment to disaster and climate-resilient infrastructure and to prioritise stronger national financial frameworks for disaster risk reduction.”

FM Sitharaman pushes for comprehensive talks on global sovereign debt

The lacklustre debut of one of the most anticipated initial public offerings (IPOs) - Hyundai Motor India - failed the expectations of experts and left investors worried if they should hold their investments or try to cut their losses early.

The lacklustre debut of one of the most anticipated initial public offerings (IPOs) - Hyundai Motor India - failed the expectations of experts and left investors worried if they should hold their investments or try to cut their losses early. The shares of Hyundai Motor India were listed in the stock market at Rs 1,960, which was a 1.5 per cent discount on their issue price. The stock debuted at Rs 1,934 on the National Stock Exchange (NSE) and Rs 1,931 on the Bombay Stock Exchange (BSE), which was lower than the suggestion of the grey market premium (GMP). The Rs 27,870 crore IPO had achieved full subscription only on the last day, which was a reflection of retail investors' cautious approach. Explaining this slump in performance of the IPO to WION, Narendra Solanki, Head Fundamental Research - Investment Services, Anand Rathi Shares and Stock Brokers, said, "I think the valuation was a major setback for the investors, especially the retail investors, who generally look for some listing gains as well apart from medium to long-term gains. The IPO was fully priced at the upper band and there was hardly any room left for listing gains." Also Read: Money-Wise: Do IPO investments promise assured returns? Here are the risks you must know about What should be the next step for Hyundai IPO's investors? Now that the IPO has made its debut in the market, many investors have been worried about what should be the next step. Solanki suggested that remaining invested in the IPO is not that bad an idea. "I think the investors could continue to remain invested as there is nothing fundamentally wrong with the business as the company is second largest domestic player and also largest player when it comes to export volumes. Also, the future lineup of launches, especially the EV line, should also add to the market share in this space and the company should do well in the long term," he said. Watch: Mega IPOs With Lower Returns Spur Worries But does the lacklustre opening of the Hyundai IPO hint at a waning enthusiasm among investors to invest in IPOs? "I don't think so, as we have seen other IPOs getting subscribed very well, and the response was very good. I think the primary market would continue to remain healthy and buzzing and see no major risks," emphasised Solanki. Can investors know the future of IPO ahead of its debut? Narendra Solanki, Head Fundamental Research - Investment Services, Anand Rathi Shares and Stock Brokers, shared some tips which can help investors recognise IPOs that may not perform well in the market. The valuations and overall business outlook in the near term play a significant role as far as listing gains are concerned. Companies that price their IPOs at reasonable valuations gather much attention from retail investors. The overall quality of earnings and balance sheet also impacts the IPO prospects.

Money-Wise: Hyundai IPO falls flat on D-Street. What should be the next step for investors?

Tesla shares soared 22 per cent to close at $260.48 on October 24, the stock’s best day since 2013, following the company’s better-than-expected earnings report according to a detailed report by CNBC.

The CNBC report further stated that, Tesla late on October 23, reported revenue of $25.18 billion, which came in just under analysts expectations of $25.37 billion, but was up 8 per cent compared with a year earlier. Tesla reported earnings per share of 72 cents adjusted, topping the average analyst estimate of 58 cents as detailed in a report by CNBC.

Tesla’s profit margins in the third quarter were boosted by $739 million in revenue for environmental regulatory credits, which the JPMorgan analysts noted were a “potentially unsustainable driver” of earnings and cash flow. Automakers are required to obtain a certain amount of regulatory credits every year, and if they can’t meet the target, they can buy credits from other companies. Tesla has excess credits because it only makes electric vehicles.

Full Service Driving Supervised System (FSD) boosted earnings<o:p></o:p>

Tesla earnings also got a boost from FSD, the company’s Full Self-Driving Supervised system. CFO Vaibhav Taneja said on the earnings call that FSD contributed $326 million in revenue in the quarter after Tesla made it available for use in the Cybertruck and added a feature called “Actually Smart Summon.”

CEO Elon Musk said on the call that his “best guess” is that “vehicle growth” will reach 20 per cent to 30 per cent next year, citing “lower cost vehicles” and the “advent of autonomy.” Analysts surveyed by FactSet were expecting delivery growth of about 15 per cent for 2025.

Analysts maintain mixed views<o:p></o:p>

Even bullish Deutsche Bank analysts doubted Musk’s forecast and wrote, in a note following the earnings report, “Our view remains more reserved at 10-15 per cent,” and assumes Tesla can roll out a cheaper version of its Model Y at a price under $30,000 after subsidies, and other variants of the small SUV. Analysts at Morgan Stanley who also recommend buying the stock, called Musk’s 2025 vehicle delivery growth prediction a “maybe.” They set their estimate at 14 per cent.

Musk also stated on the Wednesday call that Tesla plans to start production of its recently unveiled Cybercab, a robotaxi with butterfly doors and no steering wheel or pedals, by the end of 2026. He further mentioned Tesla would conduct driverless ride-hailing in California and Texas next year in its existing cars, which are not currently safe to use without a human driver ready to steer or brake at any time.

Bernstein analysts, according to the CNBC report, who have a bearish price target of $120 on shares of Tesla, wrote in a note out Thursday: “The tone of Tesla’s conference call was e-bullient and filled with Musk prognostications that have historically polarized bull and bear investors, and was more akin to a pep rally, with the company only taking two questions from sell-siders.”

Musk has for years promised shareholders a software upgrade that can turn Teslas into robotaxis. That hasn’t happened yet. Musk has also promised a refreshed version of the Tesla Roadster since 2017. The design of the vehicle is not yet complete. The Bernstein analysts wrote, “We continue to struggle to see Tesla overcoming the technological and regulatory hurdles needed to leapfrog current level 4 robotaxis, and believe fully unsupervised FSD could be years away.”

They pointed to Musk’s “long history of being overly optimistic about FSD” and said crowd-sourced research that shows “Tesla continues to lag well behind competitors” on robotaxis. The share rally on October 24 was the sharpest since a 24 per cent gain in May 2013. The jump erased Tesla’s loss for the year and left the stock up 3 per cent in 2024, though it still trails the 22 per cent gain for the Nasdaq. Market participants and investors will closely follow these developments in Tesla before taking investment decisions.

Tesla shares soared 22 per cent to close at $260.48 on October 24, the stock’s best day since 2013, following the company’s better-than-expected earnings report according to a detailed report by CNBC.

Tesla shares soared 22 per cent to close at $260.48 on October 24, the stock’s best day since 2013, following the company’s better-than-expected earnings report according to a detailed report by CNBC. The CNBC report further stated that, Tesla late on October 23, reported revenue of $25.18 billion, which came in just under analysts expectations of $25.37 billion, but was up 8 per cent compared with a year earlier. Tesla reported earnings per share of 72 cents adjusted, topping the average analyst estimate of 58 cents as detailed in a report by CNBC. Tesla’s profit margins in the third quarter were boosted by $739 million in revenue for environmental regulatory credits, which the JPMorgan analysts noted were a “potentially unsustainable driver” of earnings and cash flow. Automakers are required to obtain a certain amount of regulatory credits every year, and if they can’t meet the target, they can buy credits from other companies. Tesla has excess credits because it only makes electric vehicles. Full Service Driving Supervised System (FSD) boosted earnings Tesla earnings also got a boost from FSD, the company’s Full Self-Driving Supervised system. CFO Vaibhav Taneja said on the earnings call that FSD contributed $326 million in revenue in the quarter after Tesla made it available for use in the Cybertruck and added a feature called “Actually Smart Summon.” CEO Elon Musk said on the call that his “best guess” is that “vehicle growth” will reach 20 per cent to 30 per cent next year, citing “lower cost vehicles” and the “advent of autonomy.” Analysts surveyed by FactSet were expecting delivery growth of about 15 per cent for 2025. Analysts maintain mixed views Even bullish Deutsche Bank analysts doubted Musk’s forecast and wrote, in a note following the earnings report, “Our view remains more reserved at 10-15 per cent,” and assumes Tesla can roll out a cheaper version of its Model Y at a price under $30,000 after subsidies, and other variants of the small SUV. Analysts at Morgan Stanley who also recommend buying the stock, called Musk’s 2025 vehicle delivery growth prediction a “maybe.” They set their estimate at 14 per cent. Musk also stated on the Wednesday call that Tesla plans to start production of its recently unveiled Cybercab, a robotaxi with butterfly doors and no steering wheel or pedals, by the end of 2026. He further mentioned Tesla would conduct driverless ride-hailing in California and Texas next year in its existing cars, which are not currently safe to use without a human driver ready to steer or brake at any time. Bernstein analysts, according to the CNBC report, who have a bearish price target of $120 on shares of Tesla, wrote in a note out Thursday: “The tone of Tesla’s conference call was e-bullient and filled with Musk prognostications that have historically polarized bull and bear investors, and was more akin to a pep rally, with the company only taking two questions from sell-siders.” Musk has for years promised shareholders a software upgrade that can turn Teslas into robotaxis. That hasn’t happened yet. Musk has also promised a refreshed version of the Tesla Roadster since 2017. The design of the vehicle is not yet complete. The Bernstein analysts wrote, “We continue to struggle to see Tesla overcoming the technological and regulatory hurdles needed to leapfrog current level 4 robotaxis, and believe fully unsupervised FSD could be years away.” They pointed to Musk’s “long history of being overly optimistic about FSD” and said crowd-sourced research that shows “Tesla continues to lag well behind competitors” on robotaxis. The share rally on October 24 was the sharpest since a 24 per cent gain in May 2013. The jump erased Tesla’s loss for the year and left the stock up 3 per cent in 2024, though it still trails the 22 per cent gain for the Nasdaq. Market participants and investors will closely follow these developments in Tesla before taking investment decisions.

Tesla stock rally 22% for best day in over a decade on Musk’s 2025 growth projection

Boeing shares closed about 1.5 per cent lower in market trading on October 24 after workers voted to extend a nearly six-week-old strike, throwing fresh uncertainty over the company's efforts to stabilize finances and restore its battered image according to a detailed report by Reuters.

The Reuters report further stated that some 64 per cent of West Coast factory workers on Wednesday rejected the company's latest contract offer, leaving assembly lines idle for nearly all the planemaker's commercial jets including the 737 MAX, the backbone of its balance sheet.

Basic details about the offer<o:p></o:p>

The offer included a 35 per cent general wage increase over four years but no defined benefit pension plan, which was one of the striking machinists' main demands. The rejection is a blow for new CEO Kelly Ortberg, who took the top job in August on a pledge to work more closely with factory workers than his predecessors.

Deadlock over the pension plan, which was withdrawn following a deal to keep jobs in Washington state a decade ago, raised immediate concerns over a longer strike as rating agencies monitor Boeing for a possible downgrade to junk status.

"A longer strike delays Boeing's recovery and increases financial pressure on the company and its (credit) rating," said Ben Tsocanos, aerospace director at S&amp;P Global Ratings. "The rejection raises the risk of a protracted strike if the obstacle is reinstatement of a pension. We believe the company is not likely to agree to a pension because of the cost."

Challenges for the company mount<o:p></o:p>

While others said the continued stoppage leaves the plane-maker with dwindling options as it continues to bleed cash. "Boeing is going to have to settle it and just make a higher offer, because they are just not in a position to duke it out," said Agency Partners analyst Nick Cunningham. 

Wells Fargo analyst Matthew Akers said raising the wage offer to meet the union's demand of 40 per cent could end the dispute, noting that online comments suggested members were divided on the pension issue. Some machinists vowed to fight on after the vote, with many still angry about the last pension deal signed a decade ago.

Cash burn continues for Boeing<o:p></o:p>

Analysts said the vote could complicate efforts to carry out a refinancing needed to stabilize Boeing's operations after the strike hampered its recovery from a string of previous crises. Many suppliers are also facing financial difficulties.

Boeing last week filed papers giving itself a window to raise as much as $25 billion to avoid losing its investment grade rating and separately secured a $10 billion credit line. Still, although many analysts say it would prefer to wait for the end of the strike and start generating more cash through deliveries before going to the markets, the labor power struggle has placed it under mounting pressure to clear the air.

"We wouldn't rule out a capital raise before the strike ends ... depending on market conditions," JP Morgan analyst Seth Seifman said in a note after the vote.

Coming on top of back-to-back crises over safety, quality, and an industry-wide shortage of parts and labor, the vote on Boeing's first major strike in 16 years overshadowed a $6 billion loss for the third quarter also announced on October 24.

Ortberg laid out plans to restore Boeing's fortunes after it lost significant share to European rival Airbus but told staff and investors the turnaround would take some time. Market participants and investors will closely follow these developments and take informed investment calls on the airline major.

Boeing shares closed about 1.5 per cent lower in market trading on October 24 after workers voted to extend a nearly six-week-old strike, throwing fresh uncertainty over the company's efforts to stabilize finances and restore its battered image according to a detailed report by Reuters.

