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California Governor Gavin Newsom Thursday floated a plan requiring oil refiners to maintain minimum reserves of gasoline to prevent price spikes.

The California Energy Commission said that, on 63 days last year, California refiners maintained less than 15 days of gasoline supply—a situation in which the agency contends that spiked prices cost drivers $650 million.

“Price spikes at the pump are profit spikes for Big Oil. Refiners should be required to plan ahead and backfill supplies to keep prices stable, instead of playing games to earn even more profits," Newsom, a Democrat, said in a release.

It was not clear when the plan could take effect and Newsom's office did not immediately respond to a request for comment.

The plan, which the industry has blasted as an attack on producers, would require California's oil refiners to demonstrate resupply plans sufficient to make up for expected losses in production when their plants are undergoing maintenance work.

The state of California determined that 2023 gasoline prices spiked largely due to refineries going offline without properly planning to backfill supplies.

It comes three months after the US Department of Energy sold its 1 million barrel Northeast gasoline reserve, which Washington created after Superstorm Sandy in 2014 left motorists scrambling for fuel supplies. The US Congress mandated the sale following criticism that the reserve was too expensive to maintain and did not boost energy security.

California, the most populous US state, is home to some of the country's highest average gasoline prices, and it has a loveless relationship with oil corporations. The state keenly aspires to adopt electric cars. It is also the sole state exempted by the federal environmental regulator from setting its own vehicle emissions regulations.

This month, US oil company Chevron said it was moving its headquarters to Houston from San Ramon, California.

In a statement, Catherine Reheis-Boyd, president and CEO of the Western States Petroleum Association, described Newsom's plan as "nothing more than a political attack on consumers and our industry."

"To impose new operational mandates on energy producers based on such falsehoods is regulatory malpractice, and ignores the logistical challenges and costs associated with such a plan,"&nbsp;she&nbsp;said.

California Governor Gavin Newsom Thursday floated a plan requiring oil refiners to maintain minimum reserves of gasoline to prevent price spikes. The California Energy Commission said that, on 63 days last year, California refiners maintained less than 15 days of gasoline supply—a situation in which the agency contends that spiked prices cost drivers $650 million.

California Governor Gavin Newsom Thursday floated a plan requiring oil refiners to maintain minimum reserves of gasoline to prevent price spikes. The California Energy Commission said that, on 63 days last year, California refiners maintained less than 15 days of gasoline supply—a situation in which the agency contends that spiked prices cost drivers $650 million. “Price spikes at the pump are profit spikes for Big Oil. Refiners should be required to plan ahead and backfill supplies to keep prices stable, instead of playing games to earn even more profits," Newsom, a Democrat, said in a release. It was not clear when the plan could take effect and Newsom's office did not immediately respond to a request for comment. The plan, which the industry has blasted as an attack on producers, would require California's oil refiners to demonstrate resupply plans sufficient to make up for expected losses in production when their plants are undergoing maintenance work. The state of California determined that 2023 gasoline prices spiked largely due to refineries going offline without properly planning to backfill supplies. It comes three months after the US Department of Energy sold its 1 million barrel Northeast gasoline reserve, which Washington created after Superstorm Sandy in 2014 left motorists scrambling for fuel supplies. The US Congress mandated the sale following criticism that the reserve was too expensive to maintain and did not boost energy security. California, the most populous US state, is home to some of the country's highest average gasoline prices, and it has a loveless relationship with oil corporations. The state keenly aspires to adopt electric cars. It is also the sole state exempted by the federal environmental regulator from setting its own vehicle emissions regulations. This month, US oil company Chevron said it was moving its headquarters to Houston from San Ramon, California. In a statement, Catherine Reheis-Boyd, president and CEO of the Western States Petroleum Association, described Newsom's plan as "nothing more than a political attack on consumers and our industry." "To impose new operational mandates on energy producers based on such falsehoods is regulatory malpractice, and ignores the logistical challenges and costs associated with such a plan," she said.

California targets fuel price surges with mandatory gas reserves

A group of shareholders has filed a lawsuit in the United States against Stellantis, claiming the European-American automaker defrauded them by concealing rising inventories and other weaknesses before it posted disappointing earnings, causing its stock price to fall.

According to the Thursday complaint filed in Manhattan federal court, Stellantis artificially inflated its stock price for much of 2024 by making "overwhelmingly positive" assessments about inventories, pricing power, new products, and operating margin.

Investors said the real situation came to light on July 25 when Stellantis announced first-half adjusted operating income down 40 per cent at 8.46 billion euros ($9.28 billion), missing the 8.85 billion euros that analysts had expected.

"This lawsuit is without merit and the company intends to vigorously defend itself," Stellantis said in an emailed statement to Reuters.

Stellantis also said its adjusted operating income margin fell below its double-digit full-year target.

Its US-listed shares fell $1.94, or 9.9 per cent, to $17.66 over the two trading days following the announcement.

Also named as defendants are Chief Executive Carlos Tavares and Chief Financial Officer Natalie Knight.

Stellantis was created in 2021 from the merger of Fiat Chrysler and France's PSA. Its 14 brands also include Alfa Romeo, Citroen, Dodge, Jeep, Maserati, Opel, Peugeot, Ram and others.

Shareholders often sue companies in the United States following unexpected declines in their stock prices.

Thursday's lawsuit seeks damages of an unspecified amount for shareholders from Feb. 15 to July 24, 2024.

A lawyer for the shareholders did not immediately respond to requests for comment.

Stellantis shares closed up 1.7 per cent at $15.84 on Thursday in New York.

Last week, Stellantis said it may cut up to 2,450 jobs in the suburban Detroit truck assembly plant as production of the Ram 1500 Classic truck winds down.

The case is Long v Stellantis NV et al, US District Court, Southern District of New York,&nbsp;No.&nbsp;24-06196.

A group of shareholders has filed a lawsuit in the United States against Stellantis, claiming the European-American automaker defrauded them by concealing rising inventories and other weaknesses before it posted disappointing earnings, causing its stock price to fall.

A group of shareholders has filed a lawsuit in the United States against Stellantis, claiming the European-American automaker defrauded them by concealing rising inventories and other weaknesses before it posted disappointing earnings, causing its stock price to fall. According to the Thursday complaint filed in Manhattan federal court, Stellantis artificially inflated its stock price for much of 2024 by making "overwhelmingly positive" assessments about inventories, pricing power, new products, and operating margin. Investors said the real situation came to light on July 25 when Stellantis announced first-half adjusted operating income down 40 per cent at 8.46 billion euros ($9.28 billion), missing the 8.85 billion euros that analysts had expected. "This lawsuit is without merit and the company intends to vigorously defend itself," Stellantis said in an emailed statement to Reuters. Stellantis also said its adjusted operating income margin fell below its double-digit full-year target. Its US-listed shares fell $1.94, or 9.9 per cent, to $17.66 over the two trading days following the announcement. Also named as defendants are Chief Executive Carlos Tavares and Chief Financial Officer Natalie Knight. Stellantis was created in 2021 from the merger of Fiat Chrysler and France's PSA. Its 14 brands also include Alfa Romeo, Citroen, Dodge, Jeep, Maserati, Opel, Peugeot, Ram and others. Shareholders often sue companies in the United States following unexpected declines in their stock prices. Thursday's lawsuit seeks damages of an unspecified amount for shareholders from Feb. 15 to July 24, 2024. A lawyer for the shareholders did not immediately respond to requests for comment. Stellantis shares closed up 1.7 per cent at $15.84 on Thursday in New York. Last week, Stellantis said it may cut up to 2,450 jobs in the suburban Detroit truck assembly plant as production of the Ram 1500 Classic truck winds down. The case is Long v Stellantis NV et al, US District Court, Southern District of New York, No. 24-06196.

Shareholders accuse Stellantis of stock price deception after disappointing earnings

Will India's budget 2024 do a good job of job creation? Here's what Krishnamurthy Subramanian, Executive Director at IMF and India's former Chief Economic Adviser told WION's Molly Gambhir in an exclusive interaction.

Will India's budget 2024 do a good job of job creation? IMF Executive Director comments

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Can 'made in India' replace 'made in China'? IMF Executive Director comments

Kamala&nbsp;Harris&nbsp;outlined proposals to cut taxes for most Americans, ban "price gouging" by grocers and build more affordable housing on Friday as part of the "opportunity economy" she plans to pursue if she wins the White House.

In her first major economy-focused speech as the Democratic presidential nominee,&nbsp;Harris&nbsp;pledged to introduce a new child tax credit of as much as $6,000 for families with infants, cut taxes for families with kids and lower prescription drug costs.

The vice president also called for the construction of 3 million new housing units over four years and a tax incentive for home builders who build homes for first-time buyers.

Harris&nbsp;told supporters at a rally in North Carolina, a state she hopes to win in the November&nbsp;5 election, that the US&nbsp;economy was strong but prices were still too high. She said she would be laser-focused on the middle class as president.

"Together we will build what I call an opportunity economy," she said. "Building up the middle class will be a defining goal of my presidency because I strongly believe when the middle class is strong, America is strong."

Her agenda may run into resistance from both corporations and Congress, which rejected similar proposals when they came from President Joe Biden.

Harris, who said she would reveal more details of her economic plans in the weeks to come, is aiming to draw a contrast with her opponent, Republican Donald Trump, on broad economic values, and specifically on tariffs and taxes.

The former president has proposed new across-the-board tariffs on imports, an idea&nbsp;Harris&nbsp;rejects.

"He wants to impose what is in effect a national sales tax on everyday products and basic necessities that we import from other countries,"&nbsp;Harris&nbsp;said. "That will devastate Americans."

"It will mean higher prices on just about every one of your daily needs: A Trump tax on gas. A Trump tax on food. A Trump tax on clothing. A Trump tax on over-the-counter medication."

In a call with reporters on Friday, Trump economic advisers Kevin Hassett and Stephen Moore argued that&nbsp;Harris' proposals would boost inflation and damage the economy. A proposal to offer as much as $25,000 to first-time homeowners would do little more than jack up home prices, they said.

Republicans fault Biden and&nbsp;Harris&nbsp;for presiding over an economy in which prices have risen and blame their policies for driving inflation.

Harris' plans are meant to address that by appealing to a broad segment of the working public who often see Republicans as better economic stewards and are anxious over both higher costs and their economic prospects.

Some of her policies, including ones on housing and groceries, have come under attack as ill-considered and overly liberal populism by Republicans and some industry groups.

The nonpartisan Committee for a Responsible Federal Budget estimated that&nbsp;Harris' economic plan would increase deficits by a net $1.7 trillion over a decade, a number that could grow to $2 trillion if temporary housing policies were made permanent.

<h2>Food and housing</h2>

Harris' plan includes a federal ban on price gouging on food and groceries, which her campaign says aims to stop big corporations from unfairly exploiting consumers while generating excessive corporate profits.

As president, she would direct the Federal Trade Commission to impose "harsh penalties" on companies that break new limits on price gouging, campaign officials said.

"I know most businesses are creating jobs, contributing to our economy and playing by the rules,"&nbsp;Harris&nbsp;said. "But some are not, and that's just not right. And we need to take action when that is the case."

Progressive economic ideas poll well with voters, but they have proven tough to pass into law. Most of&nbsp;Harris' and Trump's economic priorities need to secure majority support in Congress. A child tax credit bill passed the House of Representatives but stalled in the Senate this year.

Her plan calls for a series of tax incentives and other measures to encourage building homes for first-time homebuyers and the $25,000 credit for such buyers.&nbsp;Harris&nbsp;also aims to expand rental assistance, ban rental price-fixing and stop Wall Street firms from buying homes in bulk.

Harris&nbsp;also is pushing to lower healthcare costs, cancel medical debt and highlight how the Biden administration negotiated down the prices of 10 top-selling prescription drugs used by Medicare by as much as 79 per cent.&nbsp;

Harris&nbsp;is maintaining Biden's promise not to raise taxes on people who make $400,000 or less a year, and her campaign aims to draw a contrast on taxes with Trump, who slashed the corporate tax rate to 21 per cent&nbsp;from 35 per cent&nbsp;and implemented other tax breaks that are set to expire next year. Trump has promised to make the tax cuts permanent.

Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION&nbsp;audience.

Kamala Harris outlined proposals to cut taxes for most Americans, ban "price gouging" by grocers and build more affordable housing on Friday as part of the "opportunity economy" she plans to pursue if she wins the White House.

