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According to a report by CNBC, the harmonised German consumer price index eased to 2 per cent in August, preliminary data from the country’s statistics office Destatis said Thursday. This was lower than the 2.3 per cent forecast in a Reuters poll of analysts. The poll forecasted that the Consumer Price Index (CPI) would be 2.3 per cent.&nbsp;

This decline in inflation can be attributed to several key factors, such as the reduction of energy costs, weakening core inflation, lower-than-expected Consumer Price Index (CPI), and fading growth momentum.&nbsp;

In July, the harmonised CPI figure was 2.6 per cent on an annual basis. Further, the harmonised CPI dipped by 0.2 per cent on a monthly basis. Inflation readings are harmonised in the euro area and in the European Union to ensure comparability. This is done through the Harmonized Index of Consumer Prices.&nbsp;

What Is the Harmonized Index of Consumer Prices (HICP) and its relevance?&nbsp;

The Harmonized Index of Consumer Prices (HICP) is a measure of inflation in the European Union (EU). It reflects change over time in the prices paid by households for a representative basket of goods and services.&nbsp;

The European Central Bank (ECB) uses the HICP for Eurozone, comprising the 20 European Union states, using the euro common currency to pursue its price stability objective, defined as 2 per cent annualised inflation over the medium term.&nbsp;

How was the core inflation number as per the nation’s statistics office?

Core inflation, which strips out energy and food costs, came in at 2.8 per cent compared with the same period last year, slightly lower than the 2.9 per cent in July. Destatis data showed a 5.1 per cent annual drop in energy costs in August.&nbsp;

Several major German states had reported easing inflation earlier in the day Thursday. The data came a day before euro area inflation figures. They are due to be released, which investors will be closely watching for clues about the outlook for forthcoming interest rate cuts from the European Central Bank.&nbsp;

Questions about a potential September rate trim have been swirling after the central bank held rates steady in July. It had reduced interest rates in June.&nbsp;

“If confirmed by tomorrow’s eurozone inflation data, today’s German data should make the decision to cut interest rates at the September meeting a bit easier for the ECB,” Carsten Brzeski, global head of macro for ING Research, said in a note Thursday.&nbsp;

“Fading inflationary pressure combined with fading growth momentum offers an almost perfect macro backdrop for another rate cut.”&nbsp;

However, forward-looking inflation indicators, including wage growth and selling price expectations, suggest caution is still needed, Brzeski noted.

According to a report by CNBC, the harmonised German consumer price index eased to 2 per cent in August, preliminary data from the country’s statistics office Destatis said Thursday.

According to a report by CNBC, the harmonised German consumer price index eased to 2 per cent in August, preliminary data from the country’s statistics office Destatis said Thursday. This was lower than the 2.3 per cent forecast in a Reuters poll of analysts. The poll forecasted that the Consumer Price Index (CPI) would be 2.3 per cent. This decline in inflation can be attributed to several key factors, such as the reduction of energy costs, weakening core inflation, lower-than-expected Consumer Price Index (CPI), and fading growth momentum. In July, the harmonised CPI figure was 2.6 per cent on an annual basis. Further, the harmonised CPI dipped by 0.2 per cent on a monthly basis. Inflation readings are harmonised in the euro area and in the European Union to ensure comparability. This is done through the Harmonized Index of Consumer Prices. What Is the Harmonized Index of Consumer Prices (HICP) and its relevance? The Harmonized Index of Consumer Prices (HICP) is a measure of inflation in the European Union (EU). It reflects change over time in the prices paid by households for a representative basket of goods and services. The European Central Bank (ECB) uses the HICP for Eurozone, comprising the 20 European Union states, using the euro common currency to pursue its price stability objective, defined as 2 per cent annualised inflation over the medium term. How was the core inflation number as per the nation’s statistics office? Core inflation, which strips out energy and food costs, came in at 2.8 per cent compared with the same period last year, slightly lower than the 2.9 per cent in July. Destatis data showed a 5.1 per cent annual drop in energy costs in August. Several major German states had reported easing inflation earlier in the day Thursday. The data came a day before euro area inflation figures. They are due to be released, which investors will be closely watching for clues about the outlook for forthcoming interest rate cuts from the European Central Bank. Questions about a potential September rate trim have been swirling after the central bank held rates steady in July. It had reduced interest rates in June. “If confirmed by tomorrow’s eurozone inflation data, today’s German data should make the decision to cut interest rates at the September meeting a bit easier for the ECB,” Carsten Brzeski, global head of macro for ING Research, said in a note Thursday. “Fading inflationary pressure combined with fading growth momentum offers an almost perfect macro backdrop for another rate cut.” However, forward-looking inflation indicators, including wage growth and selling price expectations, suggest caution is still needed, Brzeski noted.

Why has German inflation posted a surprise drop to 2% in August?

Rakesh Gangwal, co-founder and promoter of IndiGo, has taken a significant step toward his planned exit from InterGlobe Aviation by offloading a 6 per cent stake in the company. The shares were sold in a block deal on August 29, 2024, at a floor price of Rs 4,760 per share, valuing the transaction at Rs 11,000 crore, as detailed in a report by Moneycontrol.&nbsp;

This move aligns with Gangwal's strategy to gradually reduce his holdings in India's largest airline, as announced after he resigned from the board in February 2022. IndiGo shares marginally fell after the stake sale, trading at Rs 4,824 on NSE at 9.24 am, down about 0.78 per cent from the previous close. The sale saw approximately 2.3 crore shares change hands, indicating Gangwal's intention to near a complete exit from the airline.&nbsp;

This block deal also triggers a 150-day lock-in period, meaning Gangwal will not be able to sell more shares until the end of this period, as reported by CNBC-TV18 on August 28. IndiGo's stock responded to the news with a slight decline, trading at Rs 4,838 on the NSE by 9:22 AM, down 0.45 per cent from the previous close. The share price has been buoyant this year despite the aviation industry's challenges, and the current sale was executed at a slight discount.&nbsp;

Brief history of Gangwal family's stake in Indigo&nbsp;

As of June 2024, the Gangwal family, through various entities, held a 19.38 per cent stake in InterGlobe Aviation. Rakesh Gangwal himself owned 5.89 per cent of the company, while the Chinkerpoo Family Trust, which includes Shobha Gangwal and JP Morgan Trust Company of Delaware as trustees, controlled another 13.49 per cent. The family's stake in the airline has been steadily declining from 36.7 per cent in 2019 to its current level.&nbsp;

This is not the first major stake sale by the Gangwal family. The first tranche was sold in September 2022, reducing their holding by 2.8 per cent for Rs 2,000 crore. This was followed by another sale of 4 per cent in February 2023 for Rs 2,900 crore, and in August 2023, Shobha Gangwal sold nearly 3 per cent for Rs 2,801.8 crore.&nbsp;

The latest sale is a continuation of Gangwal's long-term plan to divest from the airline, which he helped build into a dominant force in India's aviation sector. The market will now closely watch how this exit impacts IndiGo's share price and its future direction as one of the country's leading low-cost carriers.

Rakesh Gangwal, co-founder and promoter of IndiGo, has taken a significant step toward his planned exit from InterGlobe Aviation by offloading a 6 per cent stake in the company.

Rakesh Gangwal, co-founder and promoter of IndiGo, has taken a significant step toward his planned exit from InterGlobe Aviation by offloading a 6 per cent stake in the company. The shares were sold in a block deal on August 29, 2024, at a floor price of Rs 4,760 per share, valuing the transaction at Rs 11,000 crore, as detailed in a report by Moneycontrol. This move aligns with Gangwal's strategy to gradually reduce his holdings in India's largest airline, as announced after he resigned from the board in February 2022. IndiGo shares marginally fell after the stake sale, trading at Rs 4,824 on NSE at 9.24 am, down about 0.78 per cent from the previous close. The sale saw approximately 2.3 crore shares change hands, indicating Gangwal's intention to near a complete exit from the airline. This block deal also triggers a 150-day lock-in period, meaning Gangwal will not be able to sell more shares until the end of this period, as reported by CNBC-TV18 on August 28. IndiGo's stock responded to the news with a slight decline, trading at Rs 4,838 on the NSE by 9:22 AM, down 0.45 per cent from the previous close. The share price has been buoyant this year despite the aviation industry's challenges, and the current sale was executed at a slight discount. Brief history of Gangwal family's stake in Indigo As of June 2024, the Gangwal family, through various entities, held a 19.38 per cent stake in InterGlobe Aviation. Rakesh Gangwal himself owned 5.89 per cent of the company, while the Chinkerpoo Family Trust, which includes Shobha Gangwal and JP Morgan Trust Company of Delaware as trustees, controlled another 13.49 per cent. The family's stake in the airline has been steadily declining from 36.7 per cent in 2019 to its current level. This is not the first major stake sale by the Gangwal family. The first tranche was sold in September 2022, reducing their holding by 2.8 per cent for Rs 2,000 crore. This was followed by another sale of 4 per cent in February 2023 for Rs 2,900 crore, and in August 2023, Shobha Gangwal sold nearly 3 per cent for Rs 2,801.8 crore. The latest sale is a continuation of Gangwal's long-term plan to divest from the airline, which he helped build into a dominant force in India's aviation sector. The market will now closely watch how this exit impacts IndiGo's share price and its future direction as one of the country's leading low-cost carriers.

IndiGo Co-founder Rakesh Gangwal likely exits with Rs 11,000 crore stake sale

Nvidia reported a 122 per cent surge in revenue, driven by skyrocketing demand for its data centre chips, particularly those powering artificial intelligence (AI) applications. The company's earnings, announced after the market closed, exceeded Wall Street expectations and included a robust forecast for the upcoming quarter, as detailed in a report by CNBC.

For the quarter, Nvidia reported earnings per share of 68 cents, surpassing the expected 64 cents, and revenue of $30.04 billion, also beating the anticipated $28.7 billion. Nvidia projects $32.5 billion in revenue for the current quarter, up from $31.7 billion expected by analysts. This marks an 80 per cent increase from the previous year.

Nvidia stock reacts negatively despite robust forecast&nbsp;

Nvidia has been a major beneficiary of the ongoing AI boom, with its market value soaring. Despite this, the stock fell 8 per cent in after-hours trading but remains up approximately 150 per cent year to-date. The company's net income more than doubled, reaching $16.6 billion, up from $6.18 billion in the same quarter last year.&nbsp;

The data centre segment, which includes AI processors, was the standout performer, with revenue jumping 154 per cent year-over-year to $26.3 billion, accounting for 88 per cent of Nvidia's total sales. This figure exceeded StreetAccount's expectations of $25.24 billion.&nbsp;

However, not all the revenue came from AI chips, $3.7 billion was generated by Nvidia's networking products. Nvidia's CEO, Jensen Huang, highlighted the strong demand for the current-generation Hopper chip while noting the high anticipation for the upcoming Blackwell AI chip.&nbsp;

"Hopper demand remains strong, and the anticipation for Blackwell is incredible," Huang said. Nvidia's gaming revenue, once the company's primary focus, grew 16 per cent to $2.9 billion, driven by increased sales of PC gaming cards and console system-on-chips (SOCs). Additionally, the company's professional visualization business and automotive/robotics segments also saw growth, reporting revenues of $454 million and $346 million, respectively. Further, in a significant move, Nvidia announced a $50 billion share buyback, signalling confidence in its continued growth amid the AI boom.

Nvidia reported a 122 per cent surge in revenue, driven by skyrocketing demand for its data centre chips, particularly those powering artificial intelligence (AI) applications.

