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Oil prices were stable after yesterday's decline following an industry report that US crude inventories increased slightly, ahead of the release of official data. Brent crude remained at more than $85 per barrel while West Texas Intermediate (WTI) was near $81 per barrel. A report by the American Petroleum Institute (API) showed crude stockpiles climbed about 900,000 barrels last week, and holdings in the Cushing storage hub fell. 
&nbsp; 
The Energy Information Administration will release its official weekly data on inventories, refining activity, and fuel demand later on Wednesday. This official data will give a better picture of the oil market. 
&nbsp; 
Oil is still assured of notching a monthly gain despite the current volatile trading. Several economists have grown positive about the outlook for the market in the next quarter, saying supply conditions are getting tighter. Geopolitical tensions, originating from Yemen and Russia, further may contribute to the risk of higher prices. 
&nbsp; 
Yeap Jun Rong, market strategist at IG Asia Pte in Singapore, commented on the market dynamics: "Tightening fundamentals through the third quarter of the year leave us supportive toward the market." He added that short-term caution will prevail before the release of inflation data later this week, which can further set directions on interest rates. 
&nbsp; 
The market structure has also shown tendencies of bullishness. Prompt time spreads for Brent and WTI have both widened, a backwardation pattern. This market structure, where near-term prices stand higher than future prices-is indicative of robust current demand relative to future supply. Moreover, money managers added positions on a host of products, including ICE gasoil, Europe's diesel benchmark. 
&nbsp; 
The oil market is again threading its way through a complex tapestry as traders digest the EIA's report and other major economic indicators. The relationship between rising stockpiles, refining activities on the rise, and geopolitical developments will define the fate of the market over the coming weeks.

Oil prices were stable after yesterday's decline following an industry report that US crude inventories increased slightly, ahead of the release of official data.

Oil prices were stable after yesterday's decline following an industry report that US crude inventories increased slightly, ahead of the release of official data. Brent crude remained at more than $85 per barrel while West Texas Intermediate (WTI) was near $81 per barrel. A report by the American Petroleum Institute (API) showed crude stockpiles climbed about 900,000 barrels last week, and holdings in the Cushing storage hub fell. The Energy Information Administration will release its official weekly data on inventories, refining activity, and fuel demand later on Wednesday. This official data will give a better picture of the oil market. Oil is still assured of notching a monthly gain despite the current volatile trading. Several economists have grown positive about the outlook for the market in the next quarter, saying supply conditions are getting tighter. Geopolitical tensions, originating from Yemen and Russia, further may contribute to the risk of higher prices. Yeap Jun Rong, market strategist at IG Asia Pte in Singapore, commented on the market dynamics: "Tightening fundamentals through the third quarter of the year leave us supportive toward the market." He added that short-term caution will prevail before the release of inflation data later this week, which can further set directions on interest rates. The market structure has also shown tendencies of bullishness. Prompt time spreads for Brent and WTI have both widened, a backwardation pattern. This market structure, where near-term prices stand higher than future prices-is indicative of robust current demand relative to future supply. Moreover, money managers added positions on a host of products, including ICE gasoil, Europe's diesel benchmark. The oil market is again threading its way through a complex tapestry as traders digest the EIA's report and other major economic indicators. The relationship between rising stockpiles, refining activities on the rise, and geopolitical developments will define the fate of the market over the coming weeks.

Oil prices steady as rising US stockpiles offset tightening market

The 'Big fat Indian wedding' is more than just a slang. A recent report by investment firm Jefferies highlights the economic significance of weddings in India. The $130 billion industry ranks second only to food and grocery and is a major driver of consumption across sectors.

The Indian wedding market is twice the size of the US market. It's estimated that the average expenditure on a wedding is around $15,000. Interestingly, Indian couples spend approximately twice as much on weddings compared to education. The current average expenditure per wedding is around $14,500, which is around five times India's per capita GDP of $2,900 and more than three times the average annual household income. The report added that India's wedding spending-to-GDP ratio is significantly higher than that of other countries.

The report notes that a typical Indian wedding involves five to six functions, hotel accommodations, catering, décor &amp; entertainment. This is more expensive for the rich, who spend more lavishly. The report excludes expenses on jewellery, wedding attire and airfares.

The report further notes that given the sheer size of the industry and its impact, weddings are a key growth driver in India for several categories, ranging from jewellery, apparel, catering, stay &amp; travel, among other sectors. This is reflected in the jewellery industry, where more than 10 per cent of revenues are from bridal jewellery. It also accounts for the largest proportion of the spend, accounting for 25 per cent of the total wedding expenses, followed by catering and events.

Small-scale businesses and individual service providers benefit from this wedding splurge. This is because the industry is highly diversified, with regional players in a better position to address consumer needs. The report also highlights challenges in India's wedding sector, notably being 'unorganised' and 'highly-fragmented.'&nbsp;

Prime Minister Narendra Modi gave the call 'Wed in India' last year, urging people to explore destinations within the country rather than foreign locations.&nbsp;

The 'Big fat Indian wedding' is more than just a slang. A recent report by investment firm Jefferies highlights the economic significance of weddings in India. The $130 billion industry ranks second only to food and grocery and is a major driver of consumption across sectors.

The 'Big fat Indian wedding' is more than just a slang. A recent report by investment firm Jefferies highlights the economic significance of weddings in India. The $130 billion industry ranks second only to food and grocery and is a major driver of consumption across sectors. The Indian wedding market is twice the size of the US market. It's estimated that the average expenditure on a wedding is around $15,000. Interestingly, Indian couples spend approximately twice as much on weddings compared to education. The current average expenditure per wedding is around $14,500, which is around five times India's per capita GDP of $2,900 and more than three times the average annual household income. The report added that India's wedding spending-to-GDP ratio is significantly higher than that of other countries. The report notes that a typical Indian wedding involves five to six functions, hotel accommodations, catering, décor & entertainment. This is more expensive for the rich, who spend more lavishly. The report excludes expenses on jewellery, wedding attire and airfares. The report further notes that given the sheer size of the industry and its impact, weddings are a key growth driver in India for several categories, ranging from jewellery, apparel, catering, stay & travel, among other sectors. This is reflected in the jewellery industry, where more than 10 per cent of revenues are from bridal jewellery. It also accounts for the largest proportion of the spend, accounting for 25 per cent of the total wedding expenses, followed by catering and events. Small-scale businesses and individual service providers benefit from this wedding splurge. This is because the industry is highly diversified, with regional players in a better position to address consumer needs. The report also highlights challenges in India's wedding sector, notably being 'unorganised' and 'highly-fragmented.' Prime Minister Narendra Modi gave the call 'Wed in India' last year, urging people to explore destinations within the country rather than foreign locations.

'The Big Fat Indian 'Paychecks': Wedding industry drives consumption & economic boom

Shares of Nvidia jumped 5 per cent on Tuesday after a 3-day slump that wiped off $430 billion from its market valuation. The tumble saw them lose around 13 per cent since the July 18 high. The drop followed a rally that accelerated after a 10-for-1 stock split. The drop also prompted speculations&nbsp;about a potential 'bubble' that could burst sooner or later.

Nvidia's shares, which last week momentarily overtook Apple as the most valuable business in the world, are up 152 per cent this year and made up about 30 per cent of the S&amp;P 500's year-to-date return. This year, the index is up 14.6 per cent.

Though the recent decline in the share price of the company seems to have made traders more cautious, there was clear bullishness surrounding Nvidia in the options market.

Surging demand for AI technology has significantly benefited Nvidia. The company holds an almost 80 per cent share of the AI chip market, particularly in data centres. Their H100 accelerators facilitate complex AI computations, resulting in a revenue increase exceeding 125 per cent year-over-year. This trend continued last quarter, with Nvidia's data centre business experiencing a 427 per cent growth, generating $22.6 billion.

Analysts like Daniel Ives of Wedbush Securities estimate that Nvidia, Apple, and Microsoft are in a fierce competition to be the first companies in the technology sector to reach a $4 trillion market cap. With AI skills, each is delving deeply into its competitive advantages in an effort to win over investors.&nbsp;

Shares of Nvidia jumped 5 per cent on Tuesday after a 3-day slump that wiped off $430 billion from its market valuation. The tumble saw them lose around 13 per cent since the July 18 high.

Shares of Nvidia jumped 5 per cent on Tuesday after a 3-day slump that wiped off $430 billion from its market valuation. The tumble saw them lose around 13 per cent since the July 18 high. The drop followed a rally that accelerated after a 10-for-1 stock split. The drop also prompted speculations about a potential 'bubble' that could burst sooner or later. Nvidia's shares, which last week momentarily overtook Apple as the most valuable business in the world, are up 152 per cent this year and made up about 30 per cent of the S&P 500's year-to-date return. This year, the index is up 14.6 per cent. Though the recent decline in the share price of the company seems to have made traders more cautious, there was clear bullishness surrounding Nvidia in the options market. Surging demand for AI technology has significantly benefited Nvidia. The company holds an almost 80 per cent share of the AI chip market, particularly in data centres. Their H100 accelerators facilitate complex AI computations, resulting in a revenue increase exceeding 125 per cent year-over-year. This trend continued last quarter, with Nvidia's data centre business experiencing a 427 per cent growth, generating $22.6 billion. Analysts like Daniel Ives of Wedbush Securities estimate that Nvidia, Apple, and Microsoft are in a fierce competition to be the first companies in the technology sector to reach a $4 trillion market cap. With AI skills, each is delving deeply into its competitive advantages in an effort to win over investors.

Nvidia shares rebound after $430 billion market slump

United Nations Secretary-General Antonio Guterres lashed out at businesses for ‘profiting from hate.’ Guterres demanded that big consumer technology firms take responsibility and acknowledge the damage inflicted on people and communities.

Speaking at a news conference to launch a set of UN global principles for information integrity, Guterres called this a starting point to combat misinformation, disinformation and hate speech.

While not taking aim at specific companies, he said, ‘Some stakeholders carry an outsized responsibility. For them, I have a clear message: We demand action. First, to the big tech companies, take responsibility. Acknowledge the damage your products are inflicting on people and communities, and you have the power to mitigate harm to people and societies around the world. You have the power to change business models that profit from disinformation and hate. Second, to advertisers and the PR industry: Stop monetizing harmful content. Strengthen information integrity, protect your brand, boost your bottom line. The climate crisis is a cause of particular concern. Coordinated disinformation campaigns are seeking to undermine climate action. Creatives - don’t use your talents to greenwash. PR agencies – look for clients who aren’t misleading people and destroying our planet.’

Guterres also urged media outlets to enforce strict editorial standards while saying governments should commit to a free, viable, independent, and plural media landscape.

He said, ‘Find advertisers who are part of the solution, not the problem. And finally, I say to governments: Commit to creating and maintaining a free, viable, independent, and plural media landscape. Guarantee strong protections for journalists. Ensure regulations uphold human rights. Refrain from drastic measures, including blanket internet shutdowns. Respect the right to freedom of opinion and expression. Let me be very clear: Everyone should be able to express themselves freely without fear of attack.’

United Nations Secretary-General Antonio Guterres lashed out at businesses for ‘profiting from hate.’ Guterres demanded that big consumer technology firms take responsibility and acknowledge the damage inflicted on people and communities.

United Nations Secretary-General Antonio Guterres lashed out at businesses for ‘profiting from hate.’ Guterres demanded that big consumer technology firms take responsibility and acknowledge the damage inflicted on people and communities. Speaking at a news conference to launch a set of UN global principles for information integrity, Guterres called this a starting point to combat misinformation, disinformation and hate speech. While not taking aim at specific companies, he said, ‘Some stakeholders carry an outsized responsibility. For them, I have a clear message: We demand action. First, to the big tech companies, take responsibility. Acknowledge the damage your products are inflicting on people and communities, and you have the power to mitigate harm to people and societies around the world. You have the power to change business models that profit from disinformation and hate. Second, to advertisers and the PR industry: Stop monetizing harmful content. Strengthen information integrity, protect your brand, boost your bottom line. The climate crisis is a cause of particular concern. Coordinated disinformation campaigns are seeking to undermine climate action. Creatives - don’t use your talents to greenwash. PR agencies – look for clients who aren’t misleading people and destroying our planet.’ Guterres also urged media outlets to enforce strict editorial standards while saying governments should commit to a free, viable, independent, and plural media landscape. He said, ‘Find advertisers who are part of the solution, not the problem. And finally, I say to governments: Commit to creating and maintaining a free, viable, independent, and plural media landscape. Guarantee strong protections for journalists. Ensure regulations uphold human rights. Refrain from drastic measures, including blanket internet shutdowns. Respect the right to freedom of opinion and expression. Let me be very clear: Everyone should be able to express themselves freely without fear of attack.’