Kamala Harris outlined proposals to cut taxes for most Americans, ban "price gouging" by grocers and build more affordable housing on Friday as part of the "opportunity economy" she plans to pursue if she wins the White House. In her first major economy-focused speech as the Democratic presidential nominee, Harris pledged to introduce a new child tax credit of as much as $6,000 for families with infants, cut taxes for families with kids and lower prescription drug costs. The vice president also called for the construction of 3 million new housing units over four years and a tax incentive for home builders who build homes for first-time buyers. Harris told supporters at a rally in North Carolina, a state she hopes to win in the November 5 election, that the US economy was strong but prices were still too high. She said she would be laser-focused on the middle class as president. "Together we will build what I call an opportunity economy," she said. "Building up the middle class will be a defining goal of my presidency because I strongly believe when the middle class is strong, America is strong." Her agenda may run into resistance from both corporations and Congress, which rejected similar proposals when they came from President Joe Biden. Harris, who said she would reveal more details of her economic plans in the weeks to come, is aiming to draw a contrast with her opponent, Republican Donald Trump, on broad economic values, and specifically on tariffs and taxes. The former president has proposed new across-the-board tariffs on imports, an idea Harris rejects. "He wants to impose what is in effect a national sales tax on everyday products and basic necessities that we import from other countries," Harris said. "That will devastate Americans." "It will mean higher prices on just about every one of your daily needs: A Trump tax on gas. A Trump tax on food. A Trump tax on clothing. A Trump tax on over-the-counter medication." In a call with reporters on Friday, Trump economic advisers Kevin Hassett and Stephen Moore argued that Harris' proposals would boost inflation and damage the economy. A proposal to offer as much as $25,000 to first-time homeowners would do little more than jack up home prices, they said. Republicans fault Biden and Harris for presiding over an economy in which prices have risen and blame their policies for driving inflation. Harris' plans are meant to address that by appealing to a broad segment of the working public who often see Republicans as better economic stewards and are anxious over both higher costs and their economic prospects. Some of her policies, including ones on housing and groceries, have come under attack as ill-considered and overly liberal populism by Republicans and some industry groups. The nonpartisan Committee for a Responsible Federal Budget estimated that Harris' economic plan would increase deficits by a net $1.7 trillion over a decade, a number that could grow to $2 trillion if temporary housing policies were made permanent. Food and housing Harris' plan includes a federal ban on price gouging on food and groceries, which her campaign says aims to stop big corporations from unfairly exploiting consumers while generating excessive corporate profits. As president, she would direct the Federal Trade Commission to impose "harsh penalties" on companies that break new limits on price gouging, campaign officials said. "I know most businesses are creating jobs, contributing to our economy and playing by the rules," Harris said. "But some are not, and that's just not right. And we need to take action when that is the case." Progressive economic ideas poll well with voters, but they have proven tough to pass into law. Most of Harris' and Trump's economic priorities need to secure majority support in Congress. A child tax credit bill passed the House of Representatives but stalled in the Senate this year. Her plan calls for a series of tax incentives and other measures to encourage building homes for first-time homebuyers and the $25,000 credit for such buyers. Harris also aims to expand rental assistance, ban rental price-fixing and stop Wall Street firms from buying homes in bulk. Harris also is pushing to lower healthcare costs, cancel medical debt and highlight how the Biden administration negotiated down the prices of 10 top-selling prescription drugs used by Medicare by as much as 79 per cent. Harris is maintaining Biden's promise not to raise taxes on people who make $400,000 or less a year, and her campaign aims to draw a contrast on taxes with Trump, who slashed the corporate tax rate to 21 per cent from 35 per cent and implemented other tax breaks that are set to expire next year. Trump has promised to make the tax cuts permanent. Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

Kamala Harris pledges to tackle costs, build houses, lower taxes in economy speech

Big investors have positioned for this summer's rout in stocks to bleed into autumn on concerns that a broader wave of selling will follow the turmoil originated by US recession concerns and the Bank of Japan wrong-footing currency speculators.

The sudden turning round of crowded equity and foreign exchange trades driving vicious feedback loops of price drops, volatility, and hedge fund selling has eased, with world stocks nearly 2 per cent higher so far this week.

Now, asset managers presiding over hundreds of billions of dollars in investments say they are more likely to continue selling stocks than buying back in with the signs of weakness in the US jobs market and global consumer trends trimming the bar for market aftershocks.

What is taking the place of the common 'buy-the-dip' mentality, in which investors typically respond to selloffs by making recovery bets, is fear.

"It's not simply now a large financial market accident, which maybe we could describe last week as. It's broader than that," said Mahmood Pradhan, a former IMF deputy director and head of global macro at the research arm of Amundi, Europe's largest fund manager.

He expects investors, who, according to Bank of America, have already cut equity positions and shifted increasingly into cash, to stay cautious.

One of them is Michael Kelly of PineBridge Investments, who runs multi-asset and has about $170 billion of client funds, and has cut back the stock market positions in his funds and may do so further.

"It's going to be very, very volatile in the next two months," he said.

A first US rate cut, expected next month, might be too late to rescue the economy, he added.

The global growth expectations of investors hit an eight-month low.

Big investors have positioned for this summer's rout in stocks to bleed into autumn on concerns that a broader wave of selling will follow the turmoil originated by US recession concerns and the Bank of Japan wrong-footing currency speculators.

Big investors have positioned for this summer's rout in stocks to bleed into autumn on concerns that a broader wave of selling will follow the turmoil originated by US recession concerns and the Bank of Japan wrong-footing currency speculators. The sudden turning round of crowded equity and foreign exchange trades driving vicious feedback loops of price drops, volatility, and hedge fund selling has eased, with world stocks nearly 2 per cent higher so far this week. Now, asset managers presiding over hundreds of billions of dollars in investments say they are more likely to continue selling stocks than buying back in with the signs of weakness in the US jobs market and global consumer trends trimming the bar for market aftershocks. What is taking the place of the common 'buy-the-dip' mentality, in which investors typically respond to selloffs by making recovery bets, is fear. "It's not simply now a large financial market accident, which maybe we could describe last week as. It's broader than that," said Mahmood Pradhan, a former IMF deputy director and head of global macro at the research arm of Amundi, Europe's largest fund manager. He expects investors, who, according to Bank of America, have already cut equity positions and shifted increasingly into cash, to stay cautious. One of them is Michael Kelly of PineBridge Investments, who runs multi-asset and has about $170 billion of client funds, and has cut back the stock market positions in his funds and may do so further. "It's going to be very, very volatile in the next two months," he said. A first US rate cut, expected next month, might be too late to rescue the economy, he added. The global growth expectations of investors hit an eight-month low.

Autumn market jitters intensify as investors brace for prolonged selloff

A property crisis continued, and weak consumption in the country dampened an economic recovery in July, with data released by the National Bureau of Statistics on Thursday.

Unemployment edged up for the first time since February; the number stood at 5.2 per cent, from 5 per cent it was in June.

On the factory floor, too, production increased more slowly last month, at a year-on-year rate of 5.1 per cent in July compared to 5.3 per cent in June.

Retail sales in July increased by 2.7 per cent from the same period last year, slightly higher than the 2 per cent rise in June.

The recovery of consumption will be further consolidated with the recent introduction of a series of measures by local governments to stimulate consumption, said Liu Aihua, a spokeswoman for the statistics bureau.

Last month, Beijing said it would spend 150 billion yuan ($20.9 billion) in government debt on programs designed to subsidise trade-ins for consumer goods such as home appliances and cars to encourage spending.

Consumption accounted for about 60 per cent of China's economic growth in the first half of the year and is expected to play an even bigger role in supporting the world's second-largest economy. For a long time, exports have been the strongest engine for China's economic growth and are dampened by friction with the United States and other Western countries.

Liu also said the rate rise in urban unemployment—a ticklish problem for the ruling Communist Party—was propelled by the impact of the graduation season.

Real estate investment dropped 10.2 per cent in the first seven months of the year compared with the previous year, performing slightly worse than a 10.1 per cent fall in the January-June period.

Developers' excessive borrowing has resulted in a long slump in China's property market, pushing housing sales and prices lower while pulling down many other parts of the economy with it, from construction and building materials to home appliances.

A property crisis continued, and weak consumption in the country dampened an economic recovery in July, with data released by the National Bureau of Statistics on Thursday.

A property crisis continued, and weak consumption in the country dampened an economic recovery in July, with data released by the National Bureau of Statistics on Thursday. Unemployment edged up for the first time since February; the number stood at 5.2 per cent, from 5 per cent it was in June. On the factory floor, too, production increased more slowly last month, at a year-on-year rate of 5.1 per cent in July compared to 5.3 per cent in June. Retail sales in July increased by 2.7 per cent from the same period last year, slightly higher than the 2 per cent rise in June. The recovery of consumption will be further consolidated with the recent introduction of a series of measures by local governments to stimulate consumption, said Liu Aihua, a spokeswoman for the statistics bureau. Last month, Beijing said it would spend 150 billion yuan ($20.9 billion) in government debt on programs designed to subsidise trade-ins for consumer goods such as home appliances and cars to encourage spending. Consumption accounted for about 60 per cent of China's economic growth in the first half of the year and is expected to play an even bigger role in supporting the world's second-largest economy. For a long time, exports have been the strongest engine for China's economic growth and are dampened by friction with the United States and other Western countries. Liu also said the rate rise in urban unemployment—a ticklish problem for the ruling Communist Party—was propelled by the impact of the graduation season. Real estate investment dropped 10.2 per cent in the first seven months of the year compared with the previous year, performing slightly worse than a 10.1 per cent fall in the January-June period. Developers' excessive borrowing has resulted in a long slump in China's property market, pushing housing sales and prices lower while pulling down many other parts of the economy with it, from construction and building materials to home appliances.

China's fragile recovery falters as property crisis and weak consumption undermine economic momentum

Lenovo Group Ltd. posted better-than-expected quarterly profit, reinforcing hopes for a gradual recovery of the computing industry on the back of global AI spending.

Net income rose 38 per cent to $243 million in the three months ended June, Lenovo said in a filing Thursday. That compares with an average estimate of $231 million. Revenue rose 20 per cent to $15.4 billion.

Results mirror how growing demand for servers essential in the development of artificial intelligence is lifting the computing hardware market off its post-Covid slump. Big tech companies, from Amazon.com Inc. to Google and Baidu Inc., are raising spending on data centres at a rapid clip, preparing for the envisioned boom in AI services.

Lenovo further increased its lead over HP Inc. and Dell Technologies Inc., with 14.7 million PCs shipped in the June quarter, according to research firm IDC. However, the Chinese firm's stock has trailed its rivals this year in part because of worries over the outlook for the world's No. 2 economy and its exposure to geopolitical tensions.

It's a bet by Chief Executive Officer Yang Yuanqing that AI-powered devices will help drive Lenovo's global business in the coming years, even though that market remains untested.

Next year, growth in the global PC market will further accelerate to between 5 per cent and 10 per cent, "with the new refresh cycle driven by both AI-PC as well as Windows 11 replacement," said Yang in an interview with Bloomberg Thursday.

Geopolitical risks are far from absent for the 40-year-old company and include possible new PC tariffs or chip-export restrictions by US or European regulators. The Biden administration has already slapped a series of curbs on exports to China of advanced chipmaking technologies and processors, including Nvidia Corp.'s most capable AI-training chips. Lenovo is by far the top seller of servers in the country.

Some of Nvidia's GPUs, which are in hot demand for training AI models, remain constrained, "but overall the situation is getting better," Yang said.

Lenovo shares fell by as much as 2.9 per cent in Hong Kong in afternoon trading after the company released its financial results before paring back some of those losses.

Lenovo Group Ltd. posted better-than-expected quarterly profit, reinforcing hopes for a gradual recovery of the computing industry on the back of global AI spending.