Nvidia reported a 122 per cent surge in revenue, driven by skyrocketing demand for its data centre chips, particularly those powering artificial intelligence (AI) applications. The company's earnings, announced after the market closed, exceeded Wall Street expectations and included a robust forecast for the upcoming quarter, as detailed in a report by CNBC. For the quarter, Nvidia reported earnings per share of 68 cents, surpassing the expected 64 cents, and revenue of $30.04 billion, also beating the anticipated $28.7 billion. Nvidia projects $32.5 billion in revenue for the current quarter, up from $31.7 billion expected by analysts. This marks an 80 per cent increase from the previous year. Nvidia stock reacts negatively despite robust forecast Nvidia has been a major beneficiary of the ongoing AI boom, with its market value soaring. Despite this, the stock fell 8 per cent in after-hours trading but remains up approximately 150 per cent year to-date. The company's net income more than doubled, reaching $16.6 billion, up from $6.18 billion in the same quarter last year. The data centre segment, which includes AI processors, was the standout performer, with revenue jumping 154 per cent year-over-year to $26.3 billion, accounting for 88 per cent of Nvidia's total sales. This figure exceeded StreetAccount's expectations of $25.24 billion. However, not all the revenue came from AI chips, $3.7 billion was generated by Nvidia's networking products. Nvidia's CEO, Jensen Huang, highlighted the strong demand for the current-generation Hopper chip while noting the high anticipation for the upcoming Blackwell AI chip. "Hopper demand remains strong, and the anticipation for Blackwell is incredible," Huang said. Nvidia's gaming revenue, once the company's primary focus, grew 16 per cent to $2.9 billion, driven by increased sales of PC gaming cards and console system-on-chips (SOCs). Additionally, the company's professional visualization business and automotive/robotics segments also saw growth, reporting revenues of $454 million and $346 million, respectively. Further, in a significant move, Nvidia announced a $50 billion share buyback, signalling confidence in its continued growth amid the AI boom.

Nvidia's revenue soars 122% amid AI demand surge

The metals market experienced a sharp decline on Wednesday, as concerns about weakening demand from China and a strengthening U.S. dollar triggered selloffs by investors and producers, according to Reuters.

Three-month aluminium on the London Metal Exchange fell by 1.7 per cent to $2,507.50 per metric ton by 1043 gross metric ton (GMT). This drop follows an eight-week high of $2,554 reached on Tuesday, marking a 12 per cent increase since the beginning of August.&nbsp;

Alastair Munro, a senior metals strategist at Marex, explained that systematic buying from funds had paused and that producers were selling into recent rallies. He attributed this shift to disappointing performances in key metals-consuming industries in China, such as the automotive, real estate, and technology sectors. Munro noted that weak factory output and low confidence in China's troubled property market could undermine the recent upward momentum in metals prices.&nbsp;

In addition to aluminium, other metals also saw declines. Copper fell by 1.8 per cent to $9,283 per ton, zinc decreased by 2.3 per cent to $2,874, lead dropped by 1.9 per cent to $2,083.50, nickel declined by 0.9 per cent to $16,980, and tin eased by 0.8 per cent to $33,000.&nbsp;

The recovery of the U.S. dollar from its one-year low also contributed to the downward pressure on metals prices. Traders are awaiting key economic data that could influence the Federal Reserve's policy decisions in its upcoming September meeting.&nbsp;

Furthermore, Nvidia's latest quarterly earnings report has been released, and it may have significant ripple effects across financial markets. Analyst Alastair Munro suggested that any disappointing results from Nvidia could impact not just the stock market but also commodity prices. Despite Nvidia posting a remarkable 122 per cent increase in revenue and announcing a $50 billion stock buyback, its stock fell nearly 7 per cent in after-hours trading.&nbsp;

Currently, the metals market is highly responsive to economic indicators from China and shifts in the U.S. financial landscape. How the market reacts to Nvidia's earnings in the coming days could influence overall U.S. market trends and commodity prices.

The metals market experienced a sharp decline on Wednesday, as concerns about weakening demand from China and a strengthening U.S. dollar triggered selloffs by investors and producers, according to Reuters.

The metals market experienced a sharp decline on Wednesday, as concerns about weakening demand from China and a strengthening U.S. dollar triggered selloffs by investors and producers, according to Reuters. Three-month aluminium on the London Metal Exchange fell by 1.7 per cent to $2,507.50 per metric ton by 1043 gross metric ton (GMT). This drop follows an eight-week high of $2,554 reached on Tuesday, marking a 12 per cent increase since the beginning of August. Alastair Munro, a senior metals strategist at Marex, explained that systematic buying from funds had paused and that producers were selling into recent rallies. He attributed this shift to disappointing performances in key metals-consuming industries in China, such as the automotive, real estate, and technology sectors. Munro noted that weak factory output and low confidence in China's troubled property market could undermine the recent upward momentum in metals prices. In addition to aluminium, other metals also saw declines. Copper fell by 1.8 per cent to $9,283 per ton, zinc decreased by 2.3 per cent to $2,874, lead dropped by 1.9 per cent to $2,083.50, nickel declined by 0.9 per cent to $16,980, and tin eased by 0.8 per cent to $33,000. The recovery of the U.S. dollar from its one-year low also contributed to the downward pressure on metals prices. Traders are awaiting key economic data that could influence the Federal Reserve's policy decisions in its upcoming September meeting. Furthermore, Nvidia's latest quarterly earnings report has been released, and it may have significant ripple effects across financial markets. Analyst Alastair Munro suggested that any disappointing results from Nvidia could impact not just the stock market but also commodity prices. Despite Nvidia posting a remarkable 122 per cent increase in revenue and announcing a $50 billion stock buyback, its stock fell nearly 7 per cent in after-hours trading. Currently, the metals market is highly responsive to economic indicators from China and shifts in the U.S. financial landscape. How the market reacts to Nvidia's earnings in the coming days could influence overall U.S. market trends and commodity prices.

Metals prices fall as Chinese demand worries and stronger dollar prompt selloff

A Brazilian Supreme Court justice on Wednesday threatened to close the local operations of X, formerly known as Twitter, unless billionaire owner Elon Musk appoints a legal representative in Brazil within 24 hours.

The directive from Justice Alexandre de Moraes marks the latest escalation in an ongoing conflict with Musk's platform. The company clashed with de Moraes earlier this year over issues like free speech, accounts linked to the far-right, and misinformation on the platform, and it claims to be a target of censorship.

Earlier this month, X announced it was terminating all remaining staff in Brazil "effective immediately," stating that de Moraes had threatened its legal representative in the country with arrest.

On Wednesday, the Supreme Court notified X of de Moraes' order in response to a post from the company's global government affairs account on the social platform.

"In case of non-compliance with the determination, the decision could bring about suspension of the social media network's activities in Brazil," the court stated in a release.

In the United States, free speech is a constitutional right that is far more lenient than in many countries, including Brazil, where de Moraes in April initiated an investigation into Musk over the spread of defamatory fake news and another inquiry over potential obstruction, incitement, and criminal organisation.

Brazil's political right has long portrayed de Moraes as overreaching to suppress free speech and engage in political persecution. His supporters argue his actions are lawful, backed by at least the majority of the court's bench, and have been necessary to safeguard democracy in a time when it is under threat.

A Brazilian Supreme Court justice on Wednesday threatened to close the local operations of X, formerly known as Twitter, unless billionaire owner Elon Musk appoints a legal representative in Brazil within 24 hours.

A Brazilian Supreme Court justice on Wednesday threatened to close the local operations of X, formerly known as Twitter, unless billionaire owner Elon Musk appoints a legal representative in Brazil within 24 hours. The directive from Justice Alexandre de Moraes marks the latest escalation in an ongoing conflict with Musk's platform. The company clashed with de Moraes earlier this year over issues like free speech, accounts linked to the far-right, and misinformation on the platform, and it claims to be a target of censorship. Earlier this month, X announced it was terminating all remaining staff in Brazil "effective immediately," stating that de Moraes had threatened its legal representative in the country with arrest. On Wednesday, the Supreme Court notified X of de Moraes' order in response to a post from the company's global government affairs account on the social platform. "In case of non-compliance with the determination, the decision could bring about suspension of the social media network's activities in Brazil," the court stated in a release. In the United States, free speech is a constitutional right that is far more lenient than in many countries, including Brazil, where de Moraes in April initiated an investigation into Musk over the spread of defamatory fake news and another inquiry over potential obstruction, incitement, and criminal organisation. Brazil's political right has long portrayed de Moraes as overreaching to suppress free speech and engage in political persecution. His supporters argue his actions are lawful, backed by at least the majority of the court's bench, and have been necessary to safeguard democracy in a time when it is under threat.

Brazil Supreme Court justice threatens to shut down X operations over legal representation dispute

Argentina is reducing a key import tariff in a bid to further cool inflation as President Javier Milei weighs the trade-offs between economic goals that are often conflicting.

Economy Minister Luis Caputo announced it would cut a levy known as the PAIS tax on imports from 17.5 per cent to 7.5 per cent. The Milei administration had actually raised the tax after assuming office on Dec. 10 to boost federal revenues and close a fiscal deficit, but the higher tariff has driven up prices on imports.

Milei’s main priority is to curb runaway inflation that hit 26 per cent per month following his currency devaluation last December but has since eased to 4 per cent by July. However, his austerity measures aimed at achieving a fiscal balance, such as removing subsidies on home utilities and public transit, risk pushing prices up.

Reducing the import tariff could help ease price pressures as Milei proceeds with subsidy cuts in an effort to both lower inflation and close the deficit.

The libertarian also promised during his campaign to reduce taxes, making the move a symbolic gesture to voters that he has kept his word.

More broadly, cutting the PAIS tax is a small step in Milei’s efforts to normalise Argentina’s economy as the government seeks a new agreement with the International Monetary Fund to replace the existing $44-billion deal. So far, negotiations on a new program haven’t advanced in concrete terms while Milei maintains currency controls on a peso that Argentines perceive as overvalued.

Through July, the government has collected 4.3 trillion pesos ($4.5 billion) in revenues from the PAIS tariff, which accounts for around 6 per cent of total tax revenues, according to government data. The tax is applied to a range of transactions beyond imports.

Still, Milei and Argentina have a long way to go. For instance, the PAIS tax is applied at a different rate when Argentines exchange pesos for dollars at banks. That rate isn’t changing for now, nor is the $200 monthly limit that Argentines can exchange as Milei maintains currency controls.

Argentina is reducing a key import tariff in a bid to further cool inflation as President Javier Milei weighs the trade-offs between economic goals that are often conflicting.

Argentina is reducing a key import tariff in a bid to further cool inflation as President Javier Milei weighs the trade-offs between economic goals that are often conflicting. Economy Minister Luis Caputo announced it would cut a levy known as the PAIS tax on imports from 17.5 per cent to 7.5 per cent. The Milei administration had actually raised the tax after assuming office on Dec. 10 to boost federal revenues and close a fiscal deficit, but the higher tariff has driven up prices on imports. Milei’s main priority is to curb runaway inflation that hit 26 per cent per month following his currency devaluation last December but has since eased to 4 per cent by July. However, his austerity measures aimed at achieving a fiscal balance, such as removing subsidies on home utilities and public transit, risk pushing prices up. Reducing the import tariff could help ease price pressures as Milei proceeds with subsidy cuts in an effort to both lower inflation and close the deficit. The libertarian also promised during his campaign to reduce taxes, making the move a symbolic gesture to voters that he has kept his word. More broadly, cutting the PAIS tax is a small step in Milei’s efforts to normalise Argentina’s economy as the government seeks a new agreement with the International Monetary Fund to replace the existing $44-billion deal. So far, negotiations on a new program haven’t advanced in concrete terms while Milei maintains currency controls on a peso that Argentines perceive as overvalued. Through July, the government has collected 4.3 trillion pesos ($4.5 billion) in revenues from the PAIS tariff, which accounts for around 6 per cent of total tax revenues, according to government data. The tax is applied to a range of transactions beyond imports. Still, Milei and Argentina have a long way to go. For instance, the PAIS tax is applied at a different rate when Argentines exchange pesos for dollars at banks. That rate isn’t changing for now, nor is the $200 monthly limit that Argentines can exchange as Milei maintains currency controls.