UN chief demands big tech accountability to fight hate speech

Owners of the famous Trianon building in Frankfurt have filed for insolvency. This comes as the biggest economy in Europe reels with a severe property crisis.

Germany’s property sector contributes a fifth of the country's total output but has faced the test of high borrowing costs and dried real estate financing since mid-2022. Major developers have gone bankrupt in recent times, echoing the need for government intervention.

In 2023, around 294,400 apartments were built, far below the government’s target. The authorities approved 260,00 constructions, the lowest since 2012. In the first quarter of 2024, prices declined 5.7 per cent year-on-year. This marks the sixth consecutive quarter of decline in both cities &amp; rural regions. The housing construction backlog, apartments that have been approved but not yet built, has fallen for the first time since 2008.

Investors looking to diversify?

Investors are now sceptical about betting on major economies like Europe, China, and the US. This is because the demand for housing remains subdued due to rising costs. Especially for Europe, the abrupt end to cheap energy from Russia has hit German property demand. Europe is currently locked in a trade battle with China to ‘protect’ its domestic market from the influx of Chinese goods. However, the domestic market, especially in Germany, has been vocal about the potential harm lurking if such a tariff battle moves ahead. One of the reasons for this resistance is possibly a fragile situation at home. If consumption drives the economy, then your markets are pre-determined, and China is the largest consumer and producer in the world. Not only that, but it is also the biggest raw material market for EVs and other essential minerals. Isolation from China can further dent Europe’s growth prospects.

As for their reeling housing market, one can try China’s stimulus measures, though that also doesn’t seem enough, according to some analysts. China’s recent home prices &amp; sales continue to decline, showing no respite despite the government's intervention. Still, lowering borrowing costs can be a start. European Central Bank recently took a diversion from the US Fed's 'wait-and-watch' approach by lowering interest rates for the first time since 2019. Another possible solution is around immigration. While immigration is a hot topic in the UK before elections on 4th July, Other countries are equally feeling the pump. Controlling the illegal immigrants is paramount for controlling supply and, thus, controlling demand.&nbsp;

Owners of the famous Trianon building in Frankfurt have filed for insolvency. This comes as the biggest economy in Europe reels with a severe property crisis. Germany’s property sector contributes a fifth of the country's total output but has faced the test of high borrowing costs and dried real estate financing since mid-2022.

Owners of the famous Trianon building in Frankfurt have filed for insolvency. This comes as the biggest economy in Europe reels with a severe property crisis. Germany’s property sector contributes a fifth of the country's total output but has faced the test of high borrowing costs and dried real estate financing since mid-2022. Major developers have gone bankrupt in recent times, echoing the need for government intervention. In 2023, around 294,400 apartments were built, far below the government’s target. The authorities approved 260,00 constructions, the lowest since 2012. In the first quarter of 2024, prices declined 5.7 per cent year-on-year. This marks the sixth consecutive quarter of decline in both cities & rural regions. The housing construction backlog, apartments that have been approved but not yet built, has fallen for the first time since 2008. Investors looking to diversify? Investors are now sceptical about betting on major economies like Europe, China, and the US. This is because the demand for housing remains subdued due to rising costs. Especially for Europe, the abrupt end to cheap energy from Russia has hit German property demand. Europe is currently locked in a trade battle with China to ‘protect’ its domestic market from the influx of Chinese goods. However, the domestic market, especially in Germany, has been vocal about the potential harm lurking if such a tariff battle moves ahead. One of the reasons for this resistance is possibly a fragile situation at home. If consumption drives the economy, then your markets are pre-determined, and China is the largest consumer and producer in the world. Not only that, but it is also the biggest raw material market for EVs and other essential minerals. Isolation from China can further dent Europe’s growth prospects. As for their reeling housing market, one can try China’s stimulus measures, though that also doesn’t seem enough, according to some analysts. China’s recent home prices & sales continue to decline, showing no respite despite the government's intervention. Still, lowering borrowing costs can be a start. European Central Bank recently took a diversion from the US Fed's 'wait-and-watch' approach by lowering interest rates for the first time since 2019. Another possible solution is around immigration. While immigration is a hot topic in the UK before elections on 4th July, Other countries are equally feeling the pump. Controlling the illegal immigrants is paramount for controlling supply and, thus, controlling demand.

Germany’s property crisis worsens: Frankfurt skyscraper owner files for insolvency

United States' scrutiny of China continues to intensify. According to Reuters, the US is investigating China Mobile, China Telecom, and China Unicom for potential espionage.&nbsp;

Reuters suggests that this probe is happening on the sidelines without official confirmation. The US has recently strengthened oversight of China, with multiple tariffs imposed on specific Chinese goods. While AI has been at the forefront of US scrutiny of China, similar tariffs are underway. The companies are accused of exploiting access to American data and sharing it with Beijing.&nbsp;

The three companies have long been in the US crosshairs. Regulatory authorities denied China Mobile's application to provide telephone service in 2019, and similarly, for the other two companies in 2021 &amp; 2022, respectively. The companies were later barred from providing broadband service. According to the regulators, 'serious national security and law enforcement risks' are involved. Investigators are also probing the companies' cloud offerings.

The government agencies cited nine instances where China Telecom misrouted China Telecom misrouted internet traffic through China. This leaves the US vulnerable to risks of being intercepted &amp; manipulated. China Telecom has denied the government's allegations, stating that routing problems are not intentional.

The Chinese embassy in Washington has voiced concerns over the US' growing scrutiny. <a href="https://www.wionews.com/business-economy/chinese-premier-counters-overcapacity-claims-says-we-enrich-global-supply-734889">Chinese Premier Li Qiang</a> hit back at the US and the European Union on claims that Chinese firms benefit from unfair subsidies and 'flood' global markets with cheap goods. These comments came during his address at a World Economic Forum meeting in Dalian.

'China's production of advanced electric vehicles, lithium-ion batteries and photovoltaic products, first met out domestic demand, but also enrich global supply', he said in his opening remarks. 'The rapid rise of China's new industries is rooted in our own unique comparative advantages', he added.

United States' scrutiny of China continues to intensify. According to Reuters, the US is investigating China Mobile, China Telecom, and China Unicom for potential espionage.

United States' scrutiny of China continues to intensify. According to Reuters, the US is investigating China Mobile, China Telecom, and China Unicom for potential espionage. Reuters suggests that this probe is happening on the sidelines without official confirmation. The US has recently strengthened oversight of China, with multiple tariffs imposed on specific Chinese goods. While AI has been at the forefront of US scrutiny of China, similar tariffs are underway. The companies are accused of exploiting access to American data and sharing it with Beijing. The three companies have long been in the US crosshairs. Regulatory authorities denied China Mobile's application to provide telephone service in 2019, and similarly, for the other two companies in 2021 & 2022, respectively. The companies were later barred from providing broadband service. According to the regulators, 'serious national security and law enforcement risks' are involved. Investigators are also probing the companies' cloud offerings. The government agencies cited nine instances where China Telecom misrouted China Telecom misrouted internet traffic through China. This leaves the US vulnerable to risks of being intercepted & manipulated. China Telecom has denied the government's allegations, stating that routing problems are not intentional. The Chinese embassy in Washington has voiced concerns over the US' growing scrutiny. Chinese Premier Li Qiang hit back at the US and the European Union on claims that Chinese firms benefit from unfair subsidies and 'flood' global markets with cheap goods. These comments came during his address at a World Economic Forum meeting in Dalian. 'China's production of advanced electric vehicles, lithium-ion batteries and photovoltaic products, first met out domestic demand, but also enrich global supply', he said in his opening remarks. 'The rapid rise of China's new industries is rooted in our own unique comparative advantages', he added.

US probes China's telecom 'espionage': 3 companies under scrutiny

India's benchmark indices closed at new all-time highs, with the Sensex and Nifty closing early 1 per cent higher.&nbsp;

The blue-chip Sensex index rose over 700 points to end over 78,000 points for the first time ever.&nbsp;

The index started the day in the green before jumping to an intra-day life high of about 78165.&nbsp;

The broader Nifty index closed at a new record high of 23,721.&nbsp;

The Nifty, too, started the day with gains and rose to an all-time high of around 23,754.&nbsp;

With the life highs hit on Tuesday, the nifty index has marked some kind of a record in 11 of the 12 sessions since June 7. Monday was the only exception in the record-high runs for the index.&nbsp;

The index now eyes the 24,000 mark, with analysts calling for that level to be reached this week itself. The bull run in Indian stocks is being driven by expectations of pro-growth policies in the budget.&nbsp;

India's benchmark indices closed at new all-time highs, with the Sensex and Nifty closing early 1 per cent higher. The blue-chip Sensex index rose over 700 points to end over 78,000 points for the first time ever.

India's benchmark indices closed at new all-time highs, with the Sensex and Nifty closing early 1 per cent higher. The blue-chip Sensex index rose over 700 points to end over 78,000 points for the first time ever. The index started the day in the green before jumping to an intra-day life high of about 78165. The broader Nifty index closed at a new record high of 23,721. The Nifty, too, started the day with gains and rose to an all-time high of around 23,754. With the life highs hit on Tuesday, the nifty index has marked some kind of a record in 11 of the 12 sessions since June 7. Monday was the only exception in the record-high runs for the index. The index now eyes the 24,000 mark, with analysts calling for that level to be reached this week itself. The bull run in Indian stocks is being driven by expectations of pro-growth policies in the budget.

India’s Sensex breaches 78,000 for the first time ever

Argentina has officially entered a technical recession in the first quarter of the year.

Official data released on Monday points out the economic challenges faced during President Javier Milei's administration.

The country's gross domestic product (GDP) shrank by 2.6 per cent in the first quarter compared to the final quarter of 2023. This marks the second consecutive quarter of contraction, meeting the usual definition of a recession.

President Milei, who assumed office in December after a surprising election victory, has put in place strict austerity measures to bring back fiscal stability.

His campaign was notable for its striking imagery, such as the use of a chainsaw to symbolise his dedication to reducing government spending and achieving a balanced budget.

The most recent data from the INDEC statistics agency has shown a significant increase in the unemployment rate, which has risen to 7.7 per cent in the first quarter from 5.7 per cent at the end of last year.

This means that around 300,000 more people are unemployed compared to the previous quarter.

Additionally, there has been a sharp increase in inflation and a recession, which have greatly affected consumers and led to decreased sales in important sectors such as beef.

Moreover, budget cuts have caused a halt in state infrastructure projects by Milei, resulting in significant job losses in the construction industry.

As an economist and former pundit, Milei has argued that strict fiscal measures are essential for stabilising Argentina's finances after years of deficits and frequent sovereign debt defaults. He believes these measures will eventually rebuild the country's reputation with global investors.

Despite the immediate economic pain, Milei's focus on achieving a fiscal surplus has had a positive effect on the financial markets, with bonds and equities rallying significantly.

The broader economy has suffered, with rising poverty and homelessness becoming more prevalent. Milei remains confident that the tough fiscal approach will eventually lead to economic recovery.

The data for the first quarter showed a year-over-year economic decline of 5.1 per cent, which was slightly better than analysts' expectations of a 5.25 per cent contraction.

Private consumption decreased by 6.7 per cent yearly, while public consumption also dropped by 5 per cent during the same period.

Imports experienced a significant decline of 20.1 per cent, whereas exports showed a notable increase of 26.1 per cent.

(With inputs from Reuters)

Argentina has officially entered a technical recession in the first quarter of the year. Official data released on Monday points out the economic challenges faced during President Javier Milei's administration.