Boeing shares closed about 1.5 per cent lower in market trading on October 24 after workers voted to extend a nearly six-week-old strike, throwing fresh uncertainty over the company's efforts to stabilize finances and restore its battered image according to a detailed report by Reuters. The Reuters report further stated that some 64 per cent of West Coast factory workers on Wednesday rejected the company's latest contract offer, leaving assembly lines idle for nearly all the planemaker's commercial jets including the 737 MAX, the backbone of its balance sheet. Basic details about the offer The offer included a 35 per cent general wage increase over four years but no defined benefit pension plan, which was one of the striking machinists' main demands. The rejection is a blow for new CEO Kelly Ortberg, who took the top job in August on a pledge to work more closely with factory workers than his predecessors. Deadlock over the pension plan, which was withdrawn following a deal to keep jobs in Washington state a decade ago, raised immediate concerns over a longer strike as rating agencies monitor Boeing for a possible downgrade to junk status. "A longer strike delays Boeing's recovery and increases financial pressure on the company and its (credit) rating," said Ben Tsocanos, aerospace director at S&P Global Ratings. "The rejection raises the risk of a protracted strike if the obstacle is reinstatement of a pension. We believe the company is not likely to agree to a pension because of the cost." Challenges for the company mount While others said the continued stoppage leaves the plane-maker with dwindling options as it continues to bleed cash. "Boeing is going to have to settle it and just make a higher offer, because they are just not in a position to duke it out," said Agency Partners analyst Nick Cunningham. Wells Fargo analyst Matthew Akers said raising the wage offer to meet the union's demand of 40 per cent could end the dispute, noting that online comments suggested members were divided on the pension issue. Some machinists vowed to fight on after the vote, with many still angry about the last pension deal signed a decade ago. Cash burn continues for Boeing Analysts said the vote could complicate efforts to carry out a refinancing needed to stabilize Boeing's operations after the strike hampered its recovery from a string of previous crises. Many suppliers are also facing financial difficulties. Boeing last week filed papers giving itself a window to raise as much as $25 billion to avoid losing its investment grade rating and separately secured a $10 billion credit line. Still, although many analysts say it would prefer to wait for the end of the strike and start generating more cash through deliveries before going to the markets, the labor power struggle has placed it under mounting pressure to clear the air. "We wouldn't rule out a capital raise before the strike ends ... depending on market conditions," JP Morgan analyst Seth Seifman said in a note after the vote. Coming on top of back-to-back crises over safety, quality, and an industry-wide shortage of parts and labor, the vote on Boeing's first major strike in 16 years overshadowed a $6 billion loss for the third quarter also announced on October 24. Ortberg laid out plans to restore Boeing's fortunes after it lost significant share to European rival Airbus but told staff and investors the turnaround would take some time. Market participants and investors will closely follow these developments and take informed investment calls on the airline major.

Boeing stock drops as workers turn down latest proposal

Growth in India's business activity picked up slightly in October after softening last month, led by stronger demand in the manufacturing sector, according to a survey that also showed job creation rose at the fastest pace since February 2006 as detailed in a report by Reuters.

India's Composite Purchasing Managers' Index rose

The Reuters report further stated that, HSBC's flash India Composite Purchasing Managers' Index (PMI), compiled by S&amp;P Global, rose to 58.6 this month from September's final reading of 58.3, which was a 10-month low. The headline index has been above the 50-level separating growth from contraction for 39 consecutive months - the longest expansionary streak since June 2013.

"India's flash manufacturing PMI indicated that the manufacturing industry regained growth momentum in October. Several components accelerated after a modest slowdown over the past two to three months," noted Pranjul Bhandari, chief India economist at HSBC.

"New orders and new export orders expanded at faster rates, providing a good omen for industrial production for the remaining months of 2024."

Backed by strong sales, the manufacturing index showed bigger gains to 57.4 from 56.5 in September, while the dominant services industry reading rose slightly to 57.9 this month from 57.7. Goods production growth was at a two-month high.

That's encouraging news for India's manufacturing sector which accounts for less than one-fifth of the economy. Prime Minister Narendra Modi's government has been trying to boost goods production.

A government official recently said since the production-linked incentive scheme was launched, the country has attracted over $17 billion of investment, resulting in production worth about 11 trillion Indian rupees ($131 billion) and nearly a million jobs. The survey also noted increased international demand in October with a faster rise in overall exports.

That prompted companies to hire more staff with overall employment generation rising at the fastest pace in around eighteen-and-a-half years. Job creation in the services sector was higher than manufacturing.

Robust demand gave firms the leeway to pass on an acceleration in input costs to customers with prices charged rising at the steepest pace in three months. Companies reported higher prices for chemicals, eggs, meat, packaging, steel and vegetables. "Manufacturers' profit margins are still under pressure as input price inflation continued to pick up pace," Bhandari said.

The business outlook over the coming year was mixed with manufacturers at their most upbeat since July, while the sentiment faded somewhat for services companies, the survey showed, as concluded in the report.

Growth in India's business activity picked up slightly in October after softening last month, led by stronger demand in the manufacturing sector, according to a survey that also showed job creation rose at the fastest pace since February 2006 as detailed in a report by Reuters.

Growth in India's business activity picked up slightly in October after softening last month, led by stronger demand in the manufacturing sector, according to a survey that also showed job creation rose at the fastest pace since February 2006 as detailed in a report by Reuters. India's Composite Purchasing Managers' Index rose The Reuters report further stated that, HSBC's flash India Composite Purchasing Managers' Index (PMI), compiled by S&P Global, rose to 58.6 this month from September's final reading of 58.3, which was a 10-month low. The headline index has been above the 50-level separating growth from contraction for 39 consecutive months - the longest expansionary streak since June 2013. "India's flash manufacturing PMI indicated that the manufacturing industry regained growth momentum in October. Several components accelerated after a modest slowdown over the past two to three months," noted Pranjul Bhandari, chief India economist at HSBC. "New orders and new export orders expanded at faster rates, providing a good omen for industrial production for the remaining months of 2024." Backed by strong sales, the manufacturing index showed bigger gains to 57.4 from 56.5 in September, while the dominant services industry reading rose slightly to 57.9 this month from 57.7. Goods production growth was at a two-month high. That's encouraging news for India's manufacturing sector which accounts for less than one-fifth of the economy. Prime Minister Narendra Modi's government has been trying to boost goods production. A government official recently said since the production-linked incentive scheme was launched, the country has attracted over $17 billion of investment, resulting in production worth about 11 trillion Indian rupees ($131 billion) and nearly a million jobs. The survey also noted increased international demand in October with a faster rise in overall exports. That prompted companies to hire more staff with overall employment generation rising at the fastest pace in around eighteen-and-a-half years. Job creation in the services sector was higher than manufacturing. Robust demand gave firms the leeway to pass on an acceleration in input costs to customers with prices charged rising at the steepest pace in three months. Companies reported higher prices for chemicals, eggs, meat, packaging, steel and vegetables. "Manufacturers' profit margins are still under pressure as input price inflation continued to pick up pace," Bhandari said. The business outlook over the coming year was mixed with manufacturers at their most upbeat since July, while the sentiment faded somewhat for services companies, the survey showed, as concluded in the report.

India's business activity accelerates in October, PMI reports

In a significant bilateral meeting on October 24, Japanese Finance Minister Katsunobu Kato and US Treasury Secretary Janet Yellen engaged in discussions focused on recent fluctuations in exchange rates, as confirmed by a senior official from Japan's finance ministry, Atsushi Mimura. This dialogue took place during the backdrop of the G20 and IMF meetings in Washington according to a detailed report by Reuters.

Mimura highlighted the growing concern over the yen's depreciation, which has adversely affected Japanese households and retailers due to rising costs of raw material imports. "A weak yen has become a pressing issue for policymakers," he noted.

The vice finance minister emphasized the importance of close communication between the US and Japan regarding currency movements, particularly as sharp, one-sided fluctuations have been observed recently.

"It is essential for exchange rates to reflect underlying economic fundamentals," Mimura stated, reinforcing Japan's commitment to monitoring currency trends closely, especially those influenced by speculative activities.

Dollar climbed above 153 yen for the first time in nearly three months<o:p></o:p>

The recent surge of the dollar, which surpassed 153 yen for the first time in nearly three months, has reignited concerns about the disparity in interest rates between the US and Japan, a situation worsened by diminishing expectations of substantial interest rate cuts by the Federal Reserve.

As of Thursday, the dollar was trading at 151.83 yen, highlighting ongoing volatility in the currency markets. The discussions between Kato and Yellen reflect broader economic concerns, with both nations recognising the need for strategic coordination to manage the impacts of currency fluctuations on their economies.

This meeting hence underlines the importance of international cooperation in addressing financial stability, especially in a climate marked by unpredictable market dynamics. The two finance leaders' commitment to maintaining open lines of communication may prove crucial in mitigating the potential risks associated with currency volatility in the future.

In a significant bilateral meeting on October 24, Japanese Finance Minister Katsunobu Kato and US Treasury Secretary Janet Yellen engaged in discussions focused on recent fluctuations in exchange rates, as confirmed by a senior official from Japan's finance ministry, Atsushi Mimura.

In a significant bilateral meeting on October 24, Japanese Finance Minister Katsunobu Kato and US Treasury Secretary Janet Yellen engaged in discussions focused on recent fluctuations in exchange rates, as confirmed by a senior official from Japan's finance ministry, Atsushi Mimura. This dialogue took place during the backdrop of the G20 and IMF meetings in Washington according to a detailed report by Reuters. Mimura highlighted the growing concern over the yen's depreciation, which has adversely affected Japanese households and retailers due to rising costs of raw material imports. "A weak yen has become a pressing issue for policymakers," he noted. The vice finance minister emphasized the importance of close communication between the US and Japan regarding currency movements, particularly as sharp, one-sided fluctuations have been observed recently. "It is essential for exchange rates to reflect underlying economic fundamentals," Mimura stated, reinforcing Japan's commitment to monitoring currency trends closely, especially those influenced by speculative activities. Dollar climbed above 153 yen for the first time in nearly three months The recent surge of the dollar, which surpassed 153 yen for the first time in nearly three months, has reignited concerns about the disparity in interest rates between the US and Japan, a situation worsened by diminishing expectations of substantial interest rate cuts by the Federal Reserve. As of Thursday, the dollar was trading at 151.83 yen, highlighting ongoing volatility in the currency markets. The discussions between Kato and Yellen reflect broader economic concerns, with both nations recognising the need for strategic coordination to manage the impacts of currency fluctuations on their economies. This meeting hence underlines the importance of international cooperation in addressing financial stability, especially in a climate marked by unpredictable market dynamics. The two finance leaders' commitment to maintaining open lines of communication may prove crucial in mitigating the potential risks associated with currency volatility in the future.

Japan and US Finance leaders address currency fluctuations in bilateral talks

On October 24, Nvidia announced numerous partnerships with major Indian firms and launched a Hindi language model, as the American chip company looks to ramp up business in one of the world’s biggest technology markets as detailed in a report by CNBC.

Nvidia CEO Jensen Huang spoke about the firm’s technology and efforts in India at its AI Summit in Mumbai . This was an event that featured Bollywood superstar Akshay Kumar and India’s richest person Mukesh Ambani, the chair of Reliance Industries, the CNBC report detailed further.

Amid the flurry of partnerships announced during the event, was a deal between Reliance and Nvidia to build artificial intelligence infrastructure in India. Huang stated that Nvidia is working with companies including Yotta and Tata Communications &nbsp;to also build computing infrastructure.

Jensen Huang is bullish on India’s AI story<o:p></o:p>

Huang said that by the end of the year, India will have “20 times more compute” than just over a year ago, referring to the country’s computing power. “India used to be a country that produced software, later on it exported software. In the future, India is going to export AI,” Huang said.

Nvidia also announced Nemotron-4-Mini-Hindi 4B, a small language model in Hindi, the widest-spoken of India’s multitude of languages. Companies running Nvidia hardware can deploy this language model, while Indian IT consultancy Tech Mahindra is using Nvidia’s model to launch its own Hindi AI model, Project Indus 2.0. Nvidia is also collaborating with other major Indian IT companies like Infosys, Wipro and TCS to train around 500,000 developers in creating and implementing AI agents with its software.

Nvidia’s ramp-up in India takes place as the company looks to find new regions and markets to boost business, while the rapid speed of growth it has experienced over the last year and a half begins to slow down.

India aims to advance semi-conductor industry to $500 billion by 2030<o:p></o:p>

In India, Prime Minister Narendra Modi has been looking to lure in major foreign technology companies, particularly in the semiconductor industry, to increase investment in the country.

India aims to establish itself as a major player in the semiconductor industry, as it strives for self-sufficiency in manufacturing. Modi has outlined various objectives to advance the semiconductor sector, setting a significant target to grow the country’s electronics industry from its current value of around $155 billion to $500 billion by 2030.

“India is very, very dear to the world’s computer industry, central to the IT industry,” Huang said.

Further, Ambani’s presence at the Nvidia event also highlighted his conglomerate’s ambition to become a leading AI player in India. Reliance Jio, the telecommunications firm under Ambani’s Reliance Industries and an upstart less than a decade ago, is now India’s biggest mobile provider.

“Jio aims to build large scale AI infrastructure to democratize AI leveraging data emanating from almost a billion Internet users in next few years. With this planned investments and scale, Jio aims to be the flag bearer of proliferating AI adoption from consumers to enterprises to government,” Neil Shah, partner at Counterpoint Research, told CNBC. This “unlocks significant opportunity” for Nvidia and other companies, Shah added.

On October 24, Nvidia announced numerous partnerships with major Indian firms and launched a Hindi language model, as the American chip company looks to ramp up business in one of the world’s biggest technology markets as detailed in a report by CNBC.