Argentina’s Milei reduces key import tariff to curb inflation

Berkshire Hathaway, the Omaha-based conglomerate led by Warren Buffett, has achieved a significant milestone by becoming the first non-technology company in the United States to reach a $1 trillion market capitalization. This achievement comes just days before Buffett, often referred to as the "Oracle of Omaha," celebrates his 94th birthday as detailed by CNBC in a report.&nbsp;

The company's stock surged by 0.8 per cent on Wednesday, closing at $696,502.02 per share, which pushed its market value past the $1 trillion mark. This impressive rise adds to Berkshire's 28 per cent gain in 2024, outpacing the S&amp;P 500's 18 per cent growth. The milestone underscores the strength and resilience of Berkshire Hathaway's diverse business portfolio, which includes insurance giant Geico, BNSF Railway, and Dairy Queen.&nbsp;

Cathy Seifert, an analyst at CFRA Research, highlighted the significance of this achievement in a conversation with CNBC. "This is a testament to the firm's financial strength and franchise value," she said. Unlike other members of the trillion-dollar club such as Apple, Microsoft, and Amazon, Berkshire Hathaway is distinguished by its focus on traditional, old-economy businesses.&nbsp;

Buffett, who took control of the struggling textile company in the 1960s, has since transformed it into a sprawling empire that spans industries including insurance, railroads, retail, manufacturing, and energy. Despite its diverse portfolio, Berkshire Hathaway has maintained a solid balance sheet and significant cash reserves, often referred to as a "cash fortress." 
&nbsp; 
Andrew Kligerman, an analyst at TD Cowen, praised Buffett and his management team for their success in navigating a conglomerate structure in an era where specialization is more common. "It's a tribute to Mr. Buffett and his management team, as 'old economy' businesses are what built Berkshire. Yet, these businesses trade at relatively much lower valuations versus tech companies, which are not a major part of Berkshire's business mix," Kligerman noted.&nbsp;

Greg Abel is named as Buffett's successor&nbsp;

Greg Abel, the vice chairman of Berkshire's non-insurance operations, has been named Buffett's successor. Abel, who is 62, is expected to take over decision-making responsibilities when Buffett steps down. At the company's annual meeting earlier this year, Buffett assured shareholders that Abel would have the final say on investment decisions.&nbsp;

Selling spree in Apple, Bank of America: Buffett's defensive stance?&nbsp;

Recently, Buffett has adopted a more defensive approach, selling off a significant portion of Berkshire's Apple holdings and increasing the company's cash reserves to a record $277 billion as of June. This strategy has caught the attention of Wall Street analysts, some of whom believe Buffett is cautious about the current economic environment and market valuations.&nbsp;

The conglomerate also started a selling spree of Bank of America shares in mid-July, dumping more than $5 billion worth of the bank stock. Buffett bought BofA's preferred stock and warrants in 2011 in the aftermath of the financial crisis, shoring up confidence in the embattled lender struggling with losses tied to subprime mortgages.&nbsp;

Despite these moves, Berkshire Hathaway continues to perform strongly, buoyed by robust second-quarter earnings. UBS analyst Brian Meredith recently raised his 2024 and 2025 earnings estimates for Berkshire, citing higher investment income and better underwriting results at Geico and other insurance subsidiaries. Meredith also increased his 12-month price target for Berkshire's Class A shares to $759,000, indicating confidence in the company's future performance.&nbsp;

Berkshire Hathaway's original Class A shares remain one of the most expensive on Wall Street, a strategy Buffett has maintained to attract long-term, quality-oriented investors. In 1996, the company introduced Class B shares, priced at a fraction of Class A shares, to make Berkshire more accessible to smaller investors. As Berkshire Hathaway cements its place in history, the company's achievement is not just a milestone for Buffett but also a testament to the enduring appeal of its business model in a rapidly changing market.&nbsp;

Berkshire Hathaway, the Omaha-based conglomerate led by Warren Buffett, has achieved a significant milestone by becoming the first non-technology company in the United States to reach a $1 trillion market capitalization.

Berkshire Hathaway, the Omaha-based conglomerate led by Warren Buffett, has achieved a significant milestone by becoming the first non-technology company in the United States to reach a $1 trillion market capitalization. This achievement comes just days before Buffett, often referred to as the "Oracle of Omaha," celebrates his 94th birthday as detailed by CNBC in a report. The company's stock surged by 0.8 per cent on Wednesday, closing at $696,502.02 per share, which pushed its market value past the $1 trillion mark. This impressive rise adds to Berkshire's 28 per cent gain in 2024, outpacing the S&P 500's 18 per cent growth. The milestone underscores the strength and resilience of Berkshire Hathaway's diverse business portfolio, which includes insurance giant Geico, BNSF Railway, and Dairy Queen. Cathy Seifert, an analyst at CFRA Research, highlighted the significance of this achievement in a conversation with CNBC. "This is a testament to the firm's financial strength and franchise value," she said. Unlike other members of the trillion-dollar club such as Apple, Microsoft, and Amazon, Berkshire Hathaway is distinguished by its focus on traditional, old-economy businesses. Buffett, who took control of the struggling textile company in the 1960s, has since transformed it into a sprawling empire that spans industries including insurance, railroads, retail, manufacturing, and energy. Despite its diverse portfolio, Berkshire Hathaway has maintained a solid balance sheet and significant cash reserves, often referred to as a "cash fortress." Andrew Kligerman, an analyst at TD Cowen, praised Buffett and his management team for their success in navigating a conglomerate structure in an era where specialization is more common. "It's a tribute to Mr. Buffett and his management team, as 'old economy' businesses are what built Berkshire. Yet, these businesses trade at relatively much lower valuations versus tech companies, which are not a major part of Berkshire's business mix," Kligerman noted. Greg Abel is named as Buffett's successor Greg Abel, the vice chairman of Berkshire's non-insurance operations, has been named Buffett's successor. Abel, who is 62, is expected to take over decision-making responsibilities when Buffett steps down. At the company's annual meeting earlier this year, Buffett assured shareholders that Abel would have the final say on investment decisions. Selling spree in Apple, Bank of America: Buffett's defensive stance? Recently, Buffett has adopted a more defensive approach, selling off a significant portion of Berkshire's Apple holdings and increasing the company's cash reserves to a record $277 billion as of June. This strategy has caught the attention of Wall Street analysts, some of whom believe Buffett is cautious about the current economic environment and market valuations. The conglomerate also started a selling spree of Bank of America shares in mid-July, dumping more than $5 billion worth of the bank stock. Buffett bought BofA's preferred stock and warrants in 2011 in the aftermath of the financial crisis, shoring up confidence in the embattled lender struggling with losses tied to subprime mortgages. Despite these moves, Berkshire Hathaway continues to perform strongly, buoyed by robust second-quarter earnings. UBS analyst Brian Meredith recently raised his 2024 and 2025 earnings estimates for Berkshire, citing higher investment income and better underwriting results at Geico and other insurance subsidiaries. Meredith also increased his 12-month price target for Berkshire's Class A shares to $759,000, indicating confidence in the company's future performance. Berkshire Hathaway's original Class A shares remain one of the most expensive on Wall Street, a strategy Buffett has maintained to attract long-term, quality-oriented investors. In 1996, the company introduced Class B shares, priced at a fraction of Class A shares, to make Berkshire more accessible to smaller investors. As Berkshire Hathaway cements its place in history, the company's achievement is not just a milestone for Buffett but also a testament to the enduring appeal of its business model in a rapidly changing market.

Berkshire Hathaway becomes first US non-tech firm to hit $1 trillion market cap 

Bharti Airtel will exit from music vertical and shut down its Wynk Music app, according to sources. The company will absorb all Wynk Music employees.

"Airtel is planning to close Wynk Music in the next couple of months. It will absorb all the employees into the company," a source told PTI. When contacted, an Airtel spokesperson confirmed the development.

"We can confirm that we will sunset Wynk Music and all Wynk music employees will be absorbed within the Airtel ecosystem. Airtel users will have access to Apple Music. Additionally, Wynk Premium users will receive exclusive offers from Airtel for Apple," the spokesperson said.

The company has entered into an agreement with Apple to provide access to Apple Music with special offers to its customers who use iPhone.

Starting later this year, Airtel Xstream customers will gain access to Apple TV+ content as part of Airtel’s premium Wi-Fi and postpaid plans. The Apple Music and Apple TV+ offers will be available exclusively to Airtel customers in India later this year.

Disclaimer: This story has been published from a news agency feed with minimal edits for grammar and punctuation. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION&nbsp;audience.

Bharti Airtel will exit from music vertical and shut down its Wynk Music app, according to sources. The company will absorb all Wynk Music employees. "Airtel is planning to close Wynk Music in the next couple of months.

Bharti Airtel will exit from music vertical and shut down its Wynk Music app, according to sources. The company will absorb all Wynk Music employees. "Airtel is planning to close Wynk Music in the next couple of months. It will absorb all the employees into the company," a source told PTI. When contacted, an Airtel spokesperson confirmed the development. "We can confirm that we will sunset Wynk Music and all Wynk music employees will be absorbed within the Airtel ecosystem. Airtel users will have access to Apple Music. Additionally, Wynk Premium users will receive exclusive offers from Airtel for Apple," the spokesperson said. The company has entered into an agreement with Apple to provide access to Apple Music with special offers to its customers who use iPhone. Starting later this year, Airtel Xstream customers will gain access to Apple TV+ content as part of Airtel’s premium Wi-Fi and postpaid plans. The Apple Music and Apple TV+ offers will be available exclusively to Airtel customers in India later this year. Disclaimer: This story has been published from a news agency feed with minimal edits for grammar and punctuation. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

Airtel to shut down Wynk Music app, absorb all employees

In a recent report, Moody's Ratings highlighted the significant role of India's digital infrastructure in driving economic growth and job creation. Published on August 27, 2024, the report applauds the Indian government's efforts in enhancing digital infrastructure, noting its positive impact on various sectors.&nbsp;

Moody's emphasized that India's rapid digital advancement, particularly in developing digital public infrastructure, sets it apart from many of its emerging market counterparts. This progress has boosted India's position in the World Bank's Logistics Performance Index, improving from 54th place among 160 countries a decade ago to 38th place out of 139 countries today.&nbsp;

The report credits the government's initiatives in digital identity, digital payments, and record digitization for this advancement. According to Moody's, "The ongoing development of India's infrastructure will continue to help improve the business environment, attract private sector investment, and create jobs in higher-paying sectors."&nbsp;

The Indian government has maintained its capital expenditure target at Rs 11.1 lakh crore for FY25, marking a 17 per cent increase from the previous fiscal year. This investment is expected to significantly impact related sectors, including steel and cement, by boosting demand for transportation services. &nbsp; 
&nbsp; 
Consequently, this will benefit transportation-related sectors such as automotive manufacturing, airlines, and ride-hailing services. Further, it is interesting to note that according to a Moneycontrol study, the significant majority of this investment, around 50 per cent, is focused on roads and Railways capital expenditure.&nbsp;

Moody's also noted the benefits for the consumer goods sector, especially the fast-moving consumer goods industry, which is expected to continue reaping rewards from both digital and physical infrastructure improvements.&nbsp;

Despite these positives, Moody's highlighted ongoing challenges, including low participation in higher education and gender disparities in education, which could hinder employment growth in non-agricultural sectors.&nbsp;

The report also pointed to high unemployment rates and weak real wage growth as obstacles to household consumption. Looking ahead, Moody's forecasts that India's economy will expand by 6.8 per cent in 2024, with a slight decrease to 6.5 per cent growth projected for 2025.&nbsp;

In a recent report, Moody's Ratings highlighted the significant role of India's digital infrastructure in driving economic growth and job creation. Published on August 27, 2024, the report applauds the Indian government's efforts in enhancing digital infrastructure, noting its positive impact on various sectors.

In a recent report, Moody's Ratings highlighted the significant role of India's digital infrastructure in driving economic growth and job creation. Published on August 27, 2024, the report applauds the Indian government's efforts in enhancing digital infrastructure, noting its positive impact on various sectors. Moody's emphasized that India's rapid digital advancement, particularly in developing digital public infrastructure, sets it apart from many of its emerging market counterparts. This progress has boosted India's position in the World Bank's Logistics Performance Index, improving from 54th place among 160 countries a decade ago to 38th place out of 139 countries today. The report credits the government's initiatives in digital identity, digital payments, and record digitization for this advancement. According to Moody's, "The ongoing development of India's infrastructure will continue to help improve the business environment, attract private sector investment, and create jobs in higher-paying sectors." The Indian government has maintained its capital expenditure target at Rs 11.1 lakh crore for FY25, marking a 17 per cent increase from the previous fiscal year. This investment is expected to significantly impact related sectors, including steel and cement, by boosting demand for transportation services. Consequently, this will benefit transportation-related sectors such as automotive manufacturing, airlines, and ride-hailing services. Further, it is interesting to note that according to a Moneycontrol study, the significant majority of this investment, around 50 per cent, is focused on roads and Railways capital expenditure. Moody's also noted the benefits for the consumer goods sector, especially the fast-moving consumer goods industry, which is expected to continue reaping rewards from both digital and physical infrastructure improvements. Despite these positives, Moody's highlighted ongoing challenges, including low participation in higher education and gender disparities in education, which could hinder employment growth in non-agricultural sectors. The report also pointed to high unemployment rates and weak real wage growth as obstacles to household consumption. Looking ahead, Moody's forecasts that India's economy will expand by 6.8 per cent in 2024, with a slight decrease to 6.5 per cent growth projected for 2025.