Argentina has officially entered a technical recession in the first quarter of the year. Official data released on Monday points out the economic challenges faced during President Javier Milei's administration. The country's gross domestic product (GDP) shrank by 2.6 per cent in the first quarter compared to the final quarter of 2023. This marks the second consecutive quarter of contraction, meeting the usual definition of a recession. President Milei, who assumed office in December after a surprising election victory, has put in place strict austerity measures to bring back fiscal stability. His campaign was notable for its striking imagery, such as the use of a chainsaw to symbolise his dedication to reducing government spending and achieving a balanced budget. The most recent data from the INDEC statistics agency has shown a significant increase in the unemployment rate, which has risen to 7.7 per cent in the first quarter from 5.7 per cent at the end of last year. This means that around 300,000 more people are unemployed compared to the previous quarter. Additionally, there has been a sharp increase in inflation and a recession, which have greatly affected consumers and led to decreased sales in important sectors such as beef. Moreover, budget cuts have caused a halt in state infrastructure projects by Milei, resulting in significant job losses in the construction industry. As an economist and former pundit, Milei has argued that strict fiscal measures are essential for stabilising Argentina's finances after years of deficits and frequent sovereign debt defaults. He believes these measures will eventually rebuild the country's reputation with global investors. Despite the immediate economic pain, Milei's focus on achieving a fiscal surplus has had a positive effect on the financial markets, with bonds and equities rallying significantly. The broader economy has suffered, with rising poverty and homelessness becoming more prevalent. Milei remains confident that the tough fiscal approach will eventually lead to economic recovery. The data for the first quarter showed a year-over-year economic decline of 5.1 per cent, which was slightly better than analysts' expectations of a 5.25 per cent contraction. Private consumption decreased by 6.7 per cent yearly, while public consumption also dropped by 5 per cent during the same period. Imports experienced a significant decline of 20.1 per cent, whereas exports showed a notable increase of 26.1 per cent. (With inputs from Reuters)

Argentina enters technical recession amid austerity measures

Chinese retailers are bracing for a tough near-term future following a dull performance during the mid-year online shopping festival, which has cast a shadow over the recovery projections of China’s economy.

For the first time, e-commerce sales declined during the 618 festival, reflecting growing pressures on retailers amid a fierce price war.

The 618 festival, named after the founding date of e-commerce giant JD.com, has evolved into China’s second-largest annual sales event, only surpassed by Singles Day in November.

Both events have highlighted the strong growth of Chinese consumerism, providing a boost in sales for platforms and brands.

However, this year’s 618 festival showed the challenges of getting consumers to spend, as Alicia Garcia-Herrero, Asia Pacific chief economist at Natixis, stated, "If they're not spending during this (618 sale), when on earth are they going to consume?".

The pandemic has led to year-round discounts from retailers aiming to attract cautious consumers, which has diluted the impact of major shopping festivals. Last year, Singles Day sales grew by just 2 per cent.

Although discounting has slowed the migration of consumers from platforms like JD.com and Alibaba's Tmall and Taobao to low-cost competitors such as Pinduoduo, it has not boosted consumer spending.

Alibaba's domestic e-commerce revenue grew by only 4 per cent in recent quarterly results, while its shares are down about 5 per cent this year, and JD.com shares have fallen over 3 per cent.

The greater concern is the constantly weak consumer sentiment since 2022. 
A Bank of America survey in June indicated further weakening, with only 45 per cent of respondents planning to increase spending in the next six months, down from 55 per cent in April.

Moreover, only 31 per cent expect an income increase over the same period, a 10-point drop from April.

Josh Gardner, CEO of Kung Fu Data, which manages online stores for numerous global brands, explained that Chinese e-commerce is often called "Everest commerce" due to its sales peaks during events like 618 and Singles Day. 
He noted that these peaks might become less pronounced as consumers gravitate towards everyday discounts, such as those available through livestream shopping on platforms like Douyin. Gardner observed, "What we're seeing this year is a shift away from full-price retail altogether. It's more rational consumption and caution and looking for value".

Chinese consumers' reluctance to spend, driven by concerns over personal wealth amid a real estate slump, slow wage growth, and high youth unemployment, threatens China's economic growth target of "around 5 per cent" this year. 
Festivals like 618, instead of boosting consumption, might hinder recovery by encouraging frugality. Kang Li, a 45-year-old sales worker in Changsha, exemplifies this trend. She focused her 618 purchases on essentials and planned not to buy more until Singles Day.

Jason Yu, Greater China Managing Director at Kantar Worldpanel, warned that retailers face a challenging period ahead as consumers stockpiled essentials during 618, leading to what he termed an "overdraft of future consumption potential." He forecasts that July will be particularly tough for retailers. 
Garcia-Herrero of Natixis forecast that retail sales in the second half of the year would grow only in low single digits, reducing consumption’s contribution to China’s GDP. "This is terrible news for rebalancing the global economy because China will continue to have to export its way out of trouble," she said.

(With inputs from Reuters)

Chinese retailers are bracing for a tough near-term future following a dull performance during the mid-year online shopping festival, which has cast a shadow over the recovery projections of China’s economy.

Chinese retailers are bracing for a tough near-term future following a dull performance during the mid-year online shopping festival, which has cast a shadow over the recovery projections of China’s economy. For the first time, e-commerce sales declined during the 618 festival, reflecting growing pressures on retailers amid a fierce price war. The 618 festival, named after the founding date of e-commerce giant JD.com, has evolved into China’s second-largest annual sales event, only surpassed by Singles Day in November. Both events have highlighted the strong growth of Chinese consumerism, providing a boost in sales for platforms and brands. However, this year’s 618 festival showed the challenges of getting consumers to spend, as Alicia Garcia-Herrero, Asia Pacific chief economist at Natixis, stated, "If they're not spending during this (618 sale), when on earth are they going to consume?". The pandemic has led to year-round discounts from retailers aiming to attract cautious consumers, which has diluted the impact of major shopping festivals. Last year, Singles Day sales grew by just 2 per cent. Although discounting has slowed the migration of consumers from platforms like JD.com and Alibaba's Tmall and Taobao to low-cost competitors such as Pinduoduo, it has not boosted consumer spending. Alibaba's domestic e-commerce revenue grew by only 4 per cent in recent quarterly results, while its shares are down about 5 per cent this year, and JD.com shares have fallen over 3 per cent. The greater concern is the constantly weak consumer sentiment since 2022. A Bank of America survey in June indicated further weakening, with only 45 per cent of respondents planning to increase spending in the next six months, down from 55 per cent in April. Moreover, only 31 per cent expect an income increase over the same period, a 10-point drop from April. Josh Gardner, CEO of Kung Fu Data, which manages online stores for numerous global brands, explained that Chinese e-commerce is often called "Everest commerce" due to its sales peaks during events like 618 and Singles Day. He noted that these peaks might become less pronounced as consumers gravitate towards everyday discounts, such as those available through livestream shopping on platforms like Douyin. Gardner observed, "What we're seeing this year is a shift away from full-price retail altogether. It's more rational consumption and caution and looking for value". Chinese consumers' reluctance to spend, driven by concerns over personal wealth amid a real estate slump, slow wage growth, and high youth unemployment, threatens China's economic growth target of "around 5 per cent" this year. Festivals like 618, instead of boosting consumption, might hinder recovery by encouraging frugality. Kang Li, a 45-year-old sales worker in Changsha, exemplifies this trend. She focused her 618 purchases on essentials and planned not to buy more until Singles Day. Jason Yu, Greater China Managing Director at Kantar Worldpanel, warned that retailers face a challenging period ahead as consumers stockpiled essentials during 618, leading to what he termed an "overdraft of future consumption potential." He forecasts that July will be particularly tough for retailers. Garcia-Herrero of Natixis forecast that retail sales in the second half of the year would grow only in low single digits, reducing consumption’s contribution to China’s GDP. "This is terrible news for rebalancing the global economy because China will continue to have to export its way out of trouble," she said. (With inputs from Reuters)

China’s retailers face grim outlook post disappointing 618 shopping festival

The price Japanese companies charge each other for services increased 2.5 per cent in May compared to last year, indicating that businesses are passing on rising labour costs to their clients. This is according to Reuters.

This rise, however, is slower than the 2.7 per cent gain observed in April. 
The Bank of Japan (BOJ) data also showed that an index measuring service prices with high labour content remained unchanged at 2.5 per cent year-on-year.

According to a report by Associate Press, even though this growth in business service prices, Japan's economy contracted at an annualised rate of 1.8 per cent in the first quarter of 2023. This is a slight improvement from the initial estimate of a 2.0 per cent decline. The revision can be attributed to an upward adjustment in private sector investments, which went from -0.5 per cent to -0.4 per cent, according to data provided by the Cabinet Office.

Japan's GDP, a measure of the nation's economic output, remained negative due to a decrease in exports and consumption compared to the previous quarter. The economy also witnessed a 0.5 per cent decline on a quarter-to-quarter basis in the January-March period.

Slow wage growth and rising import prices due to the weakening yen against the US dollar have been hurdles for the Japanese economy. The dollar has recently been trading at nearly 157 yen, compared to 140 yen a year ago.

While the weak yen has boosted tourism, it has also made imports more expensive, impacting a nation that relies heavily on energy imports. Stagnant consumer spending, which makes up half of Japan's economic activity, has further burdened the economy.

Another factor weighing on the economy is the ongoing scandal involving deceptive vehicle testing by major automakers, including Toyota, which has damaged Japan's reputation for quality. The scandal has led to production halts on some models.

Government officials have raided the headquarters of several automakers, including Honda and Mazda, investigating their testing practices. Toyota's chairman recently apologised for the widespread fraudulent testing, which involved the use of incorrect data and improper testing procedures. While the safety of the vehicles was not compromised, the companies aimed to expedite the testing process.

Investors are closely following the upcoming meeting of the Bank of Japan's monetary policy board. The central bank raised interest rates earlier this year for the first time since 2007, but only marginally, to a range of 0 per cent to 0.1 per cent. S&amp;P Global Market Intelligence highlighted concerns about the weak yen and rising input costs faced by Japanese manufacturers.

Japan's unemployment rate remains low at around 2.6 per cent, one of the lowest among major economies. However, the country faces a serious labour shortage due to its declining birth rate, which hit a record low last year, along with a decrease in marriages.

Analysts warn that these demographic trends could pose a long-term threat, potentially weakening Japan's global influence and even impacting its security in the future, given the country's already low per capita output.

The International Monetary Fund (IMF) predicts that Japan's GDP will fall to the fifth-largest globally by next year, surpassed by India.

(With inputs from Reuters and Associate Press)

The price Japanese companies charge each other for services increased 2.5 per cent in May compared to last year, indicating that businesses are passing on rising labour costs to their clients.