On October 24, Nvidia announced numerous partnerships with major Indian firms and launched a Hindi language model, as the American chip company looks to ramp up business in one of the world’s biggest technology markets as detailed in a report by CNBC. Nvidia CEO Jensen Huang spoke about the firm’s technology and efforts in India at its AI Summit in Mumbai . This was an event that featured Bollywood superstar Akshay Kumar and India’s richest person Mukesh Ambani, the chair of Reliance Industries, the CNBC report detailed further. Amid the flurry of partnerships announced during the event, was a deal between Reliance and Nvidia to build artificial intelligence infrastructure in India. Huang stated that Nvidia is working with companies including Yotta and Tata Communications to also build computing infrastructure. Jensen Huang is bullish on India’s AI story Huang said that by the end of the year, India will have “20 times more compute” than just over a year ago, referring to the country’s computing power. “India used to be a country that produced software, later on it exported software. In the future, India is going to export AI,” Huang said. Nvidia also announced Nemotron-4-Mini-Hindi 4B, a small language model in Hindi, the widest-spoken of India’s multitude of languages. Companies running Nvidia hardware can deploy this language model, while Indian IT consultancy Tech Mahindra is using Nvidia’s model to launch its own Hindi AI model, Project Indus 2.0. Nvidia is also collaborating with other major Indian IT companies like Infosys, Wipro and TCS to train around 500,000 developers in creating and implementing AI agents with its software. Nvidia’s ramp-up in India takes place as the company looks to find new regions and markets to boost business, while the rapid speed of growth it has experienced over the last year and a half begins to slow down. India aims to advance semi-conductor industry to $500 billion by 2030 In India, Prime Minister Narendra Modi has been looking to lure in major foreign technology companies, particularly in the semiconductor industry, to increase investment in the country. India aims to establish itself as a major player in the semiconductor industry, as it strives for self-sufficiency in manufacturing. Modi has outlined various objectives to advance the semiconductor sector, setting a significant target to grow the country’s electronics industry from its current value of around $155 billion to $500 billion by 2030. “India is very, very dear to the world’s computer industry, central to the IT industry,” Huang said. Further, Ambani’s presence at the Nvidia event also highlighted his conglomerate’s ambition to become a leading AI player in India. Reliance Jio, the telecommunications firm under Ambani’s Reliance Industries and an upstart less than a decade ago, is now India’s biggest mobile provider. “Jio aims to build large scale AI infrastructure to democratize AI leveraging data emanating from almost a billion Internet users in next few years. With this planned investments and scale, Jio aims to be the flag bearer of proliferating AI adoption from consumers to enterprises to government,” Neil Shah, partner at Counterpoint Research, told CNBC. This “unlocks significant opportunity” for Nvidia and other companies, Shah added.

Nvidia boosts India presence through Hindi model and major collaborations

SEBI Chief Madhabi Puri Buch has skipped the Parliamentary Accounts Committee (PAC) deposition scheduled for October 24.

Buch cited personal work which cannot be avoided as the reason for not attending the meeting.

The PAC postponed its meeting slated for today after Buch expressed her inability to attend.

PAC Chairman and Congress General Secretary KC Venugopal said the committee, in its first meeting, had agreed to have a suo moto issue for regulatory bodies to consider.

He said that was the reason the SEBI Chief was summoned.

The parliamentary panel has now decided to postpone the meeting after Buch informed the committee about her absence.

Buch and four other representatives of the SEBI were slotted for the deposition on October 24th after her earlier request for exemption was denied by the panel.

Venugopal said, "First of all, they sought an exemption, and the SEBI chairperson sought an exemption from appearing before the committee, which we denied. After that, she confirmed she and her team would be present."

According to media reports, a stormy session was expected at Buch's deposition.

With reports quoting sources calling for the ruling party members to stand off against the opposition party's politically targeted attacks.

But with Buch skipping the meeting, Venugopal said her absence could be construed as an attempt to avoid the panel's questions.

He said: "Today morning at 9:30 she informed me that she is not in a position to travel to Delhi. Considering a woman's request we thought that it is better to postpone today's meeting for another day."

A political firestorm is brewing after the PAC moved the meeting to a later date.

Media reports show Ravi Shankar Prasad, a BJP MP and its members, charged that chairman Venugopal made choices on his own initiative.

According to Ravi Shankar Prasad, several PAC members, including BJP leaders, complained to the speaker of the Lok Sabha over Venugopal's actions.

There was no objection to the committee's plan to include the performance review of regulatory bodies on its agenda.

Venugopal's decision to call Buch, however, alarmed members of the ruling party.

Buch has been at the centre of a political controversy sparked by accusations made against her by Hindenburg and the opposition party - the Congress.

SEBI Chief Madhabi Puri Buch has skipped the Parliamentary Accounts Committee (PAC) deposition scheduled for October 24. Buch cited personal work which cannot be avoided as the reason for not attending the meeting.

SEBI Chief Madhabi Puri Buch has skipped the Parliamentary Accounts Committee (PAC) deposition scheduled for October 24. Buch cited personal work which cannot be avoided as the reason for not attending the meeting. The PAC postponed its meeting slated for today after Buch expressed her inability to attend. PAC Chairman and Congress General Secretary KC Venugopal said the committee, in its first meeting, had agreed to have a suo moto issue for regulatory bodies to consider. He said that was the reason the SEBI Chief was summoned. The parliamentary panel has now decided to postpone the meeting after Buch informed the committee about her absence. Buch and four other representatives of the SEBI were slotted for the deposition on October 24th after her earlier request for exemption was denied by the panel. Venugopal said, "First of all, they sought an exemption, and the SEBI chairperson sought an exemption from appearing before the committee, which we denied. After that, she confirmed she and her team would be present." According to media reports, a stormy session was expected at Buch's deposition. With reports quoting sources calling for the ruling party members to stand off against the opposition party's politically targeted attacks. But with Buch skipping the meeting, Venugopal said her absence could be construed as an attempt to avoid the panel's questions. He said: "Today morning at 9:30 she informed me that she is not in a position to travel to Delhi. Considering a woman's request we thought that it is better to postpone today's meeting for another day." A political firestorm is brewing after the PAC moved the meeting to a later date. Media reports show Ravi Shankar Prasad, a BJP MP and its members, charged that chairman Venugopal made choices on his own initiative. According to Ravi Shankar Prasad, several PAC members, including BJP leaders, complained to the speaker of the Lok Sabha over Venugopal's actions. There was no objection to the committee's plan to include the performance review of regulatory bodies on its agenda. Venugopal's decision to call Buch, however, alarmed members of the ruling party. Buch has been at the centre of a political controversy sparked by accusations made against her by Hindenburg and the opposition party - the Congress.

SEBI Chief skips parliamentary committee meeting

Russian President, Vladimir Putin has opened the expanded Brics summit by issuing a call for an alternative international payments system that could prevent the US from using the dollar as a political weapon. The goal behind this call is to reduce the dependence of the world on the dollar as a reserve currency as detailed in a report by The Guardian.

Still, the summit communique indicated that little progress had been made on an alternative payment system as all member Brics nations have diverse views. The Guardian report further explained that speaking at the summit in the Russian city of Kazan, Putin stated: “The dollar is being used as a weapon. We see that this is so. I think that this is a big mistake by those who do this.”

He said that nearly 95 per cent of trade between Russia and China is now taking place in rubles and yuan. The move to de-dollarize the world economy unnerves some Brics members – notably Brazil and India – who do not want their rapidly expanding club to become solely pro-Chinese and anti-western. 
 
Russia is working on creating a settlement and payment infrastructure that would bypass the Swift payment system based in Belgium. The de-dollarization initiative hence is probably expected to be the most concrete proposal likely to emerge from the summit that has been remarkable for giving Putin his biggest international platform since the Russian invasion of Ukraine in February 2022.

The Brics&nbsp;summit has been attended by nine members including the Indian Prime Minister, Narendra Modi, the Chinese premier and the president of South Africa, Cyril Ramaphosa. The final summit communique will contain a single reference to a joint Brazil-China peace plan for Ukraine, saving its strongest language for a condemnation of Israel in Gaza. 

Modi called for peace in Ukraine<o:p></o:p>

Indian Prime Minister Modi was probably the most direct of world leaders saying he wanted peace in Ukraine, while Xi discussed the war in a private session with Putin. Whereas, Putin has said that Moscow will not hand back the four regions of eastern Ukraine that it says are now part of Russia.

“The Brics summit, which Russia planned to use to split the world, has once again demonstrated that the world majority remains on the side of Ukraine in its quest to guarantee a comprehensive, just and sustainable peace,” the Ukrainian foreign ministry said in a statement.

The future purpose and size of the Brics summit, now in its 16th year, also proved controversial, with Putin saying it would be wrong to ignore the unprecedented interest in global south countries wishing to join the organisation, and keep the organisation effective.

Brazil and India have been trying to prevent Brics, already expanded from five to nine members at last year’s Brics summit in South Africa, being reshaped simply into an anti-western alliance that acts as a cheerleader for Russia and China.

Nations to be admitted were only agreed after Brazil successfully held out a veto against Venezuela. The new members, a diverse geographical and political group, are expected to be Cuba, Bolivia, Thailand, Vietnam, Malaysia, Indonesia, Belarus, Turkey, Nigeria, Uganda, Kazakhstan and Uzbekistan. The decision by Turkey, a member of Nato, to attend has raised eyebrows.

Dollar dominance is difficult to&nbsp;dislodge

Agathe Demarais, a sanctions specialist at the European Council of Foreign Relations, according to the Guardian stated: “At this stage, it is hard to imagine a widespread development and adoption of Brics financial tools globally.

The US dollar’s domination of the global currency landscape is entrenched, both for trade transactions and foreign exchange reserves; more than 80 per cent&nbsp;of global trade transactions are invoiced in US dollars, which also accounts for nearly 60 per cent&nbsp;of central banks reserves.

<o:p>&nbsp;</o:p>

Russian President, Vladimir Putin has opened the expanded Brics summit by issuing a call for an alternative international payments system that could prevent the US from using the dollar as a political weapon.

Russian President, Vladimir Putin has opened the expanded Brics summit by issuing a call for an alternative international payments system that could prevent the US from using the dollar as a political weapon. The goal behind this call is to reduce the dependence of the world on the dollar as a reserve currency as detailed in a report by The Guardian. Still, the summit communique indicated that little progress had been made on an alternative payment system as all member Brics nations have diverse views. The Guardian report further explained that speaking at the summit in the Russian city of Kazan, Putin stated: “The dollar is being used as a weapon. We see that this is so. I think that this is a big mistake by those who do this.” He said that nearly 95 per cent of trade between Russia and China is now taking place in rubles and yuan. The move to de-dollarize the world economy unnerves some Brics members – notably Brazil and India – who do not want their rapidly expanding club to become solely pro-Chinese and anti-western. Russia is working on creating a settlement and payment infrastructure that would bypass the Swift payment system based in Belgium. The de-dollarization initiative hence is probably expected to be the most concrete proposal likely to emerge from the summit that has been remarkable for giving Putin his biggest international platform since the Russian invasion of Ukraine in February 2022. The Brics summit has been attended by nine members including the Indian Prime Minister, Narendra Modi, the Chinese premier and the president of South Africa, Cyril Ramaphosa. The final summit communique will contain a single reference to a joint Brazil-China peace plan for Ukraine, saving its strongest language for a condemnation of Israel in Gaza. Modi called for peace in Ukraine Indian Prime Minister Modi was probably the most direct of world leaders saying he wanted peace in Ukraine, while Xi discussed the war in a private session with Putin. Whereas, Putin has said that Moscow will not hand back the four regions of eastern Ukraine that it says are now part of Russia. “The Brics summit, which Russia planned to use to split the world, has once again demonstrated that the world majority remains on the side of Ukraine in its quest to guarantee a comprehensive, just and sustainable peace,” the Ukrainian foreign ministry said in a statement. The future purpose and size of the Brics summit, now in its 16th year, also proved controversial, with Putin saying it would be wrong to ignore the unprecedented interest in global south countries wishing to join the organisation, and keep the organisation effective. Brazil and India have been trying to prevent Brics, already expanded from five to nine members at last year’s Brics summit in South Africa, being reshaped simply into an anti-western alliance that acts as a cheerleader for Russia and China. Nations to be admitted were only agreed after Brazil successfully held out a veto against Venezuela. The new members, a diverse geographical and political group, are expected to be Cuba, Bolivia, Thailand, Vietnam, Malaysia, Indonesia, Belarus, Turkey, Nigeria, Uganda, Kazakhstan and Uzbekistan. The decision by Turkey, a member of Nato, to attend has raised eyebrows. Dollar dominance is difficult to dislodge Agathe Demarais, a sanctions specialist at the European Council of Foreign Relations, according to the Guardian stated: “At this stage, it is hard to imagine a widespread development and adoption of Brics financial tools globally. The US dollar’s domination of the global currency landscape is entrenched, both for trade transactions and foreign exchange reserves; more than 80 per cent of global trade transactions are invoiced in US dollars, which also accounts for nearly 60 per cent of central banks reserves.

Putin calls for alternative international payment system to combat dollar dominance at Brics meeting

The world economy might contract by the size of the combined French and German economies, if there is a broad-based trade war between the world’s major economies, stated the International Monetary Fund (IMF) according to a detailed report by the BBC.

The BBC report detailed further that, it comes as concerns are heightened ahead of the possible re-election of Donald Trump. Trump says he plans to introduce a universal tax or tariff of up to 20 per cent on all imports into the US, while the European Union is already planning retaliation if Washington goes ahead with the new levy.

Brief details about Gita Gopinath<o:p></o:p>

Gita Gopinath is the First Deputy Managing Director of the International Monetary Fund (IMF) as of January 21, 2022. In that role, she oversees the work of staff, represents the Fund at multilateral forums, and maintains high-level contacts with member governments and Board members, the media, and other institutions. She also leads the Fund’s work on surveillance and related policies and oversees research and flagship publications. Gopinath previously served as the Chief Economist of the Fund from 2019-22.

Trump again raised tariff talk<o:p></o:p>

Further, last week, Trump said “tariff is the most beautiful word in the dictionary”, and global markets and finance ministers are now beginning to take seriously the prospect of him enacting the ideas, the BBC report elaborated further.

IMF Deputy Managing Director Gita Gopinath said the Fund could not yet assess the specifics of Trump's trade plans, but thinks that “if you have some very serious decoupling and broad scale use of tariffs, you could end up with a loss to world GDP of close to 7 per cent".

"These are very large numbers, 7 per cent is basically losing the French and German economies. That's the size of the loss that would be," she continued. Ms Gopinath also said tariffs worth hundreds of billions of dollars “is very different from the world we’ve lived in over the past two of three decades”.

