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Pavel Durov, the billionaire founder and CEO of messaging app Telegram, according to two unidentified police sources cited by TF1 TV and BFM TV, was detained at Bourget airport outside Paris on Saturday evening.

TF1 and BFM were both informed the investigation had been orientated towards the lack of moderation on Telegram, and police were considering whether to allow this state of affairs to continue to let activity be conducted unhindered on the messaging app.

Telegram did not respond to a Reuters request for comment. The French Interior Ministry and police had no immediate comment. Russia, which had tried to ban Telegram earlier, said it had started taking measures to "clarify" Durov's situation.

What is known about Durov and Telegram

Pavel Durov, 39, is a Russian-born founder and owner of the messaging app Telegram. This free-to-use messaging app platform competes in the markets with other social media platforms such as WhatsApp from Facebook or Instagram, TikTok, and WeChat. It targets to break one billion active monthly users within a year.

In Russia, Ukraine, and the former Soviet Union republics, Telegram is very powerful. It has developed into a crucial source of information regarding Russia's war against Ukraine, with officials in both Moscow and Kyiv using it to a great extent. Some analysts label the app "a virtual battlefield" for the war.

Pavel Durov, whose fortune Forbes pegged at $15.5 billion, had left Russia in 2014 after refusing to yield to government pressure that he shut opposition communities on his VKontakte social media platform, which he sold.

He holds a citizenship in France from August 2021. He moved to Dubai in 2017 with Telegram, and according to French media reports, he has also received UAE citizenship since then. He is also a citizen of St. Kitts and Nevis, a dual-island nation in the Caribbean, according to media reports.

In April 2018, Russia initiated blocking the popular messaging app Telegram for refusing to pass the keys to its users' messages on to state security services. It was quite an ineffective measure concerning the effect on the availability of Telegram within the country, but it created mass protests in Moscow and drew criticism from NGOs.

With Telegram's growing popularity, European countries like France began investigating Telegram for security and data breach issues. Earlier in May, it was reported that the EU tech regulators were reaching out to Telegram, crossing one of the main criteria of usage, which may bring additional broader responsibilities under the historic EU online content law.&nbsp;

In April, Durov confided to US journalist Tucker Carlson: "I would rather be free than take orders from anyone" — explaining his escape from Russia and the quest for a base for his company, which took him and Telegram through Berlin, London, Singapore, and San Francisco.

Pavel Durov, the billionaire founder and CEO of messaging app Telegram, according to two unidentified police sources cited by TF1 TV and BFM TV, was detained at Bourget airport outside Paris on Saturday evening.

Pavel Durov, the billionaire founder and CEO of messaging app Telegram, according to two unidentified police sources cited by TF1 TV and BFM TV, was detained at Bourget airport outside Paris on Saturday evening. TF1 and BFM were both informed the investigation had been orientated towards the lack of moderation on Telegram, and police were considering whether to allow this state of affairs to continue to let activity be conducted unhindered on the messaging app. Telegram did not respond to a Reuters request for comment. The French Interior Ministry and police had no immediate comment. Russia, which had tried to ban Telegram earlier, said it had started taking measures to "clarify" Durov's situation. What is known about Durov and Telegram Pavel Durov, 39, is a Russian-born founder and owner of the messaging app Telegram. This free-to-use messaging app platform competes in the markets with other social media platforms such as WhatsApp from Facebook or Instagram, TikTok, and WeChat. It targets to break one billion active monthly users within a year. In Russia, Ukraine, and the former Soviet Union republics, Telegram is very powerful. It has developed into a crucial source of information regarding Russia's war against Ukraine, with officials in both Moscow and Kyiv using it to a great extent. Some analysts label the app "a virtual battlefield" for the war. Pavel Durov, whose fortune Forbes pegged at $15.5 billion, had left Russia in 2014 after refusing to yield to government pressure that he shut opposition communities on his VKontakte social media platform, which he sold. He holds a citizenship in France from August 2021. He moved to Dubai in 2017 with Telegram, and according to French media reports, he has also received UAE citizenship since then. He is also a citizen of St. Kitts and Nevis, a dual-island nation in the Caribbean, according to media reports. In April 2018, Russia initiated blocking the popular messaging app Telegram for refusing to pass the keys to its users' messages on to state security services. It was quite an ineffective measure concerning the effect on the availability of Telegram within the country, but it created mass protests in Moscow and drew criticism from NGOs. With Telegram's growing popularity, European countries like France began investigating Telegram for security and data breach issues. Earlier in May, it was reported that the EU tech regulators were reaching out to Telegram, crossing one of the main criteria of usage, which may bring additional broader responsibilities under the historic EU online content law. In April, Durov confided to US journalist Tucker Carlson: "I would rather be free than take orders from anyone" — explaining his escape from Russia and the quest for a base for his company, which took him and Telegram through Berlin, London, Singapore, and San Francisco.

Who is Pavel Durov, the visionary behind Telegram messaging app, now detained

China has expressed strong opposition to the United States' recent decision to add several Chinese companies to its export control list due to their alleged involvement with Russia, according to a report by Reuters. The US move, announced on Friday, targets 105 firms. 42 from China, 63 from Russia, and 18 from other countries for reportedly supporting the Russian military.&nbsp;

The companies are accused of activities ranging from supplying US electronics to Russian military entities to manufacturing Shahed-136 drones used by Russia in its ongoing conflict with Ukraine. Being added to this "entity list" makes it difficult for these firms to receive US exports, as American suppliers now need special licenses to do business with them.&nbsp;

China's response&nbsp;

In response, China's Ministry of Commerce issued a statement on Sunday condemning the US action. The ministry argued that the move disrupts international trade and hinders regular economic exchanges between nations. "China strongly opposes the US decision and will take necessary measures to resolutely safeguard the legitimate rights of its companies," the ministry stated.&nbsp;

This development marks yet another escalation in the already tense relationship between the US and China. Over the past few years, the two nations have been at odds over various issues, including trade, technology, and geopolitical influence. The latest US sanctions are likely to further strain the relationship, with potential repercussions for global trade and economic stability.&nbsp;

China's pledge to take "necessary measures" signals that it may retaliate against the US in some form, though specific actions have not yet been detailed. As the situation unfolds, it is expected to contribute to the ongoing uncertainty in the global market, particularly in sectors that rely heavily on U.S.-China trade relations.&nbsp;

The US government, meanwhile, continues to justify its actions as necessary to counter what it sees as threats to national security and global stability, particularly in light of Russia's actions in Ukraine. The Biden administration has remained firm in its stance, signalling that further actions could be taken if deemed necessary.&nbsp;

China has expressed strong opposition to the United States' recent decision to add several Chinese companies to its export control list due to their alleged involvement with Russia, according to a report by Reuters.

China has expressed strong opposition to the United States' recent decision to add several Chinese companies to its export control list due to their alleged involvement with Russia, according to a report by Reuters. The US move, announced on Friday, targets 105 firms. 42 from China, 63 from Russia, and 18 from other countries for reportedly supporting the Russian military. The companies are accused of activities ranging from supplying US electronics to Russian military entities to manufacturing Shahed-136 drones used by Russia in its ongoing conflict with Ukraine. Being added to this "entity list" makes it difficult for these firms to receive US exports, as American suppliers now need special licenses to do business with them. China's response In response, China's Ministry of Commerce issued a statement on Sunday condemning the US action. The ministry argued that the move disrupts international trade and hinders regular economic exchanges between nations. "China strongly opposes the US decision and will take necessary measures to resolutely safeguard the legitimate rights of its companies," the ministry stated. This development marks yet another escalation in the already tense relationship between the US and China. Over the past few years, the two nations have been at odds over various issues, including trade, technology, and geopolitical influence. The latest US sanctions are likely to further strain the relationship, with potential repercussions for global trade and economic stability. China's pledge to take "necessary measures" signals that it may retaliate against the US in some form, though specific actions have not yet been detailed. As the situation unfolds, it is expected to contribute to the ongoing uncertainty in the global market, particularly in sectors that rely heavily on U.S.-China trade relations. The US government, meanwhile, continues to justify its actions as necessary to counter what it sees as threats to national security and global stability, particularly in light of Russia's actions in Ukraine. The Biden administration has remained firm in its stance, signalling that further actions could be taken if deemed necessary.

China criticizes US for blacklisting firms, promises retaliation

Foxconn, the world's leading contract electronics manufacturer, is setting new standards for women in the Indian tech industry. The company's Chairman, Young Liu, has announced ambitious plans to promote women employees to leadership roles within design and technology sectors, marking a significant shift from traditional assembly line positions.&nbsp;

With a workforce of 48,000 employees across India, Foxconn is making notable strides in gender inclusivity. Liu revealed that 25 per cent of the company's recent hires are married women, reflecting Foxconn's commitment to broadening career opportunities beyond mere assembly work. "We want to see women not just in assembly roles but advancing into design and technology positions. Many of our female employees are highly educated, and we aim to offer them greater career progression," Liu told PTI.&nbsp;

The company has recently opened a dedicated residential complex for female workers in Sriperumbudur, Tamil Nadu. This facility, constructed by the State Industries Promotion Corporation of Tamil Nadu (SIPCOT), provides housing for over 18,000 women, showcasing Foxconn's investment in creating supportive work environments.&nbsp;

Foxconn aims to expand its manufacturing footprint in India&nbsp;

In addition to enhancing career opportunities, Foxconn is expanding its manufacturing footprint in India. The company is establishing its second-largest mobile manufacturing plant outside of China in Karnataka, with a planned investment of Rs 25,000 crore, which is expected to generate 40,000 new jobs. This follows a recent Rs 1,200 crore investment in the Karnataka unit, increasing its total investment to approximately Rs 13,800 crore.&nbsp;

Furthermore, Foxconn is in discussions with the Tamil Nadu government to develop a battery energy storage unit, aimed at supporting the electric vehicle (EV) sector. The company is also advancing plans to build a semiconductor plant and explore EV production within India.&nbsp;

Liu emphasized that Foxconn's growth strategy in India includes its "3+3 strategy," which focuses on expanding into electric vehicles, digital health, and robotics.&nbsp;

"Our information and communication technology segment is just beginning in India, and we are keen to establish a strong presence in these emerging industries," Liu added. Foxconn's initiatives reflect a broader commitment to not only increasing its operational scale but also fostering an inclusive and progressive work culture in India's technology sector.&nbsp;

Foxconn, the world's leading contract electronics manufacturer, is setting new standards for women in the Indian tech industry. The company's Chairman, Young Liu, has announced ambitious plans to promote women employees to leadership roles within design and technology sectors, marking a significant shift from traditional assembly line positions.

Foxconn, the world's leading contract electronics manufacturer, is setting new standards for women in the Indian tech industry. The company's Chairman, Young Liu, has announced ambitious plans to promote women employees to leadership roles within design and technology sectors, marking a significant shift from traditional assembly line positions. With a workforce of 48,000 employees across India, Foxconn is making notable strides in gender inclusivity. Liu revealed that 25 per cent of the company's recent hires are married women, reflecting Foxconn's commitment to broadening career opportunities beyond mere assembly work. "We want to see women not just in assembly roles but advancing into design and technology positions. Many of our female employees are highly educated, and we aim to offer them greater career progression," Liu told PTI. The company has recently opened a dedicated residential complex for female workers in Sriperumbudur, Tamil Nadu. This facility, constructed by the State Industries Promotion Corporation of Tamil Nadu (SIPCOT), provides housing for over 18,000 women, showcasing Foxconn's investment in creating supportive work environments. Foxconn aims to expand its manufacturing footprint in India In addition to enhancing career opportunities, Foxconn is expanding its manufacturing footprint in India. The company is establishing its second-largest mobile manufacturing plant outside of China in Karnataka, with a planned investment of Rs 25,000 crore, which is expected to generate 40,000 new jobs. This follows a recent Rs 1,200 crore investment in the Karnataka unit, increasing its total investment to approximately Rs 13,800 crore. Furthermore, Foxconn is in discussions with the Tamil Nadu government to develop a battery energy storage unit, aimed at supporting the electric vehicle (EV) sector. The company is also advancing plans to build a semiconductor plant and explore EV production within India. Liu emphasized that Foxconn's growth strategy in India includes its "3+3 strategy," which focuses on expanding into electric vehicles, digital health, and robotics. "Our information and communication technology segment is just beginning in India, and we are keen to establish a strong presence in these emerging industries," Liu added. Foxconn's initiatives reflect a broader commitment to not only increasing its operational scale but also fostering an inclusive and progressive work culture in India's technology sector.

Foxconn pushes for women leaders in India's design and tech, says Chairperson Young Liu 

Citigroup has claimed that performance was the reason for the termination of a former managing director who is suing the bank, rather than attempts by the bank to pass false information to regulators.

The bank answered a May lawsuit from Kathleen Martin, a former managing director Citi hired in 2021 to help sort through data problems. Martin said in the suit that her supervisor, Chief Operating Officer Anand Selva, asked her to conceal "critical information" about the bank's data-governance metrics from the Office of the Comptroller of the Currency.

The lawsuit alleges that Selva wanted to conceal the information because it would make the bank "look bad" and said Martin was fired on Sept. 25, 2023, in retaliation for her complaints.

The data governance work was tied to a 2020 OCC consent order, the lawsuit said.

Documents filed by Citi indicate that Martin became interim data transformation chair after taking on the role of her former supervisor and mentor, Rob Casper when he left the bank. It said performance issues related to Martin had already been handled by the bank since May 2023, much before the events that Martin alleges were the reason for her firing.

The bank also claimed that only weeks after receiving her mid-year review in July 2023, Martin reached out to human resources to say she felt her position was at risk. According to the filing, Citigroup said that the director "did not take on the feedback she was provided", and the bank replaced her in the data transformation chair role.