The price Japanese companies charge each other for services increased 2.5 per cent in May compared to last year, indicating that businesses are passing on rising labour costs to their clients. This is according to Reuters. This rise, however, is slower than the 2.7 per cent gain observed in April. The Bank of Japan (BOJ) data also showed that an index measuring service prices with high labour content remained unchanged at 2.5 per cent year-on-year. According to a report by Associate Press, even though this growth in business service prices, Japan's economy contracted at an annualised rate of 1.8 per cent in the first quarter of 2023. This is a slight improvement from the initial estimate of a 2.0 per cent decline. The revision can be attributed to an upward adjustment in private sector investments, which went from -0.5 per cent to -0.4 per cent, according to data provided by the Cabinet Office. Japan's GDP, a measure of the nation's economic output, remained negative due to a decrease in exports and consumption compared to the previous quarter. The economy also witnessed a 0.5 per cent decline on a quarter-to-quarter basis in the January-March period. Slow wage growth and rising import prices due to the weakening yen against the US dollar have been hurdles for the Japanese economy. The dollar has recently been trading at nearly 157 yen, compared to 140 yen a year ago. While the weak yen has boosted tourism, it has also made imports more expensive, impacting a nation that relies heavily on energy imports. Stagnant consumer spending, which makes up half of Japan's economic activity, has further burdened the economy. Another factor weighing on the economy is the ongoing scandal involving deceptive vehicle testing by major automakers, including Toyota, which has damaged Japan's reputation for quality. The scandal has led to production halts on some models. Government officials have raided the headquarters of several automakers, including Honda and Mazda, investigating their testing practices. Toyota's chairman recently apologised for the widespread fraudulent testing, which involved the use of incorrect data and improper testing procedures. While the safety of the vehicles was not compromised, the companies aimed to expedite the testing process. Investors are closely following the upcoming meeting of the Bank of Japan's monetary policy board. The central bank raised interest rates earlier this year for the first time since 2007, but only marginally, to a range of 0 per cent to 0.1 per cent. S&P Global Market Intelligence highlighted concerns about the weak yen and rising input costs faced by Japanese manufacturers. Japan's unemployment rate remains low at around 2.6 per cent, one of the lowest among major economies. However, the country faces a serious labour shortage due to its declining birth rate, which hit a record low last year, along with a decrease in marriages. Analysts warn that these demographic trends could pose a long-term threat, potentially weakening Japan's global influence and even impacting its security in the future, given the country's already low per capita output. The International Monetary Fund (IMF) predicts that Japan's GDP will fall to the fifth-largest globally by next year, surpassed by India. (With inputs from Reuters and Associate Press)

Japan's business service prices rise as companies pass on labour costs

Chinese Premier Li Qiang hits back at the US and the European Union on claims that Chinese firms benefit from unfair subsidies and 'flood' global markets with cheap goods. His comments came during his address at a World Economic Forum meeting in Dalian.

'China's production of advanced electric vehicles, lithium-ion batteries and photovoltaic products, first met out domestic demand, but also enrich global supply', he said in his opening remarks. 'The rapid rise of China's new industries is rooted in our own unique comparative advantages', he added.

China and the European Union are preparing to host talks on the planned EV tariffs on Chinese EVs. China is already facing tariff hikes from the US, with Canada also contemplating similar tariffs. China is facing a slowdown in domestic demand, making it paramount for the second-largest economy to expand its exports. This has triggered trade impositions by major economies, with the US &amp; the EU at the forefront.

China is currently using various tactics to avert EU tariffs. The country is already contemplating a probe into EU pork imports. China is also talking to other stakeholders, including German car manufacturers, to persuade the EU to reverse its decision. 'The continuous emergence of economies of scale can effectively dilute enterprises' innovation costs, which is the real source of the strong competitiveness of China's new industries', Li said.

China denies overcapacity problems, stating that demand will soon equal supply as the economy recovers. The country is also maintaining its growth target of 5 per cent for 2024. Still, recovery seems subdued due to domestic slump and trade tensions with major markets.

Chinese Premier Li Qiang hits back at the US and the European Union on claims that Chinese firms benefit from unfair subsidies and 'flood' global markets with cheap goods.

Chinese Premier Li Qiang hits back at the US and the European Union on claims that Chinese firms benefit from unfair subsidies and 'flood' global markets with cheap goods. His comments came during his address at a World Economic Forum meeting in Dalian. 'China's production of advanced electric vehicles, lithium-ion batteries and photovoltaic products, first met out domestic demand, but also enrich global supply', he said in his opening remarks. 'The rapid rise of China's new industries is rooted in our own unique comparative advantages', he added. China and the European Union are preparing to host talks on the planned EV tariffs on Chinese EVs. China is already facing tariff hikes from the US, with Canada also contemplating similar tariffs. China is facing a slowdown in domestic demand, making it paramount for the second-largest economy to expand its exports. This has triggered trade impositions by major economies, with the US & the EU at the forefront. China is currently using various tactics to avert EU tariffs. The country is already contemplating a probe into EU pork imports. China is also talking to other stakeholders, including German car manufacturers, to persuade the EU to reverse its decision. 'The continuous emergence of economies of scale can effectively dilute enterprises' innovation costs, which is the real source of the strong competitiveness of China's new industries', Li said. China denies overcapacity problems, stating that demand will soon equal supply as the economy recovers. The country is also maintaining its growth target of 5 per cent for 2024. Still, recovery seems subdued due to domestic slump and trade tensions with major markets.

Chinese Premier counters 'overcapacity' claims, says we 'enrich global supply'

Quant Mutual Fund, one of India's largest asset managers overseeing $11 billion, is facing a regulatory probe by the Securities and Exchange Board of India (SEBI). SEBI is probing alleged irregularities in Quant's Management and investment practices, with search and seizure operations conducted at locations in Mumbai and Hyderabad, according to a Moneycontrol Report.

Quant Mutual Fund has reacted to the probe. The company stated, 'We will provide all necessary support and continue to furnish data to SEBI on a regular and as-needed basis.' The fund house has grown exponentially in the recent year, from managing Rs 100 crore in 2019 to over Rs 93,000 crore currently. The fund has been a key beneficiary of the surging inflows into the stock market from local individual investors.

At the core of SEBI's investigation is the practice of 'front-running.' Front-running is the illegal practice of trading stock or any other financial asset by a broker with inside knowledge of a future transaction that could affect prices. In this, a fund manager executes orders from their own account before executing orders from their clients.

This is detrimental to ordinary investors, who are exploited for profits. Investors end up paying more for securities due to artificial price movements.

SEBI has taken similar actions in 2022 on Axis Mutual Fund for front-running. This resulted in 21 entities being barred from capital markets.

Quant Mutual Fund faces severe penalties and possible suspension if the claims hold ground. The probe is set to weigh on smaller stocks the fund holds, such as RBL Bank, Aasti Pharmalabs, and metal machinery maker Ador Welding.

Quant Mutual Fund, one of India's largest asset managers overseeing $11 billion, is facing a regulatory probe by the Securities and Exchange Board of India (SEBI).

Quant Mutual Fund, one of India's largest asset managers overseeing $11 billion, is facing a regulatory probe by the Securities and Exchange Board of India (SEBI). SEBI is probing alleged irregularities in Quant's Management and investment practices, with search and seizure operations conducted at locations in Mumbai and Hyderabad, according to a Moneycontrol Report. Quant Mutual Fund has reacted to the probe. The company stated, 'We will provide all necessary support and continue to furnish data to SEBI on a regular and as-needed basis.' The fund house has grown exponentially in the recent year, from managing Rs 100 crore in 2019 to over Rs 93,000 crore currently. The fund has been a key beneficiary of the surging inflows into the stock market from local individual investors. At the core of SEBI's investigation is the practice of 'front-running.' Front-running is the illegal practice of trading stock or any other financial asset by a broker with inside knowledge of a future transaction that could affect prices. In this, a fund manager executes orders from their own account before executing orders from their clients. This is detrimental to ordinary investors, who are exploited for profits. Investors end up paying more for securities due to artificial price movements. SEBI has taken similar actions in 2022 on Axis Mutual Fund for front-running. This resulted in 21 entities being barred from capital markets. Quant Mutual Fund faces severe penalties and possible suspension if the claims hold ground. The probe is set to weigh on smaller stocks the fund holds, such as RBL Bank, Aasti Pharmalabs, and metal machinery maker Ador Welding.

India's Quant Mutual Fund faces regulatory enquiry

China and the European Union are locked in a trade battle over China's EV overcapacity. The European Commission plans to impose import duties on Chinese EVs, ranging from 17 per cent to 38 per cent, on top of its standard 10 per cent tariff for car imports.

As both countries agree on trade talks, let's see the possible outcomes in-store and the potential global implications.

What are provision measures?

Provisional duties can be imposed within nine months of starting the investigation. Definite duties, the deadline for which is November 3, is the time by which the EU has to conclude if the influx of Chinese EVs is hurting the EU's domestic industry.

Many European countries are reliant on China for EV imports. Germany's economy minister, Robert Habeck, has been vocal about conducting concrete negotiations with China. 'What I suggested to my Chinese partners today is that the doors are open for discussions &amp; I hope that this message was heard.' He said in Shanghai after meeting Chinese officials in Beijing.

The EU Commission is set to deliver its final verdict on July 4. China and EV producers have until July 18 to comment on the findings. The commission has reportedly visited more than 100 sites of EV automakers, both in China and Europe.

Definitive duties are expected to be lower than provisional rates. This is possible as some of the arguments are expected to hold ground. The commission must also consider Tesla's request for a separate duty rate.

EV prices are also expecting a jolt from this outcome. Due to China's competitive pricing, the discounted prices are expected to surge as exporters eye a minimum price to counter export curbs.

Who decides?

The European Commission has full powers to impose duties at the provisional stage, although it does consult EU members. This could potentially help China's cause since major EU members are against tariffs on China.

In case of definite duties, it can be blocked if a qualified EU majority, or 15 EU members, oppose the measures. This means the EU must address domestic industry concerns and keep them in sync with their plans. China is the world's largest car market, and many fear potential losses if tariffs are imposed. Many are concerned about China's retaliation. The pork industry is already reeling from the proposed tariffs on EU pork imports.

Concerned companies can challenge the decision at the European Court of Justice. China can also take the European Union to the World Trade Organisation. Either way, it will be a long process, and a compromised outcome is likely to happen.

China and the European Union are locked in a trade battle over China's EV overcapacity. The European Commission plans to impose import duties on Chinese EVs, ranging from 17 per cent to 38 per cent, on top of its standard 10 per cent tariff for car imports.

China and the European Union are locked in a trade battle over China's EV overcapacity. The European Commission plans to impose import duties on Chinese EVs, ranging from 17 per cent to 38 per cent, on top of its standard 10 per cent tariff for car imports. As both countries agree on trade talks, let's see the possible outcomes in-store and the potential global implications. What are provision measures? Provisional duties can be imposed within nine months of starting the investigation. Definite duties, the deadline for which is November 3, is the time by which the EU has to conclude if the influx of Chinese EVs is hurting the EU's domestic industry. Many European countries are reliant on China for EV imports. Germany's economy minister, Robert Habeck, has been vocal about conducting concrete negotiations with China. 'What I suggested to my Chinese partners today is that the doors are open for discussions & I hope that this message was heard.' He said in Shanghai after meeting Chinese officials in Beijing. The EU Commission is set to deliver its final verdict on July 4. China and EV producers have until July 18 to comment on the findings. The commission has reportedly visited more than 100 sites of EV automakers, both in China and Europe. Definitive duties are expected to be lower than provisional rates. This is possible as some of the arguments are expected to hold ground. The commission must also consider Tesla's request for a separate duty rate. EV prices are also expecting a jolt from this outcome. Due to China's competitive pricing, the discounted prices are expected to surge as exporters eye a minimum price to counter export curbs. Who decides? The European Commission has full powers to impose duties at the provisional stage, although it does consult EU members. This could potentially help China's cause since major EU members are against tariffs on China. In case of definite duties, it can be blocked if a qualified EU majority, or 15 EU members, oppose the measures. This means the EU must address domestic industry concerns and keep them in sync with their plans. China is the world's largest car market, and many fear potential losses if tariffs are imposed. Many are concerned about China's retaliation. The pork industry is already reeling from the proposed tariffs on EU pork imports. Concerned companies can challenge the decision at the European Court of Justice. China can also take the European Union to the World Trade Organisation. Either way, it will be a long process, and a compromised outcome is likely to happen.

Explainer: What happens next in the EU-China EV standoff

European Commission&nbsp;said Monday (June 24) that Apple's App Store rules violate the EU's landmark Digital Markets Act (DMA).

The Commission's preliminary findings indicate that Apple is restricting app developers from freely communicating with customers and directing them to alternative purchasing options outside the App Store.

The DMA, which came into effect in March 2024, is vying to limit the power of large tech platforms and ensure a level playing field for smaller businesses.

A key provision of the law prohibits so-called "gatekeepers" like Apple from preventing app developers from informing users about more cost-effective alternatives or subscription options beyond the app store.

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However, the Commission's investigation found that Apple's current policies do not fully allow such "steering" by developers.

"Our preliminary position is that Apple does not fully allow steering," said Margrethe Vestager, the EU's Executive Vice-President in charge of competition policy.

"Steering is key to ensure that app developers are less dependent on gatekeepers' app stores and for consumers to be aware of better offers."

The Commission also argued that the fees Apple charges developers for acquiring new customers through the App Store go "beyond what is strictly necessary" under the DMA.