India's digital infrastructure: A key driver for growth, says Moody's 

In a recent revelation, Mark Zuckerberg, CEO of Meta, has alleged that the Biden administration exerted undue pressure on the company to censor Covid-19-related content. On August 27, 2024, Zuckerberg claimed that the White House and other senior officials from the Biden administration repeatedly urged Meta to remove certain content, including humour and satire, related to the pandemic, as detailed in a report by CNBC.&nbsp;

Zuckerberg's comments were made in a letter addressed to the House Judiciary Committee, led by Republican Jim Jordan. In the letter, Zuckerberg acknowledged that while Meta had the ultimate authority to decide which content to remove, he believed the government's influence was inappropriate. "In 2021, senior officials from the Biden Administration, including the White House, repeatedly pressured our teams for months to censor certain COVID-19 content," Zuckerberg wrote. He added, "I regret that we were not more outspoken about it."&nbsp;

The White House has responded by stating that their actions were intended to ensure public health and safety during a critical time. "When confronted with a deadly pandemic, this Administration encouraged responsible actions to protect public health and safety," a White House spokesperson told Politico. The statement emphasized that the administration's goal was for technology companies to consider the impact of their actions on the American people, while still making independent decisions.&nbsp;

This controversy highlights ongoing debates about the extent of government influence over social media platforms. In August 2021, Meta reported removing over 20 million COVID-19-related posts for violating its content policies across Facebook and Instagram. The Biden administration had previously criticized social media platforms for not doing enough to combat misinformation about the virus.&nbsp;

Zuckerberg's letter adds to the broader discussion on the role of tech companies in content moderation and the pressures they face from various stakeholders. As the debate continues, Zuckerberg has pledged that Meta will be more cautious and assertive in maintaining its content standards in the future.&nbsp;

In a recent revelation, Mark Zuckerberg, CEO of Meta, has alleged that the Biden administration exerted undue pressure on the company to censor Covid-19-related content.

In a recent revelation, Mark Zuckerberg, CEO of Meta, has alleged that the Biden administration exerted undue pressure on the company to censor Covid-19-related content. On August 27, 2024, Zuckerberg claimed that the White House and other senior officials from the Biden administration repeatedly urged Meta to remove certain content, including humour and satire, related to the pandemic, as detailed in a report by CNBC. Zuckerberg's comments were made in a letter addressed to the House Judiciary Committee, led by Republican Jim Jordan. In the letter, Zuckerberg acknowledged that while Meta had the ultimate authority to decide which content to remove, he believed the government's influence was inappropriate. "In 2021, senior officials from the Biden Administration, including the White House, repeatedly pressured our teams for months to censor certain COVID-19 content," Zuckerberg wrote. He added, "I regret that we were not more outspoken about it." The White House has responded by stating that their actions were intended to ensure public health and safety during a critical time. "When confronted with a deadly pandemic, this Administration encouraged responsible actions to protect public health and safety," a White House spokesperson told Politico. The statement emphasized that the administration's goal was for technology companies to consider the impact of their actions on the American people, while still making independent decisions. This controversy highlights ongoing debates about the extent of government influence over social media platforms. In August 2021, Meta reported removing over 20 million COVID-19-related posts for violating its content policies across Facebook and Instagram. The Biden administration had previously criticized social media platforms for not doing enough to combat misinformation about the virus. Zuckerberg's letter adds to the broader discussion on the role of tech companies in content moderation and the pressures they face from various stakeholders. As the debate continues, Zuckerberg has pledged that Meta will be more cautious and assertive in maintaining its content standards in the future.

Zuckerberg accuses White House of pressuring Meta to censor Covid-19 content 

Talks between India and Oman on a free trade agreement (FTA) are going well, and they hope to finish the deal soon, said Indian Ambassador to Oman, Amit Narang, on August 27, 2024. The Comprehensive Economic Partnership Agreement (CEPA) is meant to boost trade and investment between the two countries. Further, it is also going to go a long way in strengthening strategic relations, as per a report by Press Trust of India.&nbsp;&nbsp;

The Comprehensive Economic Partnership Agreement (CEPA) is designed to eliminate tariffs on a range of products, significantly benefiting Indian exports to Oman. Key sectors expected to gain from this agreement include petroleum products, textiles, electronics, pharmaceuticals, machinery, and iron and steel. By removing duties on these goods, the pact is anticipated to stimulate bilateral trade and investment.&nbsp;

Narang remarked, "Discussions for a bilateral CEPA with Oman are at an advanced stage. We hope to conclude these discussions early, and once this is done, this will be a significant push to bilateral, not just trade, but also bilateral investment ties."&nbsp;

Currently, bilateral trade between India and Oman, which exceeded $12 billion in the fiscal year 2022-23, has moderated to around $8 billion in FY24. The new agreement is expected to address this decline by bolstering trade volumes and opening new avenues for economic collaboration.&nbsp;

The CEPA is expected to have a broad impact on various industries. For instance, the removal of duties on textiles and electronics could provide Indian manufacturers with greater access to the Omani market, while Omani imports of Indian pharmaceuticals and machinery are likely to rise. 
&nbsp; 
The agreement represents a crucial step in strengthening economic ties between the two nations, promising substantial benefits for both economies. The successful conclusion of these talks could mark a new phase in India-Oman relations, fostering greater economic engagement and cooperation.&nbsp;

Talks between India and Oman on a free trade agreement (FTA) are going well, and they hope to finish the deal soon, said Indian Ambassador to Oman, Amit Narang, on August 27, 2024.

Talks between India and Oman on a free trade agreement (FTA) are going well, and they hope to finish the deal soon, said Indian Ambassador to Oman, Amit Narang, on August 27, 2024. The Comprehensive Economic Partnership Agreement (CEPA) is meant to boost trade and investment between the two countries. Further, it is also going to go a long way in strengthening strategic relations, as per a report by Press Trust of India. The Comprehensive Economic Partnership Agreement (CEPA) is designed to eliminate tariffs on a range of products, significantly benefiting Indian exports to Oman. Key sectors expected to gain from this agreement include petroleum products, textiles, electronics, pharmaceuticals, machinery, and iron and steel. By removing duties on these goods, the pact is anticipated to stimulate bilateral trade and investment. Narang remarked, "Discussions for a bilateral CEPA with Oman are at an advanced stage. We hope to conclude these discussions early, and once this is done, this will be a significant push to bilateral, not just trade, but also bilateral investment ties." Currently, bilateral trade between India and Oman, which exceeded $12 billion in the fiscal year 2022-23, has moderated to around $8 billion in FY24. The new agreement is expected to address this decline by bolstering trade volumes and opening new avenues for economic collaboration. The CEPA is expected to have a broad impact on various industries. For instance, the removal of duties on textiles and electronics could provide Indian manufacturers with greater access to the Omani market, while Omani imports of Indian pharmaceuticals and machinery are likely to rise. The agreement represents a crucial step in strengthening economic ties between the two nations, promising substantial benefits for both economies. The successful conclusion of these talks could mark a new phase in India-Oman relations, fostering greater economic engagement and cooperation.

India and Oman near free trade agreement, set to boost bilateral trade 

UBS Global Wealth Management has revised its forecast for a US recession, raising the probability from 20 per cent to 25 per cent, according to a Reuters report. This adjustment comes amid mounting worries about economic instability, driven primarily by underwhelming job growth and recent unemployment statistics. UBS's updated prediction reflects a deepening concern over the US economic landscape, which is currently characterised by uncertainty and signs of potential weakening. 
&nbsp; 
The increased likelihood of a recession underscores the challenges facing the economy, as recent data points suggest a less robust labour market and broader economic vulnerabilities. The firm's revised outlook suggests a growing recognition of the risks associated with the current economic environment and highlights the possibility of a downturn in the near future.&nbsp;

In a note released on August 27, 2024, UBS cited recent data showing a significant slowdown in hiring and a rise in the unemployment rate to 4.3 per cent in July, its highest in nearly three years, as key factors influencing its revised forecast. The US Department of Labor's adjustment of total payroll employment by 818,000 for the year through March 2024 further fuelled recession fears, indicating fewer jobs were created than previously reported.&nbsp;

UBS's new forecast aligns with broader economic uncertainty. Earlier this month, JPMorgan increased its recession probability for the year to 35 per cent, attributing this to easing labour market pressures. Conversely, Goldman Sachs reduced its recession probability to 20 per cent over the next 12 months, reflecting more optimistic expectations.&nbsp;

The increased probability of a recession has intensified discussions about potential Federal Reserve actions. Expectations are growing for a possible rate cut of up to 50 basis points in the Fed's September meeting. Federal Reserve Chair Jerome Powell signalled in his recent Jackson Hole speech that a reduction in rates might be imminent.&nbsp;

UBS senior US economist Brian Rose noted the critical role of consumer spending in shaping future economic growth. He emphasised, "Continued income growth will be critical to keep spending rising since a steady savings rate is probably the best we can hope for." This revised outlook from UBS underscores the ongoing economic uncertainties and the potential need for further monetary adjustments to navigate the evolving economic landscape.&nbsp;

UBS Global Wealth Management has revised its forecast for a US recession, raising the probability from 20 per cent to 25 per cent, according to a Reuters report.

UBS Global Wealth Management has revised its forecast for a US recession, raising the probability from 20 per cent to 25 per cent, according to a Reuters report. This adjustment comes amid mounting worries about economic instability, driven primarily by underwhelming job growth and recent unemployment statistics. UBS's updated prediction reflects a deepening concern over the US economic landscape, which is currently characterised by uncertainty and signs of potential weakening. The increased likelihood of a recession underscores the challenges facing the economy, as recent data points suggest a less robust labour market and broader economic vulnerabilities. The firm's revised outlook suggests a growing recognition of the risks associated with the current economic environment and highlights the possibility of a downturn in the near future. In a note released on August 27, 2024, UBS cited recent data showing a significant slowdown in hiring and a rise in the unemployment rate to 4.3 per cent in July, its highest in nearly three years, as key factors influencing its revised forecast. The US Department of Labor's adjustment of total payroll employment by 818,000 for the year through March 2024 further fuelled recession fears, indicating fewer jobs were created than previously reported. UBS's new forecast aligns with broader economic uncertainty. Earlier this month, JPMorgan increased its recession probability for the year to 35 per cent, attributing this to easing labour market pressures. Conversely, Goldman Sachs reduced its recession probability to 20 per cent over the next 12 months, reflecting more optimistic expectations. The increased probability of a recession has intensified discussions about potential Federal Reserve actions. Expectations are growing for a possible rate cut of up to 50 basis points in the Fed's September meeting. Federal Reserve Chair Jerome Powell signalled in his recent Jackson Hole speech that a reduction in rates might be imminent. UBS senior US economist Brian Rose noted the critical role of consumer spending in shaping future economic growth. He emphasised, "Continued income growth will be critical to keep spending rising since a steady savings rate is probably the best we can hope for." This revised outlook from UBS underscores the ongoing economic uncertainties and the potential need for further monetary adjustments to navigate the evolving economic landscape.

UBS raises US recession probability amid economic concerns 

Marathon Digital Holdings is expanding the horizons of cryptocurrency investments, exploring altcoins alongside its well-established bitcoin mining operations.

In a recent discussion, Roundtable anchor, Rob Nelson, was joined by Sam Price, host of CryptoLifer, and Salman Khan, CFO at Marathon Digital Holdings. The conversation quickly shifted to the company’s intriguing move into Kaspa, a lesser-known altcoin, sparking interest among investors.

Rob Nelson began the discussion by highlighting Sam Price's enthusiasm about Marathon's diversified strategy. Sam, eager to dive into the details, commended the company for its strategic presence at the Bitcoin Conference and queried Salman Khan about the venture into Kaspa.

Salman responded by underscoring Marathon's dedication to innovation. He explained that while the company's core focus remains on bitcoin mining, their decision to allocate a small fraction of energy to Kaspa mining is driven by the high margins and potential for added value to shareholders.

"The fact is that we have attracted some really serious talent in the last couple of years and we've got some very smart people in the company and one of the things that we have been able to incubate within the company is out of the box ideas," he said. In total, the company has mined more than $15 million worth of Kaspa since September of 2023.