Martin was one of the members of a Citi staff that has been working on fulfilling the 2020 consent orders from the OCC and the Federal Reserve to rectify deficiencies in its risk management, data governance, and internal controls.

The bank was fined $136 million by the OCC last month for the lack of progress made.

Martin's attorney, Valdi Licul of Wigdor LLP, said he is pleased with the bank's response, indicating that the case had legal merit following an earlier move by the bank to dismiss the case.

Licul said he would seek to take depositions of Citigroup senior management, including Chief Executive Officer Jane Fraser. "We look forward to conducting the depositions of Ms. Fraser and Mr. Selva to show that they fired Ms. Martin only because she complained about illegal activity," the lawyer added.

Citigroup declined to comment beyond its filing.

Citigroup has claimed that performance was the reason for the termination of a former managing director who is suing the bank, rather than attempts by the bank to pass false information to regulators.

Citigroup has claimed that performance was the reason for the termination of a former managing director who is suing the bank, rather than attempts by the bank to pass false information to regulators. The bank answered a May lawsuit from Kathleen Martin, a former managing director Citi hired in 2021 to help sort through data problems. Martin said in the suit that her supervisor, Chief Operating Officer Anand Selva, asked her to conceal "critical information" about the bank's data-governance metrics from the Office of the Comptroller of the Currency. The lawsuit alleges that Selva wanted to conceal the information because it would make the bank "look bad" and said Martin was fired on Sept. 25, 2023, in retaliation for her complaints. The data governance work was tied to a 2020 OCC consent order, the lawsuit said. Documents filed by Citi indicate that Martin became interim data transformation chair after taking on the role of her former supervisor and mentor, Rob Casper when he left the bank. It said performance issues related to Martin had already been handled by the bank since May 2023, much before the events that Martin alleges were the reason for her firing. The bank also claimed that only weeks after receiving her mid-year review in July 2023, Martin reached out to human resources to say she felt her position was at risk. According to the filing, Citigroup said that the director "did not take on the feedback she was provided", and the bank replaced her in the data transformation chair role. Martin was one of the members of a Citi staff that has been working on fulfilling the 2020 consent orders from the OCC and the Federal Reserve to rectify deficiencies in its risk management, data governance, and internal controls. The bank was fined $136 million by the OCC last month for the lack of progress made. Martin's attorney, Valdi Licul of Wigdor LLP, said he is pleased with the bank's response, indicating that the case had legal merit following an earlier move by the bank to dismiss the case. Licul said he would seek to take depositions of Citigroup senior management, including Chief Executive Officer Jane Fraser. "We look forward to conducting the depositions of Ms. Fraser and Mr. Selva to show that they fired Ms. Martin only because she complained about illegal activity," the lawyer added. Citigroup declined to comment beyond its filing.

Citigroup fires back: Performance or retaliation in high-stakes legal showdown?

India's steel industry is poised for significant technological advancements, with investments in digital and process technologies expected to reach up to $2.7 billion by 2030. This projection comes from a recent report by FICCI and Deloitte.&nbsp;

The report, titled "Automation, Digitalisation and Technology Integration for the Indian Mining and Steel Sector," highlights the increasing focus on technology to drive efficiency and sustainability in the sector. According to the report, investment in these technologies is set to grow from $1-1.2 billion in 2024 to between $2.3 and $2.7 billion by 2030. This excludes enterprise resource planning (ERP) upgrades.&nbsp;

The year 2030 is a pivotal one for the Indian steel industry, as outlined by the National Steel Policy 2017. The policy aims to elevate India's steel-making capacity to 300 million tonnes by that year. The report also forecasts an increase in per capita steel consumption to 160 kg by 2030 and around 220 kg by 2047.&nbsp;

According to PTI, Rajib Maitra, Partner at Deloitte India, noted, "The Indian mining and steel sector is undergoing a transformative phase, driven by innovations in AI and digital technologies. Challenges such as integrating new systems with existing infrastructures and managing technological upgrade costs are key considerations for operators."&nbsp;

Gajraj Singh Rathore, Co-Chair of the FICCI Steel Committee, emphasized the importance of fostering a culture of innovation and digital adoption. "By embracing technology and forming strategic partnerships, we can build a more resilient and sustainable future for the steel industry," he said.&nbsp;

Digital tools are expected to enhance compliance with environmental regulations by improving energy efficiency and emission monitoring. These advancements offer flexibility, scalability, and the potential to drive innovation while improving worker safety.&nbsp;

The investment surge aligns with the broader goals of India's National Steel Policy and reflects the sector's commitment to technological advancement and sustainability.

India's steel industry is poised for significant technological advancements, with investments in digital and process technologies expected to reach up to $2.7 billion by 2030.

India's steel industry is poised for significant technological advancements, with investments in digital and process technologies expected to reach up to $2.7 billion by 2030. This projection comes from a recent report by FICCI and Deloitte. The report, titled "Automation, Digitalisation and Technology Integration for the Indian Mining and Steel Sector," highlights the increasing focus on technology to drive efficiency and sustainability in the sector. According to the report, investment in these technologies is set to grow from $1-1.2 billion in 2024 to between $2.3 and $2.7 billion by 2030. This excludes enterprise resource planning (ERP) upgrades. The year 2030 is a pivotal one for the Indian steel industry, as outlined by the National Steel Policy 2017. The policy aims to elevate India's steel-making capacity to 300 million tonnes by that year. The report also forecasts an increase in per capita steel consumption to 160 kg by 2030 and around 220 kg by 2047. According to PTI, Rajib Maitra, Partner at Deloitte India, noted, "The Indian mining and steel sector is undergoing a transformative phase, driven by innovations in AI and digital technologies. Challenges such as integrating new systems with existing infrastructures and managing technological upgrade costs are key considerations for operators." Gajraj Singh Rathore, Co-Chair of the FICCI Steel Committee, emphasized the importance of fostering a culture of innovation and digital adoption. "By embracing technology and forming strategic partnerships, we can build a more resilient and sustainable future for the steel industry," he said. Digital tools are expected to enhance compliance with environmental regulations by improving energy efficiency and emission monitoring. These advancements offer flexibility, scalability, and the potential to drive innovation while improving worker safety. The investment surge aligns with the broader goals of India's National Steel Policy and reflects the sector's commitment to technological advancement and sustainability.

India's steel sector set for $2.7 billion tech investment by 2030: Report

Meta CEO Mark Zuckerberg and Spotify CEO Daniel Ek have come out against European regulations surrounding open-source artificial intelligence, saying the continent risks falling behind because of its complex rules.

The CEOs indicated in a joint statement Friday that Europe—which hosts "more open source developers than America"—is well placed to ride the wave of openness in AI.

"Yet its fragmented regulatory structure, riddled with inconsistent implementation, is hampering innovation and holding back developers."

The CEOs indicated that the tech industry in Europe faces "overlapping regulations and inconsistent guidance on how to comply with them" instead of clear rules.

Streamlining the regulatory framework would help increase the pace of development of open-source AI; it would also support European developers and the wider creator ecosystem, they said.

The Irish privacy regulator asked Meta in June not to launch its AI models in Europe for the time being after the company was told to delay plans of harnessing data from Facebook and Instagram users.

Under the current regulations, Meta will not be in a position to release upcoming AI models such as Llama multimodal—capable of understanding images—in Europe.

This would mean Europeans will be "left with AI built for someone else," the CEOs said.

Spotify touts AI investment as key to success: According to Spotify, early investment in AI for creating personalised experiences for users has been instrumental to the streaming service's success.

What has resulted from laws designed to increase European sovereignty and competitiveness is precisely the reverse, they said, adding Europe should be "simplifying and harmonising regulations by leveraging the benefits of a single yet diverse market."

The CEOs concluded that Europe needs a different path with more explicit policies and greater consistency of implementation; otherwise, it will miss a "once-in-a-generation opportunity".

The EU Commission did not immediately respond to a Reuters request for comment.

Meta CEO Mark Zuckerberg and Spotify CEO Daniel Ek have come out against European regulations surrounding open-source artificial intelligence, saying the continent risks falling behind because of its complex rules.

Meta CEO Mark Zuckerberg and Spotify CEO Daniel Ek have come out against European regulations surrounding open-source artificial intelligence, saying the continent risks falling behind because of its complex rules. The CEOs indicated in a joint statement Friday that Europe—which hosts "more open source developers than America"—is well placed to ride the wave of openness in AI. "Yet its fragmented regulatory structure, riddled with inconsistent implementation, is hampering innovation and holding back developers." The CEOs indicated that the tech industry in Europe faces "overlapping regulations and inconsistent guidance on how to comply with them" instead of clear rules. Streamlining the regulatory framework would help increase the pace of development of open-source AI; it would also support European developers and the wider creator ecosystem, they said. The Irish privacy regulator asked Meta in June not to launch its AI models in Europe for the time being after the company was told to delay plans of harnessing data from Facebook and Instagram users. Under the current regulations, Meta will not be in a position to release upcoming AI models such as Llama multimodal—capable of understanding images—in Europe. This would mean Europeans will be "left with AI built for someone else," the CEOs said. Spotify touts AI investment as key to success: According to Spotify, early investment in AI for creating personalised experiences for users has been instrumental to the streaming service's success. What has resulted from laws designed to increase European sovereignty and competitiveness is precisely the reverse, they said, adding Europe should be "simplifying and harmonising regulations by leveraging the benefits of a single yet diverse market." The CEOs concluded that Europe needs a different path with more explicit policies and greater consistency of implementation; otherwise, it will miss a "once-in-a-generation opportunity". The EU Commission did not immediately respond to a Reuters request for comment.

Tech giants warn of regulatory hurdles hindering Europe's AI progress

Meta said it had discovered possible hacking attempts on the WhatsApp accounts of US officials—both from the current President Joe Biden and the former President Donald Trump administrations—and was attributing the acts to the very same Iranian hacker group revealed earlier this month to have compromised Trump's campaign.

The parent company of Facebook, Instagram, and WhatsApp explained in a blog post that the attempt was only a "small cluster of likely social engineering activity on WhatsApp." These include a number of accounts masquerading as AOL, Google, Yahoo, and Microsoft technical support.

It blocked the accounts after users reported the activity as suspicious and had not seen any evidence suggesting the targeted WhatsApp accounts had been compromised, it said.

Meta said the activity was the handiwork of APT42, a hacking group that researchers widely believe is associated with an intelligence division inside Iran's military, which places surveillance software on the mobile phones of its victims. That software, according to researchers who follow the group, gives the team the ability to record calls and steal text messages, turning on cameras and microphones sneakily.

The activity of the group is connected to efforts to breach US presidential campaigns that Microsoft and Google reported earlier this month, ahead of the US presidential election in November.

The company blog did not mention the names of people targeted, saying only that the hackers "appeared to have focused on political and diplomatic officials, business and other public figures, some associated with administrations of President Biden and former President Trump."

It added that those figures were based in Israel, the Palestinian territories, Iran, the United States, and the United Kingdom.

Meta said it had discovered possible hacking attempts on the WhatsApp accounts of US officials—both from the current President Joe Biden and the former President Donald Trump administrations—and was attributing the acts to the very same Iranian hacker group revealed earlier this month to have compromised Trump's campaign.

Meta said it had discovered possible hacking attempts on the WhatsApp accounts of US officials—both from the current President Joe Biden and the former President Donald Trump administrations—and was attributing the acts to the very same Iranian hacker group revealed earlier this month to have compromised Trump's campaign. The parent company of Facebook, Instagram, and WhatsApp explained in a blog post that the attempt was only a "small cluster of likely social engineering activity on WhatsApp." These include a number of accounts masquerading as AOL, Google, Yahoo, and Microsoft technical support. It blocked the accounts after users reported the activity as suspicious and had not seen any evidence suggesting the targeted WhatsApp accounts had been compromised, it said. Meta said the activity was the handiwork of APT42, a hacking group that researchers widely believe is associated with an intelligence division inside Iran's military, which places surveillance software on the mobile phones of its victims. That software, according to researchers who follow the group, gives the team the ability to record calls and steal text messages, turning on cameras and microphones sneakily. The activity of the group is connected to efforts to breach US presidential campaigns that Microsoft and Google reported earlier this month, ahead of the US presidential election in November. The company blog did not mention the names of people targeted, saying only that the hackers "appeared to have focused on political and diplomatic officials, business and other public figures, some associated with administrations of President Biden and former President Trump." It added that those figures were based in Israel, the Palestinian territories, Iran, the United States, and the United Kingdom.

Meta reports an Iranian group attempted to compromise WhatsApp accounts of officials linked to Trump and Biden

The impending interest rate cuts to be made by the Fed are "in line" with International Monetary Fund advice that has put a premium on making sure inflation was controlled but now sees risks shifting toward the labour market, IMF economic counsellor Pierre-Olivier Gourinchas said on Friday.

"What was telegraphed by (Fed chair Jerome) Powell today is very much in line with what we've advocated," Gourinchas said on the sidelines of a Kansas City Fed economic conference. "Inflation has been improving, and labour markets have shown signs of cooling... If labour markets are not contributing to inflation pressures anymore... then you might ease a little bit on cooling aggregate demand and bring (the policy rate of interest) back closer to neutral."

The Fed has kept the benchmark interest rate in the range of 5.25 per cent to 5.5 per cent for more than a year now—a level that it feels is causing too much restraint on economic activity.

In prepared remarks to the conference on Friday, Powell said simply that with inflation only a half-point above the Fed's 2 per cent target and the unemployment rate moving up, "the time has come for policy to adjust," remarks that crystallised the expectations for the first rate cut at the Fed's Sept. 17-18 meeting. Indeed, some economists are even expecting that the initial cut might be a larger-than-usual half-point reduction, depending on how an upcoming August jobs report turns out.