Lenovo Group Ltd. posted better-than-expected quarterly profit, reinforcing hopes for a gradual recovery of the computing industry on the back of global AI spending. Net income rose 38 per cent to $243 million in the three months ended June, Lenovo said in a filing Thursday. That compares with an average estimate of $231 million. Revenue rose 20 per cent to $15.4 billion. Results mirror how growing demand for servers essential in the development of artificial intelligence is lifting the computing hardware market off its post-Covid slump. Big tech companies, from Amazon.com Inc. to Google and Baidu Inc., are raising spending on data centres at a rapid clip, preparing for the envisioned boom in AI services. Lenovo further increased its lead over HP Inc. and Dell Technologies Inc., with 14.7 million PCs shipped in the June quarter, according to research firm IDC. However, the Chinese firm's stock has trailed its rivals this year in part because of worries over the outlook for the world's No. 2 economy and its exposure to geopolitical tensions. It's a bet by Chief Executive Officer Yang Yuanqing that AI-powered devices will help drive Lenovo's global business in the coming years, even though that market remains untested. Next year, growth in the global PC market will further accelerate to between 5 per cent and 10 per cent, "with the new refresh cycle driven by both AI-PC as well as Windows 11 replacement," said Yang in an interview with Bloomberg Thursday. Geopolitical risks are far from absent for the 40-year-old company and include possible new PC tariffs or chip-export restrictions by US or European regulators. The Biden administration has already slapped a series of curbs on exports to China of advanced chipmaking technologies and processors, including Nvidia Corp.'s most capable AI-training chips. Lenovo is by far the top seller of servers in the country. Some of Nvidia's GPUs, which are in hot demand for training AI models, remain constrained, "but overall the situation is getting better," Yang said. Lenovo shares fell by as much as 2.9 per cent in Hong Kong in afternoon trading after the company released its financial results before paring back some of those losses.

Lenovo surpasses profit expectations as AI demand fuels PC market rebound

State investor Temasek Holdings of Singapore spent billions of dollars buying up stakes in US technology giants in the second quarter, just ahead of a sectorial decline in July.

Temasek lifted the value of its stakes in 11 large technology companies by $3.3 billion in the quarter ended June 30, based on an analysis of the two most recent 13F filings. The lion's share of that $3.2 billion went into six of those firms: Microsoft Corp., Apple Inc., Nvidia Corp., Alphabet Inc., Meta Platforms Inc., and Amazon.com Inc.

By the end of July, however, most of those companies' stocks tumbled amid concern about the extent of AI-related gains and fears of a recession. Alphabet Inc and Amazon.com Inc share prices have fallen about 12 per cent since the end of June, while Microsoft's are down around 7 per cent over that period.

Many of the tech shares held by Temasek only started climbing this week, and it's not clear how much it invested since June 30. Depending on when the firm bought, it would have either made a profit, sold just before the plunge, or even bought more as it fell in an attempt to buy the dip. These purchases would have accounted for about 1 per cent of its S$389 billion total holdings, based on net portfolio value as of March 31. 
&nbsp; 
The multi-billion buying binge underlines Temasek's commitment to plough more funds into the US. Last month, it said the US would be the biggest destination for its money; it has plans to invest $30 bn over the next five years.

State investor Temasek Holdings of Singapore spent billions of dollars buying up stakes in US technology giants in the second quarter, just ahead of a sectorial decline in July.

State investor Temasek Holdings of Singapore spent billions of dollars buying up stakes in US technology giants in the second quarter, just ahead of a sectorial decline in July. Temasek lifted the value of its stakes in 11 large technology companies by $3.3 billion in the quarter ended June 30, based on an analysis of the two most recent 13F filings. The lion's share of that $3.2 billion went into six of those firms: Microsoft Corp., Apple Inc., Nvidia Corp., Alphabet Inc., Meta Platforms Inc., and Amazon.com Inc. By the end of July, however, most of those companies' stocks tumbled amid concern about the extent of AI-related gains and fears of a recession. Alphabet Inc and Amazon.com Inc share prices have fallen about 12 per cent since the end of June, while Microsoft's are down around 7 per cent over that period. Many of the tech shares held by Temasek only started climbing this week, and it's not clear how much it invested since June 30. Depending on when the firm bought, it would have either made a profit, sold just before the plunge, or even bought more as it fell in an attempt to buy the dip. These purchases would have accounted for about 1 per cent of its S$389 billion total holdings, based on net portfolio value as of March 31. The multi-billion buying binge underlines Temasek's commitment to plough more funds into the US. Last month, it said the US would be the biggest destination for its money; it has plans to invest $30 bn over the next five years.

Temasek invested billions in US tech stocks before July market downturn

In a special case of portfolio management, Warren Buffett, often referred to as the 'Oracle of Omaha' and the best investor of all time, has the same number of Apple and Coca Cola shares after reducing the tech stock holding by half.&nbsp;

According to a '13-F' filing by Berkshire Hathaway on August 14, this particular observation was made by many ardent followers of Warren Buffett, the Chairperson of a nearly trillion-dollar valued firm Berkshire Hathaway. The filing showed 400 million shares of Apple and Coca-Cola each. Coca-Cola coincidently remains one of Buffett's oldest holding.&nbsp;

If anything, this was a sign for many to believe that the 'Oracle of Omaha' was done with reducing his take in the largest technology company in the world, i.e., Apple. "If Buffett likes round numbers, he may not be planning to sell any additional shares of Apple," stated David Kass, in a conversation with CNBC. He is a finance professor at the University of Maryland's Robert H. Smith School of Business. He further concluded, "Just as Coca-Cola is a 'permanent' holding for Buffett, so maybe Apple."&nbsp;

When did Buffett invest in Coca-Cola?&nbsp;

The Oracle of Omaha first purchased 14,172,500 shares of Coca-Cola in 1988. Later on he bumped his stake to 100 million shares by 1994, since then the legendary investor has held on to his stake in the company for more than 30 years now. Further, due to two stock splits in the year 2006 and 2012, Berkshire's Coca-Cola holding turned into 400 million shares.&nbsp;

The decision of Buffett to bring down his stake in Apple by nearly 50 per cent came as a surprise for many after Buffett himself called Apple one of the most important businesses in the US after Berkshire Hathaway's collection of insurers.&nbsp;

The stake sale reduced Apple's weight in Berkshire's portfolio to 30 per cent from nearly 50 per cent in the last year. It is also to be noted that in Berkshire Hathaway's annual meeting in May Buffett did compare both Apple and Coca Cola. "We own Coca-Cola, which is a wonderful business," he stated. "And we own Apple, which is an even better business, and we will own, unless something really extraordinary happens, we will own Apple and American Express and Coca-Cola."

In a special case of portfolio management, Warren Buffett, often referred to as the 'Oracle of Omaha' and the best investor of all time, has the same number of Apple and Coca Cola shares after reducing the tech stock holding by half.

In a special case of portfolio management, Warren Buffett, often referred to as the 'Oracle of Omaha' and the best investor of all time, has the same number of Apple and Coca Cola shares after reducing the tech stock holding by half. According to a '13-F' filing by Berkshire Hathaway on August 14, this particular observation was made by many ardent followers of Warren Buffett, the Chairperson of a nearly trillion-dollar valued firm Berkshire Hathaway. The filing showed 400 million shares of Apple and Coca-Cola each. Coca-Cola coincidently remains one of Buffett's oldest holding. If anything, this was a sign for many to believe that the 'Oracle of Omaha' was done with reducing his take in the largest technology company in the world, i.e., Apple. "If Buffett likes round numbers, he may not be planning to sell any additional shares of Apple," stated David Kass, in a conversation with CNBC. He is a finance professor at the University of Maryland's Robert H. Smith School of Business. He further concluded, "Just as Coca-Cola is a 'permanent' holding for Buffett, so maybe Apple." When did Buffett invest in Coca-Cola? The Oracle of Omaha first purchased 14,172,500 shares of Coca-Cola in 1988. Later on he bumped his stake to 100 million shares by 1994, since then the legendary investor has held on to his stake in the company for more than 30 years now. Further, due to two stock splits in the year 2006 and 2012, Berkshire's Coca-Cola holding turned into 400 million shares. The decision of Buffett to bring down his stake in Apple by nearly 50 per cent came as a surprise for many after Buffett himself called Apple one of the most important businesses in the US after Berkshire Hathaway's collection of insurers. The stake sale reduced Apple's weight in Berkshire's portfolio to 30 per cent from nearly 50 per cent in the last year. It is also to be noted that in Berkshire Hathaway's annual meeting in May Buffett did compare both Apple and Coca Cola. "We own Coca-Cola, which is a wonderful business," he stated. "And we own Apple, which is an even better business, and we will own, unless something really extraordinary happens, we will own Apple and American Express and Coca-Cola."

Buffett now owns the same number of Apple and Coca-Cola shares

The head of&nbsp;India's markets regulator, Madhabi Puri Buch, continued to earn revenue from a consultancy firm during her seven-year tenure, potentially breaching rules for&nbsp;regulatory&nbsp;officials, according to public documents reviewed by Reuters.

Hindenburg Research has alleged a conflict of interest in Buch's investigations surrounding the Adani Group due to her previous investments. The allegations against the Gautam Adani-led conglomerate, made in January last year, triggered a big drop in the share prices of the flagship Adani Enterprises and other group firms which later recovered, prompting an ongoing investigation by the Securities and Exchange Board of&nbsp;India&nbsp;(SEBI).

Buch, in a statement on August&nbsp;11, denied allegations of a conflict of interest and termed them as an attempt at "character assassination".

Separately, the US&nbsp;shortseller, in its latest report, highlighted two consultancy firms operated by Buch and her husband - Singapore-based Agora Partners and&nbsp;India-based Agora Advisory.

Also Read:&nbsp;<a href="https://www.wionews.com/india-news/who-is-madhabi-buch-the-sebi-chief-named-in-hindenburgs-latest-adani-report-749092">Who is Madhabi Buch? The SEBI chief named in Hindenburg's latest Adani report</a>

Buch joined SEBI in 2017 and was appointed to the top position in March 2022. In those seven years, Agora Advisory Pvt Ltd in which Buch has 99 per cent&nbsp;shareholding, earned a revenue of 37.1 million rupees ($442,025), according to public documents from the Registrar of Companies, analysed by Reuters.

Buch's holdings potentially violate a 2008 SEBI policy that prohibits officials from holding an office of profit, receiving salary or professional fees from other professional activities.

Buch in her statement said the consultancy firms had been disclosed to SEBI and that her husband used these firms for his consulting business after retiring from Unilever in 2019.

Buch and the SEBI spokesperson did not immediately respond to emails seeking comment.

Hindenburg, citing Singapore company records, stated that Buch transferred all her shares in Agora Partners to her husband in March 2022. However, according to company records for the financial year ending March 2024, Buch still holds shares in the&nbsp;Indian consulting firm.

The documents, reviewed by Reuters, do not detail the business undertaken by the consultancy nor is there any available information to suggest these revenues had any link to the Adani Group.

Subhash Chandra Garg, a former top bureaucrat in the&nbsp;Indian government and a SEBI board member during Buch's tenure, described her equity in the firm and its continued business operations as a "very serious" breach of conduct.

"There was no justification for her to continue to own the firm after she joined the board. She could not have been allowed even after making disclosures," Garg said.

"This makes her position completely untenable at the regulator."

Buch has not clarified whether she was granted a waiver to retain her shareholding in the&nbsp;Indian consulting firm. A specific query to her on this was also not answered.

Watch:&nbsp;Hindenburg vs SEBI Chief Saga: Should Hindenburg's allegations be probed?

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Hindenburg's allegations have led to calls for Buch's resignation, including from opposition leaders. A spokesperson for the ruling Bharatiya Janata Party (BJP) called it a baseless attack.

According to Garg and a SEBI board member, no disclosures were made by her or any other officials to the board regarding their business interests.

"There was a requirement to make annual disclosures, but board members' disclosures were not placed in front of the board for information or scrutiny," the board member said, who declined to be identified as information on disclosures to the board is not public.

"To be sure, no members' disclosures were discussed. If the disclosures were made only in front of Ajay Tyagi, the then chairperson, I am not privy to that," Garg said.

Messages and calls to Tyagi about whether disclosures were made to him were not answered.

Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

The head of India's markets regulator, Madhabi Puri Buch, continued to earn revenue from a consultancy firm during her seven-year tenure, potentially breaching rules for regulatory officials, according to public documents reviewed by Reuters.