By leveraging existing resources, they aim to maximise returns without straying too far from their primary focus on bitcoin. This move, while unconventional, highlights Marathon's readiness to explore new opportunities in the constantly evolving crypto landscape.

Rob Nelson and Sam Price both expressed interest in how this strategy aligns with Marathon's long-term objectives. Salman reassured them that while Kaspa offers an exciting new avenue, bitcoin remains central to their operations. The ability to generate high-margin returns from Kaspa provides a unique opportunity to enhance their bitcoin holdings, ensuring that the company stays ahead in the competitive world of digital assets.

Marathon Digital Holdings is expanding the horizons of cryptocurrency investments, exploring altcoins alongside its well-established bitcoin mining operations. In a recent discussion, Roundtable anchor, Rob Nelson, was joined by Sam Price, host of CryptoLifer, and Salman Khan, CFO at Marathon Digital Holdings.

Marathon Digital Holdings is expanding the horizons of cryptocurrency investments, exploring altcoins alongside its well-established bitcoin mining operations. In a recent discussion, Roundtable anchor, Rob Nelson, was joined by Sam Price, host of CryptoLifer, and Salman Khan, CFO at Marathon Digital Holdings. The conversation quickly shifted to the company’s intriguing move into Kaspa, a lesser-known altcoin, sparking interest among investors. Rob Nelson began the discussion by highlighting Sam Price's enthusiasm about Marathon's diversified strategy. Sam, eager to dive into the details, commended the company for its strategic presence at the Bitcoin Conference and queried Salman Khan about the venture into Kaspa. Salman responded by underscoring Marathon's dedication to innovation. He explained that while the company's core focus remains on bitcoin mining, their decision to allocate a small fraction of energy to Kaspa mining is driven by the high margins and potential for added value to shareholders. "The fact is that we have attracted some really serious talent in the last couple of years and we've got some very smart people in the company and one of the things that we have been able to incubate within the company is out of the box ideas," he said. In total, the company has mined more than $15 million worth of Kaspa since September of 2023. By leveraging existing resources, they aim to maximise returns without straying too far from their primary focus on bitcoin. This move, while unconventional, highlights Marathon's readiness to explore new opportunities in the constantly evolving crypto landscape. Rob Nelson and Sam Price both expressed interest in how this strategy aligns with Marathon's long-term objectives. Salman reassured them that while Kaspa offers an exciting new avenue, bitcoin remains central to their operations. The ability to generate high-margin returns from Kaspa provides a unique opportunity to enhance their bitcoin holdings, ensuring that the company stays ahead in the competitive world of digital assets.

Why Marathon Digital is expanding its mining operations beyond Bitcoin

Russia's recent move to set up its own cryptocurrency exchanges is making waves in the financial sector.

George Tung, Host of CryptosRUs, explains that this decision, driven by Russia's leadership among sanctioned nations, reflects a broader strategy to distance itself from the US dollar. This development could indicate a shift in global financial dynamics, especially as other countries consider accumulating bitcoin as part of their strategic reserves.

George Tung highlights that Russia's new exchanges will avoid any trading that involves the US dollar, aligning with the country's push to operate independently of Western financial systems. Instead, the emphasis will be on fiat currencies from BRICS nations, a step that aligns with the broader de-dollarization trend among these countries. Tung notes that Russia, similar to China, may be closely watching the United States' potential plans to stockpile bitcoin, considering similar approaches for their own reserves.

As these countries move to accumulate bitcoin, Tung suggests that a supply shock could be looming. With limited amounts of bitcoin available, increased demand from sovereign states could have a significant impact on the market. Russia's recent reopening to cryptocurrency mining further underscores this intention, with the country seemingly positioning itself to acquire as much digital currency as possible.

This move toward adopting cryptocurrencies by significant global players like Russia and China could mark a new phase in the digital currency realm. If more countries begin to amass bitcoin, the rarity of this asset could push its value up, potentially transforming the global financial landscape.

Russia's recent move to set up its own cryptocurrency exchanges is making waves in the financial sector. George Tung, Host of CryptosRUs, explains that this decision, driven by Russia's leadership among sanctioned nations, reflects a broader strategy to distance itself from the US dollar.

Russia's recent move to set up its own cryptocurrency exchanges is making waves in the financial sector. George Tung, Host of CryptosRUs, explains that this decision, driven by Russia's leadership among sanctioned nations, reflects a broader strategy to distance itself from the US dollar. This development could indicate a shift in global financial dynamics, especially as other countries consider accumulating bitcoin as part of their strategic reserves. George Tung highlights that Russia's new exchanges will avoid any trading that involves the US dollar, aligning with the country's push to operate independently of Western financial systems. Instead, the emphasis will be on fiat currencies from BRICS nations, a step that aligns with the broader de-dollarization trend among these countries. Tung notes that Russia, similar to China, may be closely watching the United States' potential plans to stockpile bitcoin, considering similar approaches for their own reserves. As these countries move to accumulate bitcoin, Tung suggests that a supply shock could be looming. With limited amounts of bitcoin available, increased demand from sovereign states could have a significant impact on the market. Russia's recent reopening to cryptocurrency mining further underscores this intention, with the country seemingly positioning itself to acquire as much digital currency as possible. This move toward adopting cryptocurrencies by significant global players like Russia and China could mark a new phase in the digital currency realm. If more countries begin to amass bitcoin, the rarity of this asset could push its value up, potentially transforming the global financial landscape.

Russia's crypto shift: A new chapter in global financial realignment

Goldman Sachs Group Inc. has recruited veteran power banker Tyler Miller from rival Citigroup Inc. as a partner in its natural resources division.

At Goldman Sachs, Miller will serve as global co-head of power, utilities, and infrastructure, according to a memo reviewed by Bloomberg News.

Miller most recently led a similar team at Citigroup, where he was a managing director, as stated in the memo. He will be based in New York and commence his new role after a standard period of leave, according to a source familiar with the matter who requested anonymity because Miller’s hiring was not yet public.

A spokesperson for Goldman Sachs confirmed the details of the memo but declined to provide additional comment. A representative for Citigroup also declined to comment.

Miller, who has nearly 25 years of experience in power industry dealmaking, previously held positions at banks including Barclays Plc, Lehman Brothers, and Merrill Lynch.

His recruitment comes as utilities have experienced a surge in energy demand driven by the artificial intelligence boom, which includes data centres, generating excitement among investors.

Deal activity in the sector is also increasing. This month, Carlyle Group Inc. sold power producer Cogentrix to private equity firm Quantum Capital Group for $3 billion.

Goldman Sachs has recently countered after losing some talent to smaller rivals such as Evercore Inc. In recent weeks, it secured top aerospace and defence dealmaker Michael Tarulli from the boutique firm. It also hired Matt Beitzel from Citigroup to join its financial institutions division as a partner.

Goldman Sachs Group Inc. has recruited veteran power banker Tyler Miller from rival Citigroup Inc. as a partner in its natural resources division. At Goldman Sachs, Miller will serve as global co-head of power, utilities, and infrastructure, according to a memo reviewed by Bloomberg News.

Goldman Sachs Group Inc. has recruited veteran power banker Tyler Miller from rival Citigroup Inc. as a partner in its natural resources division. At Goldman Sachs, Miller will serve as global co-head of power, utilities, and infrastructure, according to a memo reviewed by Bloomberg News. Miller most recently led a similar team at Citigroup, where he was a managing director, as stated in the memo. He will be based in New York and commence his new role after a standard period of leave, according to a source familiar with the matter who requested anonymity because Miller’s hiring was not yet public. A spokesperson for Goldman Sachs confirmed the details of the memo but declined to provide additional comment. A representative for Citigroup also declined to comment. Miller, who has nearly 25 years of experience in power industry dealmaking, previously held positions at banks including Barclays Plc, Lehman Brothers, and Merrill Lynch. His recruitment comes as utilities have experienced a surge in energy demand driven by the artificial intelligence boom, which includes data centres, generating excitement among investors. Deal activity in the sector is also increasing. This month, Carlyle Group Inc. sold power producer Cogentrix to private equity firm Quantum Capital Group for $3 billion. Goldman Sachs has recently countered after losing some talent to smaller rivals such as Evercore Inc. In recent weeks, it secured top aerospace and defence dealmaker Michael Tarulli from the boutique firm. It also hired Matt Beitzel from Citigroup to join its financial institutions division as a partner.

Goldman Sachs recruits power banking expert Tyler Miller from Citigroup

Australian inflation eased to a four-month low in July as government rebates on electricity bills took effect. However, the moderation in price gains elsewhere fell short of expectations, leading markets to scale back the likelihood of an imminent interest rate cut.

The consumer price index (CPI) increased at an annual rate of 3.5 per cent in July, down from 3.8 per cent in June, according to Australian Bureau of Statistics data released on Wednesday.

The figure slightly exceeded forecasts of 3.4 per cent, prompting markets to slightly increase the odds of the first rate cut by the Reserve Bank of Australia in November to 48.4 per cent, from 58 per cent previously.

The Australian dollar inched up 0.1 per cent to $0.6803, its highest level this year, and the three-year bond yield rose 4 ticks to 3.559 per cent.

On a monthly basis, the CPI was unchanged in July compared to June as electricity prices dropped 6.4 per cent, and petrol declined 2.6 per cent, while rents, food, and gas prices climbed.

"July's inflation print is full of smoke and mirrors. At face value, the fight against inflation looks to have taken a massive step forward...but some of that improvement came from rebates that artificially lowered the cost of electricity," said Harry Murphy Cruise, an economist at Moody's Analytics.

"While that makes the headline inflation figure look a whole lot better, prices are ultimately unchanged."

Indeed, the deceleration in headline inflation was driven by electricity subsidies from the federal and state governments, which started in Queensland and Western Australia last month, with other states and Territories set to follow in August, the statistics agency noted.

It estimated that electricity prices in July would have risen 0.9 per cent, excluding the rebates.

Australian inflation eased to a four-month low in July as government rebates on electricity bills took effect. However, the moderation in price gains elsewhere fell short of expectations, leading markets to scale back the likelihood of an imminent interest rate cut.

Australian inflation eased to a four-month low in July as government rebates on electricity bills took effect. However, the moderation in price gains elsewhere fell short of expectations, leading markets to scale back the likelihood of an imminent interest rate cut. The consumer price index (CPI) increased at an annual rate of 3.5 per cent in July, down from 3.8 per cent in June, according to Australian Bureau of Statistics data released on Wednesday. The figure slightly exceeded forecasts of 3.4 per cent, prompting markets to slightly increase the odds of the first rate cut by the Reserve Bank of Australia in November to 48.4 per cent, from 58 per cent previously. The Australian dollar inched up 0.1 per cent to $0.6803, its highest level this year, and the three-year bond yield rose 4 ticks to 3.559 per cent. On a monthly basis, the CPI was unchanged in July compared to June as electricity prices dropped 6.4 per cent, and petrol declined 2.6 per cent, while rents, food, and gas prices climbed. "July's inflation print is full of smoke and mirrors. At face value, the fight against inflation looks to have taken a massive step forward...but some of that improvement came from rebates that artificially lowered the cost of electricity," said Harry Murphy Cruise, an economist at Moody's Analytics. "While that makes the headline inflation figure look a whole lot better, prices are ultimately unchanged." Indeed, the deceleration in headline inflation was driven by electricity subsidies from the federal and state governments, which started in Queensland and Western Australia last month, with other states and Territories set to follow in August, the statistics agency noted. It estimated that electricity prices in July would have risen 0.9 per cent, excluding the rebates.

Australia's inflation cools in July, though progress remains sluggish

According to Swiss Finance Minister Karin Keller-Sutter in a newspaper interview, high debt levels in the United States of America and Europe are threats to international financial stability and thus, by extension, threats to Switzerland.

In an interview with Swiss daily Blick, Keller-Sutter underscored the "disciplined" finances of Switzerland, which made it well prepared for the economic difficulties entailed by both the COVID-19 pandemic and Russia's invasion of Ukraine.

Other countries are "so indebted they're hardly able to act any more", she mentioned, pointing to France.

"Or take a look at America. That's a time bomb. The mini-crash on the stock markets at the start of August was a warning shot," the minister said.

"It was an expression of investors' fear of a recession. Debt levels in the US and Europe are a risk to international financial stability and a risk for Switzerland," she added.

Keller-Sutter also mentioned a state-backed scheme in which Swiss bank UBS would have to hold more capital following the acquisition of former rival Credit Suisse last year after it collapsed.