Speaking in an interview, Gourinchas said the US shouldn't be "complacent" that inflation has disappeared, pointing out that service-sector prices remain on a rising trajectory and that the Fed will need to calibrate both the pace and extent of rate cuts with the incoming economic data.

"There is still some upside risk to inflation," he said.

Yet it was also clear the US job market was cooling, Gourinchas said, though from a position of strength and ongoing economic growth.

"I don't think we are in a situation where recession is imminent" in the U.S., Gourinchas said, while the odds of a soft landing "have increased, and that remains our baseline."

The impending interest rate cuts to be made by the Fed are "in line" with International Monetary Fund advice that has put a premium on making sure inflation was controlled but now sees risks shifting toward the labour market, IMF economic counsellor Pierre-Olivier Gourinchas said on Friday.

The impending interest rate cuts to be made by the Fed are "in line" with International Monetary Fund advice that has put a premium on making sure inflation was controlled but now sees risks shifting toward the labour market, IMF economic counsellor Pierre-Olivier Gourinchas said on Friday. "What was telegraphed by (Fed chair Jerome) Powell today is very much in line with what we've advocated," Gourinchas said on the sidelines of a Kansas City Fed economic conference. "Inflation has been improving, and labour markets have shown signs of cooling... If labour markets are not contributing to inflation pressures anymore... then you might ease a little bit on cooling aggregate demand and bring (the policy rate of interest) back closer to neutral." The Fed has kept the benchmark interest rate in the range of 5.25 per cent to 5.5 per cent for more than a year now—a level that it feels is causing too much restraint on economic activity. In prepared remarks to the conference on Friday, Powell said simply that with inflation only a half-point above the Fed's 2 per cent target and the unemployment rate moving up, "the time has come for policy to adjust," remarks that crystallised the expectations for the first rate cut at the Fed's Sept. 17-18 meeting. Indeed, some economists are even expecting that the initial cut might be a larger-than-usual half-point reduction, depending on how an upcoming August jobs report turns out. Speaking in an interview, Gourinchas said the US shouldn't be "complacent" that inflation has disappeared, pointing out that service-sector prices remain on a rising trajectory and that the Fed will need to calibrate both the pace and extent of rate cuts with the incoming economic data. "There is still some upside risk to inflation," he said. Yet it was also clear the US job market was cooling, Gourinchas said, though from a position of strength and ongoing economic growth. "I don't think we are in a situation where recession is imminent" in the U.S., Gourinchas said, while the odds of a soft landing "have increased, and that remains our baseline."

IMF's Gourinchas supports US rate cuts but warns inflation risks remain

In a major decision that will ensure 50 per cent of the salary as pension for 23 lakh central government employees, the Union Cabinet, headed by PM Narendra Modi, approved the Unified Pension Scheme (UPS) on Saturday.

This scheme shall come into force from April 1, 2025. Central government employees will have to opt either for the National Pension Scheme or the Unified Pension Scheme. Further, existing subscribers of the National Pension Scheme under the central government would also be provided an option to switch over to the Unified Pension Scheme. State governments would also have the option to adopt the Unified Pension Scheme.

Everything you need to know:

Assured Pension: 50 per cent of the average basic pay drawn during the last 12 months prior to superannuation, in case the individual has rendered qualifying service of 25 years or more.

Proportionate for lesser service up to a minimum of 10 years of service

Ensured Family Pension @60 per cent of the pension of the employee immediately before her/his demise.

Assured Minimum Pension @10000 per month on superannuation after a minimum of 10 years of service.

Inflation Indexation: On assured pension, on assured family pension, and assured minimum pension, dearness relief based upon All India Consumer Price Index for Industrial Workers (AICPIW) as in the case of serving employees

Lump sum payment on superannuation, besides gratuity.

1/10th of emoluments for each completed six-month period of service reckoned from the date of superannuation. The payment shall not reduce the quantum of pension guaranteed.

Union Minister Ashwini Vaishnaw announced the details of the scheme and added that a committee constituted by the Centre held 100 meetings with several top organisations, including RBI and World Bank, to take a call on the scheme that will benefit 23 lakh central government employees. He said that the government employees will have a choice to make between the New Pension Scheme and UPS.

"PM Modi constituted a committee under the chairmanship of Cabinet Secretary TV Somanathan. This committee held more than 100 meetings with different organisations and nearly all the states. There's a difference between how PM Modi works and the opposition works," Vaishnaw said.

"Unlike the opposition, PM Modi believes in holding extensive consultations. Following extension consultations with everyone, including the Reserve Bank of India and the World Bank, the committee has recommended a Unified Pension Scheme. Today, the Union Cabinet has approved this Unified Pension Scheme, and it will be implemented in the future," he added.

"Today the Union Cabinet has approved Unified Pension Scheme (UPS) for government employees providing for the assured pension...50 per cent assured pension is the first pillar of the scheme...second pillar will be assured family pension...About 23 lakh employees of the central government would benefit from the Unified Pension Scheme (UPS)...There will be an option for the employees to opt between NPS and UPS," Vaishnaw said.

In a major decision that will ensure 50 per cent of the salary as pension for 23 lakh central government employees, the Union Cabinet, headed by PM Narendra Modi, approved the Unified Pension Scheme (UPS) on Saturday.

In a major decision that will ensure 50 per cent of the salary as pension for 23 lakh central government employees, the Union Cabinet, headed by PM Narendra Modi, approved the Unified Pension Scheme (UPS) on Saturday. This scheme shall come into force from April 1, 2025. Central government employees will have to opt either for the National Pension Scheme or the Unified Pension Scheme. Further, existing subscribers of the National Pension Scheme under the central government would also be provided an option to switch over to the Unified Pension Scheme. State governments would also have the option to adopt the Unified Pension Scheme. Everything you need to know: Assured Pension: 50 per cent of the average basic pay drawn during the last 12 months prior to superannuation, in case the individual has rendered qualifying service of 25 years or more. Proportionate for lesser service up to a minimum of 10 years of service Ensured Family Pension @60 per cent of the pension of the employee immediately before her/his demise. Assured Minimum Pension @10000 per month on superannuation after a minimum of 10 years of service. Inflation Indexation: On assured pension, on assured family pension, and assured minimum pension, dearness relief based upon All India Consumer Price Index for Industrial Workers (AICPIW) as in the case of serving employees Lump sum payment on superannuation, besides gratuity. 1/10th of emoluments for each completed six-month period of service reckoned from the date of superannuation. The payment shall not reduce the quantum of pension guaranteed. Union Minister Ashwini Vaishnaw announced the details of the scheme and added that a committee constituted by the Centre held 100 meetings with several top organisations, including RBI and World Bank, to take a call on the scheme that will benefit 23 lakh central government employees. He said that the government employees will have a choice to make between the New Pension Scheme and UPS. "PM Modi constituted a committee under the chairmanship of Cabinet Secretary TV Somanathan. This committee held more than 100 meetings with different organisations and nearly all the states. There's a difference between how PM Modi works and the opposition works," Vaishnaw said. "Unlike the opposition, PM Modi believes in holding extensive consultations. Following extension consultations with everyone, including the Reserve Bank of India and the World Bank, the committee has recommended a Unified Pension Scheme. Today, the Union Cabinet has approved this Unified Pension Scheme, and it will be implemented in the future," he added. "Today the Union Cabinet has approved Unified Pension Scheme (UPS) for government employees providing for the assured pension...50 per cent assured pension is the first pillar of the scheme...second pillar will be assured family pension...About 23 lakh employees of the central government would benefit from the Unified Pension Scheme (UPS)...There will be an option for the employees to opt between NPS and UPS," Vaishnaw said.

India greenlights Unified Pension Scheme, promising 50 per cent assured pension

Microsoft will convene a summit for the improvement of cybersecurity systems in September, it said on Friday, after last month's CrowdStrike faulty update propelled a global IT outage.&nbsp;

The summit is the first of many giant steps the company shall take to forestall issues that affected nearly 8.5 million Windows devices on July 19, paralysing operations across major airlines, banks, and health services.

The event will be held on September 10 at Microsoft's headquarters in Redmond, Wash. The company also plans to invite government representatives to the event, it added in a blog.

"The CrowdStrike outage in July presents important lessons for us to apply as an ecosystem," Microsoft said.

It has already made many people question whether many organisations have adequate plans in place for when something as simple as an IT system or, worse still, a piece of software within it goes down.

"We look forward to bringing our perspective to the discussions with Microsoft and industry and government stakeholders on the need for a more resilient ecosystem," a CrowdStrike spokesperson said when contacted for a comment.

Analysts have pointed out that this outage exposed the risk associated with depending on a single vendor for security solutions.

CrowdStrike lost about $9 billion of its market value since the outage and has been sued by shareholders who said the cybersecurity company defrauded them by concealing how its inadequate software testing could cause global disruption.

Earlier this month, Delta Air Lines said it had filed legal claims against CrowdStrike and Microsoft, alleging that the outage caused mass flight cancellations and at least $500 million in costs to the carrier.

CrowdStrike is scheduled to report its second-quarter financial results after the close of the US market on August 28.

Microsoft will convene a summit for the improvement of cybersecurity systems in September, it said on Friday, after last month's CrowdStrike faulty update propelled a global IT outage.

Microsoft will convene a summit for the improvement of cybersecurity systems in September, it said on Friday, after last month's CrowdStrike faulty update propelled a global IT outage. The summit is the first of many giant steps the company shall take to forestall issues that affected nearly 8.5 million Windows devices on July 19, paralysing operations across major airlines, banks, and health services. The event will be held on September 10 at Microsoft's headquarters in Redmond, Wash. The company also plans to invite government representatives to the event, it added in a blog. "The CrowdStrike outage in July presents important lessons for us to apply as an ecosystem," Microsoft said. It has already made many people question whether many organisations have adequate plans in place for when something as simple as an IT system or, worse still, a piece of software within it goes down. "We look forward to bringing our perspective to the discussions with Microsoft and industry and government stakeholders on the need for a more resilient ecosystem," a CrowdStrike spokesperson said when contacted for a comment. Analysts have pointed out that this outage exposed the risk associated with depending on a single vendor for security solutions. CrowdStrike lost about $9 billion of its market value since the outage and has been sued by shareholders who said the cybersecurity company defrauded them by concealing how its inadequate software testing could cause global disruption. Earlier this month, Delta Air Lines said it had filed legal claims against CrowdStrike and Microsoft, alleging that the outage caused mass flight cancellations and at least $500 million in costs to the carrier. CrowdStrike is scheduled to report its second-quarter financial results after the close of the US market on August 28.

Microsoft to convene cybersecurity summit following CrowdStrike-induced disruption

India's whiskey exports have experienced a remarkable surge, climbing 26 per cent to reach $78.5 million in the first half of 2024. This growth highlights a robust performance in the country's liquor export sector, complementing its success in other industries like electronics and smartphones.&nbsp;

According to data analysis by Moneycontrol from the commerce ministry, the increase in whiskey exports is driven by a significant rise in shipments of blended whiskey, which surged by 37 per cent. Exporters are now turning their attention to expanding the market for Indian single malts. Premium whiskey exports also saw a notable boost, nearly doubling to $6.3 million for the six months ending June 30 compared to the previous year.&nbsp;

Vinod Giri, Director-General of the Brewers Association of India, attributes this growth to the increased visibility and assertive marketing of Indian single malt brands. "More Indian single malt whisky brands have been launched and are being marketed more aggressively. This collective noise is always more noticeable," Giri commented. He added that the trend is expected to continue, benefiting from the sector's relatively low base.&nbsp;

India's whiskey exports in the first six months of the year have hovered on the $50-55 million mark for over a decade now. "Indian single malts are being acknowledged the world over. There is much greater awareness of Indian single malts. Thus, they are finding new markets," Giri added.&nbsp;

The Netherlands, UAE, and Ghana have emerged as key importers of Indian whiskey, while the United States has shown growing interest in high-end varieties. This diversification in export destinations underscores the expanding global appeal of Indian spirits.&nbsp;

"America is turning out to be a promising market for high-end Indian whiskeys. Traditionally, West Asia and Africa were major export markets. They were largely value products. America is a big market for high-end value markets," Giri pointed out.&nbsp;

The boost in exports not only reflects the increasing global demand but also signals a strengthening of India's position in the international whiskey market. With ongoing efforts to enhance product quality and marketing strategies, the sector is poised for further growth in the coming years.&nbsp;

India's whiskey exports have experienced a remarkable surge, climbing 26 per cent to reach $78.5 million in the first half of 2024. This growth highlights a robust performance in the country's liquor export sector, complementing its success in other industries like electronics and smartphones.

India's whiskey exports have experienced a remarkable surge, climbing 26 per cent to reach $78.5 million in the first half of 2024. This growth highlights a robust performance in the country's liquor export sector, complementing its success in other industries like electronics and smartphones. According to data analysis by Moneycontrol from the commerce ministry, the increase in whiskey exports is driven by a significant rise in shipments of blended whiskey, which surged by 37 per cent. Exporters are now turning their attention to expanding the market for Indian single malts. Premium whiskey exports also saw a notable boost, nearly doubling to $6.3 million for the six months ending June 30 compared to the previous year. Vinod Giri, Director-General of the Brewers Association of India, attributes this growth to the increased visibility and assertive marketing of Indian single malt brands. "More Indian single malt whisky brands have been launched and are being marketed more aggressively. This collective noise is always more noticeable," Giri commented. He added that the trend is expected to continue, benefiting from the sector's relatively low base. India's whiskey exports in the first six months of the year have hovered on the $50-55 million mark for over a decade now. "Indian single malts are being acknowledged the world over. There is much greater awareness of Indian single malts. Thus, they are finding new markets," Giri added. The Netherlands, UAE, and Ghana have emerged as key importers of Indian whiskey, while the United States has shown growing interest in high-end varieties. This diversification in export destinations underscores the expanding global appeal of Indian spirits. "America is turning out to be a promising market for high-end Indian whiskeys. Traditionally, West Asia and Africa were major export markets. They were largely value products. America is a big market for high-end value markets," Giri pointed out. The boost in exports not only reflects the increasing global demand but also signals a strengthening of India's position in the international whiskey market. With ongoing efforts to enhance product quality and marketing strategies, the sector is poised for further growth in the coming years.