The head of India's markets regulator, Madhabi Puri Buch, continued to earn revenue from a consultancy firm during her seven-year tenure, potentially breaching rules for regulatory officials, according to public documents reviewed by Reuters. Hindenburg Research has alleged a conflict of interest in Buch's investigations surrounding the Adani Group due to her previous investments. The allegations against the Gautam Adani-led conglomerate, made in January last year, triggered a big drop in the share prices of the flagship Adani Enterprises and other group firms which later recovered, prompting an ongoing investigation by the Securities and Exchange Board of India (SEBI). Buch, in a statement on August 11, denied allegations of a conflict of interest and termed them as an attempt at "character assassination". Separately, the US shortseller, in its latest report, highlighted two consultancy firms operated by Buch and her husband - Singapore-based Agora Partners and India-based Agora Advisory. Also Read: Who is Madhabi Buch? The SEBI chief named in Hindenburg's latest Adani report Buch joined SEBI in 2017 and was appointed to the top position in March 2022. In those seven years, Agora Advisory Pvt Ltd in which Buch has 99 per cent shareholding, earned a revenue of 37.1 million rupees ($442,025), according to public documents from the Registrar of Companies, analysed by Reuters. Buch's holdings potentially violate a 2008 SEBI policy that prohibits officials from holding an office of profit, receiving salary or professional fees from other professional activities. Buch in her statement said the consultancy firms had been disclosed to SEBI and that her husband used these firms for his consulting business after retiring from Unilever in 2019. Buch and the SEBI spokesperson did not immediately respond to emails seeking comment. Hindenburg, citing Singapore company records, stated that Buch transferred all her shares in Agora Partners to her husband in March 2022. However, according to company records for the financial year ending March 2024, Buch still holds shares in the Indian consulting firm. The documents, reviewed by Reuters, do not detail the business undertaken by the consultancy nor is there any available information to suggest these revenues had any link to the Adani Group. Subhash Chandra Garg, a former top bureaucrat in the Indian government and a SEBI board member during Buch's tenure, described her equity in the firm and its continued business operations as a "very serious" breach of conduct. "There was no justification for her to continue to own the firm after she joined the board. She could not have been allowed even after making disclosures," Garg said. "This makes her position completely untenable at the regulator." Buch has not clarified whether she was granted a waiver to retain her shareholding in the Indian consulting firm. A specific query to her on this was also not answered. Watch: Hindenburg vs SEBI Chief Saga: Should Hindenburg's allegations be probed? Hindenburg's allegations have led to calls for Buch's resignation, including from opposition leaders. A spokesperson for the ruling Bharatiya Janata Party (BJP) called it a baseless attack. According to Garg and a SEBI board member, no disclosures were made by her or any other officials to the board regarding their business interests. "There was a requirement to make annual disclosures, but board members' disclosures were not placed in front of the board for information or scrutiny," the board member said, who declined to be identified as information on disclosures to the board is not public. "To be sure, no members' disclosures were discussed. If the disclosures were made only in front of Ajay Tyagi, the then chairperson, I am not privy to that," Garg said. Messages and calls to Tyagi about whether disclosures were made to him were not answered. Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

India regulatory chief earned revenue in potential rules violation, documents show

Indian Prime Minister Narendra Modi met Foxconn Chairman Young Liu to discuss the latter's investment plans on Wednesday, weeks after New Delhi started investigating possible discriminatory hiring practices at a Foxconn plant following a Reuters report.

Modi "highlighted the wonderful opportunities India offers in futuristic sectors" to Liu at the meeting, he said in a post on X that included photos of the pair.

"We also had excellent discussions on their investment plans in India in states like Karnataka, Tamil Nadu and Andhra Pradesh," Modi wrote.

Modi sees Foxconn's iPhone factory in India and Apple's expansion of its supply chain in the South Asian nation, beyond China, as potentially helping the world's most populous country move up the economic-value chain.

Also read | <a href="https://www.wionews.com/world/foxconn-factory-in-india-accused-of-denying-jobs-to-married-women-735256">Foxconn factory in India accused of denying jobs to married women: Report</a>

A Reuters investigation published in June found that Foxconn excluded married women from assembly jobs at its main Indian iPhone plant in Tamil Nadu state. Foxconn acknowledged some lapses in hiring practices in 2022 and said it had worked to address the issues, but said it "vigorously refutes allegations of employment discrimination."

Taiwan's Foxconn in recent years has expanded in India, where it makes iPhones and products for other smartphone brands, and has plans to move into AirPods and chipmaking.

Also watch |&nbsp;Foxconn discriminating against married women in India?

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Still, Foxconn withdrew in July last year from a $19.5 billion semiconductor joint venture with Indian conglomerate Vedanta, in a setback to Modi's chipmaking plans for India.

Modi's government ordered Tamil Nadu to provide a "detailed report" and government officials visited the Foxconn factory to question executives about hiring practices, but New Delhi has not yet released any findings.

Modi's post on X on Wednesday did not address any of those issues and the prime minister's office did not immediately respond to an email seeking details about the talks.

Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION&nbsp;audience.

Indian Prime Minister Narendra Modi met Foxconn Chairman Young Liu to discuss the latter's investment plans on Wednesday, weeks after New Delhi started investigating possible discriminatory hiring practices at a Foxconn plant following a Reuters report.

Indian Prime Minister Narendra Modi met Foxconn Chairman Young Liu to discuss the latter's investment plans on Wednesday, weeks after New Delhi started investigating possible discriminatory hiring practices at a Foxconn plant following a Reuters report. Modi "highlighted the wonderful opportunities India offers in futuristic sectors" to Liu at the meeting, he said in a post on X that included photos of the pair. "We also had excellent discussions on their investment plans in India in states like Karnataka, Tamil Nadu and Andhra Pradesh," Modi wrote. Modi sees Foxconn's iPhone factory in India and Apple's expansion of its supply chain in the South Asian nation, beyond China, as potentially helping the world's most populous country move up the economic-value chain. Also read | Foxconn factory in India accused of denying jobs to married women: Report A Reuters investigation published in June found that Foxconn excluded married women from assembly jobs at its main Indian iPhone plant in Tamil Nadu state. Foxconn acknowledged some lapses in hiring practices in 2022 and said it had worked to address the issues, but said it "vigorously refutes allegations of employment discrimination." Taiwan's Foxconn in recent years has expanded in India, where it makes iPhones and products for other smartphone brands, and has plans to move into AirPods and chipmaking. Also watch | Foxconn discriminating against married women in India? × Still, Foxconn withdrew in July last year from a $19.5 billion semiconductor joint venture with Indian conglomerate Vedanta, in a setback to Modi's chipmaking plans for India. Modi's government ordered Tamil Nadu to provide a "detailed report" and government officials visited the Foxconn factory to question executives about hiring practices, but New Delhi has not yet released any findings. Modi's post on X on Wednesday did not address any of those issues and the prime minister's office did not immediately respond to an email seeking details about the talks. Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

PM Modi shows Foxconn chairman India's 'wonderful opportunities' after hiring malpractice report

UBS CEO Sergio Ermotti, while speaking to CNBC on August 14, stated that while market volatility could rise in the latter half of the year, he does not foresee an imminent US recession. Ermotti's comments come amid recent global equity sell-offs driven by weak US economic data, which has fueled concerns about a potential economic downturn in the world's largest economy.&nbsp;

Ermotti noted that although market conditions might become more turbulent, particularly with the upcoming US presidential election and ongoing geopolitical uncertainties, the data does not clearly indicate a recession. Instead, he anticipates a possible economic slowdown. UBS projects that the Federal Reserve will cut interest rates by at least 50 basis points later this year. However, current market expectations are divided between a 25 or 50 basis point reduction at the Fed's September meeting.&nbsp;

Recent weak economic indicators have led to speculation that the Federal Reserve may need to adopt a less aggressive monetary policy stance. The Fed has maintained rates at a 23-year high since late July. Ermotti emphasized that while macroeconomic indicators are uncertain, the Fed has the capability to support the economy, although it may take time for such measures to have an effect.&nbsp;

In Switzerland, UBS's home market, the central bank has already implemented two rate cuts this year. Similarly, the European Central Bank and the Bank of England have both announced rate reductions. Ermotti acknowledged that increased market volatility could be a sign of underlying economic fragility but also suggested that higher volatility might benefit UBS by increasing trading income.&nbsp;

UBS CEO Sergio Ermotti, while speaking to CNBC on August 14, stated that while market volatility could rise in the latter half of the year, he does not foresee an imminent US recession.

UBS CEO Sergio Ermotti, while speaking to CNBC on August 14, stated that while market volatility could rise in the latter half of the year, he does not foresee an imminent US recession. Ermotti's comments come amid recent global equity sell-offs driven by weak US economic data, which has fueled concerns about a potential economic downturn in the world's largest economy. Ermotti noted that although market conditions might become more turbulent, particularly with the upcoming US presidential election and ongoing geopolitical uncertainties, the data does not clearly indicate a recession. Instead, he anticipates a possible economic slowdown. UBS projects that the Federal Reserve will cut interest rates by at least 50 basis points later this year. However, current market expectations are divided between a 25 or 50 basis point reduction at the Fed's September meeting. Recent weak economic indicators have led to speculation that the Federal Reserve may need to adopt a less aggressive monetary policy stance. The Fed has maintained rates at a 23-year high since late July. Ermotti emphasized that while macroeconomic indicators are uncertain, the Fed has the capability to support the economy, although it may take time for such measures to have an effect. In Switzerland, UBS's home market, the central bank has already implemented two rate cuts this year. Similarly, the European Central Bank and the Bank of England have both announced rate reductions. Ermotti acknowledged that increased market volatility could be a sign of underlying economic fragility but also suggested that higher volatility might benefit UBS by increasing trading income.

UBS CEO warns of increased market volatility, downplays US recession risk 

Meta Platforms, the parent company of Facebook and Instagram, has shut down CrowdTangle—a tool used by a huge cross-section of users, ranging from researchers to watchdog organisations and journalists, notably to track how misinformation spreads on the company's platforms.

Wednesday's shutdown, which Meta announced earlier this year, has been protested by researchers and nonprofits. Back in May, dozens of groups — including the Center for Democracy and Technology, the Digital Forensic Research Lab at the Atlantic Council, Human Rights Watch, and NYU's Center for Social Media &amp; Politics — sent a letter to the company asking that it keep the tool running through at least January, so it would be available during the US presidential elections.

'This decision jeopardises essential pre- and post-election oversight mechanisms and undermines Meta's transparency efforts during this critical period, and at a time when social trust and digital democracy are alarmingly fragile,' the letter said.

'CrowdTangle has been an essential tool in helping researchers parse through the vast amount of information on the platform and identify harmful content and threats,' it added.

In March, a nonprofit called the Mozilla Foundation sent Meta a similar letter urging it to commit to keeping the tool, available for free, up and running until at least January. Several dozen groups and individual academic researchers also signed onto that letter.

'For years, CrowdTangle has represented an industry best practice for real-time platform transparency. It has become a lifeline for understanding how disinformation, hate speech, and voter suppression spread on Facebook, undermining civic discourse and democracy,' the Mozilla letter said.

Meta has published an alternative, the Meta Content Library, but access is limited to academic researchers and nonprofits, which means it's unavailable to most news organisations. Other critics have complained that it isn't as useful as CrowdTangle — not yet, at least.

According to a blog post last week by Nick Clegg, Meta's president of global affairs, the company has been collecting feedback about Meta Content Library from "hundreds of researchers in order to make it more user-friendly and help them find the data they need for their work."

Meta said Wednesday that CrowdTangle doesn't provide a complete picture of what is happening on its platforms and said its new tools are more comprehensive.

Meta Platforms, the parent company of Facebook and Instagram, has shut down CrowdTangle—a tool used by a huge cross-section of users, ranging from researchers to watchdog organisations and journalists, notably to track how misinformation spreads on the company's platforms.

Meta Platforms, the parent company of Facebook and Instagram, has shut down CrowdTangle—a tool used by a huge cross-section of users, ranging from researchers to watchdog organisations and journalists, notably to track how misinformation spreads on the company's platforms. Wednesday's shutdown, which Meta announced earlier this year, has been protested by researchers and nonprofits. Back in May, dozens of groups — including the Center for Democracy and Technology, the Digital Forensic Research Lab at the Atlantic Council, Human Rights Watch, and NYU's Center for Social Media & Politics — sent a letter to the company asking that it keep the tool running through at least January, so it would be available during the US presidential elections. 'This decision jeopardises essential pre- and post-election oversight mechanisms and undermines Meta's transparency efforts during this critical period, and at a time when social trust and digital democracy are alarmingly fragile,' the letter said. 'CrowdTangle has been an essential tool in helping researchers parse through the vast amount of information on the platform and identify harmful content and threats,' it added. In March, a nonprofit called the Mozilla Foundation sent Meta a similar letter urging it to commit to keeping the tool, available for free, up and running until at least January. Several dozen groups and individual academic researchers also signed onto that letter. 'For years, CrowdTangle has represented an industry best practice for real-time platform transparency. It has become a lifeline for understanding how disinformation, hate speech, and voter suppression spread on Facebook, undermining civic discourse and democracy,' the Mozilla letter said. Meta has published an alternative, the Meta Content Library, but access is limited to academic researchers and nonprofits, which means it's unavailable to most news organisations. Other critics have complained that it isn't as useful as CrowdTangle — not yet, at least. According to a blog post last week by Nick Clegg, Meta's president of global affairs, the company has been collecting feedback about Meta Content Library from "hundreds of researchers in order to make it more user-friendly and help them find the data they need for their work." Meta said Wednesday that CrowdTangle doesn't provide a complete picture of what is happening on its platforms and said its new tools are more comprehensive.