She said extra capital requirements as necessary to protect Switzerland against another banking meltdown.

UBS CEO Sergio Ermotti has criticised the proposal, and she was asked whether she was in touch with him about it, saying:

"No, I haven't been in contact with him any more. This is now a normal political process."

She was also asked for her opinion on the speculation that UBS might move its headquarters abroad if it feels that the conditions are no longer conducive in Switzerland.

"The Federal Council (cabinet) believes it's good for the economy to have a large Swiss bank. But the bank must decide for itself how it wants to position itself."

UBS has repeatedly stated that it remains committed to Switzerland.

According to Swiss Finance Minister Karin Keller-Sutter in a newspaper interview, high debt levels in the United States of America and Europe are threats to international financial stability and thus, by extension, threats to Switzerland.

According to Swiss Finance Minister Karin Keller-Sutter in a newspaper interview, high debt levels in the United States of America and Europe are threats to international financial stability and thus, by extension, threats to Switzerland. In an interview with Swiss daily Blick, Keller-Sutter underscored the "disciplined" finances of Switzerland, which made it well prepared for the economic difficulties entailed by both the COVID-19 pandemic and Russia's invasion of Ukraine. Other countries are "so indebted they're hardly able to act any more", she mentioned, pointing to France. "Or take a look at America. That's a time bomb. The mini-crash on the stock markets at the start of August was a warning shot," the minister said. "It was an expression of investors' fear of a recession. Debt levels in the US and Europe are a risk to international financial stability and a risk for Switzerland," she added. Keller-Sutter also mentioned a state-backed scheme in which Swiss bank UBS would have to hold more capital following the acquisition of former rival Credit Suisse last year after it collapsed. She said extra capital requirements as necessary to protect Switzerland against another banking meltdown. UBS CEO Sergio Ermotti has criticised the proposal, and she was asked whether she was in touch with him about it, saying: "No, I haven't been in contact with him any more. This is now a normal political process." She was also asked for her opinion on the speculation that UBS might move its headquarters abroad if it feels that the conditions are no longer conducive in Switzerland. "The Federal Council (cabinet) believes it's good for the economy to have a large Swiss bank. But the bank must decide for itself how it wants to position itself." UBS has repeatedly stated that it remains committed to Switzerland.

Swiss Finance Minister criticises US, Europe over 'Time Bomb' debt levels

Capitalmind Financial Services, based in Bengaluru and led by Deepak Shenoy, has received in-principle approval from the Securities and Exchange Board of India (SEBI) to launch a mutual fund. The company, which applied for the license on January 5, 2024, is expanding its investment offerings after establishing a strong presence in portfolio management, according to a report by Press Trust of India.&nbsp;&nbsp;

Further, currently, Capitalmind manages over Rs 2,200 crore in assets through its Portfolio Management Services (PMS), catering to more than 1,150 clients. The firm is ranked as the 25th largest portfolio management services provider in India by assets under management in discretionary equity strategies.&nbsp;

Deepak Shenoy, CEO of Capitalmind, expressed excitement about the new venture, stating, "We are excited to introduce innovative investing approaches tailored to the evolving needs of Indian mutual fund investors. Our goal is to serve the rapidly growing cohort of 4.5 crore mutual fund investors with exceptional products and services while contributing to the growth of the overall Mutual Fund Industry." Shenoy also highlighted the company's mission to contribute to India's financialization through the mutual fund industry, which is valued at Rs 64 lakh crore.&nbsp;

Capitalmind's journey began as a blog where Shenoy shared his insights on investing and personal finance. Over time, the company expanded its offerings to include equity research, model portfolios, and a thriving investing community. It launched its portfolio management service in 2017 and introduced an Alternative Investment Fund (AIF) in 2024.&nbsp; 
Today, the company serves over 20,000 retail investors and 1,350 PMS clients, including high-net-worth individuals (HNIs) and ultra-high-net-worth individuals (UHNIs). The company, hence, has witnessed exceptional growth over the years.&nbsp;&nbsp;

The Indian mutual fund industry is known for its competitiveness, with 43 players managing assets worth Rs 65 trillion. Capitalmind now joins other Bengaluru-based asset management companies like Zerodha Fund House, Groww Mutual Fund, and Navi Mutual Fund. The mutual fund sector is witnessing strong growth, driven by increased investor participation, active inflows, and a booming economy. With SEBI's approval, Capitalmind is set to further strengthen its position in India's rapidly expanding mutual fund market.&nbsp;

Capitalmind Financial Services, based in Bengaluru and led by Deepak Shenoy, has received in-principle approval from the Securities and Exchange Board of India (SEBI) to launch a mutual fund.

Capitalmind Financial Services, based in Bengaluru and led by Deepak Shenoy, has received in-principle approval from the Securities and Exchange Board of India (SEBI) to launch a mutual fund. The company, which applied for the license on January 5, 2024, is expanding its investment offerings after establishing a strong presence in portfolio management, according to a report by Press Trust of India. Further, currently, Capitalmind manages over Rs 2,200 crore in assets through its Portfolio Management Services (PMS), catering to more than 1,150 clients. The firm is ranked as the 25th largest portfolio management services provider in India by assets under management in discretionary equity strategies. Deepak Shenoy, CEO of Capitalmind, expressed excitement about the new venture, stating, "We are excited to introduce innovative investing approaches tailored to the evolving needs of Indian mutual fund investors. Our goal is to serve the rapidly growing cohort of 4.5 crore mutual fund investors with exceptional products and services while contributing to the growth of the overall Mutual Fund Industry." Shenoy also highlighted the company's mission to contribute to India's financialization through the mutual fund industry, which is valued at Rs 64 lakh crore. Capitalmind's journey began as a blog where Shenoy shared his insights on investing and personal finance. Over time, the company expanded its offerings to include equity research, model portfolios, and a thriving investing community. It launched its portfolio management service in 2017 and introduced an Alternative Investment Fund (AIF) in 2024. Today, the company serves over 20,000 retail investors and 1,350 PMS clients, including high-net-worth individuals (HNIs) and ultra-high-net-worth individuals (UHNIs). The company, hence, has witnessed exceptional growth over the years. The Indian mutual fund industry is known for its competitiveness, with 43 players managing assets worth Rs 65 trillion. Capitalmind now joins other Bengaluru-based asset management companies like Zerodha Fund House, Groww Mutual Fund, and Navi Mutual Fund. The mutual fund sector is witnessing strong growth, driven by increased investor participation, active inflows, and a booming economy. With SEBI's approval, Capitalmind is set to further strengthen its position in India's rapidly expanding mutual fund market.

Capitalmind secures SEBI approval for mutual fund launch  

Infosys, the Bengaluru-based information and technology giant, has announced its intention to "vigorously defend" itself against a trade secrets lawsuit filed by its rival, Cognizant. The legal battle unfolding in a Texas federal court centres on allegations that Infosys misappropriated trade secrets related to Cognizant's healthcare insurance software.&nbsp;&nbsp;

In a statement issued on August 23, 2024, Infosys refuted the claims made by Cognizant's subsidiary, Cognizant TriZetto. The lawsuit accuses Infosys of unlawfully utilizing TriZetto's software, specifically the Facets and QNXT platforms, to create a product known as "Test Cases for Facets." Cognizant argues that Infosys repackaged TriZetto's data and used it to develop new software, breaching confidentiality agreements and legal protections according to a report by PTI.&nbsp;&nbsp;

Response of Infosys to the claims made by Cognizant&nbsp;

Further, Infosys has responded firmly, stating, "Infosys is aware of the lawsuit. We deny all allegations and will defend our position in the court." The company's spokesperson emphasized their commitment to contesting the charges and maintaining their legal and ethical standards.&nbsp;

This lawsuit adds another layer to the intense competition between Infosys and Cognizant, both of which are approaching $20 billion in revenue. The rivalry is further complicated by personal ties; Cognizant's CEO, Ravi Kumar S, previously served at Infosys as president and deputy Chief Operating Officer until October 2022. Additionally, Cognizant recently appointed Rajesh Varrier, another former Infosys executive, as its new India Chairman and Managing Director.&nbsp;

The legal dispute comes on the heels of Infosys's allegations against Cognizant for allegedly poaching key executives, which Infosys documented in a letter last year. This situation mirrors similar actions taken by other Indian IT firms, including Wipro, which also filed lawsuits over executive departures. Wipro reached a settlement with Cognizant earlier this year, resolving a non-compete lawsuit involving a $505,087 payment.&nbsp;

As the Information and Technology industry faces an uncertain demand environment and multi-decade low revenue and profits, the legal skirmishes between these tech giants underscore the competitive tensions within the sector.&nbsp;

Infosys, the Bengaluru-based information and technology giant, has announced its intention to "vigorously defend" itself against a trade secrets lawsuit filed by its rival, Cognizant.

Infosys, the Bengaluru-based information and technology giant, has announced its intention to "vigorously defend" itself against a trade secrets lawsuit filed by its rival, Cognizant. The legal battle unfolding in a Texas federal court centres on allegations that Infosys misappropriated trade secrets related to Cognizant's healthcare insurance software. In a statement issued on August 23, 2024, Infosys refuted the claims made by Cognizant's subsidiary, Cognizant TriZetto. The lawsuit accuses Infosys of unlawfully utilizing TriZetto's software, specifically the Facets and QNXT platforms, to create a product known as "Test Cases for Facets." Cognizant argues that Infosys repackaged TriZetto's data and used it to develop new software, breaching confidentiality agreements and legal protections according to a report by PTI. Response of Infosys to the claims made by Cognizant Further, Infosys has responded firmly, stating, "Infosys is aware of the lawsuit. We deny all allegations and will defend our position in the court." The company's spokesperson emphasized their commitment to contesting the charges and maintaining their legal and ethical standards. This lawsuit adds another layer to the intense competition between Infosys and Cognizant, both of which are approaching $20 billion in revenue. The rivalry is further complicated by personal ties; Cognizant's CEO, Ravi Kumar S, previously served at Infosys as president and deputy Chief Operating Officer until October 2022. Additionally, Cognizant recently appointed Rajesh Varrier, another former Infosys executive, as its new India Chairman and Managing Director. The legal dispute comes on the heels of Infosys's allegations against Cognizant for allegedly poaching key executives, which Infosys documented in a letter last year. This situation mirrors similar actions taken by other Indian IT firms, including Wipro, which also filed lawsuits over executive departures. Wipro reached a settlement with Cognizant earlier this year, resolving a non-compete lawsuit involving a $505,087 payment. As the Information and Technology industry faces an uncertain demand environment and multi-decade low revenue and profits, the legal skirmishes between these tech giants underscore the competitive tensions within the sector.

Infosys to vigorously contest Cognizant's trade secrets lawsuit 

Canada is reducing by tens of thousands the number of temporary foreign workers it brings in, reversing some expansions to the program it made in 2022 as the government struggles to bring down numbers of temporary residents.

The temporary foreign worker program brings non-Canadians to the country to work on a short-term basis. Meant to fill labor shortages, it has grown dramatically and has come under fire for suppressing wages and leaving workers vulnerable to abuse, in part because of permits that tie workers to employers.

A UN special rapporteur called it "a breeding ground for contemporary forms of slavery."

Also read:&nbsp;<a href="https://www.wionews.com/world/no-political-motive-behind-telegram-ceo-pavel-durovs-arrest-says-french-president-macron-753482">No 'political' motive behind Telegram CEO Pavel Durov's arrest, says French President Macron</a>

Prime Minister Justin Trudeau said his cabinet is also considering reductions to permanent resident streams.

Trudeau has been lagging in polls ahead of an election expected next year as a growing share of Canadians say Canada is bringing in too many immigrants.

"We're looking at the various streams to make sure that as we move forward, Canada remains a place that is positive in its support for immigration, but also responsible in the way we integrate and make sure there's pathways to success for everyone who comes to Canada," Trudeau told reporters Monday.

He said the government will present a broader plan on immigration levels this fall.

Canada has long prided itself on welcoming newcomers but its government is under pressure to reduce the number of temporary residents, which has grown dramatically in recent years.

The government has pledged more measures to reduce the temporary resident population to 5% of Canada's total population in three years. Its share was 6.8% in April and the Bank of Canada has said it expected that number to rise.

Changes announced Monday would end low-wage temporary foreign workers in communities with unemployment at 6% or higher, reduce the share of employers' workforces that can be low-wage temporary foreign workers to 10% and reduce the length of a low-wage temporary foreign worker permit to one year from two.