The IMF’s deputy chief further stated that another of the Fund’s main messages at its Annual Meetings was to warn on ballooning levels of global government debt.

She said the current period of steady economic growth was a “moment to rebuild your fiscal buffers” as “this will not be the last crisis. There will be additional shocks. You will need the fiscal space to respond. And now is the time to do it”..

Important to look at the bright side <o:p></o:p>

Ms Gopinath said it was also necessary to “look at the bright side” with a resilient world economy after “some very tough knocks”. She suggested the world economy had seen a soft landing from the multiple crises. “Past experiences with bringing down inflation have not been with a soft landing. It was a big, big increases in unemployment. So that was a big hit, and it has turned out to be much better than many feared”, she said.

Ms Gopinath added that it was a “good win” for central banks everywhere that inflation has come down without high unemployment. But that now was the time to rebuild resilience in a challenging economic outlook. Hence, focus of investors and market participants will shift towards the issues highlighted by the Deputy Managing Director of IMF, Gita Gopinath and it will help them in taking better investment decisions.

The world economy might contract by the size of the combined French and German economies, if there is a broad-based trade war between the world’s major economies, stated the International Monetary Fund (IMF) according to a detailed report by the BBC.

The world economy might contract by the size of the combined French and German economies, if there is a broad-based trade war between the world’s major economies, stated the International Monetary Fund (IMF) according to a detailed report by the BBC. The BBC report detailed further that, it comes as concerns are heightened ahead of the possible re-election of Donald Trump. Trump says he plans to introduce a universal tax or tariff of up to 20 per cent on all imports into the US, while the European Union is already planning retaliation if Washington goes ahead with the new levy. Brief details about Gita Gopinath Gita Gopinath is the First Deputy Managing Director of the International Monetary Fund (IMF) as of January 21, 2022. In that role, she oversees the work of staff, represents the Fund at multilateral forums, and maintains high-level contacts with member governments and Board members, the media, and other institutions. She also leads the Fund’s work on surveillance and related policies and oversees research and flagship publications. Gopinath previously served as the Chief Economist of the Fund from 2019-22. Trump again raised tariff talk Further, last week, Trump said “tariff is the most beautiful word in the dictionary”, and global markets and finance ministers are now beginning to take seriously the prospect of him enacting the ideas, the BBC report elaborated further. IMF Deputy Managing Director Gita Gopinath said the Fund could not yet assess the specifics of Trump's trade plans, but thinks that “if you have some very serious decoupling and broad scale use of tariffs, you could end up with a loss to world GDP of close to 7 per cent". "These are very large numbers, 7 per cent is basically losing the French and German economies. That's the size of the loss that would be," she continued. Ms Gopinath also said tariffs worth hundreds of billions of dollars “is very different from the world we’ve lived in over the past two of three decades”. The IMF’s deputy chief further stated that another of the Fund’s main messages at its Annual Meetings was to warn on ballooning levels of global government debt. She said the current period of steady economic growth was a “moment to rebuild your fiscal buffers” as “this will not be the last crisis. There will be additional shocks. You will need the fiscal space to respond. And now is the time to do it”.. Important to look at the bright side Ms Gopinath said it was also necessary to “look at the bright side” with a resilient world economy after “some very tough knocks”. She suggested the world economy had seen a soft landing from the multiple crises. “Past experiences with bringing down inflation have not been with a soft landing. It was a big, big increases in unemployment. So that was a big hit, and it has turned out to be much better than many feared”, she said. Ms Gopinath added that it was a “good win” for central banks everywhere that inflation has come down without high unemployment. But that now was the time to rebuild resilience in a challenging economic outlook. Hence, focus of investors and market participants will shift towards the issues highlighted by the Deputy Managing Director of IMF, Gita Gopinath and it will help them in taking better investment decisions.

IMF warns world to avoid trade war as it could dent global economy

Taiwan Semiconductor Manufacturing Co. (TSMC) has suspended shipments to a client after discovering that chips it produced for them were used in products by Huawei Technologies Co., potentially violating US sanctions aimed at restricting technology flow to the Chinese tech giant as detailed in a report by Bloomberg.

In mid-October, TSMC learned that semiconductors intended for a particular customer had made their way into Huawei's offerings. A source with direct knowledge of the situation, who requested anonymity due to the sensitive nature of the matter, stated that TSMC has informed both US and Taiwanese authorities and is conducting a detailed investigation, the Bloomberg report detailed further.

The exact identity of the TSMC client still remains unclear, including whether they were acting on Huawei's behalf and their geographic location. This incident has drawn renewed attention following reports, including from The Information, that US officials recently contacted TSMC to inquire about any chip production for the blacklisted Chinese company.

This development raises critical questions about how Huawei, which is often viewed as China's leading contender in the semiconductor sector, obtained advanced chips. TechInsights, a research firm, recently identified TSMC-manufactured processors in Huawei's new AI servers.

Since being placed on a sanctions list in 2020, Huawei has been prohibited from sourcing chips from TSMC and similar companies without obtaining a US government license. Over the past year, Huawei has turned to local partner Semiconductor Manufacturing International Corp. (SMIC) for chip production, including a 7-nanometer chip introduced in a Huawei smartphone last August. However, US officials have raised concerns about SMIC's capacity to produce 7-nm chips at scale.

While TSMC asserts that it ceased all shipments to Huawei after September 15, 2020, the recent findings complicate this narrative. A TSMC representative declined to comment further on the situation, while Huawei's spokesperson had no immediate response to Bloomberg's inquiries. A US Commerce Department representative acknowledged awareness of reports suggesting potential violations of export controls.

TSMC emphasised its commitment to complying with all applicable laws and regulations, including export controls, and stated that it has been in proactive communication with the US Commerce Department regarding the situation. Meanwhile, Huawei reiterated that it has not produced any chips through TSMC since the US amendments targeting the company in 2020.

Republican Representative John Moolenaar, who chairs the House China Select Committee, described the revelation of TSMC-made chips in Huawei devices as a "catastrophic failure" of US export control policy, calling for urgent clarity from both TSMC and the Bureau of Industry and Security (BIS) regarding the extent of this issue.

Taiwan's Minister of Economic Affairs, J.W. Kuo, stated that the country respects US export control measures and will fully communicate this to TSMC. In mid-October, BIS officials met with TSMC executives to discuss supply chain issues, including the potential for third-party distributors to provide restricted technology access to China. 

The growing demand for AI accelerators, essential for developing artificial intelligence models, makes this issue particularly pressing, as leading firms like Nvidia rely on TSMC for their cutting-edge products, which are heavily restricted from being exported to China.

Taiwan Semiconductor Manufacturing Co. (TSMC) has suspended shipments to a client after discovering that chips it produced for them were used in products by Huawei Technologies Co.

Taiwan Semiconductor Manufacturing Co. (TSMC) has suspended shipments to a client after discovering that chips it produced for them were used in products by Huawei Technologies Co., potentially violating US sanctions aimed at restricting technology flow to the Chinese tech giant as detailed in a report by Bloomberg. In mid-October, TSMC learned that semiconductors intended for a particular customer had made their way into Huawei's offerings. A source with direct knowledge of the situation, who requested anonymity due to the sensitive nature of the matter, stated that TSMC has informed both US and Taiwanese authorities and is conducting a detailed investigation, the Bloomberg report detailed further. The exact identity of the TSMC client still remains unclear, including whether they were acting on Huawei's behalf and their geographic location. This incident has drawn renewed attention following reports, including from The Information, that US officials recently contacted TSMC to inquire about any chip production for the blacklisted Chinese company. This development raises critical questions about how Huawei, which is often viewed as China's leading contender in the semiconductor sector, obtained advanced chips. TechInsights, a research firm, recently identified TSMC-manufactured processors in Huawei's new AI servers. Since being placed on a sanctions list in 2020, Huawei has been prohibited from sourcing chips from TSMC and similar companies without obtaining a US government license. Over the past year, Huawei has turned to local partner Semiconductor Manufacturing International Corp. (SMIC) for chip production, including a 7-nanometer chip introduced in a Huawei smartphone last August. However, US officials have raised concerns about SMIC's capacity to produce 7-nm chips at scale. While TSMC asserts that it ceased all shipments to Huawei after September 15, 2020, the recent findings complicate this narrative. A TSMC representative declined to comment further on the situation, while Huawei's spokesperson had no immediate response to Bloomberg's inquiries. A US Commerce Department representative acknowledged awareness of reports suggesting potential violations of export controls. TSMC emphasised its commitment to complying with all applicable laws and regulations, including export controls, and stated that it has been in proactive communication with the US Commerce Department regarding the situation. Meanwhile, Huawei reiterated that it has not produced any chips through TSMC since the US amendments targeting the company in 2020. Republican Representative John Moolenaar, who chairs the House China Select Committee, described the revelation of TSMC-made chips in Huawei devices as a "catastrophic failure" of US export control policy, calling for urgent clarity from both TSMC and the Bureau of Industry and Security (BIS) regarding the extent of this issue. Taiwan's Minister of Economic Affairs, J.W. Kuo, stated that the country respects US export control measures and will fully communicate this to TSMC. In mid-October, BIS officials met with TSMC executives to discuss supply chain issues, including the potential for third-party distributors to provide restricted technology access to China. The growing demand for AI accelerators, essential for developing artificial intelligence models, makes this issue particularly pressing, as leading firms like Nvidia rely on TSMC for their cutting-edge products, which are heavily restricted from being exported to China.

TSMC halts client shipments after chips found in Huawei devices

Tesla shares saw a 12 per cent jump after the company reported its third-quarter earnings on Wednesday. The electric-car manufacturer was able to bounce back from a tough second quarter, beating Wall Street expectations for earnings per share. The company reported an earnings-per-share of $0.72, surpassing the projection of investors that was $0.60 as detailed in a report by The Guardian.

The Guardian report further stated that, at the end of the second quarter, Tesla’s chief executive, Elon Musk, said the nearly 50 per cent drop in profits was temporary and due to challenges competing with cheaper or price-slashed electric vehicles by rival companies such as BYD. “We don’t see this as a long-term issue,” Musk said in July, “but really fairly short term.”

Tesla delivered slightly under-expected revenue, however. The company reported $25.18 billion in revenue at the end of the third quarter, just missing Wall Street revenue projections of $25.43 billion.

Tesla press release post-earnings<o:p></o:p>

“Despite sustained macroeconomic headwinds and others pulling back on EV investments, we remain focused on expanding our vehicle and energy product lineup, reducing costs and making critical investments in AI projects and production capacity,” the company said in a press release.

The release further stated that, “We believe these efforts will allow us to capitalise on the ongoing transition in the transportation and energy sectors.”

Further, on the earnings call on October 23, Musk said that Tesla has had a record third quarter and believes Tesla will become the most profitable company in the world if they execute on their plans.

“Tesla is focused on the future of energy, transport, robotics and AI and this is a time where others are focused on just managing on near terms,” Musk said. “We think what we’re doing is the right approach and if we execute on our objectives, and I think we will, my prediction is Tesla will become the most valuable company in the world, probably by a long shot.”

He also stated that he currently doesn’t know of any electric vehicle manufacturer that is profitable.

Tesla delivered 462,890 vehicles at the end of the third quarter, up from 443,956 in the second quarter. Investors and market participants will be looking to hear more about whether the company is on track to match its 2023 vehicle deliveries of 1.8 million units.

The company said that it expected slight growth in vehicle deliveries by the end of the year. Dan Ives, of financial services firm Wedbush Securities according to the Guardian report, remains confident. Meeting that goal will be “a solid feat given the extensive white-knuckle moments seen throughout the first half of the year”, he said in a note to investors.

Market participants and investors will also be looking for more information about the company’s robotaxis following a disappointing launch event. After unveiling the company’s much-hyped robotaxi earlier this month with scant details, Tesla shares dropped by just under 9 per cent and wiped more than $60bn from the company’s value. 

Demand for electric vehicles continues to rise<o:p></o:p>

It is important to note that overall demand for electric vehicles (EV) continues to increase, however. US EV market share hit an all-time high at 8.3 per cent, up from 7.5 per cent in the same quarter of 2023, according to Edmunds.

Musk is facing legal scrutiny elsewhere as well the report detailed further. The European Union (EU) is considering fining X based on total sales by SpaceX, Neuralink, xAI and the Boring Company. The bloc has alleged that the social media company failed to address illegal content and disinformation on its platform. Fines can be as much as 6 per cent of the yearly revenue of a company. Tesla will likely be exempt from that fine, however, as it is a public company and not wholly owned by Musk. Market participants and investors will follow these important events and take informed investment decisions based on the same.

<o:p>&nbsp;</o:p>

Tesla shares saw a 12 per cent jump after the company reported its third-quarter earnings on Wednesday. The electric-car manufacturer was able to bounce back from a tough second quarter, beating Wall Street expectations for earnings per share.