Meta's controversial CrowdTangle shutdown sparks outcry amid misinformation battle

A CK Infrastructure Holdings-led consortium has agreed to buy a portfolio of UK wind farms from the asset management arm of Aviva Plc, as the conglomerate backed by Hong Kong tycoon Victor Li considers London among second listing venues.

The CKI-led group will pay about £350 million ($450 million) for the assets, a statement Wednesday confirmed an earlier Bloomberg News report, including 32 operating onshore wind farms located in England, Scotland, and Wales.

According to a statement, the deal involves Aviva Investors-owned assets with an installed capacity of 175 megawatts and a net attributable capacity of 137 megawatts. It will bring immediate returns through stable cash flows and recurring profit contributions.

Also part of the consortium were CK Asset Holdings Ltd. and Power Assets Holdings Ltd., holding 40 per cent and 20 per cent interests in the portfolio, respectively, according to the statement. The deal is likely to be completed before the end of September.

The CKI-led group was advised by Barclays Plc, while Aviva Investors was advised by Credit Agricole SA's corporate and investment banking arm.

CKI shares plunged by as much as 2.1 per cent to HK$55.55 in Hong Kong on Wednesday. The shares have gained nearly 31 per cent this year.

The Hong Kong-based conglomerate has been doing this while generally expanding its footprint in the UK, which is part of its plans to grow in the renewable assets sector. This represents the third infrastructure investment CKI has made this year after buying Phoenix Energy and Powerlink Renewable Assets – formerly UU Solar.

CKI is considering a secondary listing on an overseas stock exchange, such as London's, which may make it the first company to benefit under new listing rules in the British capital. An additional listing of CKI would "provide a greater market" for trading in its shares, the company said in a statement last month.

A CK Infrastructure Holdings-led consortium has agreed to buy a portfolio of UK wind farms from the asset management arm of Aviva Plc, as the conglomerate backed by Hong Kong tycoon Victor Li considers London among second listing venues.

A CK Infrastructure Holdings-led consortium has agreed to buy a portfolio of UK wind farms from the asset management arm of Aviva Plc, as the conglomerate backed by Hong Kong tycoon Victor Li considers London among second listing venues. The CKI-led group will pay about £350 million ($450 million) for the assets, a statement Wednesday confirmed an earlier Bloomberg News report, including 32 operating onshore wind farms located in England, Scotland, and Wales. According to a statement, the deal involves Aviva Investors-owned assets with an installed capacity of 175 megawatts and a net attributable capacity of 137 megawatts. It will bring immediate returns through stable cash flows and recurring profit contributions. Also part of the consortium were CK Asset Holdings Ltd. and Power Assets Holdings Ltd., holding 40 per cent and 20 per cent interests in the portfolio, respectively, according to the statement. The deal is likely to be completed before the end of September. The CKI-led group was advised by Barclays Plc, while Aviva Investors was advised by Credit Agricole SA's corporate and investment banking arm. CKI shares plunged by as much as 2.1 per cent to HK$55.55 in Hong Kong on Wednesday. The shares have gained nearly 31 per cent this year. The Hong Kong-based conglomerate has been doing this while generally expanding its footprint in the UK, which is part of its plans to grow in the renewable assets sector. This represents the third infrastructure investment CKI has made this year after buying Phoenix Energy and Powerlink Renewable Assets – formerly UU Solar. CKI is considering a secondary listing on an overseas stock exchange, such as London's, which may make it the first company to benefit under new listing rules in the British capital. An additional listing of CKI would "provide a greater market" for trading in its shares, the company said in a statement last month.

CKI's UK wind farm deal powers renewable push as London listing looms

The world's largest steel maker issued a warning about a crisis in the industry unfolding in China, carrying the potential to ripple around the globe and plunge the sector into a deeper downturn. This comes as steel production in July plunged about 9 per cent, the lowest figure reported in 2024.

Conditions in China's steel industry are like a 'harsh winter' which will be 'longer, colder and more difficult to endure than we expected,' China Baowu Steel Group Corp. Chairman Hu Wangming said while addressing staff at the company's half-year meeting, warning of a worse challenge than major traumas in 2008 and 2015.

The ailing Chinese economy is increasingly on the radar view of global investors, even as they are also framing the possibility of a recession in the US—where the Federal Reserve is heading toward interest rate cuts. For commodities, including steel, the warning from Baowu underscores the risks to demand and prices, as well as what ArcelorMittal SA, the industry No. 2, termed an "aggressive" surge of exports from China.

The Chinese steel market is flashing multiple warning signs. By far the world's largest, it still feels the protracted property downturn showing no signs of ending, and factory activity remains subdued. Baowu produces about 7 per cent of global steel on its own, and its commentary is closely tracked to gauge the market mood in the Asian nation.

The blunt message from Hu likely to resonate among rivals in Asia, Europe, and North America is that, as they struggle with a new wave of Chinese exports, often through calls for trade measures. Shipments from China are on pace to hit about 100 million tons this year, the highest since 2016, as producers scramble to offset a domestic slowdown.

China's steel industry plunged into devastating slumps during the Global Financial Crisis of 2008-2009 and again in 2015-2016. In both cases, the crises were ultimately resolved by massive stimulus — a prospect that looks more remote in 2024 as President Xi Jinping bids to reshape the economy.

Baowu didn't offer much information on the causes of the current downturn, focusing on how employees should respond by preserving cash and minimising risks.

'Financial departments at all levels should pay more attention to the security of the company's funding,' the statement said, with a need to strengthen controls, including for overdue payments and detecting fake trades. 'In the process of crossing the long and harsh winter, cash is more important than profit.'

The world's largest steel maker issued a warning about a crisis in the industry unfolding in China, carrying the potential to ripple around the globe and plunge the sector into a deeper downturn.

The world's largest steel maker issued a warning about a crisis in the industry unfolding in China, carrying the potential to ripple around the globe and plunge the sector into a deeper downturn. This comes as steel production in July plunged about 9 per cent, the lowest figure reported in 2024. Conditions in China's steel industry are like a 'harsh winter' which will be 'longer, colder and more difficult to endure than we expected,' China Baowu Steel Group Corp. Chairman Hu Wangming said while addressing staff at the company's half-year meeting, warning of a worse challenge than major traumas in 2008 and 2015. The ailing Chinese economy is increasingly on the radar view of global investors, even as they are also framing the possibility of a recession in the US—where the Federal Reserve is heading toward interest rate cuts. For commodities, including steel, the warning from Baowu underscores the risks to demand and prices, as well as what ArcelorMittal SA, the industry No. 2, termed an "aggressive" surge of exports from China. The Chinese steel market is flashing multiple warning signs. By far the world's largest, it still feels the protracted property downturn showing no signs of ending, and factory activity remains subdued. Baowu produces about 7 per cent of global steel on its own, and its commentary is closely tracked to gauge the market mood in the Asian nation. The blunt message from Hu likely to resonate among rivals in Asia, Europe, and North America is that, as they struggle with a new wave of Chinese exports, often through calls for trade measures. Shipments from China are on pace to hit about 100 million tons this year, the highest since 2016, as producers scramble to offset a domestic slowdown. China's steel industry plunged into devastating slumps during the Global Financial Crisis of 2008-2009 and again in 2015-2016. In both cases, the crises were ultimately resolved by massive stimulus — a prospect that looks more remote in 2024 as President Xi Jinping bids to reshape the economy. Baowu didn't offer much information on the causes of the current downturn, focusing on how employees should respond by preserving cash and minimising risks. 'Financial departments at all levels should pay more attention to the security of the company's funding,' the statement said, with a need to strengthen controls, including for overdue payments and detecting fake trades. 'In the process of crossing the long and harsh winter, cash is more important than profit.'

China issues stark warning of 'severe' steel crisis amid slowdown

Norway's Government Pension Fund Global, the world's largest sovereign wealth fund, reported an impressive profit of $138 billion in the first half of 2024, primarily driven by significant gains in technology stocks. Managed by Norges Bank Investment Management (NBIM), the fund saw an overall return of 8.6 per cent, bringing its total value to 17.75 trillion kroner by June's end, as stated in a report by CNBC, US. &nbsp;

Further, the fund's strong performance was largely attributed to a surge in demand for artificial intelligence (AI) solutions, which bolstered returns in its equity investments. According to Nicolai Tangen, CEO of NBIM, equity investments yielded a robust 12.5 per cent return during this period, highlighting the substantial impact of AI-driven technologies on the market.&nbsp;

While the equity portfolio thrived, the fund's fixed income and unlisted real estate investments experienced slight losses. Additionally, the unlisted renewable energy infrastructure portfolio recorded a negative return of 17.7 per cent, affected by rising capital costs.&nbsp;

Looking ahead, Tangen expressed caution about future market growth, citing heightened geopolitical risks and global uncertainties that could impact stock market performance. The fund, established in the 1990s to invest Norway's surplus oil and gas revenues, remains a key global investor, with stakes in over 8,700 companies across more than 70 countries.&nbsp;

Norway's Government Pension Fund Global, the world's largest sovereign wealth fund, reported an impressive profit of $138 billion in the first half of 2024, primarily driven by significant gains in technology stocks.

Norway's Government Pension Fund Global, the world's largest sovereign wealth fund, reported an impressive profit of $138 billion in the first half of 2024, primarily driven by significant gains in technology stocks. Managed by Norges Bank Investment Management (NBIM), the fund saw an overall return of 8.6 per cent, bringing its total value to 17.75 trillion kroner by June's end, as stated in a report by CNBC, US. Further, the fund's strong performance was largely attributed to a surge in demand for artificial intelligence (AI) solutions, which bolstered returns in its equity investments. According to Nicolai Tangen, CEO of NBIM, equity investments yielded a robust 12.5 per cent return during this period, highlighting the substantial impact of AI-driven technologies on the market. While the equity portfolio thrived, the fund's fixed income and unlisted real estate investments experienced slight losses. Additionally, the unlisted renewable energy infrastructure portfolio recorded a negative return of 17.7 per cent, affected by rising capital costs. Looking ahead, Tangen expressed caution about future market growth, citing heightened geopolitical risks and global uncertainties that could impact stock market performance. The fund, established in the 1990s to invest Norway's surplus oil and gas revenues, remains a key global investor, with stakes in over 8,700 companies across more than 70 countries.

Norway's sovereign wealth fund achieves $138 billion profit in 2024, boosted by AI surge

Ola Electric, which recently made its stock market debut, reported a net loss of Rs 347 crore for the quarter ending June 30, 2024, marking a 30 per cent increase from the same period last year. However, the company's revenue from operations rose by 32 per cent year-on-year to Rs 1,644 crore, reflecting its highest-ever quarterly revenue. This growth was driven by a 57 per cent increase in vehicle deliveries, with 1,25,198 units sold compared to 70,575 in the previous year.&nbsp;

The company's EBITDA loss improved slightly, standing at Rs 205 crore in Q1FY25, compared to Rs 218 crore in the same quarter last year. Despite the increased losses, Ola Electric posted an adjusted gross margin of Rs 377 crore, representing 21.94 per cent of revenue, a significant improvement from last year's 13.21 per cent.&nbsp;

Ola Electric's total expenses rose by 26.5 per cent to Rs 1,849 crore, with material costs accounting for Rs 1,311 crore. Employee benefits, including salaries and ESOP costs, amounted to Rs 123 crore. Additionally, the company reported a one-time expense of Rs 23 crore related to the reversal of the Production Linked Incentive (PLI) scheme to the government.&nbsp;

'The company has registered its highest ever quarterly revenue during the quarter ended June 30 2024. The quarter witnessed the highest ever deliveries of vehicles by the Company at 1,25,198 units as against 70,575 units delivered in the same period last year,' the company stated in a press release.&nbsp;

Looking ahead, Ola Electric plans to integrate its own battery cells into its vehicles by Q1 FY26, aiming to enhance profitability. The company is also set to launch its first EV motorcycles on August 15, targeting both mass-market and premium segments.&nbsp;

On August 14, Ola Electric's shares closed 2.6 per cent higher at Rs 111 apiece on the BSE, reflecting investor confidence in the company's future growth potential.&nbsp;

Ola Electric, which recently made its stock market debut, reported a net loss of Rs 347 crore for the quarter ending June 30, 2024, marking a 30 per cent increase from the same period last year.