Also read:&nbsp;<a href="https://www.wionews.com/world/us-presidential-election-is-trump-dodging-sept-10-debate-amid-improving-poll-numbers-for-harris-753476">US presidential election: Is Trump dodging Sept 10 debate amid rising poll numbers for Harris?</a>

The changes exempt certain sectors including agriculture, food processing, construction and healthcare.

Combined with changes from earlier this year, the measures are expected to reduce the number of temporary foreign workers by about 65,000, Employment Minister Randy Boissonnault told reporters Monday.

The changes were "a great first step, but it's only a first step" said economist and Smart Prosperity Institute senior director Mike Moffatt, who called for the low-wage stream to be abolished.

Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

Canada is reducing by tens of thousands the number of temporary foreign workers it brings in, reversing some expansions to the program it made in 2022 as the government struggles to bring down numbers of temporary residents.

Canada is reducing by tens of thousands the number of temporary foreign workers it brings in, reversing some expansions to the program it made in 2022 as the government struggles to bring down numbers of temporary residents. The temporary foreign worker program brings non-Canadians to the country to work on a short-term basis. Meant to fill labor shortages, it has grown dramatically and has come under fire for suppressing wages and leaving workers vulnerable to abuse, in part because of permits that tie workers to employers. A UN special rapporteur called it "a breeding ground for contemporary forms of slavery." Also read: No 'political' motive behind Telegram CEO Pavel Durov's arrest, says French President Macron Prime Minister Justin Trudeau said his cabinet is also considering reductions to permanent resident streams. Trudeau has been lagging in polls ahead of an election expected next year as a growing share of Canadians say Canada is bringing in too many immigrants. "We're looking at the various streams to make sure that as we move forward, Canada remains a place that is positive in its support for immigration, but also responsible in the way we integrate and make sure there's pathways to success for everyone who comes to Canada," Trudeau told reporters Monday. He said the government will present a broader plan on immigration levels this fall. Canada has long prided itself on welcoming newcomers but its government is under pressure to reduce the number of temporary residents, which has grown dramatically in recent years. The government has pledged more measures to reduce the temporary resident population to 5% of Canada's total population in three years. Its share was 6.8% in April and the Bank of Canada has said it expected that number to rise. Changes announced Monday would end low-wage temporary foreign workers in communities with unemployment at 6% or higher, reduce the share of employers' workforces that can be low-wage temporary foreign workers to 10% and reduce the length of a low-wage temporary foreign worker permit to one year from two. Also read: US presidential election: Is Trump dodging Sept 10 debate amid rising poll numbers for Harris? The changes exempt certain sectors including agriculture, food processing, construction and healthcare. Combined with changes from earlier this year, the measures are expected to reduce the number of temporary foreign workers by about 65,000, Employment Minister Randy Boissonnault told reporters Monday. The changes were "a great first step, but it's only a first step" said economist and Smart Prosperity Institute senior director Mike Moffatt, who called for the low-wage stream to be abolished. Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

Canada tightens rules for temporary foreign worker permits

Foreign Portfolio Investors have infused Rs 11,366 crore into the Indian debt market in August 2024, according to data from depositories. This surge in investment has pushed the total foreign portfolio investor inflows into the debt segment beyond Rs 1.02 lakh crore for the year so far, according to a report by PTI.&nbsp;&nbsp;

The robust inflows come after a significant announcement last year that India would be included in JP Morgan's Emerging Market government bond indices. This inclusion, officially happening in June 2024, has driven foreign portfolio investors to ramp up their investments in anticipation and following the integration into global bond indices.&nbsp;

Foreign portfolio investors (FPIs) had already injected Rs 22,363 crore in July, Rs 14,955 crore in June, and Rs 8,760 crore in May. The positive trend follows a net withdrawal of Rs 10,949 crore in April, marking a stark turnaround in foreign investment sentiment towards Indian debt.&nbsp;

"Since the announcement of India's inclusion in the global bond indices, foreign portfolio investors have been front-loading their investments in the debt market," said Himanshu Srivastava, Associate Director at Morningstar Investment Research India. "The momentum has continued even after the inclusion, showing sustained confidence in India's debt instruments."&nbsp;

On the flip side, foreign portfolio investors have been pulling out from Indian equities, with over Rs 16,305 crore withdrawn so far this month. This outflow is attributed to multiple factors, including the unwinding of the yen carry trade, growing recession fears in the U.S., and the impact of geopolitical tensions.&nbsp;&nbsp;

"The post-budget increase in capital gains tax on equity investments has also contributed to the sell-off," Srivastava noted. High valuations of Indian stocks and global economic uncertainties, such as weak jobs data from the U.S. and concerns over interest rate cuts, have made foreign portfolio investors cautious.&nbsp;

Manoj Purohit, Partner &amp; Leader, Financial Services Tax at BDO India, commented, "Despite global slowdown and geopolitical crises, India remains an attractive long-term investment destination, especially in the debt market."&nbsp;

In sectoral trends, foreign portfolio investors have been significant sellers in financials, driven by concerns over slow deposit growth and challenges in banks' Q1 FY25 performance, including shrinking margins and rising provisions. Conversely, they have shown interest in telecom and healthcare, sectors viewed as safer with promising growth prospects.

Foreign Portfolio Investors have infused Rs 11,366 crore into the Indian debt market in August 2024, according to data from depositories. This surge in investment has pushed the total foreign portfolio investor inflows into the debt segment beyond Rs 1.

Foreign Portfolio Investors have infused Rs 11,366 crore into the Indian debt market in August 2024, according to data from depositories. This surge in investment has pushed the total foreign portfolio investor inflows into the debt segment beyond Rs 1.02 lakh crore for the year so far, according to a report by PTI. The robust inflows come after a significant announcement last year that India would be included in JP Morgan's Emerging Market government bond indices. This inclusion, officially happening in June 2024, has driven foreign portfolio investors to ramp up their investments in anticipation and following the integration into global bond indices. Foreign portfolio investors (FPIs) had already injected Rs 22,363 crore in July, Rs 14,955 crore in June, and Rs 8,760 crore in May. The positive trend follows a net withdrawal of Rs 10,949 crore in April, marking a stark turnaround in foreign investment sentiment towards Indian debt. "Since the announcement of India's inclusion in the global bond indices, foreign portfolio investors have been front-loading their investments in the debt market," said Himanshu Srivastava, Associate Director at Morningstar Investment Research India. "The momentum has continued even after the inclusion, showing sustained confidence in India's debt instruments." On the flip side, foreign portfolio investors have been pulling out from Indian equities, with over Rs 16,305 crore withdrawn so far this month. This outflow is attributed to multiple factors, including the unwinding of the yen carry trade, growing recession fears in the U.S., and the impact of geopolitical tensions. "The post-budget increase in capital gains tax on equity investments has also contributed to the sell-off," Srivastava noted. High valuations of Indian stocks and global economic uncertainties, such as weak jobs data from the U.S. and concerns over interest rate cuts, have made foreign portfolio investors cautious. Manoj Purohit, Partner & Leader, Financial Services Tax at BDO India, commented, "Despite global slowdown and geopolitical crises, India remains an attractive long-term investment destination, especially in the debt market." In sectoral trends, foreign portfolio investors have been significant sellers in financials, driven by concerns over slow deposit growth and challenges in banks' Q1 FY25 performance, including shrinking margins and rising provisions. Conversely, they have shown interest in telecom and healthcare, sectors viewed as safer with promising growth prospects.

Foreign investors inject Rs 11,366 crore into Indian debt; 2024 inflows surpass Rs 1 lakh crore 

Indian biotechnology giant Bharat Biotech said on Tuesday (Aug 27) that its oral cholera vaccine Hillchol cleared a late-stage trial. Bharat Biotech said that India's drug regulator approved the vaccine, adding, it was now planning for a global launch.

Indian biotechnology giant Bharat Biotech said on Tuesday (Aug 27) that its oral cholera vaccine Hillchol cleared a late-stage trial. Bharat Biotech said that India's drug regulator approved the vaccine, adding, it was now planning for a global launch. The company said it would apply for the World Health Organization's (WHO) pre-qualification to supply to major buyers like the UNICEF. A report by the news agency Reuters said that Hillchol would compete with South Korea's EuBiologics Co, which is the only WHO-approved producer of cholera vaccines. A look at Bharat Biotech's plan for Hillchol Speaking to Reuters, Bharat Biotech said that its first intention was to help the African continent "where the situation is worse." "And if any African country wants to procure the drug substance from us and do the final manufacturing there, we're also open to it," the company added. Also read | Can vaccines prevent cancer? World's first lung cancer vaccine trials will have answers Bharat Biotech would start the production of Hillchol from its Hyderabad facility with an annual capacity of 45 million doses. The company is also awaiting a key approval for another facility to ramp up production to 200 million doses. A source told Reuters that $100 million was spent on the facilities which would be used to manufacture Hillchol. The late-stage trial Bharat Biotech said that the late-stage trial, which had around 3,600 participants from India, showed that Hillchol was safe and non-inferior to the existing oral vaccines (for cholera). The company pointed out that there is a global shortage of 40 million vaccine doses per year, and it plans to end this shortage with its vaccine. How Hillchol will be administered? Hillchol can be administered to people above the age of one. The vaccine would be administered in two doses, 14 days apart. The vaccine has been developed under license from Singapore's Hilleman Laboratories. Also watch | World of Africa: Mpox and cholera ravage Africa concurrently × Speaking to Reuters, Hilleman Laboratories' Chief Executive Officer (CEO) Raman Rao said on Tuesday that, unlike existing cholera vaccines that are developed using multiple strains, Hillchol uses only one strain with all the antigens. "Normally if you have to work with five different strains (to develop a vaccine), the production capacity is limited. If you have a single strain, it can give you better productivity of three to four times," Rao added. Global demand for oral cholera vaccines As per the WHO, the first six months of 2024 saw 249,793 cases and 2,137 deaths due to cholera. These figures were reported from 25 countries. In the same period last year, 166,442 cases and 69 deaths were seen. The increasing numbers have led to the request for 102 million doses of oral vaccines, double the 51 million produced, the UN health agency said. (With inputs from agencies)

India's Bharat Biotech plans global launch for its oral cholera vaccine Hillchol

American technological giant Apple on Monday (Aug 26) named Indian-origin insider Kevan Parekh as its new Chief Financial Officer (CFO). Parekh has been working with Apple for more than a decade and will take over as CFO from Luca Maestri who will transition from the role on January 1 next year.

American technological giant Apple on Monday (Aug 26) named Indian-origin insider Kevan Parekh as its new Chief Financial Officer (CFO). Parekh has been working with Apple for more than a decade and will take over as CFO from Luca Maestri who will transition from the role on January 1 next year. This leadership change comes ahead of Apple's multiple product launches this fall season, which analysts have called the biggest software upgrade for the iPhone. Who is Kevan Parekh? Parekh currently serves as the Vice President (VP) of Financial Planning and Analysis at Apple. He will become the CFO on January 1, 2025. Before joining Apple, Parekh served in senior leadership roles at Thomson Reuters and General Motors. Also read | New iOS update to turn into a nightmare for users of older iPhones? Here's what Apple's ex-employee warned Parekh graduated in 1993 with a Bachelor of Science (BS) in Electrical Engineering from the University of Michigan. He then went on to do a Masters in Business Administration (MBA) from The University of Chicago Booth School of Business. Speaking to the news agency Reuters, D.A. Davidson analyst Gil Luria said on Monday, "It appears that the transition to the new CFO is planned and orderly, which is the most important question. Maestri staying on with Apple is also very important, as it removes the risk of financial questions." "(Parekh) will need to continue the prudent capital management, but may also be tasked with restarting Apple's exploration of complementary acquisitions," Luria added. What next for Luca Maestri? Apple said Maestri will continue to lead the corporate services teams, including information systems and technology, information security and real estate and development, reporting to Chief Executive Officer (CEO) Tim Cook. During Maestri's tenure, Apple more than doubled its revenue, with services revenue growing more than five times. (With inputs from agencies)

Apple names Indian-origin insider Kevan Parekh as its new CFO. Who is he?