Tesla shares saw a 12 per cent jump after the company reported its third-quarter earnings on Wednesday. The electric-car manufacturer was able to bounce back from a tough second quarter, beating Wall Street expectations for earnings per share. The company reported an earnings-per-share of $0.72, surpassing the projection of investors that was $0.60 as detailed in a report by The Guardian. The Guardian report further stated that, at the end of the second quarter, Tesla’s chief executive, Elon Musk, said the nearly 50 per cent drop in profits was temporary and due to challenges competing with cheaper or price-slashed electric vehicles by rival companies such as BYD. “We don’t see this as a long-term issue,” Musk said in July, “but really fairly short term.” Tesla delivered slightly under-expected revenue, however. The company reported $25.18 billion in revenue at the end of the third quarter, just missing Wall Street revenue projections of $25.43 billion. Tesla press release post-earnings “Despite sustained macroeconomic headwinds and others pulling back on EV investments, we remain focused on expanding our vehicle and energy product lineup, reducing costs and making critical investments in AI projects and production capacity,” the company said in a press release. The release further stated that, “We believe these efforts will allow us to capitalise on the ongoing transition in the transportation and energy sectors.” Further, on the earnings call on October 23, Musk said that Tesla has had a record third quarter and believes Tesla will become the most profitable company in the world if they execute on their plans. “Tesla is focused on the future of energy, transport, robotics and AI and this is a time where others are focused on just managing on near terms,” Musk said. “We think what we’re doing is the right approach and if we execute on our objectives, and I think we will, my prediction is Tesla will become the most valuable company in the world, probably by a long shot.” He also stated that he currently doesn’t know of any electric vehicle manufacturer that is profitable. Tesla delivered 462,890 vehicles at the end of the third quarter, up from 443,956 in the second quarter. Investors and market participants will be looking to hear more about whether the company is on track to match its 2023 vehicle deliveries of 1.8 million units. The company said that it expected slight growth in vehicle deliveries by the end of the year. Dan Ives, of financial services firm Wedbush Securities according to the Guardian report, remains confident. Meeting that goal will be “a solid feat given the extensive white-knuckle moments seen throughout the first half of the year”, he said in a note to investors. Market participants and investors will also be looking for more information about the company’s robotaxis following a disappointing launch event. After unveiling the company’s much-hyped robotaxi earlier this month with scant details, Tesla shares dropped by just under 9 per cent and wiped more than $60bn from the company’s value. Demand for electric vehicles continues to rise It is important to note that overall demand for electric vehicles (EV) continues to increase, however. US EV market share hit an all-time high at 8.3 per cent, up from 7.5 per cent in the same quarter of 2023, according to Edmunds. Musk is facing legal scrutiny elsewhere as well the report detailed further. The European Union (EU) is considering fining X based on total sales by SpaceX, Neuralink, xAI and the Boring Company. The bloc has alleged that the social media company failed to address illegal content and disinformation on its platform. Fines can be as much as 6 per cent of the yearly revenue of a company. Tesla will likely be exempt from that fine, however, as it is a public company and not wholly owned by Musk. Market participants and investors will follow these important events and take informed investment decisions based on the same.

Tesla shares rise in third-quarter earnings even as expected revenue is lower

An escalation of trade and tariffs tensions between the US and China would have “costly” economic consequences around the world, Gita Gopinath, deputy managing director of the International Monetary Fund stated in a conversation with CNBC on October 23. This advice comes amid the ongoing trade tensions between the US and China.

“We are seeing geopolitically driven trade around the world, which is why when you look at overall trade to GDP that’s holding up fine, but who’s trading with whom is certainly changing,” she said. The US and China are trading with one another less, and some parts of their trade are being re-routed through other countries, she added.

Trade tensions between the US and China and the European Union and China have been mounting this year, with both the US and EU implementing higher tariffs on some Chinese goods over what they claim are unfair trade practices from Beijing.

China has also announced higher temporary tariffs on some imports from the EU as the tit-for-tat measures continue. If tariffs were escalated, modelling from the IMF suggests it would be “costly for everybody,” Gopinath told CNBC on the sidelines of the agency’s annual meeting in Washington. “Output is going to be much lower than what we are projecting for all countries in the world, there’s going to be inflation pressure, so that’s not the direction in which we should be going,” she explained.

Gopinath’s comments come after IMF Managing Director Kristalina Georgieva said last week that international trade would no longer be the “engine of growth” it once was, and that “retaliatory” trade measures could hurt those imposing them as much as their targets.

Tim Adams, CEO of the Institute of International Finance, also warned Wednesday that tariff proposals from US presidential candidate Donald Trump would interrupt the path of disinflation and could lead to higher interest rates.

The IMF’s Gopinath said it would benefit both the US and China to have “good working relations,” noting that this was also important for the rest of the world. It is “in everyone’s self-interest that these relationships are maintained,” she said.

The IMF warned in its recent World Economic Outlook report that increasing protectionist policies were a downside risk to growth. “A broad-based retreat from a rules-based global trading system is prompting many countries to take unilateral actions. Not only would an intensification of protectionist policies exacerbate global trade tensions and disrupt global supply chains, but it could also weigh down medium-term growth prospects,” the report said.

An escalation of trade and tariffs tensions between the US and China would have “costly” economic consequences around the world, Gita Gopinath, deputy managing director of the International Monetary Fund stated in a conversation with CNBC on October 23.

An escalation of trade and tariffs tensions between the US and China would have “costly” economic consequences around the world, Gita Gopinath, deputy managing director of the International Monetary Fund stated in a conversation with CNBC on October 23. This advice comes amid the ongoing trade tensions between the US and China. “We are seeing geopolitically driven trade around the world, which is why when you look at overall trade to GDP that’s holding up fine, but who’s trading with whom is certainly changing,” she said. The US and China are trading with one another less, and some parts of their trade are being re-routed through other countries, she added. Trade tensions between the US and China and the European Union and China have been mounting this year, with both the US and EU implementing higher tariffs on some Chinese goods over what they claim are unfair trade practices from Beijing. China has also announced higher temporary tariffs on some imports from the EU as the tit-for-tat measures continue. If tariffs were escalated, modelling from the IMF suggests it would be “costly for everybody,” Gopinath told CNBC on the sidelines of the agency’s annual meeting in Washington. “Output is going to be much lower than what we are projecting for all countries in the world, there’s going to be inflation pressure, so that’s not the direction in which we should be going,” she explained. Gopinath’s comments come after IMF Managing Director Kristalina Georgieva said last week that international trade would no longer be the “engine of growth” it once was, and that “retaliatory” trade measures could hurt those imposing them as much as their targets. Tim Adams, CEO of the Institute of International Finance, also warned Wednesday that tariff proposals from US presidential candidate Donald Trump would interrupt the path of disinflation and could lead to higher interest rates. The IMF’s Gopinath said it would benefit both the US and China to have “good working relations,” noting that this was also important for the rest of the world. It is “in everyone’s self-interest that these relationships are maintained,” she said. The IMF warned in its recent World Economic Outlook report that increasing protectionist policies were a downside risk to growth. “A broad-based retreat from a rules-based global trading system is prompting many countries to take unilateral actions. Not only would an intensification of protectionist policies exacerbate global trade tensions and disrupt global supply chains, but it could also weigh down medium-term growth prospects,” the report said.

US, China trade tariffs escalating would be ‘costly for everybody': IMF

Boeing machinists have overwhelmingly rejected a proposed labour contract, prolonging a strike that has already lasted more than five weeks and brought most of the company's aircraft production to a standstill in the Seattle area. The contract, which promised a 35 per cent wage increase over four years, was voted down by 64 per cent of union members, according to the International Association of Machinists and Aerospace Workers (IAM) as detailed in a report by CNBC.

This rejection represents a significant setback for Boeing, which recently reported its largest quarterly loss since 2020, totalling $6 billion, and warned that it will continue to experience cash flow issues through 2025, the CNBC report mentioned further. The ongoing strike is estimated to cost the company around $1 billion each month, highlighting the financial strain caused by the labour dispute.

Boeing’s new CEO, Kelly Ortberg, has emphasised the importance of resolving the strike as a priority for the company’s recovery, particularly in light of its recent safety and quality challenges. "My focus is getting everybody looking forward, getting them back to work, and improving that relationship," Ortberg stated during an interview on CNBC, expressing a desire to return to normal operations.

The machinists, numbering over 32,000 in the Puget Sound region, Oregon, and beyond, initially walked off the job on September 13 after rejecting a prior agreement that proposed a 25 per cent raise. Their union had initially sought a 40 per cent wage increase, reflecting the rising cost of living in the region.

The latest contract proposal included not only a 35 per cent wage increase but also enhanced 401(k) contributions, a $7,000 bonus, and other benefits. However, the absence of a pension plan, a point of contention following the loss of their previous plan in 2014, remained a sticking point.

In a bid to appease union members, Boeing committed to producing its next aircraft in the Pacific Northwest, reversing a previous decision to move 787 Dreamliner production to a non-union facility in South Carolina. Despite these concessions, Jon Holden, president of IAM District 751, noted at a press conference that the union felt the latest offer did not adequately meet their members' demands. He indicated a willingness to return to negotiations.

The strike's ramifications extend beyond Boeing, affecting its extensive supply chain, which remains vulnerable in the post-pandemic landscape. Spirit AeroSystems, a key supplier, recently announced plans to furlough approximately 700 workers, warning of potential layoffs if the strike continues.

This labor unrest adds to Boeing's series of challenges, which include increased regulatory scrutiny following a midair incident involving the 737 Max 9. As Boeing works to ramp up production amidst these difficulties, the outcome of this labor dispute remains critical to its future stability and growth.

Boeing machinists have overwhelmingly rejected a proposed labour contract, prolonging a strike that has already lasted more than five weeks and brought most of the company's aircraft production to a standstill in the Seattle area.

Boeing machinists have overwhelmingly rejected a proposed labour contract, prolonging a strike that has already lasted more than five weeks and brought most of the company's aircraft production to a standstill in the Seattle area. The contract, which promised a 35 per cent wage increase over four years, was voted down by 64 per cent of union members, according to the International Association of Machinists and Aerospace Workers (IAM) as detailed in a report by CNBC. This rejection represents a significant setback for Boeing, which recently reported its largest quarterly loss since 2020, totalling $6 billion, and warned that it will continue to experience cash flow issues through 2025, the CNBC report mentioned further. The ongoing strike is estimated to cost the company around $1 billion each month, highlighting the financial strain caused by the labour dispute. Boeing’s new CEO, Kelly Ortberg, has emphasised the importance of resolving the strike as a priority for the company’s recovery, particularly in light of its recent safety and quality challenges. "My focus is getting everybody looking forward, getting them back to work, and improving that relationship," Ortberg stated during an interview on CNBC, expressing a desire to return to normal operations. The machinists, numbering over 32,000 in the Puget Sound region, Oregon, and beyond, initially walked off the job on September 13 after rejecting a prior agreement that proposed a 25 per cent raise. Their union had initially sought a 40 per cent wage increase, reflecting the rising cost of living in the region. The latest contract proposal included not only a 35 per cent wage increase but also enhanced 401(k) contributions, a $7,000 bonus, and other benefits. However, the absence of a pension plan, a point of contention following the loss of their previous plan in 2014, remained a sticking point. In a bid to appease union members, Boeing committed to producing its next aircraft in the Pacific Northwest, reversing a previous decision to move 787 Dreamliner production to a non-union facility in South Carolina. Despite these concessions, Jon Holden, president of IAM District 751, noted at a press conference that the union felt the latest offer did not adequately meet their members' demands. He indicated a willingness to return to negotiations. The strike's ramifications extend beyond Boeing, affecting its extensive supply chain, which remains vulnerable in the post-pandemic landscape. Spirit AeroSystems, a key supplier, recently announced plans to furlough approximately 700 workers, warning of potential layoffs if the strike continues. This labor unrest adds to Boeing's series of challenges, which include increased regulatory scrutiny following a midair incident involving the 737 Max 9. As Boeing works to ramp up production amidst these difficulties, the outcome of this labor dispute remains critical to its future stability and growth.

Boeing machinists vote down contract, extending strike and production halt

Pakistan is focusing to finalise both the delayed privatisation of its flag carrier and the outsourcing of Islamabad's international airport in November, the country's finance minister said on October 23, according to a detailed report by Agence France-Presse (AFP).

Muhammad Aurangzeb, who took office earlier this year, spoke to AFP at the World Bank's headquarters in Washington, where he is attending the annual meetings of the International Monetary Fund and the World Bank. During an earlier interview with AFP in April 2024, Aurangzeb had stated that he hoped the privatisation of the government-owned Pakistan International Airlines (PIA) could be completed by June 2024. Still, the process got delayed.

Speaking On October 23, the finance minister stated that the five-month delay was due to two factors: ensuring macroeconomic stability, and doing the proper due diligence of the interested parties. "The reality is, when any foreign investor comes in, or even the local investor, who are going to put in a substantial amount of money, they want to ensure that the foundation is there," he said, referring to macroeconomic factors.

Aurangzeb further noted that potential bidders for both PIA and Islamabad airport also required scrutiny, is another factor in the delay. "Therefore it's ultimately the cabinet which approved the extension in the timelines so people can do their due diligence before they make these submissions," he mentioned.

Pakistan was nearly on the brink of default<o:p></o:p>

Aurangzeb said Pakistan had been behind on existing profit and dividend repayments when the current government took office, and had taken steps to remedy that after making progress on macroeconomic stability.

The country was nearly on the brink of default last year as the economy shrank amid political chaos following catastrophic 2022 monsoon floods and decades of mismanagement, along with a global economic downturn.

Inflation in the country peaked at 38 per cent but has since dropped to less than 7 per cent, after the central bank maintained sky-high interest rates, amid other government tightening measures, including import bans to preserve foreign exchange.

Past month, the IMF approved a $7 billion loan, Pakistan's 24th such payout from the multilateral lender since 1958. Aurangzeb touted progress on the country's current account deficit and the stabilisation of the Pakistani rupee, which has depreciated against the US dollar by about 65 per cent since 2020.

"In May and June on the back of this macroeconomic stability and building up on our reserves, we paid more than $2 billion to our existing international investors," he explained. Pakistan's gross public debt currently stands at 69 per cent of GDP, according to the IMF, or roughly $258 billion.

Tax collection has hit a saturation point <o:p></o:p>

Alongside privatizing state-owned enterprises (SOEs), Pakistan's IMF deal also rests on increasing its tax base and reforming the country's power sector. Aurangzeb told AFP there was a common theme between all three major issues.

"Tax, power, SOE: There's leakage, there's theft, there's corruption, right?" he said. "And we have to deal with all of that."