Ola Electric, which recently made its stock market debut, reported a net loss of Rs 347 crore for the quarter ending June 30, 2024, marking a 30 per cent increase from the same period last year. However, the company's revenue from operations rose by 32 per cent year-on-year to Rs 1,644 crore, reflecting its highest-ever quarterly revenue. This growth was driven by a 57 per cent increase in vehicle deliveries, with 1,25,198 units sold compared to 70,575 in the previous year. The company's EBITDA loss improved slightly, standing at Rs 205 crore in Q1FY25, compared to Rs 218 crore in the same quarter last year. Despite the increased losses, Ola Electric posted an adjusted gross margin of Rs 377 crore, representing 21.94 per cent of revenue, a significant improvement from last year's 13.21 per cent. Ola Electric's total expenses rose by 26.5 per cent to Rs 1,849 crore, with material costs accounting for Rs 1,311 crore. Employee benefits, including salaries and ESOP costs, amounted to Rs 123 crore. Additionally, the company reported a one-time expense of Rs 23 crore related to the reversal of the Production Linked Incentive (PLI) scheme to the government. 'The company has registered its highest ever quarterly revenue during the quarter ended June 30 2024. The quarter witnessed the highest ever deliveries of vehicles by the Company at 1,25,198 units as against 70,575 units delivered in the same period last year,' the company stated in a press release. Looking ahead, Ola Electric plans to integrate its own battery cells into its vehicles by Q1 FY26, aiming to enhance profitability. The company is also set to launch its first EV motorcycles on August 15, targeting both mass-market and premium segments. On August 14, Ola Electric's shares closed 2.6 per cent higher at Rs 111 apiece on the BSE, reflecting investor confidence in the company's future growth potential.

Ola Electric Q1 results: Net loss widens, revenue climbs 32%

In July, the US annual inflation rate slowed to 2.9 per cent, its lowest level since March 2021, according to the latest report from the US Labor Department. The Consumer Price Index (CPI), a broad gauge of prices for goods and services, rose by 0.2 per cent for the month, aligning with economists' expectations. Core CPI, which excludes volatile food and energy prices, also increased by 0.2 per cent on a monthly basis and 3.2 per cent annually, matching predictions.&nbsp;

A 0.4 per cent rise in shelter costs accounted for 90 per cent of the overall inflation increase, while food prices edged up 0.2 per cent, and energy costs remained flat. Notably, food inflation saw varied impacts, with egg prices surging by 5.5 per cent, while cereals and bakery items declined by 0.5 per cent. &nbsp;

Despite these fluctuations, inflation is gradually aligning with the Federal Reserve's 2 per cent target. The producer price index, a measure of wholesale inflation, rose by just 0.1 per cent in July, marking a 2.2 per cent year-over-year increase.&nbsp;

Financial markets reacted mildly to the report, with stock futures slightly negative and Treasury yields mostly higher. Fed officials are now likely considering an interest rate cut in September, with futures markets indicating a growing likelihood of a quarter-point reduction at the next Fed meeting.&nbsp;

However, the report highlights persistent inflationary pressures in specific sectors. Automotive prices continued to fall, but auto insurance costs surged by 1.2 per cent, up 18.6 per cent over the past year. Shelter costs, which make up over a third of the CPI, rose by 5.3 per cent annually, defying expectations of easing in housing-related expenses.&nbsp;

As inflation eases, the focus shifts to the Federal Reserve's next move, with potential interest rate cuts on the horizon.&nbsp;

In July, the US annual inflation rate slowed to 2.9 per cent, its lowest level since March 2021, according to the latest report from the US Labor Department. The Consumer Price Index (CPI), a broad gauge of prices for goods and services, rose by 0.

In July, the US annual inflation rate slowed to 2.9 per cent, its lowest level since March 2021, according to the latest report from the US Labor Department. The Consumer Price Index (CPI), a broad gauge of prices for goods and services, rose by 0.2 per cent for the month, aligning with economists' expectations. Core CPI, which excludes volatile food and energy prices, also increased by 0.2 per cent on a monthly basis and 3.2 per cent annually, matching predictions. A 0.4 per cent rise in shelter costs accounted for 90 per cent of the overall inflation increase, while food prices edged up 0.2 per cent, and energy costs remained flat. Notably, food inflation saw varied impacts, with egg prices surging by 5.5 per cent, while cereals and bakery items declined by 0.5 per cent. Despite these fluctuations, inflation is gradually aligning with the Federal Reserve's 2 per cent target. The producer price index, a measure of wholesale inflation, rose by just 0.1 per cent in July, marking a 2.2 per cent year-over-year increase. Financial markets reacted mildly to the report, with stock futures slightly negative and Treasury yields mostly higher. Fed officials are now likely considering an interest rate cut in September, with futures markets indicating a growing likelihood of a quarter-point reduction at the next Fed meeting. However, the report highlights persistent inflationary pressures in specific sectors. Automotive prices continued to fall, but auto insurance costs surged by 1.2 per cent, up 18.6 per cent over the past year. Shelter costs, which make up over a third of the CPI, rose by 5.3 per cent annually, defying expectations of easing in housing-related expenses. As inflation eases, the focus shifts to the Federal Reserve's next move, with potential interest rate cuts on the horizon.

US inflation drops to 2.9% in July, lowest since 2021: Key fed decision looms

In a crackdown on digital lending apps, the Reserve Bank of India, in its recent monetary policy committee meeting,&nbsp;announced the creation of a Digital India Trust Agency (DIGITA). It will function as a central repository of legitimate digital lending apps and is the latest move&nbsp;in the battle against&nbsp;unauthorised digital lending fraud.

This comes as the Indian lending market experiences exponential growth, aided by increasing internet and smartphone penetration. This has subsequently led to a glaring number of online fraud cases in the country, currently at 29,082 in the financial year 2023-24 (334 per cent&nbsp;year-on-year increase). Fraud cases in the banking sector alone have risen 166 per cent&nbsp;year-on-year.

To discuss the menace of online lending fraud in India’s digital economy and the needed regulations, we spoke to Siddharth Soni, a fintech expert based out of Mumbai.

“India is fortunate to have one of the most proactive regulators globally. RBI has driven many proactive interventions in light of this emerging threat,” he said&nbsp;while pointing to the digital lending guidelines published in 2022 and several other reforms, including enforcing rules on Google to allow only legal lending apps on their Play Store,&nbsp;guidelines for fintech self regulatory organisation (SRO), and&nbsp;Integrated Ombudsman Scheme launched in 2021. The Ombudsman&nbsp;scheme simplified the grievances redressal process by consolidating various distinct ombudsman schemes into one umbrella for all its entities (NBFCs, Banks, CICs, PPI issuers) - with one portal, one email and one address for the customers to lodge their complaints.

This begs the question: Why are unauthorised lending apps prevalent despite these regulations?&nbsp;

“I believe the real challenge lies in growing customer awareness,” Siddharth said. “A report by industry body FACE (Fintech Association for Consumer Empowerment) suggests that almost 36 per cent of survey respondents who initially displayed “high-confidence in their ability to verify Digital Lending App legality” actually had limited awareness on how to go about verifying - rather using factors such as app review and rating,” he added.

Creating customer trust in digital lending&nbsp;is more difficult than in&nbsp;traditional lending. This is more psychological as&nbsp;digital lending&nbsp;is&nbsp;technically through apps on our phones. With the rise in online fraud cases, this trust, which is already on a slippery slope, is expected to decline further. “Unauthorised digital lending apps not only cause economic loss to borrowers, but on a broader level create a negative impression for the overall legitimate digital lending industry,” Siddharth said.

Factors driving India's digital lending market

Siddharth&nbsp;expressed optimism in the industry’s growth outlook. “The overall fintech lending growth story remains strong. India is at the peak of its demographic dividend with an average age of 28 years. These young, digitally savvy Indians are the target market for fintechs. As they grow older, their income levels and requirement for financial services will grow in tandem - and fintechs will be well placed to serve them digitally,” he said.

“India’s fintech adoption rate as per the global fintech adoption index is 87 per cent higher than the global average of 64 per cent. Fintech adoption beyond tier 1-2 is rising rapidly on the back of growing wireless internet penetration, better access to cheap smartphones, and rising income levels. These are few among several tailwinds which will drive growth for the fintech lending industry overall," he said on the factors driving India’s fintech growth.

India is positioned to dominate the digital lending market but needs to address the challenges of financial literacy and digital fraud more diligently. This becomes more crucial as tech becomes sophisticated with the rise of Artificial intelligence.

Can AI armour digital lending market against fraud? "The silver lining is, we may potentially see growth in sophisticated AI-led fraud detection and prevention tools to evolve in parallel. As we observed platforms such as GPTZero get launched to combat AI plagiarism, similar tools to prevent AI led frauds in KYC may be seen in the future," Siddharth said.

(Expert views are personal)

In a crackdown on digital lending apps, the Reserve Bank of India, in its recent monetary policy committee meeting, announced the creation of a Digital India Trust Agency (DIGITA).

In a crackdown on digital lending apps, the Reserve Bank of India, in its recent monetary policy committee meeting, announced the creation of a Digital India Trust Agency (DIGITA). It will function as a central repository of legitimate digital lending apps and is the latest move in the battle against unauthorised digital lending fraud. This comes as the Indian lending market experiences exponential growth, aided by increasing internet and smartphone penetration. This has subsequently led to a glaring number of online fraud cases in the country, currently at 29,082 in the financial year 2023-24 (334 per cent year-on-year increase). Fraud cases in the banking sector alone have risen 166 per cent year-on-year. To discuss the menace of online lending fraud in India’s digital economy and the needed regulations, we spoke to Siddharth Soni, a fintech expert based out of Mumbai. “India is fortunate to have one of the most proactive regulators globally. RBI has driven many proactive interventions in light of this emerging threat,” he said while pointing to the digital lending guidelines published in 2022 and several other reforms, including enforcing rules on Google to allow only legal lending apps on their Play Store, guidelines for fintech self regulatory organisation (SRO), and Integrated Ombudsman Scheme launched in 2021. The Ombudsman scheme simplified the grievances redressal process by consolidating various distinct ombudsman schemes into one umbrella for all its entities (NBFCs, Banks, CICs, PPI issuers) - with one portal, one email and one address for the customers to lodge their complaints. This begs the question: Why are unauthorised lending apps prevalent despite these regulations? “I believe the real challenge lies in growing customer awareness,” Siddharth said. “A report by industry body FACE (Fintech Association for Consumer Empowerment) suggests that almost 36 per cent of survey respondents who initially displayed “high-confidence in their ability to verify Digital Lending App legality” actually had limited awareness on how to go about verifying - rather using factors such as app review and rating,” he added. Creating customer trust in digital lending is more difficult than in traditional lending. This is more psychological as digital lending is technically through apps on our phones. With the rise in online fraud cases, this trust, which is already on a slippery slope, is expected to decline further. “Unauthorised digital lending apps not only cause economic loss to borrowers, but on a broader level create a negative impression for the overall legitimate digital lending industry,” Siddharth said. Factors driving India's digital lending market Siddharth expressed optimism in the industry’s growth outlook. “The overall fintech lending growth story remains strong. India is at the peak of its demographic dividend with an average age of 28 years. These young, digitally savvy Indians are the target market for fintechs. As they grow older, their income levels and requirement for financial services will grow in tandem - and fintechs will be well placed to serve them digitally,” he said. “India’s fintech adoption rate as per the global fintech adoption index is 87 per cent higher than the global average of 64 per cent. Fintech adoption beyond tier 1-2 is rising rapidly on the back of growing wireless internet penetration, better access to cheap smartphones, and rising income levels. These are few among several tailwinds which will drive growth for the fintech lending industry overall," he said on the factors driving India’s fintech growth. India is positioned to dominate the digital lending market but needs to address the challenges of financial literacy and digital fraud more diligently. This becomes more crucial as tech becomes sophisticated with the rise of Artificial intelligence. Can AI armour digital lending market against fraud? "The silver lining is, we may potentially see growth in sophisticated AI-led fraud detection and prevention tools to evolve in parallel. As we observed platforms such as GPTZero get launched to combat AI plagiarism, similar tools to prevent AI led frauds in KYC may be seen in the future," Siddharth said. (Expert views are personal)

India’s digital lending landscape: Is the RBI doing enough to curb online fraud?