India's Gross Domestic Product (GDP) is projected to grow by 7.0 per cent to 7.1 per cent in the first quarter of the fiscal year 2024-25 (Q1FY25), according to the latest SBI Ecowrap report released on August 26. However, there is a slight downside risk to this estimate, with manufacturing Gross Value Added (GVA) expected to be lower, ranging between 6.7 per cent and 6.8 per cent.&nbsp;

Reasons for the sluggish performance of the manufacturing sector&nbsp;

The manufacturing sector's sluggish performance is attributed to subdued corporate earnings during the quarter. The report highlights a slowdown in sales growth for manufacturing companies, both in nominal and real terms. As a result, the sector is likely to contribute less to the overall gross domestic product growth.&nbsp;

The Ecowrap report authored by Group Chief Economic Adviser Soumya Kanti Ghosh further noted that the Indian economy remained resilient despite challenges from supply chain pressures, including rising global freight and container costs and semiconductor shortages, as detailed by ANI.&nbsp;&nbsp;

The Ecowrap report detailed that approximately 4,000 listed companies experienced modest growth in Q1FY25, with a 9 per cent increase in both top-line and bottom-line figures compared to the same period in the previous year. However, when excluding the banking, financial services, and insurance (BFSI) sectors, corporate top-line growth stood at just 5 per cent, while earnings before interest, taxes, depreciation, and amortization (EBITDA) declined by 1 per cent compared to a 23 per cent growth in Q1FY24. This decline has led to a significant drop in corporate gross value added growth, which fell to 10.9 percent in Q1FY25 from 17 percent in Q4FY24.&nbsp;

In contrast, the agriculture sector is showing signs of revival, driven by improved monsoon activity. The report expects agricultural growth to rebound to 4.5-5 per cent, adding around 30 basis points to the Reserve Bank of India's (RBI) forecast. As of August 25, 2024, cumulative rainfall across the country was 5 per cent above the long-period average (LPA), a sharp improvement from the 7 per cent deficit recorded during the same period last year.&nbsp;

This has positively impacted kharif crop sowing, with the total sown area reaching 103.1 million hectares, a 2 per cent increase from the previous year. Hence, despite the challenges in the manufacturing sector, the Indian economy remains resilient, bolstered by strong agricultural performance and easing inflation, this will pave the way for future monetary policy adjustments.&nbsp;

India's Gross Domestic Product (GDP) is projected to grow by 7.0 per cent to 7.1 per cent in the first quarter of the fiscal year 2024-25 (Q1FY25), according to the latest SBI Ecowrap report released on August 26.

India's Gross Domestic Product (GDP) is projected to grow by 7.0 per cent to 7.1 per cent in the first quarter of the fiscal year 2024-25 (Q1FY25), according to the latest SBI Ecowrap report released on August 26. However, there is a slight downside risk to this estimate, with manufacturing Gross Value Added (GVA) expected to be lower, ranging between 6.7 per cent and 6.8 per cent. Reasons for the sluggish performance of the manufacturing sector The manufacturing sector's sluggish performance is attributed to subdued corporate earnings during the quarter. The report highlights a slowdown in sales growth for manufacturing companies, both in nominal and real terms. As a result, the sector is likely to contribute less to the overall gross domestic product growth. The Ecowrap report authored by Group Chief Economic Adviser Soumya Kanti Ghosh further noted that the Indian economy remained resilient despite challenges from supply chain pressures, including rising global freight and container costs and semiconductor shortages, as detailed by ANI. The Ecowrap report detailed that approximately 4,000 listed companies experienced modest growth in Q1FY25, with a 9 per cent increase in both top-line and bottom-line figures compared to the same period in the previous year. However, when excluding the banking, financial services, and insurance (BFSI) sectors, corporate top-line growth stood at just 5 per cent, while earnings before interest, taxes, depreciation, and amortization (EBITDA) declined by 1 per cent compared to a 23 per cent growth in Q1FY24. This decline has led to a significant drop in corporate gross value added growth, which fell to 10.9 percent in Q1FY25 from 17 percent in Q4FY24. In contrast, the agriculture sector is showing signs of revival, driven by improved monsoon activity. The report expects agricultural growth to rebound to 4.5-5 per cent, adding around 30 basis points to the Reserve Bank of India's (RBI) forecast. As of August 25, 2024, cumulative rainfall across the country was 5 per cent above the long-period average (LPA), a sharp improvement from the 7 per cent deficit recorded during the same period last year. This has positively impacted kharif crop sowing, with the total sown area reaching 103.1 million hectares, a 2 per cent increase from the previous year. Hence, despite the challenges in the manufacturing sector, the Indian economy remains resilient, bolstered by strong agricultural performance and easing inflation, this will pave the way for future monetary policy adjustments.

State Bank of India research anticipates Q1 GDP at 7.1%, in line with RBI projection 

The&nbsp;battle to get inflation back to the ECB's target of 2 per cent is far from over, and interest rates must be at least as high as needed to do so without excessively hurting the economy, the European Central Bank's chief economist, Philip Lane, said.

"The return to target is not yet secure," Lane said Saturday. "In particular, the monetary stance will have to remain in restrictive territory for as long as is needed to shepherd the disinflation process towards a timely return to the target."

However, in prepared remarks for a panel at the Federal Reserve's annual conference in Jackson Hole, he warned that too-tight policy also poses dangers — particularly to a eurozone economy that data suggest is losing momentum.

"The return to target needs to be sustainable," Lane said. "A rate path that is too high for too long would deliver chronically below-target inflation over the medium term and would be inefficient in terms of minimising the side effects on output and employment."

The comments come as more and more policymakers are joining the chorus of expectations in markets for a second cut in borrowing costs at the ECB's next meeting, in September. Some also signal that another one or two cuts are possible this year beyond that.

The ECB started to cut rates in June, citing greater confidence that inflation would come back to target in the second half of 2025. Most officials see recent data as consistent with that projection, although there is a firm sense they have become more worried about the deteriorating economic backdrop.

Speaking later on the panel, Lane was more sanguine.

"There's a lot of momentum in the European economy," he said. "There should be a lot of recovery."

"There has been good progress in delivering the overriding goal of making sure that inflation returns to target in a timely manner," Lane said. "Crucially, this disinflation process has been underpinned by the forceful transmission of monetary policy to the financial system, the level of demand and inflation expectations."

The battle to get inflation back to the ECB's target of 2 per cent is far from over, and interest rates must be at least as high as needed to do so without excessively hurting the economy, the European Central Bank's chief economist, Philip Lane, said.

The battle to get inflation back to the ECB's target of 2 per cent is far from over, and interest rates must be at least as high as needed to do so without excessively hurting the economy, the European Central Bank's chief economist, Philip Lane, said. "The return to target is not yet secure," Lane said Saturday. "In particular, the monetary stance will have to remain in restrictive territory for as long as is needed to shepherd the disinflation process towards a timely return to the target." However, in prepared remarks for a panel at the Federal Reserve's annual conference in Jackson Hole, he warned that too-tight policy also poses dangers — particularly to a eurozone economy that data suggest is losing momentum. "The return to target needs to be sustainable," Lane said. "A rate path that is too high for too long would deliver chronically below-target inflation over the medium term and would be inefficient in terms of minimising the side effects on output and employment." The comments come as more and more policymakers are joining the chorus of expectations in markets for a second cut in borrowing costs at the ECB's next meeting, in September. Some also signal that another one or two cuts are possible this year beyond that. The ECB started to cut rates in June, citing greater confidence that inflation would come back to target in the second half of 2025. Most officials see recent data as consistent with that projection, although there is a firm sense they have become more worried about the deteriorating economic backdrop. Speaking later on the panel, Lane was more sanguine. "There's a lot of momentum in the European economy," he said. "There should be a lot of recovery." "There has been good progress in delivering the overriding goal of making sure that inflation returns to target in a timely manner," Lane said. "Crucially, this disinflation process has been underpinned by the forceful transmission of monetary policy to the financial system, the level of demand and inflation expectations."

ECB's Lane says 2 per cent inflation target remains unsecured

Nvidia stock has returned, but it's going to be put to the test once more. The next big event for the market will be when that chip darling reports earnings after the bell on Wednesday.

It's not just the Nvidia stock that is at stake: Nvidia's results will set the pace for other AI players.

"Nvidia's report and guidance will be absolutely key to the AI infrastructure trade," tech investor Paul Meeks told Yahoo Finance.

It's been something of a wild ride for tech investors in recent weeks. Shares of AI giants Amazon, Microsoft, and Alphabet have all tumbled in the last three months: Alphabet by more than 6 per cent, and Amazon and Microsoft by more than 3 per cent.

Neither can the second-tier AI players regain entry into the playing field. AMD has lost more than 16 per cent since mid-July, and Marvell Technology almost 6 per cent within that period.

Strong results from Nvidia could revive some of that lost momentum, according to Wedbush's Dan Ives.

"Nvidia is the heart and lungs of this bullish tech trade as the AI Revolution takes hold," Ives told Yahoo Finance.

Ives, anticipating an Nvidia quarter of "shock and awe", says continued strong demand for the company's chips would have industry-wide ripple effects. Ives estimated in a client note that for every dollar spent on a Nvidia GPU chip, there is an $8 to $10 multiplier across the tech sector.

Bernstein's Mark Shmulik, who covers many of Nvidia's biggest customers, including Meta, Amazon, and Google, quoted that the chip giant's results are likely to determine Big Tech's next step.

"Nvidia is a bellwether of the Magnificent Seven and AI trade," Shmulik explained. "If there is any softness, maybe rotation out of the Mag 7 picks up a little bit of steam, but listening to other tech earnings, core fundamentals keep delivering."

Nvidia stock has been soaring this year. Shares are up 180 per cent and up nearly 2,900 per cent over the past five years—making for a very tough bar for earnings this quarter.

Estimates call for Nvidia's revenue to rise 112 per cent in its latest quarter, a dramatic slowdown from more than 250 per cent growth one year ago. For Wall Street, the consensus remains bullish. KeyBanc, Citi, and Goldman Sachs were among those on the street who reiterated their Buy ratings on the stock this week ahead of results.&nbsp;

Only time will tell if Nvidia lives up to the hype this earnings season, but it's safe to say the stakes are high.

Nvidia stock has returned, but it's going to be put to the test once more. The next big event for the market will be when that chip darling reports earnings after the bell on Wednesday.

Nvidia stock has returned, but it's going to be put to the test once more. The next big event for the market will be when that chip darling reports earnings after the bell on Wednesday. It's not just the Nvidia stock that is at stake: Nvidia's results will set the pace for other AI players. "Nvidia's report and guidance will be absolutely key to the AI infrastructure trade," tech investor Paul Meeks told Yahoo Finance. It's been something of a wild ride for tech investors in recent weeks. Shares of AI giants Amazon, Microsoft, and Alphabet have all tumbled in the last three months: Alphabet by more than 6 per cent, and Amazon and Microsoft by more than 3 per cent. Neither can the second-tier AI players regain entry into the playing field. AMD has lost more than 16 per cent since mid-July, and Marvell Technology almost 6 per cent within that period. Strong results from Nvidia could revive some of that lost momentum, according to Wedbush's Dan Ives. "Nvidia is the heart and lungs of this bullish tech trade as the AI Revolution takes hold," Ives told Yahoo Finance. Ives, anticipating an Nvidia quarter of "shock and awe", says continued strong demand for the company's chips would have industry-wide ripple effects. Ives estimated in a client note that for every dollar spent on a Nvidia GPU chip, there is an $8 to $10 multiplier across the tech sector. Bernstein's Mark Shmulik, who covers many of Nvidia's biggest customers, including Meta, Amazon, and Google, quoted that the chip giant's results are likely to determine Big Tech's next step. "Nvidia is a bellwether of the Magnificent Seven and AI trade," Shmulik explained. "If there is any softness, maybe rotation out of the Mag 7 picks up a little bit of steam, but listening to other tech earnings, core fundamentals keep delivering." Nvidia stock has been soaring this year. Shares are up 180 per cent and up nearly 2,900 per cent over the past five years—making for a very tough bar for earnings this quarter. Estimates call for Nvidia's revenue to rise 112 per cent in its latest quarter, a dramatic slowdown from more than 250 per cent growth one year ago. For Wall Street, the consensus remains bullish. KeyBanc, Citi, and Goldman Sachs were among those on the street who reiterated their Buy ratings on the stock this week ahead of results. Only time will tell if Nvidia lives up to the hype this earnings season, but it's safe to say the stakes are high.

Nvidia's earnings to set AI market pulse amid soaring stakes and sky-high expectations