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EU has also opened a separate investigation into Apple's new contractual requirements for third-party app developers and app stores, including a "Core Technology Fee" that developers must pay.

<h2>Apple could face fines</h2>

Apple now has the opportunity to respond to the Commission's preliminary conclusions. If the EU's concerns are ultimately confirmed, Apple could face fines of up to 10 per cent of its global annual turnover for breaching the DMA.

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The tech giant has maintained that it has already made changes to comply with the new EU rules, stating that "more than 99 per cent of developers would pay the same or less in fees to Apple under the new business terms we created."

This latest development marks an escalation in the EU's efforts to rein in the power of Big Tech platforms.

With the Digital Markets Act now in force, regulators are demonstrating their willingness to take on even the largest and most influential companies to ensure a more competitive and consumer-friendly digital space.

(With inputs from agencies)

European Commission said Monday (June 24) that Apple's App Store rules violate the EU's landmark Digital Markets Act (DMA). The Commission's preliminary findings indicate that Apple is restricting app developers from freely communicating with customers and directing them to alternative purchasing options outside the App Store.

European Commission said Monday (June 24) that Apple's App Store rules violate the EU's landmark Digital Markets Act (DMA). The Commission's preliminary findings indicate that Apple is restricting app developers from freely communicating with customers and directing them to alternative purchasing options outside the App Store. The DMA, which came into effect in March 2024, is vying to limit the power of large tech platforms and ensure a level playing field for smaller businesses. A key provision of the law prohibits so-called "gatekeepers" like Apple from preventing app developers from informing users about more cost-effective alternatives or subscription options beyond the app store. Also Read | US prosecutors push for criminal charges against Boeing over 737 Max crash settlement breach – Reports However, the Commission's investigation found that Apple's current policies do not fully allow such "steering" by developers. "Our preliminary position is that Apple does not fully allow steering," said Margrethe Vestager, the EU's Executive Vice-President in charge of competition policy. "Steering is key to ensure that app developers are less dependent on gatekeepers' app stores and for consumers to be aware of better offers." The Commission also argued that the fees Apple charges developers for acquiring new customers through the App Store go "beyond what is strictly necessary" under the DMA. Also Read | At least 22 dead after major fire breaks out at South Korean battery plant EU has also opened a separate investigation into Apple's new contractual requirements for third-party app developers and app stores, including a "Core Technology Fee" that developers must pay. Apple could face fines Apple now has the opportunity to respond to the Commission's preliminary conclusions. If the EU's concerns are ultimately confirmed, Apple could face fines of up to 10 per cent of its global annual turnover for breaching the DMA. Watch | Israel-Hamas War: Israeli PM says intense phase of the war nearing end × The tech giant has maintained that it has already made changes to comply with the new EU rules, stating that "more than 99 per cent of developers would pay the same or less in fees to Apple under the new business terms we created." This latest development marks an escalation in the EU's efforts to rein in the power of Big Tech platforms. With the Digital Markets Act now in force, regulators are demonstrating their willingness to take on even the largest and most influential companies to ensure a more competitive and consumer-friendly digital space. (With inputs from agencies)

EU finds Apple's app store policies in breach of Digital Markets Act

The trade war between China and the European Union continues to build. In the latest update, China is looking&nbsp;to convince Germany's car manufacturers with potential&nbsp;benefits if they can persuade the EU to drop tariffs on Chinese EVs.

China currently imposes a 15 per cent fee on passenger vehicles from Germany. The tariff-hit country is considering floating the fees in exchange for scrapping planned EV levies on its imports.

China's Commerce Minister Wang Wentao hinted at the possibilities during a meeting with Germany's Vice Chancellor Robert Habeck on Saturday. Germany has been vocal about the potential threat to business if the EU goes ahead with these tariffs. Germany also faces a threat from China's proposed tariffs on EU pork imports.

German Chancellor Olaf Scholz had earlier underscored the government's wish for a favourable solution. China and the EU are currently under discussion regarding tariffs. China must address these disputes, as Canada joins the league of countries moving against its countries trade tactics.

This also reflects China's tactics to persuade the EU against these tariffs. While proposed duties on EU pork imports are underway, China is also trying the backdoor to squash trade tensions with the EU. China is already facing growing scrutiny from the US regarding 'overcapacity' concerns.

The trade war between China and the European Union continues to build. In the latest update, China is looking to convince Germany's car manufacturers with potential benefits if they can persuade the EU to drop tariffs on Chinese EVs.

The trade war between China and the European Union continues to build. In the latest update, China is looking to convince Germany's car manufacturers with potential benefits if they can persuade the EU to drop tariffs on Chinese EVs. China currently imposes a 15 per cent fee on passenger vehicles from Germany. The tariff-hit country is considering floating the fees in exchange for scrapping planned EV levies on its imports. China's Commerce Minister Wang Wentao hinted at the possibilities during a meeting with Germany's Vice Chancellor Robert Habeck on Saturday. Germany has been vocal about the potential threat to business if the EU goes ahead with these tariffs. Germany also faces a threat from China's proposed tariffs on EU pork imports. German Chancellor Olaf Scholz had earlier underscored the government's wish for a favourable solution. China and the EU are currently under discussion regarding tariffs. China must address these disputes, as Canada joins the league of countries moving against its countries trade tactics. This also reflects China's tactics to persuade the EU against these tariffs. While proposed duties on EU pork imports are underway, China is also trying the backdoor to squash trade tensions with the EU. China is already facing growing scrutiny from the US regarding 'overcapacity' concerns.

China woos German carmakers to avoid EV tariffs

Dutch investment firm Prosus has written off its 9.6 per cent stake in Byju's, recording a fair value loss of 493 million dollars.

Prosus had invested $500 million in Byju's, marking one of the largest ed-tech bets in India. Interestingly, Byju's was valued by the firm at about $5.1 billion in March 2023. Since then, the valuation has been marked down multiple times. Recently, financial firm HSBC also stated that its 10 per cent stake in the company is worth zero. Not only the company, but founder Byju's Raveendran's net worth has also crashed to zero.

Prosus had earlier cited performance issue as a major factor plaguing Byju's. The firm was reportedly 'tired' of fixing the company at every step.

Blackrock also recently wrote off its investment in Byju's, saying the once 'hot company' is worth nothing. Blackrock was also the first investor to publicly signal the company's troubles and had slashed its valuation of the startup to less than $1 billion.

Byju's has been suffering major financial stumbles in recent times. The problems compounded when the company failed to meet financial reporting deadlines and reported low revenues last year.

Byju's tried to raise $200 million this year at a drastically reduced valuation to breathe some life-line into the company, but that effort was also entangled in legal disputes with investors. The National Company Law Tribunal (NCLT) has prohibited Byju from proceeding with the $200 million rights issue.

Dutch investment firm Prosus has written off its 9.6 per cent stake in Byju's, recording a fair value loss of 493 million dollars. Prosus had invested $500 million in Byju's, marking one of the largest ed-tech bets in India.

Dutch investment firm Prosus has written off its 9.6 per cent stake in Byju's, recording a fair value loss of 493 million dollars. Prosus had invested $500 million in Byju's, marking one of the largest ed-tech bets in India. Interestingly, Byju's was valued by the firm at about $5.1 billion in March 2023. Since then, the valuation has been marked down multiple times. Recently, financial firm HSBC also stated that its 10 per cent stake in the company is worth zero. Not only the company, but founder Byju's Raveendran's net worth has also crashed to zero. Prosus had earlier cited performance issue as a major factor plaguing Byju's. The firm was reportedly 'tired' of fixing the company at every step. Blackrock also recently wrote off its investment in Byju's, saying the once 'hot company' is worth nothing. Blackrock was also the first investor to publicly signal the company's troubles and had slashed its valuation of the startup to less than $1 billion. Byju's has been suffering major financial stumbles in recent times. The problems compounded when the company failed to meet financial reporting deadlines and reported low revenues last year. Byju's tried to raise $200 million this year at a drastically reduced valuation to breathe some life-line into the company, but that effort was also entangled in legal disputes with investors. The National Company Law Tribunal (NCLT) has prohibited Byju from proceeding with the $200 million rights issue.

Is Byju’s ‘written off?’ Prosus writes off Byju’s stake, citing $493 million in losses

Indian stocks started the week in the red, but they reversed during the session to end with gains.

Global cues in Asian trading hours pointed to weakness for risky assets as investors focused on the yen after a Japanese official said they were ready to intervene 24/7 in the currency market to shore up the currency.

However, buying the dips pushed Indian benchmark indices to turn green in the second half of the session.

The blue-chip Sensex index started the day over 300 points lower but finished the session with over 130 points of gains to close at 77,341.08.

The pattern in the broader Nifty 50 index was similar. The index closed 0.16 per cent higher at 23,537.85, not far from its record high of 23,667.10.

New highs this week?

Looking at the trend over the last two weeks, barring Monday, Indian stocks have hit a record high in each session since June 7.

The Sensex is looking at a new milestone of 78,000, while the Nifty is eying the 24,000 mark.

The run-up in Indian stocks intensified after the near $400 billion loss on the election results day,

Since then, benchmark indices have risen over 7 per cent, and the voting count day losses were recovered within three sessions.

That marked the fastest pace of recovery of over 5 per cent loss in the last decade.

Budget questions remain

Bets on a pro-growth budget have boosted stocks, but questions on fiscal discipline and job creation policies have kept them in check.

Broadly, India's growth is projected by the Reserve Bank of India and major global institutions to be over 7 per cent in the current year, making it the fastest-growing major economy again.

However, a new coalition government has cast some doubt in investors' minds about the reforms push for tough policies.

Fed's preferred inflation in focus

This week, investors will eye the US Federal Reserve's preferred inflation data for clues on the rate path.

While the US central bank has acknowledged a disinflation trend gripping in, policymakers also bet on higher rates for longer.

Fed officials want evidence that inflation is tracking back to the central bank's target.

Indian stocks started the week in the red, but they reversed during the session to end with gains. Global cues in Asian trading hours pointed to weakness for risky assets as investors focused on the yen after a Japanese official said they were ready to intervene 24/7 in the currency market to shore up the currency.

Indian stocks started the week in the red, but they reversed during the session to end with gains. Global cues in Asian trading hours pointed to weakness for risky assets as investors focused on the yen after a Japanese official said they were ready to intervene 24/7 in the currency market to shore up the currency. However, buying the dips pushed Indian benchmark indices to turn green in the second half of the session. The blue-chip Sensex index started the day over 300 points lower but finished the session with over 130 points of gains to close at 77,341.08. The pattern in the broader Nifty 50 index was similar. The index closed 0.16 per cent higher at 23,537.85, not far from its record high of 23,667.10. New highs this week? Looking at the trend over the last two weeks, barring Monday, Indian stocks have hit a record high in each session since June 7. The Sensex is looking at a new milestone of 78,000, while the Nifty is eying the 24,000 mark. The run-up in Indian stocks intensified after the near $400 billion loss on the election results day, Since then, benchmark indices have risen over 7 per cent, and the voting count day losses were recovered within three sessions. That marked the fastest pace of recovery of over 5 per cent loss in the last decade. Budget questions remain Bets on a pro-growth budget have boosted stocks, but questions on fiscal discipline and job creation policies have kept them in check. Broadly, India's growth is projected by the Reserve Bank of India and major global institutions to be over 7 per cent in the current year, making it the fastest-growing major economy again. However, a new coalition government has cast some doubt in investors' minds about the reforms push for tough policies. Fed's preferred inflation in focus This week, investors will eye the US Federal Reserve's preferred inflation data for clues on the rate path. While the US central bank has acknowledged a disinflation trend gripping in, policymakers also bet on higher rates for longer. Fed officials want evidence that inflation is tracking back to the central bank's target.

Volatile Indian stocks off to a green start for the week

China is urging the European Union to lift its provisional tariffs on Chinese-made electric vehicles (EVs) ahead of the July 4 deadline, as reported by China's state-run Global Times newspaper.

Talks between the two economic blocs are set to resume after both sides have agreed to engage in discussions.