Indian Whiskey Exports Soar 26% to $78.5 Million in the first half of 2024 

India is setting ambitious goals for its trade relationship with Africa, aiming to double trade volumes to $200 billion by 2030. This goal was announced at the India Africa Business Conclave held by the Confederation of Indian Industry (CII) in New Delhi on August 22.&nbsp;

Dammu Ravi, Secretary of Economic Relations at the Ministry of External Affairs, highlighted the importance of enhancing economic integration between the two regions. “The time has come to establish Indian-owned economic zones in Africa,” Ravi stated, underscoring the potential for deeper economic ties, according to a report by Moneycontrol.&nbsp;&nbsp;

Further, Sunil Barthwal, Commerce Secretary, emphasized that sectors identified by the African Continental Free Trade Area—including automobiles, agriculture, pharmaceuticals, and logistics—hold significant potential for trade and investment. “Given the current growth and opportunity, we are on track to double the trade between India and Africa to approximately $200 billion by 2030,” Barthwal said.&nbsp;

Trade between the two regions hit a record high of around $100 billion in 2022-23 but saw a decline in the subsequent fiscal year. Despite this dip, the ambitious target for 2030 reflects a strong commitment to boosting economic collaboration.&nbsp;

The Indian government’s strategy includes not only increasing trade but also fostering technological and investment partnerships. By creating Indian economic zones in Africa, India aims to bolster its economic presence and integrate more closely with African markets.&nbsp;

Barthwal urged for greater participation on WTO issues as well. “India and Africa are believed to emerge as twin growth centres, let us leverage our combined strengths,” Barthwal noted.&nbsp;&nbsp;

India needs to look at trade from a deeper context of collaboration on global value chains, said Ravi, highlighting that Agenda 2063 should set broader context of partnership between the regions in days to come.&nbsp;

Agenda 2063 is a blueprint to achieve the development of Africa over a 50-year period. Hence, the focus of the Conclave was on economic integration. It aligns with broader strategic goals and reflects dedication to expanding India and Africa’s economic footprint on the global stage.&nbsp;&nbsp;

India is setting ambitious goals for its trade relationship with Africa, aiming to double trade volumes to $200 billion by 2030. This goal was announced at the India Africa Business Conclave held by the Confederation of Indian Industry (CII) in New Delhi on August 22.

India is setting ambitious goals for its trade relationship with Africa, aiming to double trade volumes to $200 billion by 2030. This goal was announced at the India Africa Business Conclave held by the Confederation of Indian Industry (CII) in New Delhi on August 22. Dammu Ravi, Secretary of Economic Relations at the Ministry of External Affairs, highlighted the importance of enhancing economic integration between the two regions. “The time has come to establish Indian-owned economic zones in Africa,” Ravi stated, underscoring the potential for deeper economic ties, according to a report by Moneycontrol. Further, Sunil Barthwal, Commerce Secretary, emphasized that sectors identified by the African Continental Free Trade Area—including automobiles, agriculture, pharmaceuticals, and logistics—hold significant potential for trade and investment. “Given the current growth and opportunity, we are on track to double the trade between India and Africa to approximately $200 billion by 2030,” Barthwal said. Trade between the two regions hit a record high of around $100 billion in 2022-23 but saw a decline in the subsequent fiscal year. Despite this dip, the ambitious target for 2030 reflects a strong commitment to boosting economic collaboration. The Indian government’s strategy includes not only increasing trade but also fostering technological and investment partnerships. By creating Indian economic zones in Africa, India aims to bolster its economic presence and integrate more closely with African markets. Barthwal urged for greater participation on WTO issues as well. “India and Africa are believed to emerge as twin growth centres, let us leverage our combined strengths,” Barthwal noted. India needs to look at trade from a deeper context of collaboration on global value chains, said Ravi, highlighting that Agenda 2063 should set broader context of partnership between the regions in days to come. Agenda 2063 is a blueprint to achieve the development of Africa over a 50-year period. Hence, the focus of the Conclave was on economic integration. It aligns with broader strategic goals and reflects dedication to expanding India and Africa’s economic footprint on the global stage.

India and Africa aim to double trade by 2030, focus on economic integration 

Core consumer inflation in Japan picked up for a third straight month in July, data showed on Friday, but further interest rate hikes by the central bank could be complicated by slowing demand-driven price growth in the coming months.

The nationwide core consumer price index (CPI), excluding fresh food items, climbed 2.7 per cent from a year earlier, more than a 2.6 per cent climb in June. It matched the median market forecast and kept the inflation rate at or above the central bank's 2 per cent target for the 28th straight month.

However, the "core core" index, which strips out both fresh food and energy costs and is considered by the BOJ to be the closest proxy for its central measure of the overall broader trend in inflation, advanced 1.9 per cent, compared with a rise of 2.2 per cent in June. It fell below the key 2 per cent line for the first time since September 2022.

"The increase in the core CPI reflected a phase-out of government subsidies to curb household utility bills, and with that factor excluded, the overall inflation has been slowing," said Masato Koike, senior economist at Sompo Institute Plus.

Relief on utility bills was restored and the import costs are now being driven down by the recent rebound of the yen, so the core CPI growth "is likely to slow down hereafter," he said.

It will, henceforth, be the inflation data instrumental in further decisions on rate hikes by the BOJ. It surprised markets last July by raising interest rates to a 15-year high and signalled its readiness to further hike the cost of borrowing amid growing prospects of inflation durably reaching its 2 per cent target.

It was the hawkish tone of the BOJ that set the battered yen soaring and sent Tokyo stocks plunging in their biggest single-day rout since 1987's Black Monday sell-off. Markets have since stabilised.

BOJ Governor Kazuo Ueda was summoned on Friday to explain the BOJ's decision in July to raise interest rates, and he reaffirmed his resolve to raise them again if inflation remained on track to hit the 2 per cent target sustainably.

He also mentioned that the central bank would "be highly vigilant to market developments for the time being" as the financial markets remained unstable.

Despite the tepid currency market reaction to the data on inflation, the repeated statement of Ueda's readiness for possible future rate hikes pushed up the yen. On Friday afternoon, after fluctuating on some of the other comments, the yen traded at around 145.50 per dollar.

Data from last week showed that Japan's economy rebounded much faster than expected in the second quarter on the back of solid consumption, bolstering the case for the central bank to stay on course for monetary policy tightening.

Core consumer inflation in Japan picked up for a third straight month in July, data showed on Friday, but further interest rate hikes by the central bank could be complicated by slowing demand-driven price growth in the coming months.

Core consumer inflation in Japan picked up for a third straight month in July, data showed on Friday, but further interest rate hikes by the central bank could be complicated by slowing demand-driven price growth in the coming months. The nationwide core consumer price index (CPI), excluding fresh food items, climbed 2.7 per cent from a year earlier, more than a 2.6 per cent climb in June. It matched the median market forecast and kept the inflation rate at or above the central bank's 2 per cent target for the 28th straight month. However, the "core core" index, which strips out both fresh food and energy costs and is considered by the BOJ to be the closest proxy for its central measure of the overall broader trend in inflation, advanced 1.9 per cent, compared with a rise of 2.2 per cent in June. It fell below the key 2 per cent line for the first time since September 2022. "The increase in the core CPI reflected a phase-out of government subsidies to curb household utility bills, and with that factor excluded, the overall inflation has been slowing," said Masato Koike, senior economist at Sompo Institute Plus. Relief on utility bills was restored and the import costs are now being driven down by the recent rebound of the yen, so the core CPI growth "is likely to slow down hereafter," he said. It will, henceforth, be the inflation data instrumental in further decisions on rate hikes by the BOJ. It surprised markets last July by raising interest rates to a 15-year high and signalled its readiness to further hike the cost of borrowing amid growing prospects of inflation durably reaching its 2 per cent target. It was the hawkish tone of the BOJ that set the battered yen soaring and sent Tokyo stocks plunging in their biggest single-day rout since 1987's Black Monday sell-off. Markets have since stabilised. BOJ Governor Kazuo Ueda was summoned on Friday to explain the BOJ's decision in July to raise interest rates, and he reaffirmed his resolve to raise them again if inflation remained on track to hit the 2 per cent target sustainably. He also mentioned that the central bank would "be highly vigilant to market developments for the time being" as the financial markets remained unstable. Despite the tepid currency market reaction to the data on inflation, the repeated statement of Ueda's readiness for possible future rate hikes pushed up the yen. On Friday afternoon, after fluctuating on some of the other comments, the yen traded at around 145.50 per dollar. Data from last week showed that Japan's economy rebounded much faster than expected in the second quarter on the back of solid consumption, bolstering the case for the central bank to stay on course for monetary policy tightening.

Japan's core inflation rises, but demand-driven growth remains under 2 per cent

Strikes and heavy rainfall across major growing areas are now delaying Australia's sugar crush, threatening exports and the ability of farmers to plant next year's crops.

Industrial action by workers in many mills stretching over months, along with a recent bout of wet weather in Queensland, is posing an increasing risk to this season's crop, industry body Canegrowers said. Some 8.5 million tons of the harvest in the state — which produces almost all of the country's cane — has been crushed so far, about 1.5 million tons less than this time last year, it said.

Australia is the third-largest raw sugar exporter, with more than 80 per cent of its crop shipped overseas. Reduced supplies from the country may help ease a recent slide in sugar futures, which recently fell to the lowest in almost two years. Australian shipments, however, are but a fraction compared with Brazil—the largest exporter—and thus unlikely to shift global prices significantly.

Workers at Wilmar International Ltd.'s Australian mills—about half of Queensland's production—have gone on intermittent strikes for higher pay since May. That is, many growers are now unable to get into mills, weeks behind schedule, according to Canegrowers.

According to Chris Bosworth, a Canegrowers director and local sugarcane farmer, tractors and heavy equipment couldn't get into the soggy fields to transport the cane due to heavy rainfall across Queensland.

The longer the wet weather prevails, he added, many farmers just won't plant crops for next year. The later farmers plant, the more likely it is that the seedlings will be destroyed by rain as the region heads toward the wet season that usually starts in late November or early December, said Bosworth. Sugarcane crops can't be planted in wet soil.

"If you plant and the wet season rolls around a few weeks later, your crop is pretty much doomed," he said. "Many of us aren't willing to take that risk, but that also means we will have no income next year."

Strikes and heavy rainfall across major growing areas are now delaying Australia's sugar crush, threatening exports and the ability of farmers to plant next year's crops.

Strikes and heavy rainfall across major growing areas are now delaying Australia's sugar crush, threatening exports and the ability of farmers to plant next year's crops. Industrial action by workers in many mills stretching over months, along with a recent bout of wet weather in Queensland, is posing an increasing risk to this season's crop, industry body Canegrowers said. Some 8.5 million tons of the harvest in the state — which produces almost all of the country's cane — has been crushed so far, about 1.5 million tons less than this time last year, it said. Australia is the third-largest raw sugar exporter, with more than 80 per cent of its crop shipped overseas. Reduced supplies from the country may help ease a recent slide in sugar futures, which recently fell to the lowest in almost two years. Australian shipments, however, are but a fraction compared with Brazil—the largest exporter—and thus unlikely to shift global prices significantly. Workers at Wilmar International Ltd.'s Australian mills—about half of Queensland's production—have gone on intermittent strikes for higher pay since May. That is, many growers are now unable to get into mills, weeks behind schedule, according to Canegrowers. According to Chris Bosworth, a Canegrowers director and local sugarcane farmer, tractors and heavy equipment couldn't get into the soggy fields to transport the cane due to heavy rainfall across Queensland. The longer the wet weather prevails, he added, many farmers just won't plant crops for next year. The later farmers plant, the more likely it is that the seedlings will be destroyed by rain as the region heads toward the wet season that usually starts in late November or early December, said Bosworth. Sugarcane crops can't be planted in wet soil. "If you plant and the wet season rolls around a few weeks later, your crop is pretty much doomed," he said. "Many of us aren't willing to take that risk, but that also means we will have no income next year."

Australian sugar production faces delays due to strikes and heavy rainfall

Lip-Bu Tan has resigned as a director of Intel Corp., the semiconductor industry veteran who was brought in two years ago to help in the chipmaker's comeback effort.

Intel said in a Thursday filing that Tan, who is the former chief executive officer of Cadence Design Systems Inc. and also runs an investment firm, has cited "demands on his time" as the reason for leaving.

"This is a personal decision based on a need to reprioritise various commitments and I remain supportive of the company and its important work," he said in the filing.

The move follows a disastrous quarterly report earlier this month, which sent Intel shares on their worst rout in decades. After reporting the miserable quarterly report, the once-dominant chipmaker gave a dour forecast, suspended its long-standing dividend, and announced plans to slash more than 15 per cent of its workers.

CEO Pat Gelsinger has been working to put Intel back on the map of the chip industry, ramping spending on new factories and technologies, though losing market share to the likes of Nvidia Corp. and Advanced Micro Devices Inc.