But he dismissed media reports that the government was not serious about broadening its tax base, saying that the tax take had risen by 29 per cent in the last fiscal year, which overlapped with a prior caretaker government and was targeted to rise by a further 40 per cent in the current fiscal year.

In a nation of more than 240 million people where most jobs are in the informal sector, only 5.2 million filed income tax returns in 2022.

"People who are not paying up, they need to start paying for the simple reason that we have reached a saturation point of the people who are paying," he said.

"The salaried class, the manufacturing industry, reached a saturation point. And this cannot go forward," he added. The government was also committed to doing a better job of taxing certain sectors of the economy, he said, naming real estate, retail, retail distributors, and agriculture.

These changes are expected to bring positive results for the economy of the nation and help it in bringing its debt down.

<o:p>&nbsp;</o:p>

<o:p>&nbsp;</o:p>

Pakistan is focusing to finalise both the delayed privatisation of its flag carrier and the outsourcing of Islamabad's international airport in November, the country's finance minister said on October 23, according to a detailed report by Agence France-Presse (AFP).

Pakistan is focusing to finalise both the delayed privatisation of its flag carrier and the outsourcing of Islamabad's international airport in November, the country's finance minister said on October 23, according to a detailed report by Agence France-Presse (AFP). Muhammad Aurangzeb, who took office earlier this year, spoke to AFP at the World Bank's headquarters in Washington, where he is attending the annual meetings of the International Monetary Fund and the World Bank. During an earlier interview with AFP in April 2024, Aurangzeb had stated that he hoped the privatisation of the government-owned Pakistan International Airlines (PIA) could be completed by June 2024. Still, the process got delayed. Speaking On October 23, the finance minister stated that the five-month delay was due to two factors: ensuring macroeconomic stability, and doing the proper due diligence of the interested parties. "The reality is, when any foreign investor comes in, or even the local investor, who are going to put in a substantial amount of money, they want to ensure that the foundation is there," he said, referring to macroeconomic factors. Aurangzeb further noted that potential bidders for both PIA and Islamabad airport also required scrutiny, is another factor in the delay. "Therefore it's ultimately the cabinet which approved the extension in the timelines so people can do their due diligence before they make these submissions," he mentioned. Pakistan was nearly on the brink of default Aurangzeb said Pakistan had been behind on existing profit and dividend repayments when the current government took office, and had taken steps to remedy that after making progress on macroeconomic stability. The country was nearly on the brink of default last year as the economy shrank amid political chaos following catastrophic 2022 monsoon floods and decades of mismanagement, along with a global economic downturn. Inflation in the country peaked at 38 per cent but has since dropped to less than 7 per cent, after the central bank maintained sky-high interest rates, amid other government tightening measures, including import bans to preserve foreign exchange. Past month, the IMF approved a $7 billion loan, Pakistan's 24th such payout from the multilateral lender since 1958. Aurangzeb touted progress on the country's current account deficit and the stabilisation of the Pakistani rupee, which has depreciated against the US dollar by about 65 per cent since 2020. "In May and June on the back of this macroeconomic stability and building up on our reserves, we paid more than $2 billion to our existing international investors," he explained. Pakistan's gross public debt currently stands at 69 per cent of GDP, according to the IMF, or roughly $258 billion. Tax collection has hit a saturation point Alongside privatizing state-owned enterprises (SOEs), Pakistan's IMF deal also rests on increasing its tax base and reforming the country's power sector. Aurangzeb told AFP there was a common theme between all three major issues. "Tax, power, SOE: There's leakage, there's theft, there's corruption, right?" he said. "And we have to deal with all of that." But he dismissed media reports that the government was not serious about broadening its tax base, saying that the tax take had risen by 29 per cent in the last fiscal year, which overlapped with a prior caretaker government and was targeted to rise by a further 40 per cent in the current fiscal year. In a nation of more than 240 million people where most jobs are in the informal sector, only 5.2 million filed income tax returns in 2022. "People who are not paying up, they need to start paying for the simple reason that we have reached a saturation point of the people who are paying," he said. "The salaried class, the manufacturing industry, reached a saturation point. And this cannot go forward," he added. The government was also committed to doing a better job of taxing certain sectors of the economy, he said, naming real estate, retail, retail distributors, and agriculture. These changes are expected to bring positive results for the economy of the nation and help it in bringing its debt down.

Pakistan aims to privatize flag carrier in November: Finance Minister

India is grappling with a significant skills gap among its young workforce, a challenge that Finance Minister Nirmala Sitharaman addressed during her recent visit to New York. Speaking at an event hosted by The Economic Club of New York, she emphasised the urgent need for enhancing employability through improved skill sets tailored to meet the demands of the job market as detailed in a report by Bloomberg.

Sitharaman stated, "The biggest challenge that we had is the employability level or the skill set which is so required." She pointed out that many businesses report that graduate students often lack the necessary skills to be effective in their roles. "For being employed, they need something more and it is that gap that the government of India is trying to now fill," she added.

The finance minister's remarks come at a time when India is focusing on skilling initiatives aimed at bridging this gap. With a vast young population, enhancing employability through targeted training and education has become a priority for the government, the Bloomberg report added further.

Navigating global economic challenges<o:p></o:p>

In addition to addressing domestic concerns, Sitharaman spoke about the broader global economic landscape and its implications for India. She noted that while previous decades were characterised by broad multilateral trade, the future will likely be shaped by strategic economic partnerships. "India is well-poised to take advantage of this transition," she asserted.

As nations re-evaluate their supply chains in response to geopolitical shifts, India aims to position itself as a key partner for countries looking to diversify their sources of goods and services. This strategic pivot could provide significant opportunities for Indian businesses and enhance the country's role in global trade.

During her visit, Sitharaman chaired the Tech Leaders Roundtable and engaged with leaders from various sectors, including a discussion on investment opportunities at the New York Stock Exchange. She also participated in a fireside chat with IBM Chairman and CEO Arvind Krishna, focusing on India's ongoing economic reforms and growth trajectory.

Addressing global uncertainties<o:p></o:p>

Sitharaman did not shy away from discussing the multiple global challenges currently facing economies worldwide. She highlighted issues such as ongoing conflicts in West Asia and Ukraine, potential dollar liquidity shocks, trade wars, and rising oil prices. These factors, coupled with China's growing influence, necessitate a protective approach towards domestic production. To grow nations will have to work in a strategic and planned manner.

In her discussions with Citibank CEO Jane Fraser, Sitharaman explored the future of India's banking sector in light of recent reforms. They also delved into the role of artificial intelligence in critical areas such as agriculture and urban development, showcasing India's potential as a burgeoning hub for pharmaceuticals and technology.

Looking ahead<o:p></o:p>

Following her engagements in New York, Sitharaman is set to head to Washington, DC, for the Annual Meetings of the International Monetary Fund (IMF) and World Bank. She will also participate in discussions involving G20 Finance Ministers and Central Bank Governors.

As India continues to tackle its skills gap issue amidst shifting global dynamics, the government's proactive approach may pave the way for enhanced employability and economic resilience in an increasingly competitive landscape.

<o:p>&nbsp;</o:p>

<o:p>&nbsp;</o:p>

India is grappling with a significant skills gap among its young workforce, a challenge that Finance Minister Nirmala Sitharaman addressed during her recent visit to New York.

India is grappling with a significant skills gap among its young workforce, a challenge that Finance Minister Nirmala Sitharaman addressed during her recent visit to New York. Speaking at an event hosted by The Economic Club of New York, she emphasised the urgent need for enhancing employability through improved skill sets tailored to meet the demands of the job market as detailed in a report by Bloomberg. Sitharaman stated, "The biggest challenge that we had is the employability level or the skill set which is so required." She pointed out that many businesses report that graduate students often lack the necessary skills to be effective in their roles. "For being employed, they need something more and it is that gap that the government of India is trying to now fill," she added. The finance minister's remarks come at a time when India is focusing on skilling initiatives aimed at bridging this gap. With a vast young population, enhancing employability through targeted training and education has become a priority for the government, the Bloomberg report added further. Navigating global economic challenges In addition to addressing domestic concerns, Sitharaman spoke about the broader global economic landscape and its implications for India. She noted that while previous decades were characterised by broad multilateral trade, the future will likely be shaped by strategic economic partnerships. "India is well-poised to take advantage of this transition," she asserted. As nations re-evaluate their supply chains in response to geopolitical shifts, India aims to position itself as a key partner for countries looking to diversify their sources of goods and services. This strategic pivot could provide significant opportunities for Indian businesses and enhance the country's role in global trade. During her visit, Sitharaman chaired the Tech Leaders Roundtable and engaged with leaders from various sectors, including a discussion on investment opportunities at the New York Stock Exchange. She also participated in a fireside chat with IBM Chairman and CEO Arvind Krishna, focusing on India's ongoing economic reforms and growth trajectory. Addressing global uncertainties Sitharaman did not shy away from discussing the multiple global challenges currently facing economies worldwide. She highlighted issues such as ongoing conflicts in West Asia and Ukraine, potential dollar liquidity shocks, trade wars, and rising oil prices. These factors, coupled with China's growing influence, necessitate a protective approach towards domestic production. To grow nations will have to work in a strategic and planned manner. In her discussions with Citibank CEO Jane Fraser, Sitharaman explored the future of India's banking sector in light of recent reforms. They also delved into the role of artificial intelligence in critical areas such as agriculture and urban development, showcasing India's potential as a burgeoning hub for pharmaceuticals and technology. Looking ahead Following her engagements in New York, Sitharaman is set to head to Washington, DC, for the Annual Meetings of the International Monetary Fund (IMF) and World Bank. She will also participate in discussions involving G20 Finance Ministers and Central Bank Governors. As India continues to tackle its skills gap issue amidst shifting global dynamics, the government's proactive approach may pave the way for enhanced employability and economic resilience in an increasingly competitive landscape.

India's main challenge is skills gap for young workforce, says FM Nirmala Sitharaman

The International Monetary Fund (IMF) has announced a significant update regarding the global economy's ongoing battle against inflation. In a recent report, the IMF stated that while the fight against inflation is "almost won," several emerging risks could threaten this progress.

The findings come as global inflation rates are projected to decline, yet concerns about geopolitical tensions and economic slowdowns in key markets remain prevalent as detailed in a report by CNBC.

Inflation rates on the decline<o:p></o:p>

According to the IMF's latest forecasts, global headline inflation will fall to 3.5 per cent on an annual basis by the end of 2025, from an average 5.8 per cent in 2024, the agency said in its World Economic Outlook released on October 22.

“The global battle against inflation is almost won,” the IMF report stated, even as it called for “a policy triple pivot” to address interest rates, government spending, and reforms and investment to boost productivity.

Inflation peaked at a year-over-year rate of 9.4 per cent in the third quarter of 2022. The year-end 2025 rate is slightly below the average annual rise in prices in the two decades before the Covid-19 pandemic. This positive trend is largely attributed to tighter monetary policies implemented by central banks worldwide, which have begun to show results in curbing rising prices.

Pierre-Olivier Gourinchas, the IMF's chief economist, expressed optimism about the global economy's trajectory. He noted that advanced economies, particularly the United States and the Eurozone, are expected to lead this recovery, the CNBC report detailed further.

The US economy has already surpassed its pre-pandemic growth levels, while the Eurozone shows promising signs of recovery after a challenging period. He further stated that, “Despite the good news on inflation, downside risks are increasing and now dominate the outlook.”

Emerging risks threatening progress<o:p></o:p>

Despite these optimistic projections, Gourinchas warned of several downside risks that could hinder economic stability. Notably, China's economic performance has been under scrutiny due to ongoing challenges in its property market and consumer confidence issues. The IMF highlighted that any slowdown in China could have ripple effects on global trade partners.

Other risks include potential price spikes driven by geopolitical tensions and trade disputes. As central banks navigate these complexities, they must also manage interest rates carefully to avoid stifling growth or allowing inflation to resurge.

The global growth estimate for 2024 and 2025 according to the fund is expected to be 3.2 per cent. IMF believes that this rate is stable but still remains underwhelming. The United States is now forecast to see faster growth, along with strong expansions are also likely in emerging Asian economies as a result of robust artificial intelligence-related investments.

Still, the IMF lowered its outlook for other advanced economies, notably the largest European nations, as well as several emerging markets, blaming escalating global conflicts and ensuing risk to commodity prices.

The report underlines the importance of fiscal policy adjustments as countries strive for sustainable growth. Gourinchas emphasised that while central banks are crucial in managing inflation, governments must also focus on medium-term fiscal consolidation to ensure budgetary flexibility and sustainable debt levels.

Looking ahead: A cautious optimism<o:p></o:p>

While the IMF's five-year forecast projects global growth at a modest 3.1 per cent, representing the lowest level in decades, there are reasons for cautious optimism. The anticipated decline in inflation rates could provide a more stable environment for investment and consumer spending. It is important to note that, structural headwinds such as low productivity and aging populations are also limiting growth prospects.

The report also identifies potential growth drivers such as advancements in technology and looser fiscal policies that could bolster economic activity moving forward. However, as central banks deliberate on future interest rate adjustments, their decisions will be pivotal in shaping the economic landscape.

Therefore, while the IMF's report indicates substantial progress in combating inflation globally, it also serves as a reminder of the numerous challenges that lie ahead. Policymakers must remain vigilant and adaptable to ensure sustained economic growth amidst evolving risks and uncertainties.

The International Monetary Fund (IMF) has announced a significant update regarding the global economy's ongoing battle against inflation. In a recent report, the IMF stated that while the fight against inflation is "almost won," several emerging risks could threaten this progress.