The EU imposed preliminary duties on Chinese EVs of up to 38.1 per cent in October 2023. The bloc claims these tariffs are necessary to counter what it views as excessive subsidies provided to Chinese EV manufacturers.

China denies the accusations, stating that the success of its EV industry is due to advancements in technology, market dominance, and a strong domestic supply chain for EV components.

Beijing is eager to avoid a full-blown trade war, especially after encountering difficulties due to tariffs imposed by the United States during the Trump administration.

However, China has warned that it will take necessary measures to protect its companies if a trade war erupts.

The EU trade chief Valdis Dombrovskis and China's Commerce Minister Wang Wentao are set to have discussions following a phone call.

This call took place during a visit by the economy minister of Germany to China, where he indicated that the EU is open to discussions on the issue.

The Global Times, citing unnamed observers, said that the EU rescinding the tariffs before the July 4 deadline would be the best outcome.

The newspaper also warned that the EU's increasingly protectionist stance could lead to retaliatory actions from China, potentially escalating trade tensions and harming both economies.

The EU is expected to conclude its investigation into alleged unfair subsidies in November 2024, at which point the provisional tariffs will be finalised.

(With inputs from Reuters)

China is urging the European Union to lift its provisional tariffs on Chinese-made electric vehicles (EVs) ahead of the July 4 deadline, as reported by China's state-run Global Times newspaper.

China is urging the European Union to lift its provisional tariffs on Chinese-made electric vehicles (EVs) ahead of the July 4 deadline, as reported by China's state-run Global Times newspaper. Talks between the two economic blocs are set to resume after both sides have agreed to engage in discussions. The EU imposed preliminary duties on Chinese EVs of up to 38.1 per cent in October 2023. The bloc claims these tariffs are necessary to counter what it views as excessive subsidies provided to Chinese EV manufacturers. China denies the accusations, stating that the success of its EV industry is due to advancements in technology, market dominance, and a strong domestic supply chain for EV components. Beijing is eager to avoid a full-blown trade war, especially after encountering difficulties due to tariffs imposed by the United States during the Trump administration. However, China has warned that it will take necessary measures to protect its companies if a trade war erupts. The EU trade chief Valdis Dombrovskis and China's Commerce Minister Wang Wentao are set to have discussions following a phone call. This call took place during a visit by the economy minister of Germany to China, where he indicated that the EU is open to discussions on the issue. The Global Times, citing unnamed observers, said that the EU rescinding the tariffs before the July 4 deadline would be the best outcome. The newspaper also warned that the EU's increasingly protectionist stance could lead to retaliatory actions from China, potentially escalating trade tensions and harming both economies. The EU is expected to conclude its investigation into alleged unfair subsidies in November 2024, at which point the provisional tariffs will be finalised. (With inputs from Reuters)

China seeks removal of EU tariffs on EVs before July 4 deadline

Australia plans to enforce significant fines on major supermarket chains that violate an industry code of conduct, as the federal government addresses concerns regarding unfair pricing practices affecting suppliers.

Grocery retailers with annual revenues surpassing $3.3 billion, such as Woolworths, Coles, ALDI, and wholesaler Metcash, are now required to obey the code, which was previously voluntary.

The regulatory change comes after a report by former competition minister Craig Emerson, which found that the current code was not effective in addressing the unequal power dynamic between supermarkets and their suppliers, especially farmers.

Under the new rules, supermarkets could be fined up to 10% of their yearly revenue for breaking the code, which mainly governs their interactions with suppliers.

For instance, Woolworths reported $32 billion in food sales in 2023, Coles reported $24.6 billion, Metcash reported $6.6 billion, and ALDI did not disclose its earnings.

"This is all about ensuring fair treatment for families and farmers," said Treasurer Jim Chalmers, Agriculture Minister Murray Watt, and Competition Minister Andrew Leigh in a joint statement. The government intends to give priority to passing legislation to make the code compulsory.

Australia's supermarket sector is highly concentrated, with Woolworths and Coles comprising two-thirds of the country's grocery sales. This announcement is part of six government inquiries into the industry.

Representatives from Woolworths and Coles stated that they would review the report's recommendations and the government's response, and point out their commitment to supporting a sustainable grocery sector.

An ALDI spokesperson indicated the company’s support for making the code mandatory and noted that they were evaluating the final recommendations.

Similarly, a Metcash spokesperson reiterated their commitment to the code and their ongoing efforts to be the preferred partner for suppliers.

The National Farmers Federation has welcomed the proposed changes, noting that they would empower grocery suppliers to voice concerns about market power abuses that drive wholesale prices lower.

Acting CEO Charlie Thomas stated, "These changes should finally give the code the clout it needs to protect farmers," putting a spotlight on the necessity of strong deterrents to influence behaviour within the supply chain.

Additionally, the Australian Competition and Consumer Commission is conducting a separate inquiry into consumer pricing, with findings expected in February 2025.

(With inputs from Reuters)

Australia plans to enforce significant fines on major supermarket chains that violate an industry code of conduct, as the federal government addresses concerns regarding unfair pricing practices affecting suppliers.

Australia plans to enforce significant fines on major supermarket chains that violate an industry code of conduct, as the federal government addresses concerns regarding unfair pricing practices affecting suppliers. Grocery retailers with annual revenues surpassing $3.3 billion, such as Woolworths, Coles, ALDI, and wholesaler Metcash, are now required to obey the code, which was previously voluntary. The regulatory change comes after a report by former competition minister Craig Emerson, which found that the current code was not effective in addressing the unequal power dynamic between supermarkets and their suppliers, especially farmers. Under the new rules, supermarkets could be fined up to 10% of their yearly revenue for breaking the code, which mainly governs their interactions with suppliers. For instance, Woolworths reported $32 billion in food sales in 2023, Coles reported $24.6 billion, Metcash reported $6.6 billion, and ALDI did not disclose its earnings. "This is all about ensuring fair treatment for families and farmers," said Treasurer Jim Chalmers, Agriculture Minister Murray Watt, and Competition Minister Andrew Leigh in a joint statement. The government intends to give priority to passing legislation to make the code compulsory. Australia's supermarket sector is highly concentrated, with Woolworths and Coles comprising two-thirds of the country's grocery sales. This announcement is part of six government inquiries into the industry. Representatives from Woolworths and Coles stated that they would review the report's recommendations and the government's response, and point out their commitment to supporting a sustainable grocery sector. An ALDI spokesperson indicated the company’s support for making the code mandatory and noted that they were evaluating the final recommendations. Similarly, a Metcash spokesperson reiterated their commitment to the code and their ongoing efforts to be the preferred partner for suppliers. The National Farmers Federation has welcomed the proposed changes, noting that they would empower grocery suppliers to voice concerns about market power abuses that drive wholesale prices lower. Acting CEO Charlie Thomas stated, "These changes should finally give the code the clout it needs to protect farmers," putting a spotlight on the necessity of strong deterrents to influence behaviour within the supply chain. Additionally, the Australian Competition and Consumer Commission is conducting a separate inquiry into consumer pricing, with findings expected in February 2025. (With inputs from Reuters)

Australia to enforce industry code on supermarket giants with heavy fines

A recent report by Reuters stated that the Chinese tech giant ByteDance, which owns the popular TikTok app, is working with US chip designer Broadcom to develop an advanced artificial intelligence processor, according to sources familiar with the project.

This collaboration comes amid ongoing tensions between the US and China and aims to ensure a reliable supply of high-end chips for ByteDance.

The chip is constructed on a 5-nanometer architecture and tailored to meet ByteDance's specific needs (an application-specific integrated circuit or ASIC). 
It will adhere to US export restrictions. Sources have disclosed that the manufacturing process is expected to be outsourced to Taiwan Semiconductor Manufacturing Company (TSMC), the world's largest contract chipmaker.

 
This collaboration is a significant development because there have been no publicly announced joint efforts between Chinese and US companies on such advanced chip technology (5nm or higher) since the US implemented export controls on these chips in 2022.

Previously, US-China deals in the semiconductor sector have focused on less sophisticated technologies.

The partnership with Broadcom, an existing business partner, is expected to benefit ByteDance in two key ways. First, it will help reduce procurement costs. Second, it will ensure a reliable supply of advanced chips, essential for enhancing ByteDance's AI capabilities across its various apps, including TikTok and its Chinese counterpart, Douyin. 
The design work for the new chip is currently in progress, but mass production is not anticipated to start this year.

According to a source, the "tapeout" stage, which indicates the conclusion of the design phase and the commencement of manufacturing, has not been initiated yet.

ByteDance, Broadcom, and TSMC have not responded to requests for comment. 
 
The demand for advanced AI chips is increasing as ByteDance and other global tech companies heavily invest in generative AI technologies.

However, ByteDance and its Chinese counterparts are facing a significant challenge due to limited access to AI chips compared to their overseas competitors.

The latest chipsets from Nvidia, a leading developer of AI chips, are subject to US export controls. These controls are intended to hinder China's progress in AI and supercomputing capabilities for military use.

As a result, ByteDance is now aggressively seeking alternative solutions. This includes considering US chips designed specifically for the Chinese market, as well as those offered by Huawei, one of the few Chinese manufacturers of AI accelerators.

To enhance its AI capabilities, ByteDance has accumulated Nvidia chips, as per a reliable source. These include A100 and H100 chips obtained before the initial US sanctions, as well as A800 and H800 chips produced by Nvidia for the Chinese market but later subjected to restrictions. The source also disclosed that ByteDance allotted a substantial budget of $2 billion for Nvidia chip purchases last year.

ByteDance not only stockpiled Nvidia chips but also bought Huawei's Ascend 910B chips last year, according to two separate sources.

ByteDance's dedication to developing its in-house AI chip capabilities is evident on its website, which currently has hundreds of job openings related to semiconductors, including 15 positions specifically for ASIC chip designers. The company has also been actively recruiting top talent from other Chinese AI chip firms, as per a source with firsthand knowledge of the situation.

 
(With inputs from Reuters)

A recent report by Reuters stated that the Chinese tech giant ByteDance, which owns the popular TikTok app, is working with US chip designer Broadcom to develop an advanced artificial intelligence processor, according to sources familiar with the project.

A recent report by Reuters stated that the Chinese tech giant ByteDance, which owns the popular TikTok app, is working with US chip designer Broadcom to develop an advanced artificial intelligence processor, according to sources familiar with the project. This collaboration comes amid ongoing tensions between the US and China and aims to ensure a reliable supply of high-end chips for ByteDance. The chip is constructed on a 5-nanometer architecture and tailored to meet ByteDance's specific needs (an application-specific integrated circuit or ASIC). It will adhere to US export restrictions. Sources have disclosed that the manufacturing process is expected to be outsourced to Taiwan Semiconductor Manufacturing Company (TSMC), the world's largest contract chipmaker. This collaboration is a significant development because there have been no publicly announced joint efforts between Chinese and US companies on such advanced chip technology (5nm or higher) since the US implemented export controls on these chips in 2022. Previously, US-China deals in the semiconductor sector have focused on less sophisticated technologies. The partnership with Broadcom, an existing business partner, is expected to benefit ByteDance in two key ways. First, it will help reduce procurement costs. Second, it will ensure a reliable supply of advanced chips, essential for enhancing ByteDance's AI capabilities across its various apps, including TikTok and its Chinese counterpart, Douyin. The design work for the new chip is currently in progress, but mass production is not anticipated to start this year. According to a source, the "tapeout" stage, which indicates the conclusion of the design phase and the commencement of manufacturing, has not been initiated yet. ByteDance, Broadcom, and TSMC have not responded to requests for comment. The demand for advanced AI chips is increasing as ByteDance and other global tech companies heavily invest in generative AI technologies. However, ByteDance and its Chinese counterparts are facing a significant challenge due to limited access to AI chips compared to their overseas competitors. The latest chipsets from Nvidia, a leading developer of AI chips, are subject to US export controls. These controls are intended to hinder China's progress in AI and supercomputing capabilities for military use. As a result, ByteDance is now aggressively seeking alternative solutions. This includes considering US chips designed specifically for the Chinese market, as well as those offered by Huawei, one of the few Chinese manufacturers of AI accelerators. To enhance its AI capabilities, ByteDance has accumulated Nvidia chips, as per a reliable source. These include A100 and H100 chips obtained before the initial US sanctions, as well as A800 and H800 chips produced by Nvidia for the Chinese market but later subjected to restrictions. The source also disclosed that ByteDance allotted a substantial budget of $2 billion for Nvidia chip purchases last year. ByteDance not only stockpiled Nvidia chips but also bought Huawei's Ascend 910B chips last year, according to two separate sources. ByteDance's dedication to developing its in-house AI chip capabilities is evident on its website, which currently has hundreds of job openings related to semiconductors, including 15 positions specifically for ASIC chip designers. The company has also been actively recruiting top talent from other Chinese AI chip firms, as per a source with firsthand knowledge of the situation. (With inputs from Reuters)

ByteDance teams up with Broadcom to develop advanced AI chip

India's Kotak Mahindra Bank is eying offline expansion months after the Reserve Bank of India barred the private lender from digital customer sourcing. The Bank is looking to add about 175 to 200 branches in the Financial year 2024-25.