Elected to the seat in the month of September, Tan made a part of Intel's mergers and acquisitions committee.

When Tan joined the board in July, he called Gelsinger a bold leader and said the company was "undergoing a massive transformation to capitalise on the tremendous opportunities that lie ahead."

Recently, Intel has been all about cutbacks. Besides initiatives to trim jobs and expenses, the chipmaker also nixed its annual Innovation event. It also recently disposed of its stake in chip technology creator Arm Holdings Plc.

Lip-Bu Tan has resigned as a director of Intel Corp., the semiconductor industry veteran who was brought in two years ago to help in the chipmaker's comeback effort.

Lip-Bu Tan has resigned as a director of Intel Corp., the semiconductor industry veteran who was brought in two years ago to help in the chipmaker's comeback effort. Intel said in a Thursday filing that Tan, who is the former chief executive officer of Cadence Design Systems Inc. and also runs an investment firm, has cited "demands on his time" as the reason for leaving. "This is a personal decision based on a need to reprioritise various commitments and I remain supportive of the company and its important work," he said in the filing. The move follows a disastrous quarterly report earlier this month, which sent Intel shares on their worst rout in decades. After reporting the miserable quarterly report, the once-dominant chipmaker gave a dour forecast, suspended its long-standing dividend, and announced plans to slash more than 15 per cent of its workers. CEO Pat Gelsinger has been working to put Intel back on the map of the chip industry, ramping spending on new factories and technologies, though losing market share to the likes of Nvidia Corp. and Advanced Micro Devices Inc. Elected to the seat in the month of September, Tan made a part of Intel's mergers and acquisitions committee. When Tan joined the board in July, he called Gelsinger a bold leader and said the company was "undergoing a massive transformation to capitalise on the tremendous opportunities that lie ahead." Recently, Intel has been all about cutbacks. Besides initiatives to trim jobs and expenses, the chipmaker also nixed its annual Innovation event. It also recently disposed of its stake in chip technology creator Arm Holdings Plc.

Intel's Director Lip-Bu Tan departs from the board of the struggling chipmaker

The Nicaraguan government closed another 151 nongovernmental organisations Thursday, which includes some of the most important trade organisations, such as the American Chamber of Commerce, days after the government shuttered some 1,500 nongovernmental organisations, many of which were religious in nature.

The Interior Ministry also cancelled the legal status of the umbrella organisation representing various European countries' chambers of commerce in Nicaragua.

The US Chamber, locally known as AMCHAM, had been operating in Nicaragua for 47 years. It was aimed at promoting investment and two-way trade with Nicaragua's most significant trading partner. The Associated Press left messages with the chamber seeking comment on the move.

Relations between the US and Nicaragua have been strained for years, especially since the deadly crackdown by President Daniel Ortega on huge street protests against his government in 2018, but commerce continued .

Other organisations shuttered by the decree were the National Union of Farmers and Ranchers, and chambers of commerce from various other countries, including Mexico, Panama, and Uruguay.

The President has targeted nongovernmental organisations since 2018, just after the 2018 uprising. According to him, these organisations, receiving foreign financing, participated in an attempted coup against his government. So far, his administration has closed over 5,000 such organisations.

Monday followed an order by Ortega to close 1,500 organisations, majorly religious ones and including churches. Officially, the government explained that the said organisations had failed to report their financial statements to the government.

It meant the closure of organisations related to the private sector, something described by economist and political analyst Enrique Sáenz as "absolutely irrational."

"They are shooting themselves in the foot with a shotgun," he said, meaning that the government is reducing public spending and will also lose the jobs created by such organisations.

"It sends a disturbing message" to business and abroad and shows "a climate of uncertainty for trade and investment," he said.

The closures affect Nicaraguans too because most of the organisations offer some type of aid to people in need, he said.

The Nicaraguan government closed another 151 nongovernmental organisations Thursday, which includes some of the most important trade organisations, such as the American Chamber of Commerce, days after the government shuttered some 1,500 nongovernmental organisations, many of which were religious in nature.

The Nicaraguan government closed another 151 nongovernmental organisations Thursday, which includes some of the most important trade organisations, such as the American Chamber of Commerce, days after the government shuttered some 1,500 nongovernmental organisations, many of which were religious in nature. The Interior Ministry also cancelled the legal status of the umbrella organisation representing various European countries' chambers of commerce in Nicaragua. The US Chamber, locally known as AMCHAM, had been operating in Nicaragua for 47 years. It was aimed at promoting investment and two-way trade with Nicaragua's most significant trading partner. The Associated Press left messages with the chamber seeking comment on the move. Relations between the US and Nicaragua have been strained for years, especially since the deadly crackdown by President Daniel Ortega on huge street protests against his government in 2018, but commerce continued . Other organisations shuttered by the decree were the National Union of Farmers and Ranchers, and chambers of commerce from various other countries, including Mexico, Panama, and Uruguay. The President has targeted nongovernmental organisations since 2018, just after the 2018 uprising. According to him, these organisations, receiving foreign financing, participated in an attempted coup against his government. So far, his administration has closed over 5,000 such organisations. Monday followed an order by Ortega to close 1,500 organisations, majorly religious ones and including churches. Officially, the government explained that the said organisations had failed to report their financial statements to the government. It meant the closure of organisations related to the private sector, something described by economist and political analyst Enrique Sáenz as "absolutely irrational." "They are shooting themselves in the foot with a shotgun," he said, meaning that the government is reducing public spending and will also lose the jobs created by such organisations. "It sends a disturbing message" to business and abroad and shows "a climate of uncertainty for trade and investment," he said. The closures affect Nicaraguans too because most of the organisations offer some type of aid to people in need, he said.

Nicaragua's crackdown on NGOs sparks turmoil in trade and investment landscape

Bulgaria and Romania are on the brink of joining the Schengen Zone, ushering in a new era of border-free travel. This expansion promises to simplify the movement of over 400 million citizens across member states, marking a milestone in European integration.

Since they acceded to the European Union in 2007, Bulgaria and Romania have eagerly awaited inclusion in the Schengen Zone. Despite being EU members for over a decade, travellers to these countries still faced passport checks upon entry. However, with their impending entry into the Schengen Zone, this bureaucratic hurdle is set to disappear.

Effective March 31st, travellers arriving by air or sea from other Schengen countries will no longer need to undergo passport checks upon arrival in Bulgaria and Romania. This move aims to streamline the entry process, making travel more efficient and hassle-free for passengers on flights, cruises, and ferries. However, regulations regarding land borders are still being finalized, with ongoing discussions among member states to address any remaining concerns.

Schengen zone dynamics

The Schengen Zone is a small town at the tri-border of Luxembourg, Germany, and France. Established in 1995, the zone currently comprises 29&nbsp;member states. With the inclusion of Bulgaria and Romania, the zone's geographical reach has expanded&nbsp;significantly, covering an area of over 4.31 million square kilometres and accommodating approximately 420 million inhabitants. This expansion underscores the Schengen Zone's status as the world's largest free travel area.

While the Schengen Agreement aims to promote free movement within its borders, certain restrictions apply. Non-EU citizens should know that stays in Bulgaria and Romania will count towards the Schengen Zone's 90-day limit within 180 days. Additionally, travellers are advised to stay informed about any updates or changes in entry requirements as Bulgaria and Romania finalize their integration into the Schengen Zone.

Looking ahead

The imminent inclusion of Bulgaria and Romania in the Schengen Zone marks a significant milestone in European integration and regional cooperation. As Europe navigates travel dynamics, the Schengen Zone remains a cornerstone of mobility and connectivity. With aspirations for further expansion, including countries like Cyprus and Montenegro, the future of the Schengen Zone is poised for continued growth and development.

Bulgaria and Romania are on the brink of joining the Schengen Zone, ushering in a new era of border-free travel. This expansion promises to simplify the movement of over 400 million citizens across member states, marking a milestone in European integration.

Bulgaria and Romania are on the brink of joining the Schengen Zone, ushering in a new era of border-free travel. This expansion promises to simplify the movement of over 400 million citizens across member states, marking a milestone in European integration. Since they acceded to the European Union in 2007, Bulgaria and Romania have eagerly awaited inclusion in the Schengen Zone. Despite being EU members for over a decade, travellers to these countries still faced passport checks upon entry. However, with their impending entry into the Schengen Zone, this bureaucratic hurdle is set to disappear. Effective March 31st, travellers arriving by air or sea from other Schengen countries will no longer need to undergo passport checks upon arrival in Bulgaria and Romania. This move aims to streamline the entry process, making travel more efficient and hassle-free for passengers on flights, cruises, and ferries. However, regulations regarding land borders are still being finalized, with ongoing discussions among member states to address any remaining concerns. Schengen zone dynamics The Schengen Zone is a small town at the tri-border of Luxembourg, Germany, and France. Established in 1995, the zone currently comprises 29 member states. With the inclusion of Bulgaria and Romania, the zone's geographical reach has expanded significantly, covering an area of over 4.31 million square kilometres and accommodating approximately 420 million inhabitants. This expansion underscores the Schengen Zone's status as the world's largest free travel area. While the Schengen Agreement aims to promote free movement within its borders, certain restrictions apply. Non-EU citizens should know that stays in Bulgaria and Romania will count towards the Schengen Zone's 90-day limit within 180 days. Additionally, travellers are advised to stay informed about any updates or changes in entry requirements as Bulgaria and Romania finalize their integration into the Schengen Zone. Looking ahead The imminent inclusion of Bulgaria and Romania in the Schengen Zone marks a significant milestone in European integration and regional cooperation. As Europe navigates travel dynamics, the Schengen Zone remains a cornerstone of mobility and connectivity. With aspirations for further expansion, including countries like Cyprus and Montenegro, the future of the Schengen Zone is poised for continued growth and development.

Bulgaria and Romania set to join Schengen zone: What you need to know

Alibaba Group Holding Ltd. shareholders have approved upgrading its Hong Kong listing to primary status on Aug. 28, a move that is likely to attract billions of dollars in investment from mainland China.

Shareholders rubber-stamped a plan to convert the Hong Kong listing, as expected, a plan first mentioned two years ago amid heightened tensions with the US. This will allow Alibaba to join a program that links Shanghai and Shenzhen bourses with Hong Kong's exchange. The stock opened little changed in Hong Kong on Friday.

Alibaba's shares have underperformed compared with key rival Tencent Holdings Ltd., as concerns about the impact of increasing competition and slow consumption in China have weighed on the online retailer. It said last week that revenue grew an anaemic 4 per cent after its Chinese e-commerce business shrank for the first time in at least a year. Profit plunged 27 per cent, dashing hopes for a quick turnaround.

Alibaba shares are just up around 8 per cent in Hong Kong this year, far behind the gains of some 30 per cent each by rivals Tencent and Meituan. Weak retail sales in China hurt Alibaba's core business, while price wars in cloud services have held back a prospective new growth driver.

The estimates for the capital inflow from joining the so-called southbound connect program range from about USD 12 billion in the first six months after inclusion to around USD 19.5 billion.

Alibaba Faces many other long-term challenges beyond capital structures and the Chinese economy.

Chief Executive Officer Eddie Wu is spearheading an overhaul at a conglomerate that has, since the big tech crackdown of 2020, fought to consistently deliver on growth and innovation.

Wu, who took over the reins about a year ago from Daniel Zhang, is working hard at improving its twin businesses in commerce and cloud computing while placing long-term bets on AI technology.

Alibaba Group Holding Ltd. shareholders have approved upgrading its Hong Kong listing to primary status on Aug. 28, a move that is likely to attract billions of dollars in investment from mainland China.

Alibaba Group Holding Ltd. shareholders have approved upgrading its Hong Kong listing to primary status on Aug. 28, a move that is likely to attract billions of dollars in investment from mainland China. Shareholders rubber-stamped a plan to convert the Hong Kong listing, as expected, a plan first mentioned two years ago amid heightened tensions with the US. This will allow Alibaba to join a program that links Shanghai and Shenzhen bourses with Hong Kong's exchange. The stock opened little changed in Hong Kong on Friday. Alibaba's shares have underperformed compared with key rival Tencent Holdings Ltd., as concerns about the impact of increasing competition and slow consumption in China have weighed on the online retailer. It said last week that revenue grew an anaemic 4 per cent after its Chinese e-commerce business shrank for the first time in at least a year. Profit plunged 27 per cent, dashing hopes for a quick turnaround. Alibaba shares are just up around 8 per cent in Hong Kong this year, far behind the gains of some 30 per cent each by rivals Tencent and Meituan. Weak retail sales in China hurt Alibaba's core business, while price wars in cloud services have held back a prospective new growth driver. The estimates for the capital inflow from joining the so-called southbound connect program range from about USD 12 billion in the first six months after inclusion to around USD 19.5 billion. Alibaba Faces many other long-term challenges beyond capital structures and the Chinese economy. Chief Executive Officer Eddie Wu is spearheading an overhaul at a conglomerate that has, since the big tech crackdown of 2020, fought to consistently deliver on growth and innovation. Wu, who took over the reins about a year ago from Daniel Zhang, is working hard at improving its twin businesses in commerce and cloud computing while placing long-term bets on AI technology.

Alibaba's primary Hong Kong listing amid economic turbulence & tech competition

Microsoft has restructured the way it reports results for its business units to include some search and news advertising revenue under the Azure cloud-computing unit—a move designed to put more focus on AI contributions at a time when investors have a growing appetite for AI.

The company said that henceforth, revenue from the AI and speech technology services that its Nuance unit offers would now come under its productivity business, home to the Office suite of apps. Earlier, it was an intelligent cloud division. It said the rejig will help align Microsoft's reporting structure to how its businesses are managed.