The International Monetary Fund (IMF) has announced a significant update regarding the global economy's ongoing battle against inflation. In a recent report, the IMF stated that while the fight against inflation is "almost won," several emerging risks could threaten this progress. The findings come as global inflation rates are projected to decline, yet concerns about geopolitical tensions and economic slowdowns in key markets remain prevalent as detailed in a report by CNBC. Inflation rates on the decline According to the IMF's latest forecasts, global headline inflation will fall to 3.5 per cent on an annual basis by the end of 2025, from an average 5.8 per cent in 2024, the agency said in its World Economic Outlook released on October 22. “The global battle against inflation is almost won,” the IMF report stated, even as it called for “a policy triple pivot” to address interest rates, government spending, and reforms and investment to boost productivity. Inflation peaked at a year-over-year rate of 9.4 per cent in the third quarter of 2022. The year-end 2025 rate is slightly below the average annual rise in prices in the two decades before the Covid-19 pandemic. This positive trend is largely attributed to tighter monetary policies implemented by central banks worldwide, which have begun to show results in curbing rising prices. Pierre-Olivier Gourinchas, the IMF's chief economist, expressed optimism about the global economy's trajectory. He noted that advanced economies, particularly the United States and the Eurozone, are expected to lead this recovery, the CNBC report detailed further. The US economy has already surpassed its pre-pandemic growth levels, while the Eurozone shows promising signs of recovery after a challenging period. He further stated that, “Despite the good news on inflation, downside risks are increasing and now dominate the outlook.” Emerging risks threatening progress Despite these optimistic projections, Gourinchas warned of several downside risks that could hinder economic stability. Notably, China's economic performance has been under scrutiny due to ongoing challenges in its property market and consumer confidence issues. The IMF highlighted that any slowdown in China could have ripple effects on global trade partners. Other risks include potential price spikes driven by geopolitical tensions and trade disputes. As central banks navigate these complexities, they must also manage interest rates carefully to avoid stifling growth or allowing inflation to resurge. The global growth estimate for 2024 and 2025 according to the fund is expected to be 3.2 per cent. IMF believes that this rate is stable but still remains underwhelming. The United States is now forecast to see faster growth, along with strong expansions are also likely in emerging Asian economies as a result of robust artificial intelligence-related investments. Still, the IMF lowered its outlook for other advanced economies, notably the largest European nations, as well as several emerging markets, blaming escalating global conflicts and ensuing risk to commodity prices. The report underlines the importance of fiscal policy adjustments as countries strive for sustainable growth. Gourinchas emphasised that while central banks are crucial in managing inflation, governments must also focus on medium-term fiscal consolidation to ensure budgetary flexibility and sustainable debt levels. Looking ahead: A cautious optimism While the IMF's five-year forecast projects global growth at a modest 3.1 per cent, representing the lowest level in decades, there are reasons for cautious optimism. The anticipated decline in inflation rates could provide a more stable environment for investment and consumer spending. It is important to note that, structural headwinds such as low productivity and aging populations are also limiting growth prospects. The report also identifies potential growth drivers such as advancements in technology and looser fiscal policies that could bolster economic activity moving forward. However, as central banks deliberate on future interest rate adjustments, their decisions will be pivotal in shaping the economic landscape. Therefore, while the IMF's report indicates substantial progress in combating inflation globally, it also serves as a reminder of the numerous challenges that lie ahead. Policymakers must remain vigilant and adaptable to ensure sustained economic growth amidst evolving risks and uncertainties.

Global fight against inflation nearly won, but new risks emerge, says IMF

India's growth outlook is supported by robust domestic engines and private investment showing some encouraging signs despite geopolitical tensions, the Reserve Bank of India's (RBI’s) October bulletin said as detailed in a report by the Press Trust of India.

The global economy remained resilient in the first half of 2024, with declining inflation supporting household spending. Stable growth momentum amid monetary policy easing is becoming the prevailing theme across most economies, according to an article on 'State of the Economy' published in the bulletin that was released on October 21.

The article further stated that as per its economic activity index (EAI), the gross domestic product (GDP) growth is projected at 6.8 per cent in the July-September 2024 quarter, lower than the RBI’s projection of 7 per cent for the same period.

Whereas, in the quarter ended June 2024, the real GDP growth slipped to a five-quarter low of 6.7 per cent due to slower growth in agriculture, government spending and services. "In spite of geopolitical tensions, India’s growth outlook is supported by robust domestic engines," it said, the PTI report detailed&nbsp;further.

It also noted that some high-frequency indicators have, however, shown a slackening of momentum in the second quarter of 2024-25, partly attributable to factors like unusually heavy rains in August and September.

"Looking ahead, private investment is showing some encouraging signs in terms of lead indicators while consumption spending is shaping up for a festival season revival," said the article authored by a team led by RBI deputy governor Michael Debabrata Patra.

After remaining below target for two consecutive months, inflation surged in September, as an adverse statistical base effect was compounded by a resurgence in food price momentum. The central bank said the views expressed in the Bulletin article are of the authors and do not represent the views of the Reserve Bank of India.

Focus on the private sector<o:p></o:p>

“The stage is set for the private sector to deploy capital and invest in growth, build capacities, create employment and improve efficiencies,” the article stated.

It further said that with the financial sector ready to intermediate resources for productive investment, buffered by healthy balance sheets, and the government’s continued thrust on capex, the investment outlook appears bright.<o:p></o:p>

“The ongoing strengthening of global trade could provide a fillip to external demand for India’s exports although escalation of geopolitical tensions remains a potential threat,” the article also stated.

India's growth outlook is supported by robust domestic engines and private investment showing some encouraging signs despite geopolitical tensions, the Reserve Bank of India's (RBI’s) October bulletin said as detailed in a report by the Press Trust of India.

India's growth outlook is supported by robust domestic engines and private investment showing some encouraging signs despite geopolitical tensions, the Reserve Bank of India's (RBI’s) October bulletin said as detailed in a report by the Press Trust of India. The global economy remained resilient in the first half of 2024, with declining inflation supporting household spending. Stable growth momentum amid monetary policy easing is becoming the prevailing theme across most economies, according to an article on 'State of the Economy' published in the bulletin that was released on October 21. The article further stated that as per its economic activity index (EAI), the gross domestic product (GDP) growth is projected at 6.8 per cent in the July-September 2024 quarter, lower than the RBI’s projection of 7 per cent for the same period. Whereas, in the quarter ended June 2024, the real GDP growth slipped to a five-quarter low of 6.7 per cent due to slower growth in agriculture, government spending and services. "In spite of geopolitical tensions, India’s growth outlook is supported by robust domestic engines," it said, the PTI report detailed further. It also noted that some high-frequency indicators have, however, shown a slackening of momentum in the second quarter of 2024-25, partly attributable to factors like unusually heavy rains in August and September. "Looking ahead, private investment is showing some encouraging signs in terms of lead indicators while consumption spending is shaping up for a festival season revival," said the article authored by a team led by RBI deputy governor Michael Debabrata Patra. After remaining below target for two consecutive months, inflation surged in September, as an adverse statistical base effect was compounded by a resurgence in food price momentum. The central bank said the views expressed in the Bulletin article are of the authors and do not represent the views of the Reserve Bank of India. Focus on the private sector “The stage is set for the private sector to deploy capital and invest in growth, build capacities, create employment and improve efficiencies,” the article stated. It further said that with the financial sector ready to intermediate resources for productive investment, buffered by healthy balance sheets, and the government’s continued thrust on capex, the investment outlook appears bright. “The ongoing strengthening of global trade could provide a fillip to external demand for India’s exports although escalation of geopolitical tensions remains a potential threat,” the article also stated.

Robust domestic engines supporting India's growth outlook: RBI Bulletin

HSBC will divide its operations into eastern and western markets as part of a significant&nbsp;shake-up under its new chief executive, Georges Elhedery. This step will help the bank&nbsp;cut costs and navigate rising geopolitical tensions between China and the West as detailed in a report by The Guardian.<o:p></o:p>&nbsp;

The Guardian report further stated that the major overhaul, which comes six weeks after Elhedery, the bank’s former finance chief, took the reins from Noel Quinn. The bank will set up a new operating committee to take responsibility for four lines of business. They include a standalone UK division and a Hong Kong division where bosses will be in charge of “eastern markets” covering Asia and the West Asia.

Details about the two other divisions

The two other divisions will cover international wealth and premier banking, and corporate and institutional banking, with the latter in charge of wholesale operations in “Western markets” including the UK, Europe, Latin America and North America. This will further mean HSBC departing from its current set-up centred on three main divisions: commercial banking, global banking and markets, and wealth and personal banking.<o:p></o:p>

The reorganisation reflects historical complications in its global banking model. HSBC makes most of its profits in Asia, but it remains headquartered in London, allowing Western leaders to exert pressure over its relationship with the ruling Communist party in China. HSBC bosses were particularly hard-pressed over a controversial decision to stay neutral over Beijing’s crackdown on democracy advocates in Hong Kong.

HSBC bosses have also been targeted by prominent Asian investors incensed after the bank capitulated to UK regulators and cancelled dividends in the early days of the Covid pandemic.<o:p></o:p>&nbsp;The bosses have managed to fend off calls led by its top shareholder, China’s Ping An Asset Management, to break up the bank, but Elhedery’s restructuring plan signals it may be braced for heightened tensions in the month's head the Guardian report detailed further.

That includes the potential fallout from next month’s US election, with fears that a Donald Trump victory could heighten a geopolitical rift with HSBC’s key market in China HSBC did not confirm whether Elhedery’s restructuring plans would involve job cuts, saying only that the changes, which come into force on 1 January 2025, will “reduce the duplication of processes and decision-making that are built into the current structure”.<o:p></o:p>

The bank said it would give further details when it reports full-year results in February.<o:p></o:p>&nbsp;“Unknown and important are the magnitude of any required restructuring charges,” the UBS banking analyst Jason Napier said. “Aligning functions for a group with 213,978 staff involves exceptional costs,” he said, but “a divisional shift provides the opportunity for new CEO cost reductions”.<o:p></o:p>

Elhedery, who learned Mandarin during a six-month sabbatical two years ago, said: “The changes that we are announcing today will make it easier for our colleagues to serve our customers and drive the future success of the group. The new structure will result in a simpler, more dynamic and agile organisation. “By making these changes, we can better focus on increasing leadership and market share in those businesses which have a clear competitive advantage and the greatest opportunities to grow.”

<o:p>Major&nbsp;</o:p><o:p>announcements&nbsp;</o:p>by HSBC

HSBC also announced the promotion of its chief risk and compliance officer, Pam Kaur, to chief financial officer, replacing Elhedery, who was promoted from the role last month. Kaur is the first woman to occupy the role in HSBC’s 159-year history. A qualified chartered accountant, she joined as head of audit in 2013 and has almost 40 years’ of experience working for UK, US and German banks.<o:p></o:p>

Elhedery is reportedly preparing to cut the jobs of some of the bank’s most expensive senior bankers in a move that could save as much as $300m (£229m), the Financial Times reported this month.<o:p></o:p>&nbsp;HSBC will report its third-quarter results on October 29. Investors and market participants will closely watch out for taking better and informed investment decisions.

HSBC will divide its operations into eastern and western markets as part of a significant shake-up under its new chief executive, Georges Elhedery. This step will help the bank cut costs and navigate rising geopolitical tensions between China and the West as detailed in a report by The Guardian.

HSBC will divide its operations into eastern and western markets as part of a significant shake-up under its new chief executive, Georges Elhedery. This step will help the bank cut costs and navigate rising geopolitical tensions between China and the West as detailed in a report by The Guardian. The Guardian report further stated that the major overhaul, which comes six weeks after Elhedery, the bank’s former finance chief, took the reins from Noel Quinn. The bank will set up a new operating committee to take responsibility for four lines of business. They include a standalone UK division and a Hong Kong division where bosses will be in charge of “eastern markets” covering Asia and the West Asia. Details about the two other divisions The two other divisions will cover international wealth and premier banking, and corporate and institutional banking, with the latter in charge of wholesale operations in “Western markets” including the UK, Europe, Latin America and North America. This will further mean HSBC departing from its current set-up centred on three main divisions: commercial banking, global banking and markets, and wealth and personal banking. The reorganisation reflects historical complications in its global banking model. HSBC makes most of its profits in Asia, but it remains headquartered in London, allowing Western leaders to exert pressure over its relationship with the ruling Communist party in China. HSBC bosses were particularly hard-pressed over a controversial decision to stay neutral over Beijing’s crackdown on democracy advocates in Hong Kong. HSBC bosses have also been targeted by prominent Asian investors incensed after the bank capitulated to UK regulators and cancelled dividends in the early days of the Covid pandemic. The bosses have managed to fend off calls led by its top shareholder, China’s Ping An Asset Management, to break up the bank, but Elhedery’s restructuring plan signals it may be braced for heightened tensions in the month's head the Guardian report detailed further. That includes the potential fallout from next month’s US election, with fears that a Donald Trump victory could heighten a geopolitical rift with HSBC’s key market in China HSBC did not confirm whether Elhedery’s restructuring plans would involve job cuts, saying only that the changes, which come into force on 1 January 2025, will “reduce the duplication of processes and decision-making that are built into the current structure”. The bank said it would give further details when it reports full-year results in February. “Unknown and important are the magnitude of any required restructuring charges,” the UBS banking analyst Jason Napier said. “Aligning functions for a group with 213,978 staff involves exceptional costs,” he said, but “a divisional shift provides the opportunity for new CEO cost reductions”. Elhedery, who learned Mandarin during a six-month sabbatical two years ago, said: “The changes that we are announcing today will make it easier for our colleagues to serve our customers and drive the future success of the group. The new structure will result in a simpler, more dynamic and agile organisation. “By making these changes, we can better focus on increasing leadership and market share in those businesses which have a clear competitive advantage and the greatest opportunities to grow.” Major announcements by HSBC HSBC also announced the promotion of its chief risk and compliance officer, Pam Kaur, to chief financial officer, replacing Elhedery, who was promoted from the role last month. Kaur is the first woman to occupy the role in HSBC’s 159-year history. A qualified chartered accountant, she joined as head of audit in 2013 and has almost 40 years’ of experience working for UK, US and German banks. Elhedery is reportedly preparing to cut the jobs of some of the bank’s most expensive senior bankers in a move that could save as much as $300m (£229m), the Financial Times reported this month. HSBC will report its third-quarter results on October 29. Investors and market participants will closely watch out for taking better and informed investment decisions.