Let's look at the Indian stock market reaction to the latest in the 19-month Hindenburg versus Adani group controversy. Compared to last year's over $150 billion rout in Adani group stocks and a crash in Indian benchmarks. The latest market reaction is not particularly painful.&nbsp;

After the latest salvo from Hindenburg attacking the SEBI chief, Indian stocks have barely moved on that news. The fall on Tuesday was largely driven by a broader selloff in stocks on regular global news flow &nbsp;

On the other hand, instead, recent listings on Indian indices have been favourable, with Ola electric making an impressive debut. In its first two days of trading, the e-scooter maker saw a 44 per cent jump in its stock price, hitting the upper trade limit on both days.&nbsp;

On the other hand, Adani group stocks have been volatile this week, but traders are still hopeful. Since May, the three-month volatility skew has risen to its highest level. This indicates an increase in the stock price. This skew measures the difference in implied volatility across different options.&nbsp;

Despite the volatility domestic interest in Indian shares and Adani group stocks remained steady. Foreign investor's enthusiasm for Indian stock markets, though, is declining however, the selloff in the previous two weeks is mostly correlated with the increasing risk aversion in global markets.&nbsp;

This has shaved nearly $2 billion from domestic equities. The world's fourth-biggest stock market is hurt by a lacklustre earnings season and the government's hike in taxes on stock gains&nbsp;

Let's look at the Indian stock market reaction to the latest in the 19-month Hindenburg versus Adani group controversy. Compared to last year's over $150 billion rout in Adani group stocks and a crash in Indian benchmarks.

Let's look at the Indian stock market reaction to the latest in the 19-month Hindenburg versus Adani group controversy. Compared to last year's over $150 billion rout in Adani group stocks and a crash in Indian benchmarks. The latest market reaction is not particularly painful. After the latest salvo from Hindenburg attacking the SEBI chief, Indian stocks have barely moved on that news. The fall on Tuesday was largely driven by a broader selloff in stocks on regular global news flow On the other hand, instead, recent listings on Indian indices have been favourable, with Ola electric making an impressive debut. In its first two days of trading, the e-scooter maker saw a 44 per cent jump in its stock price, hitting the upper trade limit on both days. On the other hand, Adani group stocks have been volatile this week, but traders are still hopeful. Since May, the three-month volatility skew has risen to its highest level. This indicates an increase in the stock price. This skew measures the difference in implied volatility across different options. Despite the volatility domestic interest in Indian shares and Adani group stocks remained steady. Foreign investor's enthusiasm for Indian stock markets, though, is declining however, the selloff in the previous two weeks is mostly correlated with the increasing risk aversion in global markets. This has shaved nearly $2 billion from domestic equities. The world's fourth-biggest stock market is hurt by a lacklustre earnings season and the government's hike in taxes on stock gains

Domestic traders look past Hindenburg row

The Financial Services Commission (FSC) of Mauritius has issued a statement rebuffing claims that the country was a 'tax haven' after Hindenburg Research published a report last week and alleged that Indian market regulator chairperson, Madhabi Buch, was in bed with conglomerate Adani Group.&nbsp;

"Mauritius has a robust framework for global business companies. All global business companies licensed by the FSC have to meet substance requirements on an ongoing basis as per section 71 of the Financial Services Act, which is strictly monitored by the FSC," the FSC said.

The Mauritian regulator also clarified that the funds mentioned in the report that tie the SEBI chief to conflict of interest allegations were neither licensed by FSC nor domiciled in the country.&nbsp;

"The report of Hindenburg has further cited 'IPE Plus Fund' is a small offshore Mauritius Fund and 'IPE Plus Fund 1, a fund registered in Mauritius'. We wish to clarify that IPE Plus Fund and IPE Plus Fund 1 are not licensees of the FSC and are not domiciled in Mauritius," it said.

The US-based short-seller had alleged that Madhabi and her husband, Dhawal Buch, opened an account with a wealth management firm in Singapore to invest an 'undisclosed' amount of money in a Mauritius-registered offshoot for a Bermuda-based fund.&nbsp;

The report highlighted that the Mauritian fund was run by&nbsp;Adani chief Gautam Adani's brother, Vinod Adani and was&nbsp;used by the company to inflate stock prices, as mentioned in an 'expose' last year.&nbsp;

<a href="https://www.wionews.com/videos/hindenburg-vs-sebi-chief-saga-hindenburg-allegations-invoke-chandra-kochars-case-749589" target="_blank">Watch |&nbsp;Hindenburg vs SEBI Chief Saga: Hindenburg allegations invoke Chandra Kochar's case</a>

<iframe allowfullscreen="" autoplay="1" frameborder="0" height="350" src="https://www.wionews.com/videos/hindenburg-vs-sebi-chief-saga-hindenburg-allegations-invoke-chandra-kochars-case-749589/embed" width="560"></iframe>

<h2>Calls for probe grow against Madhabi</h2>

Leader of Opposition (LoP) in Lok Sabha (Lower House of Indian Parliament) and Indian National Congress (INC) leader, Rahul Gandhi has demanded a Joint Parliamentary Committee (JPC) inquiry into the charges against the watchdog chief.&nbsp;

Gandhi asked the government if something were to go wrong and investors were to lose their hard-earned money, "who would be held responsible?"&nbsp;

“Is the Prime Minister of India responsible? Is Madhabi Buch responsible, or is Mr&nbsp;Adani responsible? It’s slowly becoming crystal clear why PM [Narendra] Modi is against a JPC looking into this matter,” said Gandhi.&nbsp;

<a href="https://www.wionews.com/business-economy/hindenburg-vs-adani-sebi-chief-madhabis-link-needs-judicial-probe-ex-official-eas-sarma-tells-wion-749745">Also read |&nbsp;Hindenburg vs Adani: Sebi chief Madhabi's links need judicial probe, ex-official EAS Sarma tells WION</a>

Meanwhile,&nbsp;former finance ministry secretary EAS Sarma told WION that an&nbsp;independent judicial panel should probe the alleged links between Adani Group and the SEBI chairperson.&nbsp;

(With inputs from agencies)

The Financial Services Commission (FSC) of Mauritius has issued a statement rebuffing claims that the country was a 'tax haven' after Hindenburg Research published a report last week and alleged that Indian market regulator chairperson, Madhabi Buch, was in bed with conglomerate Adani Group.

The Financial Services Commission (FSC) of Mauritius has issued a statement rebuffing claims that the country was a 'tax haven' after Hindenburg Research published a report last week and alleged that Indian market regulator chairperson, Madhabi Buch, was in bed with conglomerate Adani Group. "Mauritius has a robust framework for global business companies. All global business companies licensed by the FSC have to meet substance requirements on an ongoing basis as per section 71 of the Financial Services Act, which is strictly monitored by the FSC," the FSC said. The Mauritian regulator also clarified that the funds mentioned in the report that tie the SEBI chief to conflict of interest allegations were neither licensed by FSC nor domiciled in the country. "The report of Hindenburg has further cited 'IPE Plus Fund' is a small offshore Mauritius Fund and 'IPE Plus Fund 1, a fund registered in Mauritius'. We wish to clarify that IPE Plus Fund and IPE Plus Fund 1 are not licensees of the FSC and are not domiciled in Mauritius," it said. The US-based short-seller had alleged that Madhabi and her husband, Dhawal Buch, opened an account with a wealth management firm in Singapore to invest an 'undisclosed' amount of money in a Mauritius-registered offshoot for a Bermuda-based fund. The report highlighted that the Mauritian fund was run by Adani chief Gautam Adani's brother, Vinod Adani and was used by the company to inflate stock prices, as mentioned in an 'expose' last year. Watch | Hindenburg vs SEBI Chief Saga: Hindenburg allegations invoke Chandra Kochar's case Calls for probe grow against Madhabi Leader of Opposition (LoP) in Lok Sabha (Lower House of Indian Parliament) and Indian National Congress (INC) leader, Rahul Gandhi has demanded a Joint Parliamentary Committee (JPC) inquiry into the charges against the watchdog chief. Gandhi asked the government if something were to go wrong and investors were to lose their hard-earned money, "who would be held responsible?" “Is the Prime Minister of India responsible? Is Madhabi Buch responsible, or is Mr Adani responsible? It’s slowly becoming crystal clear why PM [Narendra] Modi is against a JPC looking into this matter,” said Gandhi. Also read | Hindenburg vs Adani: Sebi chief Madhabi's links need judicial probe, ex-official EAS Sarma tells WION Meanwhile, former finance ministry secretary EAS Sarma told WION that an independent judicial panel should probe the alleged links between Adani Group and the SEBI chairperson. (With inputs from agencies)

Adani-Hindenburg row: Mauritius banking regulator issues statement on funds linking SEBI chief to Adani

Yet another blow has come to Gautam Adani, one of the world's richest men and the founder of Adani Group.

The latest set of accusations by activist short-seller Hindenburg Research this week led to a heavy share sell-off at Adani's group of companies, wiping off around $2.4 billion in their total market value, according to Reuters. However, the losses are nothing compared to last year.

This comes after Hindenburg Research, based out of New York, accused the head of India's capital markets regulator of links to an offshore fund structure also used by the Adani Group.

Hindenburg, whose business model is based on betting against a company's stock price, has a history of accusing Adani Group of misconduct.

It's not the first time it has tanked Adani Group's market value. In 2023, after Hindenburg Research first made accusations against Adani Group in January, its stock value shaved off some $150 billion.

In a report titled 'How The World's 3rd Richest Man Is Pulling The Largest Con In Corporate History,' Hindenburg accused the group of extensive misuse of tax havens and running stock manipulation and fraud 'over decades.'

This resulted in probes into the group's vast multibillion-dollar empire by the Supreme Court of India in conjunction with the Securities and Exchange Board of India.

Citing whistleblower documents, Hindenburg said that the head of SEBI, Madhabi Puri Buch, had a conflict of interest in investigating Adani. She and her husband held stakes in offshore entities used to artificially inflate the shares of companies owned by the Adani Group, Hindenburg claimed.

A statement by the couple said they 'strongly deny the baseless allegations and insinuations made in the report.'

The regulator also published a separate statement saying it had probed allegations made by Hindenburg Research against the Adani Group, Reuters reported.

The Adani Group denied all the accusations, adding a note to its website which described the report as 'malicious, mischievous and manipulative selections of publicly available information.'

It had further accused Hindenburg of coming to 'pre-determined conclusions for personal profiteering with wanton disregard for facts and the law.'

Adani's wealth surged in 2022, making him the third richest person in the world at the start of 2023; now he slipped to 22nd place in the Bloomberg Billionaires Index after allegations by Hindenburg Research.

According to the Index, his net worth is $104 billion, making him the 12th wealthiest man in the world at the moment and the next individual after the richest man in Asia, Mukesh Ambani.

The latest allegations come at a hard time for Adani as his company is trying to expand internationally. Last week, Business Insider reported that Karan Adani, Gautam Adani's son, wants to loosen China's grip on seaports and transform India into a significant trading hub.

Yet another blow has come to Gautam Adani, one of the world's richest men and the founder of Adani Group. The latest set of accusations by activist short-seller Hindenburg Research this week led to a heavy share sell-off at Adani's group of companies, wiping off around $2.