The company restated its revenue growth in its divisions for the last fiscal year and revised its forecast for the July-September quarter.

Big tech companies like Microsoft and Google face pressure from investors to show billions of dollars that they have invested in AI infrastructure.

Microsoft is one of the few large companies that break out AI contributions in their quarterly earnings. Most companies have yet to see a big boost from their AI investments.

Last month, the Windows maker reported that AI provided a bigger boost to Azure in the June quarter, even as the overall business was dampened. Microsoft projects growth for Azure to accelerate over the second half of fiscal 2025.

For the first quarter, the company forecasts intelligent cloud revenue of $23.80 billion to $24.10 billion, trimming its previous expectations of $28.6 billion to $28.9 billion.

The company moved some units from the business to the productivity division, trimming quarterly revenue expectations at its personal computing segment to $12.25 billion to $12.65 billion from $14.9 billion to $15.3 billion.

Productivity and business processes revenue would remain in the range of $27.75 billion to $28.05 billion, compared with previous estimates of $20.3 billion to $20.6 billion.

Microsoft has restructured the way it reports results for its business units to include some search and news advertising revenue under the Azure cloud-computing unit—a move designed to put more focus on AI contributions at a time when investors have a growing appetite for AI.

Microsoft has restructured the way it reports results for its business units to include some search and news advertising revenue under the Azure cloud-computing unit—a move designed to put more focus on AI contributions at a time when investors have a growing appetite for AI. The company said that henceforth, revenue from the AI and speech technology services that its Nuance unit offers would now come under its productivity business, home to the Office suite of apps. Earlier, it was an intelligent cloud division. It said the rejig will help align Microsoft's reporting structure to how its businesses are managed. The company restated its revenue growth in its divisions for the last fiscal year and revised its forecast for the July-September quarter. Big tech companies like Microsoft and Google face pressure from investors to show billions of dollars that they have invested in AI infrastructure. Microsoft is one of the few large companies that break out AI contributions in their quarterly earnings. Most companies have yet to see a big boost from their AI investments. Last month, the Windows maker reported that AI provided a bigger boost to Azure in the June quarter, even as the overall business was dampened. Microsoft projects growth for Azure to accelerate over the second half of fiscal 2025. For the first quarter, the company forecasts intelligent cloud revenue of $23.80 billion to $24.10 billion, trimming its previous expectations of $28.6 billion to $28.9 billion. The company moved some units from the business to the productivity division, trimming quarterly revenue expectations at its personal computing segment to $12.25 billion to $12.65 billion from $14.9 billion to $15.3 billion. Productivity and business processes revenue would remain in the range of $27.75 billion to $28.05 billion, compared with previous estimates of $20.3 billion to $20.6 billion.

Microsoft's revenue reshuffle signals AI ambitions amid investor pressure

Deutsche Bank said it has reached agreements for settlements with more than half the plaintiffs who accused the lender of having underpaid them in the acquisition of Postbank years ago.

These agreements bring Germany's largest lender closer to moving beyond the years-long litigation that has cast a shadow over the bank.

It added that the reached agreements so far are covering 60 per cent of the claims, including the biggest individual plaintiff.

The bank said the agreements will use about 45 per cent of provisions the bank has made for possible payouts.

The bank will now slice 430 million euros ($479.49 million) from the money set aside for possible payouts in the case, which will benefit earnings in the third quarter.

Deutsche Bank said it was satisfied that the settlements "substantially reduce the cost and risk" of the Postbank litigation.

"Against the backdrop of this improvement to our capital plan, we will review our distribution plans and discuss these with our regulators as part of our ongoing dialogue," Deutsche Bank said.

The lawsuits claiming Deutsche Bank underpaid former shareholders for Postbank back in 2010 have been a fast-moving target in the courts for years.

Things came to a head last April when a court in Cologne sounded sympathetic to the former shareholders' case, and Deutsche was forced to make an unexpected €1.3 billion provision to offset any possible payout to plaintiffs.

That provision resulted in the bank reporting a quarterly loss, breaking a profit streak of 15 consecutive quarters.

A week ago, Deutsche Bank offered a settlement to shareholders but a lawyer for the plaintiffs said the offer was paltry.

The Cologne court had set a hearing on the matter earlier in the Wednesday session but delayed its proceedings, saying that more time was needed to deliberate.

Deutsche Bank said it has reached agreements for settlements with more than half the plaintiffs who accused the lender of having underpaid them in the acquisition of Postbank years ago.

Deutsche Bank said it has reached agreements for settlements with more than half the plaintiffs who accused the lender of having underpaid them in the acquisition of Postbank years ago. These agreements bring Germany's largest lender closer to moving beyond the years-long litigation that has cast a shadow over the bank. It added that the reached agreements so far are covering 60 per cent of the claims, including the biggest individual plaintiff. The bank said the agreements will use about 45 per cent of provisions the bank has made for possible payouts. The bank will now slice 430 million euros ($479.49 million) from the money set aside for possible payouts in the case, which will benefit earnings in the third quarter. Deutsche Bank said it was satisfied that the settlements "substantially reduce the cost and risk" of the Postbank litigation. "Against the backdrop of this improvement to our capital plan, we will review our distribution plans and discuss these with our regulators as part of our ongoing dialogue," Deutsche Bank said. The lawsuits claiming Deutsche Bank underpaid former shareholders for Postbank back in 2010 have been a fast-moving target in the courts for years. Things came to a head last April when a court in Cologne sounded sympathetic to the former shareholders' case, and Deutsche was forced to make an unexpected €1.3 billion provision to offset any possible payout to plaintiffs. That provision resulted in the bank reporting a quarterly loss, breaking a profit streak of 15 consecutive quarters. A week ago, Deutsche Bank offered a settlement to shareholders but a lawyer for the plaintiffs said the offer was paltry. The Cologne court had set a hearing on the matter earlier in the Wednesday session but delayed its proceedings, saying that more time was needed to deliberate.

Deutsche Bank edges toward resolution with settlements amid Postbank litigation saga

Buried deep in the minutes from the Federal Reserve's July 30-31 meeting, the central bank essentially declared victory in its battle against inflation.

The Federal Open Market Committee — the Fed's rate-making body — is pleased with the falling inflation rates and easing tightness in the US jobs market.

And they didn't see much in the orbit that might blow up their confidence.

In other words, there was far less need for the Fed to keep rates high.

In fact, minutes of the meeting, released Wednesday, show that some members thought the data they were seeing created "a plausible case for reducing the target range 25 basis points at this meeting."

But the FOMC blinked. But briefly.

Minutes make clear that the Committee voters saw the incoming data as strengthening their belief that inflation was moving toward the Committee's objective, and very few did not indicate that, if the data continued to come in about in line with expectations, it would likely be appropriate to ease policy at the next meeting.

So, there you have it: Short of economic disaster in the next few weeks, a rate cut is coming, probably at the next FOMC meeting on Sept. 17-18 and probably a quarter of a percentage point. That would bring the Fed's key interest rate — the federal funds rate — down from 5.25 per cent-to-5.5 per cent to 5 per cent-to-5.25 per cent.

Fed Chairman Jerome Powell may well talk about the July meeting when he speaks Friday at a symposium of central bankers in Jackson Hole, Wyo.

Buried deep in the minutes from the Federal Reserve's July 30-31 meeting, the central bank essentially declared victory in its battle against inflation. The Federal Open Market Committee — the Fed's rate-making body — is pleased with the falling inflation rates and easing tightness in the US jobs market.

Buried deep in the minutes from the Federal Reserve's July 30-31 meeting, the central bank essentially declared victory in its battle against inflation. The Federal Open Market Committee — the Fed's rate-making body — is pleased with the falling inflation rates and easing tightness in the US jobs market. And they didn't see much in the orbit that might blow up their confidence. In other words, there was far less need for the Fed to keep rates high. In fact, minutes of the meeting, released Wednesday, show that some members thought the data they were seeing created "a plausible case for reducing the target range 25 basis points at this meeting." But the FOMC blinked. But briefly. Minutes make clear that the Committee voters saw the incoming data as strengthening their belief that inflation was moving toward the Committee's objective, and very few did not indicate that, if the data continued to come in about in line with expectations, it would likely be appropriate to ease policy at the next meeting. So, there you have it: Short of economic disaster in the next few weeks, a rate cut is coming, probably at the next FOMC meeting on Sept. 17-18 and probably a quarter of a percentage point. That would bring the Fed's key interest rate — the federal funds rate — down from 5.25 per cent-to-5.5 per cent to 5 per cent-to-5.25 per cent. Fed Chairman Jerome Powell may well talk about the July meeting when he speaks Friday at a symposium of central bankers in Jackson Hole, Wyo.

Fed poised for rate cut as inflation victory nears

The Adani Group is considering selling up to 5 per cent of its stake in both Adani Power and Ambuja Cements, according to a recent report by CNBC Awaaz. This move aims to reduce the conglomerate's substantial debt and manage its leverage more effectively.&nbsp;

As of the end of the June quarter, the Adani Group holds a significant share in these companies: 72.71 per cent in Adani Power and 70.33 per cent in Ambuja Cements. The planned stake sale would see a reduction of these holdings by 5 per cent each. CNBC Awaaz reported that the shares may be sold through mechanisms such as an Offer for Sale or Block Deals. The sale could raise between Rs 15,000 to 20,000 crore, with proceeds likely allocated towards debt repayment.&nbsp;

Following the news, Adani Power's stock experienced a dip of 3.34 per cent, reaching Rs 671.90 by the end of market hours. While Ambuja Cements' share price increased by 1.63 per cent, closing at Rs 639.5. In 2024, Ambuja Cements' stock has risen by nearly 18 per cent, while Adani Power shares have surged by about 30 per cent.&nbsp;

On August 5, Adani Energy Solutions announced that it successfully raised Rs 8,373 crore ($1 billion) through a Qualified Institutional Placement (QIP). The QIP, launched after market hours on July 30, initially had a base deal size of Rs 5,861 crore ($700 million) and included a green shoe option, allowing it to scale up to Rs 8,373 crore ($1 billion), as detailed in the company's exchange filing.&nbsp;

Earlier in July, Adani Group promoters increased their stakes across five of its companies, investing over Rs 23,000 crore in the June quarter. This includes Adani Energy Solutions, Adani Enterprises, Ambuja Cements, Adani Power, and Adani Green Energy. Specifically, the promoter's stake in Ambuja Cements rose by 3.59 percentage points to 70.33 per cent from 66.74 per cent earlier. The Adani Group has not yet commented on this latest development.&nbsp;

The Adani Group is considering selling up to 5 per cent of its stake in both Adani Power and Ambuja Cements, according to a recent report by CNBC Awaaz. This move aims to reduce the conglomerate's substantial debt and manage its leverage more effectively.

The Adani Group is considering selling up to 5 per cent of its stake in both Adani Power and Ambuja Cements, according to a recent report by CNBC Awaaz. This move aims to reduce the conglomerate's substantial debt and manage its leverage more effectively. As of the end of the June quarter, the Adani Group holds a significant share in these companies: 72.71 per cent in Adani Power and 70.33 per cent in Ambuja Cements. The planned stake sale would see a reduction of these holdings by 5 per cent each. CNBC Awaaz reported that the shares may be sold through mechanisms such as an Offer for Sale or Block Deals. The sale could raise between Rs 15,000 to 20,000 crore, with proceeds likely allocated towards debt repayment. Following the news, Adani Power's stock experienced a dip of 3.34 per cent, reaching Rs 671.90 by the end of market hours. While Ambuja Cements' share price increased by 1.63 per cent, closing at Rs 639.5. In 2024, Ambuja Cements' stock has risen by nearly 18 per cent, while Adani Power shares have surged by about 30 per cent. On August 5, Adani Energy Solutions announced that it successfully raised Rs 8,373 crore ($1 billion) through a Qualified Institutional Placement (QIP). The QIP, launched after market hours on July 30, initially had a base deal size of Rs 5,861 crore ($700 million) and included a green shoe option, allowing it to scale up to Rs 8,373 crore ($1 billion), as detailed in the company's exchange filing. Earlier in July, Adani Group promoters increased their stakes across five of its companies, investing over Rs 23,000 crore in the June quarter. This includes Adani Energy Solutions, Adani Enterprises, Ambuja Cements, Adani Power, and Adani Green Energy. Specifically, the promoter's stake in Ambuja Cements rose by 3.59 percentage points to 70.33 per cent from 66.74 per cent earlier. The Adani Group has not yet commented on this latest development.

Adani Group plans to sell 5% stake in Adani Power and Ambuja Cements

This week in the Indian stock market, the usually high-performing PSU or public sector unit stocks saw a slight slump. Many market watchers wondered if it has stepped into the bear zone.&nbsp;

Defence PSU GRSE saw a fall of 37 per cent, in comparison to its 52-week peak, and BEML slumped by 31 per cent and Cochin Shipyard by 30 per cent.

Stock market favourites like IRCON, IRFC, RITES, HUDCO, Mazagon Dock Shipbuilders and Bharat Dynamics also fell.

But a day after the decline, PSU bank stocks advanced and saw an upward trend in the stock market.

Also Read:<a href="https://www.wionews.com/business-economy/money-wise-has-the-global-stock-markets-crashed-heres-what-you-must-do-to-survive-it-748655">&nbsp;Money-Wise: Have the global stock markets crashed? Here's what you must do</a>

Explaining this slump, Retail Research Religare Broking Ltd's Senior Vice President Dr Ravi Singh said, "While PSUs have shown strong performance, recent corrections were on the cards. The PSU index remains in an uptrend, trading near a strong support zone of 6400-6600."

But why did these PSU stocks, which were doubling the money of the investors after every few months, go through a correction in the stock market?