HSBC splits operations into east and west divisions in a significant overhaul

Starbucks posted preliminary quarter four (Q4) results that took the Street by surprise on Tuesday afternoon. The company reported quarterly revenue that fell 3 per cent year over year to $9.1 billion, while earnings per share fell 24 per cent to $0.80.

Starbucks also suspended its full-year fiscal 2025 guidance, citing its transition to new CEO Brian Niccol and to allow time to re-strategize. Due to this development shares of the company quickly dropped 3 per cent in after-market trading.<o:p></o:p>

US same-store sales decreased 6 per cent year over year in Q4, with a 10 per cent decline in foot traffic and a 4 per cent increase in the average ticket.

Its much-publicized in-app promotions and deals haven't moved the needle. The company's pairing menu, which offered US customers a small coffee with a croissant or breakfast sandwich for $5 or $6, "did not improve customer behaviours," as per its release.

Intensified competition impacts sales in China<o:p></o:p>

Starbucks China's same-store sales fell 14 per cent, with a 6 per cent drop in foot traffic and an 8 per cent decline in the average ticket size. The company attributed the performance to "intensified competition and a soft macro environment that impacted consumer spending."

Prior to the report, Starbucks shares were up 3 per cent year to date, but up 10 per cent in the past six months after investors grew optimistic about former Chipotle (CMG) CEO Niccol taking the helm. The company still plans to release its official fourth quarter and full fiscal year 2024 financial results after market close on Oct. 30.

The Yahoo Finance report further stated that the number shows the long road ahead for Niccol as he tries to get Starbucks back on track. He has initiated a change in the management ranks, including bringing in long-time friend Tressie Lieberman as global chief brand officer. Liberman will start on November &nbsp;4 after her most recent role as Yahoo CMO.

In a video posted on Starbucks' site, Niccol re-emphasized some of the key issues he outlined in a letter during his first week, including the need to simplify its menu, fix its pricing and value perception, and build return customers.

"We're fundamentally changing our marketing. We’ve been focusing on Starbucks Rewards customers, rather than talking to all our customers. We’re changing quickly, as you likely have already seen," said Niccol, known in his career for his marketing expertise.<o:p></o:p>

“I believe that our problems are very fixable and that we have significant strengths to build on. I’ve spent my career understanding, stewarding, and building brands, and it’s clear the Starbucks brand is strong and enduring,” he added. Market participants and investors will closely follow the developments in company to take informed investment decisions in the future.

Starbucks posted preliminary quarter four (Q4) results that took the Street by surprise on Tuesday afternoon. The company reported quarterly revenue that fell 3 per cent year over year to $9.

Starbucks posted preliminary quarter four (Q4) results that took the Street by surprise on Tuesday afternoon. The company reported quarterly revenue that fell 3 per cent year over year to $9.1 billion, while earnings per share fell 24 per cent to $0.80. Starbucks also suspended its full-year fiscal 2025 guidance, citing its transition to new CEO Brian Niccol and to allow time to re-strategize. Due to this development shares of the company quickly dropped 3 per cent in after-market trading. US same-store sales decreased 6 per cent year over year in Q4, with a 10 per cent decline in foot traffic and a 4 per cent increase in the average ticket. Its much-publicized in-app promotions and deals haven't moved the needle. The company's pairing menu, which offered US customers a small coffee with a croissant or breakfast sandwich for $5 or $6, "did not improve customer behaviours," as per its release. Intensified competition impacts sales in China Starbucks China's same-store sales fell 14 per cent, with a 6 per cent drop in foot traffic and an 8 per cent decline in the average ticket size. The company attributed the performance to "intensified competition and a soft macro environment that impacted consumer spending." Prior to the report, Starbucks shares were up 3 per cent year to date, but up 10 per cent in the past six months after investors grew optimistic about former Chipotle (CMG) CEO Niccol taking the helm. The company still plans to release its official fourth quarter and full fiscal year 2024 financial results after market close on Oct. 30. The Yahoo Finance report further stated that the number shows the long road ahead for Niccol as he tries to get Starbucks back on track. He has initiated a change in the management ranks, including bringing in long-time friend Tressie Lieberman as global chief brand officer. Liberman will start on November 4 after her most recent role as Yahoo CMO. In a video posted on Starbucks' site, Niccol re-emphasized some of the key issues he outlined in a letter during his first week, including the need to simplify its menu, fix its pricing and value perception, and build return customers. "We're fundamentally changing our marketing. We’ve been focusing on Starbucks Rewards customers, rather than talking to all our customers. We’re changing quickly, as you likely have already seen," said Niccol, known in his career for his marketing expertise. “I believe that our problems are very fixable and that we have significant strengths to build on. I’ve spent my career understanding, stewarding, and building brands, and it’s clear the Starbucks brand is strong and enduring,” he added. Market participants and investors will closely follow the developments in company to take informed investment decisions in the future.

Starbucks shares slide as preliminary results reveal decline in sales

China has stepped forward to assist Sri Lanka in the wake of severe flooding that has affected over 150,000 individuals across the island nation. The Chinese government has pledged $100,000 (approximately LKR 30 million) as humanitarian relief, marking a significant gesture of goodwill towards the newly elected administration led by President Anura Kumara Dissanayake according to a detailed report by the Press Trust of India.

In a formal meeting on Tuesday, Chinese Ambassador Qi Zhenhong presented the financial aid directly to President Dissanayake. The ambassador expressed solidarity with the Sri Lankan people during this challenging time, stating, "Chinese people are always with Sri Lankan people."

This donation comes as a timely response to the catastrophic impact of heavy rains and flash floods that have swept through 15 out of 25 administrative districts in Sri Lanka over the past two weeks.

The recent floods have resulted in tragic consequences, including the loss of three lives and widespread displacement. The government has been working tirelessly to provide emergency support and relief to those affected. The financial assistance from China is expected to bolster these efforts and provide much-needed resources for recovery.

The situation in Sri Lanka has drawn attention not only locally but also internationally, highlighting the importance of global cooperation in times of crisis. With the monsoon season causing unpredictable weather patterns, the need for humanitarian assistance becomes increasingly critical. The floods have disrupted daily life and caused significant damage to infrastructure, agriculture, and homes.

Focus is also on bilateral ties<o:p></o:p>

In addition to the immediate financial aid, this gesture from China underlines a broader commitment to strengthening bilateral relations between the two nations. As Sri Lanka navigates its recovery from this natural disaster, international support will play a vital role in rebuilding communities and restoring normalcy.

The Chinese government’s assistance is part of a larger framework of international aid that Sri Lanka is likely to seek in the coming weeks. Various countries and organisations are closely monitoring the situation and may provide additional support as needed.

As Sri Lanka continues its recovery efforts, it remains crucial for both domestic and international stakeholders to collaborate effectively. The recent floods serve as a reminder of the vulnerabilities faced by many nations during extreme weather events and the importance of preparedness and resilience.

<o:p>&nbsp;</o:p>

China has stepped forward to assist Sri Lanka in the wake of severe flooding that has affected over 150,000 individuals across the island nation. The Chinese government has pledged $100,000 (approximately LKR 30 million) as humanitarian relief, marking a significant gesture of goodwill towards the newly elected administration led by President Anura Kumara Dissanayake according to a detailed report by the Press Trust of India.

China has stepped forward to assist Sri Lanka in the wake of severe flooding that has affected over 150,000 individuals across the island nation. The Chinese government has pledged $100,000 (approximately LKR 30 million) as humanitarian relief, marking a significant gesture of goodwill towards the newly elected administration led by President Anura Kumara Dissanayake according to a detailed report by the Press Trust of India. In a formal meeting on Tuesday, Chinese Ambassador Qi Zhenhong presented the financial aid directly to President Dissanayake. The ambassador expressed solidarity with the Sri Lankan people during this challenging time, stating, "Chinese people are always with Sri Lankan people." This donation comes as a timely response to the catastrophic impact of heavy rains and flash floods that have swept through 15 out of 25 administrative districts in Sri Lanka over the past two weeks. The recent floods have resulted in tragic consequences, including the loss of three lives and widespread displacement. The government has been working tirelessly to provide emergency support and relief to those affected. The financial assistance from China is expected to bolster these efforts and provide much-needed resources for recovery. The situation in Sri Lanka has drawn attention not only locally but also internationally, highlighting the importance of global cooperation in times of crisis. With the monsoon season causing unpredictable weather patterns, the need for humanitarian assistance becomes increasingly critical. The floods have disrupted daily life and caused significant damage to infrastructure, agriculture, and homes. Focus is also on bilateral ties In addition to the immediate financial aid, this gesture from China underlines a broader commitment to strengthening bilateral relations between the two nations. As Sri Lanka navigates its recovery from this natural disaster, international support will play a vital role in rebuilding communities and restoring normalcy. The Chinese government’s assistance is part of a larger framework of international aid that Sri Lanka is likely to seek in the coming weeks. Various countries and organisations are closely monitoring the situation and may provide additional support as needed. As Sri Lanka continues its recovery efforts, it remains crucial for both domestic and international stakeholders to collaborate effectively. The recent floods serve as a reminder of the vulnerabilities faced by many nations during extreme weather events and the importance of preparedness and resilience.

China extends humanitarian aid to Sri Lanka following devastating floods

Norway’s gigantic sovereign wealth fund on Tuesday reported a third-quarter profit of 835 billion Norwegian kroner ($76.3 billion). The fund attributed its performance to a stock market boost from falling interest rates as detailed in a report by CNBC.

Strong performance in equities<o:p></o:p>

The so-called Government Pension Fund Global, one of the world’s largest investors, said it had a value of 18.870 trillion kroner at the end of September. Its overall return for the quarter was 4.4 per cent, which was 0.1 percentage points lower than the return on its benchmark index.

Trond Grande, deputy CEO of Norges Bank Investment Management (NBIM), which manages the world’s largest sovereign wealth fund, said recent changes in monetary policy had “a pretty significant impact” on the fund’s third-quarter results.

“It’s been quite an eventful quarter if you think about it. It started with a lot of volatility throughout summer in July and into August and then you had the speculation of a soft landing and whether the Fed would cut,” Grande told CNBC in an exclusive conversation on October 22.

The CNBC report further elaborated that, equities, which accounted for 71.4 per cent of the fund in the third quarter, notched a return of 4.5 per cent. The return on the fixed-income investments, which account for 26.8 per cent of the fund’s assets, stood at 4.2 per cent over the period.<o:p></o:p>

Norway’s sovereign wealth fund, the world’s largest, was established in the 1990s to invest the surplus revenues of the country’s oil and gas sector. To date, the fund has put money in more than 8,760 companies in 71 countries around the world.

Future outlook of the economy<o:p></o:p>

As the world grapples with economic challenges such as inflation and geopolitical tensions, Norway’s sovereign wealth fund remains well-positioned to weather these storms. Its robust investment strategy and commitment to diversification will likely serve it well in the coming quarters.

On the question on the outlook for tech stocks over the coming months, NBIM’s Grande stated, &nbsp;“that’s a difficult question, right? Because tech has had such a phenomenal ride on the back of all the hype, let’s call it hype, about AI.”

“So, I think it’s a situation where you need to be maybe a little bit careful,” he stated further.

<o:p>&nbsp;</o:p>

<o:p>&nbsp;</o:p>

<o:p>&nbsp;</o:p>

Norway’s gigantic sovereign wealth fund on Tuesday reported a third-quarter profit of 835 billion Norwegian kroner ($76.3 billion). The fund attributed its performance to a stock market boost from falling interest rates as detailed in a report by CNBC.

Norway’s gigantic sovereign wealth fund on Tuesday reported a third-quarter profit of 835 billion Norwegian kroner ($76.3 billion). The fund attributed its performance to a stock market boost from falling interest rates as detailed in a report by CNBC. Strong performance in equities The so-called Government Pension Fund Global, one of the world’s largest investors, said it had a value of 18.870 trillion kroner at the end of September. Its overall return for the quarter was 4.4 per cent, which was 0.1 percentage points lower than the return on its benchmark index. Trond Grande, deputy CEO of Norges Bank Investment Management (NBIM), which manages the world’s largest sovereign wealth fund, said recent changes in monetary policy had “a pretty significant impact” on the fund’s third-quarter results. “It’s been quite an eventful quarter if you think about it. It started with a lot of volatility throughout summer in July and into August and then you had the speculation of a soft landing and whether the Fed would cut,” Grande told CNBC in an exclusive conversation on October 22. The CNBC report further elaborated that, equities, which accounted for 71.4 per cent of the fund in the third quarter, notched a return of 4.5 per cent. The return on the fixed-income investments, which account for 26.8 per cent of the fund’s assets, stood at 4.2 per cent over the period. Norway’s sovereign wealth fund, the world’s largest, was established in the 1990s to invest the surplus revenues of the country’s oil and gas sector. To date, the fund has put money in more than 8,760 companies in 71 countries around the world. Future outlook of the economy As the world grapples with economic challenges such as inflation and geopolitical tensions, Norway’s sovereign wealth fund remains well-positioned to weather these storms. Its robust investment strategy and commitment to diversification will likely serve it well in the coming quarters. On the question on the outlook for tech stocks over the coming months, NBIM’s Grande stated, “that’s a difficult question, right? Because tech has had such a phenomenal ride on the back of all the hype, let’s call it hype, about AI.” “So, I think it’s a situation where you need to be maybe a little bit careful,” he stated further.

World’s largest sovereign wealth fund posts $76 billion in quarterly profit as interest rates drop