In April, the RBI stopped Kotak from adding new customers via its digital channels. This decision aimed to scrutinise Kotak for the deficiencies in the Bank's tech system in 2022 &amp; 2023.&nbsp;

Kotak's expansion also aims to address growing customer concerns over money safety in their respective accounts and credit card functionalities.&nbsp;

Virat Diwanji, group president and head of consumer bank, told Reuters, 'We have been adding roughly 150 odd branches for several years. This year, too, the momentum is going to continue.' The official added that the country's fourth-largest private lender will target pockets where there is easy availability of deposits and added that customer acquisition through branches is seeing good traction.

On RBI's order, Diwanji said that the Bank is working 'steadfastly' to fulfil RBI's requirement and return to business 'as usual.' The Bank has reportedly stepped up investments to strengthen its Tech systems, including steps to improve its digital payment security controls. Kotak has hired over 530 employees in the last 12-15 months, most of whom are from tech backgrounds, he added.

Before the RBI order, Kotak relied heavily on digital channels to source new clients. About 95 per cent of its new personal loans were disbursed digitally in the October-December quarter. Over 99 per cent of new credit cards were also issued digitally.&nbsp;

Kranthi Baithini, director of equity strategy at WealthMills Securities, told Reuters, 'Kotak's branch addition plans may not immediately help source new customers, but the strategy may play out in the medium-to-longer as it will increase its presence and reach.' He added that it will come with high overhead costs.

India's Kotak Mahindra Bank is eying offline expansion months after the Reserve Bank of India barred the private lender from digital customer sourcing. The Bank is looking to add about 175 to 200 branches in the Financial year 2024-25.

India's Kotak Mahindra Bank is eying offline expansion months after the Reserve Bank of India barred the private lender from digital customer sourcing. The Bank is looking to add about 175 to 200 branches in the Financial year 2024-25. In April, the RBI stopped Kotak from adding new customers via its digital channels. This decision aimed to scrutinise Kotak for the deficiencies in the Bank's tech system in 2022 & 2023. Kotak's expansion also aims to address growing customer concerns over money safety in their respective accounts and credit card functionalities. Virat Diwanji, group president and head of consumer bank, told Reuters, 'We have been adding roughly 150 odd branches for several years. This year, too, the momentum is going to continue.' The official added that the country's fourth-largest private lender will target pockets where there is easy availability of deposits and added that customer acquisition through branches is seeing good traction. On RBI's order, Diwanji said that the Bank is working 'steadfastly' to fulfil RBI's requirement and return to business 'as usual.' The Bank has reportedly stepped up investments to strengthen its Tech systems, including steps to improve its digital payment security controls. Kotak has hired over 530 employees in the last 12-15 months, most of whom are from tech backgrounds, he added. Before the RBI order, Kotak relied heavily on digital channels to source new clients. About 95 per cent of its new personal loans were disbursed digitally in the October-December quarter. Over 99 per cent of new credit cards were also issued digitally. Kranthi Baithini, director of equity strategy at WealthMills Securities, told Reuters, 'Kotak's branch addition plans may not immediately help source new customers, but the strategy may play out in the medium-to-longer as it will increase its presence and reach.' He added that it will come with high overhead costs.

Kotak goes 'offline:' India's Kotak Mahindra Bank eyes 200 additional branches by 2025

As India prepares for the upcoming budget in July, Re-elected Finance Minister Nirmala Sitharaman chaired the 53rd Goods and Services Tax (GST) Council meeting on Saturday. Rates on many items, including accommodation or students and railway tickets, witnessed exemptions in the latest rules. Similarly, no GST will be levied on intra-railway services. Milk cans and Solar cookers will observe a uniform 12 per cent rate.

The council has recommended rolling out the biometric-based Aadhaar authentication of applicants on a pan-India basis. This is to check fraud tax claims &amp; counter tax evasion.

Sitharaman expressed the intention to include Petrol and Diesel under the GST umbrella while leaving the final decision to states regarding implementation. Interestingly, 5 commodities, including crude oil, natural gas, petrol, diesel, and aviation turbine fuel (ATF), were part of the GST law when it was first implemented in 2017. Later, it was decided to tax it at a later date.

The GST council has also recommended a waiver of interest on tax penalties issued in the first 3 years of GST rollout.

Talking about the potential benefits of this GST revamp, Smita Singh, partner at S&amp;A law offices, said, 'Many welcome recommendations have been announced to provide relief to the taxpayer in the 53rd GST Council Meeting held today. It is evident that the new Government is moving ahead with importance to ease of doing business which includes recommendations like waiver of interest and penalty for Notices issued under Section 73 for FY 2017-18 to FY 2019-20. This benefit can be taken by tax payers accepting demand and willing to pay the contended tax.'

She added, 'Another important decision is that no interest is payable where the amount of &nbsp;tax was deposited in electronic cash ledger of the taxpayer while filing GSTR 3B. This will help taxpayers undergoing potential litigation. Further, the GST Council also recommended to reduce the maximum amount of pre-deposit for filing appeal before the appellate authority from 25 crores to 20 crores.'

As India prepares for the upcoming budget in July, Re-elected Finance Minister Nirmala Sitharaman chaired the 53rd Goods and Services Tax (GST) Council meeting on Saturday.

As India prepares for the upcoming budget in July, Re-elected Finance Minister Nirmala Sitharaman chaired the 53rd Goods and Services Tax (GST) Council meeting on Saturday. Rates on many items, including accommodation or students and railway tickets, witnessed exemptions in the latest rules. Similarly, no GST will be levied on intra-railway services. Milk cans and Solar cookers will observe a uniform 12 per cent rate. The council has recommended rolling out the biometric-based Aadhaar authentication of applicants on a pan-India basis. This is to check fraud tax claims & counter tax evasion. Sitharaman expressed the intention to include Petrol and Diesel under the GST umbrella while leaving the final decision to states regarding implementation. Interestingly, 5 commodities, including crude oil, natural gas, petrol, diesel, and aviation turbine fuel (ATF), were part of the GST law when it was first implemented in 2017. Later, it was decided to tax it at a later date. The GST council has also recommended a waiver of interest on tax penalties issued in the first 3 years of GST rollout. Talking about the potential benefits of this GST revamp, Smita Singh, partner at S&A law offices, said, 'Many welcome recommendations have been announced to provide relief to the taxpayer in the 53rd GST Council Meeting held today. It is evident that the new Government is moving ahead with importance to ease of doing business which includes recommendations like waiver of interest and penalty for Notices issued under Section 73 for FY 2017-18 to FY 2019-20. This benefit can be taken by tax payers accepting demand and willing to pay the contended tax.' She added, 'Another important decision is that no interest is payable where the amount of tax was deposited in electronic cash ledger of the taxpayer while filing GSTR 3B. This will help taxpayers undergoing potential litigation. Further, the GST Council also recommended to reduce the maximum amount of pre-deposit for filing appeal before the appellate authority from 25 crores to 20 crores.'

India's GST Reforms: Nirmala Sitharaman announces rate tweaks and fee waivers

In a country where beef is as much a part of the identity as soccer and mate tea, Argentines now consume less beef than ever. With recession coupled with triple-figure inflation, many are already being forced to pull in their horns.&nbsp;

Beef consumption has dropped almost 16 per cent this year in Argentina — an astounding fall for a country synonymous with steakhouses, sprawling cattle ranches and asado barbecues. In most Argentines' minds, there was simply one food staple: beef. In-built "parrilla" grills can be found in many homes and steakhouses cornering Buenos Aires. Improvised barbecues have been found even at building sites or during protests, which is a testament to how closely the cultural identity has been forged with beef.&nbsp;

"Beef is an essential part of the Argentine diet; it's like eliminating pasta for Italians," Claudia San Martin, 66, a retiree, said as she waited in line outside a butcher shop. The economic jitters notwithstanding, she would continue spending on beef before all other things. "Argentines can eliminate anything, I believe, in difficult times like this. But we can't do without meat," she said emphatically.&nbsp;

However, the latest data shows Argentines are this year eating beef at an average of about 44 kilograms per year, drastically down from more than 52 kilograms last year and far from the 100 kilograms eaten annually in the 1950s. Changing diets that replaced beef with other meats like pork and chicken and cheaper staples such as pasta have been blamed for the long-term decline. But this year's drop is largely due to the close to 300 per cent inflation, with the economy flatlining and harsh austerity measures taken by the libertarian helm of President Javier Milei.&nbsp;

The economic crisis has translated into a spike in poverty, with more homeless sleeping in larger cities' streets and longer lines outside soup kitchens. Many families have had to give up eating staples such as meat, milk and vegetables in recent months, and so far they have failed to see any benefit from slowing monthly inflation. "The situation right now is critical. Consumers are taking decisions thinking just about their wallets," said Miguel Schiariti, the president of the local meat chamber, CICCRA. He expects meat consumption to remain low as purchasing power weakens month by month.&nbsp;

The ranchers of cattle are equally harried in the Buenos Aires province farmlands. The decrease in beef consumption not only stings the ranchers but also trickles down to specific producers and, in turn, the larger agricultural economy. Lower demand for beef has made it hard for ranchers to sustain their operations and their basic livelihood.&nbsp;

Domestic consumption of beef in Argentina is currently at its lowest ever, driven by severe economic conditions. While beef remains dear to Argentine identity, difficult choices are resident because the economic realities have become a reason for bitter decisions by many. Argentina's future as a beef consumer will depend on how well the country can stabilize its economy and regain purchasing power for its people. Until then, empty grills at "parrillas" may be a common sight—a sharp reminder that times have changed in this once beef-loving nation.&nbsp;

In a country where beef is as much a part of the identity as soccer and mate tea, Argentines now consume less beef than ever. With recession coupled with triple-figure inflation, many are already being forced to pull in their horns.

In a country where beef is as much a part of the identity as soccer and mate tea, Argentines now consume less beef than ever. With recession coupled with triple-figure inflation, many are already being forced to pull in their horns. Beef consumption has dropped almost 16 per cent this year in Argentina — an astounding fall for a country synonymous with steakhouses, sprawling cattle ranches and asado barbecues. In most Argentines' minds, there was simply one food staple: beef. In-built "parrilla" grills can be found in many homes and steakhouses cornering Buenos Aires. Improvised barbecues have been found even at building sites or during protests, which is a testament to how closely the cultural identity has been forged with beef. "Beef is an essential part of the Argentine diet; it's like eliminating pasta for Italians," Claudia San Martin, 66, a retiree, said as she waited in line outside a butcher shop. The economic jitters notwithstanding, she would continue spending on beef before all other things. "Argentines can eliminate anything, I believe, in difficult times like this. But we can't do without meat," she said emphatically. However, the latest data shows Argentines are this year eating beef at an average of about 44 kilograms per year, drastically down from more than 52 kilograms last year and far from the 100 kilograms eaten annually in the 1950s. Changing diets that replaced beef with other meats like pork and chicken and cheaper staples such as pasta have been blamed for the long-term decline. But this year's drop is largely due to the close to 300 per cent inflation, with the economy flatlining and harsh austerity measures taken by the libertarian helm of President Javier Milei. The economic crisis has translated into a spike in poverty, with more homeless sleeping in larger cities' streets and longer lines outside soup kitchens. Many families have had to give up eating staples such as meat, milk and vegetables in recent months, and so far they have failed to see any benefit from slowing monthly inflation. "The situation right now is critical. Consumers are taking decisions thinking just about their wallets," said Miguel Schiariti, the president of the local meat chamber, CICCRA. He expects meat consumption to remain low as purchasing power weakens month by month. The ranchers of cattle are equally harried in the Buenos Aires province farmlands. The decrease in beef consumption not only stings the ranchers but also trickles down to specific producers and, in turn, the larger agricultural economy. Lower demand for beef has made it hard for ranchers to sustain their operations and their basic livelihood. Domestic consumption of beef in Argentina is currently at its lowest ever, driven by severe economic conditions. While beef remains dear to Argentine identity, difficult choices are resident because the economic realities have become a reason for bitter decisions by many. Argentina's future as a beef consumer will depend on how well the country can stabilize its economy and regain purchasing power for its people. Until then, empty grills at "parrillas" may be a common sight—a sharp reminder that times have changed in this once beef-loving nation.