"Many PSU stocks ran up too much too fast, pushing their valuations to unjustifiable levels. The bull run in the market and the retail investor enthusiasm help in this targeted jacking up of prices. Once the operator-driven rally runs its course, these stocks revert to realistic levels. The June quarter shareholding pattern reveals that mutual funds sold stakes in 28 PSU stocks while FIIs were bearish on 30 such counters," said Tanvi Kanchan, Head of&nbsp;UAE Business &amp; Strategy, Anand Rathi Shares and Stock Brokers.

<h2>Experts explain what's best for investors when PSUs turn bearish</h2>

<h3>Dr Ravi Singh, Senior Vice President of Retail Research Religare Broking Ltd</h3>

<ul>
	<li>PSU stocks saw a normal price-wise correction. As long as the index stays above 6,400, investors should hold their positions and avoid panic selling.</li>
	<li>In the near term, PSU stocks may see some consolidation; but the broader outlook is definitely positive. Investors should look up for steady performance and more gains as the market stabilises and allows the fundamentally strong PSUs to catch up.</li>
</ul>

<h3>Tanvi Kanchan, Head of UAE Business &amp; Strategy, Anand Rathi Shares and Stock Brokers</h3>

<ul>
	<li>PSUs which do not have a moat and are inefficient, with weak balance sheets, low profitability, and low growth might go out of favour now. One should be very careful in discriminating between moat PSUs which are not overvalued, vs which are overvalued and also between moat vs non-moat PSUs before reaching a conclusion.&nbsp;</li>
	<li>Only PSUs with moats, having high capital efficiency, strong balance sheets, good profit, and good cash flows can sustain themselves in the future.&nbsp;</li>
	<li>The Israel-Hamas conflict is expected to end which may impact Brent crude oil. This can impact PSU oil &amp; gas stocks, which in turn will have a bearing on the Nifty PSE index.&nbsp;</li>
	<li>Capex-linked PSU stocks are also likely to gain as the government is expected to retain its focus on infrastructure development, railways, energy, power and manufacturing.</li>
</ul>

Watch:&nbsp;Global markets roundup: Asian stocks climb ahead of Jackson Hole

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/global-markets-roundup-asian-stocks-climb-ahead-of-jackson-hole-752142/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Lt Col Rochak Bakshi(Retd), founder and CEO of True North Financial Services&nbsp;

<ul>
	<li>Those who have already invested should stay put and wait for the earnings to catch up and valuations to this cool down. It is best to stay invested with a longer-term view.</li>
	<li>There are a few pockets like banks which though not very cheap can be looked at but the broader strategy of investors should be for valuations to cool down and earnings to catch up before investing.</li>
	<li>PSUs with strong moats like defence have high capital efficiency and will improve their profitability from here on. We can expect a time-wise correction in the short to medium term.&nbsp;</li>
	<li>Eventually, these PSU stocks will move up in tandem with their earnings performance and have the potential to give above-average returns in the long term.</li>
</ul>

This week in the Indian stock market, the usually high-performing PSU or public sector unit stocks saw a slight slump. Many market watchers wondered if it has stepped into the bear zone.

This week in the Indian stock market, the usually high-performing PSU or public sector unit stocks saw a slight slump. Many market watchers wondered if it has stepped into the bear zone. Defence PSU GRSE saw a fall of 37 per cent, in comparison to its 52-week peak, and BEML slumped by 31 per cent and Cochin Shipyard by 30 per cent. Stock market favourites like IRCON, IRFC, RITES, HUDCO, Mazagon Dock Shipbuilders and Bharat Dynamics also fell. But a day after the decline, PSU bank stocks advanced and saw an upward trend in the stock market. Also Read: Money-Wise: Have the global stock markets crashed? Here's what you must do Explaining this slump, Retail Research Religare Broking Ltd's Senior Vice President Dr Ravi Singh said, "While PSUs have shown strong performance, recent corrections were on the cards. The PSU index remains in an uptrend, trading near a strong support zone of 6400-6600." But why did these PSU stocks, which were doubling the money of the investors after every few months, go through a correction in the stock market? "Many PSU stocks ran up too much too fast, pushing their valuations to unjustifiable levels. The bull run in the market and the retail investor enthusiasm help in this targeted jacking up of prices. Once the operator-driven rally runs its course, these stocks revert to realistic levels. The June quarter shareholding pattern reveals that mutual funds sold stakes in 28 PSU stocks while FIIs were bearish on 30 such counters," said Tanvi Kanchan, Head of UAE Business & Strategy, Anand Rathi Shares and Stock Brokers. Experts explain what's best for investors when PSUs turn bearish Dr Ravi Singh, Senior Vice President of Retail Research Religare Broking Ltd PSU stocks saw a normal price-wise correction. As long as the index stays above 6,400, investors should hold their positions and avoid panic selling. In the near term, PSU stocks may see some consolidation; but the broader outlook is definitely positive. Investors should look up for steady performance and more gains as the market stabilises and allows the fundamentally strong PSUs to catch up. Tanvi Kanchan, Head of UAE Business & Strategy, Anand Rathi Shares and Stock Brokers PSUs which do not have a moat and are inefficient, with weak balance sheets, low profitability, and low growth might go out of favour now. One should be very careful in discriminating between moat PSUs which are not overvalued, vs which are overvalued and also between moat vs non-moat PSUs before reaching a conclusion. Only PSUs with moats, having high capital efficiency, strong balance sheets, good profit, and good cash flows can sustain themselves in the future. The Israel-Hamas conflict is expected to end which may impact Brent crude oil. This can impact PSU oil & gas stocks, which in turn will have a bearing on the Nifty PSE index. Capex-linked PSU stocks are also likely to gain as the government is expected to retain its focus on infrastructure development, railways, energy, power and manufacturing. Watch: Global markets roundup: Asian stocks climb ahead of Jackson Hole Lt Col Rochak Bakshi(Retd), founder and CEO of True North Financial Services Those who have already invested should stay put and wait for the earnings to catch up and valuations to this cool down. It is best to stay invested with a longer-term view. There are a few pockets like banks which though not very cheap can be looked at but the broader strategy of investors should be for valuations to cool down and earnings to catch up before investing. PSUs with strong moats like defence have high capital efficiency and will improve their profitability from here on. We can expect a time-wise correction in the short to medium term. Eventually, these PSU stocks will move up in tandem with their earnings performance and have the potential to give above-average returns in the long term.

Money-Wise: When PSU stocks turn bearish, should investors hold or sell? Experts weigh in

The Indian stock market suffered a setback in the past few days after Adani Group again came under the spotlight because of another sensational investigative report by Hindenburg Research, which even dragged the Securities and Exchange Board of India (SEBI) - the country's capital markets regulator in the muddle.

In its report, US-based short-seller Hindenburg Research accused SEBI chief Madhabi Puri Buch and her husband Dhaval Buch of holding stakes in offshore funds which were used by the Adani group.&nbsp;

Buch said that the allegations made in the report were baseless and SEBI issued a statement confirming the investigation into the Hindenburg Research's accusations against Adani Group.

However, despite all statements and rebuttal&nbsp;of the allegations, the stock market plummeted and the Adani Group shares fell by 7 per cent on August 12 morning, making only marginal&nbsp;recovery by the end of the day.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/money-wise-has-the-global-stock-markets-crashed-heres-what-you-must-do-to-survive-it-748655">Money-Wise: Have the global stock markets crashed? Here's what you must do</a>

As the market rattled, the jittery investors lost nearly Rs 530 billion (approx. $6.31 billion) and the 10 Adani stocks in total lost Rs 16.7 trillion (approx. $198.89 billion).

By the end of the trading day, Adani companies had lost a&nbsp;market value of $2.43 billion.&nbsp;

Watch:&nbsp;Hindenburg vs Adani: Investors look past Hindeburg's allegations

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/hindenburg-vs-adani-investors-look-past-hindeburgs-allegations-750585/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

In such a scenario where panic-selling becomes the obvious step for investors, can the regulatory body do something to secure investors?

<h2>Here's a toolkit to protect investors from such&nbsp;shake-up in markets</h2>

To safeguard small investors from future crises similar to the Hindenburg-Adani episode, economist and author Professor Vikas Singh has given WION a toolkit that if implemented can save people from incurring major losses.

Here are its key components:

<ul>
	<li>Early Warning Systems: Proactive monitoring of market anomalies and financial irregularities to identify potential red flags.</li>
	<li>Enhanced Disclosure Requirements: Mandating more detailed and transparent financial reporting by listed companies.</li>
	<li>Independent Audit Scrutiny: Strengthening the role of auditors and imposing stricter penalties for misconduct.</li>
	<li>Investor Education and Awareness: Empowering investors with financial literacy to make informed decisions.</li>
	<li>Investor Compensation Funds: Establishing a mechanism to compensate investors in cases of fraud or market manipulation.</li>
	<li>Strengthened Regulatory Powers: Granting regulatory bodies wider authority to investigate and penalise market misconduct.</li>
	<li>Crisis Management Protocols: Developing clear guidelines for handling market crises to minimise investor panic.</li>
</ul>

The Indian stock market suffered a setback in the past few days after Adani Group again came under the spotlight because of another sensational investigative report by Hindenburg Research, which even dragged the Securities and Exchange Board of India (SEBI) - the country's capital markets regulator in the muddle.

The Indian stock market suffered a setback in the past few days after Adani Group again came under the spotlight because of another sensational investigative report by Hindenburg Research, which even dragged the Securities and Exchange Board of India (SEBI) - the country's capital markets regulator in the muddle. In its report, US-based short-seller Hindenburg Research accused SEBI chief Madhabi Puri Buch and her husband Dhaval Buch of holding stakes in offshore funds which were used by the Adani group. Buch said that the allegations made in the report were baseless and SEBI issued a statement confirming the investigation into the Hindenburg Research's accusations against Adani Group. However, despite all statements and rebuttal of the allegations, the stock market plummeted and the Adani Group shares fell by 7 per cent on August 12 morning, making only marginal recovery by the end of the day. Also Read: Money-Wise: Have the global stock markets crashed? Here's what you must do As the market rattled, the jittery investors lost nearly Rs 530 billion (approx. $6.31 billion) and the 10 Adani stocks in total lost Rs 16.7 trillion (approx. $198.89 billion). By the end of the trading day, Adani companies had lost a market value of $2.43 billion. Watch: Hindenburg vs Adani: Investors look past Hindeburg's allegations In such a scenario where panic-selling becomes the obvious step for investors, can the regulatory body do something to secure investors? Here's a toolkit to protect investors from such shake-up in markets To safeguard small investors from future crises similar to the Hindenburg-Adani episode, economist and author Professor Vikas Singh has given WION a toolkit that if implemented can save people from incurring major losses. Here are its key components: Early Warning Systems: Proactive monitoring of market anomalies and financial irregularities to identify potential red flags. Enhanced Disclosure Requirements: Mandating more detailed and transparent financial reporting by listed companies. Independent Audit Scrutiny: Strengthening the role of auditors and imposing stricter penalties for misconduct. Investor Education and Awareness: Empowering investors with financial literacy to make informed decisions. Investor Compensation Funds: Establishing a mechanism to compensate investors in cases of fraud or market manipulation. Strengthened Regulatory Powers: Granting regulatory bodies wider authority to investigate and penalise market misconduct. Crisis Management Protocols: Developing clear guidelines for handling market crises to minimise investor panic.

Money-Wise: How can Indian market investors be saved from sudden crises like Hindenburg-Adani case?

In the last few days, the global markets witnessed a significant crash as crypto prices fell and fear of a US recession loomed. The US and Europe markets were jolted by Japan's Nikkei 225 index fall which at one point was 13.4 per cent.

When such volatility hits the stock market, it generally leads to panic selling - a move which has been highly discredited by all financial experts.

Experts have debated over whether to go for panic selling or do nothing when the stock market nosedives, but ace investor Warren Buffett has another formula to navigate through the dwindling stocks which is 'aggressive' buying.&nbsp;

Even though panic selling is a big 'NO' for investors when stocks are crashing and their portfolios are dropping drastically, there are ways in which you can survive the bloodbath at the stock market.&nbsp;

<h2>Best ways to save your investment portfolios from downturn</h2>

<h3>1) Diversify your portfolio</h3>

Diversifying the portfolio by investing in funds&nbsp;and&nbsp;investment trusts of share-based assets is a safe option to keep yourself floated in tough times.&nbsp;

Such portfolios have a lower risk of facing a decline in comparison to the investments made in companies. The portfolios can have funds from different industries or geographic sectors which contain the impact of volatility.&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/money-wise-ola-electric-rides-ipo-market-heres-everything-you-need-to-know-before-investing-746495">Money-Wise: Ola Electric rides IPO market. Here's everything you need to know before investing</a>

"One should look to Invest in funds which have a domestic theme like manufacturing as it will not have the risk of a global slowdown," said Siddharth Karnawat, co-founder of Blue Sky Capital while speaking to WION.

<h3>2) Invest in different assets</h3>

When the stock market is in a slump, the portfolio can also be protected with the diversification of investments into non-equity-based assets like property, commodities and bonds.

It is advisable to select assets which have no co-relations as the prices in every sector do not rise and fall at the same time.&nbsp;

Investment in diverse assets like - government bonds, corporate bond funds, gold bullion, precious metal mutual funds, real estate investment trusts (REITs) and exchange-traded funds (ETFs) should lessen the impact of the stock market downturn.&nbsp;

<h3>3) Understanding the right time to invest</h3>

When the stock market crashes, it becomes difficult for investors to understand when they should buy low/sell high stocks.&nbsp;

A simpler option, which will have less impact of a market slump, is to invest monthly and not in lump-sum which helps investors benefit from ‘pound cost averaging’.&nbsp;

In this case, the investors purchase more units or shares of the same amount in comparison to what they purchased a month before because of a fall in share prices, and hence, eventually pay the average price of the shares or units.