Yet another blow has come to Gautam Adani, one of the world's richest men and the founder of Adani Group. The latest set of accusations by activist short-seller Hindenburg Research this week led to a heavy share sell-off at Adani's group of companies, wiping off around $2.4 billion in their total market value, according to Reuters. However, the losses are nothing compared to last year. This comes after Hindenburg Research, based out of New York, accused the head of India's capital markets regulator of links to an offshore fund structure also used by the Adani Group. Hindenburg, whose business model is based on betting against a company's stock price, has a history of accusing Adani Group of misconduct. It's not the first time it has tanked Adani Group's market value. In 2023, after Hindenburg Research first made accusations against Adani Group in January, its stock value shaved off some $150 billion. In a report titled 'How The World's 3rd Richest Man Is Pulling The Largest Con In Corporate History,' Hindenburg accused the group of extensive misuse of tax havens and running stock manipulation and fraud 'over decades.' This resulted in probes into the group's vast multibillion-dollar empire by the Supreme Court of India in conjunction with the Securities and Exchange Board of India. Citing whistleblower documents, Hindenburg said that the head of SEBI, Madhabi Puri Buch, had a conflict of interest in investigating Adani. She and her husband held stakes in offshore entities used to artificially inflate the shares of companies owned by the Adani Group, Hindenburg claimed. A statement by the couple said they 'strongly deny the baseless allegations and insinuations made in the report.' The regulator also published a separate statement saying it had probed allegations made by Hindenburg Research against the Adani Group, Reuters reported. The Adani Group denied all the accusations, adding a note to its website which described the report as 'malicious, mischievous and manipulative selections of publicly available information.' It had further accused Hindenburg of coming to 'pre-determined conclusions for personal profiteering with wanton disregard for facts and the law.' Adani's wealth surged in 2022, making him the third richest person in the world at the start of 2023; now he slipped to 22nd place in the Bloomberg Billionaires Index after allegations by Hindenburg Research. According to the Index, his net worth is $104 billion, making him the 12th wealthiest man in the world at the moment and the next individual after the richest man in Asia, Mukesh Ambani. The latest allegations come at a hard time for Adani as his company is trying to expand internationally. Last week, Business Insider reported that Karan Adani, Gautam Adani's son, wants to loosen China's grip on seaports and transform India into a significant trading hub.

Adani empire in the spotlight as Hindenburg strikes with fresh allegations

The US-based Hindenburg Research, known for its forensic financial investigations and short-selling strategies, claimed that the Securities and Exchange Board of India had failed to act on its report from 2023 in which it levelled charges of financial misconduct by the Adani Group. Hindenburg further charged that chairperson Madhabi Puri Buch has a conflict of interest arising from investments that she and her husband have in offshore firms related to the Adani conglomerate.

Conflict of Interest Allegations

Sebi had earlier charged Hindenburg with leaking the findings to a New York-based hedge fund manager, who was able to make money out of those. According to reports, Hindenburg has earned more than $4 million through its short-selling position on Adani stocks. The allegations against Buch have given rise to apprehensions about Sebi's inability to conduct the probe impartially.

Hindenburg Research is a noted short seller who predicts a company's fall in stock prices. Its reports result in huge price plummets, thereby allowing it to gain from the same. It hogged the limelight with its report on electric vehicle maker Nikola Corp, whose founder was subsequently charged with criminal offences.

Short Selling Explained

Short selling can be defined as the act of borrowing shares and selling them at the current market price, aiming to repurchase them later at a lower price. There is unlimited risk involved in this approach, if the price of the stock rises instead of falling, then the short seller has to buy it back at a higher price, resulting in significant losses.

In 2023, Hindenburg published a report accusing of stock manipulation and financial misconduct against the Adani Group. This report erased more than $100 billion in market value for the company. After the report, Sebi began investigating the matter involving the Adani Group but was criticised for not making significant progress.

Sebi's Response

Sebi has termed the allegations by Hindenburg as 'inappropriate' and added that its chairperson Buch has made all necessary disclosures and has recused from conflicts of interest. Yet, questions over Sebi's independence in the probe into the Adani Group continue to linger. 
The Indian government has chosen not to intervene with Hindenburg's report on Sebi. This now leaves Sebi in the dock over how it treated the allegations against Adani Group and if there were any conflicts of interest at top levels.

Hindenburg Research has stood its ground by saying that Sebi needs to address these issues in a transparent manner.

The US-based Hindenburg Research, known for its forensic financial investigations and short-selling strategies, claimed that the Securities and Exchange Board of India had failed to act on its report from 2023 in which it levelled charges of financial misconduct by the Adani Group.

The US-based Hindenburg Research, known for its forensic financial investigations and short-selling strategies, claimed that the Securities and Exchange Board of India had failed to act on its report from 2023 in which it levelled charges of financial misconduct by the Adani Group. Hindenburg further charged that chairperson Madhabi Puri Buch has a conflict of interest arising from investments that she and her husband have in offshore firms related to the Adani conglomerate. Conflict of Interest Allegations Sebi had earlier charged Hindenburg with leaking the findings to a New York-based hedge fund manager, who was able to make money out of those. According to reports, Hindenburg has earned more than $4 million through its short-selling position on Adani stocks. The allegations against Buch have given rise to apprehensions about Sebi's inability to conduct the probe impartially. Hindenburg Research is a noted short seller who predicts a company's fall in stock prices. Its reports result in huge price plummets, thereby allowing it to gain from the same. It hogged the limelight with its report on electric vehicle maker Nikola Corp, whose founder was subsequently charged with criminal offences. Short Selling Explained Short selling can be defined as the act of borrowing shares and selling them at the current market price, aiming to repurchase them later at a lower price. There is unlimited risk involved in this approach, if the price of the stock rises instead of falling, then the short seller has to buy it back at a higher price, resulting in significant losses. In 2023, Hindenburg published a report accusing of stock manipulation and financial misconduct against the Adani Group. This report erased more than $100 billion in market value for the company. After the report, Sebi began investigating the matter involving the Adani Group but was criticised for not making significant progress. Sebi's Response Sebi has termed the allegations by Hindenburg as 'inappropriate' and added that its chairperson Buch has made all necessary disclosures and has recused from conflicts of interest. Yet, questions over Sebi's independence in the probe into the Adani Group continue to linger. The Indian government has chosen not to intervene with Hindenburg's report on Sebi. This now leaves Sebi in the dock over how it treated the allegations against Adani Group and if there were any conflicts of interest at top levels. Hindenburg Research has stood its ground by saying that Sebi needs to address these issues in a transparent manner.

How does Hindenburg Research capitalise on its high-profile revelations?

In a surprising move, Vedanta Ltd, led by Anil Agarwal, has received board approval for an Offer For Sale (OFS) of its 2.6 per cent stake in Hindustan Zinc (HZL) through the stock exchange. The board has authorized the sale of up to 110 million equity shares of Hindustan Zinc, which represents this 2.6 per cent stake.&nbsp;&nbsp;

As of June, Vedanta held a 64.92 per cent stake in Hindustan Zinc, with the central government owning 29.54 per cent. On Tuesday, Hindustan Zinc’s shares closed at Rs 586.00 on the NSE. At this share price, the OFS would generate approximately Rs 6,450 crore for Vedanta.&nbsp;

This decision is unexpected as Vedanta had recently been working to convince the central government to initiate an OFS for Hindustan Zinc. For some time, both Vedanta Ltd and its parent company, Vedanta Resources, have been focused on reducing their debt.&nbsp;

Recently, Vedanta Ltd raised Rs 8,500 crore through a Qualified Institutional Placement (QIP) to aid in deleveraging its balance sheet and cutting finance costs. As of June, Vedanta’s net debt was Rs 61,324 crore, with gross debt at Rs 78,016 crore.&nbsp;

Globally, Vedanta Resources reported a gross debt of $14.7 billion and a net debt of $12.5 billion by December 2023. The company aims to reduce its debt by $3 billion over the next three years.&nbsp;

Analysts from Nuvama, in an August report, highlighted that Vedanta Resources has upcoming debt obligations of $1 billion for the remainder of FY25, which is expected to be covered through dividends and brand fees. This does not include $417 million in inter-corporate deposits due by December.&nbsp;

In a surprising move, Vedanta Ltd, led by Anil Agarwal, has received board approval for an Offer For Sale (OFS) of its 2.6 per cent stake in Hindustan Zinc (HZL) through the stock exchange.

In a surprising move, Vedanta Ltd, led by Anil Agarwal, has received board approval for an Offer For Sale (OFS) of its 2.6 per cent stake in Hindustan Zinc (HZL) through the stock exchange. The board has authorized the sale of up to 110 million equity shares of Hindustan Zinc, which represents this 2.6 per cent stake. As of June, Vedanta held a 64.92 per cent stake in Hindustan Zinc, with the central government owning 29.54 per cent. On Tuesday, Hindustan Zinc’s shares closed at Rs 586.00 on the NSE. At this share price, the OFS would generate approximately Rs 6,450 crore for Vedanta. This decision is unexpected as Vedanta had recently been working to convince the central government to initiate an OFS for Hindustan Zinc. For some time, both Vedanta Ltd and its parent company, Vedanta Resources, have been focused on reducing their debt. Recently, Vedanta Ltd raised Rs 8,500 crore through a Qualified Institutional Placement (QIP) to aid in deleveraging its balance sheet and cutting finance costs. As of June, Vedanta’s net debt was Rs 61,324 crore, with gross debt at Rs 78,016 crore. Globally, Vedanta Resources reported a gross debt of $14.7 billion and a net debt of $12.5 billion by December 2023. The company aims to reduce its debt by $3 billion over the next three years. Analysts from Nuvama, in an August report, highlighted that Vedanta Resources has upcoming debt obligations of $1 billion for the remainder of FY25, which is expected to be covered through dividends and brand fees. This does not include $417 million in inter-corporate deposits due by December.

Vedanta Board Approves Sale of 2.6% Stake in Hindustan Zinc

According to market strategists, the unwinding of 'carry trades' may still have more to run. Carry trades involve borrowing in currencies with low interest rates, such as the Japanese yen, and investing in higher-yielding assets. This strategy gained popularity as investors expected the yen to stay weak and Japanese interest rates to remain low, as per a report by CNBC.&nbsp;

The past week saw a major unwind of these trades, triggered by interest rate hikes from the Bank of Japan, which strengthened the yen and led to a global market sell-off. Experts caution against declaring the end of the carry trade unwinds. They highlight that the full impact is not yet fully understood, especially given the yen's undervaluation.&nbsp;

Richard Kelly, head of global strategy at TD Securities, said he'd be 'very hesitant' to declare the end of the carry trade unwind, despite suggestions from some economists that the rollback may be largely complete.&nbsp;

Estimates of the size of the yen carry trade vary. Some analysts suggest it could be as large as $4 trillion, while others estimate that up to $1.1 trillion might need to be repaid. Despite some market signals suggesting it might be a good time to re-enter carry trades, expert's advice caution. They believe structural changes in monetary policy and currency valuations could make high-yield assets less appealing in the near term.&nbsp;

Investors are also awaiting key U.S. inflation data releases this week, which could influence the Federal Reserve's decisions. Recent weaker U.S. economic data has raised concerns about a potential recession and the Fed's response.&nbsp;

Barclay's analysts warn that selling pressure from carry trades might persist, keeping volatility high and affecting emerging market carry trades. On the other hand, some economists believe that the immediate disruption from yen carry trades might be over and expect the yen to strengthen further in the coming months.&nbsp;

According to market strategists, the unwinding of 'carry trades' may still have more to run. Carry trades involve borrowing in currencies with low interest rates, such as the Japanese yen, and investing in higher-yielding assets.

According to market strategists, the unwinding of 'carry trades' may still have more to run. Carry trades involve borrowing in currencies with low interest rates, such as the Japanese yen, and investing in higher-yielding assets. This strategy gained popularity as investors expected the yen to stay weak and Japanese interest rates to remain low, as per a report by CNBC. The past week saw a major unwind of these trades, triggered by interest rate hikes from the Bank of Japan, which strengthened the yen and led to a global market sell-off. Experts caution against declaring the end of the carry trade unwinds. They highlight that the full impact is not yet fully understood, especially given the yen's undervaluation. Richard Kelly, head of global strategy at TD Securities, said he'd be 'very hesitant' to declare the end of the carry trade unwind, despite suggestions from some economists that the rollback may be largely complete. Estimates of the size of the yen carry trade vary. Some analysts suggest it could be as large as $4 trillion, while others estimate that up to $1.1 trillion might need to be repaid. Despite some market signals suggesting it might be a good time to re-enter carry trades, expert's advice caution. They believe structural changes in monetary policy and currency valuations could make high-yield assets less appealing in the near term. Investors are also awaiting key U.S. inflation data releases this week, which could influence the Federal Reserve's decisions. Recent weaker U.S. economic data has raised concerns about a potential recession and the Fed's response. Barclay's analysts warn that selling pressure from carry trades might persist, keeping volatility high and affecting emerging market carry trades. On the other hand, some economists believe that the immediate disruption from yen carry trades might be over and expect the yen to strengthen further in the coming months.

Carry trade unwind: Strategists warn it may not be over yet