Argentina's beef belt tightens

Germany's Economy Minister, Robert Habeck, made an attempt to reassure Chinese officials in Beijing on Saturday that proposed EU tariffs on Chinese goods would not be punitive. The visit of Habeck to Beijing comes as the first by a top European official since Brussels slapped significant duties on imports of Chinese-made electric vehicles, measures against what it argues are excessive subsidies provided by China for its local manufacturers.&nbsp;

Ahead of Habeck's visit, Beijing had cautioned that increasing tension over EV tariffs risked spiralling into an outright trade war. Ignoring these threats, he reaffirmed in the round of climate and transformation talks that tariffs should not be considered a penalty. He emphasized how the EU, unlike countries such as the U.S., Brazil, and even Turkiye, managed things that went beyond strict trade concerns.&nbsp;

Habeck explained that the Commission had spent nine months investigating whether Chinese companies were given unfair advantages through subsidies or otherwise, adding that any countervailing duties arising from this review were not punitive but compensatory in nature, trying to even out the playing fields between the European and Chinese Companies.&nbsp;

"Common, equal standards for market access should be achieved," said Habeck, referring to fair competition. During his meeting with Zheng Shanjie, chairman of the National Development and Reform Commission of China, Habeck restated that the EU's proposed tariffs aim to ensure genuinely open market conditions, not to punish Chinese enterprises.&nbsp;

In return, Zheng said, "We will do everything to protect Chinese companies," outlining China's determination to help its domestic industries. The provisional duties of the EU will come into effect by July 4 and the investigation will run until November 2. Should the review find grounds for tariffs, definitive duties, usually five years in duration, could stand.&nbsp;

For this reason, Habeck has called for discussion with Chinese officials based on the findings presented in the EU report, saying, "It's important now to take the opportunity that the report provides seriously and to talk or negotiate." The emphasis was, therefore, on dialogue and negotiation concerning the concerns raised by the investigation.&nbsp;

The visit of Habeck to China accentuates the balancing act the EU seeks in its trade relations with China. While, in part, the proposed tariffs do try to correct perceived subsidy imbalances, at the same time, they also open a channel for further dialogue and negotiation. Habeck sought to diffuse potential explosive trade tension on both sides by saying that the tariffs were not punitive but would give European and Chinese companies a fair and better competitive environment. The next few months are going to be critical as far as the future prospects of EU-China trade relations are concerned, as both look for a way out from these intricate issues.

Germany's Economy Minister, Robert Habeck, made an attempt to reassure Chinese officials in Beijing on Saturday that proposed EU tariffs on Chinese goods would not be punitive.

Germany's Economy Minister, Robert Habeck, made an attempt to reassure Chinese officials in Beijing on Saturday that proposed EU tariffs on Chinese goods would not be punitive. The visit of Habeck to Beijing comes as the first by a top European official since Brussels slapped significant duties on imports of Chinese-made electric vehicles, measures against what it argues are excessive subsidies provided by China for its local manufacturers. Ahead of Habeck's visit, Beijing had cautioned that increasing tension over EV tariffs risked spiralling into an outright trade war. Ignoring these threats, he reaffirmed in the round of climate and transformation talks that tariffs should not be considered a penalty. He emphasized how the EU, unlike countries such as the U.S., Brazil, and even Turkiye, managed things that went beyond strict trade concerns. Habeck explained that the Commission had spent nine months investigating whether Chinese companies were given unfair advantages through subsidies or otherwise, adding that any countervailing duties arising from this review were not punitive but compensatory in nature, trying to even out the playing fields between the European and Chinese Companies. "Common, equal standards for market access should be achieved," said Habeck, referring to fair competition. During his meeting with Zheng Shanjie, chairman of the National Development and Reform Commission of China, Habeck restated that the EU's proposed tariffs aim to ensure genuinely open market conditions, not to punish Chinese enterprises. In return, Zheng said, "We will do everything to protect Chinese companies," outlining China's determination to help its domestic industries. The provisional duties of the EU will come into effect by July 4 and the investigation will run until November 2. Should the review find grounds for tariffs, definitive duties, usually five years in duration, could stand. For this reason, Habeck has called for discussion with Chinese officials based on the findings presented in the EU report, saying, "It's important now to take the opportunity that the report provides seriously and to talk or negotiate." The emphasis was, therefore, on dialogue and negotiation concerning the concerns raised by the investigation. The visit of Habeck to China accentuates the balancing act the EU seeks in its trade relations with China. While, in part, the proposed tariffs do try to correct perceived subsidy imbalances, at the same time, they also open a channel for further dialogue and negotiation. Habeck sought to diffuse potential explosive trade tension on both sides by saying that the tariffs were not punitive but would give European and Chinese companies a fair and better competitive environment. The next few months are going to be critical as far as the future prospects of EU-China trade relations are concerned, as both look for a way out from these intricate issues.

EU-China trade tensions: Habeck's balancing act amid EV tariff dispute

Brazil has been missing in the oil 'action' this year. The country's daily output started at 3.73 million barrels and then plummeted nearly 25 per cent due to long-scale repairs. This also helped the Organisation of Petroleum Exporting Countries, or OPEC, to decide on the supply numbers and the subsequent cuts. OPEC's output cuts strategy aims to stabilise prices and balance falling demand with supply curbs.

Now Brazil has risen, with more than one-third of the deficit already covered. Brazilian oil fields are expected to overshoot the pre-collapse figure by roughly 200,000 barrels a day this year. This can potentially hurt OPEC's strategy, which now has to deal with excess Oil from Brazil. Brazil's president, Luiz Inacio Lula da Silva, has pushed to strengthen ties with OPEC and its allies but has refrained from any commitments to constrain output.

OPEC had recently extended output cuts well into 2025. This comes as slow demand growth in top oil importer China continues to weigh on prices amid rising volatility. We are currently witnessing an energy shift, from oil to cleaner forms of energy. This shift is a major factor in the declining demand. Supply cuts are hurting the wallets, but keeping the prices in balance is essential. Prices have risen above $80 per barrel. Goldman Sachs anticipates oil to touch $86 this summer. But the outlook remains grim. Citi forecasts oil prices will drop to $60 by 2025.

Brazil still has challenges to counter. Petrobras and other oil drillers face environmental protests and standoff over wages. The strikes have already squeezed 80,000 barrels of daily output so far. Another issue is the fading crude production in Brazil's once 'crown jewel', Tupi. Petrobras is currently in negotiations to revive the falling output. &nbsp;

Brazil has been missing in the oil 'action' this year. The country's daily output started at 3.73 million barrels and then plummeted nearly 25 per cent due to long-scale repairs.

Brazil has been missing in the oil 'action' this year. The country's daily output started at 3.73 million barrels and then plummeted nearly 25 per cent due to long-scale repairs. This also helped the Organisation of Petroleum Exporting Countries, or OPEC, to decide on the supply numbers and the subsequent cuts. OPEC's output cuts strategy aims to stabilise prices and balance falling demand with supply curbs. Now Brazil has risen, with more than one-third of the deficit already covered. Brazilian oil fields are expected to overshoot the pre-collapse figure by roughly 200,000 barrels a day this year. This can potentially hurt OPEC's strategy, which now has to deal with excess Oil from Brazil. Brazil's president, Luiz Inacio Lula da Silva, has pushed to strengthen ties with OPEC and its allies but has refrained from any commitments to constrain output. OPEC had recently extended output cuts well into 2025. This comes as slow demand growth in top oil importer China continues to weigh on prices amid rising volatility. We are currently witnessing an energy shift, from oil to cleaner forms of energy. This shift is a major factor in the declining demand. Supply cuts are hurting the wallets, but keeping the prices in balance is essential. Prices have risen above $80 per barrel. Goldman Sachs anticipates oil to touch $86 this summer. But the outlook remains grim. Citi forecasts oil prices will drop to $60 by 2025. Brazil still has challenges to counter. Petrobras and other oil drillers face environmental protests and standoff over wages. The strikes have already squeezed 80,000 barrels of daily output so far. Another issue is the fading crude production in Brazil's once 'crown jewel', Tupi. Petrobras is currently in negotiations to revive the falling output.

OPEC braces for more oil: Brazil's oil market rebound threatens output cuts strategy

Sanctions deployed by the US seem to not work as they had hoped for. We talk about the impacted country's tactics and how Russia can circumvent sanctions using shadow fleets and local currency trade. But what about corporations? How do they execute expansion amid export curbs? Because for them, it's a loss of a potential market.

Nvidia has been the poster child of the AI boom. The company has exponentially surged to become the most valuable company in the world. While its see-saw with Microsoft continues, many experts are betting on Nvidia to ride this wave throughout the year. This comes as Nvidia is eyeing new markets.&nbsp;

Reuters has revealed an interesting insight from telecom giant Ooredoo's CEO. He says Nvidia has signed a deal to deploy its AI tech at their dedicated data centres in 5 West Asian countries. Interestingly, this would mark Nvidia's first large-scale launch in a region under US export curbs. The US considers West Asia as a 'backdoor' for Chinese firms to keep track of their progress in AI. This is why the US allows exports of some AI tech, but not the 'premium' one.

Ooredoo is reportedly investing $1 billion in boosting its data centre capacity, with plans to triple that by 2030. Meanwhile, Nvidia's senior vice president of telecom, Ronnie Vasishta, said, 'Providing the technology will allow Ooredoo to better help its customers deploy generative AI applications.'

But the real question is: Can advancements in AI be limited to a couple of countries when the whole world is witnessing this revolution?

Sanctions deployed by the US seem to not work as they had hoped for. We talk about the impacted country's tactics and how Russia can circumvent sanctions using shadow fleets and local currency trade.

Sanctions deployed by the US seem to not work as they had hoped for. We talk about the impacted country's tactics and how Russia can circumvent sanctions using shadow fleets and local currency trade. But what about corporations? How do they execute expansion amid export curbs? Because for them, it's a loss of a potential market. Nvidia has been the poster child of the AI boom. The company has exponentially surged to become the most valuable company in the world. While its see-saw with Microsoft continues, many experts are betting on Nvidia to ride this wave throughout the year. This comes as Nvidia is eyeing new markets. Reuters has revealed an interesting insight from telecom giant Ooredoo's CEO. He says Nvidia has signed a deal to deploy its AI tech at their dedicated data centres in 5 West Asian countries. Interestingly, this would mark Nvidia's first large-scale launch in a region under US export curbs. The US considers West Asia as a 'backdoor' for Chinese firms to keep track of their progress in AI. This is why the US allows exports of some AI tech, but not the 'premium' one. Ooredoo is reportedly investing $1 billion in boosting its data centre capacity, with plans to triple that by 2030. Meanwhile, Nvidia's senior vice president of telecom, Ronnie Vasishta, said, 'Providing the technology will allow Ooredoo to better help its customers deploy generative AI applications.' But the real question is: Can advancements in AI be limited to a couple of countries when the whole world is witnessing this revolution?

Nvidia in West Asia? Ooredoo CEO reveals Nvidia plans amid US curbs