Watch:&nbsp;World markets quake over risks to US economy

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/world-markets-quake-over-risks-to-us-economy-747497/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Speaking about the correct time to invest in the Indian stock market, Karnawat said, "Whenever nifty PE is below historical Avg of 20 it is good time to Invest and whenever it’s above 24 it is overvalued."&nbsp;

<h3>4)&nbsp; Go for total return funds</h3>

The total return funds, which are also known as balanced or cautious funds, are aimed at ensuring capital growth in rising markets while also protecting the money of the investors when the stock markets crash.

In the last few days, the global markets witnessed a significant crash as crypto prices fell and fear of a US recession loomed. The US and Europe markets were jolted by Japan's Nikkei 225 index fall which at one point was 13.

In the last few days, the global markets witnessed a significant crash as crypto prices fell and fear of a US recession loomed. The US and Europe markets were jolted by Japan's Nikkei 225 index fall which at one point was 13.4 per cent. When such volatility hits the stock market, it generally leads to panic selling - a move which has been highly discredited by all financial experts. Experts have debated over whether to go for panic selling or do nothing when the stock market nosedives, but ace investor Warren Buffett has another formula to navigate through the dwindling stocks which is 'aggressive' buying. Even though panic selling is a big 'NO' for investors when stocks are crashing and their portfolios are dropping drastically, there are ways in which you can survive the bloodbath at the stock market. Best ways to save your investment portfolios from downturn 1) Diversify your portfolio Diversifying the portfolio by investing in funds and investment trusts of share-based assets is a safe option to keep yourself floated in tough times. Such portfolios have a lower risk of facing a decline in comparison to the investments made in companies. The portfolios can have funds from different industries or geographic sectors which contain the impact of volatility. Also Read: Money-Wise: Ola Electric rides IPO market. Here's everything you need to know before investing "One should look to Invest in funds which have a domestic theme like manufacturing as it will not have the risk of a global slowdown," said Siddharth Karnawat, co-founder of Blue Sky Capital while speaking to WION. 2) Invest in different assets When the stock market is in a slump, the portfolio can also be protected with the diversification of investments into non-equity-based assets like property, commodities and bonds. It is advisable to select assets which have no co-relations as the prices in every sector do not rise and fall at the same time. Investment in diverse assets like - government bonds, corporate bond funds, gold bullion, precious metal mutual funds, real estate investment trusts (REITs) and exchange-traded funds (ETFs) should lessen the impact of the stock market downturn. 3) Understanding the right time to invest When the stock market crashes, it becomes difficult for investors to understand when they should buy low/sell high stocks. A simpler option, which will have less impact of a market slump, is to invest monthly and not in lump-sum which helps investors benefit from ‘pound cost averaging’. In this case, the investors purchase more units or shares of the same amount in comparison to what they purchased a month before because of a fall in share prices, and hence, eventually pay the average price of the shares or units. Watch: World markets quake over risks to US economy Speaking about the correct time to invest in the Indian stock market, Karnawat said, "Whenever nifty PE is below historical Avg of 20 it is good time to Invest and whenever it’s above 24 it is overvalued." 4) Go for total return funds The total return funds, which are also known as balanced or cautious funds, are aimed at ensuring capital growth in rising markets while also protecting the money of the investors when the stock markets crash.

Money-Wise: Have the global stock markets crashed? Here's what you must do

Ola Electric IPO:&nbsp;Ola Electric has gone public. Its IPO is currently the hottest-selling thing in the market after it opened on August 2. With this IPO the company, which has been a loss-making firm since its inception,&nbsp;is trying to raise more than Rs 6000 crore. The bidding will continue for three days and close on August 6 (Tuesday).

The allotment of the IPO shares is likely to happen on August 7 (Wednesday) and the shares should be credited to the demat accounts on August 8 (Thursday). The shares of Ola Electric will be listed on the BSE and NSE on August 9 (Friday).

But amid all the buzz, the investors remain confused if Ola Electric IPO will give them promising returns or not. Let's find out how promising is this IPO and what its future looks like.&nbsp;

<h2>All about Ola Electric</h2>

Ola Electric is an electric vehicle (EV) company that produces EVs and their components. Till March 31, 2024, they were operating as a direct-to-customer distribution network and had 431 service centres and 870 experience centres across India.

In FY24, the company has a 35 per cent share in the electric two-wheeler market. Ola Electric was founded in 2017 and its managing director is Bhavish Aggarwal.&nbsp;

<h2>Ola Electric IPO's objective</h2>

The Ola Electric IPO consists of an offer for sale (OFS) of 8.49 crore equity shares which are valued at Rs 645.56 crore. The price band of the issue has been finalised at Rs 72-76 per share after its founder announced a 25-27 per cent discount on its last-round pricing. The investors are allowed to apply for a minimum of 195 shares and then it's multiple.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/ola-electrics-734-million-ipo-plan-marks-the-biggest-indian-ipo-this-year-745297">Ola Electric's $734 million IPO plan marks the biggest Indian IPO this year</a>

Explaining this strategic move of discounting the IPO price to WION, SVP - Retail Research Religare Broking Ltd Senior Vice President&nbsp;Dr Ravi Singh said, "Ola Electric has reduced the valuation of the issue to make the offer more attractive to investors. This strategic move will help generate higher demand for the shares and ensure the success of the IPO. Lowering the valuation in itself indicates that the company is very aware of the market conditions and the investor sentiments, thereby leaving room for future stock price appreciation."

Through this IPO, Ola Electric is trying to first repay its debt, organise funding for organic growth initiatives, expand its gigafactory and push all research and product development work.&nbsp;

<h2>Ola Electric IPO's GMP hints upside soar in prices</h2>

Ola Electric Mobility IPO's grey market premium (GMP) on the last day before it opened for subscription was +16. This uptick in the grey market indicated that there is an increasing demand for the IPO and it can be listed at Rs 92 per share which is 21.05 per cent higher than the offer price of Rs 76.

As the IPO geared for its launch, the GMP for the shares of&nbsp;Ola Electric traded at Rs 15 on August 2 (Friday), which hinted at a potential return of 20 per cent if the uptick in trends remains.

<h2>Loans, lawsuit, suspension of electric car: Turbulent financial past of Ola Electric</h2>

The company does appear promising in the field of EVs, but the ride has not been smooth till now.&nbsp;

The revenue of the company in the fiscal year 2023-24 increased to Rs 5009.83 crore, which was almost double the revenue generated in the last financial year.&nbsp;

However, the company's loss amounted to Rs 1584.44 crore in FY24 from Rs 1472.07 crore in FY23 and Rs 784 crore in FY22.&nbsp;

The company's material subsidiary - Ola Electric Technologies Private Limited - got working capital loans from banks and financial institutions worth Rs 746 crore till June 30, 2023. Till June 15, 2024, the total debt of the company is Rs 2,675.18 crore. If the company fails to repay these loans, it can directly impact its operations.

The electric car launch plans of Ola Electric were recently suspended and the Softbank-backed company decided to only focus on its e-scooter business. In 2022, the company announced its ambitious plan of launching an all-glass roof electric sports car in two years with the capacity to reach 100 km per hour within four seconds.

The company found itself in troubled waters when a lawsuit was filed by MapMyIndia, which was the company's service provider earlier, accusing the latter of copying their proprietary data.

Watch:&nbsp;Ola Electric denies MapMyIndia’s data theft allegations over Ola Maps

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/ola-electric-denies-mapmyindias-data-theft-allegations-over-ola-maps-745746/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The EV market has till now not gained stability and is still fledgling amid a lack of charging infrastructure, a dearth of alternatives to lithium batteries, high maintenance costs and car buyers still remaining sceptical about purchasing EVs.&nbsp;

<h2>Is Ola Electric IPO right for you? Here's how to choose the right investment</h2>

If you are planning to purchase Ola Electric IPO or any other IPO, here are some tips by SVP - Retail Research Religare Broking Ltd Vice President Dr Ravi Singh to make the correct choice.&nbsp;

1. Opportunity Size and Market Potential: One should analyse the market size of the industry and the growth prospects. Large and growing markets can provide better opportunities for companies to flourish.

2. Growth Potential: An investor should evaluate the historical growth rates of the company and future estimates in terms of revenue growth, profitability, and market share. Companies with strong growth trajectories tend to be more attractive.

3. Management Competence: The management team must be qualified and experienced. One must look at the track record of the management while leading operations, its vision, and strategic plans.

4. Analysis of Competition: Competitive positioning is essential to be measured. Understand the company's stand in regard to competition through factors such as market share, product differentiation, etc.

Ola Electric IPO: Ola Electric has gone public. Its IPO is currently the hottest-selling thing in the market after it opened on August 2. With this IPO the company, which has been a loss-making firm since its inception, is trying to raise more than Rs 6000 crore.

Ola Electric IPO: Ola Electric has gone public. Its IPO is currently the hottest-selling thing in the market after it opened on August 2. With this IPO the company, which has been a loss-making firm since its inception, is trying to raise more than Rs 6000 crore. The bidding will continue for three days and close on August 6 (Tuesday). The allotment of the IPO shares is likely to happen on August 7 (Wednesday) and the shares should be credited to the demat accounts on August 8 (Thursday). The shares of Ola Electric will be listed on the BSE and NSE on August 9 (Friday). But amid all the buzz, the investors remain confused if Ola Electric IPO will give them promising returns or not. Let's find out how promising is this IPO and what its future looks like. All about Ola Electric Ola Electric is an electric vehicle (EV) company that produces EVs and their components. Till March 31, 2024, they were operating as a direct-to-customer distribution network and had 431 service centres and 870 experience centres across India. In FY24, the company has a 35 per cent share in the electric two-wheeler market. Ola Electric was founded in 2017 and its managing director is Bhavish Aggarwal. Ola Electric IPO's objective The Ola Electric IPO consists of an offer for sale (OFS) of 8.49 crore equity shares which are valued at Rs 645.56 crore. The price band of the issue has been finalised at Rs 72-76 per share after its founder announced a 25-27 per cent discount on its last-round pricing. The investors are allowed to apply for a minimum of 195 shares and then it's multiple. Also Read: Ola Electric's $734 million IPO plan marks the biggest Indian IPO this year Explaining this strategic move of discounting the IPO price to WION, SVP - Retail Research Religare Broking Ltd Senior Vice President Dr Ravi Singh said, "Ola Electric has reduced the valuation of the issue to make the offer more attractive to investors. This strategic move will help generate higher demand for the shares and ensure the success of the IPO. Lowering the valuation in itself indicates that the company is very aware of the market conditions and the investor sentiments, thereby leaving room for future stock price appreciation." Through this IPO, Ola Electric is trying to first repay its debt, organise funding for organic growth initiatives, expand its gigafactory and push all research and product development work. Ola Electric IPO's GMP hints upside soar in prices Ola Electric Mobility IPO's grey market premium (GMP) on the last day before it opened for subscription was +16. This uptick in the grey market indicated that there is an increasing demand for the IPO and it can be listed at Rs 92 per share which is 21.05 per cent higher than the offer price of Rs 76. As the IPO geared for its launch, the GMP for the shares of Ola Electric traded at Rs 15 on August 2 (Friday), which hinted at a potential return of 20 per cent if the uptick in trends remains. Loans, lawsuit, suspension of electric car: Turbulent financial past of Ola Electric The company does appear promising in the field of EVs, but the ride has not been smooth till now. The revenue of the company in the fiscal year 2023-24 increased to Rs 5009.83 crore, which was almost double the revenue generated in the last financial year. However, the company's loss amounted to Rs 1584.44 crore in FY24 from Rs 1472.07 crore in FY23 and Rs 784 crore in FY22. The company's material subsidiary - Ola Electric Technologies Private Limited - got working capital loans from banks and financial institutions worth Rs 746 crore till June 30, 2023. Till June 15, 2024, the total debt of the company is Rs 2,675.18 crore. If the company fails to repay these loans, it can directly impact its operations. The electric car launch plans of Ola Electric were recently suspended and the Softbank-backed company decided to only focus on its e-scooter business. In 2022, the company announced its ambitious plan of launching an all-glass roof electric sports car in two years with the capacity to reach 100 km per hour within four seconds. The company found itself in troubled waters when a lawsuit was filed by MapMyIndia, which was the company's service provider earlier, accusing the latter of copying their proprietary data. Watch: Ola Electric denies MapMyIndia’s data theft allegations over Ola Maps The EV market has till now not gained stability and is still fledgling amid a lack of charging infrastructure, a dearth of alternatives to lithium batteries, high maintenance costs and car buyers still remaining sceptical about purchasing EVs. Is Ola Electric IPO right for you? Here's how to choose the right investment If you are planning to purchase Ola Electric IPO or any other IPO, here are some tips by SVP - Retail Research Religare Broking Ltd Vice President Dr Ravi Singh to make the correct choice. 1. Opportunity Size and Market Potential: One should analyse the market size of the industry and the growth prospects. Large and growing markets can provide better opportunities for companies to flourish. 2. Growth Potential: An investor should evaluate the historical growth rates of the company and future estimates in terms of revenue growth, profitability, and market share. Companies with strong growth trajectories tend to be more attractive. 3. Management Competence: The management team must be qualified and experienced. One must look at the track record of the management while leading operations, its vision, and strategic plans. 4. Analysis of Competition: Competitive positioning is essential to be measured. Understand the company's stand in regard to competition through factors such as market share, product differentiation, etc.

Money-Wise: Ola Electric rides IPO market. Here's everything you need to know before investing